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Step 1: Determine the current market value of your used vehicle. Online services such as Edmunds, Kelly Blue Book, etc can help you. Step 2 : Determine the annual or bi-annual premium for auto collision and comprehensive insurance from your most current insurance statement. Also find the deductible, which is the amount you will pay when filing a claim. Step 3 : Call your insurance agent and ask them for the replacement value of your used vehicle given the policy current in effect. Step 4 : Consider the likelihood of an accident or vandalism given your driving habits and territory. Step 5 : With all the numbers in front of you, ask yourself if the premium and the risk are worth the potential insurance payout? Case Study (completed in 2008) 1. 2001 Honda Odyessey with 90,000 miles and in need of body work has a market value of between $4000 and $5000. 2. Insurance premium for both collision and comprehensive is $130.00/ six months. Collision deductible is $400. 3. The agent says my car is worth $4000, the lowest blue book value. 4. I commute 3 miles a day, without major traffic in a safe suburban area. 5. The bottom line : I'm paying $103 every six months for the chance to receive $3600 ($4000-$400) if my car was "totalled" in a accident. The payout is roughly 35 times greater than my premium. $103 * 35 = $3605. Conclusion: Keep the insurance until the used car value reaches $3000.
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How do you cancel my insurance?
Call your insurance agent and tell them you would like to cancel your insurance.
Can I get insurance to cover collision in Illinois?
You can get insurance to cover collision in Illinois. Simply check with your automobile insurance provider and add collision coverage to your coverage.
Which insurance companies offer collision insurance?
The forthcoming insurance companies offer collision insurances: Insurance4CarHire, Auto Rental Collision Damage Waiver, Rental Cars and the Collision Damage Waiver, etc.
If your car is stolen can you cancel your insurance?
I Think You Can Cancel Your insurance....idk That's Just My Guess..
How do you cancel your blue shield medical insurance?
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What insurance is needed in case of a car collision?
Collision coverage, also known as auto collision insurance, is the part of your auto insurance that most always pays for damages to your vehicle in the case of an accident.
Can i cancel flood insurance if i have a mortgage?
If your property is in a flood plain or your mortgagor requires flood insurance, no, you cannot cancel flood insurance.
Does State Farm offer collision insurance?
State Farm does offer collision insurance to customers. State Farm requires a deductible for this type of insurance.
Do most insurance companies offer collision insurance?
Any good insurance company offers collision insurance. Many people don't want the cost of carrying a comprehensive plan on an older vehicle. Sometimes it is smarter to simply carry collision insurance and all of the top insurance companies do.
Does budget van insurance offer collision insurance?
Budget van insurance does offer collision insurance. It is something that you can pay for daily or weekly depending on how long you have the van or what you what to do with the van.
Will your car insurance fix your car if its your fault?
If you have collision insurance.
Where can I purchase collision insurance in Virginia?
Inquire insurance details in Virginia. You will get information concerning various insurance companies, and you will find out which would provide collision coverage.
