Physical Damage Covers Stock Vehicle
When consumers purchase their auto insurance policy they will be given many options of coverage to choose from.
When looking for protection for their vehicle, consumers should request comprehensive and collision coverage for their vehicle.
When comprehensive and collision coverage is selected on an auto insurance policy it will cover the fair market value of the vehicle scheduled on the policy in the event of a collision or comprehensive loss after the deductible is paid.
The most common deductible on auto insurance policies is $500 for comprehensive and collision losses.
The combination of this coverage is commonly referred to as physical damage protection.
Physical damage protection coverage is designed to protect the fair market value of the vehicle in the event of a loss.
The loss will be subject to the deductible stated on the policy at the time of the loss.
It is important for consumers to disclose additional modifications or special equipment to their insurance company or insurance agent.
Standard physical damage protection will cover the vehicle as it was when it was sold initially new and not take into consideration special equipment.
Many auto insurance companies will offer coverage for special equipment that can be added to the policy.
This is commonly requested for stereos and aftermarket wheels.
Without having these types of special equipment stated as additionally insured on the policy, there would be no coverage.
When auto insurance companies base their premium rates for physical damage protections there is no consideration taken into account for modifications.
Without requiring that special equipment be stated on a policy, the insurance companies would need to push the additional premiums needed to substantiate losses paid out to all policyholders evenly.
When looking for protection for their vehicle, consumers should request comprehensive and collision coverage for their vehicle.
When comprehensive and collision coverage is selected on an auto insurance policy it will cover the fair market value of the vehicle scheduled on the policy in the event of a collision or comprehensive loss after the deductible is paid.
The most common deductible on auto insurance policies is $500 for comprehensive and collision losses.
The combination of this coverage is commonly referred to as physical damage protection.
Physical damage protection coverage is designed to protect the fair market value of the vehicle in the event of a loss.
The loss will be subject to the deductible stated on the policy at the time of the loss.
It is important for consumers to disclose additional modifications or special equipment to their insurance company or insurance agent.
Standard physical damage protection will cover the vehicle as it was when it was sold initially new and not take into consideration special equipment.
Many auto insurance companies will offer coverage for special equipment that can be added to the policy.
This is commonly requested for stereos and aftermarket wheels.
Without having these types of special equipment stated as additionally insured on the policy, there would be no coverage.
When auto insurance companies base their premium rates for physical damage protections there is no consideration taken into account for modifications.
Without requiring that special equipment be stated on a policy, the insurance companies would need to push the additional premiums needed to substantiate losses paid out to all policyholders evenly.
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