Used and New Vehicle Prices in Texas: Check Your Car Insurance

Reports say the average new vehicle costs $45,717. The average used vehicle costs nearly $30,000 ($29,969).

DALLAS – Who wants to buy a car right now? It probably won’t raise a hand.

Reports say the average new vehicle costs $45,717. The average used vehicle costs nearly $30,000 ($29,969).

What if you have to buy one because your car is wiped out by the weather (it happens in Texas). Or if your ride is stolen? Or if you total it (this often happens in Texas too)?

What if you had to find the money for a new or used vehicle yourself because one of these bad things happened to your car and you didn’t have comprehensive or collision insurance?

One in five drivers only has civil liability protection. If that’s you, chances are you won’t get anything if something bad happens to your car. You pay less per month for simple liability protection.

So, back when buying another car wasn’t ridiculously expensive, it might seem like a good way to save some money.

With car prices so inflated now, you might want to consider comprehensive coverage.

Even if you benefit from all this protection, will your insurer make right to you if you suffer a total loss?

The Insurance Information Institute says that if your insurance company has to compensate you for a total loss, they are required to offer you a fair market value.

According to III, “A vehicle is legally considered a total loss if the cost of repairs and additional claims is equal to or greater than 75% of the fair market value. If your car is a total loss and the insurer accepts liability , they are required to pay the fair market value of the vehicle.If you are unhappy with the offer, you may be able to negotiate the final settlement with your adjuster, but be prepared to present value data current merchant to support your position. You may also want to ask your insurance agent to help you with this.”

You can negotiate this figure, but the III says you need to know the current market value of your car. They recommend several sites like Kelley Blue Book, Autotrader, Edmunds, and Consumer Reports Car Value Estimator to help you estimate the value of your car.

They also recommend that you call your insurance company and ask for your current market value to get an idea.

The III indicates that the average cost of replacing a vehicle has increased by 12.5% ​​since last year.

Insurance companies must recover these costs. And there are predictions that many of us will see our rates go up.

So while you contact your insurer and possibly adjust your coverage anyway, shop around the competition. I recommend doing this every year, but it’s especially important when purchase and insurance costs are abnormally high.