Available Auto Insurance Coverage
Filed under: Uncategorized
Reader’s Question:
I just want to know what the available auto insurance coverage is.
Rodney
Burbank, CA
It is to one’s own awareness that liability auto insurance coverage pays up to the specified limits and limitations of bodily injury and property damages incurred by third parties if the insured is found liable as a result of an automobile accident. The liable party would be responsible for paying the third parties’ damages and may be forced to pay from the equity of a house or vehicle, if without coverage.
1. No Fault Insurance coverage- this is also known as Personal Injury Protection or PIP. This is a coverage which applies to a driver, passengers and any pedestrians involved in an automobile accident. Medical expenses, loss of wages, and other related injuries are being paid up regardless of who is at fault and even if there is negligence involved.
2. Medical payments auto insurance portion- a policy that is designed to pay some of the medical consequences that resulted from an accident such as medical bills and/or funeral expenses up to the policy limit.
3. Uninsured motorist auto insurance- this does not only insures against the “Uninsured motorist” but also protects policy owners against the “Under-insured motorist”. This is optional; however, it is recommended that it be added to a policy in the best interest of the insured.
4. Comprehensive and collision auto insurance coverage- this is also referred to as “Physical Damage”, this covers damage caused by anything “other than auto collisions”. There are, however exclusions under comprehensive coverage and some of the more common ones are ,theft, fire, vandalism, collision with animal, windstorm, flying objects, hail, broken windows.
5. Rental car coverage- this coverage pays for the rental of a vehicle in the event the policy owner’s vehicle be stolen or in an accident. Availability of this through your insurance company may provide reimbursement for costs paid towards a rental car while the vehicle is being repaired or if stolen, while the claim is settled.
Additionally, the Internet is also a great source to instantly compare auto insurance coverage available from multiple brand name companies.
Buying Auto Insurance Comprehensive Coverage
Filed under: Uncategorized
Reader’s Question:
Just wanted to clear out how much protection does coverage provide and who might be benefiting from buying an auto insurance comprehensive coverage?
Justine
Miami FL
It is a known fact that auto insurance comprehensive coverage is packaged into different coverage types. Usually the easiest way to determine what you are required to purchase are being provided. It is important that you determine what you have that needs to be protected. Purchasing insurance is to protect yourself, to protect your family and at the same time your car.
There are a lot of these types of protections of which we have the Physical Damage coverage which more likely covers your vehicle, and other vehicles in limited scenarios, you may be driving for losses resulting from incidents other than collision. Example for this one is that auto insurance comprehensive coverage takes the damage to your car if it is stolen; or damaged by flood, fire, or animals. At the same time it pays to fix your vehicle less the deductible you choose. In order to keep your premiums low, select as high a deductible as you feel comfortable paying out of pocket.
Typically the amount refers to the deductible, or the portion of a claim you are responsible for paying. It is known that a higher deductible can substantially lower the cost of insurance premiums. Thereby a person should balance this savings against your ability to absorb a larger out-of-pocket expense.
At the same time if your car is financed or leased, the finance company will probably require that you carry this coverage, but then if you have a newer vehicle or one in excellent condition, you may need this coverage to replace or repair the vehicle in case of loss. In situations when you have an older car or one in poor condition, you may not want to pay for this coverage
Auto Insurance Coverage
Filed under: Uncategorized
Reader’s Question:
My auto insurance broker says that my medical bills will be covered if ever I should get into an accident. Not only that, but they’ll also cover the expenses of anyone else that gets hurt when I get into an accident. Is this true?
P.D. Louise
Portland, ME
For your medical bill coverage, that depends entirely on the contract you signed with your auto insurance broker. Words are one thing, but what’s signed on paper is a totally different thing. You may or may not be paying for personal medical coverage when you get into an accident. If you are, and it reflects in your contract, then your medical bills will definitely be covered by your insurance company.
The case is different for anyone else that gets hurt, though. If you’re found to be at fault, then your insurance company will cover the medical bills of the injured parties up to a certain point. If that point is exceeded, then you’re going to have to pay the excess costs from your own pockets. If your insurance plan will pay up to $50,000 in medical coverage, and the medical bills of the injured parties reached up to $75,000, you’re going to have pay the excess $25,000 from your own pocket.
But if you’re not found to be at fault, and you were the one who was a “victim” in an auto accident, then it is the other party’s insurance company who’ll cover your medical bills. If they refuse to pay up, you can then call up your lawyer to settle things in court.
Comprehensive Auto Insurance Florida FL
Reader’s Question:
I am so glad that hurricane season is already over because it is never easy to battle all these storms. Is it already the perfect time for me to buy a car insurance policy for my new finance car here in Florida?
Laurence
Miami, FL
The time prior to a natural disaster is normally not a good time to look for auto insurance. As a matter of fact, a number of insurers would not sell auto insurance if they are aware that a calamity is just going to hit your area. The reason for that is because insurance would not work if you buy it only when you need it right away. Since the hurricane season is already over, it would be the best time for you to purchase a car insurance policy for your new finance car in Florida.
You just have to make sure that you include comprehensive auto insurance coverage on your car insurance policy. This type of coverage would provide protection for any kinds of damage caused by natural disasters like hurricane and fire. In times of natural calamities, gap insurance and rental reimbursement would be of so much help for your finance car. The gap insurance would cover the difference between the amount you owe from the finance company and the real worth of your vehicle. Also, if your vehicle is damaged and has to be fixed, rental reimbursement would cover the payment for a rental vehicle for your transportation after the calamity. Be certain that you have comprehensive, gap and rental reimbursement as part of your auto insurance if you reside in an area wherein hurricanes and natural calamities often happen.