LOS ANGELES, April 26, 2019 /PRNewswire-PRWeb/ -- Carinsurancehints.com has released a new blog post explaining why drivers should reduce or drop car insurance coverage on older vehicles.
For more info and free quotes, visit https://www.carinsurancehints.com/why-reduce-coverage-on-old-cars/
- A car's value drops 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.
SOURCE Carinsurancehints.com
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