Paying bills this evening, a thought came to mind.

Say, just using an easy figure, you pay 30,000 for a new car, that you're paying off over 36 months. Obviously you have comprehensive on it while it still belongs more to the bank than you.

But, each month that goes by, the value of the vehicle is going down. It it gets totaled, they will only reimburse you the current market value.

Once it's paid for, and if you still have comp coverage, why does the payment amount not go down to reflect the "repayable" value of the vehicle?

In other words it should cost less every year you own it to insure...but why doesn't it?

Or have I been scammed simply because I never asked?

Len

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Qui me amat, amet et canem meum

Len,

I like your logic but my experience has been that the medical expense portion of the auto insurance premium outpaces the decrease in comp premium. Year-to-year, the price stays the same or goes slightly up or down. Our auto insurance bill has been more or less constant for the last +10 years.

I hope one or two of our forum members are insurance agents and can better address your question.

Chris

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/at least she finds me handy.

We need auto insurance reform, I want to buy auto insurance after an accident or after my auto gets stolen.

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Sure you did

Profit motivation just might be a part of the answer.

Best way to deal with auto insurance is to switch to GEICO, then to Allstate, and finally to Progressive. By that time Progressive will be paying you...

I just switched from Progressive after watching my premium go up every six months... another member on this forum told me to try USAA so I called them today, the six month premium on the Cherokee AND Neon is almost $100 less than what Progressive wanted for just the Cherokee AND I added roadside assistance and towing to it! Went from $164 a month to $74, cant beat that I dont think! Of course I do all my own repair work so I just carry minimum, too.

That can be arranged, but you probably wouldn't like the rates.

(I worked for an insurance company and we had one underwriter that said he would insure a burning house as long as he could get the rate.)

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Dean
SWCA #680 SWHF #446

I think the company is owned by George Soris who is a gun hater. Check it out.

No, Soros got out a while back, but it's still just as bad. It's now owned by his best friend and financial investment buddy. Can't remember his name but he is just as bad if not worse than old George. I used to have progressive but got out when I found out my money was going to fund Moveon.org, DailyKos and other radical left wing groups.