VIAC

ViacomCBS Inc.

29.58
USD
-17.81%
29.58
USD
-17.81%
27.84 101.97
52 weeks
52 weeks

Mkt Cap 17.95B

Shares Out 606.71M

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4 Times Your Auto Insurance Won't Cover You

Car insurance can provide coverage for a policyholder's vehicle as well as for any damages the policyholder causes other motorists to experience. Depending on the types of car insurance a driver buys, it may pay for everything from a collision the driver causes to a tree falling on his car. But while it's possible to put protection in place for most types of losses, there are certain situations where car insurance generally won't provide coverage. Here are four of them. 1. Using your car for business purposes Auto insurers typically exclude coverage for commercial use of a personal vehicle unless a driver has purchased optional additional protections. As a result, if a motorist does not tell his or her auto insurance they are using their car for business purposes, they could be denied coverage for claims that arise. This can include people who use their car to deliver food or who work for a ride-sharing service. To avoid being denied insurance protection if damage occurs in a car used to provide professional services, always disclose to an insurer when and if a car will be used for business. After making this disclosure, motorists should add on whatever coverage they need so business use of a car becomes protected before they go on the road. 2. Normal vehicle wear and tear Car insurance can cover damage from accidents or other specified incidents such as vandalism, an encounter with an animal, a hail storm, or falling trees. Collision and comprehensive coverage provide these types of protections for a policyholder's own vehicle and drivers should read the fine print to see exactly what their insurance will and won't pay for. Car insurance does not cover normal wear and tear, though. If a motorist needs new tires because they become worn or because they drive over a nail, car insurance typically is not going to pay for any costs incurred as a result of these routine issues. Likewise, if brakes wear out or if the car's interior is damaged due to dirt, car insurance won't offer any help to the motorist in paying for fixes. 3. Intentional damage If a driver intentionally causes damage to his or her own car, an insurance company is not going to pay for this. For example, a driver who owes more on their car than it is worth and who sets it on fire isn't going to get their insurance to pay for their losses -- and they could find themselves facing a number of criminal charges for insurance fraud and other violations under these circumstances. 4. Unlawful acts Finally, insurance may exclude coverage for damages that occur during unlawful acts. If a policyholder is illegally racing his car, for example, the auto insurer is likely going to deny coverage for any damage that occurs to the driver's vehicle as a result of the drag race. Being denied coverage for serious damages to a vehicle can be financially devastating, so it is important drivers understand exactly what their auto insurance will and won't cover. This can reduce the chances of losses not being paid for, and can help motorists plan for covering the costs they're responsible for with regard to their own vehicle. Top credit card wipes out interest If you have credit card debt, transferring it to this top balance transfer card can allow you to pay 0% interest for a whopping 18 months! That's one reason our experts rate this card as a top pick to help get control of your debt. It'll allow you to pay 0% interest on both balance transfers and new purchases during the promotional period, and you'll pay no annual fee. Read our full review for free and apply in just two minutes. We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

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