What are the definitions for liability insurance medical payments insurance uninsured motorist comprehensive and collision for auto insurance?
(1) Liability insurance is a kind of third-party coverage. It pays money damages to a third-party who/that sustains damage (that can be measured monetarily) as a result of the insured's negligence (carelessness). The amount payable is limited by the policy limits, which in turn depend upon the amount of coverage that the insured purchased. (2) Medical payments coverage is also third-party coverage. It pays reasonable medical expenses incurred by a third-party, sometimes without regard to fault. Frequently, an insurer will be willing to pay medical expenses in return for avoiding a lawsuit. (3) Uninsured motorist coverage is first-party insurance maintained by the owner of a vehicle. It is intended to pay money damages to the owner, driver and/or passengers who are injured in a collision with a vehicle that does not have liability insurance (which would otherwise pay that/those damages. There is a variant of uninsured motorist coverage called "underinsured motorist coverage". It applies in situations where the at-fault party's liability insurance is insufficient to fully compensate the injured person(s) for his or her injuries. Therefore, the injured party may have a claim against the at-fault party (to the extent of his/her coverage) and their own insurer (for underinsured motorist benefits). Generally, payment takes into account the degree of fault of the insured for causing the collision (because it serves as the functional equivalent of the other party's liability coverage. (4) Comprehensive coverage is first-party insurance that covers categories of physical damage to the insured vehicle that are not caused by a collision. An example would be flooding of a vehicle during a hurricane, or a tree falling on it. (5) Collision coverage is first-party coverage that pays for the repair or pays the actual cash value of the insured vehicle if it is damaged in a collision. Payment is made without regard to fault. The net payment to or on behalf of the insured is reduced by the policy collision deductible. that the insured selected at the inception of the policy. Most states require an insurer to declare a vehicle to be a "total loss" if the cost of repair will exceed a stated percentage of its actual cash value. In that event, the insurer pays the actual cash value less the deductible. In some cases, the insured wishes to retain the salvage (the remains of the totaled vehicle). In those cases, the value of the salvage is also deducted from the payment to the insured.
Liability insurance: The coverage found on any auto policy that handles damage you cause to another person's property, either directly or indirectly with your car. Medical Payments Insurance: Can be either Medpay or PIP. PIP -- or "personal injury protection -- is required in many states, and essentially handles your medical bills in an auto accident, regardless of who is at fault. (summary:will re-attach your fingers if chopped off in a accident) Uninsured Motorist: Can be for either property damage or bodily injury, and essentially makes your carrier step in when the at-fault party is either uninsured or doesn't have enough coverage to handle all your damages. Most people have UMBI (for bodily injury), and mistakenly believe it covers property damage to their cars as well. It doesn't. (summary:will pay for your loss of income as you are an architect whos fingers were cut off and had to miss work for two months while in physical therapy) Comprehensive: A voluntary coverage that, along with collision, constitutes "full coverage" on a vehicle. This is for "non-collision" type accidents, even when you collide with an animal. Essentially, it's to protect your car when you aren't at-fault for a loss. Includes coverage for hail, flooding, etc. Collision: Another voluntary coverage, which handles collisions or overturns involving your vehicle. This is triggered whether you're at-fault or not for a loss, in that it's specific to your vehicle colliding with another object or overturning.
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If you have uninsured motorist insurance are in an accident and its you fault other driver has no insurance or drivers license can you get your car fixed if you only have liability insurance?
Answer . As a broker, I can tell you NO, there is no coverage if you are at fault. Now if you are only partially at fault, example, 50%, and it's proven, there may be cove…rage under your carrier. I'm in Canada where things are a bit different but it wouldn't hurt you to try right?
I am a licensed insurance agent. Comp is if your vechile is stolen, or damaged by something other than a car which you will have to pay the dec. Coll is if you get into a car …accident and say the person did not have insurance then your coll would kick in. But in most cases there property damage will cover you depending on the state. I am from Florida and it is a no falt state so it doesnt matter. You need to check with your agent and see your dectibable. I would suggest uninsured motorist just in case they don't have insurance your medical will be paid. But that has nothing to do with the com/coll. hope it helped.Tammy
If you are an insured motorist and get hit by an uninsured motorist should you use your job's personal medical insurance or your auto insurance or both?
Answer . More than likely, you will begin by using your personal medical insurance. Medical expenses and lost wages can possibly be reimbursed through the uninsured motori…sts coverage. Uninsured/Underinsured coverage laws vary by state. Contact your insurance agent for a full explanation of how this coverage would work on your policy.
In a collision an uninsured motorist was at fault who pays for the damage insurance or uninsured motorist?
The insurance will pay for your damage if you have insurance fromunderinsured motorists. Otherwise, the motorist will pay for it whodoesn't have insurance if they have any mon…ey.
Unfortunately, yes. Although the laws require every motorist to have adequate insurance coverage in order to register their vehicles, some will do just that and once they rece…ive their current vehicle license, drop the insurance simply because they cannot afford it and eat, too. You should also get "under-insured" motorist coverage too ... some may have the absolute minimal insurance that simply will not cover enough of the expenses that are incurred by accident victims.
