Online Auto Insurance Discusses Maximum Claims Payouts
Tallahassee, FL, July 05, 2011 --(PR.com)-- A 2010 survey from the National Association of Insurance Commissioners indicated that only about 1-in-7 respondents could correctly interpret the notation used for the limits of a basic liability policy, and chances are that many drivers simply buy basic insurance to satisfy state law and may not even understand how much they’re covered for.
To make maximum payouts more understandable, OnlineAutoInsurance.com has published a new FAQ discussing how much insurers will cover under first-party claims (i.e.: comprehensive, collision, personal injury protection (PIP), med-pay and uninsured motorist coverages).
Liability coverages usually have a set maximum limit, but these first-party policies tend have more variation and deductible options.
Comprehensive and collision, which cover physical damage to the auto, generally either pay for the cost of repairs or, if the repairs would cost more or nearly more than the car is worth, the actual cash value of the vehicle. These may be subject to deductibles, however.
PIP max payouts vary from state to state and from policy to policy. PIP written by auto insurance companies in Florida, for example, will have a set limit of at least $10,000 and may be subject to a deductible. In addition, only 80 percent of medical costs up to the limit will be paid.
Source: http://www.myfloridacfo.com/consumers/guides/auto/docs/autoguide2008.pdf
But PIP in New York must provide at least up to $50,000. And in Michigan, insurers must provide unlimited medical benefits under PIP.
Medical payments generally pay up to a couple-thousand dollar limit, which will be chosen by the insured driver but must be at least as high as the state-required minimum.
Uninsured motorist insurance generally has a minimum upper limit similar to that of the state’s minimum for bodily injury liability.
To learn more about this and other financial protection issues, readers can go to http://www.onlineautoinsurance.com/florida/ where readers will have access to informative resource pages and a quote-comparison generator that can help consumers efficiently shop for a policy.
To access the full FAQ, visitors should follow the “Questions” link located at the top of any page on the site.
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To make maximum payouts more understandable, OnlineAutoInsurance.com has published a new FAQ discussing how much insurers will cover under first-party claims (i.e.: comprehensive, collision, personal injury protection (PIP), med-pay and uninsured motorist coverages).
Liability coverages usually have a set maximum limit, but these first-party policies tend have more variation and deductible options.
Comprehensive and collision, which cover physical damage to the auto, generally either pay for the cost of repairs or, if the repairs would cost more or nearly more than the car is worth, the actual cash value of the vehicle. These may be subject to deductibles, however.
PIP max payouts vary from state to state and from policy to policy. PIP written by auto insurance companies in Florida, for example, will have a set limit of at least $10,000 and may be subject to a deductible. In addition, only 80 percent of medical costs up to the limit will be paid.
Source: http://www.myfloridacfo.com/consumers/guides/auto/docs/autoguide2008.pdf
But PIP in New York must provide at least up to $50,000. And in Michigan, insurers must provide unlimited medical benefits under PIP.
Medical payments generally pay up to a couple-thousand dollar limit, which will be chosen by the insured driver but must be at least as high as the state-required minimum.
Uninsured motorist insurance generally has a minimum upper limit similar to that of the state’s minimum for bodily injury liability.
To learn more about this and other financial protection issues, readers can go to http://www.onlineautoinsurance.com/florida/ where readers will have access to informative resource pages and a quote-comparison generator that can help consumers efficiently shop for a policy.
To access the full FAQ, visitors should follow the “Questions” link located at the top of any page on the site.
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Contact
Online Auto Insurance
Benjamin Zitney
909-784-2475
http://www.onlineautoinsurance.com/
Benjamin Zitney
909-784-2475
http://www.onlineautoinsurance.com/
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