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Car Insurance

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by

Mark Bloom

on 16 January 2015

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Transcript of Car Insurance

Vehicle
Insurance

Its the law!!
To financially protect yourself
To protect other drivers
Medical Payment
Why do I need Insurance?
Categories of Car Insurance
More Categories
Liability
Collision
Comprehensive
Liability

Insurance
Covers bodily injury or
property damage that
YOU CAUSE to another
person and/or vehicle
State law says that you
must have (at the minimum)
this coverage
Collision
Covers the cost to repair
YOUR

CAR

if

YOU

are at
fault in an accident
Collision insurance is
required if you finace your
car
If you drive an old cheap
car (like Mr. Bloom) collision insurance is not necessary
Comprehensive
Covers

the cost of
repairs from:
Natural disasters
Vandalism
Theft
Fire
Animal damage
Falling object
Broken Glass
Coverages
100/300/50
$100,000 bodily injury coverage per person
limit of $300,000 bodily injury coverage per accident
Property damage limit of $50,000
Covers you and your
passengers medical expenses if you have
an accident that is your
fault
Personal Injury
Personal Injury covers
lost wages if you cant
work as the result of
an accident
Uninsured Motorist
Covers you if someone
injures you or damages
your car and:
you are in a hit and run
other driver doesn't have insurance
other driver causes you damages beyond their policy limits (underinsured)
Miscellaneous
-Rental: covers the cost
of renting a car when your
car is in the shop
-Towing: pays towing when your car breaks down or is in an accident (limits apply)
Good Student Discount
-17 to 20% discount
for 3.0 or better
-Boys pay a higher rate
why? ...statistics
Another way to save money...
Good ol Mom and Dad
You can save money
by being on your parents
policy, as they may have
multi car discounts, multi
policy discounts, loyal
customer discounts etc.
Event Data Recorders (EDR's) are
installed on some new cars and can
give information after a crash
(similar to a black box on an airplane)
They are not required by law but
many manufacurers use them.
Deductable
-Your Deductable is the amount
the insurance company will
"deduct" from the check they
pay you when you have a claim
-You can save money on your
car insurance premium by having
a higher deductable
-Some companies have incentives
like vanishing deductable for
good drivers

The fine in Washington
State for driving without
insurance is $550.00
Full transcript