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sum insured per policy
A vehicle insured with $5,000. An accident happened and the cost of repairing is $4300 (after excess). Therefore, is the policy become void after the accident due to repair cost already reached the sum insured of the policy? pls advise.
Asked on June 23, 2009 under Accident Law
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I doubt that this voids the policy, especially if you haven't gotten a notice from the insurance company saying so. It may be that the $5,000 limit is for each claim, not for the lifetime of the policy.
Auto insurance rules differ quite a bit from one state to the next, and it's impossible to give you a solid answer without seeing your insurance policy. For advice you can rely on, you need to take the policy, and any other paperwork, to an attorney in your area who can review all the facts. One place to find a lawyer is our website, http://attorneypages.com
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