If you are thinking of taking out insurance for your car and you are interested in being covered for your own damages, it is important that you know that the only option is to subscribe to an All Risk policy. Follow this guide and find out everything you need to know.
#1. What is self-injury coverage?
The coverage of own damages is that that is only presented in the All Risk policies and that covers the damages caused by the insured to his own vehicle.
It is important to mention that damage caused to the insured’s car by unidentified third parties is also taken into account.
#2. What does your own damage coverage guarantee?
When you take out Full Risk car insurance, your own damages will cover:
- Damages suffered by the vehicle and caused by the driver himself.
- Damage suffered by the vehicle and caused by a stranger.
- Damages suffered by the vehicle and caused by a lightning strike or hail.
- Damage suffered to the upholstery of the vehicle caused by helping victims of a traffic accident.
- Own damage coverage will also cover damage that is not covered by other coverage.
It is important to remember that own damages represent a material coverage, so in no case will it cover damages suffered by the driver or any other passenger.
#3. What exclusions does the coverage for own damages have?
If you believe that by having a Full Risk policy and, consequently, coverage for your own damages, you are protected from all accidents that may occur to your vehicle we advise you to carefully review the exclusions provided by this type of guarantee.
Among the damages that are not covered by their own damages are:
- Any type of damage or breakdown that has not been the product of an accident or loss.
- All consorciable damages, that is, those that are attributable to the Insurance Compensation Consortium. At this point, there are generally those that are considered extraordinary risks.
#4. What about the standard accessories in your own damage coverage?
Many people wonder what happens to standard accessories when they have an accident and are covered for their own damages.
We tell you that this type of car element is guaranteed by the policy, however, you must be careful because there may be exceptions.
For example, it is important that you pay attention to the tires. If these are standard, that is, if they are original, the insurance company will only cover them in case there are more damaged items.
If you only had a broken tire, the insurer will cover a percentage of its price.
In the case of accessories that are not standard, that is, those that are not original and that have been purchased to replace those of series, the company will not offer any type of coverage.
#5. How does the coverage for your own damages act in the event of a claim?
If you have Comprehensive Insurance and suffer an accident, the company can compensate for the damages in two ways:
- Indemnify the insured in a monetary way.
- Repair damage to the vehicle.
Generally, the insurer chooses to repair the damages, however, in large accidents and where the car has been declared as a total loss, the company may prefer compensation according to the fair or new value of the car.
Remember that there are also insurers that offer their insured the possibility to choose between monetary compensation or the replacement of the car in the case of the total loss of the vehicle.