Will My Insurance Pay for a Loss In My Car’s Value if it Is Damaged In a Collision?

When it comes to insurance coverage and car accidents it can be difficult to know what your insurance policy covers and what it does not. Taking the time to know a bit about your auto insurance is the first step to determining if your insurance covers loss in your car’s value in the event of a collision. The first thing to consider is what level of coverage you have. This could be liability, full coverage, or even collision insurance.

With liability insurance it is likely that loss in value is not going to be covered. With liability insurance, it is likely that personal injury and injury to the other driver is all that is going to be covered. With full coverage insurance will cover the value of the car, the medical and repair bills of the other driver, and any other bills that might pop up. Collision insurance covers far less than the other two insurance types. With collision, basically only collisions are covered.

For those that a bit more help with insurance should check out North American Advantage Insurance Services for more information.