How Do I Value My Car For Insurance Purposes?
16470 POINTSview profileDavid OsgoodAgent, Rural Mutual Insurance Co., Union Grove, WIYou will want to use the amount that you paid for the vehicle if you purchased it within the last six months. If you have a a vehicle that you purchased over six months ago then I would reccommend a recognized appraisal service. One of the services out there are Kelly Blue Book.Answered on July 27, 2013flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482Insurance companies, for the most part insure your vehicle to it's "Actual Cash Value" (AVC). That is the starting point. Naturally, the newer the vehicle, the more likely that it will have a higher ACV. Some insurance providers are now offering coverage that will actually replace your car at full value should it be severly damaged in an accident so long as the car was aquired new within three years of the loss. Others extend that coverage to offer an amount necessary to buy a similar year make and model at current market value if damaged within 5 - to -7 years of purchase. Specialty providers for classic or antique cars, boats and motorcycles will insure the vehcle to it's appraised value at the start so in many cases, you will need to obtain an appraisal when you purchase, much the same as when you buy a diamond engagement ring, for example.Answered on July 29, 2013flag this answer
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