What's one thing you learned about the importance of having adequate insurance coverage through your claims experience? What specific type of coverage proved most valuable?

Question

Adequate insurance coverage is crucial for ensuring peace of mind and financial stability. This article delves into important lessons about understanding auto policies and the significance of asking about exclusions, with expert insights to guide you. Don't miss these valuable perspectives from industry professionals.

Michelle Robbins · Answer

When you know you have adequate insurance, you can breathe easily knowing you're covered. If you don't have enough coverage, an accident can leave you worried that your costs will exceed what you're able to cover. 
Rental car insurance proved the most valuable. On paper, other types of coverage provided a greater monetary benefit, but the rental car reimbursement coverage provided peace of mind that is very valuable.

Lauren McKenzie · Answer

It is important that drivers understand their Auto policy coverages, especially when it comes time to file a claim. A coverage that is not always included in full coverage, and very nice to have is the Rental Reimbursement coverage. This will reimburse you for the cost of a rental car if your vehicle is inoperable or in the shop for a covered claim. It typically pays a certain amount per day for a rental, with a maximum amount such as $50 each day, with a maximum of $1500 or 30 days. Another nice coverage to have is Gap Insurance if you are financing a vehicle. If at the time of a total loss accident, you owe more on your car loan than what the vehicle is worth, this will pay off the remaining balance of the car loan. I think it’s very important to review your Auto policy with an Agent every 6 months to a year and make sure you have the coverage necessary for you.

Tornike Asatiani · Answer

Always ask, "What's not covered?" Honestly, exclusions in policies can surprise you later if you don't check. At Edumentors, we saw a client overlook pre-existing condition clauses, leading to denied claims. Asking upfront helps you compare plans and avoid gaps. Also, ask about hidden fees—some policies charge extra for riders you might not need. My advice? Take time to review terms and test how flexible the policy is for future changes. Honestly, asking the right questions saves stress and money down the road.

3 Lessons About the Importance of Adequate Insurance Coverage

3 Lessons About the Importance of Adequate Insurance Coverage

Prioritize Peace Of Mind

Understand Your Auto Policy

Ask About Exclusions