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Insurance Continuing Education – Personal Auto Coverage
March 25th, 2011 | 
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Home Page > Finance > Insurance > Insurance Continuing Education – Personal Auto Coverage
Insurance Continuing Education – Personal Auto Coverage
Posted: Jan 22, 2011 |Comments: 0
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Bob and Mary Gordon are both employed. Bob is a supervisor for a large automobile repair firm. Marie is a social worker for the State Welfare Department. Bob and Marie have two children. Karen, aged 20, is attending college 200 miles from home. Ken, aged 16, lives at home and attends high school. The Gordon’s own 4 vehicles. Marie is the principal driver of a 1-year old sedan, which she uses to drive to and from work. The car is also driven occasionally on state business.
Bob is the principal driver of a 3-year old customized van, which he uses to drive to and from work. The van is also used by the family for fishing, camping and outdoor recreation. Karen is the principal driver of a 4-year old sedan, which she uses at college and to travel home on holidays and weekends. Ken is the principal driver of a 6-year old compact car, which he drives to and from school. All vehicles are legally titled in the names of Robert and Marie Gordon.
Personal Auto Policy Coverages
No-Fault Auto Insurance does not apply in Gordon’s state. Endorsement PP 03-03 is the Towing and Labor Costs Coverage and endorsement PP 03-11 is the Under-Insured Motorists Coverage with limits of $100,000 for each accident.
Loss Situations
The Loss Situations involve the various types of coverage provided by the Gordon’s Personal Auto Policy. Their PAP covers not all of these losses, the comments about each loss explain the coverage that applies or why the loss is not covered.
Liability Coverage
The following Loss Situations apply primarily to the Liability Coverage (Part A) under the PAP. Each loss is a separate occurrence.
Loss – Bob is involved in an accident with another motorist who claims that Bob did not have the right of way. Damage to the other driver’s car is $5,000. The other motorist also sues Bob for $100,000 and is awarded damages for Bodily Injury in the amount of $50,000. The court also awards $2,250 as a prejudgment interest. Legal defense costs incurred by Bob’s insurer are $25,000.
Comment – The Property Damage Claim of $5,000, the Bodily Injury Claim of $50,000, and prejudgment interest of $2,500 is paid by Bob’s insurer under the Liability Section of the PAP. The legal defense costs of $25,000 are paid in addition to the amount that Bob is legally required to pay.
Loss – Bob is confronted by an irate customer who claims that the brakes of his car are not repaired properly. The mechanic who repaired the brakes states that the brakes are fine. To determine who is correct, Bob decides to road test the customer’s car. While Bob is road-testing the car, the brakes fail and Bob hits another motorist. The motorist is seriously injured and Bob is personally sued for $200,000. Damage to the customer’s car is $4,000. Bob also has medical expenses of $3,000 resulting from the collision.
Comment – The Bodily Injury incurred by the injured motorist and the Property Damage to the customer’s car are clearly excluded under the Liability Section of the PAP, since Bob was using the customer’s car in the automobile or garage business. The medical expenses incurred by Bob are excluded under Medical Payments Coverage, since the injury occurred during the course of employment and benefits are required and available to Bob under the State’s Workers’ Compensation Law. The excluded Liability Losses are Commercial Loss Exposures that would be covered under a commercial Garage Liability Policy. Bob’s injury is covered by the firm’s Workers’ Compensation Insurance.
Loss – Ken, Bob and Marie’s son was driving his girlfriend’s car. After a football game, they went to a party. He was involved in an accident with another motorist who became permanently disabled from the accident. The police arrested Ken and charged him with driving while intoxicated. He was required to post a bail bond of $2,500. Ken is later convicted of driving while intoxicated. The injured motorist is awarded a judgment against Ken in the amount of $500,000. The liability limit of the girlfriend’s car is $25,000.
