Page 33 - The Magazine of AAA Ohio Auto Club – November 2021

Ask Ed:
What things can affect my insurance policy?
In each issue of AAA Magazine, we break down an insurance topic – and what it means for you – with answers from Ed Conley, CIC, CPIA and Director of Insurance Sales and Financial Services at AAA Ohio. Have a question for Ed? Drop us a line at AAA.com/AskEd.
I’ve seen in the news that rental car rates have increased. Do I need to change the coverage on my insurance policy?
The United States is experiencing a shortage of rental cars because of increased demand from domestic vacations, which also has families
reserving vehicles for longer periods than they had before. Companies no longer have the same access to purchase new vehicles because of the semiconductor chip shortage, slowing new car production. As a result, the cost to rent a car has increased. Because of the low negotiated prices insurance companies have with rental car companies, having $20-$30 of daily coverage on your insurance policy would normally be sufficient if you need a rental car while yours is being repaired. That’s no longer the case, especially if you need a compact SUV or larger. It’s simple and fairly inexpensive to upgrade the coverage on your policy, but now is the time to do it. If you wait until the time of a claim, you’ll be left paying the difference out of pocket. While your personal insurance policy may provide some coverage for your rental car, always check with your agent first. One of the biggest risks you want
to be sure you have accounted for is “Loss of Use.” This means if you are in an accident and the rental car is out of use while being repaired, the rental car company can
hold you liable for the money it could have made renting the vehicle out. It’s important to know how your policy handles this.
When I purchased my home insurance the company inspected my house. What are they looking for?
It’s important to remember that as a consumer, you’re not “buying” an insurance policy; you’re “applying” for an insurance policy. A company has
the option to decline coverage based on its underwriting and inspection findings. Home inspections are not always ordered by an insurance company when you purchase a new policy, but certain characteristics of your home may make you more likely to need one. Most of the time, these are just external inspections and they are looking at the condition of the exterior of your home and roof; condition and care of bushes and trees near the home; hazards such as broken sidewalks or loose gutters and fascia;
and also keeping an eye out for the presence of a dog that may not have been disclosed among other things. The insurance company may determine something needs to be addressed within a certain amount of time to stay insured with that company. If this occurs, talk with your agent about your options.
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