We continue with Part Two of our post, Advertised Insurance Features.
Safe Driving Bonus Check
As we begin part two of this post, we will take a look at the Safe Driving Bonus Check, an offering exclusive to Allstate customers who enroll in the Your Choice Auto Program. It costs extra to enroll in this program, and you typically need good credit and a clean driving record to qualify. Then, you must remain accident-free for the duration of your policy term to receive a credit or check worth up to five percent of your paid premiums every six months.
Other companies also reward their policy-holders for safe driving, although in different ways. For example, some insurers offer safe driving discounts that lower the upfront cost of your premiums. Others may offer diminishing premiums that get smaller the longer you go without a claim or accident.
New Car Replacement
If you buy a new car, the value of that vehicle is likely to drop as soon as you drive it off the lot. Though you may have paid for a brand new car, the insurance company is unlikely to reimburse you for the retail price even if you total it the same day you buy it. That is why New Car Replacement coverage is so appealing to drivers of new vehicles. Liberty Mutual often promotes this added protection in its commercials, promising to replace your car with a brand new one if you total it in the first year you own it or before you put 15,000 miles on the vehicle. However, many other insurance companies offer similar protections, and some even extend new or ‘better’ car replacement to used cars, as well.
If you enroll in a form of New Car Replacement, you can expect to pay extra for the benefit, regardless of which insurer you choose. If you total your car during the coverage period, the insurer will provide you with a settlement that will pay to purchase another vehicle of the same make and model – not just the depreciated value of your totaled car.
By shopping around for New Car Replacement coverage through your independent insurer, you not only ensure a competitive price, but you may also find an insurer that offers better benefits than you expected. Travelers Insurance, for example, extends New Car Replacement for up to five years of ownership in some cases.
When you trust an insurance agent with your business, you also trust that he or she is doing everything possible to secure every discount you may be eligible for. Therefore, when State Farm advertises its Discount Double-Check, you might wonder, “Isn’t this a service all insurance agents should be offering anyway?”
The truth is any agent can comb through your policies to double-check for discounts that may have otherwise been missed. However, a State Farm agent is loyal only to State Farm, meaning that is the only company the agent can double-check for discounts from. An independent agent, on the other hand, can double-check for discounts from multiple companies to ensure you are getting a good value for your coverage.
Bundle and Save
Finally, the Bundle-and-Save commercial is one we are all familiar with. In it, Progressive promises discounts if you purchase both home and auto or some other combination of coverage. However, you can find bundling discounts from nearly all insurance companies – not just Progressive. In some cases, the discounts are offered for auto combined with home or renters insurance. In other cases, additional discounts may be available for customers who also purchase coverage for things like RVs, boats, or motorcycles.
The bottom line is you should always work with an independent agent to know which insurance commercials are telling the whole truth and which ones may be omitting some important information. Here at Brian Van De Hey Insurance, we are always looking out for you, our customer. Give us a call if you have questions about advertised insurance features and what they could mean for you.