Land Rover Insurance

When is the last time you thought about getting an updated quote on auto insurance? If it has been a while, the purchase of a new or used Land Rover is a good time to update your insurance. You will have to contact your current provider to switch vehicles anyway, so it may not hurt to get a competing quote or two. To make it even easier, you will have all the information needed (e.g. the VIN and other data) for requesting quotes.

Auto insurance policies are broken down into a variety of coverages. These major coverage areas include policy level coverages that apply to all motor vehicles listed on the policy and vehicle level coverages that apply to specific vehicles. Policy level coverages include:

Bodily Injury & Property Damage
This coverage pays when the insured is responsible for bodily injury, death, or property damage while operating a covered vehicle (an most non-owned vehicles). There are usually a number of exclusions which apply to this coverage, which will be disclosed to you by your insurance company.

Uninsured Motorist
This coverage protects you from damages inflicted by legally liable persons who operate a motor vehicle without insurance. Bodily injury, death, and property damage are covered.

Underinsured Motorist
Similar to uninsured motorist coverage, this type of coverage protects against damages inflicted by legally liable persons who operate a motor vehicle without enough insurance to cover their liabilities. This coverage typically includes bodily injury and death, but it does not always include property damage.

Medical Payments
Medical payment coverage pays select medical and funeral expenses resulting from an vehicle accident. This coverage protects all passengers in your vehicle and may also cover you if you are in another vehicle or struck as a pedestrian.

The second major group of coverages are vehicle level, which means you can have different levels of coverage for each vehicle under the policy. If you have a car you drive only on the weekends or only during the summer, you might find it beneficial to reduce the coverage you have on this car compared to your daily driver. The vehicle level coverages typically breakdown like so:

This coverage covers your vehicle for damage caused by any event other than a collision or turnover. Common incidents include vandalism, fire, hail, wind, and theft. Typical exclusions apply, and commonly include intentional acts that cause damage, using the vehicle to carry property or persons for a fee, or damage to vehicle accessories that have not been declared on your policy.

Collision coverage pays for the loss of your vehicle when it collides with another object or overturns. This coverage may extended to non-owned vehicles. Common exclusions include intentional acts that cause damage (such as racing) and damage to a vehicle being used to carry people or property for a fee.

Rental Reimbursement
Rental reimbursement will pay rental car expenses if you sustain a loss covered under the collision or comprehensive portions of your policy. There are usually strict limits to daily payouts and the number of days you can claim reimbursement.

Roadside Assistance
Roadside assistance coverage can offer you on-site assistance when you suffer a breakdown. Common incidents include being locked out of your car, running out of fuel, or having a flat tire.

Loan or Lease Payoff
A type of gap insurance; this coverage will pay the difference between what you owe on your lease or loan and what your collision or comprehensive policy pays if your vehicle is declared a total loss or is stolen with no recovery. Payout of this coverage is usually limited to a certain percentage of your vehicles actual cash value.

Custom Parts or Equipment
This coverage will pay for damaged custom parts or accessories installed on your vehicle. There are usually value limits associated with such coverage, however there are plans available for high-value equipment.

Stated Amount
Stated amount coverage is typically reserved for vehicle which are not easy to value using traditional means, such as classic and custom cars. This coverage will pay out a flat amount if the vehicle is declared a total loss. Your insurance provider will be able to explain any exclusions or limits associated with such coverage, as it differs from company to company.

Policies that have $0 vehicle level limits are typically referred to as “liability only” policies. If your car is damaged under a “liability only” policy, you cannot get reimbursed by your insurance company for the damage. These liability policies are typically best for cars that have little value, are driven very rarely, or are used only on your personal property.

Naturally, your insurance provider’s policies may differ from what is listed here. Available coverages, costs, limits, and exclusions will vary. Speak to an insurance agent or go online to learn more about your specific insurance needs and available products.

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October 18, 2011


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