When you are involved in an automobile accident, it may be hard to figure out what is an impaired asset and what is an asset. For some people, it is easy to think that an automobile is simply an automobile, and if they hit someone or something, it is not their fault. However, that is not always true.
First, there are the costs of repairing the vehicle. When you factor in the cost of repairs, you will quickly find that the cost can be far more than the actual value of the vehicle. In addition, you may not even know that the vehicle is worth repairing. It is important to know the true value of the automobile before investing in it.
Second, what is an impaired asset is determined by a judge or jury after considering what the facts of the case and testimony tell them. This is why it is important to retain a skilled attorney. Even though you are not sure what is an impaired asset, it is crucial to have legal counsel represent you and obtain the best results for your situation. In some states, insurance companies are required to prove the vehicle is not what is owed to them.
What is an impaired asset varies from state to state and is based on what caused the vehicle to be driven while it was not insured. States such as Arizona requires drivers to have uninsured motorist coverage. However, uninsured motorist coverage does not cover a vehicle in a crash. When this coverage is purchased, it only covers the policyholder, which would include you, and does not cover other drivers.
What is an impaired asset can also be what is an asset due to bad decisions or bad timing. The car that you were driving when the accident occurred may have been worth more, but because you were not insured it is not worth as much today as it would have been a few months ago. This example illustrates the importance of insurance to protect you against unexpected events and damage. It provides the protection needed when your life is in danger.
An example of what is an impaired asset may be the truck or van that you had to use to get to work. You were not able to drive it home, so you had to tow it using your vehicle. If you were to have been covered by a comprehensive insurance plan, they would have been responsible for paying for the cost of the towing as well as any repairs that were needed. However, you would have been fully protected.
Unfortunately, what is an impaired asset does not just refer to accidents. They also apply to situations where you have to use a vehicle that is not properly insured. For example, if you were buying groceries and the delivery person drops off the cart that did not have the right type of insurance coverage, they can become what is an impaired asset for you.
What is an impaired asset does not mean that you should not do anything about the situation. Insurance companies are not out to take advantage of people like you. They know that you can become injured or sick without their assistance. They also know that if you get a proper amount of coverage, you can ensure that you are protected against these types of circumstances. So, talk to an insurance agent today and see what types of plans are available to you.
There are many different types of assets that an insurer will consider when setting your rates. The most common is physical damage. This includes such things as windshield cracks or dents. Collision and comprehensive coverage are another type of impairment asset that can include damage to your car from collisions or severe weather.
If you own your own home, what is an impaired asset can include things like a defective appliance or roof. In the case of a physical injury, what is an impaired asset is something that you need to pay for on your own. For example, if you get hit by a tractor trailer and suffered injuries because of the operator of the trailer failing to pay attention, you could claim for personal injury protection.
No matter what is an impaired asset for you, talk to an experienced insurance agent today. Find out what is an impaired asset for you so that you can determine what coverage you need. Don’t wait until something happens to you so that you have time to think about what is an impairment. An insurance agent can give you advice and a solution to your problem.