We continue with Part Two of our post, Advertised Insurance Features.
Name Your Price Tool
We’ll pick up where we left off by addressing the Name Your Price Tool from Progressive. This tool was created for customers who want to see how variations in coverage can affect the cost of insurance for better or worse. By logging on and inputting field information, users are given a quote for coverage. They also have the option of decreasing coverage or eliminating certain types of coverage altogether.
Without the help of an agent, drivers risk leaving themselves under-insured against various hazards and scenarios. Imagine losing hundreds of thousands of dollars out-of-pocket because you did not realize your liability limits were too low. Instead of jeopardizing everything you have worked so hard to achieve, always work with an agent to ensure you have adequate coverage to mitigate your risks.
If you’ve ever financed a car, you were probably offered GAP protection. This coverage bridges the gap between the value of your insurance settlement and the amount you still owe on your car if you total it in a collision. A GAP policy will pay off the remainder of your loan, allowing you to start anew, debt-free.
You can purchase GAP coverage from a lender or car dealer, but you risk paying too much for coverage you do not need. In many cases, lender and dealer-sold GAP coverage requires upfront payment of premiums for years of coverage – even the years when your loan balance is no longer higher than your car’s valuation. Instead, we recommend purchasing GAP coverage through an independent agent who can add it to your policy. That way, you pay for the coverage so long as you need it and drop it when you don’t.
If your teen driver has a flat tire in the middle of the night, who will he call? That is the premise for a recent Liberty Mutual commercial advertising its Roadside Assistance coverage. With this protection, you have access to round-the-clock help for things like flat tires, emergency fuel delivery, lock-outs, dead batteries, and more. Here at Glass Insurance Center, we typically recommend Roadside Assistance to any policy-holder who wants to protect drivers on his or her policy against vulnerable situations. You can add Roadside Assistance with nearly any insurer, although the exact benefits and stipulations may vary from company to company.
New Car Replacement
Finally, we conclude with New Car Replacement, a feature advertised by Liberty Mutual. When it comes to insurance, you can insure assets for the actual cash value (accounting for depreciation) or the cost to replace them. Car insurance typically covers vehicles for their cash value, but New Car Replacement coverage increases the coverage to pay for a full replacement instead.
Liberty Mutual’s New Car Replacement program is valid for vehicles that are less than one year old and have fewer than 15,000 miles. Other insurance companies feature longer replacement terms – up to five years of ownership with Travelers Insurance, for example. Keep in mind that some insurance companies extend replacement benefits to used cars as well. Generally, replacement vehicles will be the same make, model, and year as the totaled vehicle, although some insurers pay for a replacement that is one year newer and has 15,000 fewer miles.
For more information about advertised insurance features and whether they could be right for you, contact the team here at Glass Insurance Center today.