How does your insurance work in the event of a total loss?
How does your insurance work in the event of a total loss? No one is exempt from experiencing an accident, no matter how skilled they are at driving. When you find yourself in an unfortunate situation where your vehicle sustains such severe damage that it’s deemed a total loss, it’s crucial to understand how your insurance works to know the steps to take and what compensation to expect.
First and foremost, Florida law requires all drivers to have automobile insurance, including at least $10,000 in property damage coverage and $10,000 in personal injury protection. However, these coverages are insufficient to protect your vehicle against a total loss. It is also advisable to have collision coverage and comprehensive coverage.
When an accident occurs and you file a claim with your insurance, your company will assess the current market value of your car and compare this figure to the cost of repairs. If the repair cost equals or exceeds the vehicle’s worth, it will be declared a total loss. The insurer will offer you an amount based on the market value or the agreed-upon value in your policy minus your chosen deductible.
To support your claim, it’s essential to be prepared to provide documentation, such as the vehicle title and photographs. You can try understanding your policy and the specific terms to know what to expect after filing an insurance claim.
In summary, when you face a total loss situation in Florida, your automobile insurance will provide compensation subject to the terms of your policy and deductible. I want you to know that maintaining open communication with your Univista Insurance agent and understanding your rights and coverages is essential to ensure a fair resolution during this challenging time.
At Univista Insurance, you will find Florida’s most affordable auto insurance. How does your insurance work in the event of a total loss?