Insurance companies are constantly advertising their newest or most unique features in an attempt to win your business. With so many commercials, however, sometimes it all ends up sounding like white noise. So how do you sort through the mayhem and determine which features are best? In this two-part post, we will explore some of the most commonly advertised insurance features and where you can get them so that you can make a more informed decision the next time you shop for coverage.
New Car Replacement
There’s nothing quite like the look, feel, and the smell of a brand new car. When you drive your car off the lot, you are not thinking about the instant depreciation of your new vehicle. You also are not thinking about the possibility of totaling that car and only receiving a fraction of what you paid for it in your insurance settlement – not enough to purchase a replacement vehicle.
The New Car Replacement and Better Car Replacement features are often advertised by companies like Liberty Mutual, promising to replace your totaled car with a new one of the same make and model or with one that has at least 15,000 fewer miles. Of course, this coverage comes at an added cost, but your independent agent can shop and compare the rates from multiple insurers. Some companies offer replacement coverage for new cars only, whereas others extend it to used vehicles, too. Some even offer special benefits, such as Travelers Insurance, which may extend new car replacement for up to five years of ownership.
Your insurance agent should always put your best interests first. That means ensuring you have enough coverage to minimize your risk exposure and also double checking for discounts that lower your rates. That is why when State Farm advertises their Discount Double-Check, they are really advertising their name for a service that any agent can perform. Here at Smith Insurance, we comb through your policies to find every discount you deserve.
Name Your Price Tool
The Name Your Price Tool is unique to Progressive and is more of a shopping feature than a discount or benefit. Using this ‘tool,’ drivers can add, reduce, and delete coverage to find out how it affects a policy’s premium. Though it may allow a user to achieve a specific price, it can also make it easier to decline important protections in favor of upfront savings. This is especially dangerous for drivers who may not fully understand their individual risk vulnerabilities. An under-insured driver could face tens or even hundreds of thousands of dollars in financial damages all in the name of saving a few dollars on premiums.
When you use an independent agent to shop for coverage, you can trust that your financial interests come first. We take the guesswork out of comparison shopping by working to find a competitive rate without sacrificing the quality of your coverage.
Nearly all insurance companies offer optional Roadside Assistance, although Liberty Mutual has been promoting it in commercials as of late. This protection is designed to assist you with breakdowns, flat tires, lockouts, dead batteries and more, 24-hours a day. Talk to an agent here at Smith Insurance if you would like to add Roadside Assistance to your policy.
Continue reading part two of our post Advertised Insurance Features.