![]() ![]() ![]() Your vehicle’s condition and age, along with permanently attached equipment, will be factored in to determine the Stated Amount. This is the most accurate estimation of your car’s present value. When choosing physical damage coverage, you must also submit a Stated Amount. If you wish to lower your insurance premiums, it is recommended that you choose a high deductible. Physical Damage Insurance DeductiblesĮvery physical damage insurance policy typically requires a deductible, which represents the amount you pay out of pocket when filing a claim. Claims related to windshield damage are not generally covered by Fire and Theft with CAC insurance. If you own a truck or other type of heavy vehicle, you can benefit significantly from obtaining a specific form of physical damage insurance called Fire and Theft with Combined Additional Coverage (CAC) insurance, which covers specific, non-collision-related incidents. However, if the value of your vehicle has dropped below the point where it is financially imprudent to insure, you may not benefit from the coverage. This type of insurance can still be extremely beneficial even in cases where a vehicle is not leased or under a loan. If you lease or secure a loan for your vehicle, your lender will likely require that you carry physical damage coverage. Physical damage insurance is optional if you have completely paid for your vehicle. The latter coverage pays for the cost of damages resulting from claims not related to accidents, such as incidents of theft, vandalism, fire and earthquakes. The former insurance covers damages to your vehicle arising from accidents, including rollovers and collisions with other objects. Generally speaking, physical damage includes both collision and comprehensive coverage. Physical damage insurance refers to a series of insurance coverages designed to protect a vehicle. Here is a close look at this form of specialty insurance coverage. One of the most effective ways to do this is by acquiring physical damage insurance. Vehicles can sustain damages in a variety of ways, some of which are sometimes difficult to foresee therefore, it is essential to be properly protected against certain basic risks. ![]()
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