Optional Car Insurance Coverages
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What is Optional Car Insurance Coverage?
Additional car insurance coverage that is optional and not a mandatory part of your insurance policy. They are simply optional protections for your vehicle to avoid out of pocket expenses and be safer when driving on the road. It is not considered a common type of car insurance.
Unlike liability car insurance, that is state required, these optional coverages are not required in most states. They are simply added protection that can give you greater peace of mind while on the road. At Freeway Insurance, we want you to understand what options are available so you can decide what is best for you.
Is Optional Coverage Really Necessary?
It’s a personal choice. In most cases, optional car insurance coverage is not required. Some people feel safer when they know they are protected against most circumstances while out driving. Others want to pay only the basic car insurance minimum legally required. Drivers have to ask themselves how much they want to spend on their car insurance. In most cases, it’s advisable to have more than just the basic liability. Your Freeway Insurance agent can go over all of these details so you can make an informed decision.
What are Some of the Optional Coverages Available?
There is a wide variety of optional car insurance coverages. Some of them are required under certain circumstances, but for the most part, these car protections are meant to help you out financially if the unexpected occurs.
- Gap Coverage: Gap coverage is designed to cover the difference between a car’s assessed value and what you owe on it in the event the car is declared totaled after an accident. Gap coverage averages around $3 per month and is meant for cars that are financed or leased.
- Rental Car Reimbursement: Pays for your rental car if your car is out of service for longer than 24 hours. Typically costs less than a dollar a day.
- New Car Replacement: Replaces your totaled vehicle with a new car of similar make and model. Typically costs about $120 annually.
- Non-Owner Insurance: This coverage offers financial compensation in the event you normally either rent or borrow a car and you are involved in an accident. This coverage, averaging about $475 annually, kicks in to pay for injuries and damages after the vehicle’s primary liability insurance has been exhausted. This insurance may be required for some drivers who have been labeled high-risk.
- Classic Car Insurance: This coverage is available for cars between 19 and 25 years old that are worth more than the average car of that age. Must be in working condition. It is not expensive and averages between $400 and $1,000 annually, depending on how much the car is driven and how much protection you want to buy.
How Much Does it Cost to Add Optional Coverage?
Most are very affordable. As an example, Gap coverage and rental car reimbursement will literally cost you pennies per day. New car replacement and non-owner insurance are more expensive, generally running between $120 to $500 annually.
The actual amount each driver pays depends on many factors, such as their overall driving record, age and place of residence. It’s always a good idea to do some car insurance comparison shopping in order to find the most affordable plans for your budget.
Find Out About Optional Car Insurance Today
There are plenty of choices out there when it comes to making decisions about your car insurance. At Freeway Insurance, we’ll help you understand your options and compare car insurance quotes so you can choose the policy that meets your needs and budget. Contact us today for a quick, fast online insurance quote or by calling us at 800-777-5620 or by visiting us at one of our local offices.