If you have an insurance policy for your car, whether a family car or for your business, chances are you have physical damage coverage on that policy. Although it is not required, most people elect to have it, as it covers any damages to your vehicle from accidents, or other mishaps.
Physical Damage coverages are often broken between Comprehensive and Collision coverages. Collision covers your car for the obvious - any sort of collision. If you run your car into a tree, or a guard rail, or another car, if the accident is covered on your policy this coverage will pay for the repairs minus your deductible (more on that later). Comprehensive coverage, sometimes called "other than collision" covers that things that can happen to your car that is not a collision. This is things like the windstorm that blows a tree on your car, or the hailstorm that causes damage, and really anything else that isn't a collision.
Here comes the fun part - these coverages are written on coverage forms that list either what kind of accidents are covered, or lists what kind of accidents are excluded. So you absolutely must read your policy. And ask your agent! You want to know what kind of things you are and are not covered for. You don't want to be surprised when an adjuster tells you it's not covered.
Another important consideration is how the company is valuing your car. Different ways of valuing means different kinds of coverage. Often our business auto clients have a stated value - meaning that the most they will get is an amount they estimate their car is worth at the beginning of the policy. Other types are actual cash value - meaning the amount the car is worth at the time of the accident. Or Replacement value - how much it would cost to replace your car with something equivalent. See more about this in our post on
valuing your valuables.
So now, let's talk about deductibles. A deductible is the amount that you pay in the case of an accident before your insurance company provides the remainder of the money they have determined that they owe to repair your vehicle. But what about when the accident isn't your fault and the other insurance company should be paying for your vehicle? You can put in the claim at your insurance carrier and they can handle that part for you. If you want your car repaired prior to getting the money from the other carrier, often you can have your insurance company pay for it, pay your deductible, and then get it reimbursed when the other insurance company pays your insurance company back.
Want to know about your auto physical damage coverages, or how much your deductible is for? Give us a call at 800-843-2430 and we'd love to help you
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