Auto Insurance Property Coverage
Auto insurance property coverage protects us when we damage the property of others or our property such as our vehicle is damaged. The average new car price is over $47,000 according to Car and Driver. SC state minimum property coverage only requires $25,000 which could leave you responsible for the difference if you or your family are found at fault.
The average price of a new car in the US reached a record high of $47,077 in December 2021, according to Kelley Blue Book[1]. This increase was due to the COVID-19 pandemic, supply-chain issues, chip shortages, and automakers focusing on higher-profit models[1]. Dealers also added “market adjustment” fees, and incentives hit a five-year low[1]. Despite high auto loan rates affecting some buyers, strong sales of expensive trucks pushed demand higher[2]. Used car prices dropped 8.8% in the past year, but experts anticipate better deals may be necessary to boost buyer demand and incentivize sales[2].
References: [1] New Car Price Keeps Climbing, with Average Now at … [2] Average New Car Price Hits Record High Near $50,000 | Money [3] Repair-Act-white-paper-09-13-2022-1.pdf
