|It is very important that you consult with your agent to determine the best coverage for you. Depending on your vehicle, age, driving record, income and many other factors, the right coverage will vary.
Disclaimer: This information is intended to provide a brief overview of insurance coverage, and is not a substitute for reading the details of your insurance policy and/or consulting with an agent
|1.||What does liability coverage mean?|
|2.||What does collision and comprehensive coverage mean?|
|3.||My car insurance seems expensive. How can I reduce the cost?|
|4.||When comparing homeowners policies, what should I look at other than the limit on my house?|
|5.||If I have an office in my home, does my homeowners policy provide the coverage I need?
WHAT DOES LIABILITY COVERAGE MEAN?
Liability coverage protects you from lawsuits in the event you are involved in an accident. This coverage provides protection even if you are driving another person’s vehicle. There are three main types of Liability coverage:
$100,000 maximum payment to any individual involved in the accident
The minimum limits for BI vary by state and it is suggested that you purchase $100,000/$300,000 unless you are a non-standard driver that has very expensive insurance rates. Always check with your insurance agent about the risks associated with purchasing lower or minimum liability limits.
Medical or Personal Injury Protection(PIP)
WHAT DOES COLLISION AND COMPREHENSIVE COVERAGE MEAN?
Comprehensive and Collision are sold with deductibles. A deductible is the amount you pay first. After the deductible has been reached, the insurance coverage provides payment for the additional amount of repairs/replacement needed. A typical deductible for Comprehensive and Collision is:
It is very important that you consult with your agent to determine the best coverage for you. Depending on your vehicle, age, driving record, income and many other factors, the right coverage will vary.
Disclaimer: This information is intended to provide a brief overview of insurance coverage, and is not a substitute for reading the details of your insurance policy and/or consulting with an agent.
MY CAR INSURANCE SEEMS EXPENSIVE. HOW CAN I REDUCE THE COST?
Vehicle Choice – Premiums vary by vehicle – some are theft targets or expensive to repair. Check the insurance rates before you make a purchase.
Deductibles – Choosing higher comprehensive and collision deductibles can reduce premiums.
Collision Coverage – As your vehicle ages and the value declines, it might be a good idea to drop collision coverage to save money.
Account Credit – Many companies provide discounts if your home and auto are insured together.
Ride Share – If you commute, look into ride share vans or alternatives to driving to work every day. Decreased usage may translate into a lower rate class.
WHEN COMPARING HOMEOWNERS POLICIES, WHAT SHOULD I LOOK AT OTHER THAN THE LIMIT ON MY HOUSE?
Be sure to address any business activity with your agent. There are many gaps in both the property and liability coverage under the homeowners policy, relative to the business. Your policy may exclude any detached structures, such as a garage, that are used for business purposes, including storage of materials. Contents coverage for business personal property is usually limited to $2500 at home or $250 away from home. Liability coverage for business activity is generally excluded.
Many of these items, however, can be addressed by many homeowners policies as in-home businesses become more common. Coverage for contents, business computers and data and liability can often be added to the homeowners policy or be provided by a companion policy.