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Most people are aware of how much they pay for their auto insurance but are not clear about what it covers.
This is perhaps the most front of mind people get when it comes to insurance. We hear all the time from prospective customers, “I don’t know what it covers, I just know it comes out of my account.” You can pay for this monthly or annually. We will help you understand what you are paying for.
Auto insurance is a type of insurance policy that helps cover the costs of accidents or damage to a vehicle. The policyholder pays a premium to the insurance company, and in exchange, the company agrees to pay for certain types of losses or damages that may occur. The policy may include liability coverage, which covers the policyholder’s legal responsibility for damages or injuries to others caused by the policyholder’s vehicle, and collision coverage, which covers damages to the policyholder’s own vehicle in the event of an accident. Comprehensive coverage is also available which covers non-collision damages such as natural disasters, theft, fire, and vandalism. Many policies also include additional coverage options such as roadside assistance and rental car coverage. The cost of the policy is determined by a variety of factors, including the type of vehicle, the age and driving history of the policyholder, and the coverage limits chosen.
Auto insurance is important because it provides financial protection in the event of an accident or other covered event. It can cover the costs of damages or injuries to yourself or others, as well as provide liability protection in the event that you are found to be at fault for an accident. Additionally, many states require that drivers have a minimum level of auto insurance coverage in order to legally operate a vehicle.
Auto insurance coverage limits refer to the maximum amount of money that an insurance company will pay out for a specific type of coverage. These limits are set by the policyholder when they purchase their insurance policy.
How to understand your insurance declaration page:
B.I. stands for bodily injury. You are covered by your insurance carrier for any bodily injury damage you may cause when operating your vehicle. For example, if you have 25/50 next to B.I. in your policy, the “25” and “50” refer to the maximum amount of money, in thousands of dollars, that the insurance company will pay out for bodily injury claims.
A 25/50 bodily injury policy means that the insurance company will pay a maximum of $25,000 for injuries sustained by one person in an accident, and a maximum of $50,000 for all injuries sustained by multiple people in an accident. It’s important to note that these limits are per accident and not per person. So if there are multiple people in the car, the $50k applies to all of them combined.
P.D. stands for property damage. The “25” refers to the maximum amount of money, in thousands of dollars, that the insurance company will pay out for property damage claims.
A 25 property damage policy means that the insurance company will pay a maximum of $25,000 for any property damage that results from an accident. This can include damage to other vehicles, buildings, and other types of property.
It’s important to note that this limit is per accident, so if the damage exceeds $25k, the policyholder will have to cover the rest out of their own pocket or other insurance coverage.
We advise our clients to carry much higher limits of auto insurance, often in the 100/300/100 limits and higher. We do this to protect you and your money and so that you do not become financially burdened in the event of an accident that you have to use your insurance.
It is important to note that choosing higher limits will increase the cost of the insurance policy, while choosing lower limits will lower the cost of the policy. However, choosing lower limits may not provide enough coverage in the event of a large accident. We consider one’s needs and budget when choosing coverage limits.
Definitions to help you understand your policy.
Liability coverage limits are the most common type of limit, and they are set for both bodily injury and property damage. Bodily injury liability coverage limits set the maximum amount of money that the insurance company will pay out if the policyholder is found liable for injuries sustained by someone else in an accident. Property damage liability coverage limits set the maximum amount of money that the insurance company will pay out if the policyholder is found liable for damages to someone else’s property in an accident.
Collision coverage limits is the maximum amount of money that the insurance company will pay for damages to the policyholder’s own vehicle in the event of an accident, regardless of who is at fault.
Comprehensive coverage limits is the maximum amount of money that the insurance company will pay for non-collision damages such as natural disasters, theft, fire, and vandalism.
What can happen if I don’t adequate auto insurance
Financial loss: If you are involved in an accident and do not have adequate insurance, you may be held responsible for paying for any damage or injuries caused.
Legal consequences: In many states, it is illegal to drive without insurance. If you are caught driving without insurance, you may face fines, penalties, and even jail time.
Difficulty obtaining coverage: If you are involved in an accident and do not have insurance, it may be difficult to obtain coverage in the future, as many insurance companies may consider you a high-risk driver.
Difficulty paying for damages: If you are responsible for causing an accident and do not have insurance, you may have difficulty paying for any damage or injuries caused, which could lead to financial ruin. Difficulty paying for medical expenses: If you are injured in an accident and do not have insurance, you may have difficulty paying for medical expenses, which could lead to financial hardship.