MiWay Blink answers frequently asked questions about car insurance
The value of your vehicle is only relevant when it is stolen or written-off and these types of claims only make up around 15% of all insurance costs.The value of a car depreciates over time, and a car with higher mileage is worth less than the same car with lower mileage. So why don’t car insurance premiums go down every year if the vehicle is worth less than it was a year ago?
“It doesn’t cost any less to replace the bumper on a one-year-old vehicle than it does on a brand new one,” explains Steyn. Another frequently asked question is how an insurer decides what your car is worth when it gets stolen or written off. These are all averages based on transactions on similar models at dealerships across the country. Your vehicle could have a list of extras or could be in much better condition than the average vehicle of the same age. As a last step, vehicle extras are taken into account as well as the mileage and condition of the vehicle to determine a fair value for your specific vehicle.Another common misconception is that car insurance covers bodily harm in case of an accident.
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