It’s easy to talk to anyone about the reasons why they need to have insurance. In most cases the answer will be “because my state made me do it”. However, despite the fact that each state makes it mandatory to get insurance, car insurance is an excellent investment for yourself and your family. While some of the perks may seem evident such as collision protection and roadside pickup, others are more subtle. In this post we take a look at some hidden perks you may not know you have with Root insurance in Colorado. Talk to an agent to find out how you can save and get hidden perks.
1) Helps Avoid Devaluation To Your Vehicle
This perk can prove to be especially useful if you plan to sell your car in the future. Depreciation is the difference between what your car was worth when you purchased it, vs what it will be worth when you try to sell it. The value of your vehicle gradually declines over time as a result of wear and tear use. But, some policies can benefit you in this aspect, by helping to extend the life and value of your car. For instance, if a branch falls and damages your vehicles, or if you sustain damage during a hailstorm, under a comprehensive auto insurance policy, you can file a claim to cover the expenses from these types of damages. This not only helps to save you money, but can help you to return the vehicle to a marketable position in the event that you plan to sell it.
2) Vandalism And Theft
Car vandalism and car break-in thefts have skyrocketed during the pandemic. In some cases, people have lost thousands of dollars in smartphone accessories, weapons and jewelry, simply because they left their belongings in a vehicle which got broken into. Comprehensive coverage can cover vandalism, and animal damage. They also have an addon which allows you to cover accessories which get damaged or stolen while in your vehicle.
3) Better Credit Risk
Most people assume that your ability to get a loan from a financial institution is solely based on your credit score alone. This is far from the truth. In addition to evaluating your credit score, financial institutions use other various factors such as your income and other things that can have an impact on your ability to pay. One of those factors is your insurance coverage. By getting a policy which is better than average coverage, lenders will give your application bonus points when it comes to determining if you are a credit risk.
4) Lost Wages
Most drivers are aware of the section of their insurance bills that cover medical expenses which goes by the title Personal Injury Protection. However, what most people may not realize is that this coverage also extends to cover wages which have been lost as a result of taking time off from work because of an injury which was sustained in an accident.
5) Cover Of Non Accident Related Engine Damages
Many drivers have stories about encountering numerous engine related issues with their first used vehicle. This is especially the case for teenagers and younger adults who acquire a somewhat cheap vehicle for a few hundred or thousand dollars. What you may not know is that if you own a used vehicle as to which you believe will give you engine problems in the future, is that you can cover your engine under your policy. This will take care of any engine related repairs even if the issues were not caused by a car accident.
6) Car Insurance Is Tied To Vehicle Not Driver
Technically speaking, car insurance coverage is tied to the vehicle, not the driver. What this means is that, in the event that you lend someone your car and they crash it, your insurance may kick in nonetheless. However, while most companies have this type of policy, some insurance policies do not cover all uses of your car.