Monthly Archives: May 2014

Does a car insurance policy’s deductible apply to a broken windshield repair?

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Making a claim on your car insurance policy for a broken windshield may or may not be a good idea. Depending on your insurance company and the policy that you purchased, your deductible may or may not apply to the situation.

Usual Claims

In most cases, insurers will not require that you pay the deductible for a windshield replacement because the cost of the claim is usually limited. Even though the expense is not usually very high, it can add to your premiums if you have a high deductible on your plan.

While many insurers may not apply the deductible to the replacement windshield if it has been broken by a covered situation, every policy has different details and rules. If your plan does not cover the situation or your deductible applies to every claim, then you may need to pay the deductible for the repairs.

When to Make a Claim

As a general rule, it is best to make a claim on your policy when the amount that you are required to pay is less than the cost of the windshield repairs. Even if you do not need to pay a deductible, keep in mind that every claim can have an impact on your auto premiums. Even a small claim for a broken windshield may impact your plan and can result in a higher monthly rate.

It is usually best to make a claim if the cost of the repair exceeds the amount that you can easily pay.

Car insurance can handle a variety of different situations and it is designed to protect your assets, but it is also possible that sometimes it is not necessary to make a claim. Contact us to talk to an agent to learn more.

Does home insurance cover jewelry and fine art?

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Basic home insurance policies will provide coverage for these items, but there is a limit to the amount that the policy will cover. If the cost to replace the items falls within this limit, a basic homeowner’s insurance policy will provide enough protection. However, if the items cost more than the insurance policy covers, it may be best to purchase a specialized insurance policy.

Many insurance companies have specialized policies that will provide adequate coverage for any jewelry or fine art that is kept in the home. There are a few things that must be done in order to receive this type of coverage from an insurance company.

Homeowners will be required to provide documentation of the items that need to be insured. This documentation will include the value of the item, when it was purchased, and a description of the item. In some cases, a photo of the item will need to be provided to the insurance company.

This type of documentation is required so the insurance company can establish what items it is insuring and how much they cost before an incident occurs. This type of information will make it easier for the company to pay out claims should the items be damaged or stolen.

Specialized insurance policies are necessary if the items that need to be covered are extremely valuable and the amount of the original homeowner’s insurance policy does not cover the cost to repair/replace the items. Items that should be considered for specialized insurance include artwork, expensive clothing/accessories, jewelry, and electronics.

Don’t be caught in a situation where your valuable items are not covered under your homeowner’s insurance policy. Work closely with one of our independent insurance agents to explore and compare homeowner’s insurance policies and specialized insurance policies from various companies to see which one is right for you.

Does my homeowners policy have any limits of coverage?

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All homeowner’s policies have limitations on both the amount of coverage and the events that are covered. The limits of coverage for your home in Dunmore, PA depend on the company that issues your policy and the amount of insurance you choose. While all policies are different, this should give you an idea of what to look at in your current protection.

Monetary Limitations

Your policy will have a limit in place for how much money would be paid if your home were completely destroyed. Policy options include a Guaranteed Replacement cost feature or a Inflation Guard endorsement. These choices ensure that your home will be replaced even if building costs rise dramatically.

You personnel property coverage is normally limited to a percentage of your total property value. Usually, this is about 50 percent. Certain high-value items like jewelry or art collections have separate limits. You can choose additional coverage if necessary. You will also need to choose among Cash Value and Replacement Cost.

Many policies provide for additional living expenses if your home is unlivable due to a covered event. The total amount that you can receive is subject to limitations. Your policy may include liability and medical payments to others injured on your property; this will have a set limit. You can increase your protection by adding an umbrella policy.

Coverage Limitations

Regular home insurance policies do not cover damage from earthquakes or floods. If you are in a flood or earthquake prone area, this type of extra insurance is highly recommended. Some policies may have limits of coverage for hail or wind damage. Review your policy carefully to determine what may be excluded.

We will be happy to go over your policy with you to make sure you have the amount of protection you need. You can also use our site to compare quotes from numerous companies online to make sure you are getting the most for your insurance dollar.

The accident wasn’t my fault. Shouldn’t the other driver pay my deductible?

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You have a choice when you buy an auto insurance policy in Dunmore, PA. Pennsylvania car insurance law gives you a choice of buying either a non-fault policy or a traditional policy based on tort law. A no-fault policy usually means that, regardless of fault, your coverage pays for your injuries or property damage and the other driver’s insurance pays for their injuries or property damage. Under tort law or a traditional policy, the driver who is found to be at fault for the accident is legally responsible for the loss.

What happens in the real world is often not as clear as you would think. If you get into an accident, that is the other driver’s fault, you may have to pay your deductible if you want your car repaired in a timely manner. You may get some or all your deductible back at a future date.

When your insurance company pays a claim that was due to the other driver’s negligence, they have the option to try to recover the amount that they paid out on your claim. They also will ask for compensation for the amount you had to pay out of your pocket. This process is called subrogation and insurers exercise their rights often, particularly on large claims.

If your car insurance company is able to collect the full amount they had to payout on your claim, you will be reimbursed for the amount you had to pay before your insurance kicked-in. If subrogation only results in a partial reimbursement of the payout on your claim, you may only receive a pro-rated amount of your financial outlay to cover your loss.

Deductibles apply on your collision coverage and, if you can, you want to avoid paying them when you are not the at-fault driver. It may take some time to be made whole, but with the help of your insurance company, and a little patience, you can recover your out-of-pocket expenses.