人気ブログランキング | 話題のタグを見る

Driving An Expensive Or High-Performance Car? Make Sure Your Car Has Adequate Insurance

When buying insurance, most people ask for "full coverage" without knowing what they're asking for. What's the problem? There is no such thing as "full coverage". While understanding your coverage is important for everyone, it is vitally important if you're driving a Mercedes, BMW, Bentley, Rolls-Royce, Porsche, Viper, Ferrari, Lamborghini, Lotus, or Aston Martin.

If you're driving an expensive, exotic or high-performance car, you will want to make sure that after an accident you receive OEM parts, OEM paint, the ability to repair your vehicle at the auto body shop of your choice, and the amount of money needed for the repair.

Repairing an expensive car with non-OEM parts and/or improper workmanship will result in substantial diminished value. With expensive cars, even a proper repair will result in diminished value. What is diminished value? It is the lowered market value of a vehicle subsequent to repair. For instance, a Porsche or Ferrari will be worth less after an accident, even after it has been properly repaired. For research on diminished value, see http://www.hurt911.org/accident/car-accident-car-value.html

You do not want to get into an argument with your insurance company as to whether or not your vehicle can be repaired or should be totaled. Often, insurance companies will want to repair your car, when you think it should be totaled. If the insurance company agrees to total your car, most insurance policies only provide "actual cash value" insurance coverage which would only give you with a payment based on the current replacement cost of your vehicle, less depreciation (the decrease in the value of your car due to use, deterioration and the passage of time).

In the event that an exotic or high-priced car is totaled, the best replacement coverage is "agreed value" or "stated value". The only insurance companies I have found to offer agreed value insurance are Chubb and MetLife.

Chubb's web site states: "You and Chubb can agree on a value and lock it in for a full year. That's the exact amount you'll receive if your car is stolen or totaled in a covered loss. Never mind the "book" value. We even waive the deductible. No haggling, no depreciation, no deductible, no problem."

MetLife's web site states: Equivalent New Automobile Replacement for Total Loss is offered for vehicles within the first year of purchase or the first 15,000 miles, whichever comes first.

What's the difference between Chubb's "Agreed Value Option" and MetLife's "Equivalent New Automobile Replacement" coverage? For high-value cars, Chubb is definitely the better choice. Chubb offers its agreed value coverage every year and readjusts the agreed value upon policy renewal. From what I have seen, the adjusted agreed value even years and over 100,000 miles later is substantially higher than actual value. Additionally, on a different topic, Chubb also offers up to $1 million of underinsured coverage, which is also vitally important. Make sure you ask your Chubb agent for the maximum underinsured coverage.

For average value new cars, MetLife is a good choice. MetLife does not offer its Equivalent New Automobile Replacement coverage after the first year or first 15,000 miles. For drivers of most new cars, this is still a good value because it is not uncommon for someone to total their new car soon after purchasing it. Usually, just driving a car out of the showroom can result in as much as $10,000 depreciation.

Philip L. Franckel, Esq. founded HURT911® Accident Lawyer Directory, publishes articles on Lawyer Advertising and doeslawyer advertising for injury attorneys.
Related: Solution to Error: COUNTIF formula to report on filtered data,How to change languages by programming or command line [Anwsered],I can not find the mail icon in the control panel [Solved],How to Fix - Scan disk hanging on boot?,Solution to Error: System image restore on new hardware,Solution to Error: Error: "0x81000032 make sure the C: drive is online and set to NTFS" when trying to backup to external hard drive.
,Troubleshoot:External Hard Drive not listed in Windows 7 backup wizard Error
,I'm always being signed off so annoying Tech Support
,Solution to Problem: Impossible to use Internet Explorer! I keep getting the same error message every time i try to use IE.
,Solution to Problem: Referencing data in another file
,Troubleshoot:Error: "0x81000032 make sure the C: drive is online and set to NTFS" when trying to backup to external hard drive. Error,External Hard Drive not listed in Windows 7 backup wizard Tech Support,Tech Support: I'm always being signed off so annoying,Solution to Problem: Impossible to use Internet Explorer! I keep getting the same error message every time i try to use IE.,Referencing data in Access using Excel [Anwsered],Need Best Way To Present Data [Anwsered],Same question but for windows 7 home edition,sometimes fullscreen won't activate [Solved],Solution to Error: We bought a new computer with windows 7 and it is constantly freezing. How do we fix this?,Solution to Error: Windows 8 update crash (2013-07-22),Troubleshooting:pfstudiox Error,[Solved] Svchost Helper,[Solution] Sm1bg exe,How to Fix Problem - Io Device?,Fast Solution to Problem: I Can Error Code 0x6d9
Read More: ,No cursor in Windows Media Center,Numbering revisions...,Now Can't Send Or Receive e-Mails Using Nokia 820 With Windows 8,Numbered list with heading style applied changes body text as well!,"corrupted favorites" after transferring files
by roxioupdatemana | 2016-07-07 19:14