07/07/2014 0 Comments
Does Your Aging Car Need Collision Insurance?
It’s at times like these that you might be asking, “Should I eliminate some of my insurance coverage?” Any car owner likes having fewer automotive expenses, but here are a few things you should consider:
- Age and experience of the driver. If a teenager drives the car, more insurance makes sense.
- Odometer reading. The amount of kilometres a vehicle has can also impact its value.
- High-accident or theft areas. If you live in one of these areas, expect to pay more for insurance.
- Overall value of car. If your car is actually a classic car rather than merely an aging car, you already know that you need more insurance, comprehensive and collision, to protect your investment.
Why Would a Collision Policy Benefit My Old Car?There are a couple of reasons you might want collision insurance even for an aging vehicle:
- You bought an older car but are still on a financing plan that helps you with payments. In this case, you need collision and comprehensive insurance.
- Your car is still worth more than $3,000. Find out by looking up the details on Kelley Blue Book. If your car hasn’t depreciated too much, collision insurance can still help you.