What is Comprehensive (Comp) Coverage?
Comprehensive Coverage will cover damage to your vehicle in the event of fire, theft, vandalism, etc. There is usually a deductable associated with comp coverage, which you will have to pay out of pocket, and a limit which your insurance company will not exceed. There may be situations which your coverage will exclude; so be sure to read and review your policy.
What does Collision Coverage cover?
Collision will cover damage to your vehicle, should you collide with another vehicle or non-living object. With this coverage, as with Comp, there is usually a deductable, which you will have to pay out of pocket, and a limit which your insurance company will not exceed. There may be situations which your coverage will exclude; so be sure to read and review your policy.
What is Property Damage Liability Coverage?
This coverage is required by law (www.flhsmv.gov/ddl/vehicleinsurance.html). If the unthinkable happens, and you cause an accident (that is covered under your insurance policy), Property Damage Liability Coverage covers the damage to the possessions of others. Whether it is another vehicle, a mailbox, or a tree, this type of coverage option protects other people’s property. This type of coverage does not cover any injuries to people, which were caused by you. Make sure you have enough coverage! See an attorney for advice on the amount you should purchase.
Does my “Full Coverage” insurance policy have all of these types of coverages?
Your policy may, or may not, have all of these options, but don’t be afraid to ask your insurance agent about these coverage options. For more information about the misleading notion of “Full Coverage” see our other posts. Come meet us before you need us! Contact us for a free insurance review. Rooney & Rooney, P.A.