We continue with Part Two of our post, Advertised Insurance Features.
Safe Driving Bonus Check
The Safe Driving Bonus Check is one of the most well-known features currently advertised on TV. Allstate is constantly coming out with new commercials bragging about this benefit, which sends a check to drivers who remain accident-free every six months. However, drivers must enroll in an eligible tier of Allstate’s Your Choice Auto Program, which comes at an extra cost and generally requires good credit and a good driving history. Furthermore, the check is capped at a maximum of five percent of the paid premium during the policy-period, which would total about $25 for a $500 policy.
However, Allstate is not the only company that rewards safe drivers. Others offer similar benefits, such as insurance premiums that go down as you remain accident-free over time. Talk to an agent here at Wolfgram Insurance for more information about safe-driving coverage rewards.
Allstate also advertises another feature of its Your Choice Auto Program – Accident Forgiveness. With Accident Forgiveness, drivers will not be penalized for a first-time accident. Like the Bonus Check, you must pay extra for this benefit, but it could save you much more in surcharged premiums if you are in an accident.
Although Allstate is the primary advertiser of this benefit, several other insurers also extend similar benefits (usually at an additional cost). Integrity, Acuity, Nationwide, Travelers, The Hartford, Liberty Mutual, and Progressive are just a few examples of such insurers, although Integrity Insurance is known to offer accident forgiveness at no cost for eligible customers of five years or more.
Bundle and Save
Everyone likes extra savings. If you have a home and vehicle, Progressive wants to give you a discount for purchasing both lines of insurance coverage from them. Known as the Bundle-and-Save benefit, they have been advertising this discount for many years. However, nearly all insurance companies are willing to extend discounts to drivers who insure multiple vehicles or multiple lines of coverage.
Talk to your independent agent about the various types of insurance coverage you may need. While some companies stick to discounts for bundling auto with home or renter’s insurance, others may also offer discounts for additional coverage lines, such as RV and motorcycle insurance.
Name Your Price Tool
Finally, we come to the Name Your Price Tool, made famous by Progressive. This ‘tool’ is marketed heavily to drivers who are interested in saving as much money on car insurance as possible. Essentially, Progressive hands the policy over to the driver, allowing them to chip away at valuable coverage until they find a price they like.
The temptation to eliminate certain types of coverage in exchange for immediate savings can cause drivers to make poor decisions. The result is often a low premium attached to a bare-bones policy. Instead of taking your coverage into your own hands, choose to work with a professional, independent insurance agent here at Wolfgram Insurance who understands insurance and how it works to minimize your risks.
The bottom line is this: Always talk with your independent agent if you are interested in a particular insurance feature. Often, something that is heavily advertised from one insurer is also available in a similar form from another – and sometimes at a better value, too.