Quote:
Originally Posted by gamin
The risk of being underinsured? You don't have the money to fix the car or replace it with a like example. I'm an example. Engine fire. Car totaled due high cost of repair. Went to auction. I matched high bid and kept car. Payout was agreed value minus auction price. Did not cover the costs of repair. Lots of out of pocket. Also, the car now has a total loss title. That's the risk.
Car is now insured for a proper amount.
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Thanks for sharing that painful experience.
OK, that means if you don't win the auction, the end result is you get the agreed value and the car is out of your hands completely.
Another possibly hypothetical is what happens if the auction price matches your underinsured agreed value and you win it. So, in that case, does it mean you get nothing from the insurance company ?