Ask an Agent: Insuring an Older Car
Feb 15, 2012Here at Bisnett, we aren't just insurance salespeople, we're also insurance advisors. Our highly trained staff provide free tips and recommendations to help people understand insurance better, so they can make the best choices for their needs and budget.
We're starting a new series on the Bisnett blog. Each month, one of our expert team members will answer customer questions. Today, agent Marty Miller of our Hood River, Oregon office offers helpful insights on how best to insure older cars.
Q – Is my car “too old” to carry comprehensive and collision coverage?
A – First off, it's important to note that all cars must be insured in order to be legally driven, no matter how new or old they may be. However, today we're covering policies which go above and beyond that base-level minimum coverage. This is called "Comprehensive and/or collision coverage."
Wondering whether it's worth carrying this type of coverage on your older model car? Ask yourself this question: If you had to replace your car without the benefit of insurance money, how big of a financial burden would it place on your budget? For many, replacing a $1500 car would be a very difficult financial burden to bear. For others, replacing a $10,000 car might mean little more than some lost interest on their money-market account. In other words, it all comes down to potential impact and individual circumstance. By design, insurance is there to help you avoid financial “catastrophe”, whatever that means for your particular situation. Paying the higher premium is well worth it when the potential loss would place extreme financial burden on you if the worst case scenario occurred.
Got a question for our agents? Send it to .(JavaScript must be enabled to view this email address) or feel free to call any of our team members directly using the contact information listed on our website. Safe travels!
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