Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property/casualty insurer that exclusively caters to high net worth individuals and families, will begin offering automobile insurance to its membership in Massachusetts. PURE began insuring fine homes, jewelry and art collections, excess liability and watercraft in the Commonwealth in 2011.
PURE Member Advocates offer concierge-level services to help members reduce risk and resolve claims. Member Advocates assist policyholders with PURE automobile coverage in locating replacement or rental vehicles, finding a specialized mechanic, and coordinate repairs following a loss.
PURE members can also insure various vehicle types (regular use vehicles, motorcycles, antique cars, and more) on a single policy with one account bill and a single renewal date for all of their policies. In the event of a loss that damages both a home and automobile – for example, one resulting from a major weather event – members will receive a response from a single claims adjuster.
PURE’s policies were designed expressly for the needs of successful families with significant assets to protect.
PURE’s automobile coverage includes:
- Agreed value coverage – Members can work with PURE to determine the amount they will be paid in the event of a total loss. That amount remains fixed throughout the one year policy term, without deduction for depreciation. In the event of a total loss to a vehicle, PURE will pay the amount stated on the policy, with no application of deductible.
- Lease-gap coverage – If the agreed value settlement falls short of covering a member’s existing loan or lease obligations, PURE’s policy is designed to cover the difference.
- Coverage for original replacement parts – In the event of a loss, PURE provides coverage for use of original manufacturers’ parts. PURE will pay the full cost of replacement without deduction for “wear and tear”
- Extended transportation expense coverage – Following a covered loss, PURE offers up to $5,000 to help members rent a car of like kind and quality to their original vehicle. There is no “per-day limit” on this coverage, and these funds can be applied to hotel accommodations, meals and additional travel expenses if the covered vehicle is disabled more than 50 miles from home.
- Accident forgiveness – The first claim with PURE under the policy will have no impact on renewal rates for drivers with a “clean driving record”.
- Discounts – For the car that is left on Nantucket (or any seasonal residence) during the off-season, there is a credit to reflect the lack of usage, typically resulting lower rates than regularly driven vehicles. Additional credits are afforded for policies with more cars than drivers, a clean loss history, and PURE homeowners who bundle policies.
Insurance coverage is underwritten through Privilege Underwriters Reciprocal Exchange, a Florida-domiciled reciprocal insurance exchange and member of the PURE Group. PURE provides coverage for high-value homes, automobiles, jewelry, art, personal liability and watercraft to more than 20,000 successful families in 41 markets across the U.S.
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