The point of this essay is to learn how to assess risk and put an economic value on it!

Size: px
Start display at page:

Download "The point of this essay is to learn how to assess risk and put an economic value on it!"

Transcription

1 Essay 4 1) Write an auto insurance policy for a relative. a)detail the risks involved and how they determine 1) the amount of coverage, and the premium. b) Spread the risk/cost over a larger customer base. 2) Use web-based insurance companies to obtain an independent estimate 3) As risk increases, coverage decreases (higher deductible, lower max), premiums increase. 4) Figure out probabilities of various outcomes. 5) Calculate premiums to insure profit. The point of this essay is to learn how to assess risk and put an economic value on it! Part 1: Things insurance companies want to know about you: Driving record Claims history Credit history Make, model, and year of car Primary vehicle use? Zip code where the vehicle is primarily kept Number of one way miles traveled to work Annual mileage Own/lease Equipped with electronic tracking device Gender Marital Status Date of birth License status (valid, permit, suspended, etc.) Age you were fist licensed Has your license been suspended/revoked within the past 3 years? Violations and Accidents Provide all accidents, regardless of fault, that occurred in the last 36 months for each driver. Provide all comprehensive claims and traffic violations within the last 3 years and total number of driving under the influence incidents which occurred after 12/31/1998. My recommended: $ per month. Part 1a: what kind of coverage would your family member want? How do you determine that? Basically they are paying for something they may not ever need. Cost and Benefit! Examples are: Auto Insurance Liability Coverages: Protect yourself and others with liability

2 coverages* Liability Coverage typically helps protect you for damages to others if you re at fault in a covered accident. Medical Payments Coverage typically helps provide payment for your reasonable and necessary medical treatment for bodily injury caused by a covered accident. Underinsured/Uninsured Motorists Coverage typically helps protect you for covered damage caused by drivers who don t have auto insurance or don t carry enough auto insurance. Auto Insurance Property Coverages: Protect your car with property coverages* Collision Coverage typically helps pay to repair or replace your insured car after a covered accident. Comprehensive Coverage typically helps pay for covered damages to your insured car resulting from a peril other than a collision, such as theft, windstorm or flood, to name a few. Additional Auto Insurance Coverages: Protect your assets with additional coverages* Personal Injury Protection Additional coverage options Optional coverages such as Towing & Labor Costs* and Tape/CD Coverage* can help tailor your coverage to help fit your particular needs. The Premium: Definition: A premium is an amount of money paid to an insurer, in exchange for insurance protection. The Deductible: The deductible is the amount of the loss you agree to pay or absorb in the event of an accident. With auto insurance, deductible amounts typically range from $50 to $1,000 per claim. That means you absorb the deductible amount every time you make a claim. Choosing a higher deductible reduces the cost of your insurance. Part 1b: This is how auto insurance agencies stay in business. If you have lots of customers, they are all paying you money for insurance, but not all of them will actually

3 use the insurance. If one person makes a claim and you have to cover their accident, you will lose money, but if you have lots of customers, you will minimize you loss by taking in their money. Part 2 Websites: (auto insurance deductible calculator) Part 3: As risk increases, coverage decreases (higher deductible, lower max), premiums increase. In you paper, talk about this. Do you understand why? If the person you are insuring is likely to have an accident in the future (based on lots of info), then they will have to pay more to get any coverage. Cost and Benefit for the insurance company: the cost of insuring that person may be high, so they need a big benefit to doing it (i.e. they get paid lots of money if the person doesn t get in an accident). Part 4: What is the probability you will have to pay for an accident? What is the probability there will be an injury? Part 5: The more likely your customer is to have an accident, the higher the premium you will have to charge to make a profit.

4 10 Things You Should Know About Buying Auto Insurance 1. How is Your Insurance Rate Determined? Two factors determine what you pay for auto insurance. The first factor is underwriting and the second factor is rating. Insurance companies underwrite to assess the risk associated with an applicant, group the applicant with other similar risks and decide if the company will accept the application. Based on the results of the underwriting process, the rating assigns a price based on what the insurer believes it will cost to assume the financial responsibility for the applicant s potential claim. 2. Several Factors Will Affect Risk Rating Your driving record, area in which you live, gender and age, marital status, prior insurance coverage, vehicle use and make and model of your vehicle are common factors that can affect the price you will pay for your auto insurance. 3. Ask Your Agent About Discounts Discounts are awarded because the insurance company sees you as a better risk. Here are some discounts you should look for: multiple vehicles, driver education courses, good student, safety devices, anti-theft devices, low mileage, good driver/renewal, auto/home package and dividends. Not all states offer all discounts, so check with your agent to see if you qualify. 4. Tort System vs. No-Fault System Each state must implement either a tort system or a no-fault system. The system your state has implemented will determine what kind of insurance is available to you. The three basic coverages sold under the tort system are bodily injury liability insurance, property damage liability insurance and uninsured motorists coverage. In a no-fault state, coverages will vary, but under a no-fault system your insurance company pays you directly for your losses as a result of injuries sustained in an accident, regardless of who is at fault. Check with your state insurance department for questions concerning tort or no-fault state systems. 5. Check Into Optional Coverage The most commonly recognized coverages, in addition to the basic liability package, are collision and comprehensive coverages. Collision coverage pays for

