Auto Insurance helps you to protect you and your family against financial loss of owning and operating a vehicle. Without the proper coverage you can leave your assets exposed to lawsuits, or in absence of assets leave the other party you injured in financial despair.
Automobile Insurance Coverage Descriptions:
Note: The following outline of coverage is for your information only. Please see your policy for exact terms, conditions, exclusions and limitations.
Bodily Injury Liability (occasionally referred to as BI):
I often get the scenario of a client who is not at fault, and needs to file a claim after another party hits them. From here if there are no injuries, there are two options. File the claim with the clients policy or have the client file against the at fault party’s insurance. The short of it, is that I recommend filing on the other parties insurance but there are pros and cons to each way. Below list some of the pros and cons.
File with other parties auto insurance policy: (assuming you carry collision coverage on your policy)
1) Only one claim needs to be...more
First thing, is to stop and render aid. Call 911 for emergency medical help if needed. Second, notify the police. Note: police are not likely to come to the scene if the accident occurred in a parking lot, or there are no injuries.
Now its time to gather information.
The top priorities:
Ever get lost in the confusion of auto coverages, just to get to the coverage you understand, your auto deductibles. A great deal of time is spent debating. “full coverage” or not, what the deductibles should be etc. But what about the “other” coverages and how to select limits and understand them?
I would like to describe a tool that can put into perspective how you can take control of your auto coverages limit decisions.
There is no right answer but there are many things to consider when choosing an auto insurance deductible. The auto insurance deductible has two categories Comprehensive (sometimes referred to as “other than collision”), and Collision. Both deductibles are a per occurrence, and not an annual deductible, and they typically vary from 50 dollars to 1250 dollars. The deductible functions
Comprehensive coverage examples:
-Hitting a live animal
UIM coverage is just as important if not more important than the auto liability limits you carry to protect your assets from a lawsuit.
1) 1 in 4 drivers in Travis County are uninsured motorist. Source: pilot program to catch uninsured motorists in Travis County. Sadly the pilot program started 3 years ago and the state has not acted on it.
2) A person who is not responsible enough to carry auto insurance, will typically take risks in other areas of their life and cause more severe auto accidents.
3) When an uninsured motorist injures you,...more
Ever wonder what auto insurance companies use to rate your policy?