Used Car Coverage
Pays the difference between market value at time of loss and the vehicle's value at policy purchase
If your vehicle is totaled, Used Car Coverage pays the difference between what your vehicle is worth (the “market value”) and your vehicle’s value at the time you purchased your policy in addition to 5% for each year your policy was in effect.
For example, if you purchase a policy for your vehicle today, we’ll lock in the value of the vehicle on the day you purchase the Used Car Coverage policy. If the car is totaled in 4 years, your Primary Insurer will settle the claim based on the vehicle’s market value when the accident occurs (which is probably less than you’d expect once you factor in depreciation). Used Car Coverage will not only appreciate your vehicle 5% for every year the policy was active, but will also use the vehicle value locked in at policy inception to provide the settlement for your vehicle*. Plus, reimbursement of up to $500 if you had to pay a deductible to your Primary Insurer.
You can add Additional Coverages to cover you for Partial Losses as well. Vehicles up to 10 model years old could qualify, Contact Us to see if your vehicle is eligible.
