What is Property Damage Liability Coverage?

Property damage liability coverage takes effect when your vehicle is involved in an accident and found at least partially at fault for causing damage to another person’s property.

Property damage liability coverage is the part of your insurance policy that pays for the costs associated with repairing or replacing another person’s property. This typically means damage to another individuals car, but it could apply to any other type of property you damage in an accident.

The claiming process begins when you file a property damage claim with the liable party’s insurance company. Unlike personal injury claims, which can take weeks or months, property damage claims are simpler to prove, and can be settled much faster.

How can deductibles affect your insurance claim? A deductible is the amount of the loss you must pay from your own pocket before your insurer will pay anything. For instance, assume that you backed into a building and your car repairs will cost $2,500. If your collision coverage has a $1,000 deductible, your insurer will only pay $1,500. You must pay the remaining $1,000 yourself. If your repairs will cost $700, your insurer will pay nothing because the repairs are less than the amount of your deductible.

A vehicle damage claim can normally be handled quite quickly. Your actions after the accident can help bring a prompt and fair settlement, and get you back in your car as soon as possible.

Your property damage liability limit is a dollar amount that represents the maximum amount of property damage your insurance policy will cover. Exactly what your liability insurance covers varies according to you policy and amount of coverage.

Do you want a FREE evaluation of your insurance coverage?  Obtain a copy of your current policy and call McGRATH GIBSON today for a free check-up on your insurance at 904- 358-3300.