TN Auto Insurance Murfreesboro TN
The general rule is when the cost of comp and collision exceeds 10% of your old vehicle’s value, that’s the time to dump it and just have liability coverage.
You can determine your vehicle’s value at Edmunds.com, KBB.com or NADA.com.
Finding affordable insurance can be a challenge, but it’s important to understand that insurance rates are not random numbers. Insurance companies use complex algorithms that take into account your personal information and their own claim data to determine how likely you are to file a claim and how much it could cost them. If you are perceived as a higher risk, you will likely have to pay more for insurance. On the other hand, if you are seen as a safer driver, you may be able to find more affordable insurance options.
So let’s take a simple example. Say your vehicle is worth $4,000. If you’re paying anything more than $400 annually (that’s 10% of $4,000) for comp and collision, it no longer makes any financial sense.
One notable exception to this rule: If there’s no way you could financially cover the loss of your vehicle, forget the math and keep paying for comp and collision. Need an agency? Read on for tips for maintaining affordable auto insurance rates.
You should always opt for a $1,000 deductible for the best savings on your policy. At that level, you’ll pay a lower premium and won’t be tempted to file any small, piddling claims.
The Insurance Information Institute reminds you that there are a ton of different discounts out there. Here are some you can ask about:
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