Sophisticated cars

Mar 19, 2018

Your high-value auto deserves a sophisticated policy

Vehicles are selling at higher prices than ever before. In 2016, average vehicle prices increased 3% from 2015 and over 12% since 2011.¹ Higher vehicle prices may be attributed in part due to more sophisticated cars.

Vehicle designs are becoming more complex due to advances in technology that make driving safer, more fuel-efficient and offer more modern comforts. Features such as self-driving cars, smart navigation systems, parking and traffic assist, collision assist, adaptive cruise control, alternative fuels and new lightweight materials are transforming the vehicles we drive and the experience we take away.

These advances may translate to more expensive repairs. The average repair cost for automobiles involved in accidents rose 19.3% from 2009 to 2016, and 3.8% from 2015 to 2016.²

These increases may be attributed to:

  • More parts and systems to fix, including technology-related items
  • More steps and time taken with repairs
  • New tools and costly equipment needed for repairs
  • More skill and training required by mechanics
  • Materials that need replacement instead of repair

You put a lot of research and money into finding the perfect vehicle for your family. Expectations are high when it comes to performance, safety and experience. You may consider ensuring that you can replace your vehicle if it is a total loss in an accident.

In addition, when you purchase liability insurance, consider the worst-case scenario and purchase auto insurance to cover that situation. Affluent individuals often require higher liability limits and deductibles than what some mass market carriers might offer.

How Nationwide® Private Client responds

Affluent clients’ auto insurance needs may not be met by most mass-market carriers. You need superior coverage for all your investments and assets, including the vehicles you drive. Nationwide Private Client can write multi-vehicle types, including high-value autos. Some of our key auto policy coverages include:

  • Deductible options up to $10,000.³
  • Excess liability policy if you need to increase your auto liability coverage beyond $1 million. We have options up to $25 million.
  • Liability and uninsured/underinsured motorist liability limits up to $1 million.
  • Roadside assistance is included in our base auto policy and provides towing services up to 100 miles from the location of disablement.4 Several emergency roadside services are covered as well, such as lockout service up to $100.5 This is a household coverage, so if your child is in a private passenger auto carpooling to a soccer game in a neighboring state and the car they are traveling in breaks down, they won’t be left stranded. No deductible applies.
  • Rental coverage options up to $7,500 with no daily limit.4 If your car is stolen or involved in a covered loss, you can get a comparable rental.
  • Agreed value is available. Many insurance policies will cover only market value, which may be less than what you paid or what you owe on the vehicle. With Nationwide Private Client’s agreed value option, we agree on what the vehicle is worth when the policy becomes effective, so there are no surprises in event of a total loss. We also adjust at each renewal (typically the agreed value will decrease). In California, for qualifying autos, we offer a total loss settlement clause in lieu of agreed value.
  • Auto loan/lease gap coverage is included in our auto policy and helps pay the difference between the value of your auto at the time of a total loss and the remaining balance on the auto’s loan or lease.6
  • Repair or replace your auto or its damaged parts with original equipment manufacturers parts, except for window glass, unless the parts are unavailable.
  • Comprehensive coverage includes the cost to repair or replace damaged glass on your covered auto without a deductible.
  • Additional optional coverages like new car replacement and accident and minor violation forgiveness are available in most states.

Take advantage of these great coverages while bundling your auto and home with Nationwide Private Client to save on your premium.

Why Nationwide Private Client

Nationwide Private Client is dedicated to helping protect the assets and reputations of our clients. Our highly personalized insurance products, services and concierge-style claims management are thoughtfully designed to meet the distinctive needs of affluent individuals and families. We are committed to providing you a superior experience whenever you need assistance.

Nationwide Private Client offers these added benefits:

Claims — Exceptional claims handling provided by Nationwide Private Client.

Financial strength — Nationwide, a Fortune 100 company,7 is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A1 by Moody’s and A+ by both A.M. Best and Standard & Poor’s.8

Charitable giving — Nationwide Private Client demonstrates a commitment to local communities through it Partners in Giving program, helping numerous lives each year. This supports Nationwide's belief in being a good corporate citizen where we work and live. Since 2000, the Nationwide Foundation, a nonprofit, private foundation, has contributed more than $400 million to charitable organizations across the U.S.

Additional resources

Read our Risk Solutions Series articles about roadside assistance and teen driver safety at nationwide.com/solutionseries to find out more.

 

1statista.com/statistics/274927/new-vehicle-average-selling-price-in-the-united-states
2CCC Information Services.
3Up to $5,000 in CA.
4Coverage varies in CA and VA.
5Coverage varies in VA.
6Coverage is optional in CA.
7Based on revenue, Fortune (June 2016).
8Ratings affirmed 7/21/16 by Moody’s, 7/7/16 by A.M. Best, and 5/24/17 by Standard & Poor’s.

 

Download: Sophisticated cars

Products underwritten by Nationwide Mutual Insurance Company and Affiliates including Crestbrook Insurance Company. Home Office: One Nationwide Plaza, Columbus, OH.

© 2018 Nationwide Mutual Insurance Company and Affiliated Companies. All rights reserved. Home Office: One Nationwide Plaza, Columbus, OH 43215-2220.