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January 22, 2019 Bell Ringer

Learn all about car insurance, including different types of coverage, factors that affect your premium, and how to find the best deals. Discover tips for reducing costs and understanding your policy.

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January 22, 2019 Bell Ringer

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  1. January 22, 2019 Bell Ringer What do you know about (your) car insurance?

  2. Getting Insurance • Once you get a car, you may want to drive it right away. Before you do, you must insure your car. Car insurance helps to pay the costs after a car accident. It also helps to pay for any damage that happens to your car when you are not in it. • Your insurance plan should give you coverage for both personal injury and property damage. Consider the following insurance types…

  3. Insurance Types • Liability coverage – pays for other people’s personal injuries and property damage if you cause an accident • Uninsured motorist coverage – pays for some of your costs when a driver who is not insured causes an accident • Collision coverage – pays to repair your car after an accident • Comprehensive coverage – pays for damage that is caused to your car by things such as fire and flood. • Medical coverage – pays your medical bills if you are injured

  4. The Premium • When you buy insurance, the insurance agent will ask you several questions. The premium, or price, that you pay depends on your answers… • Are you male or female? • How old are you? < 25 • Does your driving record include any accidents or speeding tickets in the past few years? • What kind of car do you drive? • How far do you drive to work or school? • Are you married or single? • Where do you live (zones)? • Discount for Grades

  5. Other information on Premiums • Each state has laws about the insurance that drivers must have. Almost all states require liability coverage, and many require uninsured motorist coverage as well. • How can you find the best buy in auto insurance? Ask people you trust for the name of a good insurance company. Talk to agents at different companies to find out about rates, or prices. Compare these rates.

  6. The Cost Of Car Insurance • You have choices to make when you buy car insurance. The more coverage you buy, the higher your premium. More coverage also means that you may pay less for repairs and other expenses if you have an accident. • The cost of insurance depends on many things. If you live in a rural area, you will pay less than if you live in a city. Insurance rates are higher if you are single, male, under 25, or drive an expensive sports car.

  7. Sounds like trouble, huh? • Some insurance companies offer a discount if you have a good driving record. Another discount may be available if you are a good student. You may get a discount if you complete a driver training class. Special rates are available if you insure more than one car or your car has low annual mileage.

  8. Understanding Your Insurance • Let’s say that you have 15/30/5 liability coverage. Each of these numbers represents thousands of dollars of coverage. • $15,000 maximum payment for each ONEperson injured • $30,000 maximum payment for ALL personal injuries. • $5000 maximum payment for property damage.

  9. Assignment • Car Insurance (Jan 22) Microsoft Word Document

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