Chubb Group of Insurance discusses current auto trends and how having the right insurance is important.
Everything is in short supply: microchips for new car production, used cars for the secondhand market, fleet cars for rent, autobody/mechanic labor, etc.
The average time to repair a damaged vehicle has increased.
Complexity of systems/training has increased.
With Chubb Group as your automobile insurance carrier, you can expect a broad approach to handling a loss to your vehicle, whether a minor loss or a total loss:
Agreed value at the time of loss. You will be paid the higher of the agreed value listed on your declaration page or the current actual cash value of the vehicle. Additional coverage applies to newly purchased vehicles.
Your rental reimbursement/loss of use is up to $15,000 per covered loss with no per day maximum.
Original parts and procedures. Chubb pays for original parts from the manufacturer as well as certified garages who specialize in your vehicle make.
Distracted driving continues to be a main factor in many accidents along with speeding. It is important that you stay focused when you are driving - hands free driving, voice controls, plan your route ahead of time.
The number of uninsured drivers has fallen about 3%, down to 12.6% or one in eight, over the past 25 years; however, while the number of uninsured drivers has slightly decreased, state minimum insurance requirements have not kept pace with the increasing cost of insurance. In fact, many states require minimum limits of just $25,000 per person / $50,000 per accident / $15,000 property damage.
This means that when someone hits you, individually you are only able to collect $25,000 for your bodily injury and $15,000 for the damage to your vehicle. This is often not enough. Even when another motorist has higher than the minimum coverage limits, it is often not enough. For this reason, it is important that you carry your own limits sufficient to cover your medical costs, vehicle damages, lost wages, and other compensatory factors. These costs can often be covered under your own policy's uninsured/underinsured motorist liability.
Don't forget to speak with your independent agent to make sure you have the proper coverage before a loss.
Chubb's 2-page report is attached, and information cited is from: