ALL ABOUT COVERAGE

When you’re making decisions about what coverages to include in your auto insurance policy, don’t overlook these additional options. While these choices are optional, clients who have selected them agree that they are well worth the minimal additional premium.

Gap Insurance (Also Known as Loan/Lease Payoff Coverage)

When you finance or lease a vehicle, there’s a danger that the actual value of the vehicle will depreciate faster than the amount you owe on your loan or lease.

For example, if you finance a $20,000 car and still owe $19,000 when you’re in an accident that is deemed a total loss, you could find yourself on the hook if the actual cash value of the vehicle is only $16,000 (or any amount less than what you still owe.)

There’s a gap between the $19,000 you still owe, and the $16,000 your insurance company will pay ($15,500 if you have a $500 deductible.) When you purchase GAP insurance, the insurance company covers that gap, so you’re not responsible for continuing to make payments on a car you can no longer drive.

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    San Antonio Car Rental Insurance

    When you purchase rental reimbursement coverage, you’re buying the peace of mind that comes from knowing you’ll have access to a vehicle if your car is damaged in a covered accident, without having to worry about where the funds will come from to pay for the rental car.

    It’s important to understand that rental reimbursement coverage can usually only be used in the event of a covered accident – coverage for mechanical breakdowns is generally not included, however there are some policies that may extend coverage for certain mechanical failures.

    Insurance companies typically handle rental reimbursement in one of two ways. Sometimes, the insurance company has relationships with specific car rental agencies, and will arrange for payment directly with the agency. Other insurers require the customer to enter into a rental contract, pay the rental car company directly and then submit a claim to the insurance company for reimbursement.

    Roadside Assistance and/or Towing Coverage

    Coverage varies from insurer to insurer, but roadside assistance service may include lockout service, and situations like delivering gas, a replacement tire, labor at the site where your car broke down, and/or towing to a service station.

    Many people don’t know that they can purchase roadside assistance and/or towing coverage as part of their auto insurance policy, in the event a vehicle listed on the policy breaks down.

    You may also have the option of purchasing towing coverage in the event your car is in an accident. This can help you limit your out-of-pocket costs after an accident because you won’t have to pay to have it towed to a repair shop.

    Accessories/Additional Equipment Insurance

    You may also want to consider purchasing coverage for equipment and accessories. We are frequently asked “Does insurance cover rims? “

    Your insurance policy might include a minimum amount of coverage for equipment and accessories. However, the amount might be too low to fully cover your investment, even when you have proof that you purchased and installed the custom equipment or accessories. When you add this optional policy coverage, you can increase existing policy limits for custom parts, equipment and accessories.

    In most cases, you will need optional equipment coverage for things like radios and rims – especially if you’ve added chrome rims, expensive stereo equipment, or other non-original, custom upgrades to your vehicle.

    Adding Peace of Mind to Your Insurance Policy is Well Worth It

    We find that these optional coverages are often the first things customers ask about after an accident or another loss occurs. We want to help you avoid the inconvenience and headaches that can come from being unprotected. 

    Making sure your auto insurance policy includes all of the protections you need can be overwhelming; your Vos Insurance Professionals are here to help make the process easier.

    Contact us today to learn more, and to find out how affordable it can be to add additional peace of mind to your policy.