Tom's BlogWhen you buy your car, you recognize the need for an auto insurance policy, but you may not be aware of some common situations that may arise that could you leave you in a hole. Once you understand 3 common car insurance gaps and discuss them with your N.C. independent insurance agent, you can rest assured that any potential gaps will be filled.
If you currently own a car or have owned one in the past, most likely you have run into instances that can and do occur. Maybe you had a flat tire, dead battery, or a mechanical break down on the highway while traveling towards your vacation destination or job. Nonetheless, these incidents are common, but never enjoyable.
Below Are 3 Common Situations That Can Be Costly
If you are unaware of these situations, you may be in for a surprise when your insurance company tells you the N.C. auto coverage you have is insufficient or just not applicable to your particular incident/accident.
Total Loss- This may be one of most costly of the three and one that either you may have personally experienced or at least, know someone it has happened to. Let’s assume you are involved in an accident and your car is deemed a total loss. The insurance adjuster calls to discuss settlement on your vehicle, only to tell you the value of your car is about $6,000 short of what you owe on the car.
The adjuster’s obligation is to pay you for the established actual cash value (ACV) of your car, without any consideration for what you may owe on the car. So, if you lease or have a bank loan on your car, it is recommended you contact your local N.C. independent insurance agent to discuss this situation to avoid any coverage gaps.
Roadside Assistance/Service- This type of coverage that can be added to your current N.C. auto insurance policy may be one of the most utilized ones. If you commute to work or travel frequently with family and friends, you need to consider having this type of coverage. Whether you experience a break down on the side of the road, have a flat tire, or experience a dead battery, this type of protection can help provide roadside assistance in a prompt manner, getting you back on the road as quickly as possible AND does not count as a claim on your N.C. insurance policy.
Custom Equipment- After purchasing and insuring your car, you may have decided to install a non-factory, high tech stereo system and DVD player or maybe change the original paint job to a customized paint job with detailed designs down the sides of the car. If you decide to add any type of customized or specialized equipment that includes installation by anyone other than the manufacturer or dealer, you need to talk with your N.C. independent insurance agent right away about adding an endorsement that is designed to protect your vehicle for the value of these customizations.
Fill in the Gaps
Our expert staff at Paramount Insurance Agency is here to answer any and all of your questions regarding the 3 most common car insurance gaps you may experience. Call us TODAY at 866-869-3335 so we can provide detailed information on the conditions and specifics of these endorsements that are available for you at a nominal fee.
