The cost of auto insurance can vary widely depending on a number of factors including: the make and model of the car, the amount of insurance required, driving record, and the number of miles driven per year. Additionally, the age of the driver, and where the car will be parked, and the time of day the car will be driven mainly, can all affect the cost of insurance.
A premium is the price an insurance company charges for coverage, based on the frequency and cost of potential accidents, theft, and other losses.
The amount of loss paid by the policyholder. Either a specified dollar amount, a percentage of the claim amount, or a specified amount of time that must elapse before benefits are paid. The bigger the deductible, the lower the premium charged for the same coverage.
Any retribution you might receive from a claim is given after subtracting the amount of the deductible as dictated by your policy.
Some of the discounts available through Select include the following:
- Multi-car insurance
- Proof of prior insurance
- Safe driver
- Prior in house coverage
Liability Coverage is the portion of an auto insurance policy that covers injuries and property damage the policyholder causes to someone else. Auto Liability Coverage is required in order to drive in most states. State law usually dictates the minimum required liability coverage, but additional coverage can also be purchased. Remember that it does not provide any coverage for your damages, but only to someone else if you are the responsible party.
Collision Coverage is the portion of an auto insurance policy that covers the damage to the policyholder’s car from a collision. The amount paid to the policyholder is the cost of repairs minus the deductible.
Comprehensive Coverage is the portion of an auto insurance policy that covers the damage to the policyholder’s car from a collision. The amount paid to the policyholder is the cost of repairs minus the deductible.
Medical Payments Coverage is a coverage in which the insurer agrees to reimburse the insured and others up to a certain limit for medical or funeral expenses as a result of bodily injury or death by accident. Payments are without regard to fault.
PIP is the portion of an auto insurance policy that covers the treatment of injuries to the driver and passengers of the policyholder’s car.
Uninsured Motorist is the portion of an auto insurance policy that protects a policyholder from uninsured and hit-and-run drivers. Coverage can be subject to certain limits and deductibles.
An endorsement is a written form attached to an insurance policy that alters the policy’s coverage, terms, or conditions. Sometimes called a rider.
This is also known as Coverage A. This covers the home itself. There are different levels of coverage here, so be sure to get the coverage you need. Unfortunately, this is one of those situations where you get what you pay for. You are special and deserve a “special form” which is the best coverage you can get by comparison.
This covers detached garages, fences, sheds, and other structures that are not connected to the dwelling.
This covers your stuff. If you are not sure what is considered to be stuff, what would fall out of the house if you turned it upside down, this is your personal property.
This covers the expense or loss of income you would experience in the event that you had a loss and did not have use of the home.
Broadly defined this covers the property damage and bodily injury caused to others because of your negligence. It also provides coverage for the lawyers that would defend you because of liability claims.
The best time to stop a lawsuit is before it happens, so insurance companies will typically pay for the medical costs (up to the limits of this coverage) of someone that gets injured at your home. This is a “no-fault” coverage meaning the insurance company says, “Hey, we will help you… but it might night be our fault.”
General liability insurance is a prominent business insurance policy you need. Liability is one of the most important for your business because it covers falls or accidents occurring on your business premises, whether it is a student slipping on a freshly waxed floor or a visitor tripping over a computer cord.
You may use your own vehicle for work, including picking up supplies or delivering goods. These trips are business-related and therefore your vehicle should be covered by business auto insurance. Business auto covers property damage, vehicle damage, and bodily injury of you and other cars involved. You can also add additional coverage such as theft and vandalism. If you were to park your car with office supplies inside, you’re risking theft of the supplies and your vehicle, so this extra coverage comes in handy.
Unexpected events are just that; unexpected. Things like earthquakes, hurricanes, fire, and extreme weather all cause damage to your building. Business property will protect your building structure and everything inside, such as furniture, electronic data, books, and documents used for your business. If there is a fire, all your belonging will be a total loss, making this an essential policy to have.
If you have employees, no matter where they are, they need to be covered by workers’ compensation insurance. This insurance is essential and helps pay medical costs, recovery costs, and lost income if they get a work-related illness. Workers risk repetitive injuries like wrist, shoulder, or back injuries. Even an accident like a slip or fall could cause a work-related injury. If this occurs, workers’ comp pays these costs related to care and recovery.
You are also at risk for a variety of crimes, unfortunately, including dishonest employee practices, theft, and vandalism. Employees may perform dishonest practices like embezzling money or committing fraud. You also risk guests stealing supplies or items from your offices. Crime insurance offers protection from such crimes, including replacing the stolen money.