Texans can now purchase auto insurance that locks in the amount they would receive if their vehicle is stolen or totaled during the policy term, according to Chubb Group of Insurance Companies. Chubb announced it is rolling out in Texas agreed value auto coverage, which is not subject to depreciation or a deductible.
Agreed value coverage is part of several enhancements available through Chubb’s new Texas Masterpiece Auto Preference Program, which replaces the insurer’s Texas Platinum Auto Program offering.
Masterpiece Auto Preference enables customers to purchase up to $10 million in auto liability limits and $1 million in uninsured/underinsured motorist coverage. And in the event of an accident, they can select the repair shop and original equipment manufacturer’s parts, receive up to $3,000 in loss-of-use coverage for renting a similar vehicle and avoid deductions for worn parts, such as engines, tires and shocks.
“We’re revving up the engine to market a very broad automobile insurance product throughout the state,” said Ray Crisci, vice president of Chubb & Son and auto product manager in Chubb Personal Insurance. “Many Texans are spending $40,000 and even $50,000 or more on a car. In the event of an accident, they don’t want to lose thousands of dollars due to depreciation. Agreed value solves the problem: If you paid $40,000 for your car, you can insure it for $40,000, and if your car is totaled, your claim can be settled for $40,000.”
Furthermore, Crisci pointed out that Chubb offers higher liability limits than most other insurance companies. “These high limits are especially important for affluent drivers who have substantial assets to protect from any litigation that may follow an accident. And since many of our customers travel frequently, this protection is available worldwide,” he said.
Other enhancements available through Masterpiece Auto Preference include:
–Lease gap coverage. If there’s a total loss to a leased vehicle, this optional coverage will pay the difference between the vehicle’s market value and the amount owed to the leasing company. The coverage includes early termination fees and non-refundable security deposits.
–Corporate car personal extension. This option provides additional liability and uninsured/underinsured motorist coverage for a company car the insured or family member uses.
–Full window glass. This automatic coverage applies even when a windshield is chipped and does not include a deductible. Most auto policies only pay to repair broken or cracked windshields.
“Masterpiece Auto Preference provides many coverages typically not available elsewhere,” Crisci said. “Furthermore, if you have a claim, you can count on Chubb to adjust it fairly and promptly. We will not take deductions for worn parts. You choose the repair shop. You can choose original equipment manufacturer’s parts.”
Additional information on Chubb’s personal insurance products and services can be found on the Internet at www.chubb.com/personal.
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