Top Things One Should Know About Comprehensive Damage
Comprehensive damage insurance is beneficial, under the right circumstances. However, realize that this insurance is optional. You should only purchase or add this insurance to your policy, if the benefits outweigh the cost. Here are the top things you should know about comprehensive damage insurance.
Leased and Financed Vehicles. If your vehicle is leased or financed, you are required to have comprehensive insurance on your vehicle. In some cases, if you do not have this insurance along with collision and liability, the leased or financed vehicle is repossessed.
Deductible. You have to meet your deductible before your insurance provider will pay for repairs. Your deductible is listed within the terms of your policy.
Coverage. Comprehensive does not cover damages caused by a collision. This type of insurance covers damages caused by natural disaster, fire, and animals.
Stolen vehicles. This insurance will cover any damages incurred in the event that your vehicle is stolen. You must provide your insurance provider with the police report, where you reported the vehicle stolen. You are also required to file a police report for the damages to your vehicle and any other properties involved.
Vandalism. Comprehensive covers vandalism. Examples of vandalism covered include but not limited to the following: broken window shields or windows, slashed tires, large dents, and substantial markings or scratches.