This part is an optional coverage, thus not required by Indiana law. However, if you have a loan on your vehicle, that [loan] company will probably make you carry Physical Damage coverage until the loan is paid off. Physical Damage (to your auto) is usually divided into 2 parts: Comprehensive and Collision. Under other policies, you may see it classified as Collision and Other Than Collision.
Comprehensive
This part covers perils (causes of loss) that are normally out of your control. Examples are breakage of glass, or loss caused by missiles, falling objects, fire, theft, larceny, explosion, earthquake, windstorm, hail, water, flood, malicious mischief or vandalism, riot or civil commotion, which are all payable under this coverage. Also, loss due to hitting or being hit by a bird or animal (deer), other than a human being is payable under this coverage.
Collision
This part covers a collision loss, and any other peril not covered by Comprehensive.
Examples include an accident with another vehicle or trailer, hitting a stationary object like a tree or building, overturning your own vehicle, running over a pot hole, and running over anything else and damaging your vehicle.
Monday, September 29, 2008
Auto Insurance--Part 3--Medical Payments
Hello Again!
I know it has been a couple of weeks since my last post, so I'm going to give you a couple of posts today. This one is on Medical Payments.
Medical Payments provides protection to you and your passengers regardless of fault if you are injured in an accident. This coverage supercedes (comes before) any health insurance you may have. It also provides coverage if you are struck by a motor vehicle or trailer as a pedestrian.
One important thing to note is that if death results (Indiana Farm Bureau Insurance's [IFBI]auto policy) within 90 days of the date of the accident, they will pay the limit of liability. However the most we (IFBI) will pay is $5,000 per person. One exception to this is if you have IFBI's VALET endorsement, which increases that death benefit to $25,000 per person.
**This language comes from my company's (Indiana Farm Bureau Insurance) auto policy booklet. Your auto policy may be different. Check your insurance company's auto policy booklet or ask your agent for further details or explanation.
I know it has been a couple of weeks since my last post, so I'm going to give you a couple of posts today. This one is on Medical Payments.
Medical Payments provides protection to you and your passengers regardless of fault if you are injured in an accident. This coverage supercedes (comes before) any health insurance you may have. It also provides coverage if you are struck by a motor vehicle or trailer as a pedestrian.
One important thing to note is that if death results (Indiana Farm Bureau Insurance's [IFBI]auto policy) within 90 days of the date of the accident, they will pay the limit of liability. However the most we (IFBI) will pay is $5,000 per person. One exception to this is if you have IFBI's VALET endorsement, which increases that death benefit to $25,000 per person.
**This language comes from my company's (Indiana Farm Bureau Insurance) auto policy booklet. Your auto policy may be different. Check your insurance company's auto policy booklet or ask your agent for further details or explanation.
Thursday, September 11, 2008
Auto Insurance--Part 2--Property Damage
Hello again!
Here's part 2 of the auto insurance policy: Property Damage Liability. This part covers the damage to another party's property for which you may be liable. Simple enough, right?
Let's use an example. Let's say that I'm driving down the road, not paying attention, and I crash into the back of your car and bang it up pretty good. The police determine that I am at fault and therefore liable. This part will cover the damage I cause to your property (car).
Okay, one last example. Let's say it's winter and the roads are icy. I slide off the road and into your mailbox, which is your property. Well, Property Damage takes care of that too.
Well, this week's entry was short. Stay tuned.
One last thing: it's hard to believe that it's been 7 years ago since that tragic day. Let's not forget our fallen heroes!!
Here's part 2 of the auto insurance policy: Property Damage Liability. This part covers the damage to another party's property for which you may be liable. Simple enough, right?
Let's use an example. Let's say that I'm driving down the road, not paying attention, and I crash into the back of your car and bang it up pretty good. The police determine that I am at fault and therefore liable. This part will cover the damage I cause to your property (car).
Okay, one last example. Let's say it's winter and the roads are icy. I slide off the road and into your mailbox, which is your property. Well, Property Damage takes care of that too.
Well, this week's entry was short. Stay tuned.
One last thing: it's hard to believe that it's been 7 years ago since that tragic day. Let's not forget our fallen heroes!!
Monday, August 25, 2008
Auto Insurance -- Part 1 -- Bodily Injury
Hello again!
