If you are in an accident or your home is damaged, the insurance company will pay out “damages.” There are two main types of damages: consequential and incidental. This article will explore the definition of these two terms and give some examples. Knowing the difference between consequential and incidental damages can help you better understand your policy and receive all the compensation you deserve. So let’s get started!
What Are Consequential Damages?
Consequential damages are those that result from a direct loss. For example, if your home is destroyed in a fire, the consequential damages would be the cost of rebuilding your home. If you are in a car accident and your car is totaled, the consequential damages would be the cost of a new car. In short, consequential damages would not have occurred without the direct loss.
What Are Incidental Damages?
Incidental damages are not directly caused by the direct loss but occur nonetheless. For example, if you are in a car accident and miss work because you are injured, the lost wages would be considered incidental damage.
How do Truckers Benefit from Incidental and Consequential Damages?
You might not be familiar with consequential and incidental damages, but it is crucial to understand what they mean if you are a trucker. Truckers are often on the road for long periods, leading to significant wear and tear on their vehicles. If they’re in an accident, they may incur damages not covered by their insurance policy. However, if they have incidental and consequential damages coverage, they can recoup some of the costs associated with the accident.
How Can Senior Citizens Benefit from Incidental and Consequential Damage?
Senior citizens can also avail the benefits of incidental and consequential damage. First, if they’re involved in an accident, they’ll recover some of the costs associated with the repairs to their vehicle. Additionally, if a senior citizen suffers injuries due to the accident, they’ll receive compensation for their medical bills. Finally, the senior citizen can also recoup those costs if the accident results in any property damage.
How Do You Sign Up for Consequential Insurance Damages?
Having an insurance policy that covers consequential and incidental damages can be a lifesaver – literally. If you’re ever in an accident, you’ll be glad you have it. But how do you go about getting such a policy?
The best way to find out is to speak with your insurance agent. An insurance agent will tell you the coverage available and help you find a good policy.
In most cases, insurers will seek to avoid paying out for both types of damages. However, with a knowledgeable insurance company by your side – like Family First Life – Strong Tower & Hammer Lane Consultants – you can be sure to receive the best coverage possible for all eventualities. Give us a call today, and let us help you get safe and secure investments in Fort Worth.