Can My Kentucky Auto Insurance Policy Weather Upcoming Storms?
Stormy weather can sometimes seem like a vehicle owner's worst enemy, especially if they haven't purchased the right kind of auto insurance. Unless motorists have invested in comprehensive coverage, they're likely to end up paying for any repairs for weather-related damages themselves. That's because the comprehensive portion of a policy is the only one that covers damages from tornadoes, flooding, hail, falling objects, and other common weather-related events. But this form of protection isn't required by law, so some motorists may unknowingly be uncovered for storm damages.
According to the National Flood Insurance Program, Kentucky's moderate climate and close proximity to the Atlantic Ocean make it prone to heavy rain fall, tropical storms, and hurricanes.
The weather in KY can be so intense that in 2001 the state was declared a federal disaster area because of flash flooding, and insurers were forced to pay more than $1.2 million in claims. This kind of weather is especially common in the summer months, meaning residents need to review their Kentucky auto insurance policies before it's too late.
Hail can also cause widespread damage in the state. According to an Associated Press report, one April 2012 storm caused an estimated $175 million in insured losses to homes and cars there "when balls of ice as large as baseballs battered cars and homes and knocked out power to thousands." One insurer alone said that it saw about $12 million in auto claims from the single storm.
According to data from the Highway Loss Data Institute (HLDI), in 2011 Kentucky drivers saw an average of 4.4 hail-damage claims per 1,000 vehicles. The HLDI said the average hail-damage claim size there was about $3,449 during that period.
Comprehensive Coverage for Weathering a KY Storm
Comprehensive coverage is designed to cover damages to a car that are the result of events other than a crash. If included on an insurance policy, it will cover the car's repairs up the the actual cash value of the vehicle after the deductible has been paid.
According to the National Association of Insurance Commissioners, the average premium for comprehensive coverage in Kentucky was about $120 a year in 2009. However, the actual price of a policy can vary widely depending on the area the policyholder lives in, the type of car to be insured, the size of the deductible, and the insurer issuing the policy.
Plan a Car Insurance Checkup
It is essential for motorists to realize that hurricanes and tropical storms hit Kentucky virtually every year. Buying a policy and then ignoring it for several years could have financial consequences. To be better prepared for any natural disaster that hits the Bluegrass State, residents are urged to periodically review their policy long before summer months bring destructive weather.