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Term life insurance policies will often have terms of one year to 30 years. Typically, the monthly premium (monthly payment) stays the same throughout the term of the policy. Whole life insurance provides coverage your whole life and it includes something called “cash value”. Think of it like a mini savings account attached to the policy.
Statistically speaking, young drivers are the riskiest group on the road. Studies have shown that they’re more likely to exhibit dangerous behavior like speeding or texting while behind the wheel.
Even if it’s been determined that you definitely are not responsible for the accident, you can file a claim under your own comprehensive coverage and pay your deductible. Then, because it’s the financial responsibility of the at-fault driver and their insurer to get you back to pre-accident condition, your insurance company would use subrogation to file a claim with the other insurance company. This will allow them to get back any money paid out for repairs, including your deductible.
After an accident, it’s an insurance company’s job to pay for any repairs necessary for getting your vehicle back to pre-accident condition. But what happens if an old tire is damaged during an accident? For safety reasons, your auto insurance company would pay for a new tire to be put on your vehicle.
With auto insurance, the answer to that question is Yes…and also No. Unfortunately, the question doesn’t have a straightforward answer. Generally speaking, the auto insurance follows the automobile, meaning that if you drive and wreck your friend’s car, they will file with their own auto insurance rather than yours.
Nevada’s minimum liability is 25/50/20, but what do those numbers mean? This insurance covers the other person you are responsible for when YOU hit THEM. When YOU are “at fault”.
The difference between replacement cost and actual cash value lies in deduction for depreciation, or how the passage of time, plus wear and tear, has reduced the value of an asset.
Liability Insurance helps cover the costs of any bodily injuries or property damage that results from a collision that you caused. This type of auto insurance covers the damages done to the driver that you hit; it does not cover any repairs to your own vehicle, nor can it be used for your own medical bills.
Comprehensive coverage is insurance that protects your car from damage that doesn’t happen as the result of a collision.
What is Collision Auto Insurance? It’s for YOUR car. If you are in a car accident and your car is damaged or destroyed, collision insurance will cover the cost of repairing or replacing it. This type of auto insurance coverage is used when your car hits another car, or stationary object like a tree.