Do I have to pay out of pocket if I have an accident after buying car insurance?
1 Answers
It depends on the specific situation. First, there is no such thing as full coverage in car insurance; purchasing the main insurance and a few additional coverages does not mean you have full coverage. Second, insurance is compensatory in nature, focusing on repairs rather than paying out as much as you want. There are situations where you may need to pay out of pocket, as detailed below: 1. Losses exceeding the coverage amount: Many types of car insurance have coverage limits. Except for certain coverages like collision insurance and theft insurance, which have fixed amounts based on the car's value, others such as third-party liability insurance and passenger liability insurance allow you to choose your own coverage amount. If the coverage amount you purchased is too low, resulting in the insurance payout not fully covering the losses in the event of an accident, the excess amount will definitely require the car owner to pay out of pocket. 2. Not purchasing the corresponding coverage: There are many types of car insurance, such as glass insurance and scratch insurance. If you have not purchased these types of coverage, you may not be able to claim under collision insurance for corresponding incidents. For example, if only the glass is broken and you do not have glass insurance, collision insurance will not cover the damage, leaving the car owner to pay out of pocket.