Your friendly neighborhood insurance agent here. I thought it might be time to post another entry. Let me know if this sounds familiar. You come home from a hard day's work and open your mail. You see the usual suspects: bills, mailers, and something from your insurance company. Didn't I just pay that? So you open it. It's the Declarations (Dec) Page. Whew! Seeing it isn't a bill, you take a quick glance at it, and then file it away. Sound familiar?
If this doesn't sound like you, it happens more than you know. Like most states, Indiana requires us to carry proof of financial responsibility, or better known as state minimum liability automobile insurance. So what's on that DecPage that's so important? The Dec Page tells us quite a bit. Depending on the insurance company, you will either receive the Dec page shortly before or after your auto policy renews. If they send it shortly before, the Dec will show you what your upcoming renewal premium will be. If you receive it after the renewal, you'll see how much you're paying. Not only does it show the total premium, but it also gives you a breakdown of how much each individual coverage costs. I don't know about you, but when I spend $600 per year on something...heck anything, I sure like to know what I'm getting in return!!
My goal is to explain the auto policy per section. Each blog will be dedicated to a section.
Bodily Injury Liability (BI)
This coverage is almost self-explanatory, but it is probably the single most important coverage of the entire auto policy! Hopefully this never happens, but if you are in an auto accident, and authorities determine you're at fault (liable), this coverage takes care of the bodily injury you may cause to the other party. This coverage is available in two parts: per person/per occurrence or a combined single limit. The Indiana State minimum BI limit is $25,000 per person/$50,000 per occurrence (accident). You may ask, "How much bodily injury coverage do I need?" A good rule of thumb is to choose a level that best protects your assets. The reason for this is because if the limits you choose become exhausted, the other party may come after your personal assets until the debt is settled. So, does $25,000 sound like enough to protect your assets if you harm another person or worse yet, people? Have you been to the hospital recently? Chances are, these limits are not enough. In fact, I won't write or even quote anyone for limits less than $100,000 per person/$300,000 per occurrence. I just won't.
The other option is the combined single limit. This limit is usually higher and starts around $300,000 and goes up as high as $1 Mil, or higher. I have seen one as high as $10 Mil, but that was for a commercial auto policy. These normally fall between $300K and $1 Mil.
Any agent can give you a quote for your auto. A great agent will determine your assets and make a recommendation based on your answer. Make sure you know which agent you're dealing with.
Next week: Property Damage Liability
Your friendly neighborhood insurance agent here. I thought it might be time to post another entry. Let me know if this sounds familiar. You come home from a hard day's work and open your mail. You see the usual suspects: bills, mailers, and something from your insurance company. Didn't I just pay that? So you open it. It's the Declarations (Dec) Page. Whew! Seeing it isn't a bill, you take a quick glance at it, and then file it away. Sound familiar?
If this doesn't sound like you, it happens more than you know. Like most states, Indiana requires us to carry proof of financial responsibility, or better known as state minimum liability automobile insurance. So what's on that DecPage that's so important? The Dec Page tells us quite a bit. Depending on the insurance company, you will either receive the Dec page shortly before or after your auto policy renews. If they send it shortly before, the Dec will show you what your upcoming renewal premium will be. If you receive it after the renewal, you'll see how much you're paying. Not only does it show the total premium, but it also gives you a breakdown of how much each individual coverage costs. I don't know about you, but when I spend $600 per year on something...heck anything, I sure like to know what I'm getting in return!!
My goal is to explain the auto policy per section. Each blog will be dedicated to a section.
Bodily Injury Liability (BI)
This coverage is almost self-explanatory, but it is probably the single most important coverage of the entire auto policy! Hopefully this never happens, but if you are in an auto accident, and authorities determine you're at fault (liable), this coverage takes care of the bodily injury you may cause to the other party. This coverage is available in two parts: per person/per occurrence or a combined single limit. The Indiana State minimum BI limit is $25,000 per person/$50,000 per occurrence (accident). You may ask, "How much bodily injury coverage do I need?" A good rule of thumb is to choose a level that best protects your assets. The reason for this is because if the limits you choose become exhausted, the other party may come after your personal assets until the debt is settled. So, does $25,000 sound like enough to protect your assets if you harm another person or worse yet, people? Have you been to the hospital recently? Chances are, these limits are not enough. In fact, I won't write or even quote anyone for limits less than $100,000 per person/$300,000 per occurrence. I just won't.
