Owning a car means insuring a car, but there are countless things to know about car insurance other than knowing you have to have it. Car insurance doesn’t have to be complicated, but in order to better understand your car insurance and how it works for you, you need to be aware of some common car insurance gaps that may leave you in a financial hole if you aren’t prepared.
This situation may have happened to you or at least to someone you know. You are all packed up for vacation and travelling down the highway, when you notice a weird clanking noise coming from the hood of your car. Suddenly, you are on the side of the road with a broken down car. Without having any type of roadside assistance insurance coverage, you now have to pay for car towing to the nearest auto shop and instantly your vacation is on hold. Any time you own a car, you have to expect the unexpected, which means your battery may die, your tire may go flat and you may experience a break down on the side of the road. Does your current Oklahoma car insurance provide protection for this sort of issue?
Below Are Some Common Insurance Gaps You May Encounter
Taking action before you fall into any coverage gaps will save you money in the end. Discussing your auto insurance with your local Oklahoma independent insurance agent will help assess whether you run the risk of falling victim to any coverage gaps in your Oklahoma auto insurance policy.
Roadside Assistance- Roadside assistance coverage is available for a nominal fee under your OK auto insurance policy and is highly recommended for those situations that may leave you on the side of the road with a broken down vehicle. Whether you commute to and from work or travel frequently, this type of coverage can get you back on the road safely and promptly so that your vacation or work won’t be put on hold. Using this coverage will not be considered a claim under your OK insurance policy; therefore using it won’t make your insurance rates increase.
Customized Equipment- When you purchase your auto, you may later decide to install some customized equipment, such as a non-factory specialized stereo system, or maybe you contract a made-to-order specialized paint job. Once this has been done, your existing auto insurance policy may exclude coverage for customized equipment and if someone steals that custom stereo system or vandalizes your car, you may be in for a shock when your coverage is denied or falls short. Talk to your Oklahoma independent insurance agent if you have any specialized equipment on your auto so that the proper/needed endorsement can be added and you will be fairly compensated should a covered loss happen.
Total Loss- You may have personally experienced this one or at least know someone to which this has happened. You or someone else totals their car in an accident and when it is time to settle the claim, the offer may be significantly lower than the payoff on the car. The insurance company is only responsible for payment of the actual cash value (ACV) of the vehicle and not the pay off on the car loan. If you have a car loan, it is wise to discuss this with your local Oklahoma independent insurance agent to avoid this type of coverage gap, should you total your vehicle. There is nothing more frustrating than hearing you no longer have a car yet you still owe $5,000 on it.
Take Preemptive Action Today
If you aren’t aware of some common coverage insurance gaps under your auto insurance policy, you may be left holding the bill for something you thought was covered. Take action today to prevent coverage gaps in your OK auto insurance coverage by contacting us at 918-341-6081. We can provide valued information on the policy conditions and rates of any of these endorsements that you may need.