The Personal Auto Policy Geared to the private family exposure NO corporations NO Partnerships or combined interest Private Passenger Autos, pick ups, vans that have a GVW of less than 10,000 pounds Long term leases of 6 months or more
The Personal Auto Policy Parts of the Personal Auto Policy Part A – Liability – this coverages will give you a shield of defense and a bag of money to pay for any injury for BI or PD to others that you become legally liable to pay Part B – Medical Payments – Co ordinates with PIP Part C – Uninsured Motorist – Will pay for YOUR injuries if the person at fault in the accident has no insurance or low limits of liability. Part D – Damage to YOUR auto (and any non owned auto ALL of the above are Primary in an Owned vehicle Excess in a Non owned vehicle Part E – Duties after the accident Part F – General Provisions
The Personal Auto Policy The declarations – gives life to the policy makes it your policy Identifies the named insured, Address Policy periods Coverage Limits Premium Autos covered Identifies a loss Payee
The Personal Auto Policy Part A Liability Protects those who have the status of insured Payment is only for Legal Liability Payment trigger is the legal liability must be for BI or PD When a claim is made against someone who has the status of insurED the insurER becomes the insurEDs defense attorney
The Personal Auto Policy Part A – Liability Supplementary payments, are paid over and above the policy limits for: Defense and legal expenses Pre and/or post judgment interest Premium on bonds including bail bonds up to $250 because of related traffic violations Loss if earnings of $200 for attendance at trail hearings etc.
The Personal Auto Policy Part A – Liability Who is the insured The named insured Anyone who becomes vicariously liable for your actions while driving Any one using your covered auto Anyone who becomes vicariously liable for the permissive users actions
The Personal Auto Policy Part A – Liability Exclusions Intentional injury or damage Damage to property owned by the insured Except for damaged to a residence or private garage, damage to property rented to, used by or in the car of that insured Injury to employee Liability arising our of the vehicle use as a public livery conveyance While employed or engaged in a business of selling, repairing, servicing, storing or parking vehicles
The Personal Auto Policy Part A – Limits and how they work Single Limits a/k/a Combines Single Limits CSL apply to all claims for BI and PD arising from a single accident Split Limits, three limits apply one for each person injured in the accident another for ALL BI claims arising out of each accident and a limit for PD only!
The Personal Auto Policy Part A – Limits and how they work 100,000 limit for PD and only PD Problems available in workbook 100/300/ ,000 a limit for one person in an accident 300,000 limit paid for BI in any one accident
The Personal Auto Policy Part B – Medical Payments Coverage that pays expenses incurred for the necessary medical funeral services to persons injured by accidents. Payments are without regard or fault or legal liabilities. Pays for expenses incurred for services rendered within three years from the date of the accident
The Personal Auto Policy Part C – Uninsured motorist Sometimes the most Misunderstood coverage! YOU FAULTNO YOUR Uninsured motorist aka underinsured motorist pay YOU if you are injured by a motorist who is AT FAULT in the accident and has NO Liability coverage or limits lower than an amount to cover YOUR injuries NOTE! Uninsured motorist covers only Bodily Injury it does NOT cover Property Damage
The Personal Auto Policy Part C – Uninsured motorist UM Said another way UM is a way for YOU to recover your Tort rights when the AT FAULT driver has no ability to pay. Lets see how this works
The Personal Auto Policy Part C – Uninsured motorist UM Your Coverage Liability 25/50/25 UM 25/50/ PIP – Basic Your injuries 35, ,000 – 10,000 YOUR PIP 2.25,000 left. 3.25,000 is paid youre your injury under YOUR UM The AT FAULT drivers Coverage: PIP and 10 PD ONLY
The Personal Auto Policy Part C – Uninsured motorist UM Your Coverage: Liability 25/50/25 UN 25/50 Basic PIP Your injuries 50,000 – YOUR PIP 10,000 = $40,000 – 25,000 form the other drivers liability 25,000 still leaves $15,000 (since to have 25,000 UM, you can use $15,000 to cover your injuries The AT FAULT drivers Coverage: Liability 25/50/25 Basic PIP