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What value should your car be to drop full coverage insurance to just liability?
Wiki User
∙ 10y ago
Usually if the vehicle is over 10 years old and worth less than $3500. However, the value is a personal preference. If you have a $3500 car and it was totaled with no comprehensive or collsion coverage, could you afford to replace that vehicle without insurance reimbursement? So the dollar amount is your own risk.
Wiki User
∙ 10y ago
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Do you need to carry full coverage auto insurance if your car is paid off and has no trade-in value?
You only need the minimum liability insurance, what the state requires.
Does all general liability insurance cover damage at depreciated value?
General liability insurance does not provide property coverage, except for 3rd party claims alleging property damage due to the insureds' negligence.
What level of insurance coverage should you keep on a 1996 Toyota 4 Runner?
Unless this vehicle has special sentimental value, insure it for liability at the level and deductibles you are comfortable with and skip the collision.
How much homeowners insurance should you carry?
It is a good idea to occasionally review coverage limits to ensure you have the best protection you can afford and make sure they meet your current needs. With time, Retirement goals can mature, Personal Net Worth, Assets and liability exposures can grow. Future lifestyle expectations can also have changed since first purchasing insurance. It would be wise to occasionally review coverage limits and adjust as needed to match current security requirements. One should carry enough coverage to cover the property and liability loss exposures from which one may want to be financially protected. Not everyone has the same concerns when purchasing insurance so we all have different requirements. Homeowners Insurance is Property and Casualty coverage. Consideration should be given to the Property Valuation and the extent of coverage you want. Either Replacement or Cash Value coverage and Liability exposures associated with home ownership. Your Insurance Agent or other company Representative would be the best source for coverage advice.
Can you carry only pip insurance only on older cars with a low value instead of full coverage in FL.?
The required coverage in Florida is Liability (10/20/10) and PIP for any car
What insurance coverage do you need for a ceramics business?
A Business owners package policy should cover your studio for some property and the liability of your product and premesis. You might need to add on property coverage for your products if they are expensive or you maintain a lot of inventory and I would be careful about how you value it for insurance purposes. If your business has employees you need work comp, if you have vehicles for the business you need to get commercial auto insurance.
Is land considered a product for insurance purposes?
Liability coverage is offered for vacant land, but most insurance policies specifically exclude land value, or the reconstruction of land following a sinkhole collapse or earth movement.
Can you get insurance coverage if you have never owned a car before?
The answer has a couple of aspects. 1. One does not need to own a car in order to get auto liability coverage. Instead, you can get "non-owners coverage" which will provide liability coverage regardless of the car that you are driving. Such insurance does not provide physical damage coverage for the car, but does protect you from legal liability to another if you are negligent in the operation of the car that you are driving. 2. In order to get physical damage coverage on the carm you must have an "insurable interest" in it. This means that you must have a stake in the continued existence and value of the car. That can arise from ownership of it or the leasing of it. In the latter case, you are responsible for returning it in good physical condition; to that extent, you have an insurable interest.
How to Determine If You Need More Than Liability Auto Insurance?
Buying your own auto insurance can be a confusing and intimidating process. While it might seem like something that should be straightforward, there are actually a lot of things to take into consideration when purchasing car insurance. An auto insurance policy can actually include several different types of insurance that protect you in different situations. If you follow the steps laid out here, you should have a thorough understanding of the different types of auto insurance available and what you need to protect yourself. • First, understand what car insurance is. The type of auto insurance most states require is known as liability auto insurance. This insurance protects you from any damages you inflict on persons and property. For example, if you get into a car accident, this insurance would cover damages to the other person’s vehicle, the other person’s medical bills, and would cover you if the person you hit sued you (up to the maximum value of the policy). • While liability coverage forms the core of your auto insurance coverage, there are other types of auto insurance as well. Collision coverage protects your investment in your vehicle if you are the cause of an accident. If you have an expensive vehicle or have an outstanding car loan on a vehicle, it may make sense or even be a requirement to purchase collision coverage for that auto. • There is also a type of coverage known as “comprehensive” or sometimes “other than collision”. This type of coverage basically covers other things that could happen to your vehicle – including having it stolen. Again, depending on where you live and whether or not you have an outstanding car loan, this coverage may be appropriate. • Many insurance companies also offer a number of specialty coverages, such as tow insurance, rental car insurance and so on. Carefully consider the cost of these services versus the cost of the coverage and the likelihood that you’ll use it. Purchasing your own car insurance can be a confusing process. How much and what coverage do you need? Most states require drivers to carry liability insurance, but what about the other types of coverage? Depending on your own driving habits, the age and value of your vehicle, the cost of coverage, and whether or not you have any outstanding car loans, you may want to consider purchasing additional coverage for your vehicle.
What does auto collision insurance mean?
Auto insurance consists of both liability insurance and physical damage coverage. Collision coverage is part of the physical damage section of an insurance policy and is designed to either repair or replace your vehicle if you are involved in an accident up to the fair market value of the vehicle. Collision will pay for both damages caused in an at-fault accident and damages caused in a not at-fault accident if the other party did not have insurance. If the other party did have insurance and they were responsible for the damages, the other party's liability insurance would pay for your vehicle damages through Property Damage coverage. You are responsible to pay for your collision deductible for at-fault accidents before a claims payout will be made.
Do insurance have to pay you the value of your wreck?
It depends on the insurance coverage, and what caused the wreck. But allowing the coverage covers the incedent the insurance company will pay the VALUE DETERMINED BY THE INSURANCE COMPANY. Not what you think it was worth. I have about $40,000 in a car the insurance comapny will pay $3,000 for if it gets wrecked.
What does uninsured motorist and under insured motorist insurance cover?
Uninsured motorist coverage pays damages for bodily injuries when the at-fault driver or owner of a vehicle has no bodily injury liability coverage. It pays an amount up to the amount purchased by the insured, and is generally not a required coverage. In those states that utilize a comparative negligence rule of determining fault for a collision, the amount that the inured party can recover is reduced by the amount of liability attributable to him/her. In that respect, it operates similarly to the evaluation of the injury and damages if the at-fault party did have bodily injury liability coverage. Underinsured motorist coverage serves essentially the same purpose. However, it is triggered when the at-fault party's bodily injury liability coverage is less than the injured party's uninsured motorist coverage. Further, in order to be triggered, the "value" of the injury must exceed the liability coverage of the at-fault party.
