Is the Subaru Equity Shield worth it?
This is a common question among those who are looking to get this coverage for their vehicle. After all, you want to have peace of mind when you are driving your vehicle or when you have it parked in your garage or the road. The last thing you want is to not get some kind of extra insurance for it.
So today, we will talk more about the Subaru Equity shield and whether you should even think about getting one. Let’s dive right into it.
Is The Subaru Equity Shield Worth It?
In the unfortunate incident that your vehicle is stolen (and unrecovered) or totaled, you may be able to get some payment from your insurance company as settlement. This should cover the actual cash value or the fair market value of your vehicle during the time of loss.
But also, keep in mind that the loan balance may exceed your vehicle’s value. Thus, the equity position will be negative and can hurt you. Settlements can also go as high as several thousands of dollars – and this is often less than what you owe the bank.
Therefore, you run the risk of paying out of pocket. On the other hand, the Subaru Equity Shield is designed to eliminate a massive expense because of the coverage it offers. For instance, it covers most or even possibly all of the difference between the amount your insurance company pays and what you owe. In some instances, it can cover an insurance deductible at a maximum price of $1000.
So, this eliminates the risk of having to pay a large amount when you are already in a tight financial situation with your vehicle issue. The Subaru Equity Shield also aims to support your credit rating since you are no longer having to pay out of pocket when problems occur.
Among the other features of the Subaru Equity Shield include:
- As much as $1,000 deductible coverage
- Maximum 84-month loan term
- Negative equity once you roll over from your previous loan
- Exclusive for used and new private passenger vehicles
- Up to $50,000 maximum benefit amount
- Vehicles should not exceed 12,500 lbs of gross weight
Overall, the Subaru Equity Shield is a voluntary type of coverage. You can purchase it if you wish upon the start of your loan. It offers you the peace of mind in the event that something unfortunate happens to your vehicle.
But Is The Subaru Equity Shield Worth It?
This is an important question that many people wonder about since there are concerns as to whether the price you pay is indeed worth it.
Although there are instances when you cannot avoid some unexpected road hazards, you should be able to get the protection you need from certain unexpected expenses. The Subaru Equity Shield covers some structural damage to your vehicle including the ones caused by potholes, nails, debris, metal, glass, and a few other causes. It also covers replacement and repair costs of all your tires that are damaged structurally by road hazards.
When it comes to claim benefits, mileage, and occurrences, there are no limits placed. You can also rest assured that this equity shield covers the tire replacement while you are within the contract period.
It is also important to note that the Subaru Equity Shield is transferable. This means it even adds value to your vehicle in case you wish to resell it in the future.
Structural damage is covered such as dings and dents. With this type of protection, the Equity Shield can be used to remove minor dents and door dings that will maintain the aesthetics of your vehicle. It is not only great for the physical appearance of your vehicle but also in its overall performance and value.
You can even take advantage of the paintless dent removal. What this means is that it can eliminate minor dents without needing to alter the factory finish of your vehicle.
Plus, this program also comes with a key protection. In case you lose your keys, you can get the help you need. The cost of a replacement key that is covered is up to $500 for each occurrence. There is even a lock out assistance for as much as $100 and it is 24/7.
The replacement benefit for extra non-programmable keys is as much as $250 for every occurrence.
With all of these features, the main question is – is it worth it? If you want to get coverage for structural damage that would need replacement or to improve the aesthetics of your vehicle by eliminating dings and dents without paying a lot of money, then yes, the Subaru Equity Shield is worth it.
But at the same time, you should compare rates offered by different companies. It is also good to keep in mind that your vehicle tends to depreciate over time. So, as long as you get coverage to get rid of scratches, scuffs and dings, it would be great. This helps to improve the resale value of your vehicle, so you can get more from it when the time comes that you want to resell it.
Read More: Which Subaru Engines To Avoid? The Detailed Anwer
Wrap Up
Overall, the Subaru Equity Shield is a comprehensive coverage that keeps your peace of mind when you drive your car. As accidents and structural damage to your car happens, it would be good to get some coverage in addition to what your insurance company offers. This is what the Subaru Equity Shield is all about, which makes it worth the price.