Tuesday, December 7, 2021

Auto, Motorcycle, And Boat Insurance

Auto policies are a package of various coverage types. The state requires a minimum limit for
liability. You can adjust the remaining options to meet your financial situation and in the event of
an accident, to provide recovery along with protection of your personal assets.

Liability
Main purpose of the auto policy and is required in Louisiana. If you are at fault in an accident, the
liability insurance will pay for bodily injury and property damage expenses caused to the other
parties involved in the accident. It also provides you with legal defense if another party files a
lawsuit against you.

Comprehensive Coverage
Comprehensive coverage will pay to repair your vehicle for damages not caused by an accident
(colliding with another vehicle / structure). Examples: theft, vandalism, weather related incidents,
fire, or animals. Premium varies based on deductible choices. If you choose a higher deductible,
the premium will be lower; however, at the time of the occurrence, the deductible amount will be
deducted from the total cost of the repair.

Collision Coverage
Collision coverage will pay to repair your vehicle if your car hits, or is hit by another vehicle or other
object. The payout will be equal to the cash value of your vehicle at the time of the incident,
which is different than the replacement cost of the vehicle. As with Comprehension, premium varies
based on deductible choices. If you choose a higher deductible, the premium will be lower. The
deductible amount will be deducted from the total cost of the damage.

Medical Coverage
Medical coverage will pay for you and your passengers’ medical expenses after an accident.
Medical Payments may also cover policyholders and their family members when they are injured
while riding in someone else’s car or when a car hits them while on foot or bicycling. The coverage
will pay regardless of who is at fault, but if someone else is liable, your insurer may seek to recoup
the expenses from them.

Uninsured / Underinsured Motorist
Uninsured Motorist applies if you are involved in an accident where the driver of the other vehicle is
at fault but has no insurance. Your policy will cover the medical expenses, up to the limit on your
policy, for the policyholder and passengers. Covers bodily / personal injuries, damages, or death
caused by the uninsured motorist or hit and run driver.
Underinsured Motorist applies for injuries, damages, or death caused by another motorist with
insufficient coverage limits. Should you have an accident with a person whose coverage cannot
meet your damages, your policy will meet the difference-up to the limit of liability listed on your
policy.

Rental Reimbursement
Rental covers renting a car if your car is not drivable or while your car is being repaired because of
a covered accident. Policy may offer various “day rate” limit maximums. Premium will be based on
the “day rate” you choose. Most rental companies have contracts with insurers to comply with the
rate offered per day.

Towing
Towing coverage is only available if you purchase Comprehensive and/or Collision Coverage.
Policy may also cover Emergency Roadside Assistance / Service.

Custom Parts & Equipment
Covers those ‘extras’ you may permanently install in addition to those parts or equipment installed
by the original manufacturer.

When choosing a deductible, you need to consider your current budget plan along with your future
ability to meet that deductible in order to repair your vehicle. The higher deductible you choose, the
lower the premium will be. However, at the time of the incident, the deductible will be deducted from
the insurance payout to repair the vehicle.
Example: If you choose a $500 deductible; the repair is $2500.00, you will be responsible for $500
of the $2500 repair, thus the amount to you from the insurance will be $2000.00.

Motorcycle, Boat, and ATV Insurance offer the same coverage types with regards to liability
and repairs. Elite can customize a policy for you. Your homeowner’s policy will not cover
liability arising out of acts while on a motorcycle, boat, or ATV. You must have coverage
under a separate policy. Discounts available for multiple policy types.