When it comes to Auto Insurance, you want to make sure you’re getting the proper coverage for the premium you’re paying. Choosing the right coverage can sometimes be a difficult task. At Speed Insurance we will assist you in deciding what insurance options meet your needs. We can help make sense out of the many coverage options that are available to you today.
Collision
Collision coverage pays when your own vehicle is damaged in an accident. Generally, the coverage reimburses you the amount to repair or replace your damaged vehicle, minus the agreed-on deductible. It is usually the most expensive coverage in your auto policy. Find out more…
Comprehensive
Comprehensive pays for damages to your car caused by an incident other than a collision with another car or object. You’re covered for fire, theft, riots, collisions with animals, storms, falling objects, earthquakes, floods and other natural occurrences. Often, comprehensive insurance includes a daily rental provision that pays a certain amount toward a rental car in conjunction with a theft claim. Like collision, comprehensive coverage generally includes a deductible.
Deductible
The deductible is the amount of the loss you agree to pay or absorb in the event of an accident. With auto insurance, deductible amounts typically range from $50 to $1,000 per claim. That means you absorb the deductible amount every time you make a claim. Choosing a higher deductible reduces the cost of your insurance.
Bodily Injury
This coverage pays, subject to policy limits and conditions, all sums which you are legally obligated to pay for any person(s) injured or killed in an accident where you are at fault. Coverage includes medical expenses and lost wages.
Property Damage
Property Damage is liability coverage for damage to another’s personal property, such as an automobile, house or fence, in a collision where you are at fault.
Medical Payments
This coverage handles medical bills and funeral expenses for you or a passenger injured while riding in your vehicle. Coverage extends to you or a family member when riding as a passenger in someone else’s vehicle or when struck by a vehicle when on foot. Costs are covered up to the amount specified by the policy.
Personal Injury Protection (PIP)
Personal injury coverage pays a broader range of medical costs than does Medical Payments coverage. Coverage includes provisions for lost wages and the replacement of the services of someone injured in an accident. Personal Injury coverage is generally required in states with No-Fault and available in some other states.
Uninsured Motorist/Underinsured Motorist
Uninsured Motorist covers you in an accident with a motorist who has no insurance. In some states, Underinsured Motorist protection is usually separate from Uninsured Motorist coverage. Uninsured Motorist protection also covers you if you’re injured by a hit-and-run driver. Coverage includes payment of medical costs, lost wages and pain and suffering. It is required in many states.
