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Auto and Home Insurance

Auto and Home Insurance. Auto Insurance. Pre- “Qs?”. What are the basic types of car insurance coverage? What are some ways to control your car insurance premiums? What steps should you take if you have an take if you have an accident?. Competing Auto Insurance Commercials.

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Auto and Home Insurance

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  1. Auto and Home Insurance

  2. Auto Insurance

  3. Pre- “Qs?” • What are the basic types of car insurance coverage? • What are some ways to control your car insurance premiums? • What steps should you take if you have an take if you have an accident?

  4. Competing Auto Insurance Commercials • All-State -Pink SUV Mayhem: https://www.youtube.com/watch?v=5-Sjld5yy3Q • All-State - GPS Mayhem: https://www.youtube.com/watch?v=tZXM_g3mqew&NR=1 • State Farm® - "Magic Jingle Anniversary”: https://www.youtube.com/watch?v=I79Jmgb8nyw • Progressive: https://www.youtube.com/watch?v=DcmdW4H_WSQ

  5. Auto Basic Coverage • Liability Coverage means you are responsible for damages caused. It protects you (the insured) against any claims for injury or damage to another person’s property. “Two types of Liability” • Bodily injury liability • Property insurance • Both are required

  6. Liability Coverage Bodily Injury Liability Coverage Property Damage Liability Coverage When personal property is damaged in an accident, and you are at fault,property damage liability coverage pays for the repairs or replacement. • If the car injures or kills someone else (passengers in your own vehicles, or pedestrians) bodily injury liability coverage will pay for the expenses related to the accident.

  7. Optional Coverage • Collision Coverage • Comprehensive Coverage • Medical Payments and Personal Injury Protection (PIP) • Uninsured/Underinsured Motorist Coverage

  8. Additional Options • Towing Coverage and • Rental Reimbursement

  9. Premium • The rate charged for an insurance policy. Factor that Effects the Premium: • The Driver • Where you Live • How Much You Drive • The Vehicle

  10. Controlling Insurance Costs • Keep your drive record clean • Qualify for a good student discount • Chick for safety feature discounts • Take advantage of multiple-car or multiple-policy discount • Consider increasing deductibles • Compare options

  11. If an Accident Occurs! First , be safe. Call the police and ambulance Exchange Information Call your insurance company Know your insurance coverage. Remember that insurance claims are not always settled quickly and to the satisfaction of the policyholder.

  12. Post – “Qs?” • What is the basic coverage? • What are some additional coverage? • What is a premium? • If you are in a car accident name some steps you must take.

  13. Assignment • Research 3 insurance agencies of your own choice. For each agencies, name 3 coverage policies that are offered by the company. Use Microsoft Words and turn in at the end of class.

  14. Home Insurance

  15. Objective • Given instruction, the learner will explore the functions and benefits of different types of insurance with 85% accuracy.

  16. Competing Homeowner Insurance Commericals • Allstate TV Ad: Lawn Game Mayhem https://www.youtube.com/watch?v=1DU5LKoC1A8

  17. Pre – “Qs?” • What four types of coverage are found in a standard homeowner’s policy? • What kinds of things are covered under the liability portion of homeowner’s policy? • Why do renters need property insurance? • What kinds of discounts are available to reduce the cost of a homeowner’s policy? • What are three situations that are considered "high risk” by insurance companies?

  18. Four Types of Homeowner’s Coverage • Coverage on the physical structure of your home. • Personal property coverage, ranging from clothes to furniture. • Liability coverage in case someone is injured on your property or hurt by a family member or a pet • Coverage for living expenses if you have to live elsewhere while damage is required

  19. Liability Coverage • It provides protection against lawsuits for injuries or property damage caused by the policyholder, family members, and even pets • Basic Limit is $100,000, but $300,000 is recommend. There is no deductible. • What Liability Coverage Covers: • Cost of Defending you in Court and for any damages the court says you owe • No-fault Medical Coverage

  20. Additional Living Expenses Coverage • Renter Insurance • Having renter’s insurance can give you significant protection at a reasonable cost. • Tenant’s form (HO-4) is designed to provide coverage for renters need most. • Covers loss and damage of personal possessions due to theft, fire, smoke, lightning, wind, and water. • The Liability portion protects you and the family members living with you • It will pay for defense in court

  21. Discounts • Multiple-Policy Discounts • Home Security Discounts • Discounts for the of fire-resistant building materials

  22. Three High Risk Situations • Your home is in an area subject o severe weather, such as hurricanes • You live in an older home with outdated electrical wiring, an old heating system, or old plumbing. Higher risk for water and fire damage. • You live in an area known for vandalism, theft, or other crime.

  23. Post “Qs?” • Name a type of coverage that is found in the homeowner’s policies. • When is renters insurance used? • What kinds of discounts are available for homeowner’s insurance? • Name a high risk situation.

  24. Assignment • Research 3 agencies that support homeowner’s insurance, and on Microsoft Words 2007 list 3 coverage that the company offers.

  25. Reference • Personal Finances A Lifetime Responsibility

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