Insurance Test

How much do you think a ticket for texting and driving will increase your insurance premium per year?

$346 per year for up to 3 years!

What percent of renters do you think carry a renter's insurance policy?

55% in 2022

Out-of-pocket maximum

A predetermined amount after which the insurance company will pay 100% of the cost of medical services. (money spent on deductibles, copays and coinsurance counts toward this)

Alicia has a policy that has comprehensive and collision deductibles of $500 and a Bodily Injury Liability coverage limit of $50,000. She hits another driver and injures them severely. The case goes to trial and there is a verdict to compensate the injured person for $40,000. How much does Alicia have to pay for the person's injuries? How much does her insurance pay for the person's injuries?

Alicia: $0 Insurance: $40,000

Alicia has a policy that has comprehensive and collision deductibles of $500 and a Bodily Injury Liability coverage limit of $50,000. She hits another driver and injures them severely. The case goes to trial and there is a verdict to compensate the injured person for $40,000. Just before the accident, Alicia reduced her policy from $50,000 to $25,000. How much does Alicia have to pay for the person's injuries? How much does her insurance pay for the person's injuries?

Alicia: $15,000 Insurance: $25,000

If your car was damaged in an accident, I've got your back. It doesn't matter who was at fault while driving. However, if the damage came from something besides a crash, I won't be around to help you. I am...

Collision insurance is a coverage that helps pay to repair or replace your car if it's damaged in an accident with another vehicle or object, such as a fence or a tree. If you're leasing or financing your car, collision coverage is typically required by the lender. If your car is paid off, collision is an optional coverage on your car insurance policy.

I'm the best friend of new and/or expensive cars, since repairing even small damage can be incredibly costly. Did I mention that the damage doesn't even have to be from an accident with another driver? Nope! If you hit an animal, or your car is stolen, or a tree falls on it, I've still got you covered! (But read my fine print because there are a few cases I won't cover). I am...

Comprehensive insurance coverage is defined as an optional coverage that protects against damage to your vehicle caused by non-collision events that are outside of your control. This includes theft, vandalism, glass and windshield damage, fire, accidents with animals, weather, or other acts of nature. Though often referred to as "comprehensive insurance," comprehensive coverage refers to a specific coverage on an existing policy, not a separate type of insurance. Note that lenders may require you to carry comprehensive when you finance or lease a vehicle.

Deductibles & Coverage Limits car insurance

For auto insurance, if the insurance claim is a liability, where the insured driver has harmed another person and/or damaged another person's property, the insured driver does NOT owe a deductible; insurance covers the entire bill up to the coverage limit. If the insurance claim is to replace or repair the insured driver's own property, the insured driver WILL typically owe a deductible.

Norris has a deductible of $1,000. He damages his car in an accident and it will cost $3,300 to repair. How much does Norris have to pay? How much does his insurance pay?

Norris: $1000 Insurance: $2300

Doesn't matter who was at fault, if you're in a car accident and need your injuries paid for, I'm there for you. Simple as that. However, anything beyond your injuries and I can't help you. I am...

Personal Injury Protection- No-fault insurance

other types of insurance

Pet Phone Dental Disability Long-Term Care Life

You are hit in an accident by another driver. At the hospital, you discover the other driver driver doesn't have insurance to cover your medical bills. That's when I kick in! I am...

Uninsured/Underinsured Motorist - protects you if you're hit by a driver who has no auto insurance. Underinsured motorist coverage, which is usually offered alongside uninsured motorist coverage, protects you if you're hit by a driver who doesn't have enough coverage to pay for the damages or injuries they caused. Both coverages are mandatory in many states and highly recommended for all drivers. If you're a victim of a hit-and-run accident, you can file a claim against your uninsured motorist coverage.

Coinsurance

a type of insurance in which the insured pays a share of the payment made against a claim. percentage of covered medical expenses that you will need to buy in certain situations

factors that influence your deductible (car insurance)

age, gender, car made and model, expected annual mileage, driving record

deductible

amount you need to pay each year (health insurance) for covered services out of your own pocket before the insurance company helps you out

premium

cost you pay for insurance on a monthly basis

collision

damages to your car, even if you were at fault, typically required by a lender (loan)

uninsured/ underinsured motorist coverage

if damages and expenses are more than at fault drivers insurance (if you hit by someone who doesn't have insurance

personal injury protection

no fault insurance, covers cost of treating your injuries, does not take care of your car, only injuries, does not matter who is at fault

out of network provider

not affiliated with your insurance provider

comprehensive

optional, covers losses due to fire, vandalism, theft, hitting an animal, some natural disasters

liability insurance

required, covered the damage you cause (bodily injuries, property damage of others, NOT your damages)

covered services

services your insurance provider agrees to help pay for in your specific insurance policy

copay

set amount of money you pay to your medial provider every time you receive medical services

insurance policy

the agreement covering the details of your insurance coverage (how long it will last, how much you pay each month, and what is covered)

in network provider

works with or for the network of your insurance provider