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Old 06-27-2013, 03:58 PM   #14
Wlfman
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Joined: Sep 2011
Location: TN/AL
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When you purchase auto insurance there are several aspects to it.

Comprehensive coverage pays for loss or damage to your vehicle caused by fire, theft, vandalism, hail, windstorm, riot, falling objects, flood, collision with an animal, and other events as stated in your policy contract.

Each comprehensive claim is subject to a deductible (the amount you will pay out of pocket). You should choose a deductible that meets your financial needs; the higher the deductible, the lower the premium charged for this coverage.

Comprehensive is an optional coverage. You may want to consider whether the present value of your vehicle justifies the cost of this coverage. If you finance or lease your vehicle, your lease or financing agreement may require you to have this coverage. You should refer to your lease or financing agreement for details.
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Collision coverage pays for accidental damage to your insured vehicle caused by collision with another vehicle or stationary object. Collision does not pay for incidents covered under Comprehensive (such as theft, fire, or collision with an animal). Collision pays for reasonable repair, towing, and storage costs. If repairing your vehicle is not reasonable, this coverage pays you the actual cash value of the vehicle.

Each collision claim is subject to a deductible (the amount you will pay out of pocket). You should choose a deductible that meets your financial needs; the higher the deductible, the lower the premium charged for this coverage.

Collision is an optional coverage. You may want to consider whether the present value of your vehicle justifies the cost of this coverage. If you finance or lease your vehicle, your lease or financing agreement may require you to have this coverage. Refer to your lease or financing agreement for details.
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Bodily Injury (BI) Liability coverage pays damages for other people's injuries or death resulting from an at-fault accident involving an insured vehicle or driver. This may include medical treatment, lost wages and compensation for pain and suffering. In the event of a serious accident, these costs can become substantial. If you do not carry a sufficient limit of insurance, your personal assets and earnings could be at risk. You should choose a coverage limit that will adequately protect your assets. BI coverage also includes payment for certain legal fees, bail bonds, and court costs that you might incur.

BI provides two limits of coverage. The first figure is the maximum amount paid for injury or death to any one person. The second figure is the maximum paid (regardless of the number of people involved) for injury or death stemming from a single occurrence.
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Property Damage (PD) Liability Coverage pays for damage to other people's property (such as vehicles, shrubs, signs, or buildings) resulting from an at-fault accident involving an insured vehicle or driver. In the event of a serious or multiple vehicle accident, property damage costs can become substantial. If you do not carry sufficient coverage, your personal assets and earnings could be at risk. You should choose a coverage limit that will adequately protect your assets.
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Medical Payments coverage pays medical, dental, hospital and funeral expenses for you, household relatives and guest passengers injured in your insured vehicle. This coverage extends to household relatives injured in other vehicles or if struck as pedestrians.

The limit of liability for medical payments stated in the declarations as applying to "each person" is the limit paid for all costs incurred by or on behalf of each person who sustains bodily injury in one accident. This applies regardless of the number of persons insured or the number of vehicles to which this policy applies.

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Uninsured Motorist Bodily Injury (UMBI) pays you, your household relatives, and passengers in your insured motor vehicle for damages resulting from bodily injury or death arising out of accidents caused by uninsured motorists and, in most states, by hit-and-run motorists.Your UMBI limits must equal your Bodily Injury liability limits unless you specifically request lower limits in writing. To choose an appropriate limit, you may want to consider your ability to meet your medical expenses and other financial obligations if you were injured in a vehicle accident.

UMBI provides two limits of coverage. The first is the maximum amount paid for injury or death of any one person. The second figure is the maximum paid (regardless of the number of people involved) for injury or death stemming from a single occurrence.
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Uninsured Motorist Property Damage pays damages you are legally entitled to recover because of damage to your insured vehicle caused by uninsured or hit-and-run motorists. You must carry this coverage at the same limit as your Property Damage liability coverage unless specifically requested at a lower limit in writing. Uninsured Motorist Property Damage does not cover the first 200.00 of damage to your vehicle as the result of any one accident. In choosing a limit, you will want to consider the highest value of any of your vehicles listed on your policy.

In choosing an appropriate limit, you should consider your ability to meet your medical expenses and other financial obligations if you were injured in a vehicle accident.
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Underinsured Motorist (UIM) Coverage pays you, your household relatives, and passengers in your insured motor vehicle for damages resulting from bodily injury or death arising out of accidents caused by motorists whose liability limits are not sufficient to cover your claim.

Underinsured Motorist Property Damage
pays damages to your insured vehicle caused by motorists who have lower limits of liability coverage than those damages suffered by you. In choosing a limit, you will want to consider the highest value of any of your vehicles listed on your policy.
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In other words, you need to have Medical Payments coverage to cover yourself and passengers if you are involved in a single vehicle accident or any accident in which you are at fault otherwise you are SOL. Unless you have separate medical insurance.
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I ride not to add days to my life, but to add life to my days.

Those who say it cannot be done should not interrupt the people who are doing it."
"Now and then it's good to pause in our pursuit of happiness and JUST BE HAPPY."

Wlfman screwed with this post 06-27-2013 at 07:40 PM
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