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Dream Car - Give it the Best Coverage

2015-09-28 12:28:00

After driving your dream car off the lot, you start to ask yourself questions. Wonder how fast this thing goes? How long is my OnStar trial? Can these speakers shake the car? Where is the spare tire? Ugh, hope I don’t ever need it. What if I get stranded or in an accident? Crap, I need to tell my agent I bought this.

Once you call and let your agent know the dream car is a reality, there will be some decisions on coverage. If your vehicle is a classic, collector, rare or high performance, ask your agent about using a specialty company that has unique coverages not found on a standard auto policy.

Depending upon what your dream car is you might need or want special coverages. Need info on the basics too? Read our post about the standard auto policy sections.

Optional Special Coverages:

  • Stated value or agreed value coverage for a 2016 – 2014 model year? This will help insure it at a specific amount instead of actual cash value like most vehicles.
  • New Car Replacement Coverage  - Provides the difference between the purchase price of a new vehicle and the actual cash value of the vehicle when the vehicle is declared a total loss.  The new vehicle must be of the same or similar make, series, and model of the vehicle it replaces.  Not usually available for leased vehicles.
  • Loan or Lease GAP – Pays the outstanding balance between vehicle’s lease or loan amount and the current actual cash value. Some lease contracts include this coverage automatically.
  • Special Physical Damage Coverage - Replaces damaged on your car with new original equipment manufactured (OEM) parts, (if available).
  • Waiver of collision deductible – Protects you from paying a deductible to repair your car if you are less than 50% at fault. Usually happens when the at-fault driver has low limits, no insurance at all or driver cannot be found.
  • Full Glass Coverage – Replaces your broken windshield without a deductible. This coverage is provided at the discretion of each insurance company for the state of ND. The state of MN requires all insurance companies to offer this coverage.
  • Roadside Assistance – Coverage for towing, ditch extraction, emergency fuel, battery service, lockout service, flat tire assistance and help with directions.
  • Accident Forgiveness –Forgives the first at-fault accidenton a policy. Rates will not increase due to the at fault accident on the policy renewal.

Not all companies have these features. Calling your agent about different options and what multiple companies have to offer is in your best interest. Not all companies are created equal but all have a place in the industry. Know your options and choose wisely.

If you have questions about these coverages or want a quote please call our office at 701-237-6414 and ask for Denise, Becky or Jessica. You can also email me at jebeling@warnerandcompany.com