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Does State Farm offer collision insurance?
State Farm does offer collision insurance to customers. State Farm requires a deductible for this type of insurance.
What is collision automobile insurance?
Collision pays to have your car fixed if it is damaged in a collision with another vehicle. There is usually a deductible that you have to pay.
Had a collision other party fault can the ins co ask you to pay deductible?
If you had a collision and the other party does not have insurance, you would have to pay the deductible. Your insurance company would pay for any needed repairs.
What is the average deductible for antiques insurance?
The average deductible varies depending on your company. However, on average, the deductible is about $1000.
What is the collision deductible for in auto insurance?
You are able to chose your own deductible, but you have the car financed or leased, they may dictate the maximum limit.
In a two car accident who is responsible for the deductible?
If you are going through your own insurance, you are responsible for your collision deductible. If the other person is at fault, you can go through their insurance under their liability coverage so you do not have to pay a deductible.
Who pays the deductible when the other person is at fault?
There is not deductible with liability insurance coverage. Liability pays the party who is not fault for their damages without a deductible. If you were at fault collision would pay for damages to your vehicle but you will have a deductible of whatever you selected when you purchased the insurance policy.
What is an example of a deductible?
A deductible is your "skin in the game" so to speak. A way of reducing insurance premiums is to increase you're deductible, thereby reducing the risk of the insurance company. If you had an insured loss of $1000 and you had a deductible of $250, you would be paid $750 by your insurance carrier.
What is the difference between deductible and premium?
The premium is what you pay for the policy. The deductible is what the insurance company will not pay for what is covered. For example you buy a car policy for collision. You pay the premium of $50. If you crash the car, the company will not pay any thing less than the deductible. If the deductible was $1000 and you sustained $1500 damage, the company would pay you $500. If the damage was less than the deductible, you get nothing.
Why is it important to no the difference between co-insurance and deductible?
A deductible is the initial amount that the insured must pay out of pocket before the insurer's obligation to pay anything is triggered. It might be best understood as the amount for which you have agreed to self-insure before seeking assistance from the insurer. For example, if you have a $1000 collision deductible on your auto insurance, and a collision results in repair costs of $650, you would not have met your deductible, and the collision insurer would not have an obligation to pay. In contrast, co-insurance is that percentage of a covered claim that you are obliged to pay. The context of health insurance probably provides the best example. A major medical policy may provide for a 20% copayment. This means that once any deductible is met, the insurer pays 80% of allowable charges, and the insured is responsible for the remaining 20%.
What term is defined as the amount you are responsible for paying to repair your car after the accident?
The term is "deductible". It is payable as to collision and comprehensive claims. The deductible is chosen by the insured when the insurance is initially purchased.
Is there a deductible on comprehensive coverage auto insurance?
Usually there is a deductible on comprehensive coverage auto insurance. The deductible can range in different amounts usually from 0 to $1000 or even higher if it is a very expense vehicle.
