Hi all,

Recently bought a car for around ~15k. Seems like an alright deal, with many similar models on the market going for a similar price.

I'm looking at comprehensive car insurance policies, and noticed the largest 'agreed amount' I can get insured is 8k, far below the current market value of 15k. Premiums for insuring it at 8k is about $100 a year more than market value too.

What's the catch here? Seems like a no brainer to choose to insure it at market value, and save $100 a year in premiums. Even the absolute comparable cheapest model of this car I can find is ~12k (in another state, higher mileage, less tech/features, from a private seller etc.)