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Finding Enough Insurance Coverage

When it comes to making sure that your home and family are safe and sound, few things are as important as choosing the right insurance plan. About six months ago, my home burned to the ground, and without the right insurance plan, we would have been toast financially. Fortunately, because we had prepared properly, we didn't have any problems when it came to making sure that we could rebuild our place. This website is here to help anyone who might be struggling with which insurance policy to choose. Check out this blog for great information on finding the perfect policy.


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Finding Enough Insurance Coverage

Auto Insurance: What's Covered May Surprise You

by Jason Prescott

Auto insurance coverage isn't always clear. In some cases, you may not have the coverage options you think you have, but in other cases, you may be covered for situations of which you are unaware. By reading your auto insurance policy, you may be surprised to find that you are covered for more things than you think.

Accident Coverage for Pets

If your pet is injured in a motor vehicle accident while riding in the car with you, your auto insurance may reimburse you up to a certain amount for veterinarian bills. While the availability of this type of coverage depends on the state in which you live, not all insurance companies offer coverage for pet injuries. If your insurer considers your injured pet personal property, but the accident was the fault of another driver, you can file a claim against that driver's property damage liability coverage to get reimbursed for veterinary bills.

Diminished Value Compensation

If you are involved in an auto accident, the resale value of your vehicle will be less – even after it has been repaired. While your auto insurance company will pay you for the damages your vehicle sustained, it won't automatically compensate you for your vehicle's diminished value.

To get reimbursed for diminished value, you must file a separate claim in addition to the accident claim. But since insurers often don't pay first-party claims, usually, the insurance company for the person who caused the accident offers diminished value payment to the other driver involved. Even so, you must prove that your vehicle has decreased in value because of the accident.

You can prove diminished value by asking an auto dealer for a letter stating that your vehicle is worth less because it was damaged in an accident. It doesn't matter that it was repaired. You can also research the current sale prices for vehicles like your vehicle that don't have an accident history. Receipts showing that aftermarket parts were used to make the repairs are another consideration when evaluating diminished value claims.

Tax and Registration Fee Reimbursement

If your auto insurance company declares your vehicle a total loss following an auto accident, the company may reimburse you the cost of the taxes and registration fees you pay on a new vehicle you purchase. In cases where the accident was caused by another driver and his or her insurance company is reimbursing you for damages to your vehicle, that insurer may not be required to pay you for the cost of registration fees and sales tax. If you are reimbursed for sales tax, the amount is based on how much your previous vehicle was worth before the accident rather than on the value of the new vehicle you purchase.