Comment – Ken’s girlfriend’s PAP is primary and pays the first $25,000 of the judgment. The girlfriend’s policy will also pay up to $250 for the cost of the bail bond. Gordon’s PAP pays only $300,000 as Excess Insurance, since that is the applicable Limit of Liability. If Bob and Marie were insured under a Personal Umbrella Policy, the remaining $175,000 of the judgment would have been paid by the Umbrella Insurer. As a result of the driving while intoxicated conviction, Ken will most likely be excluded from future coverage under his parent’s policy.
Loss – Marie is attending a professional meeting in a large city. She rents a car at the airport. While driving to her hotel, she is involved in an accident with another motorist when she suddenly changes lanes without signaling. The other driver is seriously injured and is later awarded a judgment of $250,000. The rental agency carries liability limits of $100,000 on the rental car.
Comment – The loss is covered under the Non-Owned Auto Coverage of the Gordon’s PAP. The first $100,000 of the judgment, however, is paid by the rental agency’s insurer as primary insurance. The Gordon’s PAP pays the remaining $150,000 as Excess Insurance.
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Insurance Continuing Education – Auto Insurance Injuries
Insurance Continuing Education – Auto Insurance Injuries
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Home Page > Finance > Insurance > Insurance Continuing Education – Auto Insurance Injuries
Insurance Continuing Education – Auto Insurance Injuries
Posted: Jan 22, 2011 |Comments: 0
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This section applies to Loss Situations involving vehicles that are furnished or made available for the regular use of the named insured or a family member.
Loss – Marie drives a state car daily to visit her clients. She is involved in an accident with another motorist, who is seriously injured. Investigation of the accident reveals that Marie’s negligent driving caused the accident. The Bodily Injury to the other motorist is $50,000. The damage to the motorist’s car is $3,000.
Comment – The entire loss is excluded. Although the PAP covers the named insured or family members while driving a Non-Owned Auto on an occasional basis, the coverage does not apply to vehicle furnished or made available for the regular use of the insured. Since Marie drives a state car on a daily basis, her PAP coverage does not apply. This important Loss Exposure can be covered by adding Extended Non-Owned Coverage to the PAP and naming Marie in the Endorsement, which covers Non-Owned Vehicles driven on a regular basis.
Loss – Karen obtains a summer job as a sales person. She is furnished with a company car. While driving the company car on company business, she is involved in an accident with another motorist. The motorist claims that Karen caused the accident. The motorist suffers injuries in the amount of $10,000. The cost of repairing the company car is $2,500.
Comment – The loss is excluded, since the company car is furnished and made available for Karen’s use on a regular basis. The regular use of the company car can be covered by Adding Extended Non-Owned Coverage to the PAP in which Karen is specifically named as an insured.
Loss – Ken’s car is being repaired in the automobile repair shop. He borrows a friend’s car and uses it until his car is repaired. While driving the company car on company business, she is involved in an accident with another motorist. The motorist claims that Karen caused the accident. The motorist suffers injuries at a value of $10,000. The cost of repairing the company car is $2,500.
Comment – The loss is excluded, since the company car is furnished and made available for Karen’s use on a regular basis. The regular use of the company car can be covered by adding Extended Non-owned Coverage to the PAP in which Karen is specifically named as an insured.
Loss – Ken’s car is being repaired in the automobile repair shop. He borrows a friend’s car and uses it until his car is repaired. While driving the vehicle, Ken is involved in an accident with a motorist who claims that Ken did not have the right of way. Investigation of the accident reveals that Ken is at fault. The injured motorist sues Ken for $15,000.
Comment – Since Ken’s car is being repaired, the borrowed vehicle is considered a temporary substitute vehicle. Therefore, all PAP coverages on Ken’s car apply to the temporary substitute vehicle. The injured motorist’s suit is a Covered Liability Loss, however, any insurance on the borrowed car is primary and Ken’s insurance is excess.
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How do you go about getting interim auto insurance for a US registered pick up while in canada waiting on immigration? Does it need to be US or, Canadian insurance?
