More motorists in Lynnwood are driving older cars that are on the brink of replacement. The reason is simple. An older car is paid off, less likely to be stolen, and can’t depreciate any further than it already has. This naturally leads to the question: Should you opt for collision coverage for an older car?
Collision Coverage Explained
First, we want to explain the meaning of this type of coverage since most people confuse it with comprehensive coverage. The latter covers damage from instances like vandalism, theft, and acts of nature.
Collision coverage covers scenarios where your vehicle comes into contact with another vehicle or object while in motion. This applies to stationary objects, such as a light pole. The coverage generally kicks in whether or not you caused the collision.
Collision Coverage for Older Cars; Yay or Nay?
At the very least, federal law requires liability coverage. However, does your semi-clunker really need that pricey collision coverage? This really depends. We believe it’s better to forgo it if the premiums are higher than the total value of the car. Instead, put the money you would spend for the coverage in a savings account. This is your “rainy day” account that you can tap into when it comes time for repair or replacement.
However, you may want to hold onto your collision insurance if you’re on the road a lot. Drivers experience a fender bender on average every 165,000 miles. If driving makes up a huge part of your routine, then it might be worth keeping.
We Perform Affordable Vehicle Repairs in Lynnwood
We perform a multitude of services pertaining to collision repairs, including auto paint touchups. Bring your car to Absolute Auto Body for any collision-related work. We do repairs regardless of our clients’ coverage type.
Collision Coverage for Older Vehicles: Trustworthy Repairs in Lynnwood
Looking out for customers in Everett & Lynnwood
Posted on September 12, 2022 | Published by Ignite Local | Related Local Business