We continue with Part Two of our post, Advertised Insurance Features.
Car insurance is meant to shield you from financial losses. Sometimes it comes up short of what you really need, which is when you need supplemental protection to help fill the gap. This is especially true when you finance a car purchase that will take years to pay in full. Often, loan balances do not fall as quickly as car values, leaving you with a balance that exceeds the value of an insurance settlement if you total your car. In this scenario, GAP insurance can help cover what’s left, assuring your loan is paid off regardless of what you may still owe.
Though GAP coverage is not advertised as often as other insurance features, it is still a frequently purchased coverage. Sometimes drivers even purchase it from lenders or car dealers when purchasing a vehicle, which could be a mistake. In these scenarios, the entire premium is paid at once to cover the life of the loan – including the latter years when the balance is lower than the valuation. By purchasing GAP protection from an insurance company instead, you can save money and drop the extra protection when you no longer need it.
To many drivers, Roadside Assistance is one of the most important features in an insurance policy. This is especially true for policy-holders who want to assure that all drivers on their policy have access to the assistance they need for any covered reason at any time of the day or night. Nearly all insurance companies offer some type of Roadside Assistance, although you have probably seen commercials for this protection available from Liberty Mutual. It generally comes at an additional cost, but it often pays for things like locksmith services, emergency fuel delivery, tire changes, and more. Give us a call to find out more about adding this important coverage to your policy.
Safe Driving Bonus Check
The Safe Driving Bonus Check from Allstate takes insurance benefits to a new level by actually promising to send a check to safe drivers every six months. It sounds enticing, right? Simply remain accident-free for the duration of your policy and get rewarded with a cash benefit. However, there is much more going on with this feature than the commercials may initially let on.
For example, the bonuses are typically limited to no more than five percent of the premium you paid during the previous six months. If you have a two-car household with $1,000 in premiums, your bonus check would likely be no more than about $50. Of course, Allstate doesn’t hand these checks out for free, either. To qualify, you must be enrolled in the Your Choice Auto Program, which requires good credit, a clean driving history, and an extra charge added to your premium. Essentially, you must pay to have a chance of getting paid – something you may not have concluded from a 30-second commercial.
Here at Reis Insurance, we agree that drivers should be rewarded for safe driving. We can shop and compare safe driving benefits and discounts from a wide range of insurers to find one that fits your needs.
Bundle and Save
Finally, we cover the Bundle-and-Save commercials from Progressive. The idea behind this feature is that you can get discounts for buying both your home and auto or some other combination of coverage from Progressive Insurance. However, nearly all insurance companies offer loyalty discounts, usually for auto combined with home or renter’s coverage. However, some companies will also include bundling discounts for things like RV and motorcycle insurance. The key is working with an independent agent who knows your needs and which insurers may provide the best value for your coverage.
Remember, if a commercial on TV makes the grass look greener on the other side, there’s probably more to it than meets the eye. In fact, the same benefits may be available at a better value from another company if you only take time to ask your independent agent.