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Transcript of Auto Insurance .
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Auto Insurance
http://www.youtube.com/watch?v=UB3oEHzakOw
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Automobile Insurance Why do we need it?
Auto crashes - leading cause of death Teens account for 20% of all accidents Economic Cost - $150 billion/year
It’s required! Liability insurance required in most
states
Risk Management $$$Risk Management $$$
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Property Damage LiabilityCovers damage that you cause to other people’s property as a result operating a motor vehicleRequired by law
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Bodily Injury Liability
Injury that you cause to other people as a result operating a motor vehicle.Required by law
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Collision
Protects against damage to YOUR vehicle due to a traffic accident and its YOUR fault.Not required by states, BUT required by your lender!Insurance will only pay for damages up to current value of your car
TOTAL LOSS
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Medical Payments
Covers injuries to you or your passengers due to a traffic accident regardless of who is at fault.
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Comprehensive
Protects against loss to your vehicle (physical damage) due to non-collision causes:
Theft Vandalism Fire Hail Damage
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Uninsured / Underinsured
Covers injuries to you, your family or passengers or damages to your car when in an accident caused by an uninsured or underinsured driver
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Coverage Who’s fault What’s covered
Bodily Injury Liability
YOURS The other PEOPLE
Property Damage Liability
YOURS The other CAR/PROPERTY
Medical Payments Doesn’t matter
You and those in your car
Uninsured/
Underinsured motorist
THEIRS Compensates for anything the other drive was supposed to be responsible for
Comprehensive Nature, theft, vandalism
Your car
Collision YOURS Your car
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What affects insurance rates?
Higher deductibles = Lower Premium You take on more of the risk
Older cars: Can you drop those Collision and Comprehensive Coverages – assess the risk!
Multi-car Discounts Increase amount of coverage
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What affects insurance rates?
Marital Status: Singles pay more Grades: Good Grades= Lower Premiums Driving Record
Many accidents = Higher Premium Sport cars= Higher rates
Color not a factor Age: Older drivers (over 25) get better rates Residence/Commute- city or suburbs,
distance
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Who Pays the Most?
UNMARRIED MALE DRIVERS, AGES 16-25
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How can you lower? Be a responsible driver Drive a moderately priced car
Discounts for certain safety features Good grades Live in safe neighborhoods Increase the size of your deductible Live responsibly
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What to Do in Case of an Accident
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Other Tips
Stay Calm Do Not admit guilt Do Not reveal how much coverage
your have Take pictures Do Not accept cash
http://www.youtube.com/watch?v=78fJFbO81DY
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Split Limits
50 / 150 / 75
1#- Bodily injury caused to one person2# Bodily injuries caused to everyone3# Total amount of property damage
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