Your car insurance coverage typically protects you from liability if you injure someone else or damage a vehicle, reimburses you for damage to your vehicle, and provides reimbursement should your vehicle be stolen or damaged in a storm, fire, or other non-driving situation. But you may need to think about more coverage.

Most insurance companies offer a number of different options called riders or endorsements. These are additional types of coverage that can be added to your policy to protect against other situations. These can include:

  • First accident forgiveness. This can protect you from your insurance premiums increasing in the case of a first at-fault or partly-at-fault accident.
  • Uninsured/underinsured motorist coverage. This protects you in case you are in an accident with another driver who doesn’t have insurance or enough coverage to compensate you for property or injury. This type of rider can also protect the family that lives in your home.

  • Rental car substitution. This covers the cost of a rental vehicle while your car is being repaired. The coverage may be for a set period of time, or for as long as it takes to repair your vehicle.

  • Waiver of depreciation. Commonly known as gap insurance, this is very important when purchasing a new vehicle. It guarantees that no depreciation will be taken should you have a claim (particularly a total loss) that happens in the first year or two after your purchase. Without this, your insurance may only cover the value of the vehicle at the time of the wreck and not what you actually owe on the car if you have it financed.
  • Medical Payments Coverage (MedPay) can provide compensation for injuries you or your passengers sustain in an accident, no matter who causes the crash. MedPay can also provide coverage if you or a family member is riding in someone else’s vehicle, or if you’re hit by a vehicle while on foot.

  • Rental car insurance.  This allows you to use your personal auto insurance policy for coverage when you rent a vehicle so you don’t have to purchase additional coverage when renting.

It’s a good idea to review your auto policy to see if it offers coverage for any of these situations and to ask your agent about adding coverage if you think it may protect you against risk or loss. If you run a business with vehicles, check your company policy as well.

We counsel many of our clients on risk and how to reduce their risk and protect themselves. To schedule a consultation, click here.

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