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Important Step When Car Accidental Happened

February 28, 2019 - voltus - Car Insurance - 5 views



insurance agreement

FIRST…CALL YOUR CAR INSURANCE COMPANY

In your personal or business auto insurance policy, there is coverage for damage to your car. The Insuring Agreement in most policies says: ” We will pay for direct and accidental loss to ‘your covered auto’ or any ‘non-owned auto,’ including their equipment, minus any applicable deductible shown in the Declarations.”

Another phrase is VERY IMPORTANT!

“If there is a loss to a ‘non-owned auto’, we will provide the broadest coverage applicable to any ‘covered auto’ in the Declarations.” Here’s an example of how this would work for you:

You have two vehicles. One is a 2006 Toyota Camry with full coverage. It’s worth $24,000. The other is a 1980 Chevy S-10 pickup worth $1,500 that you only use for trips back and forth to the local home improvement store, and you only have liability coverage on the pickup. If you rented a car and it got damaged, your insurance company would provide the full coverage for the rental car, which is the broadest coverage in your policy.

If you normally drive an older car with only liability insurance on it, there will not be any property damage insurance extended to the rental car. In this instance, you should either use the credit card’s Collision Damage Waiver or buy the CDW from the car rental company.

Ask your insurance company representative how much coverage you have on your car. Ask if there is a limit of value on your Collision coverage. If there is a limit, and you drive a 7 year old Ford Taurus that’s worth $5,500…and you rent a new Cadillac Escalade that’s worth $55,000…will your personal auto insurance cover the damage to the higher valued vehicle? REALLY important to know this…you could owe the rental car company tens of thousands of dollars to repair or replace a high value rental vehicle if you’re not properly covered.

Find out the limits of liability. Make sure that your limits are higher than the minimum limits required by your state. Limits above $100,000 per person/$300,000 per accident for Bodily Injury, and $100,000 for Property Damage are very inexpensive. Make sure that you limits are no less than that amount…higher would be better.

Find out what collision and comprehensive deductibles you have on your car, because those deductibles will apply when you rent a car and use your own insurance for rental coverage.

Make sure that you have Uninsured Motorist and Underinsured Motorist coverage on your personal or business policy. If you are in an accident with an uninsured motorist, and the accident is his fault, recovery will be practically impossible. Likewise with a motorist who is underinsured. Best to have your own coverage protection.

Make sure that you have Uninsured Motorist and Underinsured Motorist coverage on your personal or business policy. If you are in an accident with an uninsured motorist, and the accident is his fault, recovery will be basically impossible. in addition with a motorist who is underinsured. absolute to have your own coverage defense.

What if I do not own a vehicle, and do not have vehicle insurance?

Make sure that you have Uninsured Motorist and Underinsured Motorist coverage on your personal or business policy. If you are in an accident with an uninsured motorist, and the accident is his fault, recovery will be basically impossible. in addition with a motorist who is underinsured. absolute to have your own coverage defense.

Q: What happens if my personal property inside the car gets damaged or stolen?

A: Most Collision Damage Waivers provide coverage for theft of the vehicle, but not any personal property stolen or damaged inside the vehicle. Check your homeowners or renter’s insurance policy because you may have coverage through them for your stolen or damaged personal property. A deductible will likely apply. Here’s a super important tip! Some people think that, if they purchased the Collision Damage Waiver or used the CDW from their credit card, and the rental car got damaged, they don’t have to report it to their own insurance company. They are hoping that because the CDW covers the damage, it won’t affect their own insurance policy….and they won’t get a rate increase. WRONG!!! Don’t be misled

into thinking that you can break out without reporting your accident to your own insurance firm. on many accidents, more things get hurted than just the rental vehicle. although your accident is just you running into a guardrail, whoever owns that guardrail is going to look to you to buy the damages. additionally, other people might have been injured. You could have a large liability exposure, and you might require your personal or business auto policy to cover your loss. Your insurance policy consists of legal representation if somebody files a lawsuit contrary you for damages.

If you’re going to use your own personal or business auto coverage, decline the Collision hurt Waiver on the vehicle rental contract.

NEXT…CALL THE c.card COMPANY

Ask your c.card company about the pros they offer. Each firm is different, and each level of credit is different. For example, a regular card might have different insurance pros than a gold or platinum card. inquire the card firm to send you your pros IN WRITING. If you’re in a hurry, inquire them to fax or email it to you.

Some cards may only cover collision and comprehensive, and leave you uninsured for liability. a few cards only offer coverage when you rent from a definite rental firm. a few restrict the amount of days of coverage. a few cards do not automatically cover you and need you to sign on for a certain program. Still others limit the kinds of cars you can rent. (see below for a few exclusions)

If you have more than one c.card, call each one and figure out the card with the best pros. Then, use that c.card to buy your rental vehicle, and use their pros.

