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The following is a discussion of some of the
optional coverages that
you may want to consider when purchasing automobile
insurance: |
Loss of Use Coverage - SEF 20
If you have purchased
physical damage coverage for your vehicle it is a good idea to also purchase
Loss of Use coverage. This pays for the expense of a rental vehicle while your
vehicle is out of use due to an Insured claim. Generally, coverage is available
in amounts ranging from $450 to $1,000 per occurrence for a minimal cost. This
is an inexpensive way to ensure that you will not be inconvenienced and left
without a vehicle should an accident occur.
Legal Liability for
Damage to Non-Owned Automobiles - SEF 27
This will provide you with
physical damage coverages for a rental or short term leased vehicle. If you are
renting a vehicle while you are away on holidays, the insurance charged by the
rental car companies can be quite costly. This can be an inexpensive
alternative. In order to provide this coverage under your auto policy it is
generally required that you carry physical damage coverage on your own vehicle
and there may be restrictions as to who is covered to drive the rental car.
Limited Waiver of Depreciation Endorsement - SEF 43R
If you
purchase or lease a new vehicle of which you are the original owner, it is
recommended that you add Limited Waiver of Depreciation coverage to your
policy. It is offered by most insurance companies and the cost is minimal. This
coverage will eliminate depreciation for an insured loss or damage to your
vehicle occurring within the first 24 months. Exact coverages will vary between
companies and it generally cannot be added to a commercially rated vehicle.
Limitation to Auto Sound and Electronic Communication Equip't - SEF
37
If you have stereo or other sound and electronic communication
equipment in your vehicle other than factory installed, you may want to check
with your insurance company for limitations. Some companies will limit the
amount they will pay to a maximum of $1,500 in the event of theft or attempted
theft of this equipment. Depending on the company you are insured with, you may
be able to pay an additional amount to increase this coverage.
Contact Mooney Insurance Agency Ltd. at
info@mooneyinsurance.com
to
discuss these and other important coverages. |
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