Friday, March 21, 2014

Auto Insurance Defined

The insurance industry loves its terms, jargon, and words. Unless you are around it everyday, there is a good chance you do not understand it all. This post was created to help correct that.

Discounts Auto - You may be eligible for a variety of discounts that may help to lower your auto insurance premium. If you are a member of a certain business/professional groups such as Doctors, RNs, Engineers, Dentists, Teachers, Police, Firefighters and so on, you may be eligible for a discount. Other discounts are received for having multiple policies, being a retired professional, good students, insuring multiple vehicles, or having a alternative-fuel vehicle.

Liability for Bodily Injury - Covers the expenses associated with other people's death, when you're at fault; such as medical expenses, loss of income, and pain and suffering.

Liability for Property Damage - Pays for the damage you, or someone driving your vehicle with our permission, may cause to some else's property.

Medical Payments - If you or your passenger, or even a pedestrian, is hurt or killed, we'll cover the medical bills and funeral expenses up to your limits.

Collision - Coverage to repair damage to your vehicle resulting from a collision with another vehicle, object, or as a result of flipping over. This coverage is typically required if you vehicle is leased or if you have an outstanding loan on the vehicle.

Comprehensive - Covers damage to your vehicle resulting from fire, theft, falling objects, riots, storms, earthquakes,
floods, and collision with a bird or live animal. This coverage is normally required if you vehicle is leased or if you have an outstanding loan on the vehicle.

Uninsured and Underinsured Motorist Coverage - Covers you, insured members of your household and you passengers injured in an accident with a motorist who has no insurance or is underinsured. Coverage typically includes payment of medical costs, lost wages, pain and suffering.

Optional Coverages-Auto

Accident Forgiveness - With Accident Forgiveness, Farmers® will forgive one accident in a three-year period.

New Car Pledge - If your new car is totaled in the first two years (24,000 miles) of ownership, we'll replace it without depreciation. Also, if minor repairs are needed, we'll make sure only original manufacturer parts are used, if available.

Emergency Roadside Assistance - The Farmers® Tow Program (FARMTOW) provides 24/7 access to roadside assistance through Farmers HelpPoint® claims service. Includes towing to the nearest qualified repair facility and onsite services such as battery jump start, locksmith services and other repairs.

Personal Umbrella - Supplements the liabilty coverage you already have on your auto and homeowners policies, providing an extra layer of coverage, just when you need it most. (Your auto policy must have certain limits to qualify)

HelpPoint® Glass Services - Quickly connects you with a reputable vehicle glass company in your area. You benefit from convenient mobile response wherever you are, quality service, 24/7 scheduling and national lifetime warranty for as long as you own or lease the vehicle.

Car Rental Reimbursement - Our network of pre-screened, nationally known rental-car companies offer free pickup and delivery, direct billing to Farmers® and automatic deposit waiver.

Extended Customized Equipment Coverage - Covers the optional equipment that's not permanently installed in your car, as well as theft of items such as tapes, discs or other equipment designed for the reproduction of sound.

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