The other option is the combined single limit. This limit is usually higher and starts around $300,000 and goes up as high as $1 Mil, or higher. I have seen one as high as $10 Mil, but that was for a commercial auto policy. These normally fall between $300K and $1 Mil.
Any agent can give you a quote for your auto. A great agent will determine your assets and make a recommendation based on your answer. Make sure you know which agent you're dealing with.
Next week: Property Damage Liability
Monday, August 11, 2008
Auto Policy
Hey there! It's your friendly, neighborhood insurance agent again. This month's blog is on the auto policy. Tell me if this sounds familiar:
You come home from a busy day at work and open your mail. You open an envelope and see the Declarations Page from your insurance company for your auto policy. Seeing that it isn't a bill, you either file it away or throw it in the trash.
Sound familiar? Hopefully this doesn't happen in your household. However, you'd be surprised how often this does happen. Since we're required by law to carry auto insurance, some of us just pay our premiums without ever knowing what we're paying for and carry on with our lives. But have you ever stopped to think for what you're paying?
Like most states, Indiana has a financially responsibility law that requires us all to carry at least the state minimum liability limits on bodily injury, property damage,medical payments to others, and uninsured/underinsured bodily injury limits. The more inclusive policies also include physical damage coverage for damage to your auto and uninsured motorist property damage. So what do all of these coverage limits mean? Each blog for August will include at least one coverage from the auto policy. We'll start today with Bodily Injury Liability.
Bodily Injury Liability
This coverage (usually) comes in two parts: per person and per occurrence/per accident. There are also combined single limits (CSL) available. More on that later on...keep reading. This coverage takes care of any bodily injury you may cause to another person for which you are deemed liable. Indiana State minimum limits are $25,000 per person/$50,000 per occurrence. This means that if you have a policy with these limits, the maximum amount the policy pays is $25,000 per any one person, and $50,000 maximum per occurrence or per accident. Does this seem like enough coverage? In most cases, it isn't. If you haven't been to the hospital recently, trust me when I say that it doesn't take much to rack up the medical bills quickly. Personally, I won't write any policy with these limits. When choosing the limits for your policy, the best 'rule of thumb' is to get what you need to cover your assets. Most insurance companies offer limits of $100K/$300K or $250K/$500K, which are the two most common limits chosen. As mentioned earlier, there is also the option of a combined single limit, which pays out a maximum amount without regards to per person or per occurrence. Normally CSL's start out higher, normally around $500K or higher.
Any licensed agent can write a policy with whatever limits you ask him to quote for you. A good agent will find out what limits are necessary to protect your assets and make his or her recommendations accordingly. Make sure you know with which agent you're doing business.
Stay tuned for the next August Auto blog: Property Damage Liability!
You come home from a busy day at work and open your mail. You open an envelope and see the Declarations Page from your insurance company for your auto policy. Seeing that it isn't a bill, you either file it away or throw it in the trash.
Sound familiar? Hopefully this doesn't happen in your household. However, you'd be surprised how often this does happen. Since we're required by law to carry auto insurance, some of us just pay our premiums without ever knowing what we're paying for and carry on with our lives. But have you ever stopped to think for what you're paying?
Like most states, Indiana has a financially responsibility law that requires us all to carry at least the state minimum liability limits on bodily injury, property damage,medical payments to others, and uninsured/underinsured bodily injury limits. The more inclusive policies also include physical damage coverage for damage to your auto and uninsured motorist property damage. So what do all of these coverage limits mean? Each blog for August will include at least one coverage from the auto policy. We'll start today with Bodily Injury Liability.
Bodily Injury Liability
This coverage (usually) comes in two parts: per person and per occurrence/per accident. There are also combined single limits (CSL) available. More on that later on...keep reading. This coverage takes care of any bodily injury you may cause to another person for which you are deemed liable. Indiana State minimum limits are $25,000 per person/$50,000 per occurrence. This means that if you have a policy with these limits, the maximum amount the policy pays is $25,000 per any one person, and $50,000 maximum per occurrence or per accident. Does this seem like enough coverage? In most cases, it isn't. If you haven't been to the hospital recently, trust me when I say that it doesn't take much to rack up the medical bills quickly. Personally, I won't write any policy with these limits. When choosing the limits for your policy, the best 'rule of thumb' is to get what you need to cover your assets. Most insurance companies offer limits of $100K/$300K or $250K/$500K, which are the two most common limits chosen. As mentioned earlier, there is also the option of a combined single limit, which pays out a maximum amount without regards to per person or per occurrence. Normally CSL's start out higher, normally around $500K or higher.