Because there are many people who are driving without insurance coverage in our nation. Far more than you realize. It is a stupid and reckless crime but it happens all the tim…e. If you do not have uninsured motorist coverage you will be on your own to try and collect your damages from someone who has chosen not to pay for legally required insurance. How well do you think you will do on collecting from this type of person. Plus the insurance company pays for the legal fees involved in getting judgements and collection.
What is the benefit of having uninsured motorist coverage and medical payments on your auto insurance policy?
The benefit of having uninsured/underinsured motorist coverage is that almost 20% of us drive around with no insurance. There's also a good percentage of high risk drivers wit…h minimum coverage running around. That's quite a pool of drivers we're up against every day. You want to be able to cover your losses if you are involved in an accident with someone like that.. As far as having medical payments--this protects you and whoever you have in your car for medical coverage. If you don't have health coverage, it's a biggie. Medical coverage also protects you if you are walking and get hit by a car.
Uninsured motorist coverage is a type of first-party auto insurance that compensates one if he/she is injured in a collision due to the negligence of someone else who does not… have bodily injury liability coverage. Essentially, it pays the same sort of damages as the at-fault party's bodily injury liability coverage would have paid if it existed. It only pays for compensable bodily injuries--not property damage. In many States, uninsured motorist coverage must be offered in the same amount as one's liability coverage. However, the insured usually has the right to select lower limits or reject it altogether.
Where is the limit of insurance company liability for uninsured motorist coverage listed in the policy?
It would be listed on your declaration page which is mailed to you at each renewal period. Listed first would be your Bodily Injury limits and under that would be your uninsu…red/underinsured liability if you have it.
Collision insurance will cover the damages to your vehicle- no matter who is at fault. Uninsured coverage is used if the other vehicle is at fault for the accident and you and…/or anyone in your car is injured. This coverage will typically pay for related medical bills, loss wages, and general damages (i.e pain and suffering). Liability = Other vehicle damage Injuries to driver/passenger in other vehicle Injuries to passengers in your vehicle if you are at fault Collision/Comprehensive = Cover damages to your car Uninsured/Under-insured = Injuries to you or your passengers when another vehicle is at fault and does not have insurance or has minimum coverage
Uninsured motorist coverage pays damages for bodily injuries when the at-fault driver or owner of a vehicle has no bodily injury liability coverage. It pays an amount up to th…e amount purchased by the insured, and is generally not a required coverage. In those states that utilize a comparative negligence rule of determining fault for a collision, the amount that the inured party can recover is reduced by the amount of liability attributable to him/her. In that respect, it operates similarly to the evaluation of the injury and damages if the at-fault party did have bodily injury liability coverage. Underinsured motorist coverage serves essentially the same purpose. However, it is triggered when the at-fault party's bodily injury liability coverage is less than the injured party's uninsured motorist coverage. Further, in order to be triggered, the "value" of the injury must exceed the liability coverage of the at-fault party.
If you have an uninsured motorists coverage, then it should.
No. Liability insurance protects you from claims by third parties if an occurrence is alleged to be your fault and the third party claims compensable damages. It indemnifies y…ou (pays damages on your behalf), and provides a defense (hires and pays an attorney at its own expense-if it wishes to contest liability or damages). A liability insurance policy is triggered only if the allegations made against you arise from a type of risk contemplated by the policy--for example, an auto liability policy will not apply to a trip-and-fall claim made in a store that you operate. Uninsured motorist coverage is a different coverage. It pays to you the same kind of damages, based upon an assessment of relative fault and seriousness of damages, that the at-fault party's liability insurance would have paid if that person had liability insurance. It generally applies to only bodily injury damages-not property damage. A useful paradigm by which to think about it is that liability coverage is "third-party" coverage (pays to injured third parties based upon your fault), whereas uninsured motorist coverage is "first party" coverage which you maintain as a source of compensation for yourself if the at-fault has no bodily injury liability coverage.
What happens if you only have liability insurance and an uninsured motorist hits your car when its parked?
Liability insurance protects you only from a claim for damages by another party if you were at fault for a collision; it does not pay to repair your own car. Therefore, if t…he other party was not insured, you must pay for the repairs to your car yourself. Whether or not you do will depend upon whether the cost of repair is commensurate with the value of the car. That is, if the cost of repair is substantially more than the value, it may not make business sense to do the repairs. You are also free to file a civil lawsuit against the at-fault party to recover the cost of repairs. In making the decision as to whether or not to do so, you will need to evaluate if the other party has the means to pay any judgment entered against him/her. If the ability to pay is questionable, you will want to consider compromising for a lower amount, or accepting payments over a period of time.
Liability insurance only covers someone else in the case that you are responsible for damages caused in a collision. Comprehensive coverage will cover a driver that you hit, a…s well as cover yourself for any damages inflicted during a collision.
Liability only protects you from claims, UM is almost always only for injuries only. If they caused the damage, you have to track them down and make a claim against their insu…rance if they have any and you can find them. Check with your agent, we can only provide general answers that apply to most people in most states.
Comprehensive Liability Insurance means protection against claims of property damage or personal injury when filming on public property. This is a very accurate definition.