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Transcript of Auto Insurance
- Pays for damages to your vehicle caused by collision with another vehicle or object.
- Damage to the insured vehicle NOT in an auto accident; such as fire, wind, hail or flood damage and vandalism or theft.
- Pays damages when an accident is caused by a driver with no liability insurance.
- Pays damages when an accident is caused by a driver who has very little liability insurance.
- 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
pays your medical expenses
Pros of Auto Insurance
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
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.
Age of Driver
Particular area lived in
Urban vs. rural settings
Price of car
Popularity of car
- 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.
$25,000 for injuries, per person per accident.
$50,000 for total injuries per accident.
$20,000 for property damage per accident.
Personal Injury Protection (PIP)
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
6) Look for Discounts
7) Review the policy before finalizing it