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For example, you may see $25,000/$50,000 listed under bodily injury on your auto policy. This means you have $25,000 of bodily injury coverage per person, with a maximum of $50,000 per accident ...
Learn how new car replacement ... This add-on generally costs about 5 percent of the amount of your total coverage, so if your policy costs $1,000 a year, the new car coverage portion may add ...
The term "total loss" can refer to any of these risks, but commonly involves a loss of the hull or cargo. Total losses may be actual total loss or constructive. [11] If the policy is a "valued" policy (so that the ship or cargo has an "agreed value" rather than a "market value"), then, in the absence of fraud, the agreed value is conclusive ...
For example, a vehicle can be insured against theft, fire damage, or crash damage independently. If a vehicle is declared a total loss and the vehicle's market value is less than the amount that is still owed to the bank that is financing the vehicle, GAP insurance may cover the difference. Not all auto insurance policies include GAP insurance.
In North America, a salvage title is a form of vehicle title branding, which notes that the vehicle has been damaged and/or deemed a total loss by an insurance company that paid a claim on it. The criteria for determining when a salvage title is issued differ considerably by each state, province or territory.
In a typical total loss settlement, you are paid for the value of the vehicle, which means the car becomes the legal property of the insurance company. But in some cases, it could take very little ...
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