Frequently Asked Questions
- $100,000 ($250,000) per person for bodily injury
- $300,000 ($500,000) per accident for bodily injury
- $100,000 ($250,000) per accident for property damage
The limits most appropriate for you will depend on a number of factors. Since in most areas medical treatment runs within a certain cost range, the limit for covering property damage is the one you may want to take into account.
If you live in an area where you feel that even a common accident, that was your fault, would generate property damage of more than $100,000, you may want to consider higher limits. Remember, property damage is the value of the other person's car plus any other property damaged during the accident if you are at fault.
There are some exclusions, so you would need to look at your particular insurance policy to make sure. Remember, everyone in your household must be listed on your insurance policy if they have a license. For example, if a girlfriend you live with uses your car, she may not be covered if you did not list her on your insurance policy. On the other hand, if you live separately, she could use your car with your permission and be covered.
Some companies will exclude this person by name from the insurance policy. Many companies will not insure anyone in the family unless every driver in the household meets their requirements.
Insurers must use a fair and reasonable method to determine the value of your car. If you have concerns about their decision you may be able to negotiate with your insurer by telling them why your car may have had more value than what the insurance company originally determined.
- Determine the Extent of Damage or Injuries. Try to stay calm. Panic can make others panic and the situation worse. There needs to be a calm person to determine the extent of damage and to determine if there are any injuries that need immediate medical attention.
- File a Car Accident Report with the Police. Even in a minor accident it is important to make sure there is a legal accident report. Do not leave the scene until the police file a full report.
- Discuss the Car Accident Only with the Police. With everyone all shook up it can be hard not to talk about what just happened, but that can also lead to you not thinking clearly and accurately about what happened. It is important to limit your discussion of the accident and not to admit any fault or liability. You should talk about the accident with the police and your insurance agent only.
- Get the Facts. This is the part most people know to do, but often forget after the accident for one reason or another. It is important to get names, address, and phone numbers of everyone involved in the accident. A description of the car and license plate number can also be helpful, but make sure you also get their insurance company and the vehicle identification number of their car. Don't just assume the license plate number will do because most insurance companies only record the type of car and the vehicle identification number, not the license plate number.
- Call Your Insurance Agent. Call your agent or insurance company's 800-number immediately, even at the scene with the police if possible. Sometimes the police officer can give your insurance company more accurate information rather than information you may not be recording properly because you are upset by the accident. This can save you a lot of time later.
Insurance products are not insured by the FDIC or any federal government agency and are not a deposit or other obligation of, or guaranteed by, any bank or bank affiliate.
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