Date post: | 04-Jan-2016 |
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So here you are…
It’s a beautiful sunshine-filled day….
You’re driving
along….
POWSo, now
what????
Whose insurance covers what?
THEMYOU
The PEOPLE in the OTHER car
Depends on whose fault the accident is!!!!
If it’s THEIR fault…
Then it’s THEIR insurance… your insurance doesn’t pay if it’s their fault!
If it’s YOUR fault…Then your insurance does pay!
BODILY INJURY LIABILITY COVERAGE
EXAMPLE:
250,000/500,000 or 250/500
$250,000 for 1st person, $500,000 for ALL
The PEOPLE in YOUR car
MEDICAL PAYMENTS COVERAGE
Medical and funeral expenses Medical and funeral expenses for you, your familyfor you, your family
Doesn’t matter who caused Doesn’t matter who caused accidentaccident
YOUR CAR
• If it is THEIR fault…their insurance.
• If it is YOUR fault…
– COLLISION • Covers your car when colliding with another car or
object• Most expensive part of your insurance
THEIR CAR
• If it is THEIR fault…their problem.
• If it is YOUR fault…
– PROPERTY DAMAGE LIABILITY
– Listed after Bodily Injury Liability: xx/xx/50,000 or xx/xx/50
What happens if your car is stolen, vandalized, or
damaged due to weather?
COMPREHENSIVE
What happens if the other guy is not insured or underinsured?
UNINSURED OR
UNDERINSURED
MOTORIST
Confused???
Here’s what you need!Coverage Who’s fault What’s covered
Bodily Injury Liability YOURS The other PEOPLE
Property Damage Liability
YOURS The other CAR/PROPERTY
Uninsured/
Underinsured motorist
THEIRS Compensates for anything the other driver was supposed to be responsible for
Collision YOURS Your car
Comprehensive Nature, theft, vandalism
Your car
Medical Payments Doesn’t matter You and family in your car
Bodily injury liability (the people in their car)
YOUTHEM
Collision (your car)
YOUR FAULT
Medical Payments(the people in your car)
Property damage liability (their car)
THEY PAY
YOUTHEM
THEY PAY
THEIR FAULT
THEY PAY(Medical payments too)
THEY PAY
Who cares? It’s their fault
YOUTHEM
Uninsured or underinsured motorist
THEIR FAULT – BUT THEY DO NOT HAVE INSURANCE OR NOT ENOUGH
Uninsured/Underinsured, Medical Payments
Who cares? It’s their fault
Natural disaster, theft, vandalism – ANYTHING OTHER THAN A COLLISION
Comprehensive (your car)
What happens..
• You pay PREMIUMS
• You receive a POLICY
• If something happens, you make a CLAIM
• Pay DEDUCTIBLE
What affects your premium?
• Driver classification– age, gender, marital status
• Location of home and work
• Driving record
• Type of car– Safety– Expense
• Claims history
It’s all about RISK!!!!
Are you RISKY????
How can you lower?
• Be a responsible driver
• Drive a moderately priced car– Discounts for certain safety features
• Good grades
• Driver’s Ed
• Live in safe neighborhoods
• Increase the size of your deductible
• Live responsibly