How The Age And Value Of Car Affect Car Insurance
Reader’s Question:
I have an older car model which is already used when I purchased it and I think that I pay too much for my car insurance here in Washington. Does the age and value of the car have a bearing on my car insurance rates?
Talan
Enumclaw Plateau, WA
Yes, of course, the age and value of the car that you drive have an influence on the premiums of your car insurance in Enumclaw Plateau, Washington. Since you purchased a used and older car model, its value might be lower than on its better days. In this case, you don’t need to pay for very expensive car insurance and you may consider dropping your comprehensive coverage.
One good suggestion that is wise to follow is to multiply your car insurance rates by 10 and compare it with the value of your car. So if for instance you are paying $1000 for your auto insurance and your vehicle is worth less than $10,000, you may want to weigh over if comprehensive coverage represents good value.
If you cancel your collision coverage and/or comprehensive coverage, you may be able to get a lot of savings on your car insurance. Also, think about it real hard that the whole idea of having a used and older car model is to save you a lot of money.
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