So the saga of my parents car being stolen is coming to an end.
The insurance company's policy is to wait 30 days before making a settlement. But my parents' insurance broker told them that the process is usually not that long. If cars are not recovered within two or three days then the car is basically a write-off in the eyes of the insurance company. The thinking is that if a car is gone for just two or three days it was taken for a joyride. But for longer than that and it means that the car was taken for other motives. In the case of my parents' car, it's likely that the car was taken for its parts as the Matrix shared parts with many other popular Toyota vehicles, such as the Corolla.
On Tuesday they started the assessment process, figuring out the original value of the vehicle and then determining how much it has depreciated since it was purchased. And from that point on things happened very quickly. On Thursday the assessor called and gave my parents the dollar amount they will be reimbursed -- which was 2/3 of what they paid for the vehicle originally. A pretty good figure since a car's value depreciates by $5,000 the minute you drive it off the lot. My mom was pretty happy with the final amount.
So this afternoon I went car shopping with them. All my life my parents have bought sedans on the account that my mom said she felt more comfortable driving small cars. But this time around, what did they buy? A SUV! Go big or go home was apparently their motto this time! They bought a Nissan X-Trail to be exact, in platinum. They will get their car on Wednesday.
So their car theft story comes to a conclusion in just a month. In one month they lost one car and bought a new one.
The insurance company's policy is to wait 30 days before making a settlement. But my parents' insurance broker told them that the process is usually not that long. If cars are not recovered within two or three days then the car is basically a write-off in the eyes of the insurance company. The thinking is that if a car is gone for just two or three days it was taken for a joyride. But for longer than that and it means that the car was taken for other motives. In the case of my parents' car, it's likely that the car was taken for its parts as the Matrix shared parts with many other popular Toyota vehicles, such as the Corolla.
On Tuesday they started the assessment process, figuring out the original value of the vehicle and then determining how much it has depreciated since it was purchased. And from that point on things happened very quickly. On Thursday the assessor called and gave my parents the dollar amount they will be reimbursed -- which was 2/3 of what they paid for the vehicle originally. A pretty good figure since a car's value depreciates by $5,000 the minute you drive it off the lot. My mom was pretty happy with the final amount.
So this afternoon I went car shopping with them. All my life my parents have bought sedans on the account that my mom said she felt more comfortable driving small cars. But this time around, what did they buy? A SUV! Go big or go home was apparently their motto this time! They bought a Nissan X-Trail to be exact, in platinum. They will get their car on Wednesday.
So their car theft story comes to a conclusion in just a month. In one month they lost one car and bought a new one.
Labels: Life
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