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Auto insurance comprehensive coverage
Auto insurance comprehensive coverage covers the vehicle of the insured and other vehicles driven by the insured from losses caused by accidents. It provides coverage to the vehicle of the insured incase it is stolen, damaged by flood, fire or animal attacks etc It is better to choose a high deductible to keep the premiums low.
The coverage is provided according to the terms and conditions of the policy. This insurance is not mandatory. It is not required by any law. But lien holder will require it incase of a loan or a lease.
Deductible refers to the portion of a claim that a person is responsible for paying. So if the deductible is higher, it can reduce the cost of the insurance premiums. This will reduce the out of pocket expenses. Incase of leasing or financing a vehicle, this coverage is required by the finance company. This coverage is also required for new vehicles to cover the repairing cots and replacement costs.
More Glossary Terms Explained here
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