Pinnacle Risk Managers
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Most states require that you purchase Automobile Insurance to include Liability Coverage with certain minimum limits for Bodily Injury and Property Damage; while these minimum limits may comply with State law, they will not provide adequate protection for you, your family and your financial security in the event of a serious accident.
A Personal Auto policy is designed to cover private passenger vehicles that are owned by or leased to the person or persons named on the declaration pages of the policy and are used for pleasure driving, driving back and forth to work and with some exceptions, used in the course of business.
Automobile Insurance coverages are generally defined as:
Bodily Injury/Property Damage Liability: pays the cost of a claim made by a third person or people who become injured or suffer damage to property that they own by the actions of someone who is an insured under the policy.
Medical Payments: pays for necessary medical expenses incurred by an insured and passengers who are injured in an accident.
Uninsured and Underinsured Motorists: Uninsured Motorist pays for necessary medical expenses incurred by insured persons if injured in an accident where another party is responsible for the injuries but that party does not have insurance. It will also include injuries as the result of a hit-and-run driver or a driver of a stolen vehicle. Underinsured Motorist pays when the other party does not have adequate insurance to cover the total loss, but only up to the limit on your policy. Your limits must be higher than those of the at-fault driver. In some states, an insured may also have coverage for damage to an insured vehicle. Uninsured and Underinsured Motorists coverage is coverage you purchase to protect you and the passengers of your vehicle. We recommend that you purchase limits of this coverage that are equal to your Bodily Injury/Property Damage Liability limits.
Personal Injury Protection (PIP): often referred to as “no fault” coverage in those states where it is required. Regardless of who is responsible for the accident this coverage pays the medical expenses, lost wages, incidental expense related to an injury and funeral expense for you, your family and passengers. Coverage will also extend to you and your family if injured as a pedestrian.
Other than Collision (Comprehensive Coverage): covers certain types of damage to a vehicle insured under the policy such as: fire, theft, glass breakage, vandalism, flood, falling objects, and contact with animals or fowl. The policy pays to repair your vehicle less your comprehensive deductible. While this coverage is required when your have a lien or lease the vehicle; it is recommended when the value of a vehicle is greater than an amount the owner would be willing to pay out of pocket to repair or replace a damaged vehicle.
Collision: covers damage to a vehicle insured under the policy caused by an impact with another vehicle or object. The policy pays to repair your vehicle less your collision deductible. While this coverage is required when your have a lien or lease the vehicle; it is recommended when the value of a vehicle is greater than an amount the owner would be willing to pay out of pocket to repair or replace a damaged vehicle.
Many auto polices provide additional coverages: Towing and Laborreimbursement (sometimes referred to as Road Service); Rental reimbursement pays for the cost of renting a car subject to the limits of your policy when your car is damaged by a covered loss. Coverage for non-owned vehicles; automatic coverage for a newly acquired vehicle and the cost of a bond that must be posted on behalf of an insured are additional features of a personal auto policy.
These coverages are subject to certain limits and conditions and they will vary from state to state.