In keeping with the theme of my previous blog, I think it is important that everyone has a better understanding of their vehicle insurance policy basics. Please understand that I am not offering Legal advice nor am I a Licensed insurance agent or broker. All comments are based on 20 plus years experience in the collision repair industry as a shop owner/manager and a NYS licensed Independent Adjuster for auto damage and theft appraisals. For specific matters, contact your insurance company agent.
              With this in mind, I strongly recommend you review your policy every year to be sure you have the coverage you need to protect your property and yourself. It is required by NYS Law that all registered motor vehicles be insured. The least of which you need is Liability / Property damage coverage. This insures that if you have an accident and your vehicle causes damage to someone else's property, they will be compensated for the damage your vehicle caused. Along with this policy, there are certain other types of coverages mandated by law. Your agent or broker can properly explain those to you.
              Policies written for " liability only " do not cover damages to your own vehicle. To insure against damage to your own vehicle, no matter who is at fault you need to have " collision " coverage. This covers damage to your vehicle caused by any peril, unless specifically excluded in your policy. Should you have a vehicle with a loan or any type of financing, you are required by NYS law to have collision coverage in force for the entire term of the financing. After loan has been paid off, you can elect to drop the collision coverage. However, from my experience, if you can afford to continue paying for the collision coverage I strongly advise it. We have had customers over the years who have dropped the coverage after the loan ended only to lose there vehicle because it was hit by an uninsured driver and totaled and receive no compensation.
              Another type of vehicle coverage available is " Comprehensive "coverage. This is one coverage that I can't recommend  strongly enough !! Anyone who lives in our area and has a vehicle should have  comprehensive coverage . Especially if you choose not to have " Collision " coverage. Comprehensive covers many types of losses that happen where we live. Mainly, animal impacts ! We live in an area with a large population of deer and black bear. Hitting one of these animals causes extensive damage to todays vehicles. Comprehensive also covers loss or damage due to fire, theft and falling objects. If your vehicle catches on fire, if it is vandalized, stolen or something falls on it and damages or totals it you're covered. In most cases, comprehensive policies also include " Full Glass " coverage to replace any glass broken on your vehicle. Check with your agent for specifics. Be advised, "Comprehensive" does not pay for damage caused to your vehicle by an accident with another vehicle ! However, if you are a careful driver, you have a greater chance of having damage caused by one of the other cases I mentioned. The average driver experiences a loss of some kind once every 5 to 7 years.
              A very important part of any vehicle insurance coverage is the "deductible". The "deductible" is a dollar amount that your insurance company DEDUCTS from your loss settlement. I like to explain this to my customers in an easier way. The deductible means that you are "self insured" for a specific dollar amount set forth in your policy before the insurance company pays. This deductible amount should always be discussed with your insurance company so you understand its impacts. We have seen deductible amounts start at $50.00 and go as high as $2500.00. Typically we see deductibles of $250.00, $500.00 and $1000.00. Vehicle deductibles are "per incident" Unlike health insurance deductibles where they accrue to a certain dollar amount after which the insurance company pays everything for a specific period of time.
               So some may better understand, let me state this example. You have had an accident and have a repair estimate of $1500.00. If you have a policy with a $500.00 deductible, your insurance company will pay $1000.00 of the repair and you must pay $500.00.
                I seem to have rambled on quite a bit about this topic, but I feel it is very misunderstood by most drivers. We would like to hear any comments or questions you wish to share ! Feel free to post your comments here, on our website, or give us a call.