Replacement Vehicle If you’ve been in an accident and your vehicle has been deemed totaled, you may have questions about what to do next. After all, you’re going to need to replace your vehicle with something that can get you from A to B safely and effectively, so what options are available?
Investing in an accident replacement vehicle like Carbiz might be the best decision you can make, especially if it means saving money over the long term while improving your day-to-day life by getting yourself behind the wheel of a car that fits you perfectly. Read on to learn why investing in an accident replacement vehicle might be right for you!
To save on car insurance
By having a car insurance policy with a high deductible, you can save on your car insurance premiums. The average cost of insuring a new car is $1,000 per year, while the average cost of insuring a used car is only $300 per year.
If you’re willing to take on the risk and responsibility of buying and owning a used vehicle instead of a new one, you can save yourself as much as $700 per year!
Prepare for future accidents
Increasing your safety with the latest advancements in automotive engineering. Reducing your insurance costs by choosing a safe and reliable replacement vehicle. Protecting your assets with a higher resale value.
Being able to take care of any needs that arise after an accident such as making sure you have access to transportation, getting children to school, or finding a caregiver for someone who needs assistance.
Having peace of mind knowing that you’re prepared for whatever life throws at you. Enabling yourself to enjoy the benefits of a new car experience without having to go through the hassles of negotiating a trade-in or selling your old one.
Keep the car longer
Keeping your car longer is one of the best ways to save money on your commute and keep a lid on your monthly expenses. However, if you’re unfortunate enough to have an accident, then you’ll likely need to replace the car.
If you have accident replacement coverage through your auto insurance company, then they will provide a new car as a substitute for the old one. This can be a great way to get back on track with your finances and maintain financial stability over time.
Maintenance costs less than a repair
Most people are already aware of the cost associated with a vehicle accident. Whether you’re the driver or the passenger, repairing a car can be costly. Not only does it take time to do so, but it also takes money out of your pocket. It’s important to keep in mind that any repairs made to your car will never last as long as if you bought a new vehicle.
In addition, repair costs add up over time and eventually surpass the cost of purchasing an accident replacement vehicle. If you’re looking for ways to save money, investing in an accident-replacement vehicle is one way to do so!
Cut down rental insurance costs
If you own a vehicle and are paying for collision coverage on your insurance policy, then you should consider investing in an accident replacement vehicle. An accident replacement vehicle is a new car or truck that has the same features as your current car and can be quickly purchased when your car is damaged or destroyed.
You won’t have to worry about paying for rental car insurance costs because you’ll always have a comparable car available to use. Your monthly payments will remain the same because you’re only paying for one auto loan instead of two. Your insurance company will be more likely to approve this option because they know that they’ll receive payment from the sale of the wrecked vehicle.
Avoid making your car payment if it’s totaled
If you’ve been in a car accident and your vehicle is totaled, you may be able to get rid of your car payment by investing in an accident replacement vehicle. This will save you money by eliminating the need for a down payment, monthly payments, and an insurance premium. The only catch is that you will have to pay higher rates due to the increased risk involved with this type of purchase.
Avoiding loan penalties (if financed)
If you are financing your vehicle, be sure to understand the terms of the contract. This is because if you miss one or more payments, it could result in a large penalty. When determining how much to pay for monthly car payments, keep in mind that there may be penalties for late or missed payments. Some potential penalties are interest accruing on unpaid balances, fees, and higher rates of interest.
Keep your credit score high
An accident replacement vehicle will help you avoid having negative equity or making up lost value if your car is totaled. An accident replacement vehicle will minimize the cost of the deductible for a new car purchase. The more time that passes, the more likely it is that your insurance company will assess an increased premium because of a high-risk factor.
A replacement vehicle can increase your chances of getting approved for financing at a lower interest rate. Your coverage may cover the total cost to replace your totaled car, so you may not need to pay anything out-of-pocket or file a claim with your insurance company.
An investment in yourself
Insurance doesn’t cover all of the costs when your car is involved in a collision, so it’s important to have a plan for what happens next. One option is to get an accident replacement vehicle: a new or pre-owned car that you purchase specifically to replace your damaged one.
An accident replacement vehicle gives you the power to make decisions about what kind of car and features it will have, as well as how much you’re willing to spend. It also means that when something goes wrong with your new car, you can turn back to your insurance company for help and they’ll pay out on your claim up to their agreed limit.
Avoid having negative equity or making up lost value
If you’re in the market for a new vehicle, and you’re considering a used car, there are several factors to consider. Your first consideration is what your budget is. Used cars can be more affordable than new vehicles, but make sure you know the car’s history and whether it’s been in an accident before. It’s also important to avoid having negative equity or making up lost value.
Negative equity occurs when the value of your trade-in doesn’t cover what you owe on your loan. For example, if you have $5,000 left on your car loan and your trade-in is worth only $4,500 then you’ll have negative equity of $500.
Conclusion
The 10 reasons listed are just the tip of the iceberg. Many other benefits come with investing in a replacement vehicle such as lower operating costs, higher resale value, and more peace of mind. It is never too late to invest in a new vehicle for your company. We want your business to succeed as much as you do!
