Will Your Auto Insurance Weather The Storm
Below is a MRR and PLR article in category Finance -> subcategory Insurance.
Will Your Auto Insurance Weather the Storm?
Overview
Severe storms can wreak havoc on both your home and vehicle. As storms intensify, how prepared are you? A key step is reviewing your insurance policy. Ron Berry, Senior Vice President of the Council of Better Business Bureaus, warns that many people only realize they're missing essential coverage when filing a claim.
According to ISO's Property Claim Services (PCS), claims for vehicle losses due to severe storms nearly doubled in the early 2000s. But there's good news. The Insurance Information Institute (I.I.I.) assures that comprehensive coverage can protect against damage from fire, falling objects, storms, vandalism, animals, and floods.
Understanding Comprehensive Coverage
Comprehensive insurance typically carries a deductible between $100 and $300, but choosing a higher deductible can lower your premium. This coverage also includes incidents like cracked or shattered windshields.
However, as Carolyn Gorman, Vice President of the I.I.I., points out, "Even with comprehensive coverage, your specific needs might not be fully met." You might expect your policy to cover a rental car after storm damage, yet this isn't automatic. Without rental reimbursement coverage, you could spend up to $1,000 on a rental car. Fortunately, adding this coverage costs only a few dollars monthly and will cover rental costs during repairs or replacement.
What to Do If Your Car Is Damaged
- Review Your Coverage: Ensure your policy includes comprehensive coverage, emergency roadside assistance, and rental car reimbursement.
- Report Damage Promptly: If your car is not drivable, contact your agent or claims center to arrange for towing to a repair facility and possibly a rental car.
- Understand Your Deductible and Charges: Before authorizing repairs, discuss your deductible and additional charges with your adjuster or claims representative. They’ll guide you through the repair process and the use of original or generic parts.
By staying informed and adequately covered, you can safeguard your vehicle against Mother Nature's unpredictable moods.
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