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So, last week my car got hail damaged. I have comprehensive coverage with a $1000 deductable, so I filed a claim. My insurance company (progressive) said my car is totaled as they estimate the damage to cost around $5800 to fix, while my car (a '98 Corolla) is only worth $4575. The gave me two options, outlined below:
option Value tabs sls tax subtotal deduct. salvage Check
A 4575 0 297.39 4872.39 1000 1350 2522.39
B 4575 63.25 297.39 4935.63 1000 0 3935.63
if I go with option A, I get to keep the car but only get $2522.39
If I go with option B, they take my care but I get a check for $2522.39. I understand not paying for replacement tabs if I keep the car, but why should I have to pay the salvage value of the car if I keep it? I understand this is a profitable business practice to them. But consider the following. Imagnie the damage to my car was $4400 worth. I would, in theory, be able to get $4400 worth of repairs to my car (assuming I paid the deductable).... why does it matter whether I repair my car, keep the car, or salvage the car. I pay insurance so that they compensate me for the value of the car in case that value is decreased do to accident/weather/etc. I feel I should get the full value of my car, minus the deductable.
I looked at my contract and there was no mention of the salvage value being factored in. I plan on calling them, but thought I'd ask here first and see if someone else is better at finding this fine print I may have missed.