Intro
What is insurance?
An arrangement by which a financial company
provides a guarantee of compensation for specified loss,
damage, illness, or death in return for payment of a
Premium.
What is liability?
It protects you financially if you're responsible for someone else's injuries or property damage caused by an accident that's your fault.
What do you provide during step one of the claim process?
Your policy number
A description of the incident
The date and time of the incident
Any relevant details as it relates to the incident
Whats the importance of insurance?
Insurance importance in society is that it provides a financial
plan safety net ad will provide coverage and protection in the case
an event occurs.
What is Risk?
The possibility of uncertainty that can occur from a event of scenario.
What is Comprehensive coverage?
It's a coverage that protects against damage to your vehicle caused by non-collision events that are outside your ability to directly control.
What could happen in case of a car accident as mentioned during step two with a auto insurance adjuster?
In the case of a car accident, an auto insurance adjuster may inspect the damage to your vehicle, speak to involved parties, and review any police reports.
How do auto insurance companies assess risk?
Auto insurance companies assess these by looking at the consumers personal information and their known driving history. This includes age, gender, marital status, credit score, residence, and occupation.
What does Auto insurance provide and explain them.
Property Coverage: pays for damage to, or theft of the car
Liability Coverage: pays for the beneficiary’s legal responsibility to others for bodily injury or property damage
Medical Coverage: pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
What is Collision?
This is a coverage that helps pay to repair or in certain scenarios, replace your car if it’s damaged in an accident with another vehicle or object, like a tree for example.
What do you need to maintain through documentation during step three?
Keeping copies of all correspondence with your insurance company
Documenting any conversations, including names of officials you may speak with
Gathering receipts, invoices, or estimates related to the claim
Taking photos or videos of damages property or injuries (when applicable)
Why do we need Liability insurance?
It’s mandatory in a majority of states and drivers are legally required to purchase the minimum amount of liability coverage set by the state law. It also is a good backup plan to prevent financial loss or bankruptcy.
What are Premiums?
the amount of money paid periodically to the insurer by the insured for covering their risk.
What affects premium rates?
Age, Your car, Your driving habits, where you live
What are the different forms of payment during step four?
Check
Direct Deposit
Payment to a service provider
Why do we need comprehensive insurance?
While it’s optional, it’s a good option to prevent future financial loss.
What's the payout process?
payout claim needs to be approved, which can take up to 30 days but this can vary depending on the insurance company. Then, your auto insurance company will mail you a check or set up a direct transfer of cash to your bank account.
Which coverage options are required and which are not?
Liability is required
Comprehensive is not
Collision can be not required, but can be if your lending or financing your car.
What is the claim process in ORDER?
Call the police if you were in an accident or your car was vandalized or stolen
Collect evidence and documentation of the incident
Get in touch with your insurer
Speak with an insurance adjuster
Receive your insurance payout
Why do we need Collision?
If you’re leasing or financing your car, it’s usually required by the lender and is also one of the best coverages because if your a good driver and you pay attention and result in a accident, you won’t have to pay for liability insurance, but rather collision which will help with stopping huge financial loss for an incident you didn’t cause.