Thursday, March 12, 2015

What is Auto Replacement Cost Coverage?

Do you have an auto loan on a newer car or truck? If you were involved in an at-fault accident which totaled that vehicle, would the balance on your loan exceed the current actual cash value of it? Insure the Lake has seen this happen all too many times, which is why we're here to explain to you about auto replacement cost insurance coverage at the Lake of the Ozarks!

Standard Auto Insurance

Under standard policy conditions, a totaled car is insured for actual cash value (ACV) or current market value. Your claim settlement may not be enough to replace your vehicle or even enough to pay off the value of your loan, leaving you with no transportation and a debt to the bank. With newer cars depreciating rather rapidly, you may want to consider adding auto replacement cost coverage to your current auto policy.

Auto Replacement Cost Coverage

This type of coverage will pay for the replacement of that vehicle with a new one, which should be ample to satisfy your loan balance. Be aware that Lake of the Ozarks insurance carriers place certain requirements on this coverage, such as the current model year vehicles only or coverage purchased within 6 months of the purchase of the vehicle.

A few minutes of your time to learn more about this coverage can certainly help ensure your peace of mind and financial security. For any questions about Lake of the Ozarks auto insurance, contact us at 573-348-2794. We work with our companies to find the most comprehensive insurance coverage for the best price. Choose Insure the Lake for all your auto insurance needs!

Contact Insure the Lake today for all your Lake of the Ozarks car insurance needs! 

About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC

3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral

T: 573-348-2794
F: 573-348-0191