Auto Insurance guide - PowerPoint PPT Presentation

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Auto Insurance guide

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An auto insurance is a policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Instead of paying out of pocket for auto accidents, people pay annual premiums to an auto insurance company; the company then pays all or most of the costs associated with an auto accident or other vehicle damage. – PowerPoint PPT presentation

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Title: Auto Insurance guide


1
A consumers guide to Auto insurance
  • Choosing and using your auto insurance coverage

2
What is auto insurance?
  • An auto insurance is a policy purchased by
    vehicle owners to mitigate costs associated with
    getting into an auto accident. Instead of paying
    out of pocket for auto accidents, people pay
    annual premiums to an auto insurance company the
    company then pays all or most of the costs
    associated with an auto accident or other vehicle
    damage.
  • Auto insurance provides property, liability and
    medical coverage
  • Property coverage pays for damage to or theft of
    your car.
  • Liability coverage pays for your legal
    responsibility to others for bodily injury or
    property damage.
  • Medical coverage pays for the cost of treating
    injuries, rehabilitation and sometimes lost wages
    and funeral expenses.

3
The Benefits of Auto Insurance
  • Auto insurance can help offset the cost of
  • Vehicle repairs due to damage caused in an
    accident.
  • Vehicle repairs due to damage caused by
    something other than an accident (e.g., flood or
    vandalism).
  • Medical expenses due to bodily injury to
    yourself and others resulting from an accident.
  • Lost wages due to injury resulting from an
    accident.
  • Benefits to survivors when an accident
    results in death.
  • Lawsuits, including legal fees, brought
    against you as the result of an accident.

4
Types of Auto Insurance Coverage 
  • Illinois law states that you must have auto
    liability insurance (or the ability to pay any
    judgment against you) if you cause injury to
    another person, vehicle or other property while
    operating a motor vehicle. The easiest, most
    convenient and most comprehensive way to do this
    is with Chicago auto insurance from Illinois
    Insurance Center.
  • Chicago liability insurance covers
  • Bodily Injury  Covers any bodily injury to the
    other party up to 20,000 per person 40,000
    per occurrence.
  • Property Damage  Covers any property damage that
    you may have caused to the other party up to
    15,000 per occurrence.

5
  • Uninsured Motorists  This pays you and
    passengers in the insured vehicle monetary
    damages to recover from bodily injury or death
    caused by an uninsured or hit-and-run motorist up
    to 20,000 per person 40,000 per occurrence.
    This is only for your bodily injury, not damage
    to your vehicle.
  • Medical  You can also get medical payments with
    your auto insurance liability policy this is an
    optional coverage and is not legally required.
    These payments will cover your medical coverage
    if you or your passengers are injured during a
    car accident.
  • In addition to the above mandatory auto
    insurance, you may opt for the following auto
    insurance options
  • Collision  Pays for loss or damage to your
    vehicle caused by collision with another vehicle
    or object. Payments are made based upon actual
    cash value of the amount of each loss above the
    deductible amount. The lower your deductible
    (amount paid out of pocket), the higher the cost
    of the auto insurance.

6
  • Comprehensive  Pays for loss or damage to your
    vehicle caused by fire, theft, vandalism,
    weather, etc. Payments are made based upon actual
    cash value of the amount of each loss above the
    deductible amount.
  • Repair Deductible  You will have to pay a
    deductible to get your vehicle fixed. After you
    pay your deductible, your auto insurance company
    pays the balance.
  • Rental Towing  This coverage will reimburse
    you if you need to have your vehicle towed
    following an accident or break-down or should you
    need to rent a vehicle following an automobile
    accident. Coverage and rates vary with policy
    stipulations.

7
How Can I Save Money on Auto Insurance?
  • Here are some things you can do to help trim the
    cost of your auto insurance
  • Get quotes from at least three different
    companies to compare prices, features and
    services.
  • Choose a safe vehicle. Safety ratings can
    dramatically affect the price of insurance, so
    research the vehicle(s) youre considering.

8
Need more help?
  • Call our Insurance Consumer Hotline!
  • 1(866) 910-2601
  • Browse our website to learn more about the
    cheap insurance options we offer in Aurora,
    Chicago, Elgin, Joliet, Naperville, Rockford,
    Bloomington, Peoria, Waukegan and Springfield, IL.
     Call us today to receive the best insurance
    quotes Illinois has to offer by calling 1(866)
    910-2601.
  • Visit us at
  • www.ilinsurancecenter.com
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