Does auto comprehensive insurance pay off and substitute auto?
Not as such. What you owe on your vehicle has nothing to do with the auto insurer’s liability, except to the extent that the lienholder is usually named on the policy as a loss payee.
If your vehicle is deemed a total loss in a covered incident under comprehensive such as a fire, theft, etc. then the insurance company will pay per the terms of the policy. As stated in the policy, the insurance company has the option to repair, substitute, or pay the actual cash value of your vehicle. Actual cash value will be paid if the reasonable cost of repair exceeds a stated percentage of the actual cash value of the vehicle. That percentage is usually set by state law. Actual cash value harshly equates with market value of a similar vehicle in similar condition and similarly tooled.
If the vehicle is proclaimed a total loss, the insurer will pay the lienholder very first and if the car is worth more than the loan balance the remainder will be paid to the insured. If the loan balance is more than the value of the vehicle, and thus, what the insured pays, the insured is responsible for the balance. then you have a problem. The company will pay the entire amount to the loan company but then you will still owe the balance to the loan company or bank.
One of the ways to protect yourself from being responsible for the difference inbetween what the insurer pays and the balance on the loan, is through GAP insurance. It is a separate policy, for a separate premium. It pays the difference inbetween the insurance settlement and the amount remaining on the loan. It is usually suggested when the car is purchased and financed, but can generally also be obtained after the fact from a property and casualty insurance agent.
What does comprehensive auto insurance cover?
Comprehensive auto insurance covers theft, fire, vandalism, weather harm, riots, and other similar acts which may cause harm to a vehicle. Comprehensive auto insurance does not usually cover acts of God, theft or vandalism by family members or employees, contents of the vehicle, or harm due to improper maintenance. Comprehensive is Fire, Theft, and Vandalism (and also if you collide w/ an animal)
Is there such a thing as ‘replacement value’ auto insurance?
I heard that Metropoliton insurance was beginning to suggest this. Has any one else heard this?
Will your premium go up if you file a claim on your comprehensive auto insurance policy?
It truly depends on the circumstances of the claim, and if you were at fault. If you were at fault, and you need to use your comprehensive/collision to pay for your damages you very likely will be looking at a noticeable increase unless you are over 35 and have never had an accident it may only go up by a few dollars here and there. If you weren’t at fault but require the use of your coverage to pay for your own damages because the other person had no insurance depending on the severity you MAY be looking at an increase but depending on how much coverage you elected or how high your deductible is it may not increase. Like I said it varies from case to case and rules, regulations are a fluid thing often arched and not followed up with. There’s no definite for every script. Hope this helps.
What is collision and comprehensive on an auto insurance policy?
I am a licensed insurance agent. Comp is if your vechile is stolen, or bruised by something other than a car which you will have to pay the dec. Coll is if you get into a car accident and say the person did not have insurance then your coll would kick in. But in most cases there property harm will cover you depending on the state. I am from Florida and it is a no falt state so it doesnt matter. You need to check with your agent and see your dectibable. I would suggest uninsured motorist just in case they don’t have insurance your medical will be paid. But that has nothing to do with the com/coll. hope it helped.Tammy
Do you pay taxes on an auto insurance settlement?
I had a meaty settlement from an auto insurance company and it was not taxed. However I believe that was because my attorney negotiated a type of settlement that made it non-taxable. I thnk it has to be considered “punitive damages” or something like that for it not to be taxed. Update – Generally, amounts paid for private injury and property harm are NOT taxable. Amounts paid for punitive damages and loss of income ARE taxable.
What does auto comprehensive insurance cover?
Comprehensive is Fire, Theft, and Vandalism (and also if you collide w/ an animal)
Who pays if a driver does not have auto insurance but the passenger does?
for the driver – there will no coverage. For the passenger the same as well. It is your responsibility as a passenger, to be sure that the vehicle you are driving in is INSURED, always.
Does comprehensive coverage for auto insurance cover a hit and run of your parked car?
yes it does but you will be claiming off your own insurance and may liberate your no claims discount if you have one..