5 physical damage to your car as a result of your auto colliding with an object such as a tree or another car. This is relatively expensive coverage and is not required by law. Comprehensive coverage pays for damage to your auto from almost all other causes, including fire, severe weather, vandalism, floods and theft. This coverage will also cover broken glass and windshield damage. Comprehensive coverage is less expensive than collision, but is also optional. Other optional coverages include medical payments coverage, rental reimbursement coverage and towing and labor coverage. 6. Where to Go for More Information Information is available to consumers from a number of unbiased sources. These sources include public libraries, state insurance departments, online resources, consumer groups and consumer publications. Every state insurance department has personnel available to answer questions regarding auto insurance coverage and many departments publish premium comparisons to make shopping around easier. 7. Shop Around Before You Buy When shopping for auto insurance, premium quotations are a useful tool for comparison of different companies products. When asking for price quotations, it is crucial that you provide the same information to each agent or company. The agent will usually request the following information: description of your vehicle, its use, your driver s license number, the number of drivers in your household, the coverages and limits you want. 8. Where to Shop Check the newspaper and yellow pages of the telephone directory for companies and agents in your area. In addition, ask your neighbors, relatives and friends for recommendations on insurance companies and agents. In particular, ask them what kind of claim service they have received from the companies they recommend. Remember to shop around to get the best price and service. 9. For Your Protection Once you have selected the insurance coverages you need and an insurance agent or company, there are steps you can take to make certain you get your money s worth. Before signing an application for any insurance coverage, call you state insurance department and verify that the company and the agent are licensed to do business in your state. It is illegal for unlicensed insurers to sell insurance, and if you buy from an unlicensed insurer, you have no guarantee that the coverage you pay for will ever be honored. 10. Read Your Policy Carefully

6 You should be aware that an auto insurance policy is a legal contract. It is written so your rights and responsibilities, as well as those of the insurance company, are clearly stated. When you purchase auto insurance, you will receive a policy. You should read that policy and make certain you understand its contents. If you have questions about your insurance policy, contact your insurance agent for clarification. If you still have questions, turn to your state insurance department. This alert is produced by the National Association of Insurance Commissioners, a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The overriding objectives of state regulators are to protect consumers and help maintain the financial stability of the insurance industry.

CONSUMER S GUIDE TO AUTO INSURANCE

CONSUMER S GUIDE TO AUTO INSURANCE CONSUMER S GUIDE TO AUTO INSURANCE The Colorado Division of Insurance prepares this booklet to assist you in shopping for auto insurance and to help you understand your Personal Auto Policy. When shopping

More information

A Consumer s Guide Quick

A Consumer s Guide Quick A Consumer s Quick Guide Headquartered in Kansas City, Mo., the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50

More information

Auto. The Instant Insurance Guide: What To Do If You re In An Accident. Info and tips for buying automobile and motorcycle insurance in Delaware

Auto. The Instant Insurance Guide: What To Do If You re In An Accident. Info and tips for buying automobile and motorcycle insurance in Delaware What To Do If You re In An Accident Stop and keep calm. Do not drive away from an accident. Do not argue with the other driver over the cause. Call an ambulance, if needed. Do what you can to provide first

More information

Auto. The Instant Insurance Guide: Info and tips for buying automobile and motorcycle insurance in Delaware. www.delawareinsurance.

Auto. The Instant Insurance Guide: Info and tips for buying automobile and motorcycle insurance in Delaware. www.delawareinsurance. The Instant Insurance Guide: Auto Info and tips for buying automobile and motorcycle insurance in Delaware From Karen Weldin Stewart, CIR-ML Delaware s Insurance Commissioner 1-800-282-8611 www.delawareinsurance.gov

More information

CONSUMERS GUIDE TO AUTO INSURANCE PRESENTED TO YOU THE DEPARTMENT OF BUSINESS REGULATION INSURANCE DIVISION 1511 PONTIAC AVENUE, BLDG 69-2

CONSUMERS GUIDE TO AUTO INSURANCE PRESENTED TO YOU THE DEPARTMENT OF BUSINESS REGULATION INSURANCE DIVISION 1511 PONTIAC AVENUE, BLDG 69-2 CONSUMERS GUIDE TO AUTO INSURANCE PRESENTED TO YOU BY THE DEPARTMENT OF BUSINESS REGULATION INSURANCE DIVISION 1511 PONTIAC AVENUE, BLDG 69-2 CRANSTON, RI 02920 TELEPHONE 401-462-9520 www.dbr.ri.gov Joseph

More information

A Shopping Tool for. Automobile Insurance. Mississippi Insurance Department

A Shopping Tool for. Automobile Insurance. Mississippi Insurance Department Automobile Insurance Mississippi Insurance Department 1 2014 National Association of Insurance Commissioners All rights reserved. National Association of Insurance Commissioners Insurance Products & Services

More information

A Consumer s Guide to Personal Auto Insurance

A Consumer s Guide to Personal Auto Insurance Maine Bureau of Insurance 34 State House Station Augusta, ME 04333-0034 A Consumer s Guide to Personal Auto Insurance A Publication of the Maine Bureau of Insurance June 2015 Paul R. LePage Governor Eric

More information

A Consumer s Guide to AUTO INSURANCE

A Consumer s Guide to AUTO INSURANCE A Consumer s Guide About the NAIC The National Association of Insurance Commissioners (NAIC) is the oldest association of state government officials. Its members consist of the chief insurance regulators

More information

A Shopping Tool for. Automobile Insurance. Mississippi Insurance Department

A Shopping Tool for. Automobile Insurance. Mississippi Insurance Department A Shopping Tool for Automobile Insurance Mississippi Insurance Department 1 A Shopping Tool for 2014 National Association of Insurance Commissioners All rights reserved. National Association of Insurance

More information

NAIC Consumer Shopping Tool for Auto Insurance

NAIC Consumer Shopping Tool for Auto Insurance NAIC Consumer Shopping Tool for Auto Insurance Need Auto Insurance? Here is What You Need to Know. Whether you are buying auto insurance for the first time, or shopping to be sure you are getting the best

More information

2) If using the Manual Entry Fields you must enter the original cost of the vehicle in the OCN (Original Cost New) field.

