Dec152007
Is it Necessary to Get Auto Insurance for your Good Old Car?
Filed under FAQ's by Automan at 6:00 pm on Dec 15 2007
One of the visitor of this blog have raised an interesting query- At present I am holding an older car with low market value- do I really require insurance for this car?
What is your opinion?
Most of the States are strictly following compulsory insurance laws irrespective of the age of your car. The drivers are being insisted to have at least some automobile liability insurance, Part A.
The main reason for this compulsion is that the automobile accident victims do get compensation when their fatalities are the resultant of the negligent driver of a car.
Many people with older cars usually purchase minimum liability coverages. The owners of these cars decide not to procure any of the physical damage coverages.
It is really the cost of repairing the damages to an older car is more than that of the market value. Even if you have purchased other auto insurance options to manage the damaged parts, the insurance company will usually pay off the market value of the car than the repairing costs. So, what will you do?
You can forgo the Part D coverages as the relative value of your good old automobile is very LOW…
Leave a Reply
You must be logged in to post a comment.
