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Insuring Your Vehicle(s)

Insuring Your Vehicle(s). PFP Seminar Dr. Neidermeyer. Vehicle Insurance Profile. >$150 Billion in losses annually All states required insurance Main coverages are bodily injury and property damage. Bodily Injury Coverages. Property Damage Coverages. Vehicle Liability Coverages.

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Insuring Your Vehicle(s)

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  1. Insuring Your Vehicle(s) PFP Seminar Dr. Neidermeyer

  2. Vehicle Insurance Profile • >$150 Billion in losses annually • All states required insurance • Main coverages are bodily injury and property damage

  3. Bodily Injury Coverages

  4. Property Damage Coverages

  5. Vehicle Liability Coverages • For WV: State Minimums • $20,000: limit to be paid to one person in an accident • $40,000: limit to be paid to all persons in an accident • $10,000: limit for payment for damage of property of others

  6. Managing Your Premiums • Automobile Type • Rating Territory • Driver Classification • Awareness

  7. Type of Automobile • Ask how this insurer profiles the vehicle(s) you are considering for purchase • Ask about any special company pricing policies for these vehicles

  8. Rating Territory Determination • Ask for the geographic rating borders for your policy premiums once you acknowledge where vehicle will be operated

  9. Driver Classification • Know your existing driving record • Be prepared to respond to questions on your record • Look to mitigate unfavorable record entries

  10. Multi-car or multi-policy Anti-theft devices Safety features Car pooling Good driver Good student Non-smoker College student away from home without a vehicle Discount Awareness

  11. Steps before you buy • Question the financial soundness of the company • Review reported past interactions between company and policyholders • Shop to determine the possible range of premiums between/among companies

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