2) If using the Manual Entry Fields you must enter the original cost of the vehicle in the OCN (Original Cost New) field. PAGE - VEHICLES 7 8 9 0 ) Select the Year, Make and Model of your vehicle. If not listed, enter the Make, Model and Body type (i.e. car, truck, SUV, etc.) into the Manual Entry Fields. ) If using the Manual

More information

Automobile Insurance

Automobile Insurance 1.16.1.L1 Note taking guide Automobile Insurance Total Points Earned 41 Total Points Possible Percentage Risk Name Date Class Consumer Automobile insurance Insurance company Deductible Policy Premium LIABILITY

More information

Consumer s Guide 9/06

Consumer s Guide 9/06 Consumer s Guide A Consumer s Guide to AUTO INSURANCE National Association of Insurance Commissioners 1992, 2006 National Association of Insurance Commissioners All rights reserved. National Association

More information

INSURANCE BASICS (DON T RISK IT)

INSURANCE BASICS (DON T RISK IT) INSURANCE BASICS (DON T RISK IT) WHAT IS INSURANCE? Risk management tool that limits financial loss due to illness, injury or damage in exchange for a premium Shared Risk- Insurance company collects premiums

More information

Auto Insurance Buyers Guide

Auto Insurance Buyers Guide Auto Insurance Buyers Guide Table of Contents Understand Your Rights as a Consumer...1 Introduction...... 2 Why You Need Auto Insurance...... 3 When to Shop for a New Auto Insurance Policy.. 4 How to Shop

More information

LOUISIANA DEPARTMENT OF INSURANCE. Consumer s Guide to. Auto. Auto Insurance. James J. Donelon, Commissioner of Insurance

LOUISIANA DEPARTMENT OF INSURANCE. Consumer s Guide to. Auto. Auto Insurance. James J. Donelon, Commissioner of Insurance LOUISIANA DEPARTMENT OF INSURANCE Consumer s Guide to Auto Auto Insurance Insurance James J. Donelon, Commissioner of Insurance A message from Commissioner of Insurance Jim Donelon Some of us spend up

More information

6 Ways To Save Money On Auto Insurance In Ontario

6 Ways To Save Money On Auto Insurance In Ontario 6 Ways To Save Money On Auto Insurance In Ontario 6 Ways to Save Money on Auto Insurance in Ontario Contents Contents 01 Introduction 03 Auto Insurance 101 Mandatory Coverages 05 Auto Insurance 101 Optional

More information

Automobile Insurance 1

Automobile Insurance 1 FCS7020 Automobile Insurance 1 Nayda I. Torres and Josephine Turner 2 An automobile is often the most expensive property that people own, next to a home. As a result, protection against loss of an automobile

More information

All About Auto Insurance

All About Auto Insurance All About Auto Insurance The legal responsibility involved when you are in a car accident is extraordinary. Basically, if you hurt someone else while driving, there s no limit to the amount he or she can

More information

Auto Insurance for New Mexico s Young Drivers

Auto Insurance for New Mexico s Young Drivers Auto Insurance for New Mexico s Young Drivers Prepared for New Mexico s Young Drivers and Their Parents by: One of the major events in many people s lives is earning the privilege of driving a motor vehicle.

More information

Automobile Insurance Guide

Automobile Insurance Guide Automobile Insurance Guide Page 1 Simply stated, automobile insurance is a contract between you and your insurance company that protects you against financial loss if you are in an accident. Auto policies

More information

Your Guide to Auto Insurance Premiums

Your Guide to Auto Insurance Premiums INSURANCE FACTS for Pennsylvania Consumers Your Guide to Auto Insurance Premiums 1-877-881-6388 Toll-free Automated Consumer Line www.insurance.state.pa.us Pennsylvnaia Insurance Department Website Required

More information

What is a definition of insurance?

What is a definition of insurance? 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

More information

1-800-927-4357. www.insurance.ca.gov. Automobile. Insurance. California Department of Insurance

1-800-927-4357. www.insurance.ca.gov. Automobile. Insurance. California Department of Insurance 1-800-927-4357 www.insurance.ca.gov Automobile Insurance California Department of Insurance Table of Contents Page 2 Introduction to Auto Insurance 4 Auto Insurance Costs 6 Liability Coverage and California

More information

Presentation Slides. Lesson Nine. Cars and Loans 04/09

Presentation Slides. Lesson Nine. Cars and Loans 04/09 Presentation Slides $ Lesson Nine Cars and Loans 04/09 costs of owning and operating a motor vehicle ownership (fixed) costs: Depreciation (based on purchase price) Interest on loan (if buying on credit)

More information

INSURANCE BASICS101 TM %*'9 [[[ EPXEREJGY SVK

INSURANCE BASICS101 TM %*'9 [[[ EPXEREJGY SVK INSURANCE BASICS101 TM This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended, and should not be used,

More information

AUTOMOBILE INSURANCE HOW MUCH COVERAGE DO I NEED?

