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Learn the basics about auto insurance from PEMCO Insurance. This abbreviated version is geared toward high school students, or anyone else who wants to know the basics: how insurance works, why you need it, how to keep your rates down, and types of auto insurance coverage.
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Auto insurance basicsfor teen drivers
You’ll learn …
• How insurance works, why you need it• How to keep auto insurance rates down• Types of auto insurance coverage
How does insurance work?
• People pool money to guard against risk• The money pool pays for big losses• Insurance is not an investment• Where does $ go if you have no claim?• People with higher risk pay more
How to keep insurance rates down
• Good grades (3.0 and up) help the most• The type of car does matter• Drive safely – avoid tickets, accidents• Do not phone or text while driving• Take advantage of discounts
How to keep insurance ratesdown
• Speeding tickets are a good predictor of future accidents
• With each ticket you get, the likelihood of a future accident increases
• You pay higher premiums if you have tickets and accident
Auto policy coverages:Collision
• Covers YOUR car
- regardless of fault- when your car hits another object,
gets hit, or overturns- a ‘deductible’ applies
Auto policy coverages:Comprehensive
• Required if you have a loan• May not be needed on older, lower-
valued cars• Covers vandalism, theft, acts of nature
(weather, fire, etc.)
• All cars require Comprehensive and Collision coverage.
FALSE. If there’s no loan, Comp and Collision may not be needed on older, lower-value cars.
What do you think?True or false:
Auto policy coverages:Bodily Injury Liability
• Covers YOU for injury you cause to someone else – injury for which you are found liable
• Required by law
Auto policy coverages:Property Damage Liability
• Covers YOU for damage you cause to someone else’s property, damage for which you’re found liable
• Required by law
Auto policy coverages:Underinsured Motorist
Bodily Injury
• Insurance is required by law• 20-35% of drivers don’t carry any
insurance• Others carry only low limits
Underinsured MotoristBodily Injury
• Protects YOU if someone without enough insurance injures you
- medical costs
- lost wages
- pain and suffering
Auto policy coverages: Underinsured Motorist
Property Damage• Protects YOU if someone without any or
enough insurance damages your car
Auto policy coverages:Personal Injury Protection
• Protects YOU regardless of who is at fault in accident
• Medical coverage – fills gaps in standard medical plans
• Replaces income while you can’t work
Want to learn more?
That’s just a tiny sample of our full presentation.
To learn more, schedule a speaker from PEMCO to come speak to your class or PTSA.
We can accommodate most requests in the Puget Sound area, and some requests statewide.
Contact: [email protected]
The most important piece of safety equipment in any vehicle is the one behind the wheel.
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