FAQ - Book Value Of Your Auto

Book value is the value of your automobile at any given time.

A new car still on the lot has full retail value. Once you drive the car off the lot, the value of the car drops by retail mark up and continues to drop with each additional mile. When you insure your automobile, usually you are insuring only up the actual book value of the vehicle. At some point, the value of the car descends below a level that is reasonable for physical damage insurance. Depending upon the type and make a car and the level of care and maintenance, that point may come earlier or later. The more it costs to replace a vehicle, the more will cost to insure. This is general in nature and should not substitute for the advice of an expert in the field.

© Kelley Blue Book. Used with permission

Click the image to visit Kelley Blue Book online and get a value for your car, or one you plan to purchase.