The_Ogre
Honorary Master
Just something that crossed my mind after a friend of mine's insurance wrote off his car.
He tells me they're going to settle the outstanding balance owed to the bank. He only had one year left to pay before it was paid off.
My question is, what would they have done if he'd already paid off the car? Would they have paid him out the market value of the car. What if one bought the car cash, what happens then?
It seems a bit of a rip off that they only pay him 1/5th of the value.
Sorry, I'm a bit of a n00b when it comes to these kinds of things.
He tells me they're going to settle the outstanding balance owed to the bank. He only had one year left to pay before it was paid off.
My question is, what would they have done if he'd already paid off the car? Would they have paid him out the market value of the car. What if one bought the car cash, what happens then?
It seems a bit of a rip off that they only pay him 1/5th of the value.
Sorry, I'm a bit of a n00b when it comes to these kinds of things.
