Auto Insurance Estimating The Value Of Your Vehicle

Auto Insurance Estimating The Value Of Your Vehicle

Estimate the value of your car is fundamental , whether for your car insurance or for sale. In the event of an accident, your insurer will rely on the value of your car to compensate you . It is therefore a question of correctly evaluating it. Because a good expertise will allow better compensation.

What constitutes the value of the car

The value of the vehicle depends on many elements:

  •  Age  : date of entry into circulation. Needless to say, the older a car is, the less value it has in terms of compensation from insurance. Except, of course, your car is collectible.
  • Mileage  : depending on the number of kilometers displayed on the meter, it can be estimated whether the vehicle is used on average, or more frequently.
  • Repairs made  : if repairs that are too old have been made, the value of the car decreases. Remember to notify your auto insurance if you change your vehicle. For more information, read our article, Vehicle Modification: Consequences on Auto Insurance .
  • The history  : first hand or not … Depending on the age of the vehicle, the insurer applies a coefficient.
  • The options  : if the car is equipped with different options, it obviously takes more value.

Third party insurance or all risks

Depending on the value of your car, you can choose to be insured at all risks or third party . For example, if your car is old and has already undergone some repairs, insuring it to the third party is enough.