Evaluating Your Insurance Needs

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Evaluating Your Insurance Needs. Insurance Basics for Students Heading Out on Their Own. Evaluating Your Insurance Needs. Auto Insurance Parts of an auto policy Factors that determine what auto insurance costs Auto insurance laws in Ohio Renters Insurance Types of homeowners policies. - PowerPoint PPT Presentation

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  • Evaluating Your Insurance NeedsInsurance Basics for StudentsHeading Out on Their Own

  • Evaluating Your Insurance NeedsAuto InsuranceParts of an auto policyFactors that determine what auto insurance costsAuto insurance laws in OhioRenters InsuranceTypes of homeowners policies

  • Evaluating Your Insurance NeedsYour Insurance NeedsShopping for insuranceInsurance premiumsInsurance cost saving tipsSettling an insurance claim

  • Parts of an Auto Insurance PolicyDeclarationsYour InformationWhos insured (name and address)Vehicle(s) covered (V.I.N.)Your policy specificsAmount of insurance - Policy LimitsPremium (the price of insurance coverage)

  • Parts of an Auto Insurance PolicyCoveragesBodily Injury LiabilityProperty Damage LiabilityMedical PaymentsUninsured MotoristsUnderinsured MotoristsUninsured Motorists Property DamageDamage to Your AutoCollisionOther Than Collision (Comprehensive)

  • Parts of an Auto Insurance PolicyDefinitionsTerms of policy definedExclusionsWhats Not Covered in the policyConditionsResponsibilities of the contract are specified for you and the company

  • Auto Insurance Cost FactorsFactors that determine cost of insuranceUse of car (to & from work, pleasure)Value / Type of car (make & model)Repair costs for car & occupants (crashworthiness)Where you live and how car is parkedYour driving recordCoverage limitsSex & Marital statusGood Student DiscountAge of drivers

  • Teen CrashesTop contributors to teen crashesInexperienceSpeedingPassengers / DistractionsNight driving / Road conditions / WeatherLow safety belt useJohn Hopkins University study -200016 yr. old drivers - higher risk of dying behind the wheel39% higher with the addition of 1 passenger86% higher with 2 passengers182% higher with 3 or more passengers

  • Auto Insurance LawsOhios Financial Responsibility lawRequirements met by having one of the following:Auto Liability insurance (12,500/25,000 BI; 7,500 PD)Surety bond of $30,000BMV Certificate - bond of $30,000 on file with BMVBMV Certificate - bond of $60,000 in real estate on fileCertificate of Self Insurance - those w/ 25 or more cars

  • Auto Insurance LawsOhios Financial Responsibility lawRequired to show proof of FR when:A moving violation requires a court appearanceWhen stopped by law enforcement officials for a traffic violation, vehicle safety inspection or involved in a crash and asked to provide itContacted via mail through the BMV random verification programAuto insurers provide an Auto Insurance ID CardKeep it in car - satisfies FR proof when asked by law enforcement officials

  • Auto Insurance LawsFinancial Responsibility law PenaltiesLose Drivers License @ least 90 days up to 2 yearsPetition court for limited driving privilegesLicense plate & vehicle registration suspensionLicense reinstatement fees of $75-$500Requirement to obtain insurance for five years - monitored by insurers and BMVVehicle immobilization and confiscation of license plates for 30-60 days for violation FR suspension3rd and subsequent offenses - could mean vehicle forfeiture + 5-year moratorium on vehicle registrations

  • Auto Insurance LawsOhios Graduated Licensing lawTemporary permits can be obtained at 15 1/2Drivers training componentDrivers Education TrainingPlus 50 hours behind the wheel with Mom & DadProbationary drivers licenseAt least 16 years oldMust pass BMV driving and maneuverability testProbationary license held until 18 when full privileges without restrictions grantedCurfew restrictionsPenaltiesDriving under the influenceMoving violations

  • Renters InsuranceA package policyPersonal belongingsLiability coverageMedical payments to othersDamage to property of othersAdditional living expensesBuildings & structures (with a homeowners policy)

  • Renters InsuranceTypes of homeowners policiesRenterCovers belongings and provides liability coverageCondo OwnerCovers belongings, some improvements to interior walls and provides liability coverageHome OwnerCovers belongings, the building and structures and provides liability coverage

  • Your Insurance NeedsShopping for insuranceAgent, toll-free numbers, internetHave agent/company representative explain whats NOT COVERED in the policy - this avoids surprises after a lossMany prefer to investigate coverage options and prices via the web, then contact an agent or companyEvaluate your need for an agent - is it important to you to have an insurance professional for advice? Insurance premiumsPaid monthly, quarterly, semiannually, or yearlyHomeowners - watch for PITI in your mortgagePrincipal, Interest, Taxes, Insurance

  • Your Insurance NeedsInsurance cost saving tipsAsk about discountsGood student, more than one car, carrying other types of insurance with the same companyIncrease deductiblesGenerally, the higher the deductible, the lower the premiumAvoid filing frivolous and/or excessive claimsComparison shopKeep property (car and home) well maintainedUse credit wisely and only as needed

  • Your Insurance NeedsSettling an insurance claimContact insurance agent/company ASAPTake steps to prevent future losses to propertyGather as much info as possible about the losswitnesses, videotape/photo damaged propertyAn insurance company representative will contact you (claims adjuster) asking details about the lossAdjuster may want to record your conversationWork with adjuster to an agreeable negotiationIf not satisfied, you have the option to contact Ohio Dept. of Insurance - Consumer Services Division - for info or to file a complaint (www.ohioinsurance.gov)

  • OII Mission StatementTo strengthen public understanding of and confidence in Ohios property/casualty insurance industry.

    The OII is a public information and trade association representing insurance companies and agent groups for the property/casualty insurance industry. A primary objective of the OII is to help Ohioans achieve a better understanding of insurance and related safety issues.

  • How to reach OIIPhone: 614.228.1593Fax: 614.228.1678Email: info@ohioinsurance.orgwww.ohioinsurance.orgUS Mail: OHIO INSURANCE INSTITUTEP.O. Box 816Columbus, OH 43216-0816

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