What are insurance coverage types related to property (vehicle and others) and property destruction?


Vehicle insurance coverage exists for a wide array of needs, and for humans and property alike. There are numerous categories and types offering services and policies related to property destruction and the like. By “property”, we mean your vehicle, personal property that may happen to be in the vehicle in case of accidents, natural calamities or theft, other party’s or parties’ vehicles in case of accident (mobile or otherwise), and public or private property, such as buildings or lampposts.

One is the Roadside Assistance coverage, or simply known as Towing and Labor coverage. This basically covers not only accident-related situations, but also applies for mechanical failures such as overheating, tire flats, or gas outage of your vehicle. Policies and companies differ in their terms and conditions regarding this, so be sure to check on your company agent regarding this.

Should the car you rented break down, or if you meet an accident thereby forbidding you to drive it, you can bank on the Rental Car Reimbursement (RREIM) coverage to cover auto repairs and the like.

The Personal Property Insurance, meanwhile, covers damages you might inflict on another person’s vehicle while that vehicle is parked, or other immobile private and public property you might cause damage to, such as fences, gates, trash bins, buildings, etc.

Most property coverage does not cover damages to personal property contained in the vehicle in case of natural disasters or whatnots. The Custom Parts and Equipment coverage, however, covers damages to mechanical parts and equipment your vehicle is permanently equipped with. However, the Custom Parts and Equipment coverage only covers expenses of those equipment which have only been installed other than what your vehicles is originally equipped with. Examples of these are customized paint, customized wheels and dashboards, performance-related equipment, stereos, televisions, radios / radio antennae or transmitters, other special equipment such as bed liners and trailer hitches—basically, any other equipment not installed by the dealer.

There are some cases when you sustain vehicular and property damages or a bodily injury caused by another driver, but the driver at fault does not have any insurance whatsoever. In such cases, the Uninsured Property Damage (UMPD) coverage puts you at rest and protects you from financial harm. Why this is so is because the UMPD covers the expenses supposed to be covered by the insurance-less driver at fault. The amount to be covered by the UMPD is limited to a certain amount only, however.