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!!
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