If you’re preparing on using the c.card company’s coverage, you must decline the Collision hurt Waiver shown in the rental vehicle contract. Otherwise, the c.card company’s coverage will turn excess to the coverage in the rental vehicle company’s Collision hurt Waiver. “Excess” signifies that any other accesible coverage would pay first, and the c.card coverage would pay any remaining segment of the loss.

Credit card Collision hurt Waivers cover:

o vehicle hurt o theft o loss of use o towing

See your c.card company’s written CDW for all the details.

Collision hurt Waivers exclude:

o Injury to any person or hurt to whatever inside or outside the rental car.

o Loss or theft of personal belongings.

o Liability

o Loss as a result of intentional acts, like DUI, drug use or other illegal tasks.

o Off-road operations. If you rent an SUV and take it off-road, no coverage.

o Rental periods of more than 15 days within your country of home, or more than 31 days in a distant country.

o Vehicles that don’t meet the definition of “covered cars,” such as:

  • expensive, exotic and antique vehicles
  • certain vans
  • pickup trucks
  • other trucks
  • motorcycles and ATVs

See your c.card company’s written CDW for all the details.

CAR RENTAL INSURANCE

Most drastic rental vehicle companies offer these 4 coverages.

o Collision hurt Waiver (CDW). This covers a rental vehicle hurted by an accident, vandalism, theft or loss of use. charges range between $9 and $20 per day.

The most misunderstood part of vehicle rental coverage is the Collision hurt Waiver, or from time to time called the “Auto Rental CDW.”

Remember…the vehicle rental CDW given by the vehicle rental firm is not insurance. Insurance is regulated by each state. Collision hurt coverage is a waiver. The vehicle rental companies agree to not hold the renter responsible if the rental vehicle is hurted or stolen, and they certify that they will buy certain damages listed in their coverage arrangement.

In multiple cases, the waiver also brings “loss of use” coverage, which pays the rental firm if the hurted or stolen vehicle cannot be rented. on many states, vehicle insurance policies do not cover loss of use. So, if you elect not to pay for the Collision hurt Waiver, you might have a loss of use exposure if the rental vehicle gets hurted. But if you’re utilizing your credit card’s immediate coverage, it will buy that loss of use.

Some vehicle rental companies will need you to pay for fixes or substitution costs out of your own pocket up front, and then you have to get reimbursed by your own insurance firm. Being forced to come up with thousands of dollars in instant cash could ruin a vacation. You’re protected from these up-front charges by the CDW. Read your rental contract CAREFULLY!

o Personal Effects Coverage. This brings coverage for theft or hurt to personal items inside the rental vehicle. charges range between $2 and $5 per day.

o Supplemental Liability Insurance. This brings liability coverage up to $1 mlln.. charges range between $7 and $9 per day.

o Personal Accident Insurance. This covers you and passengers in your car for medical fees. If you earlier have personal health policies or travel policies, it will not be needed to pay for this non-compulsory coverage. It mostly costs between $3 and $5 per day.

Corporate Travelers. If you’re a normal traveler for business, do one other thing. verify with your firm to figure out if they have a corporate travel policy. If they do, figure out what that policy covers, and then easily don’t pay for duplicate coverage on the rental vehicle contract.

Car rental outside your country of home. a few insurers exclude coverage if you’re driving in a distant country. a few will cover you, but only a limited time. Some c.card companies cover vehicle rentals outside your country of home. verify with your insurance firm and c.card company for special details, and GET IT IN WRITING!

Q: Can I facilitate others to drive my rental car?

A: If you’re utilizing your personal or business auto coverage to cover your rental vehicle, the chances are all “authorized drivers” are covered. An “authorized driver” is any person listed on the policy. However, here’s a immense GOTCHA! If your teenaged son drives your rental automobile and he enables his girlfriend to drive the automobile, you’re covered. If the girlfriend enables another person to drive, NO COVERAGE!

Some automobile rental companies have exclusions for youthful drivers. a couple of charge additional for youthful drivers. figure out this information BEFORE you arrive at the automobile rental counter.

Q: How do I file a claim if I’ve had an accident?

A: When you experience the hurt or theft, automatically get a camera and take plenty of photos of the hurt, this includes any other autos or property that was hurt. Keep those photos! tell the rental company automatically of the hurt.

Report the hurt to your own auto insurance firm if you have personal or business coverage.

When you return the automobile to the rental company automatically ask for:

o A duplicate of the accident report and any claim files, which should show the amount you’re responsible to pay, and also any amounts that have been paid toward the claim. o A duplicate of the initial and final auto rental alliances. o A duplicate of the fix estimate or the paid fix invoice. o A police report, if one exists.

So the bottom line is this:

If you have personal auto insurance, commercial auto insurance or corporate travel coverage, it is commonly not needed to buy the Collision hurt Waiver or additional coverage offered to you by the rental automobile contract. Your circumstance may vary.

Get everything in writing, and commit an informed choice. Then enjoy your automobile rental experience!

Important Step When Car Accidental Happened

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