LOS ANGELES, CA / ACCESSWIRE / August 4, 2019 / Cheapquotesautoinsurance.com has launched a new blog post that explains in what situations drivers can drop collision car insurance on their old vehicles.
For more info and free car insurance quotes online, visit https://cheapquotesautoinsurance.com/why-should-you-drop-collision-car-insurance-on-your-old-vehicle/.
Drivers that are owning and driving older vehicles will probably be advised to drop collision coverage so that they can save money. Although this sounds tempting, some useful benefits will be lost. Usually, collision and comprehensive coverage are components of full coverage insurance. The comprehensive part will deal with the protection of the vehicle against damages caused by extreme weather events, fire, vandalism, theft, and even animal collisions. The collision coverage will cover the damages suffered by the policyholders’ vehicle in incidents like at-fault accidents, rollovers, and collisions with inanimate objects such as fences or poles.
Drivers that are thinking about dropping collision coverage should consider the following first:
- The value of their cars. Usually, an insurance policy will only cover the market value of a vehicle. Not all older vehicles are pieces of junk that are worth nothing. Many old vehicles can be worth a fortune. Sites like Edmunds or Kelley Blue Book can help drivers find out how much their old vehicles are worth. In most cases, if the value of the vehicle is less than ten monthly full coverage payments, then it's better for the policyholder to drop full coverage.
- Saving abilities. There are many policyholders who consider that they will drop collision coverage and put the money they save in an account. However, some drivers are bad at savings, and they won't put the money they saved in an account. This situation should be avoided, because drivers that are involved in at-fault accidents without having collision coverage, will have to pay for the damages done to their vehicles with their own money. Drivers that have poor saving abilities should think twice before dropping collision coverage.
- Mileage. On average, drivers are involved in a car accident at every 165,000 miles they drive. Drivers should keep collision coverage on their old vehicles if they are driving a lot and especially in a crowded city where car accidents are more likely to happen. After all, a small repair from a rear-end collision might cost only a few hundred dollars, and if the car is still worth $4000, then collision coverage can be beneficial.
For additional info, money-saving tips and free car insurance quotes, visit https://cheapquotesautoinsurance.com/.
Cheapquotesautoinsurance.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.
“Although many would advise drivers of older vehicles to drop collision coverage, there are several reasons why this is not a good thing. Drivers that have poor saving abilities and drivers that use their cars a lot in urban areas should think twice before dropping collision coverage,” said Russell Rabichev, Marketing Director of Internet Marketing Company.
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SOURCE: Internet Marketing Company