Yes it can be used but the deductible WILL apply, and your rates may increase if you put in a claim. (as unfair as that may sound)
What does ‘symbol age group’ on comprehensive auto insurance mean?
Companies use rating symbols for various things. Normally the vehicle symbol for comp/coll is based on the fresh purchase price of the vehicle. The higher the number the higher the insurance will cost. Some companies have their own symbols assigned to vehicles while most use the ISO (Insurance Services Office,Inc.) standard symbol.They also use your age in rating and you marital status in pricing auto insurance. A symbol will be assigned your vehicle when fresh and can go down over time depending on the replacement cost of the vehicle. For example ISO symbol for an Infinity M35 AWD is 22 for fresh cost but, 21 for a 2005 model. Another example is a symbol of Ten for some Ford Ranger pick ups while a symbol for most Mercedes are 27.
Does comprehensive auto insurance cover harm from road debris?
It depends on the terms of the insurance and the type of harm to the vehicle. Contact your insurance agent for the terms of your insurance. In general, it should.
What is comprehensive auto insurance?
If you are in the process of quoting auto insurance, chances are the term comprehensive coverage has come up fairly often. Comprehensive auto insurance coverage is a coverage that will pay to repair or substitute your vehicle in the event of a covered loss up to the fair market value of the vehicle. Covered losses that fall under comprehensive include: fire, theft, vandalism, hail, and wind harm. Falling objects and hitting a live animal also fall under comprehensive. If you are financing your vehicle, you will be required to carry both comprehensive and collision coverages to please lender requirements. The state does not require comprehensive or collision coverage.
Can you pay off your auto loan to the lender?
Yes when you pay off your auto loan the payment should be made tothe lender. In fact all auto loan payments should be made to thelender who financed the loan.
What happens when you pay off an auto loan?
the bank cant come and steal it. but the insurance company can if you dont pay that
What do you do with your auto insurance when you sell the auto?
You need to call your insurance company to eliminate the vehicle from your policy. If you are getting a fresh vehicle, you need to add that vehicle on. If you are not getting a fresh vehicle, the insurance company will send you a check for whatever amount of money you had left on the policy that was not earned because you did not have the policy for the utter term.
Does comprehensive auto insurance cover transmission work?
Not unless the transmission was bruised in an auto accident. Auto Insurance does not cover maintenance nor does it cover normal wear and rip.
Does total coverage auto insurance pay off a lien?
The insurer is required to compensate you at Fair Market Vallue. This usually will pay off any remaining financed note unless you greatly overpaid for your vehicle. There are times when you can owe more on the vehicle than an insurer is willing to pay. Nude in mind that it is not the fault of the Insurer if a consumer makes a vehicle purchase agreement in an amount greater than the actual vehicle value.
Is there a deductible on comprehensive auto insurance?
Yes. Most insurance companies do have a deductible for this kind of insurance. Most deductibles are 500. This can be a normal charge for a deductible.
How long does the insurance have to pay you for an auto accident?
If you still have a loan on the car, the money will go directly to the repair place. That is to protect the lender in helping to maintain the value of the car. If you are looking for direct payment for repairs that you are doing yourself, make sure you are presenting the charges to them in the manner they expect. It will expedite things.
Do you have to have med pay auto insurance in Virginia?
No, Virginia statute gives policy holders the option of buying or declining this coverage. See Virginia Code section 38.2-2201. However, an insurance company MUST atleast suggest this coverage to all of its Virginia policy holders in writing. See section 2202. For more information about this topic go to www.serpefirm.com and check the FAQ and resource page.
Do you pay taxes for auto insurance settlement?
A settlement is usually split into two parts, recovery of damages sustained, and anguish/suffering (putative). For recovery of costs, the settlement is not taxed. For ache/suffering it is taxed.
Does auto insurance comprehensive cover rodent harm?
currently going thru this. State Farm says they will cover, but don’t do anything to vehicle until they have an adjuster/claim rep assess harm
Does auto comprehensive insurance cover rodent harm?
