Property Damage: Is it important?

Florida requires a minimum level of property damage coverage, which indemnifies only the damage you may have caused to another’s property or vehicle. The minimum level of property damages coverage does not cover your vehicle if you are involved in a motor vehicle accident.  In order to cover your own vehicle, your will need to elect collision coverage on your auto insurance policy, which covers your vehicle if you are involved in a motor vehicle accident, hit a stationary object or a phantom (hit and run) driver hits your vehicle.  Collision coverage does not cover your vehicle for incidents beyond a motor vehicle related accident.  Comprehensive coverage is necessary to cover theft, acts of god, vandalism, falling objects, flood, fire, animals, or natural disasters.  Comprehensive coverage is commonly required by auto dealers/lenders and also vehicle leases.  An experienced property damage attorney can help if your property has been damaged.

Every accident is different.   In some accidents, cars receive minimal damages.  In others, the vehicle may be deemed a total loss.  So, what do you do?What part of your insurance policy covers property damage?

Property damage claims are usually resolved in a matter of weeks.  In some cases, your insurance carrier will handle the property damage claim and seek subrogation from the at fault party at a later date.  In other cases, the at fault party’s insurance carrier will pay for your property damage claim without your insurance company becoming involved.  It is even possible for the at fault party’s insurance to pay for a portion of the property damages up and until the available coverage exhausts and then your insurance carrier will pick up the remaining portion of the property damages.  

Let’s take a look:

Property damage liability coverage applies when you cause damage to someone else’s property. For instance, let’s imagine you rear-end the car in front of you, or accidentally hit your neighbor’s mailbox while backing out of the driveway.  In both instances you are responsible for compensating that other party for their property damage. This is where your required property damage coverage kicks in.  It will cover the cost of repairing the damage that you have caused.  If you have collision coverage, you also have coverage available to pay for your own vehicle.  

Property Damage Myths:

If you or someone you love has a property damage claim in conjunction with a personal injury claim, feel free to  contact us at Quattrochi &Torres, P.A. where Justice Is Our Priority!