Auto Insurance - Personal

DEMO

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The Personal Auto Policy

Geared to the private family exposure NO corporations NO Partnerships or combined interest

Private Passenger Autos , pick ups, vans that have a GVW of less than 10,000 pounds

Long term leases of 6 months or more

The Personal Auto Policy

Parts of the Personal Auto Policy Part A – Liability – this coverages will give you a “shield of defense”

and a bag of money to pay for any injury for BI or PD to others that you become legally liable to pay

Part B – Medical Payments – Co ordinates with PIP Part C – Uninsured Motorist – Will pay for YOUR injuries if the person

at fault in the accident has no insurance or low limits of liability. Part D – Damage to YOUR auto (and any non owned autoALL of the above are Primary in an Owned vehicle Excess in a Non owned vehicle Part E – Duties after the accident Part F – General Provisions

The Personal Auto Policy

The declarations – gives life to the policy makes it your policy Identifies the named insured, Address Policy periods Coverage Limits Premium Autos covered Identifies a “loss Payee”

The Personal Auto Policy

Part A Liability Protects those who have the status of “insured” Payment is only for “Legal Liability” Payment trigger is the legal liability must be for

BI or PD When a claim is made against someone who has

the status of insurED the insurER becomes the insurED’s defense attorney

The Personal Auto Policy Part A – Liability

Supplementary payments, are paid over and above the policy limits for: Defense and legal expenses Pre and/or post judgment interest Premium on bonds including bail bonds up to

$250 because of related traffic violations Loss if earnings of $200 for attendance at trail

hearings etc.

The Personal Auto Policy Part A – Liability

Who is the insured The named insured Anyone who becomes vicariously liable for your

actions while driving Any one using your covered auto Anyone who becomes vicariously liable for the

permissive users actions

The Personal Auto Policy Part A – Liability Exclusions

Intentional injury or damage Damage to property owned by the insured Except for damaged to a residence or private garage,

damage to property rented to, used by or in the car of that insured

Injury to employee Liability arising our of the vehicle use as a public livery

conveyance While employed or engaged in a business of selling,

repairing , servicing, storing or parking vehicles

The Personal Auto Policy Part A – Limits and how they work

Single Limits a/k/a Combines Single Limits CSL apply to all claims for BI and PD arising from a single accident

Split Limits, three limits apply one for each person injured in the accident another for ALL BI claims arising out of each accident and a limit for PD only!

The Personal Auto Policy Part A – Limits and how they work

100,000 limit for PD and only PDProblems available in workbook

100/300/100100,000 a limit for one person in an accident

300,000 limit paid for BI in any one accident

The Personal Auto PolicyPart B – Medical Payments

Coverage that pays expenses incurred for the necessary medical funeral services to persons injured by accidents. Payments are without regard or fault or legal liabilities.

Pays for expenses incurred for services rendered within three years from the date of the accident

The Personal Auto PolicyPart C – Uninsured motorist

Sometimes the most Misunderstood coverage!

Uninsured motorist aka “under”insured motorist pay YOUYOU if you are injured by a motorist who is AT FAULTFAULT in the accident and has NONO Liability coverage or limits lower than an amount to cover YOURYOUR injuries

NOTE! Uninsured motorist covers only Bodily Injury it does NOT cover Property Damage

The Personal Auto PolicyPart C – Uninsured motorist “UM”

Said another way “UM” is a way for YOU to recover your “Tort rights” when the AT FAULT driver has no ability to pay.

Let’s see how this works

The Personal Auto PolicyPart C – Uninsured motorist “UM”

Your CoverageLiability 25/50/25UM 25/50/PIP – Basic Your injuries 35,0001. 35,000 – 10,000 YOUR

PIP2. 25,000 left.3. 25,000 is paid you’re your

injury under YOUR UM

The AT FAULT driver’s Coverage:

PIP and 10 PD ONLY

The Personal Auto PolicyPart C – Uninsured motorist “UM”

Your Coverage:Liability 25/50/25UN 25/50Basic PIPYour injuries 50,000 – YOUR

PIP 10,000 = $40,000 – 25,000 form the other drivers liability 25,000 still leaves $15,000 (since to have 25,000 UM , you can use $15,000 to cover your injuries

The AT FAULT driver’s Coverage:

Liability 25/50/25

Basic PIP

End Personal Auto Demo