That Car is Worth What?
Tuesday, June 6th, 2023 AutoIf you were to rent a car, you would expect that a more expensive vehicle would cost you more. You would also expect that, if you damaged that more expensive vehicle, it might cost more to repair. So, you would not be surprised to see a higher-cost insurance option associated with more expensive (and perhaps more powerful or luxurious) versions.
Well, your regular insurance program for your vehicle is not working quite like that -- at least not yet.
While the base price of any vehicle can move your insurance rate north, as you add on optional equipment, most current insurance pricing systems don’t take those new features into account. Existing pricing models ignore anything beyond the base price new from an MSRP on the window sticker. Maybe more surprising, that is the last time they think about the value of your car.
Why? Let’s take a step back in time.
