MANAGEMENT

Detailed explanation-1: -If your car is totaled and you only have liability insurance, you will have to pay to replace the vehicle yourself or file a claim with the other driver’s insurance company. Liability coverage alone does not protect your car in any way, just injuries and damage you may cause to others.

Detailed explanation-2: -Liability Coverage: The following benefits are offered by the liability insurance plan: Covers the repair/replacement cost of the damaged property (or third-party)

Detailed explanation-3: -Policy Limit It is defined as the maximum amount that an insurance company is liable to pay for the losses covered under the insurance policy. It is determined based on the period (policy term), loss or injury, and similar other factors. Typically, higher the policy limit, higher will be the premium payable.

Detailed explanation-4: -Call your insurance company immediately after the accident and inform them about the damage. Intimate the police about the incident and obtain an FIR. Record the details of the car, the driver, and the witnesses in the FIR. File a claim with your insurance company and ask them to assign a surveyor to evaluate the loss.