Insurance Terms To Know:

  1. Bodily Injury: Typically required in most states, this coverage pays the medical expenses, and other expenses of people injured in an accident caused by you.

  2. Property Damage: This covers damage to another party's vehicle or property. (Examples: a fence, garage, building)

  3. Uninsured/Underinsured Motorist: This covers injuries and damages done to you and your property caused by someone who doesn't have insurance, or doesn't have enough insurance to cover the full amount of damages.

  4. Personal Injury Protection: This covers medical and funeral expenses for yourself, members of your family, and additional passengers in your car in the event of a collision, regardless of who is at fault for the accident.

  5. Collision: This covers damage done to your vehicle in the event of a collision with another vehicle or object.

  6. Comprehensive: This covers damages to your car that result from something else other than a collision, for example: a storm causes a tree to fall on your car when it is parked.

  7. Other Miscellaneous Coverage: Insurance companies will often offer a wide variety of additional options to keep yourself insured. Some examples of these are: Accident Forgiveness, Rental Car Reimbursement, Towing Coverage, Road Side Assistance, etc.

Strategic Planning: How To Keep Your Auto Insurance Low

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What are auto insurance limits?

There are two different types of coverage limits when it comes to auto insurance: Standard and CSL, or "Combined Single Limit". Standard limits represent the coverage amounts by showing the limit the policy will pay out on a per person and per occurrence basis. The first number represents how much the policy will pay out per person, and the second number represents how much the policy will pay out per accident. Note: These limits represent Bodily Injury only.

When the limits of a policy are declared as "CSL" or "Combined Single Limit", this simply means that a blanket of coverage is provided for any combination of bodily injury as well as property damage. For example: If Tom had a CSL Policy with limits of $100,000 and an accident occurred causing $40,000 in Bodily Injury claims and $20,000 in Property Damage, all $60,000 in damages would be covered by the CSL policy limits.

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