What Is Protected Under The Realm Of Property Damage Insurance?

There are two main types of protection provided by property damage coverage, with a deductible included. The two types are: 1. Collision coverage pays for physical damage to your car as the result of your auto colliding with an object, such as a tree or another car. This is relatively expensive coverage. Remember, this coverage is optional and not required by law. However, your lending institution or lessor may require collision insurance. If you have an older vehicle worth less than $2,000, there is little reason for you to purchase collision coverage, because you are likely to pay more money in premium than you would ever receive as a result of a claim. Auto insurance policies only require the company to cover your financial expenses, not to replace your vehicle. In the case of an accident involving an older car, the cost of repairing the car can quickly exceed the worth of the car. In that case insurers will "total" the car and pay you what the car was worth rather than fixing the car. 2. Comprehensive coverage pays for damage to your auto from almost all other causes, which includes fire, severe weather, vandalism, floods and theft. Comprehensive coverage will also cover broken glass, such as windshield damage. Comprehensive coverage is less expensive than collision coverage and many consumers choose to carry it. However, remember it is your choice; you are not required by law to carry comprehensive coverage.

Other Nevada Insurance FAQs

Q: What Is The Nevada Definition Of An Insurance Agent?
A: An agent is a natural person, partnership or corporation appointed by an insurer to solicit and negotiate insurance contracts on its behalf, regulated by the Nevada … More
Q: What Are The Necessary Requirements To Become An Agent?
A: The following qualifications must be met in order to become an agent in Nevada: 1. You must pay the licensing fee of $140.00 2. A resident producer must take and … More
Q: What Is An Agent?
A: An agent is a licensed representative of an insurance company who solicits, negotiates, or effects contracts of insurance and provides service to the policyholder for … More
Q: What Is A Broker?
A: A Broker is an individual, partnership or corporation who, for compensation, (not being a licensed agent for the company in which a policy of insurance is placed) acts … More
Q: What Is An Assignment?
A: An assignment is the signed authorization by the policyholder for the insurance company to pay benefits directly to the hospital, doctor, or other provider.
Q: What Is A Legal Service Representative?
A: A legal service representative is an individual appointed to represent a legal service insurance corporation that has been authorized by MDI to conduct a prepaid legal … More
Q: What Is A Beneficiary?
A: A beneficiary is the person designated or provided for by the policy terms to receive the proceeds upon the death of the insured.
Q: What Are Benefits?
A: Benefits are the dollar amount payable by the insurance company to the claimant, assignee, or beneficiary under any valid policy.
Q: What Are The Different Types Of Coverage On An Auto Insurance Policy In Nevada?
A: There are several different types of coverage. 1. Bodily Injury/ Property Damage Liability These coverages protect you if you injure someone else or damage … More
Q: Questions/Factors Insurers May Ask/Consider Before They Offer You A Policy:
A: 1. Driving Record On the application, you will be asked about your previous driving record. Insurers will ask about accidents and traffic violations for any … More