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Auto Insurance 101

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by

Kelsey Tempas

on 5 August 2015

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Transcript of Auto Insurance 101

Part 1:
Liability Coverage
Part II:
Medical Expense
Coverage
Part IV:
Car Damage Coverages
Part V:
Additional Coverage Options
Auto Insurance 101
You and relatives living in your household when driving any private passenger car
Sponsored by:
A relative is someone who lives in your household AND is related to you by blood, marriage or adoption (including a ward or foster child) AND who does not own their own car
Anyone driving your vehicle with your permission
Your auto insurance policy covers:
For the rest of this presentation “you” refers to anyone covered under your auto policy
Protects your assets if you are held responsible for an auto accident where other people are injured or killed
Bodily Injury Liability
Property Damage Liability
Covers the cost of repairing or replacing property of others if you are held responsible for an
auto accident
Liability coverage will also pay for legal costs associated with defending you against lawsuits related to auto accidents.
Remember, the liability coverage limits you are required to carry under state law most likely fall far short of what you’re worth, so be sure to have adequate coverage.
Coverage does not apply if...
If you are using your vehicle as a taxi
If you intentionally cause damage
If the injury is to your employee in a work related situation
If the damage is to your own property
If you are using an uninsured vehicle
If you are racing your vehicle
What do my limits mean?
the
maximum
bodily injury
payment per person
the
maximum
bodily injury
payment per accident
the maximum property damage payment per accident
If your limits are $15,000/$30,000/$10,000 then:

$15,000 would be the most paid for each person injured in an accident

$30,000 would be the most paid for all people injured in the accident

$10,000 would be the most paid for all property damaged in a single accident
This covers various medical and/or funeral expenses for you and the passengers in your vehicle, as well as covers you while riding in other cars or as a pedestrian, regardless of who is at fault.
Coverage does not apply if...
If you are using your vehicle as a taxi
If you are receiving experimental treatments
If you are racing your vehicle
If you are occupying a camping vehicle at the time of the accident
If other auto medical expense insurances exists and is applicable
Personal injury protection
Also known as no-fault coverage
Offered as an addition to Medical Expense Coverage in states with no-fault laws
Florida, Hawaii,
Kansas
, Kentucky, Massachusetts, Michigan,
Minnesota
, New Jersey, New York,
North Dakota
, Pennsylvania, and
Utah
are
no-fault states; italicized states are covered
by American Family Insurance
May be mandatory in some states
If you are injured in an auto accident, regardless of who is at fault, personal injury protection pays covered medical expenses, and in some states, lost wages and other damages.

Because this coverage varies from state to state, contact your local agent for details about your state’s policy
Medical expense coverage pays:
For reasonable, appropriate and necessary costs
Up to the policy limits for treatment or services provided within one year
Up to $2,500 per person for funeral services regardless of coverage limits

Some variations apply by state
Part III:
Uninsured Motorist Coverage
Coverage does not apply if...
If you are using your vehicle as a taxi
If you settle a lawsuit about the accident without the written consent of your insurance company
If you are the owner of the uninsured vehicle
Uninsured Motorist Coverage:

Covers you against losses caused by other drivers with little (underinsured) or no (uninsured) auto insurance

Protects you if you’re the victim of a hit-and-run driver

Protects you if you are struck by a vehicle as a pedestrian

Provides coverage to your passengers and you
while riding in other cars
This coverage provides payment for legally collectable damages for bodily injury or death (but not property damage) if you or any person riding in your auto is injured or killed by an at-fault uninsured or underinsured auto.
Coverage does not apply if...
If you are using your vehicle as a taxi
If the loss is for CDs (or similar)
Car damage coverages protect you to the least of the following:
up to the cash value of the stolen or damaged property
up to the amount necessary to repair or replace the property
up to the decrease in value of the damaged property caused by the loss
Comprehensive Coverage
This coverage protects your car from damage caused by:
fire
flood
hail
theft
vandalism
windstorms
falling tree limbs
collision with animals
dollar sized or smaller windshield damage
Collision
Coverage
This coverage will pay to repair or replace your vehicle if you hit something else, regardless of who is at fault. This coverage also applies even when no other car is involved in the accident
(i.e. your auto collides with a tree).
This coverage also will provide up to $20 per day for transportation costs if your car is stolen
If the loss is for radios/TVs/scanners/telephones/accessories (unless installed in the dash)
If the loss is for a
non-declared utility trailer
If the loss is to a vehicle attachment
(camper trailer or similar)
If the loss is from standard wear and tear
If the loss is during a racing event
If the loss is to a van's furnishings or carpeting
Liability coverage will also pay for legal costs associated with defending you against lawsuits related to auto accidents.
Remember, the liability coverage limits you are required to carry under state law most likely fall far short of what you’re worth, so be sure to have adequate coverage.
Emergency Roadside Service Coverage
delivery of gas and oil

labor costs of receiving a jump start

labor costs if your keys are locked inside your vehicle

costs for your car to be towed to the nearest service station

labor costs of changing a tire or battery

costs of mechanical labor for one
hour wherever you broke down
In some states this coverage also pays for alternate transportation, lodging, and meals incurred due to a covered loss that happens more than 100 miles from your home. American Family Insurance will pay up to a total of $600, with a maximum of $50 per day for alternate transportation, $100 per day for lodging, and $100 per day for meals.
There is no deductible for Emergency Roadside Service coverage and coverage ends
24 hours after your vehicle is
repaired or replaced.
Contact your local agent to see
if your state qualifies for this
additional coverage.
This coverage pays for the cost of a rental vehicle,
up to the limits you select, while your vehicle
is being repaired due to a covered loss.

This does not include costs for
gasoline or mileage.
Rental Reimbursement Coverage
Accidental Death and Dismemberment
This coverage helps pay in the event of your death or loss of
(or loss of the use of) certain body parts such as your arm or leg when riding in or struck by a vehicle, regardless of who is at fault
Lease/Loan Coverage
This coverage, also known as Gap Coverage, protects you if you owe more on your vehicle than it is worth. In the event
of a total loss, this covers the difference between what
you owe and the actual cash value of the vehicle.
For instance, if you buy a new car for $20,000 and have made six monthly $350 payments for a total of $2,100 leaving a balance of $17,900.

Based on market values, your six-month-old car is now worth $16,500. If your car is totaled, that’s what your insurance company would pay (less your deductible).

The lease/loan coverage prevents you from having to pay the remaining $1,400 out of your pocket.
The vehicle must carry comprehensive and collision coverage in order to qualify for lease/loan coverage.
What do my limits cover?
What do my limits cover?
What do my limits cover?
This coverage is only valid in the US and Canada
Full transcript