IN THE DETAILS: AUTO INSURANCE

It’s in the DETAILS: Auto insurance 

If you are like most people, then you want to protect your valuable assets against risk of loss or damage.  Your vehicle’s coverages should include comprehensive and collision if you hope to recover from your insurer for damage to your vehicle.  It’s true that if another driver is at fault, you may hope that their insurance company will do the right thing and cover the cost of your vehicle’s damage.  There is still the possibility that they will decide in their own favor that you were at fault, or they may say that you had some of the fault.  Yes, they may determine in their judgment that you were 25% at fault, which means they will pay three-quarters of your vehicle’s damages. 

If you have coverage for your vehicle in your policy, then you can ensure that you will get some money recovered for damage, after you pay the deductible amount.  Check your quote or policy or ask your agent to determine the deductible.  Be aware that as a vehicle ages, the cost of this coverage goes down because the limits for a total loss go lower.  Generally, auto insurers pay ACV (Actual Cash Value).  For a heavily damaged vehicle, the insurer’s adjuster will determine if it is cheaper to pay a total loss rather than to repair extensive damage.  The adjuster will offer you a pay-out amount in a total loss, which is usually determined by the street value of your vehicle.  When I use the term street value, this is not blue-book value.  It is the value that a similar vehicle in like-and-kind can be purchased in your geographical area.  Think hard about comprehensive and collision coverage, especially if you want money to help you recover from a vehicle damage situation.  At the Insurance Place of Orange Park, Pickering Agency, we will help you work through competitive quotes to arrive at the best decision for you.