Insurance Information - Insurance Owl
What should you look for in an auto insurance company?
What is a car insurance? What will an auto insurance cover?
Auto insurance companies cover you and your passengers in the event of an accident. But it is up to you to descide the level of cover you will get.
Will the damages to your property be covered by the company? Will all the passengers be covered or only your family? What if your daughter was driving your car?
What questions should you ask your auto insurance company when it comes to auto insurance? This article help you choose between the various insurance policies.
Types of auto insurance
Liability insurance, or third party insurance.
This is general the lowest form of insurance offered by an auto insurance company. This is the basic insurance, if you are involved in an accident, and it is proven to be your fault, the auto insurance company will pay damages to the other party.
The cover offered by the auto insurance company is usually set beforehand. These are the maximum amount the auto insurance company will pay in case of accident
For example the agent will agree on a $10000 coverage per person, (bodily injury) and/or $40000 coverage in bodily injury and/or $10000 in property damage per accident
You need to confirm with your auto insurance company what they will cover and what are the limits.
You might be offered a very low premium by some auto insurance company only to realize that your cover is minimal and unrealistic.
Collision and comprehensive coverage, comprehensive insurance and full comprehensive insurance
An auto insurance company will also offer you a comprehensive insurance, as the name indicates, you will be comprehensively covered.
In simple terms it means that if you are responsible for a collision the insurance company will pay for the repair of the vehicle.
But it is not so simple, an auto insurance company will almost always have the final say on what amount will be paid out, so if it is cheaper to give you market value for the car, then they will.
You might think that your car is worth $1000.00 but the real market value might be $500.00. This is not an uncommon scenario. So if the repair of your car are more than $500.00 then the auto insurance company will simply pay the book value of the car.
You must make sure that the insurance company is not in control of the market value of the car, normally organisations like the AA will give an impartial market value.
As with the third party insurance, the auto insurance company will almost certainly limit the amount that will be paid out, but in general terms, a comprehensive insurance will have higher limits.
Recreation Vehicle
A recreation vehicle needs its own insurance, a Recreation vehicle insurance is not the same as auto insurance.
You should not assume that because your car is comprehensively insured, so is your recreation vehicle.
Other Types of auto insurance
Medical (MedPay), Persona Injury protection (PIP) and no fault cover
This insurance will cover you and your passengers medical expenses in the event of a collision.
The no fault cover means that the auto insurance company will pay regardless of who is at fault. This give you the piece of mind that, at the very least, your family and friends are covered.
PIP is often a minimum requirement in some countries or states, ask your auto insurance company what the requirements are.
Uninsured/Underinsured motorists' coverage
This cover, (also sometimes a minimum requirement in some states), will cover you if the person at fault is not insured or is underinsured.
You must ask your auto insurance company what you will be charged in case of such a situation. Normally the auto insurance company should not charge you some extra premiums.
Rental reimbursement, towing and labour
Those 'extras' often given with a comprehensive insurance is often use by auto insurance companies as specials.
So in case your car is damaged the auto insurance company will pay for rental costs, (sometimes only for a few days).
The auto insurance company might also offer to pay for the towing of your vehicle, (not always included).
As always you should ask your auto insurance company what is included in the cover.
The legal requirements.
Most states, and most countries will require a certain level of cover, from full comprehensive car insurance to third party auto insurance.
In most cases it is up to you, the driver, to ensure that your auto insurance company offers you the minimum required. In most cases the insurance company, (the auto insurance company), is under no obligation to instruct you of the requirements.
But of course, a good auto insurance company will, (should?), try its outmost to advise you on the best deal for you.
Motor vehicle, (or car, auto), insurance.
Auto Insurance, (or Motor insurance, car insurance), is insurance where a vehicle is involved.
This can be, (but not limited to), car, truck and bikes, caravans.
Third party insurance
Third party insurance is when you are protecting yourself from damages you might cause to a third party, (that might include legal costs). If your have a minor accident with a very expensive car your insurer will pay for the damages to the other car,
but not your own vehicle.
In many state or countries this is a minimum requirement to have a car on the road.
Also note that some third party insurances only cover personal injury, (if someone was injured).
