Cover Whale provides comprehensive and collision damage coverage based on the stated value of the vehicle. The vehicle must be scheduled on the policy at the time of the loss.
The coverage amount is based on the current actual cash value of the vehicle. It's essential for policyholders to obtain an updated valuation of their equipment every year to ensure they have neither overinsured nor underinsured their vehicles.
For instance, if an agent lists a vehicle's value as $100,000 but the actual value is $50,000 at the time of the loss, Cover Whale will only pay the current value ($50,000), minus the deductible.
Currently, Cover Whale does not offer a specified perils policy.