“Every state has their own minimum coverage car insurance
required. The reason that this exists is to not only protect others from you, but you from others
A part of this is also ensuring you have the correct coverage on your vehicle. By adding new car replacement coverage
or gap insurance
, you’re making sure your vehicle is covered.
Insurance claims are paid out of a pool. If everyone had new car replacement coverage, the premium pool would need to be bigger. This means everyone’s rates would be extremely high to cover potential damages.
Some insurance carriers do offer discounts for being a good driver or accident free
. If you’re unhappy with your current rate, you should look into other carriers. You can use an online comparison tool like Jerry
to shop for the best rates.”