Premiums
Do Auto Insurance Premiums Reduce When The Car Value Depreciates?
We bought our car 5 years ago in Virginia when it was new and just finished paying off the loan. We paid $23,000. Our Auto insurance premium was based on that value. After 5 years, it is now valued at $10,000 but my insurance agent (Travelers) says the premium does not change just because of depreciation. Is this true?
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In What Ways Does Buying A Car Affect Auto Insurance Premiums?
I’m looking at buying or leasing a new car and am wondering how that’ll affect my auto insurance premium. Also, which features in a new car affect the premium. I’ve heard about red paint and sports cars causing higher premiums, but are there any other factors?
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