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Insurance

Insurance. Presented By Andrew Aguilar, Jimmy Hickert , Megan Rokusek. Vehicle Insurance. Section 1. Motor Vehicle Risks. Risks of Having a Vehicle - could damage vehicle or others property -vandals could steal or damage vehicle -could be sued by others

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Insurance

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  1. Insurance Presented By Andrew Aguilar, Jimmy Hickert, Megan Rokusek

  2. Vehicle Insurance Section 1

  3. Motor Vehicle Risks Risks of Having a Vehicle -could damage vehicle or others property -vandals could steal or damage vehicle -could be sued by others Not Having Insurance = Greater Risk -treating someone or paying for someone's things could cause you to lose all your assets -Accidents are unavoidable and will happen

  4. Motor Vehicle Risks -person legally a fault is liable for damages and financial losses -if you are found liable and have insurance -provide legal defense -they pay for all damages up to the limits -individual states regulate laws related to vehicle insurance

  5. Motor Vehicle Risks Financial Responsibility -every state has a financial responsibility law -if you caused an accident and cannot pay, legal system takes action -savings or property could be taken -driver’s license suspended or taken away

  6. Motor Vehicle Risks Compulsory Insurance -most states require drivers to carry auto insurance -it’s compulsory that an automobile owner has insurance -compulsory insurance laws may not allow a driver to register a car without proof of insurance

  7. Automobile Insurance Coverage There are 2 categories of auto insurance -Personal Injury Coverage -Property Damage Coverage

  8. Automobile Insurance Coverage Personal Injury Coverage -Bodily Injury Liability -is insurance that protects a driver from injuries or deaths for which the insured is at fault -covers people in other cars, any passengers, and pedestrians -insured and the insured immediate family are not covered -coverage is expressed as 2 numbers 100/300

  9. Automobile Insurance Coverage • -Medical Payments Protection • -policyholders and family members are covered if they are injured while riding in their car or another • -may also cover them if walking and hit by car • -policy protects guests in the insured car • -this protection covers medical, dental, ambulance, hospital, nursing, and funeral services • -payment is made no matter who is at fault

  10. Automobile Insurance Coverage • -Uninsured Motorist Protection • -injuries can be caused by hit-&-run or drivers w/out insurance • -available only to people who hav bodily injury insurance • -covers policyholder, family members, & guests in car • -covers insured person only if uninsured is at fault • -payment is made no matter who is at fault

  11. Automobile Insurance Coverage • Property Damage Coverage • -Property Damage Liability • -protects driver against claims if insured car damages someone else’s property & insured is at fault • -this doesn’t cover damage to the insured car

  12. Automobile Insurance Coverage • -Collision Insurance • -protects a car owner against financial loss • -doesn’t cover injuries to people or damage to others property • -Coverage is usually written w/ a deductible clause $2,500 -$500 $2,000

  13. Automobile Insurance Coverage • -Comprehensive Coverage • -protects the insured against almost all damage losses except those caused from a collision • -if car is stolen or destroyed amount paid wont = amount paid for car • -insurance pays for estimate value of car

  14. Automobile Insurance Coverage • No-Fault Insurance Laws • -adopted to reduce insurance costs and speed up claims • -people in accident collect for their financial losses from their own insurance companies • - types of loses include • -medical bills • -loss of wages • -other related expenses

  15. Automobile Insurance Costs • Insurance Rates • -factors to determine automobile insurance cost • -age • -purpose for which you use the car • -number of miles you drive each yr • -value and type of car • -community in which you live • -amount of coverage and deductibles

  16. Automobile Insurance Costs • Reducing Auto Insurance Costs • -planning insurance purchases = saved money • -companies will decrease extra charges for young drivers who complete an educational course • -young drivers, in some states, can receive student dicounts

  17. Automobile Insurance Costs • Selecting a Company • -COMPARE rates • -companies may offer lower rates • -family insures more than one car • -have different type of insurance in company • -buying packages in bigger bulks • -buying a month is more expensive than a yr

  18. Automobile Insurance Costs • Assigned-Risk Plans • -every state has this • -company assigned a number of high-risk drivers • -based on number of customers • -insure a fair portion of them • -drivers in high risk categories pay much higher premiums

  19. Automobile Insurance Costs • Insurance for Others Vehicles • -most important insurance • -bodily injury liability • -property damage liability • -collision • -comprehensive physical damage insurance • -engine size and value of car are key factors in determining price

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