We continue with Part Two of our post, Advertised Insurance Features.
If you’ve ever had a flat tire in the middle of the night or run out of fuel on the highway, you know how dangerous vehicle emergencies can be. Whether you commute long distances or have other drivers on your policies you want to protect, Roadside Assistance can get you rolling again, 24-hours a day. Liberty Mutual has been advertising this feature frequently as of late, but the truth is nearly all insurance companies offer some type of roadside assistance coverage.
When you purchase an insurance policy, you can only hope you are getting all the discounts you qualify for. State Farm’s Discount Double-Check ads are designed to make you question whether you are really getting the low rates you deserve. They promise to double-check for any discounts that may have otherwise been overlooked.
While any agent can double-check for discounts, State Farm agents are limited to double-checking for discounts from State Farm only, severely limiting your options. Here at Smart Move Insurance, we hunt for discounts from multiple insurers – not just one.
Safe Driving Bonus Check
When you hear someone talk about a Safe Driver Bonus Check, you can probably hear the famous Allstate commercial voice echoing the phrase inside your head. Everyone likes to be recognized for their efforts – especially when the recognition comes with a monetary reward. With the Safe Driver Bonus Check, drivers receive a check every six months that they remain accident-free so long as they are enrolled in the Your Choice Auto Program. This program generally requires good credit and a clean driving record. It also comes at an additional cost.
Drivers who manage to get the check are really just receiving a reimbursement of up to 5 percent of premiums paid during the policy period. While it can be nice to get a check in the mail, other insurers offer upfront premium discounts for safe drivers – all at no additional cost.
We’ll finish our post with a lesser advertised feature that is well-known among drivers. If you buy a new car and finance part or all of your purchase, you can expect to hear a pitch for GAP insurance. Dealers and lenders often sell GAP insurance to help ensure the balance of your vehicle loan is paid in full if you total your car in an accident. Most new vehicles depreciate quickly after purchase, and insurance companies only cover cars for their actual cash value. If you total your car within the first few years of ownership, GAP protection could save you thousands of dollars.
However, car insurance companies also sell GAP protection, and in many cases, it is the better choice. It’s not that dealer and lender-offered GAP insurance is bad; but rather that it typically requires upfront payment of premiums for the life of the loan – including the latter years when you may no longer need the coverage. When you purchase GAP coverage from your insurer instead, you can save money by dropping the coverage as soon as your loan balance catches up to your car’s valuation.
It’s easy to see how confusing car insurance advertising can be. Here at Smart Move Insurance, our job is to sort through all the noise and point you in the right direction. Call us for help understanding the various types of advertised insurance features and what they really mean for you.