Read it carefully.
If the deal is you pay $160 per year, and if your car gets totalled, stolen, etc. they cut you a check for $27,000, then it certainly sounds like a great deal for you. (That would be an "agreed value" policy).
If it is a "stated value" policy with a stated value of $27K, that would be a different story (although for $160 per year still probably a good deal).
What's the liability coverage and driving restrictions?
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