Do I get to claim on financial loss on a brand new vehicle?
I brought my brand new car a month ago before an accident happened. I wasn't at fault, the other car collided on to me on the left side. I have comprehensive insurance, the damaged is not a written off, however, due to the car had an accident, obviously the value has been devalued significantly due to the collision. Even if its repaired, its still not the same, its not perfect anymore! What are my options?
There are a couple of things to think about here. First, although you have comprehensive coverage, this wouldn't apply to this situation because another vehicle caused the accident. Comprehensive applies to incidents like animal damage, theft, and vandalism. Another consideration is the depreciation factor. Cars depreciate the moment they're driven off the lot and continue to afterward. Moreover, because of the way car insurance policies are written, your payout and the value of your vehicle going forward will factor in its depreciation. That's simply how car insurance works. Check out our guide to filing claims to learn what to expect from the process.