The famed 2014 Detroit Auto Show is fast approaching with the public show going from January 18th through the 26th at the Cobo Center in downtown Detroit. Detroit’s auto show is a very fun time for both car enthusiasts and the general public. There is always lots to see from all the big car manufacturers. Everything from new car reveals to concept cars. See the newest technology going into cars including touch screens, push button parking, and vehicle to vehicle communication.
Anticipated Vehicle Reveals for Detroit’s 2014 Auto Show
Some of these vehicles are still in the concept stage of design while others are nearly ready for production. So how do you insure a vehicle that is coming into production for the first time? Most likely, if you can afford one of these fancy sports cars you are not horribly concerned with the cost of insurance. But when it comes time to add it to your car insurance policy, you might run into some snags.
How to Insure a Newly Produced Vehicle
Most insurance carriers will not have brand new vehicles input into their system immediately. So if you are one of the first to purchase a new vehicle, you will probably have to use stated value as its rating base. Stated value tells the insurance carrier the value of the vehicle to help determine how much you will pay to insure it. Stated value means the insurance carrier will pay the stated value amount or actual cash value whichever is lower. So, you do not want to low ball your stated value amount. I recommend going with the MSRP, Manufacture’s Suggested Retail Price, of the vehicle regardless if you pay less.
I hope you enjoy the auto show. It is so much fun to dream big. Just remember if you plan on buying big in the near future, you need to insure it too. Get advice from your insurance agent to make certain you are insured properly in case of a major accident.
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