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AUTO INSURANCEAuto Insurance Terms defined:Sec. A (part1) PL&PD - Property Damage Liability - Applies if you damage someone else's property such as a vehicle, building, or other property,... with your car and you are at found to be at fault. Sec. A (part 2) Pl&PD - Bodily Injury Liability - Coverage when other people are injured by your car and it's determined you are at fault. Other people include pedestrians, passengers, and people in other vehicles. Sec. B - Accident Benefits / Medical Payments - Pays for covered medical expenses if occupants of your car are injured, regardless of who is at fault. You, and relatives living with you, are also covered as pedestrians if hit by an auto. Sec. C.- (part 1 of 4) Collision - Pays for cost of repairs when your car is damaged in a collision with another vehicle or object. For un-repairable vehicles, it covers actual cash value and applies regardless of fault. Normally covers costs above your deductible. In some cases, the deductible will be waived. Sec. C – (part 2 of 4) Comprehensive - Pays for the cost of repairs due to damage caused other than by collision. If your vehicle cannot be repaired, it covers the actual cash value of your automobile when damaged by fire, theft, vandalism, glass breakage, windstorm damage, lightning, falling objects and a number of other circumstances. Sec. C – (part 3 of 4) Specified Perils – Pays for the cost of repairs due to damage caused by specific perils, such as Fire, Theft, lightning and a few other limited circumstances. This coverage is not as broad as the comprehensive and as a result usually has a lower premium. Sec. C – (part 4 or 4) – Collision and Comprehensive coverages combined under one common deductible. In some cases resulting in a reduction in premium. Sec. D - Uninsured/Underinsured Motorist - Makes sure you receive the covered benefits you are entitled to (depending on the amount of the responsible driver's insurance coverage) when you're in an accident and it's not your fault. Waiver of Depreciation (SEF 43r) – This coverage is usually in place for the first 24 or 30 months (depending on the insurance company) after the new vehicle goes into service. It provides replacement cost of the vehicle without deduction for depreciation if the vehicle is determined un-repairable. If the vehicle is repairable, this coverage also guarantees the use of new parts as opposed to after market or generic parts. Loss of use (SEF 20) – This coverage provides replacement transportation if you are deemed at fault in accident and your vehicle is not drivable or not drivable with temporary repairs.. The coverage carries with it a limit of 750, 900 or 1500 depending on the insurance company and the limits they offer. We would like the opportunity to offer you a competitive quote on your insurance. |
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