Evidently some do. I just had the same problem and Progressive covers it under my comprehensive insurance. The deductible applies. It was categorized as not at fault so no effect on premium.
Can you get auto insurance with no auto?
Auto Insurance Without a Car? Yes, You can purchase “Non Owners Insurance” Coverage. Sometimes referred to as “Named Driver Coverage” Drive safe – Buckle Up
Does auto insurance comprehensive cover water harm?
water harm is only covered through total coverage if you have it and just so happens to run in a pond or something.
If no auto insurance will medical insurance pay?
If you have an auto accident and you do not have auto insurance with medical payments coverage for your injuries and medical costs, you may need to research the coverages available through your medical insurance policy. If you are not at fault for the accident that caused you injury, and the third party insurance provider has taken responsibility for the accident, the at fault party’s liability insurance should pay for medical injuries up to the boundaries on their policy. Because you do not have insurance, receiving a claim payout might require more work because you do not have an adjuster working for you. If you were at fault for the accident and you do not have auto insurance, you will need to speak with a representative from your medical insurance company to discuss the coverage provided under that policy. You may have a co-pay or a percentage you are responsible for depending on if you have an HMO or PPO.
How much do you pay for auto insurance with Nationwide?
457 dollars every 6 mo. with no tickets or accidents and born in the 1970 range.
How long do you pay for auto insurance?
You pay as long as you would like to policy to cover you. Sometimes you can go monthly, but the policy will eventually cancel if they do not receive payment.
Does comprehensive auto insurance cover water harm due to roof leak?
NO, Your Auto Insurance does not cover maintenance or manufacturing quality issues. This could be a defect you might look to your auto warranty for correction.
Whose insurance will pay for death in auto?
It is usually the at fault parties insurance that pays. There may also be coverage in the deceased parties insurance.
Does auto insurance pay lien on totaled auto?
If an insured car is totalled the insurance company will issue a check made out to the lien holder and the possessor jointly, both the lien holder and the proprietor have to endorse the check to cash it. If the value of the car is more than the lien, the lien gets paid off and the holder gets the remainder. If the value is less than the lien, and therefore, the insurer pays less than the outstanding balance on the loan, the lienholder will be entitled to it. Additionally, the possessor will be liable for the balance owing after insurance proceeds are credited.
Does comprehensive on my auto insurance cover theft?
Yes, as a rule and possibly in all known policies. If you have any doubts read your policy or call your agent.
Does comprehensive auto insurance pay off and substitute the vehicle in the event of auto theft?
Comprehensive is the coverage that would pay for the theft of a vehicle. The policy spells out the insurance companies options on payment. On any claim, the insurance company has the option to repair, substitute, or pay the actual cash value of the vehicle in the event of any loss. Generally they do not substitute a vehicle but pay the actual cash value less your deductible then permit you to purchase a replacement vehicle. As a matter of utter disclosure, I own and operate a petite Independent Insurance Agency and have for the part 22 years. Before that I worked as an agent for a direct writer insurance company. As for the payoff of the loan on the vehicle, the insurance company will have to issue payment to the bank up to the amount owed on the vehicle. The amount they pay has nothing to do with the balance on the loan. If you owe less than the ACV then the balance will be paid to you. If you owe more than the ACV then you will have to pay the difference to the bank or finance company.
Will your comprehensive portion of my auto insurance cover your bruised transmission if you went over a curb?
No, that would be a collision, and would be covered under the collision portion of the policy, and the collision deductible would apply. Collisions are also considered a chargeable claim for rating and insurability purposes.
Does your auto insurance pay if you vandalize a vehicle?
If you are asking whether your own insurer will pay damages to the possessor of a vehicle that you vandalize, the response is No. This is because insurance does not provide benefits for intentional acts. Instead, it applies to negligent (careless) acts. If you are asking whether auto insurance may pay for the repair of your car if it was vandalized by someone else, it may. An insurance called “comprehensive” coverage, that is usually sold in conjunction with collision coverage, will usually pay damages resulting from vandalism.
