Collision Coverage

 

Generally, Collision Coverage reimburses you the amount needed to repair or replace your damaged vehicle, minus the deductible. This coverage is normally required if your vehicle is leased or if you have an outstanding loan on the vehicle.

These are just a few good reasons for getting Collision Insurance: 

• It pays for damages to your vehicle even if you are not at fault. 
• Your car can be fixed right away, if there is a debate over who is at fault and you don't have Collision Coverage, you may have to wait a long time for the funds to repair your car; you also run the risk of never receiving payment for incurred losses. 
• The other person may be at fault but may not have insurance. 
• You hit a telephone pole because the roads were slippery, you hit an object late at night; the unexpected happens and sometimes it can cause a lot of damage to your vehicle. Collision covers the unexpected. 
• If you have a new or newer vehicle it covers damages that can be extremely costly. 
• If you can't afford to replace your current vehicle, Collision Coverage helps get your vehicle back on the road without costing you an arm and a leg.

Comprehensive Coverage

 

Next to your home, your vehicle is probably one of your most valuable assets. Unfortunately, risk of damage to your vehicle isn't restricted solely to an automobile accident. There are other events that can damage or destroy your main form of transportation. That is what Comprehensive coverage is for.

This coverage protects your investment in your vehicle by paying for losses resulting from fire, theft, falling objects, riots, storms, earthquakes, floods, collision with a bird or animal, and other natural occurrences.

Like Collision Coverage, Comprehensive Coverage generally includes a deductible and is normally required if your vehicle is leased or if you have an outstanding loan on the vehicle. Please contact me for more information about Comprehensive Coverage protection.

 

Liability Coverage

 

Liability Coverage protects the insured against financial loss arising out of legal liability imposed upon him/her in connection with bodily injuries (or death) suffered, or alleged to have suffered, by persons or the public, or damage caused to property other than property owned by or in the custody of the insured as a result of the maintenance of the premises, or the business operations of the insured.

With all that being said, when accidents occur, individuals in the accident are compensated for injury or losses caused. Usually the largest expenses are medical; however fees and costs can be exorbitant if a lawsuit occurs. Some individuals may want to consider Umbrella Liability Insurance to protect against catastrophic loss.

 

For most, driving a vehicle is the highest risk activity for injuring others. Maximum coverages we provide are 500/500/100. With the average 2005 auto liability award at *$406,576 and *29% of those awards being *$1,000,000, consider what assets you need to protect. If your need for protection is over $500,000, umbrella policies are available and very affordable.

*Source Current Awards Trends in Personal Injury – 46^th Edition Copyright 2007 by LRP Publications

 

Property Damage Coverage

 

Even if you are the best driver in the world, it's possible to be at fault in an accident. Perhaps you were daydreaming when you ran a red light. Maybe your cell phone distracted you just as the car in front of you braked, causing you to rear-end them.

 

Accidents happen, and that's why we provide Property Damage coverage for collisions in which you are at fault. It covers your liability for damaging another person's personal property. It is not solely reserved for automobile accidents but also can cover to damages to property such as homes and fences.

 

Uninsured/Underinsured Motorist Coverage

 

You know that you're responsible, but sometimes, oftentimes, you have to also watch out for the "other person". You may be protected, but he/she might not be. That's why there is Uninsured/Underinsured Motorist coverage.

 

It protects you, members of your household, and your passengers in an accident with a motorist who has no insurance or is underinsured. Uninsured Motorist protection also covers you if you're injured by a hit-and-run driver. It applies to you and the members of your household if you or they are injured as a pedestrian(s). Coverage includes payment of medical costs, lost wages, and pain and suffering.

Uninsured/Underinsured Motorist coverage is required in many states. And, in some states or insurance policies, Underinsured Motorist protection is separate from Uninsured Motorist coverage. Contact me today to learn more.

 

Medical Payments Coverage

 

Did you know that the average funeral cost today is $6500¹ or that in 2007 health expenditures were expected to rise 6.9 percent²? It should be the last thing that your loved ones have to worry about, should something happen to you, but planning for it is a necessary reality.

 

Medical Payments coverage makes sure that medical bills and funeral expenses are covered should you, or a passenger, be injured or killed in a vehicle accident. This coverage extends to you or a family member when riding as a passenger in someone else's vehicle or when struck by a vehicle when on foot. Costs are covered up to the amount specified by the policy.

 

If you have more questions about how to be prepared for medical or funeral expenses caused from an automobile accident, please contact me for more information.

 

References:
*http://articles.moneycentral.msn.com/RetirementandWills/PlanYourEstate/HowToPlanAFuneral.aspx
**http://www.nchc.org/facts/cost.shtml

***(Although these statistics are from a deemed reputable source, they do come from a third party Web site and Farmers is not responsible or liable for information provided)

 

Personal Injury Protection (PIP) Coverage

 

Unfortunately medical expenses can cause a tremendous amount of financial stress. Just as stressful, can be the financial losses due to the inability to work.

 

Personal Injury Protection covers lost wages and the replacement of the services of someone injured in an accident. It is coverage that is generally required in no-fault states but is still available in other states.