Insurance Coverages

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Author:
tatiyvonne
ID:
298650
Filename:
Insurance Coverages
Updated:
2015-03-18 04:56:19
Tags:
Insurance Coverages
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Description:
Insurance Coverages
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  1. Liability Description
    • Cali State Laws REQUIRE this coverage
    • Covers: 1.)Person you hit 2.)Their passengers 3.)Their car
  2. What are the Basic Limits that Liability Coverage offers?
    • (15/30) Max of $15,000 per person/up to
    • $30,000 per accident for Bodily Injury and
    • $10,000 for Property Damage
  3. Medical Payments Description
    • Coverage for ANY Medical Claims arising from an accident
    • Covers: 1.)Driver [Meaning Yourself] 2.)Any passenger that is in your vehicle [Regardless of who's fault for the accident]
  4. What are the Basic Limits that Medical Payments Coverage offers?
    • Limits vary per insurance company
    • Ex: If the insured purchases 2, it means that they are buying limits of $2,000 per person in their car
  5. Uninsured Motorist Description
    • Covers: 1.)You 2.)Your passengers 3.)Your car if someone who is uninsured hits you
    • Also included in this coverage is a CDW (Collision Deductible Waiver) which ONLY applies if you have also purchased Comp & Collision.
    • CDW will waive your Collision Deductible & your vehicle will be covered up to the Kelley Blue Book value through your Comprehensive/Collision coverage
  6. What are the Basic Limits that Uninsured Motorist Coverage offers?
    • (15/30) Max of $15,000 per person/up to
    • $30,000 per accident for Bodily Injury and
    • $3,500 for Property Damage
  7. Comprehensive & Collision Description
    • For ANY physical damage that is caused to your vehicle
    • Ex. of damage: against Fire, Theft, Vandalism & Collision (Accident)
  8. What are the Basic Limits that Comp & Collision Coverage offers?
    • The insured vehicle will be covered up to the Kelly Blue Book value (less depreciation) and less the deductible selected by the insured
    • There is ALWAYS a deductible that the insured is responsible to pay when he/she files a claim and wants their vehicle repaired
  9. Rental & Towing Description
    • Can only be used when vehicle is at the body shop being repaired due to a claim filed (any loss, fire, theft, vandalism or accident related)
    • The insured MUST pay up front for this coverage and then he/she will be reimbursed by the insurance company
  10. SR22
    • A certificate of LIABILITY insurance that's required by DMV to reinstate the driver license when it's been suspended for a:
    • 1.)DUI 2.)NO insurance at the time of an accident 3.)Negligent Operator (someone who has too many points on their driving record)
  11. EFT Payment Plan (Electronic Funds Transfer)
    If the insured has a checking account, you could offer him/her this payment plan & their monthly payments will automatically withdrawn from their checking account every month
  12. Salvaged Title
    • When vehicle is no longer worth what the Kelly Blue Book states
    • It could be due to an accident and the insurance company considered the vehicle a total loss
  13. Non-Owner Policy
    • For someone who wants to purchase LIABILITY coverage for their Driver License in order to be able to drive: 1.)Any vehicle that is NOT registered in their name 2.)Any vehicle that is NOT in their household 3.)And for any vehicle that they drive Occasionally Only (not regular use)
    • This is ALSO for personal use only!
  14. Leased Coverage for Vehicles
    The required leased coverage's for a vehicle are LIABILITY & COMP/COLL and the limits of LIABILITY Must be a Max $100,000 per person/up to $300,000 per accident for Bodily Injury and $50,000 for Property Damage
  15. The 2 Financial Co.'s that allow Basic Limits for Liability are?
    • Toyota Motor Credit Corp. & Ford Titling Trust (ONLY!!!!)
    • Max of $15,000 per person/up to
    • $30,000 per accident for Bodily Injury and
    • $10,000 for Property Damage
  16. Financed Vehicles
    The finance company ONLY requires Comp/Coll, but Remember to Always offer LIABILITY as well
  17. 3 Warning Factors of a Quote: 1.) asterisk [*]
    • (*) the asterisk means that the coverage that the client is requesting is not being offered by THAT insurance company
    • This doesn't always mean that you can not sell this company
  18. 3 Warning Factors of a Quote: 2.) Refer to the Insurance Company [R]
    • (R) means for you to Refer to the Insurance Company, you must go to the Quote Screen and read under the Additional Rating Information section as to what other info THAT insurance company is requesting/stating
    • Again, this doesn't always mean that you cannot sell this company
  19. 3 Warning Factors of a Quote: 3.) NOT RATED...
    • When you find a # under the Not Rated section, it means that this insurance company does not accept that number vehicle
    • Ex: the #2 shows up under the Not Rated section, which means that vehicle #2 is NOT being rated by that insurance company
    • ---You will NOT be able to sell that insurance company---
  20. Finance Company
    • The institution that owns your vehicle until you have finished paying it off
    • Finance companies are also sometimes called: Lien holders and/or Loss Payees

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