How is auto liability insurance different from comprehensive insurance?
Liability insurance only covers someone else in the case that you are responsible for damages caused in a collision. Comprehensive coverage will cover a driver that you hit, as well as cover yourself for any damages inflicted during a collision.
What does comprehension mean in auto insurance?
It is other than collision insurance. It covers hail, stolen vehicle, hitting an animal, and vandalism.
Does comprehensive auto insurance cover roll over due to black ice?
No. This would be a collision claim because all roll-overs no matter the cause are collision claims.
Is it worthwhile to have Med Pay on auto insurance?
Med Pay coverage pays medical expenses no matter who is at fault in the accident. If you do not have health insurance or if anyone who rails in your car may not have health insurance this coverage will help. Med Pay is usually not very expensive and pays for emergency room charges or more depending on what boundaries you choose.
What is the difference inbetween total coverage auto insurance and comprehensive and collision insurance?
This is a good question. Utter coverage was a term that used to be used in insurance to describe a policy that had liability, comprehensive, collision and any other endorsements that the client desired such as rental coverage and whatever else. Due to it being the day of suing over everything we don’t use the term any more because too many attorneys have coaxed people that total coverage had to mean every possible coverage that there is and then some even tho’ the person knew what they bought. No individual responsibility for reading the policy or at least the declarations summary page, just sue. So now we don’t say utter coverage any more, we name each coverage separately.
Will comprehensive auto insurance cover a claim if a tow truck damages your car in transit?
I would say that the tow truck is liable for this claim. This is also what your insurance company will say even if they go ahead and pay the claim to keep you blessed. Most of the time your company will pay then they will subrogate against the responsible party. If you have comp and collision then their is no issue. If you have comp and not collision then issue of what happened may come into play.
Is there a deductible on comprehensive coverage auto insurance?
Usually there is a deductible on comprehensive coverage auto insurance. The deductible can range in different amounts usually from 0 to $1000 or even higher if it is a very expense vehicle.
How significant is it for comprehensive insurance coverage to be listed on free auto insurance quotes?
It is significant for comprehensive insurance coverage to be listed on a free auto insurance quote, so a person can get an accurate quote. A person would not want to expect to pay one amount and have to pay more.
What is the best price for fully comprehensive auto insurance as a triple A member?
The price depends on the dealer. Different dealers are different, so the prices are vary. The dealer may give you a deal if you can bargain for a lower price.
Where can one find comprehensive details on auto insurance plans?
One can find auto insurance plans from major insurance companies such as Geico or Progressive. It is recommended to get numerous quotes before determining.
Where can one get auto windshield replacement insurance?
To get auto windshield replacement insurance one can go to a number of companies. One can get this insurance from ‘Glass Net’, ‘Satellite Auto Glass’ and ‘Progressive’.
What kind of damages does comprehensive auto insurance cover?
Comprehensive auto insurance will cover a driver for car accidents and injury caused by them. It will also cover harm from weather incidents, vandalism and fire, as well as theft.
Is there a comprehensive Auto liability policy?
There are many different types of insurance policies to choose from, including comprehensive and liability. When choosing a policy, be sure to consider the cost and your basic needs.
Where can one buy comprehensive auto insurance coverage?
One can buy comprehensive auto insurance at pretty much any company that specializes in insurance policies. Some of the most popular companies include State Farm, Progressive, Allstate and Esurance.
What is included in comprehensive auto insurance coverage?
Comprehensive auto insurance coverage covers the different types of events or accidents cause by falling objects, animals, extreme weather, theft, vandalism or riots. But it does not apply to any types of accidents with other cars.
Is a bruised key covered by my comprehensive auto insurance?
Very likely not. The main reason is that the cost to substitute a key will not be enough to exceed whatever deductible you have. The main issue to consider on any claim is what caused the loss and the claim must be caused by a covered loss.
Category: car insurance estimator