Auto Insurance Riders

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No two people are exactly alike, and therefore they will require different needs from their insurance coverage. Unless you are 100% average, chances are that your insurance policies including auto, home and health will all include some type of insurance rider to help customize a policy to meet your specific needs. When it comes to insurance coverage, a "rider" is defined as an additional set of conditions that are supplemental to the the basic package offered by the insurance company.

Riders come in many shapes and sizes, and they can vary greatly based on the personal needs of a policyholder. For example, a young couple just starting out in the world may not yet own their home or a lot of expensive possessions. They may opt for an affordable rental insurance policy and generally that may cover their basic needs. However, once you add into the equation the value of an expensive engagement ring, that policy may not be sufficient and an additional jewelry rider covering it may be required to provide financial security in case the gem is stolen.

Life Insurance Riders

Throughout the entire insurance industry, riders are commonplace. There are many life insurance riders for you to choose from:

• Common life insurance riders
• Guaranteed insurability
• Accidental death
• Children's protection
• Disability waiver off premium

Auto Insurance Riders

Auto insurance also has its fair share of riders that consumers may opt into. Some options include:

All this coverage may cost you extra but will provide you with the piece of mind needed.

Health Insurance Riders

Not to be excluded from all this is health insurance. Although it is typical for health insurance companies to include riders to protect themselves from the cost of "preexisting conditions," consumers can also put some in place. Health care riders are fairly common, especially when it comes to getting:

• Maternity care
• Prenatal care
• Dental and vision care

Regardless of the type of insurance adding riders will ultimately cost the insured more money out of pocket. However, the inclusion of specific coverage may be worth the additional cost paid and should be considered by all regardless of the type of insurance being purchased.

Accidental death benefits are a type of additional coverage that can be added to your auto insurance policy. The rider (a contract authorizingadditional coverage for something specifically not covered within an auto insurance policy) will pay out an amount of money to cover the funeral expenses of a person killed in a car accident. Typically, the maximum payout benefit for an accidental death benefit is $5000. To add that level of protection on your policy would cost approximately $100-$125 annually. This type of accidental death benefit is different from the accidental death or dismemberment insurance that may be offered along with your life insurance or health insurance plans.

Accidental Death Benefit Beneficiaries

Accidental death benefits tend to provide a separate level of coverage for you, your spouse or others named in the rider, if any of you perish in an automobile accident. The limits on a accidental death benefit is different from the other types of maximums your insurance company may pay on your claim. To ensure that you and your loved ones are properly covered by an accidental death benefit rider, everyone needs to be independently listed on the declarations sheet, regardless of who was at fault for the accident. Ultimately, death benefits will be paid to the surviving spouse, parents of a minor child, or the estate of the insured individual. Although it may be disheartening to consider an accidental death benefit in an auto insurance policy, it is an important rider to have so that your family will not be burdened by funeral expenses if you pass.

Additional Auto Insurance Riders

If you are unfamiliar with auto insurance riders, here are a few more that you might want to consider:

Roadside assistance and towing coverage
Rental reimbursement coverage
Towing and labor coverage
Gap coverage

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