AUTOMOBILE INSURANCE HOW MUCH COVERAGE DO I NEED? HM 680 April 1991 $ $$ Southern Selection AUTOMOBILE INSURANCE HOW MUCH COVERAGE DO I NEED? You may not realize how much you rely on your car until something happens and you are unable to use it. You cannot

More information

lesson nine cars and loans overheads

lesson nine cars and loans overheads lesson nine cars and loans overheads the cost of owning and operating a motor vehicle ownership (fixed) costs: Depreciation (based on purchase price) Interest on loan (if buying on credit) Insurance Registration

More information

Drive confidently. Protecting that investment with a Stillwater Auto policy helps you do those things confidently.

Drive confidently. Protecting that investment with a Stillwater Auto policy helps you do those things confidently. AUTO INSURANCE Drive confidently With the exception of your home, your car is probably the most valuable thing you own. It s an investment one you rely on every day to commute, shuttle the kids, run errands

More information

CAR INSURANCE. Risk management, insurance, comparison shopping

CAR INSURANCE. Risk management, insurance, comparison shopping Grades 9-12 Lesson 8 CAR INSURANCE Key concepts: Risk management, insurance, comparison shopping Summary: This lesson introduces students to car insurance, including managing risk, understanding what factors

More information

Chapter 10. Chapter 10 Learning Objectives. Insurance and Risk Management: An Introduction. Property and Motor Vehicle Insurance

Chapter 10. Chapter 10 Learning Objectives. Insurance and Risk Management: An Introduction. Property and Motor Vehicle Insurance Chapter 10 Property and Motor Vehicle Insurance McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. 10-1 Chapter 10 Learning Objectives 1. Develop a risk management

More information

insurance auto insurance

insurance auto insurance insurance auto insurance our mission The mission of The USAA Educational Foundation is to help consumers make informed decisions by providing information on financial management, safety concerns and significant

More information

1. What types of damages could you cause while you are driving?

1. What types of damages could you cause while you are driving? Bellwork 1-9-15 Never lend your car to anyone to whom you have given birth. Erma Bombeck, Humor Writer 1. What types of damages could you cause while you are driving? 2. Do you know how much auto body

More information

Educational Guide to Automobile Insurance

Educational Guide to Automobile Insurance Educational Guide to Automobile Insurance Who needs auto insurance? Suppose you have an auto accident and you hurt or kill someone, damage someone else s property or damage your own car. If you are found

More information

A Consumer s Guide 6/2/11 AUT- PP

A Consumer s Guide 6/2/11 AUT- PP t rin ep N ot fo rr A Consumer s Guide AUT- PP 6/2/11 About the NAIC The National Association of Insurance Commissioners (NAIC) is the oldest association of state government officials. Its members consist

More information

Automobile Insurance Grade Level 9-12

Automobile Insurance Grade Level 9-12 Automobile Insurance Grade Level 9-12 Take Charge of Your Finances Materials provided by: Cynthia Barnes, Family and Consumer Sciences Educator, Beaverhead County High School, Dillon, Montana Time to complete:

More information

Arkansas. Insurance Department AUTOMOBILE INSURANCE. Mike Beebe Governor. Jay Bradford Commissioner

Arkansas. Insurance Department AUTOMOBILE INSURANCE. Mike Beebe Governor. Jay Bradford Commissioner Arkansas Insurance Department AUTOMOBILE INSURANCE Mike Beebe Governor Jay Bradford Commissioner A Message From The Commissioner The Arkansas Insurance Department takes very seriously its mission of consumer

More information

Presentation Slides. Lesson Eight. Cars and Loans 04/09

Presentation Slides. Lesson Eight. Cars and Loans 04/09 Presentation Slides $ Lesson Eight Cars and Loans 04/09 the costs of owning and operating a car Ownership (fixed) costs: Purchase price Sales tax Registration fee, title, and license Financing costs Insurance

More information

Economic Education for Consumers Chapter 14 Study Guide Automobile and Home Insurance: Sharing the Risk

Economic Education for Consumers Chapter 14 Study Guide Automobile and Home Insurance: Sharing the Risk Economic Education for Consumers Chapter 14 Study Guide Automobile and Home Insurance: Sharing the Risk Section 14-1 Insurance Basics Define Risk Management. Define Shared Risk. How do insurance companies

More information

made simple Auto Insurance What s included:

made simple Auto Insurance What s included: Auto Insurance made simple What s included: How to read your Allstate Auto Policy Declarations Understanding auto insurance: Coverages Deductibles Coverage limits What to do in case of an accident Frequently

More information

Guide to Knowing Your Auto

Guide to Knowing Your Auto Guide to Knowing Your Auto & Homeowners Insurance Options Presented by: 1 When it comes to insurance, you can never know too much. What type of insurance is available and how much coverage you need? And

More information

NEFE High School Financial Planning Program Unit 6 Your Money: Keeping it Safe and Secure. Unit 6 - Insurance: Protecting What You Have

NEFE High School Financial Planning Program Unit 6 Your Money: Keeping it Safe and Secure. Unit 6 - Insurance: Protecting What You Have Unit 6 - Insurance: Protecting What You Have Common Exposures to Loss Exposure Risk Potential Loss Accident or Illness Loss of income from inability to work; uninsured medical bills; death UNLIMITED Property

More information

Business Auto Insurance

Business Auto Insurance Business Auto Insurance Overview of Chapter 5, CPCU 4 I. Covered Autos II. III. IV. Liability Physical Damage Conditions V. Additional Coverages and Endorsements I. Covered Autos - common definition -

More information

Student Activities. Lesson Nine. Cars and Loans 04/09

Student Activities. Lesson Nine. Cars and Loans 04/09 Student Activities $ Lesson Nine Cars and Loans 04/09 operating costs of a motor vehicle model year make, size, model fixed costs Depreciation: Purchase price $ divided by estimated life years $ Annual

More information

CHOICES: Insurance Rate Comparison Search Systems. Auto Insurance. Instructions/User Guide

CHOICES: Insurance Rate Comparison Search Systems. Auto Insurance. Instructions/User Guide CHOICES: Insurance Rate Comparison Search Systems Auto Insurance Instructions/User Guide April 2014 Table of Contents Step 1 Select an Example... 3 Step 2 Select by County or Company... 4 By County...

