Auto Insurance By Kaitie and Brittany
Definitions Auto Insurance: A policy purchased by vehicle owners to lower costs associated with getting into an auto accident. Copay: A type of insurance policy where the insured pays a specified amount of out-of-pocket expenses with the insurer paying the remaining costs.
Definition Cont.. Premium: The amount of payment required by an insurer to provide coverage under a given insurance plan for a defined period of time. Deductible: The amount you have to pay out-of-pocket for expenses before the insurance company will cover the remaining costs.
Who Needs Auto Insurance Everyone who has an auto mobile.
Different Types of Auto Insurance Collision: Covers damage to your car when your collides with another car or object. Comprehensive: Covers the vehicle you may be driving for losses resulting from incidents other than collision
Why Do You Need Auto Insurance • Safeguard the investment you've made in your car • Pay for medical bills after an accident • Shield you from the costly damages of an accident-related lawsuit • Guard the valuable assets you've worked hard to collect • Pay for damage repairs due to theft, vandalism, or natural disasters. • State Law
Benefits • Medical Payments • Glass Breakage Repair • Rental Reimbursement and Towing • Roadside Assistance Lockout Service/Lost Key Service Legal Defense REIMBURSEMENT • Guaranteed Arrest Bond
Auto Insurance Options • Bodily injury liability • Property damage liability • Medical payments coverage • Uninsured or underinsured motorist coverage • Comprehensive coverage • Collision coverage • Accident Forgiveness coverage • Liability Coverage • Additional Coverage Options
Average National Cost 2010 $1,739.34 yearly 2011 $144. 95 monthly Graph shows every 6 months
Example- Progressive; Bodily Injury 29 year old male: 49 year old male: 69 year old male: Premium: $654.00 Deductible: $500 Premium: $514.00 Deductible: $500.00 Premium: $610.00 Deductible: $500.00
Percent of people in the US who have Auto Insurance 84% of people in the United States have Auto Insurance
Are you Required to Have Auto Insurance? • All but one state ,New Hampshire, require auto insurance. Do Employers Offer Auto Insurance No, only if you’re a driver such as bus driver and truck driver.
Arizona head-on collision caused by driver with low insurance The driver who caused all of this had only the Arizona minimum liability insurance coverage of $15,000. Girl Noelle was hit head on and had $12,000 in medical bills and loss job from injuries which cost $20,000. Claim still pending.
Passenger injured in rear-ender in Maryland Truck that hit Aprils car insurance admitted responsibility. April’s medical bills totaled $6,000. She did not claim any loss of income. The cost of repairing her vehicle was only a few hundred dollars. Her case was settled in June, 2007, for $9,400
Work Cited Page http://www.investopedia.com/terms/p/premium.asp http://www.progressive.com/ w.allstate.com/auto-insurance/auto-insurance-coverage-options.aspx http://www.allstate.com/auto-insurance/need-auto-insurance.aspx