If you own your vehicle, then you know the cost of keeping the car. You auto is what gets you from home to work and other places of interest. The problem comes when the vehicle is in an accident and ends up getting totaled. In order to get the value of the vehicle your insurance company has to figure the IDV so it knows what to pay you.
How Insured Declared Value is Calculated
- Insured Declared Value is figured by subtracting the selling price from depreciation. By doing this the true value of the car or truck is able to be figured.
- The age of the vehicle plays a large part in how much value is lost. For cars less than a year old there is a 15 percent loss of value. For every year past one year the value of the car loses 10 percent. So anything under 5 years there is a 50 percent loss in value
- Any car over five years of age the IDV is agreed on by the insurer and the insured person. The condition of the car is taken into consideration when it comes time to determine the value of the car.
- If your car is ever stolen the IDV is what you will receive when it comes time to payout for the value of the car. If your car is over five years old and you have some accessories put in the car, then you will want to let the insurer know before the value of the car is determined.
If you live in the Ada, Oklahoma area and have any questions about the true value of your car, then give your independent agent a call today. If we are your agent, then we can help take care of your questions about IDV. We want to assist you with your insurance needs.
Getting the most accurate car insurance quotes in Ada, Oklahoma requires some personal information. Auto insurance companies must have basic information related to your name, address and identification. Although it is important to select a safe tool for comparison purposes, it is not dangerous to share your personal details if you are using a legitimate resource.
Identifying Legitimate Sources
Never assume that an online tool is appropriate for your needs. Find out if the company is legitimate before you start working with them. Look it up at the Better Business Bureau or verify any certifications that are stated on the website.
After you verify that the comparison company is legitimate, you can use the comparison tools to help find the right coverage for your needs and goals.
Working with an Agent
Working with an independent agent is another way to cut back on your risk. Even though an agent may suggest the use of an online comparison service, your data is safe because an agent will not share with unsecured and dangerous sources.
An agent understands your risks and takes measures to keep your data safe from falling into malicious hands. Instead of comparing the options personally, you have a professional working with you to help find the best services for your goals, financial budget and concerns. The best auto coverage will require some information about your car and personal data, but that does not mean you must take unnecessary risks.
Getting the right auto coverage for your needs will require personal data. Insurers must be able to identify you and look up your driving history. By working with an agent, you do not need to worry about the safety of your data. Call us today to talk to an independent agent.