What is a COMPREHENSIVE DEDUCTION under Coverages and Limits in Auto Insurance?

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What is a COMPREHENSIVE DEDUCTION under Coverages
and Limits in Auto Insurance?

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Introduction

• Comprehensive coverage in an motor insurance
  policy is also referred to as OTC(other than
  collision) coverage. It protect almost all other
  physical damage that can occur to a vehicle other
  than collision. This coverage is the most upper
  kind of protection you can provide your car with.
  Collision means the damage suffered by the
  vehicle when the vehicle is in motion. This
  damage may be happen by an object or other
  vehicle in a road accident. It ignore the fact
  that who is at fault in the accident that damages
  the insured vehicle the owner of the insured
  vehicle can make a claim under collision coverage.

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Comprehensive coverage deductibles mean?

• A car insurance deductible is an amount that you
  have to pay for repairs or other damages before
  your insurance policy kicks in. The comprehensive
  deductible is a bit different from the collision
  deductible. In nearly any comprehensive coverage
  claim, the insured is responsible for the
  deductible. A comprehensive claim is normally
  filed for loss from vandalism, theft, fire, or
  any other source that is not a collision. All
  drivers sometimes feel that they should not pay a
  deductible in a situation where they were not in
  any way responsible for the damage to the car, as
  is often the case in comprehensive claims. The
  use of the deductible system is one of the
  methods by which car insurance companies keep the
  rates of insurance premiums lower for everyone.

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How to choose your comprehensive coverage
deductible?

• It is mandatory to consider when choosing a
  comprehensive coverage deductible is that an
  individual must think about how much he/she has
  to prepare to pay if the claim is required after
  an incident. It means an insured has to find the
  right balance between what fits the budget for
  insurance and what he/she can reasonably expect
  to be able to pay in the case of a comprehensive
  claim. It should always be keep in mind that if
  you choose a higher deductible in the account for
  lower premiums and dont have a claim for many
  years, the money you saved over that years can
  put you ahead of the game.

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Comprehensive insurance coverage limits

• Comprehensive coverage is same to most insurance
  policies, subject to limits. The coverage limit
  is the maximum amount that an insurance policy
  pays for a covered claim. The limit on
  comprehensive coverage is normally the actual
  cash value of the vehicle(original value of the
  vehicle minus depreciation). Lets take an
  example Suppose, your car is stolen. Your motor
  insurance company would reimburse you for your
  cars depreciated value, minus the deductible
  that you selected at the time of purchasing the
  insurance policy. It means, if you want to
  replace your stolen vehicle with a newer one, you
  would likely have to use some of your own money
  to do so, in including to using the reimbursement
  from your insurance company.

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