InsuranceInsuranceProtecting What You HaveProtecting What You Have

ExposureExposure RiskRisk Potential LossPotential Loss

Accident or Accident or IllnessIllness

PropertyPropertyOwnershipOwnership

LiabilityLiability

Loss of income from Loss of income from inability to work; inability to work; uninsured medical bills; uninsured medical bills; deathdeath

Your property is Your property is damaged, destroyed, lost, damaged, destroyed, lost, or stolenor stolen

You are found liable for You are found liable for injuries to other people or injuries to other people or damages to their propertydamages to their property

UNLIMITEDUNLIMITED

UNLIMITEDUNLIMITED

Amount needed to Amount needed to replace your replace your propertyproperty

Common Exposures to LossCommon Exposures to Loss

Avoid itAvoid it

Alternatives forAlternatives forManaging the Possibility of LossManaging the Possibility of Loss

Accept itAccept itReduce itReduce it

Share itShare it

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Avoid itAvoid itReduce itReduce it

Share itShare it

Managing the Possibility of LossManaging the Possibility of Loss

Accept itAccept it

Personal Financial Risk ExposuresPersonal Financial Risk ExposuresExposure Risk How to Evaluate Potential Loss

How much would I lose if I couldn’t work for:1 week?1 month?1 year?

UnlimitedUnlimited

Acc

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LostIncome

Death Permanent UnlimitedUnlimited

MedicalBills

What is the most this could cost me? UnlimitedUnlimited

Personal Financial Risk ExposuresPersonal Financial Risk Exposures

ExposureExposure RiskRisk How to EvaluateHow to Evaluate Potential LossPotential Loss

Liability

Liability for injuries to

other people or

damages to their

property

What is the most this could cost me? UnlimitedUnlimited

Property Owner-

ship

Damaged, destroyed

lost, or stolen

This will be the total dollar amount for the particular item(s) from your Personal Property Inventory (Part A)

$ _______

Factors Affecting Car Insurance CostsFactors Affecting Car Insurance Costs

Your ageYour age

Make of carMake of car

Marital statusMarital status

Do you take the car to work?Do you take the car to work?

If you’re a good studentIf you’re a good student

GenderGenderWhere you liveWhere you live

How much you How much you use the caruse the car

Credit ratingCredit ratingDriver’s educationDriver’s education

Driving recordDriving recordType of carType of car

Auto Insurance CoverageAuto Insurance CoverageSuggested MinimumsSuggested Minimums

Coverage TypeCoverage Type Suggested Minimum CoverageSuggested Minimum Coverage

LiabilityLiability

Medical PaymentsMedical Payments

Uninsured / Uninsured / Underinsured Underinsured

MotoristMotorist

$100,000 per person $100,000 per person $300,000 per accident$300,000 per accident

$100,000 per person $100,000 per person $300,000 per accident$300,000 per accident

$10,000 per person$10,000 per person

Auto Insurance CoveragesAuto Insurance Coverages

A. LiabilityA. LiabilityBodily injury or property damages that Bodily injury or property damages that

you are responsible for because of an you are responsible for because of an accident involving your caraccident involving your car

B. Medical B. Medical PaymentsPayments

Medical and/or funeral expenses for Medical and/or funeral expenses for you, members of your family, and other you, members of your family, and other persons injured in an accident while in persons injured in an accident while in your vehicle. Also covers your family your vehicle. Also covers your family

members as pedestrians if struck by an members as pedestrians if struck by an auto.auto.

Policy SectionPolicy Section What It CoversWhat It CoversSuggested Suggested Minimum Minimum CoverageCoverage

Auto Insurance CoveragesAuto Insurance Coverages

Bodily InjuryBodily InjuryYour injuries caused by an uninsured, Your injuries caused by an uninsured, hit-and-run, or underinsured driver.hit-and-run, or underinsured driver.

PropertyPropertyDamages to your vehicle caused by Damages to your vehicle caused by uninsured or underinsured driveruninsured or underinsured driver

C. Underinsured and underinsured motoristsC. Underinsured and underinsured motorists

Policy SectionPolicy Section What It CoversWhat It CoversSuggested Suggested Minimum Minimum CoverageCoverage

Comparing Costs of Auto Insurance

COVERAGESCOVERAGES LIMITS YOU WANT

Com

pany 1C

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A.A. LiabilityLiability1.1. Bodily InjuryBodily Injury2.2. Property DamageProperty Damage

B. Medical PaymentsMedical Payments

C. Uninsured & Uninsured & Underinsured MotoristsUnderinsured Motorists

$ ____ per person$ ____ per person$ ____ per accident$ ____ per accident$ ____ per accident$ ____ per accident

A.A. Damage to your carDamage to your car1.1. CollisionCollision2.2. Other than collision Other than collision

loss loss (comprehensive)(comprehensive)

$ ____ per person$ ____ per person

$ ____ amount$ ____ amount

$ ____ Deductible$ ____ Deductible$ ____ Deductible$ ____ Deductible

How to Save Money on InsuranceHow to Save Money on Insurance• Shop at least three places; compare Shop at least three places; compare

rates and policies; ask about discounts rates and policies; ask about discounts and special rates.and special rates.

• Read sources of information such as Read sources of information such as Consumer ReportsConsumer Reports®®..

• Purchase more than one type of Purchase more than one type of insurance from the same company; insurance from the same company; insure all cars with the same company.insure all cars with the same company.

How to Save Money on InsuranceHow to Save Money on Insurance• Choose the right car.Choose the right car.

• Don’t smoke.Don’t smoke.

• Select a higher deductible.Select a higher deductible.

• Carefully consider before adding riders Carefully consider before adding riders or floaters.or floaters.

• Have a good driving record & good Have a good driving record & good grades (“B” or better).grades (“B” or better).

How to Save Money on InsuranceHow to Save Money on Insurance• Ask about discounts.Ask about discounts.

• Eliminate collision and comprehensive Eliminate collision and comprehensive coverage if car is older.coverage if car is older.

• Reduce your daily driving.Reduce your daily driving.

• Drive defensively.Drive defensively.

• Avoid theft and vandalism.Avoid theft and vandalism.

• Avoid filing excessive claims.Avoid filing excessive claims.

• Keep tabs on credit.Keep tabs on credit.

InsuranceInsuranceProtecting What You HaveProtecting What You Have

Questions???Questions???