What is comprehensive insurance coverage and why do you need it on your policy? Our team at 1st American Insurance Agency in Longmont, CO has put together a quick guide. Here are three things you need to know about comprehensive coverage.
#1: It Covers Theft and Vandalism of Your Vehicle
Theft or vandalism of your vehicle is usually covered under your comprehensive coverage. That means if your car is stolen and never recovered, you’ll receive the approximate value of the car minus your deductible. If it is found, any damage would be repaired subject to that deductible. But what if your car is just broken into or vandalized? That would be the same as a recovery—you would pay the repair shop your deductible directly and your policy would take care of the rest.
#2: Weather and Other Natural Incidents Are Usually Covered
Weather and natural events are typically covered under your comprehensive policy. Think things like fire, damage from a storm, or hitting a deer are all considered natural incidents and handled as part of a comprehensive claim? Of course, as you can probably guess, these are also subject to your deductible.
#3: It’s an Optional Coverage and You Select Your Deductible
It’s important to remember that the law doesn’t require you to carry comprehensive coverage. If you are still making payments on your car, your lender might require that you have it, but there is no specific law saying that you need to. Also, you select the deductible you carry, so be sure the amount is one that you could come up with right away if a surprise comprehensive claim occurs.
Ready to learn more? Contact our Longmont, CO team at 1st American Insurance Agency to schedule your no-obligation policy coverage appointment.