More information

AUTO INSURANCE OUR MISSION IS YOU. AUTOMOBILE INSURANCE. www.afi.org

AUTO INSURANCE OUR MISSION IS YOU. AUTOMOBILE INSURANCE. www.afi.org AUTO INSURANCE OUR MISSION IS YOU. AUTOMOBILE INSURANCE www.afi.org Our Mission Like those who serve our nation, AFI is dedicated to delivering protection and peace of mind. Our unwavering commitment to

More information

a consumers guide to No-Fault Automobile Insurance in Michigan

a consumers guide to No-Fault Automobile Insurance in Michigan a consumers guide to No-Fault Automobile Insurance in Michigan No-Fault Automobile Insurance in Michigan The Michigan no-fault system was adopted in 1973 to increase the level of benefits paid to injured

More information

2015 Annual Private Passenger Automobile & Homeowners Insurance Comparison Tables

2015 Annual Private Passenger Automobile & Homeowners Insurance Comparison Tables 2015 As required by law, the Utah Insurance Department has prepared this guide to auto and homeowners insurance. This annual guide provides general information about auto and homeowners insurance, and

More information

FIS-PUB 0077 (6/13) Number of copies printed: 10,000 / Legal authorization to print: PA 145 of 1979 / Printed on recycled paper

FIS-PUB 0077 (6/13) Number of copies printed: 10,000 / Legal authorization to print: PA 145 of 1979 / Printed on recycled paper DIFS is an equal opportunity employer/program. Auxiliary aids, services and other reasonable accommodations are available upon request to individuals with disabilities. FIS-PUB 0077 (6/13) Number of copies

More information

The Game of Life Purchasing Auto Insurance Updated: 2016-02-10

The Game of Life Purchasing Auto Insurance Updated: 2016-02-10 The Game of Life Purchasing Auto Insurance Updated: 2016-02-10 One of the most common experiences young adults encounter can be one of the most mysterious: purchasing auto insurance. It might not seem

More information

How To Get Auto Insurance In Texas

How To Get Auto Insurance In Texas Consumer Decision Making Contest 2001-2002 Study Guide Auto Insurance (Editor s Note: The terms, auto insurance and car will be used throughout the guide and apply to all types of motor vehicles: cars,

More information

A Consumer s Guide to: Auto Insurance. Choosing and using your auto insurance coverage. Washington State Office of the Insurance Commissioner

A Consumer s Guide to: Auto Insurance. Choosing and using your auto insurance coverage. Washington State Office of the Insurance Commissioner A Consumer s Guide to: Auto Insurance Choosing and using your auto insurance coverage Washington State Office of the Insurance Commissioner Washington State www.insurance.wa.gov Office of the Insurance

More information

A CONSUMER GUIDE TO AUTO INSURANCE INSURANCE ADMINISTRATION

A CONSUMER GUIDE TO AUTO INSURANCE INSURANCE ADMINISTRATION A CONSUMER GUIDE TO AUTO INSURANCE INSURANCE ADMINISTRATION TABLE OF CONTENTS Introduction...1 How to Shop for Auto Insurance....1 What Factors Impact Rates?...6 What Discounts are Available?....8 Basic

More information

Automobile Insurance in Pennsylvania a supplement to the Automobile Insurance Guide

Automobile Insurance in Pennsylvania a supplement to the Automobile Insurance Guide and answers about Automobile Insurance in Pennsylvania a supplement to the Automobile Insurance Guide My automobile policy was canceled because I did not pay my premium on time. Is this legal? Yes. If

More information

Frequently Asked Questions Auto Insurance

Frequently Asked Questions Auto Insurance STATE OF WISCONSIN Frequently Asked Questions Auto Insurance OFFICE OF THE COMMISSIONER OF INSURANCE PI-233 (C 03/2015) The Automobile Insurance Policy (page 1) Wisconsin's Financial Responsibility Law

More information

Call on AAA with confidence. Have a question? Need a quote? Simply contact your nearest AAA Agent: Auto. Insurance 5451-41922-19

Call on AAA with confidence. Have a question? Need a quote? Simply contact your nearest AAA Agent: Auto. Insurance 5451-41922-19 Call on AAA with confidence. Have a question? Need a quote? Simply contact your nearest AAA Agent: Auto Insurance 5451-41922-19 Q U A L I T Y Day or night. You re covered, with AAA. Whatever you drive,

More information

Are YOU paying too much for auto insurance?

