What does this terminology even mean?
As a car owner in Oro Valley, AZ, it is essential to understand the rather insurance-esque terms “replacement cost” and “market value” in order to be educated if you ever need to file an insurance claim.
The Replacement cost is in reference to the amount of money that it would take to completely rebuild or replace your car should disaster strike, be it a vehicular accident, the result of a storm, or even if it is a freak-mishap (a tree falling on the hood of your car while it innocently sits in the driveway). This figure is determined based on current prices for the labor, material, taxes, fees, and plans. Speak to an agent at Old Pueblo Insurance to discuss this, as well as the following.
Market value refers to how much your car would sell for in its current state: wear and tear and all. This type of value can be very hard to determine without the aid of an expert, as it changes according to the ebbs and flows of the car market, in addition to the car’s attributes on the inside as well as the outside. To get a round-about idea of the value of your car, you can always compare it to others of the same make, model, and year, this is not always the precise figure though. For a more accurate appraisal, a professional should be contacted.
Contact an agent at Old Pueblo Insurance, serving the needs of those in the Oro Valley, AZ area, to discuss these terms in more detail, and as they pertain to you, in particular.