How Much Does Own Damage and Theft Coverage Protect Me?

Having car insurance is very significant to facilitate the corresponding reparation against the damages caused by the collision of the cars on the road or the occurrence of theft through the “collision insurance” or otherwise known as “own damage theft”. In simple terms, the own-damage car insurance covers the damages incurred on the car of the insured while on the road.

In essence, the two (2) insurance coverages include:

  1. Damage to own car through an accident; Loss of car parts due to theft;
  2. Damages caused by fire or explosion.

The damages above-mentioned are the main grounds to claim against the insurance company per the pertinent insurance policy.

However, exceptions to these grounds may likewise be stipulated to hinder such claim like but not limited to the following:

  1. The insurance policy will only be enforceable when the collision took place while traversing on the road;
  2. Claims against the burglary of personal properties or belongings inside the car;
  3. Claims against the damages caused by the fortuitous events may also be excluded from the insurance coverage.

Due to the complexities of the insurance policies, it is vital to comprehend the substance of the insurance coverage, which includes the general and specific terms and conditions. Further, it is only recommended to file an insurance claim against the losses and damages incurred if they are been stipulated in the insurance policy.

As a general rule, the standard insurance claim will solely depend on the model of the car and other factors like the mortgage that subjected the car and/ or the car loan. That being said, the claim against the insurance company for the reparation of damage or loss will always be equal to the fair market value of the car. Therefore and since the car depreciates, the car’s fair market value decreases every year based on a 10% depreciation rate.

Moreover, such a claim will also be subjected to other fee deductions on top of the depreciation rate that will be determined by the third (3rd) party adjuster.

If you are in dire need to avail of the products and services of a trustworthy and proficient insurance company in Palm Beach, Florida, it is highly recommended to subscribe to a car insurance coverage premium with Ackerman Insurance Services.

We offer wide coverage and comprehensive car insurance plans with a higher rate for the claim for the very type of driver that will fit your budget. By collaborating with the top insurance companies in the United States, we partnered with them to ensure that we can offer to customize premium plans for a budget. With our commitment, we offer the utmost peace of mind to our clients as well as the provision of an exceptional customer service that comes along with the low insurance rates for your complete satisfaction.

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