Automobile Policies

Charles Goodman Group: Trusted Armonk Insurance Broker

Responsible drivers have automobile insurance. It provides protection for them, their automobile, and any passengers or pedestrians with whom they come in contact. In most states, automobile insurance is required by law. Not all automobile insurance policies are created equal. An Armonk insurance agent is best equipped to examine an individual’s insurance needs and provide information on an appropriate policy. The majority of automobile insurance policies fall under the category of liability, collision, or comprehensive.

Liability insurance has two functions. First, it is designed to cover bodily damage. If the driver is at fault and as a result of the accident another individual is killed or injured, it will cover the medical expenses, funeral expenses, and loss of income for the victim. It will also cover the legal expenses of the driver if a lawsuit is filed.

Second, liability insurance covers property damage caused by the at fault driver. This includes damage done to other vehicles, buildings, and other stationary objects.

Liability insurance is explained using a series of three numbers that are written like this: 25/50/10. The first number represents how much the insurance policy will pay for a single individual who is hurt in the automobile accident. In this scenario it would be $25,000.

The second number is the maximum amount the insurance company will pay for all bodily injury in the accident. In this example the maximum would be $50,000. The third number shows how much the policy will cover for property damage, which in this instance is $10,000.

An insurance agent from the Charles Goodman Group of Armonk would be happy to answer any question you have about property insurance or health insurance.

Liability insurance is required by law in most states.

Collision provides financial compensation for physical damage done to the automobile that came from the automobile crashing into another object, be it another vehicle or a stationary object like a tree. Compared to other types of insurance, collision coverage is expensive, and in most areas it is not required by law.

Comprehensive coverage provides compensation for damage to a vehicle that was not caused by a collision. This would include things like fire, storms, acts of vandalism, or theft. Comprehensive insurance will also cover damage to windshields. Comprehensive coverage is not required by law.

Insurance companies offer discounts to drivers who they consider to be a lesser risk. Discounts are offered to students who maintain a high GPA, automobile owners who have safety devices installed in their car, automobiles that are equipped with anti-theft devices, drivers who have a good driving record, and policyholders who also have a homeowners policy with the same insurance company.

Policyholders have the responsibility to carefully examine their insurance policy since it is a legal and binding contract. They should become familiar with what their rights are but also with the responsibilities that they have towards the insurance company. Insurance agents can provide detailed information and answer any questions a policyholder has about their policy.