Big Money Forums  

Go Back   Big Money Forums > Business and Personal - Money Management and Protection Tools > Insurance and Protection Discussion
Register FAQ Calendar Radio Search Today's Posts Mark Forums Read

Reply
Submit Tools Thread Tools Search this Thread Display Modes
  #1  
Unread 10-09-2007, 06:38 AM
sam's Avatar
sam sam is offline
Registered User
 
Join Date: Oct 2007
Posts: 5
Rep Power: 0
sam is on a distinguished road
Used Car Insurance

Hai,

I am Sam.

Insuring a used car follows the same basic guidelines as insuring a new one, with the owner's goal being to protect himself from liability should something happen to his vehicle, its occupants, or other motorists. The key difference is that if a used car is damaged or stolen and written off as a total loss, the insurer's potential loss is lower than that with a new model, so the company can charge less for the comprehensive and collision coverage, therefore lowering the premium. On the other hand, a used car can inflict just as much damage on other cars, people, structures, etc., as a new one, so liability rates aren't affected by a car's age.

Because used cars are less valuable, buyers may want to rethink some of their insurance strategies. For example, it may not be necessary to maintain high coverage for comprehensive and collision insurance, when ample coverage with lower payouts is available for a smaller premium.

"The major thing to consider is how much physical damage coverage you need on a used car," says Dick Luedke, spokesman for State Farm. "A lot of people with older cars choose not to have a lot of collision coverage."

Likewise, while a low deductible may make sense on an expensive brand-new car, used-car buyers may choose to save money by raising their deductible. Because the vehicle may already have some cosmetic wear and tear, an owner might choose to skip repairing minor collision damage, or simply go out of pocket for smaller repairs, rather than paying the higher premiums a lower deductible commands. Keep in mind, however, that the higher the deductible, the more you'll have to pay out of your own pocket in the event of a claim.

"When you're buying comprehensive and collision coverage, one of the questions you ask is, 'How much should the deductible be?' " Luedke says. "You should ask yourself, 'How much can I afford tomorrow without upsetting my financial comfort zone?' If you can pay $1,000, why pay extra for a lower deductible?"

This is especially typical among used cars, he added. "Higher deductibles are probably more common for an older vehicle for the same reasons as a lower coverage limit." But all insurance is a matter of balancing cost versus risk, and for used cars, many consumers lean toward saving money today at the risk of having to spend more in the event of a claim.

|
Reply With Quote
  #2  
Unread 05-29-2008, 06:40 AM
arnold111 arnold111 is offline
Registered User
 
Join Date: May 2008
Posts: 10
Rep Power: 0
arnold111 is on a distinguished road
Nice thread! I really like your provided information. It's really helpful for me.
Thanks a lot!
Reply With Quote
  #3  
Unread 07-11-2008, 03:21 AM
David Johnson David Johnson is offline
Registered User
 
Join Date: Jul 2008
Posts: 1
Rep Power: 0
David Johnson is on a distinguished road
Great thread,

Thanks a ton for providing the useful information and hope to read more from you.

Car insurance is one of the necessary evils when buying a car. You can
Reply With Quote
  #4  
Unread 07-26-2008, 07:48 AM
Melville_kent Melville_kent is offline
Registered User
 
Join Date: Jul 2008
Posts: 5
Rep Power: 0
Melville_kent is on a distinguished road
Re:Used Car Insurance

you have a great information concerning to the insurance,i respect your knowledge ,but i also want to share some information towards the insurance .that is what actually insurance means,why often people doing insurance of home ,and other things
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a company selling the insurance. The insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
_________________
Reply With Quote
  #5  
Unread 05-25-2009, 07:36 AM
ricky028 ricky028 is offline
Registered User
 
Join Date: Feb 2009
Posts: 18
Rep Power: 0
ricky028 is on a distinguished road
Your car insurance rates also depend upon the type of car you buy. A car with high performances will lead to higher premium as the risk of theft raises in the eyes of insurer. So it is better to buy a protected, family car, owned by a safe and stable person.
Reply With Quote
  #6  
Unread 07-02-2009, 01:45 AM
maxjlone maxjlone is offline
Registered User
 
Join Date: Jun 2009
Posts: 18
Rep Power: 0
maxjlone is on a distinguished road
I think that insuring a used car follows the same basic guidelines as insuring a new one, with the owner's goal being to protect himself from liability should something happen to his vehicle, its occupants, or other motorists. But all insurance is a matter of balancing cost versus risk, and for used cars, many consumers lean toward saving money today at the risk of having to spend more in the event of a claim.
Reply With Quote
  #7  
Unread 03-26-2012, 07:36 AM
matthew111 matthew111 is offline
Registered User
 
Join Date: Aug 2011
Posts: 15
Rep Power: 0
matthew111 is on a distinguished road
That's a good piece information.
Reply With Quote
  #8  
Unread 04-08-2013, 11:08 AM
moore.davidv11's Avatar
moore.davidv11 moore.davidv11 is offline
Senior Member
 
Join Date: Jul 2008
Posts: 316
Rep Power: 16
moore.davidv11 is on a distinguished road
Re:

BidOnMyAuto is capable of assisting you in the process of finding a local used car that fits the specific needs of your family, your budget and your desire to have a great running used car.




_____________
Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Google
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Car Makers MTnews The News 1 04-09-2013 08:33 AM
Car donation phcars Make Money Online 4 09-18-2012 08:58 AM
Low Cost Car Insurance Article - Get Affordable Car Insurance Big Money Insurance and Protection Discussion 8 09-11-2012 09:22 AM
Car Manufacturers MTnews The News 1 07-19-2012 09:28 AM
Car Loans zinta Loans, Mortgages and Consolidations 0 09-07-2007 04:45 AM


All times are GMT -5. The time now is 05:01 PM.

Powered by vBulletin® Version 3.6.7
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.