For our client’s who like to drive really nice cars, it should come as no surprise that we often recommend one of our elite carriers as the insurer of choice. Many policyholders assume all auto carriers are equal and as a result, they are unwilling to pay for a more expensive auto policy.
While we respect that, we wanted to make some notes…
For people who like to drive really nice cars:
When it comes to getting a car you love fixed after an accident, you want to bring it to a mechanic or body shop that you can trust.
- Some carriers require you to utilize a network shop to do all repairs and will charge extra if you choose to go out of network.
- Certain repair/replacement procedures call for certifications. If you go to a network repair shop, they may lack the expertise to complete the job.
- Mass market auto insurers are interested in getting the repair done as quickly and as inexpensively as possible.
- Premier carriers have cultivated partnerships with high end repair shops and are able to provide guidance and information to drivers.
- Repair shops may be advised to fix the vehicle according to specific manufacture guidelines, with a premier carrier, they have the ability to fix the vehicle properly without having to go through any red-tape to get the repair approved.
- Some repairs to nicer cars are expensive plus, shops that are certified may charge higher rates. When you are working with a premier carrier, these details are understood, making the claims process much less stressful.
Total Loss Consideration
Working with a premier insurance carrier is important when it comes to the Total Loss Consideration of a high end vehicle. They will often consider a car as a total loss much earlier than a standard auto insurance company would. Additionally, they consider the affect the accident and resulting repairs will have on the vehicle in the secondary market and may even take the time to educate the driver.
Loss of Use
A standard automobile insurance policy may not provide adequate coverage for the use of a rental vehicle while your car is being repaired. Rental car coverage for loss of use under a standard policy is in the $1000 – $1250 range (or for 30 days if that comes first) where a policy with a premier insurance carrier would provide approximately $15,000 for loss of use costs. Important details to consider include:
- Parts for high end vehicles are not always readily available which can delay repairs.
- Due to the fact that only a handful of shops have the proper certifications necessary to complete repairs on high end vehicles, the repairs may take longer to complete.
- A premier carrier provides coverage adequate for a comparable vehicle.
Premier carriers send someone out to do a post-repair inspection of the vehicle. They review the vehicle to ensure the parts are of a high quality, the paint has been applied to the correct measurements and that the vehicle is restored properly. For an automobile lover, a premier carrier representative coming to do a re-inspection is a happy sight.
- Some premier carriers even give the vehicle a post repair test drive.
Final words of advice…
We recommend carrying a sizeable Personal Umbrella Policy. It is wise to add this extra layer of coverage if it is not already in place. It is unfortunate but high net worth individuals are at a greater risk for being sued. People may see your really nice car and view you as a prime target for a law suit.
As your High Net-Worth Advocate, we are here to give you as much information as possible so that you can make informed decisions on all your insurance needs. With a high end vehicle, it really makes no sense to take a chance on coverage. The savings on a standard policy cannot possibly be worth the lack of coverage. We want you to relax with the knowledge that Advocate Brokerage will obsess about providing the best coverage for your specific needs. We really do have your best interest in mind when we recommend certain coverage and certain carriers. If you have any questions related to your automotive coverage, please give us a call.