Land Rover Insurance Guide by Daigle & Travers
High-end SUVs are, by nature, statement pieces that set their owners apart from all other car owners on the road. The drawback to having an exclusive vehicle is that when it is in need of repairs or maintenance, certified technicians and factory parts are harder to come by. In accordance with the rules of supply and demand, the cost for labor and parts are going to be exponentially higher. In the event of an accident, you want to ensure that your coverage matches the expenses that you will incur.
Land Rover is a British SUV maker that is a popular family vehicle in Fairfield and Westchester County.
Range Rover Insurance Cost
Auto insurance for an Range Rover will be more expensive than that for an average SUV. Variables such as the model and customization as well as the standard factors considered with all auto policies (driving history, age, sex and marital status) will affect your rates (positively or negatively). An agent from Daigle & Travers, can tell you if bundling policies or opting for a higher deductible will reduce your premium. If you have security or enclosed storage for the car at night or will only be using the car occasionally, let your agent know – as these may help lower your cost.
Actual Cash Value
Actual cash value, the standard vehicle coverage, determines the payout amount in a total loss scenario. This suggests that when you’re in a collision, your insurance company will determine the worth of your vehicle. Insurance companies may determine this amount by consulting the listed value in Kelley Blue Book, NADA, local dealership sales of the same car, etc. and then adjust it for depreciation. In the case of a payout, the insured has to accept whatever settlement amount the agency deems correct. If your valuation differs with the insurance company’s valuation, you would have to seek legal action.
When a policy uses stated value, you, the insured advises the agency how much your car is worth. This may seem like a way to save money but in the event that the car is stolen or totaled, the insurance company only pays the amount you valued the car at, the actual cash value or the cost of repairs – whichever is least. If you have understated the value of your vehicle, you will have limited the potential payout amount.
(BEST OPTION) – Most owners of high-end, sports or grand tourer cars choose this type of policy with their financial investment in mind. With this coverage, the value of your vehicle is determined at the time the policy is drawn up and is agreed upon by the insuring company and you, the insured. In the event that a payout is needed for a stolen or totaled car, you will receive the established amount without any amount deducted for depreciation.
Collision and Comprehensive Coverage
You can purchase additional collision and comprehensive insurance coverage. If you’re in an accident and don’t have this coverage, you may have to spend thousands out-of-pocket on car repairs.
Let’s say you bought a new Range Rover HSE last week for $86,000 and it was stolen today; you will have to pay the bank the full $86,000 even if the car is never recovered. If you had opted for actual cash value and based on KBB.com data, your agency values your coupe at $72,000. Then, you will have to pay the other $14,000 out-of-pocket despite it being brand new and barely driven.
Now let’s say you bought a used Range Rover Sport last year for $65,000. At that time, you purchased an insurance policy with an agreed value of $65,000 for your car. If your car was totaled in an accident, the insurance company would have to pay $65,000 for the SUV even though it is an old car with potentially thousands of miles racked up.
In the two scenarios above, the latter makes the most financial sense and is the better option for peace of mind. Regardless of the scenario that leaves you unexpectedly without a car, you can at least find comfort in knowing in advance exactly how much your payout would be if needed.
Most cars depreciate in value, occasionally they can appreciate from customization or rarity, such as a Land Rover Defender. There may even be a sudden spike in demand from celebrity or news notoriety. If you believe the value of your car has increased or decreased and want your policy to be adjusted accordingly, speak to your agent.
Range Rover Insurance – Other Important Information
- Not all insurance companies will provide coverage for customized add-ons to your Land Rover.
- Clarifying policy restrictions and warranties will help your agent find a program suitable for your needs.
- Be sure to get an agreed amount Range Rover insurance policy through a broker who is knows the automobile business. This will ensure that you do not have to lose sleep on the settlement of future claims.
- Be sure your policy allows for the extra cost needed to use original parts during repairs.
Why settle for less?
If your current agent is unable to offer you acceptable insurance for your Land Rover LR4, find a new agent. Read over your policy carefully. Spend time comparing all the aspects, not just the prices. Make sure it will give you the coverage you need to protect your Land Rover.
Get the coverage you need.
Daigle and Travers is based in beautiful Darien with additional locations in Westport, CT and Wilton. We are licensed in over 30 states and can help insurance your Land Rover regardless of where it is registered.
We offer insurance for a variety of Range Rovers including the Range Rover Sport, Range Rover HSE, Land Rover Defender, Land Rover LR4, Range Rover Supercharge.
Daigle and Travers will provide you with the right coverage to make sure your investments are safe during a disaster. When partnering with us, you will get the information needed to make the best choice of insurance company and policy. Give us a call today at (203)-655-6974.