The following is simple explanation of the coverages you will need in order to have your automobile properly insured. Working with experienced professionals such as Berkely Brokerage Corp. will help to ensure that you are not underinsured. It is equally as important to make sure that you are not paying for expensive coverages that you may not need.
BODILY INJURY LIABILITY – This will protect your assets if you are held liable in an auto accident that causes injury or death to other people. Limits are per person and per accident with the basic limits being 25/50. This means $25,000 per person with a maximum payout of $50,000 per accident. Liability coverage will also pay for legal costs and damages. We recommended that limits of at least 100/300 are taken.
PROPERTY DAMAGE LIABILITY – This will cover repairing or replacing the property or vehicles of other people that you are responsible for damaging. A limit of at least $50,000 is recommended.
UNINSURED MOTORISTS BODILY INJURY – Pays for your medical expenses if you are injured by a driver that does not have auto insurance.
UNDERINSURED MOTORIST PROPERTY DAMAGE – This pays up to a preset limit if an uninsured driver is at fault and damages your vehicle.
MEDICAL PAYMENTS – Covers reasonable medical costs for you and your passengers for injuries sustained in an auto accident while in a vehicle insured by you, regardless of fault.
PIP – PERSONAL INJURY PROTECTION – This is also referred to as No-Fault coverage and covers medical expenses more comprehensively than MedPay since it will often pay for loss of essential services and lost wages.
COLLISION – This coverage will pay to repair or replace your car if it is damaged in an accident. There is a deductible on this coverage.
COMPREHENSIVE OR OTHER THAN COLLISION – This covers you for losses from damages other than collision such as theft, vandalism, fire or flood. There is a deductible on this coverage.
ADDITIONAL COVERAGES – Towing pays for roadside assistance after an accident. Rental reimbursement kicks in if you have to rent a car while yours is not drive drivable due to an accident. Custom parts and equipment covers any custom equipment such as tires, paint jobs or running boards.
WAYS TO SAVE ON YOUR PREMIUM:
• Increase your deductibles
• Insuring your home and auto with the same company can save money.
• Eliminate additional coverages that you may not need such as rental reimbursement.
• If you drive an older car, eliminate collision and comprehensive coverage.
• Inquire about discounts for low mileage and anti-theft devices.
• Drive safely to receive a good-driver discount.
• Maintain good credit since this can be used to determine your rates.
• Do not buy a vehicle with a high rate of theft or one that is expensive to repair.
Everyone has different needs when it comes to automobile insurance. This is due to varied factors such as age, income, number of drivers in the family and annual mileage, to name just a few. Berkely Brokerage Corp. has the experience and knowledge to work with you and ask the right questions so that the policy you purchase is the right one for you at the right price.