Tag: gap insurance

As a car owner, you are responsible for purchasing auto insurance. Without it, you might not be able to afford auto repairs or the costs of injuries you or the other driver may sustain in an accident. If you live near Elmira, NY, and have questions about auto insurance, our Stewart Agency, Inc. team can help you explore options that may be right for you.

Gap and Umbrella Policies

In New York State, you are required to have coverage for property damage and bodily injury. You might also choose to add coverage for collision (the cost of damage to your car) or liability (in the event of being sued by the other driver.) If your accident causes sufficient damage to declare your vehicle a total loss, the amount of money your insurance pays may not be enough to pay the amount you still owe your lender. Some auto lenders will encourage car buyers to purchase a gap policy, which will pay the difference between the amount paid by insurance and the amount you still owe.

Clients with additional personal resources (such as a home or boat) in addition to their car may consider buying an umbrella policy. Umbrella policies provide additional liability coverage if a judgment against you exceeds your policy limits. Umbrella policies typically have a higher limit of liability insurance – sometimes up to $1 million.

Contact Us Today

Our team has years of experience and wants to give you peace of mind regarding your insurance needs. Clients in the Elmira, NY, area can feel confident when visiting us for their insurance needs. Contact us for an appointment or a quote today, and let’s makensureu have the coverage you need.