Issue 14.12
You purchased a new car. It’s got all the amenities you wanted, plus that new car smell. You’ve barely broken in the leather of the driver’s seat when it’s totaled…
With Auto Repair or Replacement cost coverage,(1) if your new car is totaled within the first four model years,(2) you can get a new car – not just a check for the depreciated value.
There are a number of good reasons to buy a newer model car, however, newer vehicles depreciate very quickly. When a newer model car is involved in an accident, many insurance companies will settle the claim based on the depreciated value of the vehicle. In some cases, the claim amount may not be enough to pay off your car loan, leaving you with debt, but no transportation.
But with Auto Repair or Replacement cost coverage, the totaled vehicle will be replaced with a new model year of the same or comparable vehicle, regardless of depreciation.
Auto Repair or Replacement cost coverage is optional protection that can be added to any Farm Bureau Member’s Choice policy for vehicles within the first three model years. The option is removed at policy renewal the year your vehicle reaches four or five model years old depending on your state.
We can help you select auto insurance coverage that makes sense for you. Contact me today.
(1) Only available with Farm Bureau Member’s Choice coverage.
(2) This information briefly highlights Farm Bureau Property & Casualty Insurance Company’s vehicle replacement cost coverage. For costs and complete details of the coverage, including any exclusions, reductions or limitations, and the terms under which the policy may be continued in force, contact your Farm Bureau agent.
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Farm Bureau Property & Casualty Insurance Company*, Western Agricultural Insurance Company*, Farm Bureau Life Insurance Company*/West Des Moines, IA. *Company providers of Farm Bureau Financial Services.