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

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Presentation transcript:

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

Why do I need auto insurance Its the law!Its the law! There are risks you cant afford to takeThere are risks you cant afford to take What happens if…What happens if… –Youre involved in a crash that causes property damage? –You hurt yourself or someone else? –Your car is damaged when youre not driving it? (by weather, vandalism or a hit-and-run) –Your car is stolen? –Your car breaks down and needs to be towed?

Types of Automobile Insurance Coverages Three Questions 1.What are third-party coverages? 2.What are first-party injury coverages? 3.What are first-party property 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 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 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 Types of Automobile Insurance Coverages

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

Types of Automobile Insurance Coverages Review 1.What are third-party coverages? 2.What are first-party injury coverages? 3.What are first-party property coverages?

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