Used Car Insurance
Reader’s Question:
I bought a used car, and it’s pretty ragged. Can I still get cheap used car insurance quotes for this pile of junk car?
Erica
Cleveland, OH
Firstly, you should get your newly bought used car covered based on the car insurance requirements of the State of Ohio. This means that you should have the minimum levels of liability of $12,500 to cover for an injured motorist’s medical and hospital expenses, $25,000 to pay for medical and hospital bills of all the passengers in the other party’s car, and $7,500 for all properties, including public and private properties you wrecked in one accident.
However, when insuring an old car, you might want to think about not getting too much or not getting collision and comprehensive coverage at all. Insurers will think twice when insuring an old car especially if it will not be worth that much on the used car lot. Besides, if you get collision and comprehensive coverage as a safeguard from costly repair bills, you might not be able to get that much recompense from your insurer. Remember that most car insurance companies declare a car totaled if the cost to repair it will exceed 51% of its actual cash value (ACV). So, you may end up just paying exorbitant rates for collision and comprehensive coverage that will not be useful to you in the end. Bear in mind that your car is only worth what others are willing to pay for it. Getting cheap car insurance quotes, rather than the more expensive ones, is probably best.
Tags: collision insurance coverage, comprehensive insurance coverage, liability insurance, used car