Should I not spend a guarantee to cover
all risks to others?
This is a question that often arises for
various reasons: the car took the age and mileage, it is therefore less...
My insurance is expensive, with the
franchise, all perils not used much ... well I drive, I have the maximum bonus
and I will not fault accident ... Everyone has their own opinion without
knowing how to decide?
To take the decision to cut its guaranteedauto insurance, certain elements are essential.
1. What you lose by abandoning the
guarantee "all risks":
- The "all risk" involved for
your own damage accident where you are liable with or without an opponent (loss
of control), but also in the events "vandalism" accident
"parking" (unidentified third party) or yet according to the
companies for the event "hail" (not always considered as windless
weather event and never recognized natural disasters). - The "all
risk" is also involved in "advance on appeal" your insurer
compensates you in a situation where you are not responsible money without
waiting for the other company. You are compensated faster, 2 examples: * For
bodily injury with minutes for which you are not responsible for the delay in
obtaining the minutes is around 16 weeks during which the responsible insurer
will not engage not on compensation. If you have comprehensive coverage, your
insurance will compensate you without delay if you are insured third party, you
must wait at least 16 weeks.
It is the same for an accident with a
stranger when the time for appeal is very long.
Abandoning the warranty "all
risks" is to become his own insurer for all these events.
2. How to decide whether to keep or
abandon all perils?
- The "key" is the value of your
car. Consider the worst accident can "to wreck" it and you will lose
its value. "If my car is still $ 4000, for example, am I willing to lose
this money? ". The search for value "Argus" can be made: by
questioning your usual mechanic, simulating a search on the internet car
equivalent to yours ... - The second element is the cost difference between the
premium and comprehensive coverage premium guarantees to third parties. At this
stage, you should contact your insurer to give you the premiums of different
approaches (with or without flight and / or broken glass in particular).
Overall, the change guarantees provided
when the cost of "all risks" of value of the car is between 4 and 6%.
For the above example for a car worth $
4000 if the "all risks" costs more than $ 240 per year compared to
the third (6% X $ 4,000), it is perhaps time of change.
Why "maybe"? The insurer will not
take the decision for you. Your personal situation should also be involved.
- I still have a loan on the car stay
"all risks". - I'm not saving $ 4,000 (or the equivalent of the value
of your car) to repair or replace car: keep "all risks". - I have an
aversion to risk (I am not a "player", I do not like taking risks)
remain "all risks". - I do not have the financial ability to borrow:
keep "all risks".
Whenever you have a doubt, is that the time
has not yet come ... The next deadline may be!
Finally, some insurers offer contracts
whose rates "all risks" are declining with the age of the car is also
a good solution. Play the competition!
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