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Auto Insurance

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by

Jorge A. I.

on 30 July 2014

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Transcript of Auto Insurance

What is Auto Insurance?
Coverages cont.

Collision
 - Pays for damages to your vehicle caused by collision with another vehicle or object.


Comprehensive
- Damage to the insured vehicle NOT in an auto accident; such as fire, wind, hail or flood damage and vandalism or theft.
Coverages Cont.
Uninsured Motorist
- Pays damages when an accident is caused by a driver with no liability insurance.


Underinsured Motorist
- Pays damages when an accident is caused by a driver who has very little liability insurance.
Coverages cont.
Rental Reimbursement
 - Pays for a rental car if your car is damaged due to an auto accident.


Towing and labor coverage
- Pays up to the selected limit for towing of your covered vehicle when it is inoperable.
security for your vehicle
more affordable medical bills
protects you from lawsuits
protects you from uninsured motorists
pays for vandalism and theft on top of accidents
PEACE OF MIND
Cons of Auto Insurance
Too much coverage/unnecessary coverages = $$$

If you have basic coverage, you are not covered if:
-Car is totaled
-Hit by uninsured motorist
-Car damaged by other means

Basic coverage won't be enough for more serious accidents

END.

Auto Insurance
Medical -
pays your medical expenses



Pros of Auto Insurance
Brandon Powers
Monique Francisco
Jorge A. Iniguez

What is Auto Insurance?
Provides financial protection against vehicle damage or injuries that result from traffic accidents

How it works: pay a premium (monthly payment), and if you get in an accident, the insurance company pays your losses in your policy

Insurance rates vary widely
Coverages
Useful facts
Your premium is the monthly payment you make. Your deductible is the money you agree to pay out-of-pocket before the insurance company pays toward a claim resulting from a loss or damage.

If your car is worth less than $2,000, it won't be worth it to buy comprehensive and collision coverage.

Just because your state requires a minimum amount of insurance doesn't mean that's exactly what you should purchase

Other types of insurance including health insurance and homeowners insurance may pay for damages due to an auto accident.

Drivers who are prone to traffic violations or accidents will have to pay more for insurance than safe drivers.
Rate Factors
Age of Driver
Particular area lived in
Urban vs. rural settings
Sex
Marital Status
Driving record
Price of car
Popularity of car
Coverages cont.
Liability
- Pays for accidental bodily injury and property damages to others.
- Medical expenses, pain and suffering and lost wages.
- Damage to property and automobiles.
- Pays defense and court costs.

State laws determine how much liability coverage you must purchase, but you can always get more coverage than your state requires.


This is the only type of car insurance coverage
required
in California

Personal Injury Protection (PIP)
-
"no-fault insurance"
covers medical expenses & lost wages
How to Buy

1) Decide How much coverage you need
2) Review Your Current Insurance Policy
3) Review the Status of Your Driving Record
4) Solicit Competitive Quotes
5) Gather Quotes & Company Info
Annual and monthly rates for different types of coverage
Phone number
Payment Policies
6) Look for Discounts
7) Review the policy before finalizing it
Full transcript