When you buy a crossover car, it is important to have the right type of insurance in place. Insurance for crossover cars can be complicated and confusing. In this article, we will discuss 11 benefits that come from buying the right type of insurance for your crossover car!
1. Gap Insurance
In the unfortunate event that your car gets damaged beyond repair, you will still be able to get a new vehicle. Gap insurance protects you from having to pay for the difference between the actual cash value of your crossover and how much your loan is for. In other words, if you have a Hyundai Hyundai Elantra, which has an MSRP of $22,000 and a loan with an outstanding balance of $19,500 at the time it is totaled, gap insurance will make up for the difference between what you owe and what your car was worth.
2. Loan/lease payoff
Loan or lease payoff covers the monetary difference between a car’s actual cash value and the outstanding loan balance. This type of insurance is useful because if you are upside-down on your loan, this type of coverage can result in a check that will cover the outstanding loans or lease payments left on your car.
3. Third-Party Liability Insurance
This type of insurance covers damage to other people’s property as well as bodily injury to other people resulting from an accident that was your fault. If you cause damage to someone else’s property or injure someone because you were at-fault for the accident, third party liability insurance will cover those costs.
4. Comprehensive/Collision Insurance
If your car is damaged as a result of vandalism, theft, fire, flood, or any other non-collision event, this type of insurance will cover the costs to repair your vehicle. Comprehensive/collision insurance is an important part of investing in a crossover car because you never know what could happen and it’s always best to be prepared.
5. Medical Payments Insurance
This type of insurance covers medical expenses for yourself or other people in your car related to a motor vehicle accident, regardless of who was at-fault. If you are the victim of an accident with another driver and those injuries require medical attention, medical payments insurance will cover those costs.
6. Uninsured/Underinsured Motorist Insurance
In the unfortunate event that you are involved in an accident with someone who does not have any insurance or is underinsured, this type of coverage will protect you. This kind of insurance is important because so many people across the nation do not carry enough insurance to cover what they are supposed to in the case of an accident.
7. Emergency Road Service
This type of car insurance can be a lifeline in an emergency situation. Emergency road service will give you the following:
- Towing coverage to get your vehicle out of the ditch and back on the road
- Jumpstart capabilities for dead batteries and flat tires
- Fuel delivery service to get you going again if you ran out of gas or never got it at all!
- Lockout protection if you get locked out of your car
- Towing to the nearest repair shop in an emergency situation
Having this type of insurance will help you stay safe on the road so that you can avoid accidents before they happen!
8. Personal Injury Protection
Personal injury protection pays for your medical expenses, lost wages, and other damages that occurred as a result of an accident you were involved in. This type of insurance is extremely beneficial and will save you thousands and thousands of dollars if you ever get into an accident!
9. Personal Effects Coverage
Personal effects coverage insures the belongings inside your vehicle against damage, loss, or theft. If someone broke into your car and stole your belongings, this kind of insurance will cover those costs and protect you against damage to your personal items.
10. Towing & Labor
If your car breaks down and needs a tow or if the cost to repair it is more than its actual cash value (according to Kelly Blue Book), this type of coverage will make sure you do not have to pay for your vehicle’s expenses out-of-pocket.
11. Rental Reimbursement
If your car is in the shop and can’t be driven, this type of coverage will pay for a rental car to make sure you get where you need to go. This kind of insurance is especially great if you use your car for work and your commuting costs would become very high without it!
Is insurance required for crossover cars?
In most countries, there is no law that states you MUST have any type of car insurance. However, if you want to protect yourself and your vehicle from financial damage in the event of an at-fault accident, it is a good idea to purchase insurance.
What are the benefits of buying insurance for crossover cars?
Buying insurance for crossover cars has many benefits. First, having the right types of car insurance can protect you from accidents with uninsured/underinsured drivers. Second, having the correct types of coverage will also help cover your expenses in cases where your car is not drivable due to an accident or mechanical breakdown. Finally, it helps you avoid financial strain if something major needs to be repaired on your crossover vehicle or if a serious illness or injury occurs.
Do I need different types of insurance coverage for crossover cars?
Yes, you may need a variety of types of car insurance depending on your state and circumstances. Collision/comprehensive coverage will help protect you from damages to your vehicle as a result of accidents not caused by you or someone in your household. Medical payments insurance can be extremely beneficial if you are injured in an accident and need medical care. Emergency road service can get you out of tough situations, while towing & labor coverage can get your car towed if it breaks down.
All In All
There are many benefits to buying insurance for crossover cars. Here’s a list of 11 reasons why you should think about adding this type of coverage to your protection plan. Comment below and share what other benefits you see in purchasing insurance for crossover vehicles!