Holding a Property damage liability coverage can save you millions on the event of an accident if you are held responsible for the accident and are liable to pay the cost of the damage, following are the key benefits of holding a Property damage liability coverage:
1. Covers the cost of damage to other vehicle:
Property damage liability insurance covers the cost of damage to a vehicle against which your vehicle was hit.
2. Covers the cost of damage to other Vehicles present at the accident site:
A Property damage liability insurance not only covers the cost of damage to one vehicle, it can also cover the cost of damages against multiple vehicles due to indirect collisions by your vehicle.
3. Covers the cost of damage to other’s property outside the vehicle:
A Property damage liability insurance covers the damage cost of any valuable accessory or other’s property due to the accident (like fence, Wall, Gates, Pillars)
4.Covers the cost of damage to government property:
A Property damage liability insurance also covers the cost of damage to government properties during the accident (like – Streetlights, Dividers, Footpaths)
5.Covers the cost of damage to static objects present inside the vehicle:
A Property damage liability insurance also covers the cost of damage to static objects (like mobile phone, dashboard camera, ) of other’s available at the accident site.
6. Protect from legal penalties and punishments as per State rules:
Various states has rules for maintaining different minimum Property damage liability coverage, if the driver is found holding a coverage below the pre-set limit, the legal procedure may be initiated against the person.
7. Flexibility of increasing the limits:
Property damage liability insurance can be increased or decreased based on individual’s requirement. The policy holder may instruct the insurance provider to set the limit that he/she wants.
8. Tax deduction on insurance:
You can also avail Property damage liability insurance tax deduction on the vehicles used for business purpose. However, in most states the tax benefits are not applicable for personal vehicles.
9. Low price model
The Property damage liability insurance is generally offered at reasonable prices for anyone to afford it easily and therefore a small investment towards this can provide a great financial protection.
10. Mental Satisfaction
Ultimately, mental satisfaction is what all we want isn’t it? Holding a right Property damage liability insurance provides you a mental satisfaction and a relief while you are driving.
All the advantages and benefits listed above makes it very clear that Property damage liability insurance is worth holding for all and it add lots more value to your investments.