Does my auto insurance protect damages to my car or truck assuming that I got hit by a stolen automobile? Despite the fact that the chances of this resulting are really slim, it is in your best interest to know if your vehicle will be covered in such a circumstance.
Is the car’s owner going to be liable here? No. There is likely going to be no liability on the part of the car’s owner because illegal use is involved. That is why the owner’s liability insurance coverage will not apply to coverage potential damages to your vehicle. There is simply no lawful obligation on the part of the owner. There are coverages that you can elect to carry on your auto policy that will protect you.
In a circumstance such as this, special insurance coverages such as Comprehensive, Uninsured Motorist Property Damage (UMPD), as well as Collision arrives at play.
Comprehensive along with Collision coverage are regularly required by your lender or leasing company in the case that you finance or lease your vehicle. Comprehensive insurance protection applies to non-vehicle forms of hazards, such as hail, flood, collisions with animals and theft. However, given that it was not your auto that was stolen, it may not apply in this particular predicament. Instead, the collision coverage will apply, taken caring of destruction to your car arising from a wreck with another motor vehicle or object.
Collision coverage will usually contain a deductible, which is a fixed sum of money which you cover right before your insurance provider’s responsibility to pay begins. For instance, on the occasion that your insurance deductible were simply $250 you would certainly pay out the very first $250 and then your insurer will pay for anything more than that amount of money, up to the limitation of responsibility when it comes to that coverage.
In the case of collision coverage, the limitation is commonly the lesser of the charge of repair, the expense of replacing or the actual cash value of your automobile. Some insurance policies feature “caps” regarding collision recovery, hence read your policy very carefully. The bigger your insurance deductible, the lower you pay for insurance coverage, but the lower the insurance deductible, the less you shell out of pocket if something happens. This is merely one more factor to keep in mind when checking additional policy coverages.
It is crucial to be knowledgeable about situations like this, as it is often far better to be prepared than to end up in a difficult situation.There are certainly many different sorts of extra coverages available, including ones which address bodily injuries also. Talk to your insurance professional and ask questions like these to come up with the very best insurance coverage plan for you.