1 / 17

Automobile Insurance: Coverage Types

Automobile Insurance: Coverage Types. Automobile Insurance: Coverage Types. Time to Pick a Car and Get on the Road. Closest to the MSRP (Manufacturer’s Suggested Retail Price) Without going over – wins!. 2005 Honda Civic LX. Automatic Transmission Dual Zone Air Conditioner

chung
Download Presentation

Automobile Insurance: Coverage Types

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Automobile Insurance: Coverage Types

  2. Automobile Insurance: Coverage Types Time to Pick a Car and Get on the Road Closest to the MSRP (Manufacturer’s Suggested Retail Price) Without going over – wins!

  3. 2005 Honda Civic LX • Automatic Transmission • Dual Zone Air Conditioner • Keyless Entry • Auto Lock Brakes

  4. $16,975 The MSRP is

  5. 2005 Mitsubishi Spyder GT • Automatic, 4-Spd w/Overdrive & Sportronic • V6, 3.0 Liter • Leather Interior

  6. $28,944 The MSRP is

  7. 2005 Hummer H2 SUV • 7-Spoke Aluminum • Automatic, 4-Spd HD • Leather Surfaced Heated Bucket Seats • V8, 6.0 Liter Engine

  8. $53,280 The MSRP is

  9. Are You Ready to Drive? • Ask yourself… • Do I have a license? • Is my car registered? • Am I covered by auto insurance?

  10. Why do I need auto insurance • It’s the law! • There are risks you can’t afford to take • What happens if… • You’re involved in a crash that causes property damage? • You hurt yourself or someone else? • Your car is damaged when you’re not driving it? (by weather, vandalism or a hit-and-run) • Your car is stolen? • Your car breaks down and needs to be towed?

  11. Types of Automobile Insurance Coverages Three Questions • What are third-party coverages? • What are first-party injury coverages? 3. What are first-party property coverages?

  12. Types of Automobile Insurance Coverages What are third-party coverages? Bodily Injury Liability People costs (medical expenses, lost wages, pain and suffering) Property Damage Liability Things (other cars and property) Both are types of coverage required by law in most states

  13. Types of Automobile Insurance Coverages What are first-party injury coverages? Medical Payments (MedPay) Covers medical and funeral expenses resulting from accidents with your vehicle Personal Injury Protection (PIP) Extends MedPay to include lost wages Uninsured Motorists Covers expenses if the at fault driver does not have coverage Underinsured Motorists Covers expenses when the at fault driver does not have enough coverage

  14. Types of Automobile Insurance Coverages What are first-party property coverages? Comprehensive Compensates you for physical damage to your car, including theft, vandalism, natural disasters Collision Pays for damage to your vehicle in case of collision Both Coverages require you to pay a deductible

  15. What is a Deductible? This is the amount per accident that you pay out of pocket before insurance starts to pay Common deductible amounts are usually $250, $500, and $1000 The higher the deductible amount you pay the lower your premiums are

  16. Types of Automobile Insurance Coverages Review • What are third-party coverages? • What are first-party injury coverages? 3. What are first-party property coverages?

  17. Now You Decide • Choose a Car (of the 3 shown) • Define Insurance Terms • Select Type(s) of Insurance • Explain your choices (why or why not)

More Related