I would be very surprised if our car was covered by a company that had a deductible and was offering us a free inspection. My business overhead insurance policy was $500 deductible, so I’m sure it covered my costs.
Well, it’s not like this policy has a 5-year/100,000-mile deductible, but it does have a $500,000 per accident limit. So if you have a car that is totaled on your property and you don’t have your policy, it is very likely that the company will not be able to help you.
In the case of a serious accident (not just a $100,000 car accident that left you with a broken arm or worse), the liability insurance company will pay for your medical expenses, the costs of the car repairs, and the damage to your vehicle. I just received a copy of my policy and see no deductible on it, but it has a $500,000 per accident limit.
So in a way, what you are saying is that if you are not in a car accident, you might be out of luck. The insurance companies are not going to allow you to be without insurance. If you are in a car accident, you get the coverage.
It sounds like that is a good policy. I’m sure it’s very beneficial to have insurance just in case of an accident. There are a few questions to consider: what happens if you do not have insurance? What happens if you lose your car? What if your car is stolen? These are all things that do happen. If you don’t have insurance, you will not be able to get any of the covered services.
A little research shows that many insurance companies do not cover car insurance. This was the original reason the company was so expensive when it was introduced. What if you go to a car accident and go to the insurance company? They will not let you get an policy for the accident.
Even if you do get a policy, car insurance companies do NOT pay for the actual repairs. They pay only for the deductible. That is the amount of money that you pay to repair a car that they have insured. So if your car is not worth the deductible and you go to the insurance company to claim your car is worth the deductible, the company will just tell you to take it to the garage and do the work yourself.
Business insurance is different. The business overhead coverage is the amount of money that you pay to repair your car. For example, with my car, if I repair it, I pay the deductible, and then I pay the business overhead.
Basically, it’s like your car is only worth the deductible because the insurance company is willing to cover the deductible. This is actually a fairly common situation and the reason you don’t hear about it enough.
The business overhead insurance is actually more like a tax-deductible option. If you pay up you get a deduction for the rest of your wages and/or if you pay up your taxes you get a tax-deductible rate of 10%. If you have to deduct less than 10%, you get a tax-deductible rate of 12%.