This time, I will explain about full coverage insurance. When you encounter the insurance details of most customers who usually say, “I have full coverage,” most of them have full coverage as shown below. I will explain and compare the insurance coverage of two different people.
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. Most opposing lawyers will no longer personally follow this limit once they reach 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.
Collision deductible $1,000 - In this clause, $1,000 is a deductible that must be paid when using my insurance. Most people have $500, but if the deductible is $1,000, it is very advantageous for insurance companies because the deductible increases and insurance claims are reduced.
Comprehensive deductible $1,000 - This clause is coverage that covers theft, fire, etc., excluding accidents. Similarly, the amount is less than $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 is damaged and needs to be repaired.
Rental $900 - If you rent a car, you can receive benefits up to $900 for up to 30 days. If you have not rented a car, you can also receive a check considering the appropriate period of time as loss of use. It is only about $20-30 per month, so you must have it. It is important coverage that you must have as it can usually take a long time for the other insurance company to process insurance. Also, insurance companies will never rent for more than 30 days, so please be careful.
Towing- It can be used when towing a car and has good 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. Medial Expense $5,000- This medical $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, the insurance company only pays up to $5,000 after treatment. If it exceeds $5,000, you may be responsible for the loss.
One important thing to note is, if you have a lawyer, how will you use this $5,000 to serve clients in the lawyer's office? Usually, for clients, lawyer offices do not allow doctors or hospitals to charge $5,000. For the customer, this $5,000 is included in the compensation and later, when the case is over, if it is used to cover the reduced hospital bills, the customer will receive more compensation. Please note that there are still some places where Chiro does not wait and charges first, preventing customers 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 receive up to $50,000 total by adding $25,000 from My Under Insured. If you want to protect yourself and your assets with your own insurance and 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.