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Can the value of my car change the rate of my insurance policy?
The Blue Book value of my car is $5000, so why is my insurance so high? I need to keep comprehensive and collision coverage on a little longer, but the policy price seems off base.
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The
Blue Book value
of a car isn’t as significant as people may think when it comes to the price of car insurance
. Rating factors like driving history and zip code often matter more.Your vehicle’s
actual cash value
, not the Blue Book value, determines your comprehensive and collision coverage
prices.Blue Book value considers the car’s desirability, the time of year, and several other factors, while the actual cash value is your vehicle’s cost minus depreciation. It could be that the ACV of your vehicle is higher than the Blue Book value.
There may also be other rating factors at play. For example, have you had any accidents or tickets in the past five years? Do you live in a densely populated area that has a high risk of accidents?
Since you want to keep full coverage on your car, have your agent quote how much you can save if you raised your
comprehensive
and collision deductibles.You can also check to make sure you are receiving the following discounts if applicable:
- Defensive Driver discount
- Telematics discount
- Low annual mileage saving
- Safety features discount
It could be that your insurance company isn’t as competitive as it once was.
If you want to save money on car insurance, the
Jerry
app is an excellent place to start. A licensed broker, Jerry does all the hard work of finding the cheapest quotes from the top name-brand insurance companies and buying new car insurance. Jerry will even help cancel your old policy.”View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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