Most expensive Rock I ever bought

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I have never heard of such a thing....

Something the lawyers cooked up, most likely. You can bet it wasn't the insurance companies idea.

 

[jmlcolorado]

I have never heard of such a thing....

I was in insurance restoration for a period of time. Rebuilding homes, commercial properties, multi family after fires, floods, tornados, and everything in between.
Depreciated value is the term. Basic,ly if you have a house built in 1960 and its full of property that was distroyed in a catastrophic event, they would pay you depreciated value. So for example, if your $60 pair of jeans were 5 years old, you wouldn't get $60 for them. You'd get $38.48 for them due to the age.

I'm not sure if this works the same way in auto insurance or not though.

 

[21willys]

I was in insurance restoration for a period of time. Rebuilding homes, commercial properties, multi family after fires, floods, tornados, and everything in between.
Depreciated value is the term. Basic,ly if you have a house built in 1960 and its full of property that was distroyed in a catastrophic event, they would pay you depreciated value. So for example, if your $60 pair of jeans were 5 years old, you wouldn't get $60 for them. You'd get $38.48 for them due to the age.

I'm not sure if this works the same way in auto insurance or not though.

That's not the same as what we are referring to. If your car is worth $8k and it has a severe crash and fixed. Even tho it's back to "the same condition" as prior to the accident it's not longer worth $8k because it has a record of crash on it's car fax report. The difference is what the insurance company has to pay you.

Depreciation is what you described. As it gets older it's generally worth less. But the insurance claim is what causes the lesser value in what we are referring to.

 

[05snopro440]

That's not the same as what we are referring to. If your car is worth $8k and it has a severe crash and fixed. Even tho it's back to "the same condition" as prior to the accident it's not longer worth $8k because it has a record of crash on it's car fax report. The difference is what the insurance company has to pay you.

Depreciation is what you described. As it gets older it's generally worth less. But the insurance claim is what causes the lesser value in what we are referring to.

In Alberta we don't get payed for that decrease in value though, unfortunately.