© Copyright 2010 Affinity Insurance Services. All rights reserved.
Stories from the Experts
Sometimes, “Shtuff Happens” – but having an Auto Pak helps!
by Debra Robbins
I purchased a new Saturn car in 2007 and being an Insurance Broker, I was well aware of the various insurance packages available. So I added Replacement Cost Coverage, Road Hazard Glass and Loss of Use to my basic auto policy. It gave me peace of mind knowing I was protecting my new investment. This Auto Pak added just over $300.00 to my annual fees and included all of the above coverages. ( Auto Pak prices are based on the history of the registered owner and regular drivers of the vehicle. )
As luck would have it, eight months later my car was written off in an accident. Good thing my Loss of Use coverage provided me with a rental so I could still get around. When I met with an SGI adjuster to inspect the car, he told me I would receive $11,000 less than I paid for the car only eight months earlier -- I was shocked.
However, as soon as I told him about my Replacement Cost Coverage, it changed everything: he allowed me to order a replacement car of the same make and model and said SGI would cover the cost. But the same model was no longer available and I didn’t like what the manufacturer was replacing it with. I also did not want to pay the difference for a more expensive model.
Fortunately, the adjuster allowed me to purchase another car of my choice for the same price as my Saturn. The downside? I wouldn’t get my reimbursement cheque from SGI until after I purchased a new car on my own. I received a cheque for my new replacement car as promised, but I’d rather not have gone through finding the funds from somewhere else first!
So after the dust settled, how did the math work out for me?
Having the Replacement Cost Coverage saved over $11,000.00 of vehicle value, the Loss of Use coverage saved the cost of a rental car, and there was no deductible charge - it was waived. The whole situation would have its hassles in any case – but without the optional features on my Auto Pak, it would have cost thousands of dollars more to fix, too.
Looking back it is clear: sometimes ‘shtuff happens’, but having an Auto Pak saved the day – and saved me money!