Will Insurance Cover Flood Damage to Vehicles?
1 Answers
Flood damage to vehicles falls under natural disaster-related losses and can be claimed under the vehicle damage insurance. Below is relevant information about vehicle damage insurance: 1. Introduction: Vehicle damage insurance is a type of commercial auto insurance where the insurer compensates for damages to the insured vehicle caused by accidents during its use by the policyholder or an authorized driver, within reasonable limits. 2. Note: Vehicle damage insurance does not provide full compensation. Insurers set a deductible and list exclusion clauses in the policy terms based on specific circumstances. Currently, many insurers offer zero-deductible coverage, allowing policyholders to transfer the deductible amount they would bear in an accident to the insurance company, resulting in higher claim payouts for the vehicle owner.