PURE or the Privilege Underwriters Reciprocal Exchange is rated A- (Excellent) by A.M. Best
The Privilege Underwriters Reciprocal Exchange, a policyholder-owned property/casualty insurer exclusively catering to high net worth and families announced today that it will now be offering automobile insurance to its Massachusetts members. PURE first entered Massachusetts in 2011 by offering insurance for fine homes, jewelry and art collections in addition to excess liability and watercraft. Unlike other insurers, PURE focuses only on providing innovative insurance options to high-net worth insureds.
The company says that its unique approach in focusing on alignment as well as careful member selection and proactive risk management has allowed it to deliver generous coverage and an exceptional member experience at highly competitive rates.
Auto Insurance for high net-worth individuals
Under a PURE auto insurance policy, a member may be able to insure various vehicles types such as regular use, motorcycles, antique cars and more all on a single policy. Other benefits include the following:
- Agreed Value Coverage. Members can work with PURE to determine the amount they will be paid in the event of a total loss. That amount remains fixed throughout the one year policy term, without deduction for depreciation. In the event of a total loss to a vehicle, PURE will pay the amount stated on the policy, with no application of deductible.
- Lease-Gap Coverage. If the agreed value settlement falls short of covering a member’s existing loan or lease obligations, PURE’s policy is designed to cover the difference.
- Coverage for Original Replacement Parts. In the event of a loss, PURE provides coverage for use of original manufacturers’ parts. PURE will pay the full cost of replacement without deduction for “wear and tear”
- Extended Transportation Expense Coverage. . Following a covered loss, PURE offers up to $5,000 to help members rent a car of like kind and quality to their original vehicle. There is no “per-day limit” on this coverage, and these funds can be applied to hotel accommodations, meals and additional travel expenses if the covered vehicle is disabled more than 50 miles from home.
- Accident Forgiveness. Drivers with a “clean driving record” do not need to worry, as the first claim with PURE under the policy will have no impact on renewal rates.
- Generous Discounts. For the car that is left on Nantucket (or any seasonal residence) during the off-season, there is a generous credit to reflect the lack of usage, typically resulting in rates that are roughly X% lower than regularly driven vehicles. Additional credits are afforded for policies with more cars than drivers, a clean loss history, and PURE homeowners who bundle policies.
PURE members also enjoy a more streamlined claims process such as providing for a single claims adjuster in the event of a loss to both a member’s home and automobile or by having access to other concierge-like services.
“Many of our clients have found superior claims response and greater overall value in the homeowners insurance offerings of specialist carriers like PURE,” said Jeff Grosser, Vice President/Partner of Rodman Insurance Agency in Needham. “We’re thrilled to be able to offer them a specialist solution for their automobile needs as well.”
