I am wondering how much I would be reimbursed if my car were a total loss or stolen. Most insurance companies reimburse ACV (Actual Cash Value) which is determined by applying a standard depreciation formula to determine the cars value at the time of the loss.
However, there are some significant differences with the Model S.
1. There is virtually no secondary market to determine actual ACV or depreciation.
2. The price has been increased twice since I purchased. I received my car in March and a similarly equipped car today will cost me $20,000 more. In the history of cars, has any new car risen in price so fast, if at all? Does this mean my car might have appreciated instead of depreciated over my time of ownership?
3. The simplicity and reliability of the electric drivetrain must be weighed against the inevitable degradation of the battery to determine resale value in the future. The battery degradation is still unknown.
What concerns me is if I had a total loss, and a standard depreciation schedule is applied to the MS, I would end up having to pay $$$ to replace it with a new one, at today's prices. Perhaps changing to a policy that guarantees replacement of the car makes sense.
I know there have been a few Tesla's in collisions. If anybody has had a total loss of their MS(Horrific! I can barely type that without getting a little misty), how was the value of the car determined? What were you reimbursed?