Auto insurance shopping advice often focuses on finding the cheapest price available. But what trade offs are you making to achieve this goal? Could finding the cheapest auto insurance leave you with unintended coverage gaps or potential poor customer service if you do have a claim? Having a base understanding of how insurance companies calculate your price may help you get the best price for the coverage and level of service you want.
Most auto insurance policies do not cover the cost of a new vehicle after a damaged vehicle is declared a constructive total loss. Insurance policies typically pay up to the actual cash value, which is the replacement cost minus depreciation. Wouldn’t it be great if you could replace your damaged vehicle with a new one of the current model year? Acuity thinks so.
Uninsured Motorists Bodily Injury (UMBI) pays for medical bills, lost wages, pain and suffering, and funeral expenses for you, your family, and your passengers if you are in a car accident caused by a driver.