Originally Posted by diehardbiker
Everything, KBB shows worth 800 dollars something. Insurance companies simply follow this method. Refused to go other method, even if shown receipt of actuarial cost.
That is why NEVER NEVER even NEVER do any repairs or replace that exceed the value of vehicle, my ex roommate ignored my advise against replacing the engine. Now he knows the truth and regrets.
ah.... there you go. Insurance company didn't screw him. It wasn't because insurance company was being greedy and ignorant either.
It's just the way it is and if KBB says the engine was worth $800... then that's too bad. Your friend took a risk and he had to accept it. That's why if you want to be protected by this, then you need to have it insured yourself so that you will get compensated nearly 100% - just like optional insurance fee for cellphone or computer.
On related note to this thread - in motorcycle situation, insurance company does pay for your aftermarket products and gear if they got damaged in accident but they're not going to pay for labor fee that you paid for before. That's silly.