Are YOU paying too much for auto insurance? PRSRT STD U.S. POSTAGE PAID Permit No. XX Anytown, PA Priority Access Code Enclosed for: PA Driver: John Q. Sample Are YOU paying too much for auto insurance? It s time to take a closer look. Fusura 800

More information

Arkansas. Arkansas. Insurance Department. Insurance Department AUTOMOBILE INSURANCE. For more information contact: Allen Kerr Commissioner

Arkansas. Arkansas. Insurance Department. Insurance Department AUTOMOBILE INSURANCE. For more information contact: Allen Kerr Commissioner For more information contact: Arkansas Insurance Department Arkansas Insurance Department AUTOMOBILE INSURANCE Asa Hutchinson Governor Allen Kerr Commissioner Consumer Services Division 1200 W. Third Street,

More information

ACCIDENT AND VIOLATION RATING PLAN

ACCIDENT AND VIOLATION RATING PLAN Minnesota Surcharge Disclosure Statement Thank you for the opportunity to provide this important insurance protection. As your insurance provider, we like to keep you informed of factors affecting your

More information

AUTO Insurance. Survival Guide. A guide to helping you choose the RIGHT insurance at the RIGHT price. Brought to you by Empire Region Insurance Agency

AUTO Insurance. Survival Guide. A guide to helping you choose the RIGHT insurance at the RIGHT price. Brought to you by Empire Region Insurance Agency AUTO Insurance Survival Guide A guide to helping you choose the RIGHT insurance at the RIGHT price. Brought to you by Empire Region Insurance Agency 4 Avis Drive Suite 108 Latham, NY 12110 www.empireregioninsurance.com

More information

How To Get Insurance For A Car

How To Get Insurance For A Car Personal and Business Auto Table of Contents p. 1 of 5 Unit 1 - Introducing Auto Insurance pp. 7-41 Problems associated with auto accidents and insurance The large number of auto incidents High Cost of

More information

AUTO INSURANCE PROTECTION WHILE YOU RE ON THE ROAD

AUTO INSURANCE PROTECTION WHILE YOU RE ON THE ROAD AUTO INSURANCE PROTECTION WHILE YOU RE ON THE ROAD PROTECTION WHILE YOU ARE ON THE ROAD TO YOUR DREAMS LIABILITY COVERAGE What is Auto Insurance Coverage? An auto insurance policy is a package of several

More information

WHERE TO GET MORE INFORMATION AND HELP

WHERE TO GET MORE INFORMATION AND HELP WHERE TO GET MORE INFORMATION AND HELP This Buyer's Guide is intended to provide general information to help you make coverage choices. It is not a substitute for the policy language, which governs. Additional

More information

Student Activities. Lesson Nine. Cars and Loans. Practical_Money Skills for Life 04/09

Student Activities. Lesson Nine. Cars and Loans. Practical_Money Skills for Life 04/09 Student Activities Lesson Nine Cars and Loans Practical_Money Skills for Life 04/09 name: operating costs of a motor vehicle model year make, size, model fixed costs Depreciation: Purchase price $ divided

More information

DIVISION OF INSURANCE

DIVISION OF INSURANCE Alaska Consumer Guide to Auto Insurance State of Alaska Department of Commerce, Community, and Economic Development DIVISION OF INSURANCE About the Alaska Division of Insurance The Alaska Division of Insurance

More information

Auto Insurance? Why do I need automobile insurance? Questions piling up on. What does my auto policy cover? Here's help

Auto Insurance? Why do I need automobile insurance? Questions piling up on. What does my auto policy cover? Here's help Questions piling up on Auto Insurance? Why do I need automobile insurance? First, it s the law. Illinois law requires all motor vehicle owners to have certain auto insurance coverages. There may be others

More information

RV Coverage Breakdown

RV Coverage Breakdown RV Coverage Breakdown Collision and Comprehensive Collision and Comprehensive (Other than Collision) coverage are without a doubt two of the more important types of RV insurance coverage, and are also

More information

INSURANCE. Automobile GUIDE

INSURANCE. Automobile GUIDE Automobile INSURANCE GUIDE The Pennsylvania Insurance Department is here to help you understand automobile insurance. In the next few pages you will learn about auto insurance, types of coverage available,

More information

Auto Insurance. » Make sure you have sufficient liability insurance in the event that someone decides to sue you for everything and then some.

Auto Insurance. » Make sure you have sufficient liability insurance in the event that someone decides to sue you for everything and then some. Auto Insurance What it is and why it is important Beyond being a prerequisite to legally drive a car, auto insurance is essential to protecting your assets if they re threatened by an accident, natural

More information

Cheap Car Insurance: How to Slash Your Auto Insurance Costs and Get Cheap Quotes

Cheap Car Insurance: How to Slash Your Auto Insurance Costs and Get Cheap Quotes Cheap Car Insurance: How to Slash Your Auto Insurance Costs and Get Cheap Quotes Copyright by BizMove Publishing. All rights reserved. Table of Contents 1. How to Get Cheap Car Insurance Quotes 2. What

More information

NEW JERSEY AUTO INSURANCE BUYER S GUIDE. Chris Christie Governor. Kim Guadagno Lt. Governor. Commissioner

NEW JERSEY AUTO INSURANCE BUYER S GUIDE. Chris Christie Governor. Kim Guadagno Lt. Governor. Commissioner NEW JERSEY AUTO INSURANCE BUYER S GUIDE Chris Christie Governor Kim Guadagno Lt. Governor Commissioner WHERE DO I START?... 1 UNDERSTANDING YOUR POLICY... 2-6 Types of Coverages Standard and Basic Policies

More information

A Consumer Guide to. auto INSURANCE ADMINISTRATION

A Consumer Guide to. auto INSURANCE ADMINISTRATION A Consumer Guide to auto INSURANCE INSURANCE ADMINISTRATION Table of Contents Introduction...1 How to Shop for Auto Insurance....1 What Factors Impact Rates?...6 What Discounts are Available?....8 Basic

More information

NEW JERSEY AUTO INSURANCE BUYER S GUIDE. Jon S. Corzine Governor. Steven M. Goldman Commissioner

