{"id":419,"date":"2010-07-31T19:03:02","date_gmt":"2010-08-01T02:03:02","guid":{"rendered":"https:\/\/maysfinancial.local\/"},"modified":"2017-02-26T02:02:05","modified_gmt":"2017-02-26T02:02:05","slug":"auto-property-coverage","status":"publish","type":"post","link":"https:\/\/maysfinancial.local\/articles\/auto-property-coverage\/","title":{"rendered":"Intro to Property Coverage for Car Insurance"},"content":{"rendered":"<p>The property coverage part of your personal auto policy <strong>covers repair and replacement costs for your vehicle.<\/strong> Understand that this type of coverage <strong>only covers the insured&#8217;s vehicle.\u00a0 Damages to other parties are covered through liability coverage.<\/strong> There are <strong>two types of coverage: collision coverage and other-than-collision coverage (also called comprehensive coverage).<!--more--><\/strong><\/p>\n<p><strong>Collision coverage covers costs of damage due to collision with vehicles, objects, or from rollover.\u00a0 Other-than-collision (comprehensive) coverage covers costs of damage from falling objects, vandalism, theft, earthquake, flood, riots, damage from animals, broken glass, etc.<\/strong> Despite the still commonly used term &#8220;comprehensive&#8221; to describe this type of coverage, damage from freezing, normal wear and tear, etc are not covered.\u00a0 Some policies reimburse required rental expenses while awaiting vehicle repair or replacement.<\/p>\n<p><strong>For qualifying expenses, your insurance company is required to cover costs above your deductible.<\/strong> Your deductible is set when signing the policy.\u00a0 For example, if your deductible is $250 you will pay repair costs for all damages below and up to $250.\u00a0 If you back into a parking meter and cause $225 in damage to your vehicle, you will pay the full cost of repair.\u00a0 If in the same scenario you cause $1000 in damage to your vehicle, you will pay $250 (your deductible) and your insurance company will pay the remainder, $750. <strong>You can reduce your premiums by raising your deductible.<\/strong> Your deductible should be as high as what is financially manageable for you.\u00a0 It would not be uncommon for a driver with an excellent driving record and sufficient capital to raise their deductible to $2500.<\/p>\n<p><strong>Repair costs will be paid up to the replacement cost of the vehicle.\u00a0 If a total loss is declared (i.e. the vehicle is totaled) the cash value will be paid and the insurance company has the right of salvage<\/strong>, or the right to take the vehicle.\u00a0 Most policies include an appraisal provision to handle disputes relating to the cash value paid\u00a0by the insurance company.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property coverage part of your personal auto policy covers repair and replacement costs for your vehicle. Understand that this type of coverage only covers the insured&#8217;s vehicle.\u00a0 Damages to other parties are covered through liability coverage. There are two types of coverage: collision coverage and other-than-collision coverage (also called comprehensive coverage).<\/p>\n","protected":false},"author":1,"featured_media":3990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[2,21,8],"tags":[28,39],"_links":{"self":[{"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/posts\/419"}],"collection":[{"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/comments?post=419"}],"version-history":[{"count":0,"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/posts\/419\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/maysfinancial.local\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/media?parent=419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/categories?post=419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/maysfinancial.local\/wp-json\/wp\/v2\/tags?post=419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}