As a policyholder, you can help the insurance company handle your claim by providing all the necessary information. Your insurer will want to know about the accident, including when and where it happened, as well as any damage to your car. If you have comprehensive coverage on your auto policy, you will likely be covered for the damages.
Does your policy cover you in case of an accident?
Your policy should cover you in case of an accident. Accident insurance helps you pay for medical and other out-of-pocket costs that you may incur after an accidental bodily injury.
Collision insurance is optional unless it's required for your car loan or lease. If you're found at fault in an auto accident, liability coverage can pay for damage to other vehicles, as well as any legal expenses that may come up.
What is the deductible on your policy?
A deductible is the set amount of money that you are responsible for paying in the event of an insured loss. Your deductible will be different based on your policy and the type of coverage you have. It is important to know what your deductible is so that you can be prepared in the event of a claim.
Are you covered if your car is totaled?
Assuming you're covered, your insurer will send a payment to your lender for the actual cash value of the car, minus any deductible. Make sure you give your insurer your lender information so they can process the claim correctly.
Liability coverage only pays for injuries and damage you cause to someone else. It won't cover repairs to your vehicle if you're at fault in an accident. Once your vehicle is considered totaled, insurance will pay you a cash settlement, which is a check in the amount of the actual cash value on your policy. You can use this money as you see fit, as long as you have the right documentation.
Collision coverage is supplemental insurance that covers accident-related damage to your car, regardless of fault. Even if you caused the accident that totaled your car, collision coverage would pay out a cash settlement. It's at this point that your adjuster from the car insurance company declares your vehicle totaled. The car can't be repaired because
Are you happy with your current insurer?
If you're not happy with your current insurer, it's pretty easy to switch to a different provider. Simply call your insurer and ask them not to auto-renew, and your cover should expire at the end of its term.
There might be a case when you are not happy with your current insurer and want to change your car insurance provider. In that case, it's important to review your options and make sure you're getting the best possible coverage for your needs.
Comments
Post a Comment