NEW JERSEY AUTO INSURANCE BUYER S GUIDE. Jon S. Corzine Governor. Steven M. Goldman Commissioner NEW JERSEY AUTO INSURANCE BUYER S GUIDE Jon S. Corzine Governor Steven M. Goldman Commissioner WHERE DO I START?... 1 UNDERSTANDING YOUR POLICY... 2-6 Types of Coverages Standard and Basic Policies What

More information

Insurance Education. www.insurance-education.org. Auto Insurance. The Basics. A project of Consumer Action

Insurance Education. www.insurance-education.org. Auto Insurance. The Basics. A project of Consumer Action Insurance Education www.insurance-education.org Auto Insurance The Basics A project of Consumer Action Auto insurance protects you and others from losses involving your car. It would pay medical bills

More information

What you. need to know. Auto Insurance. A consumer information publication

What you. need to know. Auto Insurance. A consumer information publication What you Auto Insurance need to know A consumer information publication The Minnesota Department of Commerce has prepared this guide to help you better understand auto insurance. It gives you information

More information

ZacharLawFirm.com (602) 494-4800 Page 1

ZacharLawFirm.com (602) 494-4800 Page 1 There are countless drivers across the state of Arizona that are uninsured or underinsured. In fact, it is estimated that one (1) out of every five (5) drivers on the road is driving without insurance.

More information

NEW JERSEY AUTO INSURANCE BUYER S GUIDE *C00179480010000001* PL-50074 (03-12) Page 1 of 9 000001/00000 S1347I03 7668 07/23/12

NEW JERSEY AUTO INSURANCE BUYER S GUIDE *C00179480010000001* PL-50074 (03-12) Page 1 of 9 000001/00000 S1347I03 7668 07/23/12 NEW JERSEY AUTO INSURANCE BUYER S GUIDE *C00179480010000001* 000001/00000 S1347I03 7668 07/23/12 PL-50074 (03-12) Page 1 of 9 WHAT S INSIDE WHERE DO I START?... UNDERSTANDING YOUR POLICY... Types of Coverage

More information

COMMERCIAL PPA EDITION

COMMERCIAL PPA EDITION NEW JERSEY AUTO INSURANCE BUYER S GUIDE COMMERCIAL PPA EDITION For Individually Owned Private Passenger Automobiles Written on Commercial Insurance Policies WHAT S INSIDE WHERE DO I START?...PAGE 2 UNDERSTANDING

More information

A Consumer s Auto Insurance Guide

A Consumer s Auto Insurance Guide Financial Institutions Environment and Labour A Consumer s Auto Insurance Guide 2nd edition Auto insurance is a mandatory product for all drivers in Nova Scotia. However, understanding this complex product

More information

A Consumer s Auto Insurance Guide

A Consumer s Auto Insurance Guide Financial Institutions Environment and Labour A Consumer s Auto Insurance Guide 2nd edition Auto insurance is a mandatory product for all drivers in Nova Scotia. However, understanding this complex product

More information

NEW JERSEY AUTO SUPPLEMENT

NEW JERSEY AUTO SUPPLEMENT AGENCY AGENCY CUSTOMER ID: NEW JERSEY AUTO SUPPLEMENT NAMED INSURED(S) POLICY NUMBER EFFECTIVE DATE CARRIER NAIC CODE NEW JERSEY AUTO INSURANCE BUYER'S GUIDE New Jersey Department of Banking and Insurance

More information

Financial Responsibility. Costs of Owning a Vehicle Trip Planning

Financial Responsibility. Costs of Owning a Vehicle Trip Planning Mod 10 Financial Responsibility Buying a Used Vehicle Costs of Owning a Vehicle Trip Planning Financial Responsibility Law $ Minimum liability coverage $ $500 Uninsured motorist fee Virginia Auto Insurance

More information

Auto, Homeowners, Medical and Life Insurance. Dollars and Sense

Auto, Homeowners, Medical and Life Insurance. Dollars and Sense Auto, Homeowners, Medical and Life Insurance Dollars and Sense Copyright Copyright Texas Education Agency, 2014. These Materials are copyrighted and trademarked as the property of the Texas Education Agency

More information

Insurance Primer. Collector Car Insurance

Insurance Primer. Collector Car Insurance Insurance Primer A Crash Course in Collector Car Insurance Finally, you own the vehicle you ve spent a lifetime dreaming about. Now what? The next step is to protect your investment. Auto policies covering

More information

NEW JERSEY AUTO INSURANCE, BUYER S GUIDE

NEW JERSEY AUTO INSURANCE, BUYER S GUIDE NEW JERSEY AUTO INSURANCE, BUYER S GUIDE BG-NJ (1/14) WHAT'S INSIDE WHEREDOISTART?...1 UNDERSTANDING YOUR POLICY...2 Types of Coverages Standard and Basic Policies What are Limits and Deductibles? UNDERSTANDING

More information

Auto Insurance Consumer s Guide

Auto Insurance Consumer s Guide Auto Insurance Consumer s Guide Virginia Insurance www.vaip.net Prepared by Commonwealth of Virginia State Corporation Commission Bureau of Insurance P.O. Box 1157 Richmond, Virginia 23218 (804) 371-9185

More information

Commonwealth of Massachusetts Division of Insurance

Commonwealth of Massachusetts Division of Insurance Commonwealth of Massachusetts Division of Insurance Joseph G Murphy, Commissioner CONTENTS: PAGE # How to Reach Us D-1 How to File an Insurance Complaint D-1 Frequently Asked Insurance Questions (FAQ s)