Any licensed agent can write a policy with whatever limits you ask him to quote for you. A good agent will find out what limits are necessary to protect your assets and make his or her recommendations accordingly. Make sure you know with which agent you're doing business.
Stay tuned for the next August Auto blog: Property Damage Liability!
Thursday, June 26, 2008
Insurance intro
Hello!
Thank you for visiting my blog spot.
To give you a little background on me, I am an insurance agent here in Fishers, IN.
I've been in the insurance industry 10 years, so I know a bit or two about insurance.
Do I know everything there is to know about insurance and the insurance industry?
Absolutely not! I am always learning something new about insurance. That's mostly because insurance and the laws that regulate insurance are constantly changing! If I don't know something, I take a methodical approach, and research the heck out of it until I feel comfortable about speaking on the subject. I don't just blurt out something. In my earlier years as an agent, I did that a few times. And one time, it really came back to bite me. And it bit really hard! So I have graciously learned to say "I'm not sure about that. Let me research it for a bit, and get back to you." Of course when I get the answer, I make sure to follow up with the client ASAP. Okay, I'm getting off on another tangent here.
My goal for this blog (and the blogs to follow) is to give you some general tips about insurance. I'm open to suggestions on what you would like to know about insurance. What kind of insurance you ask? I can speak on just about any kind of insurance: auto, home, life, farm, commercial, etc. I can also talk about financial products (annuities, retirement products, etc.) Whatever you want to talk about, I'd be happy to inform you about it. If I don't hear back or don't get any requests, I'll just make a general post about a little insurance nugget you may not have heard of, or maybe forgotten.
Now I realize that insurance is one of those things we don't really think about until it's time to use it. I also realize that insurance may not be the most popular topic of discussion, especially if you have ever had a claim denied. If you have had a claim denied, I sympathize with you. I've been there, and it really stinks! Again, I digress.
Please send me suggestions or topics of insurance that you would like to hear more about.
After all, knowledge is power. I look forward to making everyone more powerful!
Sincerely,
Justin D. Zipperian, Agent
Thank you for visiting my blog spot.
To give you a little background on me, I am an insurance agent here in Fishers, IN.
I've been in the insurance industry 10 years, so I know a bit or two about insurance.
Do I know everything there is to know about insurance and the insurance industry?
Absolutely not! I am always learning something new about insurance. That's mostly because insurance and the laws that regulate insurance are constantly changing! If I don't know something, I take a methodical approach, and research the heck out of it until I feel comfortable about speaking on the subject. I don't just blurt out something. In my earlier years as an agent, I did that a few times. And one time, it really came back to bite me. And it bit really hard! So I have graciously learned to say "I'm not sure about that. Let me research it for a bit, and get back to you." Of course when I get the answer, I make sure to follow up with the client ASAP. Okay, I'm getting off on another tangent here.
My goal for this blog (and the blogs to follow) is to give you some general tips about insurance. I'm open to suggestions on what you would like to know about insurance. What kind of insurance you ask? I can speak on just about any kind of insurance: auto, home, life, farm, commercial, etc. I can also talk about financial products (annuities, retirement products, etc.) Whatever you want to talk about, I'd be happy to inform you about it. If I don't hear back or don't get any requests, I'll just make a general post about a little insurance nugget you may not have heard of, or maybe forgotten.
Now I realize that insurance is one of those things we don't really think about until it's time to use it. I also realize that insurance may not be the most popular topic of discussion, especially if you have ever had a claim denied. If you have had a claim denied, I sympathize with you. I've been there, and it really stinks! Again, I digress.
Please send me suggestions or topics of insurance that you would like to hear more about.
After all, knowledge is power. I look forward to making everyone more powerful!
Sincerely,
Justin D. Zipperian, Agent
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