You take care of your car in all the important ways: You keep it clean, change the oil and make sure everything is in working order. With all that time and effort, why would you do any less when it comes to auto insurance? If you don’t spend the necessary time to find the right insurance for your vehicle, it could cost you at the end of the day. If you have a high-valued luxury or exotic car, it’s even more important to choose insurance carefully.
In the case of a luxury car, you may want to consider an insurance carrier that specializes in the market. Learn about the features and benefits of a specialized plan, courtesy of Griff Harris, CIC, President of Griffith E. Harris Insurance Services, LLC in Greenwich, CT.
Specialized Auto Insurance Policies
The difference in the coverage terms and conditions of a Specialized Auto Insurance Policy can be significant and extremely beneficial in the event of a claim. The following features can better protect you and your vehicle:
Claims Support —After an accident, repairs are just part of making things right again. You’re covered for personal property in the car that’s stolen or damaged and emergency living expenses if you’re far from home.
Worldwide Territory Liability coverage—Most auto insurance policies limit coverage to accidents that happen in the U.S. and its territories. With a specialized policy, you’re protected no matter where your travels take you (subject to limitations imposed by certain foreign countries).
High Liability Limits—With a specialized policy, liability limits of up to $1 million per occurrence are included. You can also get umbrella Liability coverage, with limits up to $100 million.
Agreed Value—At the onset of your policy, you can work with your carrier to determine the value of your vehicle(s). If a covered total loss occurs, you’ll receive that agreed-upon amount, regardless of market depreciation.
New Vehicle Replacement Option—If your new car is totaled within three years of your purchase, you have the option to receive the initially agreed-upon value, replace it with a vehicle from the same make, model and year, or get a new vehicle of the same make and like model.
Cash Settlement Option—Often with significant damage, you may prefer to buy a new car. The repairs may be extensive and lengthy, or you may simply prefer to move on from your vehicle after the trauma of the accident. If your vehicle suffers a covered loss that results in damage of 50 percent or more than the agreed value, some policies will allow the insured to settle the claim with a cash out payment option. A typical insurance provider would not provide such flexibility; living with the repairs would be your only option.
Rental Car Reimbursement—If you need to rent a vehicle while you wait for your car to be repaired, you have no per-day limit on your reimbursement. And, you can choose to rent a car of comparable value. Depending on the policy terms, expenses can be reimbursed up to $10,000.
Original Manufacturers’ Parts—Once they’ve been damaged, high-value, rare and antique vehicles need a level of service that a local repair shop may not be able to provide. If repairs must be made, only original manufacturers’ parts will be used
Whether it’s an everyday-use car, such as a Range Rover, Maserati or Bentley, or a prized passion, such as a Ferrari, Porsche or Lamborghini, you can benefit from exceptional coverage and service. Talk to an insurance professional about coverage. For more detailed information, contact Griffith E. Harris Insurance Services, LLC.
Brought to you by Griffith E. Harris Insurance Services, LLC