Tag: new car insurance

Car Insurance and Record New Car Prices

A client called me last week to add a new car to their car insurance policy, bringing the total number of vehicles on the policy to three. I added the car to the policy, then emailed them the ID card for the new car along with the new annual rate for their policy. They were a little surprised at the rate and wanted to know why it increased as much as it did with the new car. I reviewed their rate with my other carriers and verified the new rate was in-line with them. The cost of their new vehicle is the biggest factor that impacted their new rate.

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New car replacement, is that an option?!

Last week’s blog, “Gap coverage, an important option to have,” examined an optional coverage that can be added to most car insurance policies. Here’s a link just in case you missed it, A new car loses 11% of its value the minute you drive it off the lot and 15% to 25% each year thereafter for the first 5 years. GAP coverage can be a financial life saver. While that’s helpful for your loan and your wallet, it doesn’t really get you a new car.

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