Can my son get insurance for one of my vehicles if he is given permission to drive the vehicle? Or, can only the registered owner purchase auto insurance for this vehicle?
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Insurance Continuing Education – Managed Care Utilization
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Insurance Continuing Education – Saving Money on Car Insurance
Compare Prices – this could be the best way to lower premiums. Some insurers charge up to 50% more than others do. Insurers do not advertise prices, so it does require some work to find a plan that is low cost. No single company always has the best rates. Each prices differently in different places, for different types of insureds. If one finds a company that is substantially cheaper, evaluate the cost savings. Long-term policyholders sometimes get special treatment. If one does switc
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Insurance Continuing Education – Tips for Purchasing Car Insurance
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Home Page > Finance > Insurance > Insurance Continuing Education – Tips for Purchasing Car Insurance
Insurance Continuing Education – Tips for Purchasing Car Insurance
Posted: Jan 22, 2011 |Comments: 0
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The 3 areas that the typical auto premium dollar are allocated to would be: Bodily Injury Coverage, Collision and Property Damage Coverage. We will discuss these 3 first.
Bodily Injury Liability – This is the coverage which most protects against financial ruin. As noted before, this coverage pays for the other
person’s medical treatments rehabilitation or funeral costs when an insured is found to be at fault in an auto accident. Each state requires drivers to have some level of Liability Coverage. This coverage is absolutely essential! Determining the amount of the coverage is the question. We believe 3 areas of this coverage should be addressed.
1. Protect Assets – This means that by purchasing enough insurance to cover the highest judgment one might reasonably be called upon to pay, the consumer has effectively become lawsuit proof. If the insured does not own much besides the car, and then they should buy only the minimum that the state requires, possibly $10,000 for each person injured, up to a cap of $20,000 for the whole accident. Although one could be sued for more, it is unlikely be cause there is no chance of payment. By contrast, a homeowner might want to insure $100,000 for each person injured, with a maximum of $300,000 per accident, or even a straight $300,000 per accident. The wealthy should consider $500,000 to $1,000,000 worth of coverage or more. The richer, the more protection needed.
2. Protect yourself – If one is hurt by a driver who is uninsured (or under-insured), he/she can be covered by their own policy. One cannot collect any more than he/she bought to protect the other individual. A $10,000 cap for the other individual means a $10,000 for the insured also.
Protect the Injured – Drivers have a social and moral obligation to everyone else on the road. If one damages a life they should pay for it. That means buying a substantial insurance policy even if he/she doesn’t have a lot of assets to protect.
Collision Coverage – Essential for new cars, useful as long as a car has sufficient value. This portion of the policy covers repairs to the insured’s own car after an accident, no matter who caused it. If the car is totaled and it was financed, the insured will need the insurance to repay the loan.
The price of Collision Insurance depends on the size of the deductible. The higher the deductible, the less the insurance will cost. If the accident wasn’t the insured’s fault, the insured’s insurance company will arrange for the deductible to be paid by the other driver’s policy. Collision Insurance is generally written to cover the cars’ Fair Market Value, define its book value (determined by standard tables), minus the cost of making repairs, minus a charge for unusually high mileage.
It would be wise to drop the coverage on cars so old or so dented that their value is nominal. Our guess is that nominal means something under $15,000.
Liability for Property Damage - This pays for someone else’s property, usually the car, but sometimes a store front or gasoline pump. We recommend that consumers at least cover the Fair Market Value of the average car, say $15,000, or $60,000 if one worries about hitting a new Mercedes. Keep in mind, that the standard minimum is about $10,000 and it will not cost much to upgrade this portion of the liability to at least $25,000 at the same time the insured increased Bodily Injury Liability Coverage.
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What did we gain from the louisiana purchase?
I have purchased two cars under the motability finance scheme was the finance subject to payment protection insurance?
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]]>
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