Coverage Regardless of Fault
Accidents and damages that fall into this category of coverage include roll-over accidents, a collision with another vehicle or costs resulting from an encounter with a fixed object like a pothole, guardrail or light post. Collision coverage applies only to your vehicle, it doesn’t cover whatever your vehicle collided with – that would be covered under property damage liability coverage if you were found legally responsible for the accident.
Collision coverage is usually sold with a deductible amount. A deductible is the out-of-pocket expense you agree to pay before any payment from the insurance company kicks in. Deductibles range from $0 – $2,000, but limits of $250, $500 or $1,000 are most common. Generally, the rule of thumb is the higher the deductible, the lower the corresponding coverage premium.
Although collision insurance is not required by any state, your lending institution may require this coverage if you are financing your auto. If your vehicle is involved in an accident and considered “totaled” (when the repair costs exceed a certain threshold of the vehicle’s value), you and your lending institution would be protected up to the actual cash value (ACV) or “fair market value” of the vehicle. Depending on the term of your loan, it’s possible that the vehicle will depreciate more quickly than the value of your loan. To avoid paying the difference to the lender out of pocket, you can purchase gap insurance, which typically covers the difference between a vehicle’s actual cash value and the sum owed to the lender.
EMERGE INSURANCE AGENCY
Your car insurance can step in to help when you’re involved in an auto accident.
Regardless of the type of accident - whether you got bumped from behind or are involved in a full-on collision, getting into a car accident is never a pleasant experience. It’s important that all cars involved in the accident pull over and exchange information with the other driver.
Fortunately, this guide can help make the moments after an accident less stressful as well as making the claims process that much smoother. Do you know how to handle a car accident?
Pull over to a safe area. If you can, pull over to the side of the road, out of the flow of ongoing traffic. If moving your car isn’t possible, turn on your hazard lights to warn other drivers that your vehicle is stopped.
Exchange information. From the moment you collide with another vehicle, person, or property, keep good records. Exchange information with the other driver. Note down the time, location, the other driver’s name, license number, insurance company, and contact information.
Call your insurer. Let your insurance company know that you were in an accident and provide all the specifics of the crash. If you took photos or a video of the scene, send them over to your insurance agent as they may help during the claims process.
Work with the claims adjustor. When filing a claim, many insurers will send an adjustor out to inspect the damage to your vehicle. After this, you’ll be sent a settlement offer, you’ll pay the deductible, and your insurance will kick in to cover the rest.
Now that you know how to handle a car accident, work with an insurance company that will provide you with reliable protection.
So that you have the necessary coverage for your finances and vehicle, contact the professionals at Emerge Insurance Agency today! Serving the Jacksonville, and surrounding cities in Florida.
EMERGE INSURANCE AGENCY
Cecil Williams -