Nobody really likes spending money on insurance. It's pretty much the only things we pay for-and over time spend a lot of money on-and hope we never have to us But when the time comes that something Major and Unexpected happens, we all of a sudden love insurance-as long as we have the right kind.
Dave Ramsey, Complete Guide to Money, Page 149
HAVING THE HEART OF A TEACHER
Have you ever looked at your coverage and know that you’ve heard of the terms stated, but honestly, had no idea what it was or why you needed it.
Brighton created this resource to help our clients have a clearer understanding of how a proper Insurance policy will protect their assets, investments and income in the future.
COVERAGE TYPE - WHAT IT MEANS - WHY YOU NEED IT
Sometimes described as "3rd party" coverage.
Pays for bodily injury to other people if you're liable as a result of a covered loss. Includes medical expenses and lost wages. State of CA requires drivers to carry this.
Liability Coverage
WHAT IT MEANS
Due to the complexity of a car accident settlement, it isn't easy to determine exactly how much insurance is enough for you. 2013 average was $433,188. Assets, wages and savings can be garnished if you're underinsured!
WHY YOU NEED IT
Uninsured Motorist
This is the Insured's bodily injury coverage, if an Uninsured person is responsible.
Pays for bodily injury to you, qualified family members and any
other person occupying their covered auto caused by a PROVEN uninsured motorist,
underinsured motorist or a hit and run. Also applies to household members as pedestrians. Includes payment of medical costs, lost wages and pain and suffering.
WHAT IT MEANS
WHY YOU NEED IT
The Insurance Research Council estimates that US drivers have a 24%
chance of being hit by an uninsured driver. In the California, 39%
of all drivers are uninsured and 75% are estimated to be underinsured.
This will cover property damage, medical expenses, legal fees and lost wages if you have an accident with an uninsured motorist
This covers 3rd party damage to a vehicle, fence, pole, house, etc.
Pays for damage to property of another, such as vehicles and other tangible property, which you become liable for as a result of a covered loss.
Property Damage
WHAT IT MEANS
WHY YOU NEED IT
Of the top 100 best selling cars in 2018, only 11% cost less than $30K.
50% cost more than $35K. How many can you afford to hit? What happens in a multiple car pile-up? Source = Kelly BlueBook.com
This protection is a phone call away. Don't get stuck on the side of the road!
Toll Free 24/7, towing to nearest repair facility, or in some case, get towed home. Locksmith service if locked out, bring you gas, as well as assistance changing a tire.
TOWING & ROADSIDE ASSISTANCE
WHAT IT MEANS
WHY YOU NEED IT
J.D. Power & Associates Vehicle Dependability Study found, the average new car experiences 23 problems in the first 3 years and since there were over 3,000 crashes in Fresno last year, you may want this.
RENTAL CAR COVERAGE
After any covered claim, you may need to rent a car while damage
is being repaired. This helps cover the extra expense of renting a car while your car is in the shop to have the repairs done.
WHAT IT MEANS
WHY YOU NEED IT
Rental reimbursement for a car to drive while your car is in for repair.
A Midsize car is about $35 a day and car repairs on average take 2 weeks for every $1,000 of damage. Avoid the cost of both a collision deductible and having to pay for a rental car too.
Covers all accidental damage to your car caused by Collision
with any object or by the car overturning. Pays up to the actual cash value of the car. Coverage is normally required if car is leased or has an outstanding loan.
COLLISON
WHAT IT MEANS
WHY YOU NEED IT
How much is your vehicle worth? Of the top 100 best selling cars in 2018, only 11% cost less than $30K. 50% cost more than $35K.
Can you afford to buy another one? Source = Kelly BlueBook.com
Protects your vehicle by paying for losses resulting from fire,
theft, falling objects, riots, storms, earthquakes, floods, collision with a bird or animal. Coverage is normally required if car is leased or has an outstanding loan on the car. Also provides coverage for broken glass.
COMPREHENSIVE
WHAT IT MEANS
WHY YOU NEED IT
According to a National Insurance Crime Bureau study,
California has one of the highest risks of car theft in the United States.
Every 43 seconds a car is stolen in the US. Only 13% of them result in arrest. Many times the vehicle is recovered and either is stripted for parts or has damage. Top 5 models: Honda Accord & Civic, Ford & Chevy Pickup, Toyota Camry.
MEDICAL EXPENSE
WHAT IT MEANS
MANY health insurance plans will not pay for the needed care if you are involved
in a car accident. Having this in your auto insurance helps pay those medical/chiropratic bills.
WHY YOU NEED IT
Medical expense coverage can help pay for the medical or funeral expenses of covered drivers and passengers after an accident, regardless of fault.
This pays for damage to Insured's car with no deductible if an Uninsured person is responsible. (Must have proof) UMPD is selected when the Insured doesn't have Collision coverage on their policy and it pays up to $3500. CDW is selected when Collision is purchased for the vehicle and this waives that deductible and fixes the car.
UNINSURED PROPERTY DAMAGE OR COLLISION DEDUCTIBLE WAIVER
WHAT IT MEANS
WHY YOU NEED IT
As stated above and per DMV.org, this coverage provides for repairs of an insured vehicle at no cost to the Insured. Although this coverage is not required in CA, these claims are not chargeable against the insurance record, as long as an Uninsured person can be identified. There is no Underinsured PD.