More information

General Insurance Definitions:

General Insurance Definitions: General Insurance Definitions: Accidental Death Coverage Accidental death coverage is sometimes a part of your auto insurance policy's Personal Injury Protection (PIP) or may be offered as a separate Accidental

More information

Wayne Howell, PLLC A GUIDE TO ARIZONA AUTOMOBILE INSURANCE COVERAGE

Wayne Howell, PLLC A GUIDE TO ARIZONA AUTOMOBILE INSURANCE COVERAGE Wayne Howell, PLLC If A GUIDE TO ARIZONA AUTOMOBILE INSURANCE COVERAGE you think you have "Full Coverage", you may be at risk without knowing it. "Full Coverage" means different things to different people;

More information

Teacher's Guide. Lesson Nine. Cars and Loans 04/09

Teacher's Guide. Lesson Nine. Cars and Loans 04/09 Teacher's Guide $ Lesson Nine Cars and Loans 04/09 cars and loans websites Being prepared is the best way to keep car-buying choices and decisions on the right track. Students need to examine all aspects

More information

Home and Automobile Insurance Guide

Home and Automobile Insurance Guide Home and Automobile Insurance Guide General Information Finding the best insurance policies to suit your needs can be a complex and confusing business. To help you, we have addressed questions and defined

More information

Business Auto Insurance (Not in Text)

Business Auto Insurance (Not in Text) Business Auto Insurance (Not in Text) Overview I. Covered Autos II. III. IV. Liability Physical Damage Conditions V. Additional Coverages and Endorsements I. Covered Autos business auto form provides flexibility

More information

AUTO INSURANCE A RATE COMPARISON GUIDE NEBRASKA DEPARTMENT OF INSURANCE 941 O STREET, SUITE 400 PO BOX 82089 LINCOLN, NEBRASKA 68501-2089

AUTO INSURANCE A RATE COMPARISON GUIDE NEBRASKA DEPARTMENT OF INSURANCE 941 O STREET, SUITE 400 PO BOX 82089 LINCOLN, NEBRASKA 68501-2089 A RATE COMPARISON GUIDE 2015 RATES AUTO INSURANCE COMPILED BY DEPARTMENT OF INSURANCE 941 O STREET, SUITE 400 PO BOX 82089 LINCOLN, 68501-2089 402-471-2201 TOLL-FREE: 1-877-564-7323 TDD: 1-800-833-7352

More information

Auto Insurance from The Hartford. Get the coverage and value you need for the long road ahead.

Auto Insurance from The Hartford. Get the coverage and value you need for the long road ahead. Auto Insurance from The Hartford Get the coverage and value you need for the long road ahead. Better coverage, better value for you and your family. When you buy auto insurance, you re not just protecting

More information

Auto Insurance Consumer s Guide

Auto Insurance Consumer s Guide Auto Insurance Consumer s Guide Prepared by Commonwealth of Virginia State Corporation Commission Bureau of Insurance P.O. Box 1157 Richmond, Virginia 23218 (804) 371-9185 (877) 310-6560 Website: www.scc.virginia.gov/boi/

More information

AUTO INSURANCE: A CONSUMER GUIDE FOR TEEN & YOUNG ADULT DRIVERS

AUTO INSURANCE: A CONSUMER GUIDE FOR TEEN & YOUNG ADULT DRIVERS MARTIN O MALLEY Governor ANTHONY G. BROWN Lt. Governor PEGGY J. WATSON Interim Commissioner JAMES V. MCMAHAN, III Deputy Commissioner 525 St. Paul Place, Baltimore, Maryland 21202-2272 1-800-492-6116 TTY:

More information

UNITED SERVICES AUTOMOBILE ASSOCIATION NEW JERSEY AUTO INSURANCE BUYER'S GUIDE

UNITED SERVICES AUTOMOBILE ASSOCIATION NEW JERSEY AUTO INSURANCE BUYER'S GUIDE UNITED SERVICES AUTOMOBILE ASSOCIATION NEW JERSEY AUTO INSURANCE BUYER'S GUIDE New Jersey Department of Banking and Insurance 999NJ(31) Rev. 6-04 Page 1 of 10 WHAT'S INSIDE WHERE DO I START? PAGE 2 UNDERSTANDING

More information

Nevada Consumer s Guide to Auto Insurance Rates

Nevada Consumer s Guide to Auto Insurance Rates About This Guide Nevada Consumer s Guide to Auto Insurance Rates Shopping for auto insurance is not easy. It takes time and effort and can be confusing. This booklet is designed both to assist you in shopping

More information

Nevada 2012. Insurance Rates

Nevada 2012. Insurance Rates Nevada 2012 Consumer s s Guide to Auto Insurance Rates State of Nevada, Department of Business & Industry DIVISION OF INSURANCE Scott J. Kipper, Commissioner Brian Sandoval, Governor Bruce H. Breslow,

More information

AMERICAN SOUTHERN HOME INSURANCE COMPANY (080) FLORIDA MOTOR HOME APPLICATION

AMERICAN SOUTHERN HOME INSURANCE COMPANY (080) FLORIDA MOTOR HOME APPLICATION AMERICAN SOUTHERN HOME INSURANCE COMPANY (080) FLORIDA MOTOR HOME APPLICATION DRIVER INFORMATION Quote/Binder # Policy Number Renewal of Policy # SUBPRODUCER CODE AGENCY CODE 0 3 2 6 8 5 SUBPRODUCER: AGENCY

More information