Wednesday, June 29, 2016
Many people don’t really know all the information they need to have ready when calling their Agent to add a vehicle to their auto policy. Knowing what you need ahead of time can save a lot of time and frustration. Here is a list of questions your Agent will likely ask depending on your circumstances:
Additional vehicle or replacement vehicle?
Is the vehicle new to you or one you already own?
Year, Make, Model, Vehicle Identification Number (VIN) and cost new of vehicle?
Who will be listed on the title?
Is/Will it be co-titled to anyone who is not going to be on your policy? If so, we will need the following information for that person(s):
Name, Date of Birth, Driver’s License Number
Insurance carrier name, Policy number & expiration date (Carrier may require copy of policy)
Is it a salvaged title?
Who will be the main driver? If any other drivers, please provide the following info for anyone not on the policy:
Driver’s date of birth, Driver’s license number
Address where vehicle will be garaged? Parked in Street? Will the car be kept at school? If so, please provide Name of School and distance from your home.
What will be the main function of the vehicle? (Commute, Pleasure) If commute, how many days per week and how many miles one way to destination.
Will vehicle be used for commercial purposes or off-road driving?
Has vehicle been altered, modified, converted or customized in any way? If yes:
Describe the modifications or customizations
What is the value of the modifications or customizations?
Was vehicle purchased or leased?
If purchased, is it financed? If so, please provide name and address of lender.
If leased, please provide name and address of Lessor.
If current model year and not previously titled vehicle, is Loan/Lease Gap coverage included in your loan or lease? If not, do you wish to purchase it on your auto insurance policy? If this is a brand new vehicle, Loan/Lease “gap” coverage pays the loan balance if the vehicle is totaled in an accident (excl items such as top heavy loans or lease pull ahead where balances of old loan/lease is added to current loan/lease)
What kind of coverage do you want? i.e. Liability only (what limits)? Liability plus Comprehensive and Collision?
Road Service (what limit)? i.e. $50, $75, $100?
Custom Equipment (toppers, etc.)
Rental Reimbursement? What daily limit (i.e. $15, $20, $25, $30, $35, $40, $45, $50)?
What deductibles to you want for your physical damage coverage? The higher the deductible, the lower your premium will be.
Comprehensive – Covers physical damage to your vehicle caused by anything other than a collision such as fire, theft, glass breakage, hail or animal damage. Deductibles generally available in $50 increments; some carriers offer glass deductible waiver but deductible applies for all other types of Comprehensive claims.
Collision – 3 types of collision coverage available in Michigan. Deductibles generally offered are $250, $500, $1000; higher deductibles may be available depending on the carrier.