“Keeping full coverage on old cars can be a costly mistake. If your car is around 10 years old, you may want to check its current value and compare it with how much you will get after a claim. said Russell Rabichev, Marketing Director of Internet Marketing Company.
LOS ANGELES (PRWEB) February 15, 2019
Carinsurancehints.com has released a new blog post explaining why drivers should reduce coverage on old cars, thus getting cheaper car insurance premiums
- A car’s value gets down over time. Like many other things, a car’s value depreciates over time. When offering claims, insurance companies use the term Actual Cash Value (ACV). This is the value of the car at the moment accident, not the original value. This is usually significantly lower, depending on the age of the car. A car model’s current value can be checked through various specialized websites.
- A ten-year-old car has a really low value when compared with its initial value. If the car has full coverage, it may not be worthy. It only takes a simple math test to figure out if the policyholder is overpaying or not. Get online quotes from https://www.carinsurancehints.com.
- Check if the annual cost of full coverage insurance is more than 10% of the car’s replacement value. If the answer is “yes”, then the client may be overpaying.
- The cost of replacing entirely an old car or even some parts may be too high. For old cars, some parts may be too scarce. Finding and repairing the car can be costlier than the current value.
Carinsurancehints.com is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.
For more information and money-saving tips, please visit https://www.carinsurancehints.com.