Without the right auto insurance coverage, you could lose your savings and other assets if you’re held responsible for injuries to another person or damage to their property. To make sure you have the right auto insurance, spend a few minutes with your agent. It could save you a lifetime of worries!
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What coverages do I need?
State Requirements
In most states, you are required to carry minimum auto liability coverage (or post a bond) and provide proof of insurance before you can license your vehicle or renew your driver’s license. If you are caught driving without insurance, you may have to pay a large fine and have your driver’s license suspended.
Contact us to find out what the specific requirements are in your state.
Types of Auto Insurance Coverages
There are many different types of auto insurance coverages for you to choose from. Your agent can work with you to decide what coverage combinations provide the best protection at a price that fits your budget.
- Fault or no-fault coverage: If you live in a no-fault state, your own insurance company pays for any loss or injuries to you, no matter who causes the accident. With no-fault, most claims can be settled quickly, without litigation over who’s at fault. However, no-fault can limit your right to sue to recover damages. Individual states set the coverage and place limits on your rights to sue.
In fault states, the person at fault in the accident or the insurance company pays. With a fault system, your right to sue is not restricted (nor is the other party’s right to sue you). To find out what the regulations are in your state, contact your local Farmers agent.
- Collision: Collision coverage pays for damage to your vehicle that results from a collision with another vehicle or object. Generally, the coverage reimburses you the amount needed to repair or replace your damaged vehicle, minus the deductible. This coverage is normally required if your vehicle is leased or if you have an outstanding loan on the vehicle.
- Comprehensive: Comprehensive coverage protects your investment in your vehicle by paying for losses resulting from fire, theft, falling objects, riots, storms, earthquakes, floods, collision with a bird or animal and other natural occurrences. Like Collision coverage, Comprehensive coverage generally includes a deductible. Comprehensive coverage is normally required if your vehicle is leased or if you have an outstanding loan on the vehicle.
- Deductible: The deductible is the amount of the loss you agree to pay or absorb in the event of a claim or accident. Let’s say you have a $250 deductible. If you have a fender-bender, and the bodywork costs $1150, you will pay the deductible – $250, and your insurance company will pay the balance – $900. With auto insurance, deductible amounts typically range from $50 to $1,000 per claim. Choosing a higher deductible reduces the cost of your insurance.
- Bodily Injury: Bodily Injury coverage pays for any person(s) injured or killed in an accident where you are at fault. Coverage includes medical expenses and lost wages. These coverages are subject to the limits and conditions of your policy. Most states require drivers to carry Bodily Injury coverage.
- Property Damage: In a collision where you are at fault, Property Damage covers your liability for damaging another person’s personal property, such as an automobile, house or fence.
- Medical Payments: This coverage pays medical bills and funeral expenses for you or a passenger injured while riding in your vehicle. Coverage extends to you or a family member when riding as a passenger in someone else’s vehicle or when struck by a vehicle when on foot. Costs are covered up to the amount specified by the policy.
- Personal Injury Protection (PIP): Personal Injury Protection (PIP) pays a broader range of medical costs than does Medical Payments coverage. PIP covers lost wages and the replacement of the services of someone injured in an accident. Personal Injury coverage is generally required in states with no-fault and available in some other states.
- Uninsured Motorist/Underinsured Motorist: Uninsured Motorist coverage protects you, members of your household and your passengers in an accident with a motorist who has no insurance or is underinsured. Uninsured Motorist protection also covers you if you’re injured by a hit-and-run driver. The coverage also applies to you and the members of your household as pedestrians. Coverage includes payment of medical costs, lost wages and pain and suffering. It is required in many states. In some states or insurance policies, Underinsured Motorist protection is separate from Uninsured Motorist coverage.
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How much will it cost me?
It depends on what you drive.
Did you know one of the biggest expenses in owning a car or truck is the cost of insuring it? The car you drive can have a substantial impact on your auto insurance premium, especially on your comprehensive and collision coverages. Your agent can help you by letting you know which vehicles are better insurance values.
The rates for comprehensive and collision coverage are determined by looking at the vehicle loss history – how often it is stolen, how costly it is to repair or replace after an accident. We can offer more favorable rates on comprehensive and collision insurance for over 119 popular selling vehicles. That means if you really want to get a good value for your insurance dollar, choose a car on this list. As an additional benefit, these vehicles are often safer, less expensive to repair and less likely to be stolen.
Driver education: Are the new drivers in your house really knowledgeable about insurance and driving safety? We feel that educating young drivers is part of our responsibility, too. By following this link: Y.E.S. (You’re Essential to Safety) Program, you will see an informative program can help improve a young person’s driving. In some states, young drivers who complete the program may qualify for a discount on their auto insurance.
Cell phone safety: Did you know there are more than 83 million cell phone subscribers in the United States? Cell phone ownership has increased in every age, education and income level. The increases are especially dramatic among young adults 18 to 24 years old.
Concern about cell phone safety is on the rise. This is due in part to the increase use of cell phone while driving. Most of us spend a considerable amount of time in our cars. Not surprisingly, we will attempt to optimize the time we spend driving by doing other things, including using our cell phones.
However, cell phones can pose a serious health risk. The National Highway Traffic Safety Administration (NHTSA) has determined that driver inattention is a primary or contributing factor in as many as 50 percent of all traffic accidents. While cell phones have many benefits, it is very important to remember road safety always comes first.
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William Go Insurance Agency Locations:
William Lee Go
8616 La Tijera Blvd, Suite 317
Los Angeles, CA 90045
Phone: 310-665-1162, 626-399-1004
License No. 0C70895
