What is hull insurance?
When buying car insurance or other insurance, you will be faced with all kinds of (insurance) terms. Before you can take out insurance, it is important to know what these terms mean. With most insurance policies, you have a choice of coverage. What exactly is hull insurance and what is and isn't covered?
Comprehensive insurance is insurance for motor vehicles. This insurance pays for damage to your own vehicle caused, for example, by someone else. The damage can also be caused without anyone being at fault. This is the case, for example, during a storm due to a falling tree.
There are two different hull insurance policies, viz.
- Limited hull insurance
- Full hull insurance
Limited hull insurance
Limited hull insurance covers not only damage you do to others' vehicles, but also damages caused by:
- Storm, hail and lightning
- Fire and explosion
- Theft and attempted theft
- Collision with stray animals
- Window Break
Damages that you claim on the limited hull portion of the insurance will not be charged to the claim-free years.
Newsworthy
With full collision insurance, the new-for-old value is often an important component. When the car is stolen or declared total loss, you can be paid the new value and not the current market value if you have opted for this. The current market value is the value of the car at the time of the damage. Because of this, the current market value is most likely much lower than the new value. The period in which you are paid the new-for-old value varies from one insurer to another. The new-for-old value settlement is not an option for every car. Often the scheme does not apply to more expensive cars and sometimes the scheme is only valid if you are the first owner of the car. In addition, there are certain policies that calculate the value of the car based on fixed depreciation.
Comprehensive insurance. Also called All-Risk
Full hull insurance is also called all-risk insurance. Fully comprehensive insurance is the most expensive and comprehensive insurance you can choose. The full collision insurance covers everything that the limited collision coverage covers, as well as damages to your own car for which you are at fault.
Not only will you be reimbursed for damage to your car caused by others. You will also be reimbursed for damage to your own car when you are at fault in an accident, for example.
Not covered under this coverage is damage caused by wear and tear or an inherent defect in the car.
Until cars are about 6 years old, full body insurance is the most commonly chosen form of insurance. Yet it is difficult to link an age to this. For cars older than 6 years, all-risk insurance is also recommended. Cars nowadays easily last 15 years. As a result, a car that is 8 years old, for example, can still have a high daily value. It is best to make a well-founded choice of insurance by comparing. Determine the difference in premium between the limited hull insurance and the full hull insurance and make an informed choice.
Do you have questions regarding the different coverages for car insurance, for example? If so, please contact us. We'll be happy to help! We can be reached from Monday to Friday between 08:00 and 18:00 on telephone number 088-6883700.
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