The Beginner’s Guide to Understanding Insurance Coverage
Comprehensive insurance doesn't always cost much more than liability insurance, but it does help protect you from more costly situations. It's important to understand the value of your vehicle and the likelihood that you'll have to file a claim before making a decision about whether comprehensive insurance is right for you.
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A policy's "Declaration
Page(s)" is the starting point for your coverage information. It lists the
policy number, coverage period, coverage types, limits, deductibles, premium,
and agent contact information all in one place. You can find this section in
the beginning of your policy packet or on your online policy documents.
Generally, your insurance company
will send you a list of any Endorsements or Riders that amend, add to, or
change the terms of your original policy. It's important to review these
documents, as they can often be confusing. Your insurance agent can help explain
any changes and make sure that the policy you have is the best one for your
needs.
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Rental Reimbursement
Rental reimbursement is usually
an add-on to your auto policy that will pay for the cost of a rental car while
your vehicle is being repaired after a covered accident. The amount of coverage
you receive (the "rental limit") is often based on the length of time
you'll need to rent a vehicle (a shorter period will result in a lower rental
limit) and how much your repair bill will be.
To add rental reimbursement to
your policy, you typically need to have both collision and comprehensive
coverage on your vehicle. Collision coverage pays for damage from an accident
you cause, and comprehensive insurance covers other kinds of damage to your
vehicle like theft, fire or natural disasters.
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If you're in an accident caused
by someone else, uninsured/underinsured motorist property damage liability
coverage may cover your rental costs if you added the optional coverage to your
policy. The amount of coverage you get varies by state, but it typically covers
at least part of your rental expenses up to the limits of the policy and the
other driver's insurance coverage.
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