Insurance Automobile and Health

What is insurance?  Insurance – Manage your risk of financial loss from illness, injury or damage.  Premium – Regular, fixed payment. (monthly, semi-annually)  Claim – a formal request for payment from the insurance company.

Automobile Coverage  Bodily injury liability coverage- covers the injury of other people.  Property damage liability coverage – covers damage you caused to another persons property. Does not cover your car.  Medical payments coverage – pays medical and funeral expenses for you and family members. All passengers in vehicle who sustain injuries are covered.  Uninsured/underinsured motorist coverage – pays medical and damage expenses for you and all passengers when person at fault doesn’t have insurance.

Types of coverage  Comprehensive coverage – pays for damage to your car caused by something other than a collision.  Collision coverage –Deductible- amount you pay before the insurance company pays anything.  No Fault insurance – each persons insurance company pays for that persons losses.

Why might your insurance be high?  Driver classification – age, gender, marital status  Rating territory – Location of where you live.  Driving record – list of previous violations, points on license.  Type of car  Claims history