There’s nothing quite like that new car feeling! The new-car smell, spotless interior, and all the new features to learn – the feeling is simply unmatched!
Although, that first trip out could make anyone nervous, praying that nothing happens to your new “baby.” But if something does, it’s insured, right? You added it to your insurance policy before driving off the lot, just in case. Did your Nationwide agent offer the New Car Replacement Plus Endorsement, when you called to add it to your policy?
Mike Salisbury was prompted by Anissa, Paul Hall & Associates team member, to add the New Car Replacement Plus Endorsement to his Nationwide policy for his newly purchased truck – a decision he does not regret. This past December, a car attempted to cross a major highway in front of him. Without enough time to avoid collision, he struck the front of that car, causing significant damage to his truck. Upon the adjuster declaring the truck a total loss, Mike’s agent, Linda, ensured that the New Car Replacement Plus Endorsement was applied to the settlement. “I had New Car Replacement on my truck, and it greatly impacted the settlement amount,” said Mike. That endorsement alone added $7,000 to the payout on Mike’s truck. The cost for the endorsement on a monthly basis was less than $5.00 per month for the two years his vehicle was eligible.
Nationwide’s recent addition, the New Car Replacement Plus Endorsement, is similar to the Replacement Cost Endorsement on a homeowner’s policy. With this endorsement, a claim made on a vehicle that is less than two years old, will pay out the cost to replace the vehicle versus the Actual Cash Value (ACV). ACV is what is normally paid out on an auto claim – the market value of the vehicle at the time of loss. With a new vehicle, ACV may not be enough to cover a remaining balance on a loan (the reason many will purchase GAP coverage) or enough to purchase a vehicle of the same year, make, model and mileage with our current inflation rates. The New Car Replacement Endorsement could serve either purpose. “GAP coverage was available on the truck when I bought it new from Ford, but Nationwide was actually cheaper and extended to two years from my purchase, not just until the financing gap closed,” stated Mike.
When asked about his claim experience, Mike said, “Linda has been the major contact point at my local Paul Hall office. She has been amazing in working through the claim. She has been extremely responsive, and when she says she will get back with me, or get me an answer, she always does.” If you have purchased a brand-new vehicle within the last six months, be sure to inquire about adding the New Car Replacement Plus Endorsement to your Nationwide policy. Other companies that Paul Hall & Associates writes with has similar endorsement options as well. If you want to get a quote or learn more, give us a call. Mike left us with this final thought, “The agents at Paul Hall have always been great to work with and seem eager to help with any type of issue that comes up. I have never felt like I had to keep pestering or reminding an agent to get me information. Insurance is always a bit complicated to figure out, but Linda has done a great job of breaking it down so that I can understand what I am getting as well as what I am not getting.”
"The agents at Paul Hall have always been great to work with and seem eager to help with any type of issue that comes up. I have never felt like I had to keep pestering or reminding an agent to get me information. Insurance is always a bit complicated to figure out, but Linda has done a great job of breaking it down so that I can understand what I am getting as well as what I am not getting." --Mike Salisbury