Wednesday, September 7, 2016

Car Insurance Terminology to Know if you Need Auto Body Work

Admittedly car insurance terminology is not what most people would call a fascinating subject, but it’s good information to have after a fender bender, so our friends at Auto Craft Collision Repair in Tulsa, Oklahoma shared some definitions that may come in handy sometime …

This is the amount that you have to pay toward repairs after an accident. Every policy has a deductible, sometimes as high as $1,000 or occasionally $1,500.

A premium is the monthly amount you pay your insurance company to insure your vehicle. Premium costs can be affected by age, driving record and type of vehicle. Paying a higher premium may lower your deductible.

Comprehensive Insurance
This policy pays for repairs in situations that don’t involve an actual collision, such as:

  1. Theft
  2. Fire
  3. Objects that fall on your vehicle
  4. Storm damage
  5. Deer hits
  6. Vandalism
  7. Flood
Collision Insurance
As the name indicates, this pays for damage incurred in a collision, whether with a vehicle or some other object.

Medical Payments
This coverage pays medical expenses for any passengers riding with you, regardless of who is at fault in the accident.

Property Damage/Bodily Injury Liability
This type of coverage funds your legal defense against anyone whose property you damage in a collision, and may also pay lost wages for anyone whose livelihood is threatened as a result of the accident.

Personal Injury Protection
This type of policy pays for medical expenses for anyone who is listed on your policy. It does for you what Medical Payments Coverage does for other passengers.

More questions? Check out Auto Craft's auto body shop blog.

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