What type of car insurance is needed for flood damage?
Auto insurance pays for flood damage repairs or pays you based on the full value of the vehicle. Comprehensive insurance also covers other types of risks such as property fall, hail, theft, robbery, vandalism, and collision with animals.
Remember that comprehensive claims are deductible, which is the amount taken from the insurance check. The deductible is listed on the declarations page of your auto insurance policy. You can change the amount. Generally, the higher the deductible, the lower the cost of car insurance.
If you have a large car loan, you may want to consider gap insurance. This covers the “gap” between the value of your car and the amount of debt or lease you still have.
If you have purchased a new car, you may be able to add new car replacement coverage, depending on the insurance company. A new car trade-in pays for a new car of the same make and model (fewer deductibles) rather than the depreciated value of the car.