Car Insurance on Expensive Cars
Do you have one of the expensive cars like Mercedes, BMW, Bentley, Rolls-Royce, Porsche, Ferrari, etc? Do you proud of it? Want to protect it? Want to have car insurance?
If you own expensive car and you try to get car insurance, you may be depressed. When you want to do a claim, you will only get “book” value which is a lot smaller than the amount you hope. This problem will not be solved even if you have full-coverage car insurance. Yes, the car insurance company will cover all bases, but the value of the coverage is still based on book value.
What is car insurance book value?
The book value means you will get a replacement based on current price of the parts minus depreciation (how long or how far you have used the car). A new expensive car can lose until $10,000 in depreciation value when it is driven out from the showroom.
To make matter worst, you may not get an OEM parts for your expensive car. Without OEM parts, your car value will be decreased in quite a big number. This OEM parts problem can be solved easily by negotiating it. Just make sure that the term is written clearly inside the car insurance policy.
Let´s get back to solve the book value of your car insurance.
The only satisfying solution about this matter is to search a car insurance company that provides another way to value your car. Currently there are some companies that offer an absolute value for the coverage system or something similar.
Absolute value of your car insurance coverage means that you will get coverage based on the amount agreed between you and the car insurance company that is written clearly in the policy. You can forget about the book value. Decide the amount of your coverage and if something happens, that is the amount you will get.
Some companies will have a slightly different coverage system. You will get full coverage based on the purchase price until your car is driven certain miles or certain months.
Now back to your expensive car´s insurance.
What coverage system you choose is up to you. However, based on the definition, it is clear that you want to have absolute value coverage car insurance. That way you will get the best coverage for your money. So, next time when you search a new car insurance or renew your old one, ask for absolute value coverage for your expensive car.
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Disclaimer:
The general information provided by http://CarInsuranceCenter.blogspot.com is intended as an educational purpose only, and should not be interpreted as legal advice. The law varies drastically by location and legal specialty, and http://CarInsuranceCenter.blogspot.com makes no promises about the accuracy or completeness of the information provided. You should not rely on our information when making legal decisions. We recommend that you consult with a lawyer to get professional legal advice on how best to deal with your situation.
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** Attn Ezine editors / Site owners **
Feel free to reprint this article in its entirety in your ezine, blog, autoresponder, or on your site so long as you put a link back to this original post, leave all links in place, and do not modify the content in anyway.
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If you own expensive car and you try to get car insurance, you may be depressed. When you want to do a claim, you will only get “book” value which is a lot smaller than the amount you hope. This problem will not be solved even if you have full-coverage car insurance. Yes, the car insurance company will cover all bases, but the value of the coverage is still based on book value.
What is car insurance book value?
The book value means you will get a replacement based on current price of the parts minus depreciation (how long or how far you have used the car). A new expensive car can lose until $10,000 in depreciation value when it is driven out from the showroom.
To make matter worst, you may not get an OEM parts for your expensive car. Without OEM parts, your car value will be decreased in quite a big number. This OEM parts problem can be solved easily by negotiating it. Just make sure that the term is written clearly inside the car insurance policy.
Let´s get back to solve the book value of your car insurance.
The only satisfying solution about this matter is to search a car insurance company that provides another way to value your car. Currently there are some companies that offer an absolute value for the coverage system or something similar.
Absolute value of your car insurance coverage means that you will get coverage based on the amount agreed between you and the car insurance company that is written clearly in the policy. You can forget about the book value. Decide the amount of your coverage and if something happens, that is the amount you will get.
Some companies will have a slightly different coverage system. You will get full coverage based on the purchase price until your car is driven certain miles or certain months.
Now back to your expensive car´s insurance.
What coverage system you choose is up to you. However, based on the definition, it is clear that you want to have absolute value coverage car insurance. That way you will get the best coverage for your money. So, next time when you search a new car insurance or renew your old one, ask for absolute value coverage for your expensive car.
-=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
Disclaimer:
The general information provided by http://CarInsuranceCenter.blogspot.com is intended as an educational purpose only, and should not be interpreted as legal advice. The law varies drastically by location and legal specialty, and http://CarInsuranceCenter.blogspot.com makes no promises about the accuracy or completeness of the information provided. You should not rely on our information when making legal decisions. We recommend that you consult with a lawyer to get professional legal advice on how best to deal with your situation.
-=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
** Attn Ezine editors / Site owners **
Feel free to reprint this article in its entirety in your ezine, blog, autoresponder, or on your site so long as you put a link back to this original post, leave all links in place, and do not modify the content in anyway.
-=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
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5:03 AM
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