Nevada Insurance Enrollment Answers - What Is Betterment in Auto Insurance?
LAS VEGAS - nvtip -- After an accident, it's the auto insurance company's job to pay for any repairs that are necessary for getting your vehicle back to pre-accident condition. But what happens if, say, an old tire with little remaining tread is damaged during an accident?
For safety reasons, your auto insurance company cannot put a used tire on your car; instead, they would pay for a new tire to be put on your vehicle. Now your vehicle isn't in pre-accident condition; it's in better condition than it was and has a higher market value than it did prior to the accident. See the problem?
Because the insurance company is paying to improve the condition of your vehicle – a service that goes beyond what the monthly premium covers – you will likely be required to pay for betterment. For example, if your damaged tire had 40 percent of tread remaining, then the insurance company may only pay 40 percent of the cost of a new tire, and you would pay the remaining 60 percent. This is the case whether or not you are the at-fault party in the accident, meaning that even if you're not the one responsible for the accident, you may still be required to pay for betterment on certain parts, such as your transmission, engine block, or any other part that improves the condition or resale value of your vehicle.
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Read the full article: https://www.nevadainsuranceenrollment.com/what-is-betterment-auto-insurance/
Learn more: https://www.nevadainsuranceenrollment.com/auto-insurance-las-vegas-nevada/
Nevada Insurance Enrollment
4260 W. Craig Road suite #150-A
North Las Vegas, NV 89032
(702) 898-0554
Website: NevadaInsuranceEnrollment.com
For safety reasons, your auto insurance company cannot put a used tire on your car; instead, they would pay for a new tire to be put on your vehicle. Now your vehicle isn't in pre-accident condition; it's in better condition than it was and has a higher market value than it did prior to the accident. See the problem?
Because the insurance company is paying to improve the condition of your vehicle – a service that goes beyond what the monthly premium covers – you will likely be required to pay for betterment. For example, if your damaged tire had 40 percent of tread remaining, then the insurance company may only pay 40 percent of the cost of a new tire, and you would pay the remaining 60 percent. This is the case whether or not you are the at-fault party in the accident, meaning that even if you're not the one responsible for the accident, you may still be required to pay for betterment on certain parts, such as your transmission, engine block, or any other part that improves the condition or resale value of your vehicle.
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Read the full article: https://www.nevadainsuranceenrollment.com/what-is-betterment-auto-insurance/
Learn more: https://www.nevadainsuranceenrollment.com/auto-insurance-las-vegas-nevada/
Nevada Insurance Enrollment
4260 W. Craig Road suite #150-A
North Las Vegas, NV 89032
(702) 898-0554
Website: NevadaInsuranceEnrollment.com
Source: Nevada Insurance Enrollment
Filed Under: Insurance, Auto Insurance
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