Optional Autopac > Excess Value Coverage
$50,000 is the most any car, truck, motorhome, trailer, snow vehicle,
or prototype vehicle can be insured for under Basic Autopac. This limit includes
applicable taxes. If your vehicle is worth more than $50,000, you'll need
excess value insurance to cover the amount over the limit.
See your Autopac agent for details.
FAQ
I just bought a $60,000 car and purchased Excess Value coverage in that amount. If it was written off six months later, would I automatically get a $60,000 settlement?
Not necessarily. If your vehicle is written off, and you do not have New Car Protection coverage, which is replacement cost coverage, you will receive the actual cash value, or market value, for your vehicle. Buying Excess Value insurance does not mean that you are automatically going to receive that limit as a payout.
Lay-Up Excess Value:
I own an $80,000 Motorhome and purchased Excess Value coverage in that amount. While it was being stored for the winter it was totally destroyed in a fire. Do I automatically get an $80,000 settlement?
Not necessarily. Excess Value insurance is not based on replacement cost, it is based on market value. If your stored motorhome is written off, you will receive the actual cash value of your motorhome. Excess Value insurance is not a guaranteed value.
