Everyone is looking for the cheapest insurance. Some people think that paying insurance premiums every month is a waste. But that is a big mistake. This time, I will explain about full coverage insurance.
Please pay attention to those of you who have no idea what kind of insurance you should get or what it means. When faced with the insurance details of most customers who usually say, “I have full coverage,” Most have full coverage as shown below.
We will explain and compare the insurance coverage of two different people to make it easier for you to understand. Hong Gil-dong’s American family insurance details Bodily injury liability 25,000 each person /50,000 each accident
Property damage liability $25,000 Collision deductible $1,000 Comprehensive deductible $1,000 Rental $900 Towing Description
Bodily injury liability 25,000 each person /50,000 each accident - This is insurance coverage that provides compensation to the other driver, pedestrian, and passengers who suffered damage. If it is one person, the limit is up to $25,000, and if there is more than one person, the limit is up to $50,000, regardless of how many people there are. In most cases, opposing lawyers will no longer charge you personally once they have reached this limit.
Property damage liability $25,000 - Covers damage to your car, property or facilities up to $25,000. If you exceed this limit, you may have to pay out personal damages. As a joke, if you own a house, you have to sell it to compensate for the losses.
Collision deductible $1,000 - In this clause, $1,000 is a deductible that must be paid when you use your insurance. Most people have $500, but if the deductible is $1,000, it is very advantageous for the insurance company because the deductible increases and insurance claims are reduced.
Comprehensive deductible $1,000 - This clause covers theft, fire, etc., excluding accidents. Similarly, it is a contribution of up to $1,000, and you can receive benefits if your car is not found for more than 30 days in the event of theft, or if your car is found within 30 days but it is damaged and needs to be repaired, you can receive benefits.
Rental $900 - If you rent a car for up to 30 days, you can receive benefits of up to $900. If you did not rent a car, you can also receive a check for an appropriate period of time as loss of use. It's only about $20-30 a month, so it's a must-have. It's important coverage to have because it can usually take a long time for the other insurance company to process the insurance. Also, please note that insurance companies will never rent for more than 30 days.
Towing- It can be used when towing a car and is a must-have coverage. Hong Gil-dong's younger brother's American family insurance details Bodily injury liability $25,000 each person /$50,000 each accident Property damage liability $25,000 Medial Expense $5,000
Collision deductible $1,000 Comprehensive deductible $1,000 Uninsured/Uninsured Motorists $ 25,000 each person / $50, 000 each accident Rental $900 Towing Description
The difference between Hong Gil-dong's younger brother's insurance coverage is that there are additional provisions called Medical Expense and Uninsured/Underinsured. I will explain Medical Expense first. Medical Expense $5,000 - This medical expense of $5,000 is coverage that can only be used for treatment expenses, regardless of whose fault it is. In most places, such as emergency rooms, urgent care, and Chiro, after treatment, the insurance company only pays up to $5,000. If it exceeds $5,000, you may be responsible for the loss.
One important thing to note is how the attorney's office will use this $5,000 to serve the client, if he or she has one. Usually, for the sake of the client, the lawyer's office prevents places such as doctors and hospitals from charging this $5,000. For the client, this $5,000 is included in the compensation and later, when the case is over, if it is used to pay off the hospital bills, the client will receive more compensation.
Please note that there are still some places where Chiro does not wait and charges first, preventing clients from receiving more compensation.
Uninsured/Uninsured Motorists $25,000 each person / $50,000 each accident – This clause can be used if the other party has better coverage or no coverage. If there is only one person injured and the other party has a limit of $25,000, you can collect up to $25,000 from My Under Insured for a total of $50,000. If you want to protect yourself and your assets with your own insurance, and if you want to get back the premiums you have paid so far, we recommend at least $100,000/$300,000, even if you pay a few tens of dollars more per month. And if you proceed with the case after confirming with the law firm how your Medical Expense will be used, you will be able to receive more compensation.
This article is general information, not legal advice about your specific situation.