How much will the AAVs cost?
How much would it cost to insure your car against a catastrophic event?
That’s what auto insurance company AAV has been asking its customers for.
“You’re going to pay an extra $2,000 or $3,000 depending on how much you’ve had insurance for, based on the vehicle you bought and the age of the vehicle,” said Brian Lehrman, a senior analyst at AAV.
AAV is the third-largest auto insurer in the country after Cigna and Progressive.
Its insurance policy allows drivers to claim up to $250,000 for catastrophic events and up to the $250k level for a crash in which they were not at fault.
If you have a newer vehicle and a higher deductible, the policy limits the maximum you can pay to $2 million.
If you own a Honda Accord, Honda CR-V or Honda Pilot, you can claim $1 million.
You can get a $1.5 million policy for a Honda Civic or Honda Odyssey if you buy it between 2016 and 2019.
The AAV policy allows you to get a partial or full payout of up to 30% of the value of your car for catastrophic losses.
Lehrman said that you can get an AAV insurance policy that pays you up to 80% of your deductible.
There are other benefits to buying a policy with AAV, like a $100 deductible and an 80% premium.
But Lehrma says that AAV’s policy is expensive because it’s not a traditional auto policy.
Instead, it has some of the most expensive auto insurance policies available, costing you more than $1,000 a year.
Lehrmans comments come a day after the National Association of Insurance Commissioners (NAC) issued a statement in which it called for more research into the cost of AAV policies.
In the statement, the NAC said that the policy was designed to offer protection against catastrophic events but it is too soon to tell if AAV will succeed in changing the cost equation.
More than 4 million people were insured by AAV in 2016, according to the NAA, which says the insurer is still the most popular auto insurance provider in the U.S. It’s unclear what kind of insurance AAV is offering, but Lehrmans said it is more expensive than traditional policies.
Lehnart said it’s too early to say whether AAV can change the insurance landscape in the future.
We have no idea,” he said.
He said the insurance industry needs to look at the whole picture and not just focus on a few specific policies.AAV says it is not making any predictions about how many people will use its insurance policies, nor is it predicting how the market will react to the policy.
But Lehnart does say that AAv’s policy has the potential to change the industry.
People will use AAV more because the market has been very successful, he said, and that is a good thing.
Insurers need to be proactive in how they create their policies, he added.
While AAV may not be the answer for everyone, the insurance market will likely be much healthier if Aav can offer policies that work.
Lehmann said that Aav’s policy was built for the current climate and the financial environment, but that it is the right time to look for a new insurance product.