Exam 2 - PAP Physical Damage Flashcards
What are two types of car physical damage?
Comprehensive and Collision
This endorsement gives money to the insured for transportation expense because the own or nonowned car is lost.
Transportation expense
Physical damages to your car that are covered are…
Collision, comprehensive, covered cars
Physical damages to your car that do not count for coverage are…
Wear/tear, freeze, breakdown car, GPS, camper, customizations to car
What exception is there to the GPS exclusion?
GPS is only covered IF it is permanently installed in the car
What is the policy limit that will cover your car damages?
Pay for the ACV (amt - dep) OR replace car with a new one
When is total loss payment negotiated?
When the cost to fix car damage = 75
% or more of ACV
Why do companies offer replacement cost?
They offer this when covering car damages
What coverage is a decrease in car value is covered?
Liability claim
What coverage is a decrease in car value is not covered?
Physical damage
What endorsement will protect you from financial loss in case your leased or financed car is totaled?
Lease Gap
Is car damage that happened outside of USA territory covered?
No
What three territories are car damages covered?
US, Canada, Puerto Rico
