We all take special pride and care of our car, which tends to be an extension of our lives. In most cases we have purchased the 2nd largest asset and always take care in how it looks and runs. An insurance policy is designed to protect that asset, and as we annually do tune-ups to make your vehicle run better, so should we do an Automobile Insurance Policy Tune-up to make sure your policy will provide the coverage’s and protection that you need. The following is Austin Insurance Agency’s advice for Your Automobile Insurance Policy Tune-up.
Limits On Your Policy
- Are your limits adequate to cover the assets that you have acquired over the years. Assets are Homes, Personal property, Automobiles, Cash, and future cash such as Inheritance. With the escalating cost of medical care, it is important to maintain high limits.
- If you need a replacement vehicle at the time of a loss you should purchase Rental coverage. You can purchase $15.00, $30.00, $45.00 or $100.00 per day for 30 days.
- If you need road service or a tow, you can purchase coverage at $50.00 or $100.00 per tow. If you have purchased AAA or have a newer vehicle that provides this service you might not need this coverage.
- You can save money by purchasing higher deductibles on the Collision and Comprehensive coverage. The standard deductible is $300. You can save by increasing your deductible to $500, $1,000 or $2,000.
Eligible Credits To Your Policy
- If you drive less than 7500 miles in one year, you are eligible to receive a 5% discount on parts 1-8 and 12 of your policy. If you drive less than 5000 miles the credit increase’s to 10%.
- If you have 2 or more vehicles and are insured with the same company you can receive 5% discount on parts 1,2,4,5, 7,8, and 9. You must be a class 10 or 15.
- If you have an alarm in your vehicle we can provide anywhere from 5% to 36% on part 9 Comprehensive coverage based on the alarm system. An Anti Theft Certificate or Invoice must be provided.
- If you have automatic seat belts or air bags you are eligible to receive a 25% discount on Parts 2, 3, 6, and 12.
- If you commute to work on an approved Public Transit System, you are eligible to receive a 10% discount on parts 4 and 7. We need 11 months of passes within your policy period for this credit.
Endorsements That Can Be Purchased
- Pickup truck caps, toolboxes, plows, van packages, or any aftermarket part that did not come with the vehicle is not covered. You must provide us with a purchase invoice and we can then add the additional coverage by endorsement.
- If you have Collision and Comprehensive Coverage your policy provides for the use of Original Equipment Manufacturer (OEM) parts if you vehicle has less than 15000 miles. An Optional endorsement, which will cover the amount necessary to replace any damaged “crash parts” with OEM parts on a vehicle that is less than 10 years old, but has more than 15000 miles, is available for an additional premium.
- Coverage on Collision and Comprehensive is on an Actual Cash Value Basis, which is basically the book value. If your vehicle has appreciated in value and you feel it is higher than the Actual cash value you can purchase a Stated amount or agreed value endorsement.
- Are any of your vehicles used in Business? We need to change to Business Use Class. Do you carry tools? Personal property is not covered under the Automobile Policy
- If your vehicle is a motorcycle, Part 2 Personal Injury Protection will not provide you coverage. Part 6, Medical Payments would be needed.
- Do you have a driver that needs to be added or deleted from the policy. All household members must be listed before they can drive the vehicle. A child at college is still considered a household member.
- Have you paid off your loan? If so please make a copy of the front of your title showing the release of lien.
- Are you driving into Canada? You need a Canada Card as proof of insurance.