What is a definition of insurance?

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3 What is a definition of insurance? A system of protection against loss in which a number of individuals agree to pay certain sums for a guarantee that they will be compensated for a specific loss. Every state has financial responsibility laws requiring that you can pay for damages that you cause Policy

4 What are the different types of auto insurance? Property Damage Liability Bodily Injury Liability Medical Payments Insurance Collision Coverage Comprehensive Coverage No-Fault Coverage Uninsured Motorist Coverage Underinsured Motorist Protection let s consider them one at a time

5 What is Liability? Liability insurance covers the damage you cause to other vehicles, people, or property Oops, my fault There are two types

6 Recommended coverage: What is Property $100,000 Property damage Damage Liability? each occurrence Property Damage Liability insurance covers the damage you cause to other vehicles or property Oops, my fault If you were to hit a very expensive vehicle(s) or take out an expensive traffic light the cost could be very high required in most states

7 Recommended coverage: What is Bodily $100,000 each person Injury Liability? $300,000 each occurrence Bodily Injury Liability pays claims for injuries or death you have caused to others involved in the collision Oops, my fault Required in most states. State minimums are usually inadequate

8 What is Medical Payments Insurance? Medical Payments Insurance covers bodily injuries and funeral expenses for occupants in an insured vehicle up to stated amounts, regardless of who was at fault Pays immediate medical cost even if there is additional medical insurance

9 What is Collision Insurance? Collision Insurance pays the cost of repairing or replacing the owners car when the owner is at fault or when when the owner cannot collect from the person who is at fault Important coverage for new and expensive cars usually dropped after about 7 years of ownership when the vehicle s value has decreased

10 What is Comprehensive Insurance? Comprehensive Insurance pays the cost of repairing or replacing the owners car if damage results from: fire, theft, storms, flood, wind, vandalism, earthquake and riots Important coverage for new and expensive cars usually dropped after about 7 years of ownership when the vehicle s value has decreased

11 What is No Fault Insurance? No Fault Insurance: People involved in collisions recover their losses from their own insurance company regardless of who is at fault but with limitations as specified in the policy No fault insurance is handled differently from state to state Some states have this to prevent over burdening the courts with litigation

12 What is it? It pays for injuries to you or your passengers in the event of a hit and run collision or if those who hit you have no insurance or are underinsured

13 It pays for injuries to you or your passengers in the event of a hit and run collision or if those who hit you have no insurance or are underinsured Hey, you get back here! Covers medical bills, legal and court fees, loss of wages Required in many states. Needed by all car owners

14 What does Towing Insurance cover? Towing Insurance pays the cost of towing and some minor repairs to the disabled car. Included are: dead battery, out of gas, flat tire and accidents Good to have but not a necessity if you belong to an auto club

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16 What do these terms mean? Premium: Deductible: What you pay for your insurance coverage Most policies are for a 6 month period The amount you agree to pay toward the repair or replacement of the vehicle. Your insurance company agrees to cover the balance up to the specified limits of the policy Selecting a higher deductible will require a greater out of pocket expense, but it will also lower the premium

17 Collision and Violation record Age of principal driver Type of vehicle and miles driven Gender of driver Martial status Where the driver lives How are rates determined?

18 WHAT ARE SOME WAYS YOU CAN SAVE MONEY ON INSURANCE? Four Wheel Anti-lock brake system and passive restraints (Airbags or Automatic motorized seat belts) Anti-theft devices Good Driver Multi-Car Economy Car 55 and Retired Good Student

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20 Stop immediately if you can move to the side of the road Failure to stop is a serious violation. Do not leave your vehicle where it will block traffic (if it can be moved) Be sure to turn off the ignition

21 Stop immediately if you can move to the side of the road Aid the injured administer basic first aid for injuries only if qualified Never move an injured person unless there is danger of fire or another collision

22 Stop immediately if you can move to the side of the road Aid the injured administer basic first aid for injuries only if qualified Protect the scene with flares or reflectors or direct traffic Do not put yourself or others in danger while directing traffic

23 Stop immediately if you can move to the side of the road Aid the injured administer basic first aid for injuries only if qualified Protect the scene with flares or reflectors or direct traffic Send for police give the facts Do not let them talk you out of it by saying: We can handle the matter ourselves.

24 Stop immediately if you can move to the side of the road Aid the injured administer basic first aid for injuries only if qualified Protect the scene with flares or reflectors or direct traffic Send for police give the facts Exchange information but do not admit it was your fault See their insurance card Names, addresses, Additional driver s licenses Steps Record numbers, witnesses plate names numbers, and addresses and insurance File necessary companies reports

25 Note the time of day, weather conditions, road conditions, street lights, signs, and the presence and length of skid marks. Make a diagram illustrating the location of the vehicles, crosswalks, stop signs, and traffic signals. If you have a camera, take pictures. When filing the report

26 Continue your medical care after the accident. Even serious injuries may remain undetected even after the initial visit to the doctor or emergency room. Medical expenses may be covered by your insurance plan. Other Important considerations

27 Contacting a lawyer. Your insurance company must be contacted in the proper fashion to insure that all benefits are obtained concerning your personal injuries. Failure to properly notify and inform the company may result in an objection to such a claim at a later time. Also, forms must be filled out for the Department of Public Safety, the local Police Department, or the Registry of Motor Vehicles. A lawyer s assistance may be invaluable in these situations. Other Important considerations

28 Quiz time how much do you remember?

29 1) Liability insurance covers the damage you cause to other vehicles, people or property. TRUE or FALSE: 2) If you were to crash with an expensive vehicle and it was your fault, your would pay. 3) If it was your fault in a crash and there were injuries in the other car your would pay. 4) Medical payments insurance covers injury expenses for occupants in an insured vehicle regardless of who was at fault. TRUE or FALSE: 5) Collision insurance pays the cost of repairing the owner s car when the other driver is at fault in the collision? TRUE or FALSE:

30 6) What part of your insurance pays for a tree falling on your car during a storm? 7) After about 7 years of car ownership, most people will the comprehensive insurance on the car. 8) In some states with this type of insurance, the driver s insurance policy only covers their own damages: 9) It pays for injuries in the event of a hit and run collision or if those who hit you have no insurance: 10) The amount you usually pay to an insurance company every six months is called a: 11) The amount you agree to pay ahead of time toward the repair of the vehicle:

31 12) Selecting a higher deductible will usually result in a higher premium. TRUE or FALSE: 13) TRUE or FALSE: Your premium rate is mostly based on your driving record, age, and type of vehicle. 14) Married people, country dwellers and females will generally pay less than males, city people and singles? 15) Owning an economy car with an anti-lock braking system is one way of reducing your premium. 16) The first thing you should do if involved in an accident is to: 17) In a collision, you should aid the injured only if you are:

32 18) How can you protect the collision scene from further damage? 19) TRUE or FALSE: It s always a good idea to call the police at the scene of an collision. 20) When you know its your fault, go ahead and admit it as you exchange information. TRUE or FALSE: 21) If the police are at the scene, they will take care of filing all the paper work involved. TRUE or FALSE: 22) Insist on seeing their proof of insurance that they are required to carry in their vehicle. TRUE or FALSE: 23) If you feel the slightest discomfort after the collision, its important that you seek:

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