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An Intro To Auto Insurance


Although premiums, policies and prices vary widely, the mandate does not. Automobile insurance is an unavoidable expense of driving. Ideally, you will never have use for your auto insurance. In the event that you do; however, you will considerably improve your satisfaction with the claims process by doing thorough research before policy inception.

Begin with an understanding of auto insurance terms:

? Bodily injury (also called liability)

This coverage offsets costs related to the bodily harm and property damage of the other driver(s) when you are at fault in an accident. Insurance companies impose limits on the amounts that they will pay to the victim(s), and for each accident. Your premium amount is determined, in part, by the limits you select. Higher potential payouts by your insurance carrier translate to higher insurance premiums for you, the consumer.

? Collision

In the event that you have an accident, your medical expenses and property damage will be covered if you select collision protection as a part of your plan (again, there are limits).

? Comprehensive

This category covers costs related to damage, theft, vandalism, etc. For example: if someone breaks your car window, you would access your collision coverage to repair the damages. Again, higher payouts mean higher premiums. If cost is a concern, increase your deductible to decrease your premium. The deductible is the amount, usually between $250.00 and $1,000.00; you pay toward accident/theft related expenses before the insurance company contributes.

? Uninsured/Underinsured Motorist

Although automobile insurance is legally required, some drivers do not comply. If you have an accident with such a driver this coverage will provide some compensation for medical expenses.

Auto insurance can be quite costly, but it is far more expensive to forgo. Many states arrest and/or fine drivers found to be uninsured. Additionally, accidents, theft and damage can create financial chaos for uninsured/underinsured motorists.

When choosing an insurance carrier, make sure that you have chosen a reputable firm that is accessible, responsive and financially solvent. The coverage is of no use to you if you can reach no one to file a claim, or if there is no money to pay it. Check with agencies such as Standard & Poor's and the National Association of Insurance Commissioners to get the information you might not get from a slick brochure or salesperson hoping to close a deal.

Nicole Soltau
President and Founder
http://CreditUnionRate.com/
The Leading Online Credit Union Directory


MORE RESOURCES:

Insurance - Google News

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GE's Credit Risk Rises After Insurance Charge Spooks Investors - Bloomberg


Bloomberg

GE's Credit Risk Rises After Insurance Charge Spooks Investors
Bloomberg
The Boston-based company unnerved investors when it disclosed that it would take a $6.2 billion charge and set aside $15 billion in the coming years to add to reserves for a portfolio primarily of long-term care insurance policies. The announcement ...

Liberty Mutual sells life insurance unit for $3.3 billion as part of overhaul - Boston Business Journal


Boston Business Journal

Liberty Mutual sells life insurance unit for $3.3 billion as part of overhaul
Boston Business Journal
Liberty Mutual Insurance Group has agreed to sell its group benefits and life insurance subsidiary to Lincoln Financial Group for $3.3 billion, fulfilling a plan to focus fully on property and casualty insurance. Lincoln Financial (NYSE: LNC) will keep ...
Insurance M&A benefits from thin US safety net Nasdaq
Liberty Mutual Insurance Realigns Domestic and Global Property & Casualty Operations PR Newswire (press release)

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Paul Ryan is lying to you about the Children's Health Insurance Program - Vox


Vox

Paul Ryan is lying to you about the Children's Health Insurance Program
Vox
Paul Ryan's absolute greatest passion in life, the thing that drives him and underlies all of his work in public office, is destroying government programs for poor and low-income people. This was behind his 2005 push to privatize Social Security; it's ...
CHIP: What to know about the Children's Health Insurance Program Fox News
Trump children's health insurance tweet contradicts, confounds CNN
Let's remember: 9 million kids' health insurance is at stake in this budget fight Washington Post
New York Times  - HuffPost  - Daily Beast
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Home inventories are necessary, but not as hard as you think - Jackson Clarion Ledger


Jackson Clarion Ledger

Home inventories are necessary, but not as hard as you think
Jackson Clarion Ledger
It's a tragic picture that's repeated much too often: A family finds itself on the street, staring shell-shocked at the smoldering ruins of their home, or trying to pick their way through the wreckage after a tornado rampages through their town. What ...

AHA Makes Suggestions for In-State Insurance Market Stabilization - HealthPayerIntelligence.com


HealthPayerIntelligence.com

AHA Makes Suggestions for In-State Insurance Market Stabilization
HealthPayerIntelligence.com
January 19, 2018 - In order to stabilize in-state insurance markets, stakeholders should consider strategies including reinsurance, Medicaid-sponsored health plans, and high-risk pools, according to the AHA. Several factors are contributing to unstable ...

Tennessee Captive Insurance Companies Exceed $1 Billion in Premiums - Insurance Journal


Tennessee Captive Insurance Companies Exceed $1 Billion in Premiums
Insurance Journal
TDCI's Insurance Division is responsible for properly regulating Tennessee's captive insurance industry. “Not only are the size of new captives increasing, we are seeing the maturation of the captive insurance marketplace,” said Director of Captive ...

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Why Montecito's mudslide victims don't need flood insurance to recover their losses - Los Angeles Times


Los Angeles Times

Why Montecito's mudslide victims don't need flood insurance to recover their losses
Los Angeles Times
To the editor: Law professor Kenneth S. Klein writes that Montecito flood victims should not suppose their property losses are covered by homeowners' insurance. Contrary to Klein's statement, that is exactly what they should suppose. (“Another lesson ...

South Carolina School District Sues in Insurance Case - U.S. News & World Report


WCBD News 2

South Carolina School District Sues in Insurance Case
U.S. News & World Report
South Carolina School District Sues in Insurance Case. A South Carolina school district has sued a North Carolina insurance brokerage, saying it sold the district excessive policies and charged too much. Jan. 19, 2018, at 12:26 p.m.. South Carolina ...
The Berkeley County School District seeks $42 million in alleged insurance fraud scheme WCBD News 2

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Climate insurance scheme targets women farmers in Africa, Asia - Reuters


Climate insurance scheme targets women farmers in Africa, Asia
Reuters
The African and Asian Resilience in Disaster Insurance Scheme (ARDIS) is being led by VisionFund International, the microfinance arm of development charity World Vision, and Global Parametrics, a new venture backed by the British and German governments ...

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