The new model 2017 of cars has arrived, and the auto dealers are clearing the lots of 2016 models, people are planning to purchase a new vehicle, may also consider to update their auto insurance policies to protect them.
It is recommended by the sources that the people who want to buy a new car must have to take a time to talk with an independent auto insurance agent as to assess their coverage before the new car purchase.
The Hanover’s chief marketing and personal lines, President Richard W. Lavey said about that what the many car purchasers may not think about a brand new car requires a different kind of auto insurance coverage than it is of a used car.
Lavey said that when a new car leave the lot of showroom/ garage, it depreciates in its own value about 9% and in the first year it loses about 19% of its value. But you know in the first year it stills a new car, so make a sure about your auto insurance that it covers the full cost of replace and repair, so that a new vehicle provide a peace of mind.
The original equipment manufacturer parts (OEM Parts) are the parts which are only used in the making of vehicle, so if a car need repair then there are many companies those provide insurance policy which only cover the cost of aftermarkets parts.
Most companies use those parts which are not original and are not specifically designed for that car, and they do not have a type of life time guarantee,
GAP Insurance - the Gap Insurance make the coverage of cash difference between the cash of vehicle and the car owner owes a loan, which includes fees and interest. So let’s take an example if a car is stolen, the gap insurance provide the protection to the owner of car by paying out the difference between the value that assessed the car and what is the originally still owned by the company.
It is interesting to know that if a new car having at the time of purchase less than 500 miles on the ODO meter is stolen, or totalled within a year, or about 15000 miles, then in this case, the cost of vehicle to replace it with a new vehicle may be covered, and there will not any deduction for the depreciation.
The last tip for the auto insurance purchaser is that at the time of purchase he/she should check all the types of insurance, there is underinsured/ uninsured driver coverage, in which as we know that, there are more drivers which are not insured or underinsured, this type of coverage helps the driver in protection of themselves, if they get in an accident with a driver which has no any insurance policy.
Lavey said that before driving out the new car from the lot, it is necessary to make a sure that it is just like that your auto insurance policy. That it is fulfilling the requirement of your insurance.
At the time of purchase you must refer to independent auto insurance agent, the agent can help you in identifying the additional coverage’s which you need to be protected.
It is recommended by the sources that the people who want to buy a new car must have to take a time to talk with an independent auto insurance agent as to assess their coverage before the new car purchase.
The Hanover’s chief marketing and personal lines, President Richard W. Lavey said about that what the many car purchasers may not think about a brand new car requires a different kind of auto insurance coverage than it is of a used car.
Lavey said that when a new car leave the lot of showroom/ garage, it depreciates in its own value about 9% and in the first year it loses about 19% of its value. But you know in the first year it stills a new car, so make a sure about your auto insurance that it covers the full cost of replace and repair, so that a new vehicle provide a peace of mind.
The original equipment manufacturer parts (OEM Parts) are the parts which are only used in the making of vehicle, so if a car need repair then there are many companies those provide insurance policy which only cover the cost of aftermarkets parts.
Most companies use those parts which are not original and are not specifically designed for that car, and they do not have a type of life time guarantee,
GAP Insurance - the Gap Insurance make the coverage of cash difference between the cash of vehicle and the car owner owes a loan, which includes fees and interest. So let’s take an example if a car is stolen, the gap insurance provide the protection to the owner of car by paying out the difference between the value that assessed the car and what is the originally still owned by the company.
It is interesting to know that if a new car having at the time of purchase less than 500 miles on the ODO meter is stolen, or totalled within a year, or about 15000 miles, then in this case, the cost of vehicle to replace it with a new vehicle may be covered, and there will not any deduction for the depreciation.
The last tip for the auto insurance purchaser is that at the time of purchase he/she should check all the types of insurance, there is underinsured/ uninsured driver coverage, in which as we know that, there are more drivers which are not insured or underinsured, this type of coverage helps the driver in protection of themselves, if they get in an accident with a driver which has no any insurance policy.
Lavey said that before driving out the new car from the lot, it is necessary to make a sure that it is just like that your auto insurance policy. That it is fulfilling the requirement of your insurance.
At the time of purchase you must refer to independent auto insurance agent, the agent can help you in identifying the additional coverage’s which you need to be protected.
0 comments: