By Alberto Espinosa Sr. AME Insurance | InsurPro
Do you understand what your personal auto insurance covers? Here’s an easy way to remember.
Auto Insurance offers three key coverage areas:
- Protection for others
- Protection for you and your family
- Protection for your car
Remember that, and its a good start. To learn more read on:
First key coverage area: Protection for Others
Pretty much it’s what it means; if you are liable for damages to others you will be held to a financial responsiblity standard, your protection for others coverages’ would pay toward these damages.
Lets say on the way home yesterday you caused a serious accident. Your auto insurance would offer you protection for others for the Bodily Injury and/or Property damages (up to your policy limites) which may have occurred.
Second key coverage area: Protection for you and your family
Again, pretty much what it means; it protects you and your family (or occupants in the car) by offering coverage for medical bills and some accompanying complications resulting from injuries.
Personal Injury Protection
In that earlier serious accident mentioned above, Personal Injury Protection (PIP) pays for reasonable and necessary medical expenses at 80%. In addition you may have coverage for a loss of earnings, as well as replacement services (paying for tasks you can can’t do because of your injuries such as cleaning etc. ) It covers you, your dependent relatives and occupants in your vehicle, as well as coverage for you as a pedestrian struck by a car. The maximum amount you may recover in PIP coverage is $10,000.
Uninsured Motorist (UM)
Covers you and your family or other occupant in your vehicle, for bodily injury, as result of an accident caused by an uninsured motorist. In addition it may pay for some accompanying complications resulting from injuries such as pain, suffering, mental anguish or inconvenience. You may stack your coverages’ (i.e. you would be covered by the UM coverage on all the vehicles on your policy), or un-stacked UM coverage (only coverage on occupied vehicle may apply). You may receive a discount for the Non-Stacked version, or you can reject the coverage all together.
Covers you and your family for reasonable expenses for medically necessary treatment such as ambulance services, medical surgical hospital expenses such x-ray, etc. It may help you to cover the 20% of medical payments which may not be covered under the PIP coverages’ described above.
Third key coverage area: Protection for your Car
- Comprehensive Coverage
- Collision Coverage
Affords coverage for losses to your insured vehicle other than as a result of a collision (i.e. fire, theft, vandalism etc.). The coverage amount may be the actual cash value of your vehicle and a deductible will usually apply.
Again pretty much what the name implies, provides coverages’ for the repair or replacement of your insured auto, in the event of a collision. A deductible usually also applies to collision coverage.
There are other ancillary coverages’ available such as Rental Reimbursement, and Towing which can help to defer the cost associated with the same, after a covered loss.
So remember auto insurance basically has three key coverage areas:
- Protection for others
- Protection for you and your family
- Protection for you car
Please consult with your agent or company and review your policy for your complete policy coverages’, exclusions and limitations, as well as the terms and conditions, that may apply. Coverages’ will vary from company to company and state to state. Understand that this is a broad outline and general description of personal auto insurance, and is not representative of any particular auto policy itself, does not change your policy, nor makes and representation of coverages’ which may apply to your policy.
When you get a moment ( LOL ) most likely will be when you receive your next renewal, go ahead and check your policy, assure yourself that you and you’re family are adequately protected with the right coverages’ for you risk. If you’re not sure call your agent or call us and we’ll be happy to give you an auto policy protection review.
Contact us at AME Insurance | InsurPro
Four questions to ask to get the right auto insurance if you’re a small business owner:
Using the right tool for a job is key to success in any profession, the same principle applies when selecting an auto insurance policy. Having the right type of policy can help make sure that you, your employees and your business are all protected in the unfortunate event that one of your vehicles is involved in an accident.
If you’re a business owner and you or your employees use a vehicle for business-related deliveries or to carry certain materials to and from a job site, you may need a commercial auto insurance policy that’s tailored to more closely suit the needs—and risks—of a business vehicle operator.
Here are some questions that can help you decide if you might need a commercial auto policy instead of a personal auto policy, courtesy of AME Insurance | InsurPro
• Do you need more liability coverage than your personal auto policy provides? Generally, a commercial auto policy provides higher limits of liability, but less or no coverage in areas that are typically not associated with commercial auto risks.
• Do you need special coverage for situations associated with conducting business? Commercial auto policies also usually offer certain coverages—such as hired and non-owned auto coverage and coverage for towing a trailer for business use—that are not available with personal auto policies.
• Do you need to list any employees as drivers? You can do this with a commercial auto insurance policy.
• Do you use your vehicle for business purposes? If you use your vehicle for things like pizza or newspaper delivery, catering, door-to-door consulting service, landscaping or snowplow service, logging business, day care/church retreat van service and/or farm-to-market delivery, you might need a commercial auto policy.
AME Insurance | InsurPro is an independent insurance agency – trained, licensed insurance professionals who offer personal service and advice. We can help match you with the type of policy that best suits your needs and those of your company.
To learn more about all an independent agency offers, please contact us.
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