Auto Insurance Essentials at a Glance
Posted: December 13, 2009
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Every loan is backed by a 15-day, no-cost return policy.
If, for any reason, you are not completely satisfied, you can cancel your loan within 15 days at no cost--guaranteed.
Understanding how your auto insurance protects you from different levels of liability can make all the difference when you need to file a claim. And knowing what your military lifestyle requires before you choose your auto insurance coverage can put you in control of your life behind the wheel.
Remember, there’s no reason not to get the most protective auto insurance to cover your transportation lifestyle;
discount auto insurance is just one more perk of military life.
Bodily Injury: covers medical injury to other parties during an auto accident. Bodily Injury Liability has two components: a per-person maximum for medical claims, and a total dollar maximum per accident. 75,000/300,000 Bodily Injury Liability policy is coverage of up to $75,000 for each injured person’s medical expenses and up to $300,000 for total medical costs.
Property Damage: covers property damaged as a result of a car accident and it is offered in the same components as Bodily Injury insurance: per person and per incident.
Uninsured/Underinsured Motorist Policies: cover a per-person dollar maximum for medical claims and a dollar maximum per accident. Property is also similarly protected.
Personal Injury Protection (PIP): not required in your auto insurance, PIP covers injury-related expenses for everyone in your car, regardless of fault. This includes medical costs, disability, loss of income, and funeral expenses.
Medical Payments: covers medical, dental, and funeral expenses for anyone in your vehicle, regardless of fault. Many medical/health plans cover the cost of hospitalization, but if your passengers are not adequately covered by their own health/medical insurance, you as the driver could be held responsible even above coverage limits.
Comprehensive: covers vehicle property damage from theft, vandalism, etc. The higher the deductible, the lower your premium.
Collision: covers repairs for accident-related damage, regardless of fault. Collision coverage may be required by your leaseholder.
If you don’t fully understand the auto insurance coverage you have, you’re not alone; but you can and should remedy that situation by discussing your auto insurance with your insurance agent. And when your military life goes through changes, it may be time to make sure your auto insurance is updated to support you best.
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