You’ve just driven off the lot with your shiny new car, truck or SUV. Don’t look now, but if for some reason that beautiful dream machine is considered totaled in an accident, you might be facing a financial debacle.
If you don’t have auto insurance that properly protects your sizable investment, you may regret it. The key danger: depreciation. New cars are notorious for their rapid rate of value loss, catching many owners by surprise.
“Surprisingly, a new car depreciates up to 30 percent during the first year, and many insurers will take a deduction for depreciation during this time,” said Ron Moore, manager of product development at MetLife Auto & Home. Read more . . .