Transcript Insurance - Mccook Elementary School

Presented By
Andrew Aguilar, Jimmy Hickert, Megan Rokusek
Section 1
Motor Vehicle Risks
Risks of Having a Vehicle
-could damage vehicle or others property
-vandals could steal or damage vehicle
-could be sued by others
Not Having Insurance = Greater Risk
-treating someone or paying for someone's things
could cause you to lose all your assets
-Accidents are unavoidable and will happen
Motor Vehicle Risks
-person legally a fault is liable for damages and
financial losses
-if you are found liable and have insurance
-provide legal defense
-they pay for all damages up to the limits
-individual states regulate laws related to vehicle
insurance
Motor Vehicle Risks
Financial Responsibility
-every state has a financial responsibility law
-if you caused an accident and cannot pay, legal
system takes action
-savings or property could be taken
-driver’s license suspended or taken away
Motor Vehicle Risks
Compulsory Insurance
-most states require drivers to carry auto insurance
-it’s compulsory that an automobile owner has
insurance
-compulsory insurance laws may not allow a driver
to register a car without proof of insurance
Automobile Insurance Coverage
There are 2 categories of auto insurance
-Personal Injury Coverage
-Property Damage Coverage
Automobile Insurance Coverage
Personal Injury Coverage
-Bodily Injury Liability
-is insurance that protects a driver from injuries or
deaths for which the insured is at fault
-covers people in other cars, any passengers, and
pedestrians
-insured and the insured immediate family are not
covered
-coverage is expressed as 2 numbers
Automobile Insurance Coverage
-Medical Payments Protection
-policyholders and family members are covered if
they are injured while riding in their car or another
-may also cover them if walking and hit by car
-policy protects guests in the insured car
-this protection covers medical, dental, ambulance,
hospital, nursing, and funeral services
-payment is made no matter who is at fault
Automobile Insurance Coverage
-Uninsured Motorist Protection
-injuries can be caused by hit-&-run or drivers w/out
insurance
-available only to people who hav bodily injury insurance
-covers policyholder, family members, & guests in car
-covers insured person only if uninsured is at fault
-payment is made no matter who is at fault
Automobile Insurance Coverage
Property Damage Coverage
-Property Damage Liability
-protects driver against claims if insured car
damages someone else’s property & insured is at fault
-this doesn’t cover damage to the insured car
Automobile Insurance Coverage
-Collision Insurance
-protects a car owner against financial loss
-doesn’t cover injuries to people or damage to
others property
-Coverage is usually written w/ a deductible clause
Automobile Insurance Coverage
-Comprehensive Coverage
-protects the insured against almost all damage
losses except those caused from a collision
-if car is stolen or destroyed amount paid wont =
amount paid for car
-insurance pays for estimate value of car
$15,000 Car
$20,000
$15,000
$10,000
$5,000
$0
$14,500
10,500
1st yr
2nd yr
8,000
3rd yr
Automobile Insurance Coverage
No-Fault Insurance Laws
-adopted to reduce insurance costs and speed up
claims
-people in accident collect for their financial losses
from their own insurance companies
- types of loses include
-medical bills
-loss of wages
-other related expenses
Automobile Insurance Costs
Insurance Rates
-factors to determine automobile insurance cost
-age
-purpose for which you use the car
-number of miles you drive each yr
-value and type of car
-community in which you live
-amount of coverage and deductibles
Automobile Insurance Costs
Reducing Auto Insurance Costs
-planning insurance purchases = saved money
-companies will decrease extra charges for young
drivers who complete an educational course
-young drivers, in some states, can receive student
dicounts
Automobile Insurance Costs
Selecting a Company
-COMPARE rates
-companies may offer lower rates
-family insures more than one car
-have different type of insurance in company
-buying packages in bigger bulks
-buying a month is more expensive than a yr
Automobile Insurance Costs
Assigned-Risk Plans
-every state has this
-company assigned a number of high-risk drivers
-based on number of customers
-insure a fair portion of them
-drivers in high risk categories pay much higher
premiums
Automobile Insurance Costs
Insurance for Others Vehicles
-most important insurance
-bodily injury liability
-property damage liability
-collision
-comprehensive physical damage insurance
-engine size and value of car are key factors in
determining price