Personal Auto Insurance Flashcards
(14 cards)
What are Parts A, B, C, and D?
Part a is Liability Coverage, Part B is Medical Payments Coverage (Pays the insured and any family members in the vehicle). Part C is Uninsured/Underinsured Motorist Coverage. Part D is Coverages for Damage to Your Auto.
What is the difference between uninsured and underinsured?
Uninsured will pay you out if the person who hits you has no/invalid insurance, or if they hit and run you. Underinsured is when there is an accident, there will be a gap between the amount the liability of the other person will pay vs the actual cost to fix the car.
What is the difference between Collision and Other Than Collison (OTC, Comprehensive)
Collison covers impact of an auto with another object or vehicle, or vehicle overturn. OTC covers basically everything else (Flood, theft, falling objects, vandalism, hitting an animal)
Part D also provides Transportation Expenses coverage. How much will this cover?
$30 a day, up to $900 dollars total.
What is the waiting period for Transportation Expenses coverage?
48 hours for theft, 24 hours for all other losses.
What is named nonowner coverage endorsement?
May be issued to someone who does not own an automobile but may drive borrowed or rented cars.
What is the miscellaneous type vehicle endorsement?
Covers vehicles like motorcycles, mopeds, golf carts, and motor homes. (Some companies issue these as different policies altogether).
What does “You” and “Your” refer to on the declarations page?
Refers to the named insured and a spouse living in the same household.
What does “Family Members” refer to on the declarations page?
Anyone related to the named insured or spouse who is a resident of the name insured’s household. Includes those related by blood, marriage, adoption, or foster.
What type of insurance may one need to get if they are high risk?
An Assigned Risk Plan, and it usually only includes liability.
What does “occupying” mean?
In a vehicle; upon a vehicle; or getting into, onto, out of, or off a vehicle.
What’s the difference between a split limit and a combined single limit?
Split limits have separate payout amounts for bodily injury and property damage (2 checkbooks). Combined single limits only have 1 payout amount (1 checkbook)
Who, what, and when does Part B (Medical Payments) cover?
Covers medical and funeral expenses for the insured, family, and guest passengers while operation an owned or non-owned vehicle. Also covers insured and family while they are pedestrians. Does not pay 3rd party (Other guy)
What covers personal property in a vehicle?
Personal property in a vehicle is not covered by auto insurance.
