Cover Whale covers comprehensive and collision damage based on the vehicle's stated value. It's crucial that the vehicle is listed on the policy when the loss occurs.
The coverage amount is determined by the vehicle's current actual cash value. That's why it's important for you to get an updated valuation of your equipment every year, ensuring you have the right coverage without overinsuring or underinsuring your vehicles.
For example, if a vehicle is listed with a value of $100,000, but its actual value is $50,000 at the time of the loss, Cover Whale will only pay the current value ($50,000), minus the deductible.
At the moment, Cover Whale does not offer a specified perils policy.