Re: My auto Insurance to supply a replacement car: Is my 1992 Mazda Protege, 4cyl sedan with 145K miles "comparable to a replacement" 2005 Nissan Sentra, 4cyl sedan with 147K miles?

Asked by Oct 11, 2014 at 11:24 AM about the 1992 Mazda Protege 4 Dr LX Sedan

Question type: Shopping & Pricing

California law quotes actual cash value of a totaled car as the market-driven, "fair-market-value of a comparable replacement." My 1992 Mazda Protege, 4cyl sedan, has 145k miles.  Must I settle for another 1992, 4cyl sedan, with mileage "well over 200K" or how can I defend a NEWER 2005, 4cyl sedan (Honda,Toyota, Nissan) with similar mileage of 145k as a comparable car to my insurer?

9 Answers

If somebody hit your car and totaled it, you are stuck with getting the value of your car, and can't possibly expect the insurance to give you the value of a 13 year newer car regardless of mileage

1 out of 1 people think this is helpful.

Yeah rIght, you insure your current car for the replacement value, and that's how your rates are figured out. You can sometimes negotiate a higher amount if you recently did work to the car. So you will get fair market value for your car, then pick up another newer car of your choice and come up with the difference in cash or finance it.

OK guys, say you're standing in L.A. Small Claims Court with me as my friends: California law dictates 1) I may select any "comparable" market-available-replacement car for my 22 year old totaled car 2) It must be physically available for sale in the current car market inventory 3) and listed for sale within 90 days of the date my car was totaled. My 1992 Mazda Protege LX is 22 years old, 4cyl, automatic, sedan, 144K miles with sunroof. The only comparable, physically available cars to pick from with comparable 144K miles with sunroof are newer 2000 and older with same basic engine 4cyl, auto,sedan. IF THE LAW HOLDS ME TO FAIR-CURRENT-MARKET-VALUE OF COMPARABLE ENGINE/CARS, HOW CAN THEY NOT GIVE THE VALUE OF A NEWER CAR?

Because 8..13 year newer cars are not comparable! The laws you cited LIMIT your choices, not EXPAND them. If a car was listed for sale 91 days before date of car being totaled, you are NOT entitled to it. And so on. Look, I'm on your side believe it or not, you are probably getting practically nothing for a 23 year old car. But the insurance companies are not liable for anything over that value. Sorry, don't shoot me-just the messenger.

Not at all Fordnut, I appreciate your conversation. Your Insurer is not the final arbiter of what the VALUE is. You are FREE to negotiate/argue/sue your Insurer for their undervalued, quote of the "fair-current-market-value" of your totaled car, by examining the actual, physical, current, car market. In this case, inflation is on your side. Your Insurance offers you $1300 for your car, but the actual, current-market, fair price is $1500. Anyway, I'll let you know how it goes in Court for me. Thanks for opinion. Best

Fair enough. I sincerely wish you the best. And please do, come back here or send me a PM, click my username and send private message if you don't want it public..otherwise I will check here..when is court? Date set yet?

1 out of 1 people think this is helpful.

"LAW HOLDS ME TO FAIR-CURRENT-MARKET-VALUE OF COMPARABLE ENGINE/CARS" That is correct, fair value for the current car that you own, not what you will be buying/replacing. Spending time going to court for $200 isn't worth it in my book. Take the money, be lucky you didn't get injured and move on. Life is too short.

1 out of 1 people think this is helpful.

TV Judge Marilyn Milan once said, when a guy was suing for $1200 and the guy that bumped him offered $300 to keep it off his insurance-- "You can get a lot of body work done on a car for 300 dollars, case dismissed" Yeah, like have them look at it. Dab one spot of touch-up paint. Shows how much she knows.

PS It's not the picture I put up, that's a Ferrari. A lame joke. Another Ferrari, the pole didn't even move

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