In most households a renewal Auto policy arrives via post annually for another term with payment options via credit card or enclosed cheque, if you fit into this mold you could be paying as much as 30% more for Auto Insurance.

Does you current policy cover " deminished value " if not it could lead you to shop for policy that fits your needs.

RENEWAL AUTO POLICY With auto Insurance being mandatory, for years I simply paid to get the issue out of my life for another year as there were always more important current matters in hand, one day I clicked on a banner on the Internet that promised huge savings on auto Insurance, I really thought being out of the old school the savings can't be true and a gimmick or catch got to be in place " wrong " there is no catch the Internet is a very competive volume business with best quotes.

DEMINISHED VALUE " If value after repair is less than value before the damage "
I hope and wish it will never happen to you, but should you ever have an accident deminished value will come into play on your policy, hopefully you have read the fine print or asked your agent if your covered, if your not covered here is what could happen.
You just finished cleaning and polish your pride and joy on a Sunday afternoon and taking it for a spin when someone from out of nowhere hits you, your not at fault and the other party's insurance company gets the body shop of your choice with all original parts being replaced along with a rental while your car is being fixed...
Your car is returned looking and driving like before and you will most likely be satisfied driving the vehicle as long as you don't try to sell it as history will report accident and your now faced with 20% to 25% less re-sale value subject to type of damage should buyer check history service, that's deminished value, dont let it happen to you, make sure your covered, ask your insurance provider, don't make my mistake and learn the hard way your driving a vehicle up to 25% less than market value.

SUMMARY we all get burned with mistakes we make in life, I have overpaid auto Insurance company's for years by not knowing about proper coverage till it's to late, dont let it happen to you, a little homework on your part could save you mega funds.

Learn more about this author, Ray Paulsen.
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