Comprehensive, (or Full comprehensive)
insurance covers you, your car as well as other vehicles directly involved. The name comprehensive means that as much as possible is covered. A
Full Comprehensive is the same as the comprehensive but it includes fire and theft of the vehicle. Most comprehensive and full comprehensives insurances also cover for what is known as “acts of god”, hail stones, hurricanes and so on.
Mechanic, Panel beater, rental car
When choosing an insurance bear in mind that not having a replacement car right away might cost you more in the long run. Simply compare the cost of renting another car for up to 3 weeks to decide if it is worth the extra charges. Also been able to choose your own preferred panel beater/mechanic for repairs is often the sign of a good insurance company.
You must read the fine print on your policy as most insurance have a limit of liability.
This is in case the accident involves a priceless vehicle or if the damages, (to the environment, building and so on), are extensive.
You will be responsible for any amount above the limit set by the insurance.
it is always good practice to check that the limit is realistic
I was speeding when the accident happened, am I covered?
Almost never.When you break the law, (traffic law or any law), you are not covered. Insurance companies do not want to cover reckless drivers.
Note that even if the law you broke is not traffic related your insurance might decide not to cover you.
Will I be insured out of state/abroad?
Again, this depends entirely on your needs.But bear in mind that you can always ensure your car for a limited period, simply contact your insurer and they will either inform you of the extra charges or they will simply accept to cover you.always get confirmation in writing of changes.
Is breakdown included in the cover?
Sometime it is sometime it is not. It does make sense to get breakdown cover in most cases, but especially if you have a car that is over 5 years old.Most insurance companies do not penalize older vehicles and it is well worth it.
On the other hand if you are a careful driver, (always take the car for service and so forth), then this might not be for you.
Phillip Wasserman and Phillip Roy Financial Services File Malicious Prosecution Lawsuit Against Attorney John Hargrove
2007 - 11 - 21
Phillip Wasserman and Phillip Roy Financial Services, one of the nation's leading sellers of annuities and life insurance, have filed suit against Ft. Lauderdale based attorney John Hargrove and the firm of Gordon, Hargrove and James alleging malicious prosecution and other claims for relief. Phillip Wasserman and Phillip Roy Financial Services allege that Hargrove and his firm engaged in a scheme to defraud the courts by alleging that multi-millionaire retirees are not of sound mind to purchase annuities but yet are of sound mind to contract with them as attorneys. Wasserman and his firm also allege that Hargrove and his firm have filed dozens of similar cases in Florida courts as part of an overall scheme of coercion and have misrepresented their clients' mental health in order to recover attorney's fees. (PRWeb Nov 20, 2007)
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Full Story
Phillip Wasserman and Phillip Roy Financial Services File Malicious Prosecution Lawsuit Against Attorney John Hargrove
2007 - 11 - 21
Phillip Wasserman and Phillip Roy Financial Services, one of the nation's leading sellers of annuities and life insurance, have filed suit against Ft. Lauderdale based attorney John Hargrove and the firm of Gordon, Hargrove and James alleging malicious prosecution and other claims for relief. Phillip Wasserman and Phillip Roy Financial Services allege that Hargrove and his firm engaged in a scheme to defraud the courts by alleging that multi-millionaire retirees are not of sound mind to purchase annuities but yet are of sound mind to contract with them as attorneys. Wasserman and his firm also allege that Hargrove and his firm have filed dozens of similar cases in Florida courts as part of an overall scheme of coercion and have misrepresented their clients' mental health in order to recover attorney's fees. [PRWEB Nov 20, 2007]
Full Story
'Pre-Shoppers' Make Their Finance, Insurance and Broadband Purchasing Decisions at Buddy Sites
2007 - 11 - 21
Less than a year after the launch of MoneyBuddy.com.au, Australia’s fastest growing personal finance information and comparison site, Yield Media has expanded its portfolio. The Buddy network of sites has gone live with the addition of a broadband information site, an investment information site and insurance information site. (PRWeb Nov 20, 2007)
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Disclaimer
Please note that this website is for information only. Whilst every care has been taken to provide accurate information the complex nature of insurance, cover and compensation mean that you are responsible for the final decision on what action should be taken.
You need to take special care to ensure that the advice given applies to you country, state or jurisdiction.
