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Automobiles - A potential threat  to your financial security

Automobiles represent one of the greatest potential threats to your financial security. 

 When it comes to car insurance, many people wonder what the basic components of a policy are, and what they mean. A car insurance policy is made up of six basic coverages. Each meets a specific need and certain types of coverage are legally required in some states. 


 The main components are:


     Bodily Injury Liability
     Property Damage Liability

     Medical Payments / Personal Injury Protection (PIP)
     Uninsured/Underinsured motorist coverage 


Bodily Injury Liability

This covers damages that you cause to other people (not yourself or passengers) in an auto accident. It will pay for items such as Court awarded damages, medical bills and lost wages.


 Property Damage Liability

This covers damages that occur to property such as the other person's car, fences, buildings, etc. You will be responsible for all Court awarded damages and expenses over the policy's limit you carry.


 Medical Payments / Personal Injury Protection (PIP)  - Not required in some States

PIP covers medical expenses and/or lost wages for you and the passengers in a car. This coverage will also protect you if you are borrowing a car and happen to get into an accident, or even if you are a pedestrian and are struck by a vehicle. This coverage is required in 16 states; you will need to check with your Agent to make sure that you meet the minimum state requirements.



This covers accident-related damages to your own vehicle. Though it is not required by any state, your bank may require it if you finance or lease your car. This is to ensure that the bank can receive their money in the event of an accident. Once your car is paid off, you can decide if the value of the vehicle is not high enough to warrant maintaining the coverage.



This covers damage to your car that is not accident related. Theft, vandalism, Flooding, natural disasters and collisions with animals fall under this coverage. Windshield replacement deductible buyback can be included under comprehensive as well. 


Uninsured/Underinsured Motorist Coverage

This is required in many states and covers bodily injury resulting from an accident if the vehicle that strikes you has too little or no insurance to cover your medical expenses, lost wages and other direct expenses related to your bodily injury. Whether you are a passenger in a vehicle or just walking down the street; if you're injured by a vehicle, this coverage provision on YOUR auto policy provides protection. In the case of an underinsured motorist, their insurance will pay for Bodily Injury damages up to their policy limit, and then your insurance company will pay for the rest up to your underinsured motorist policy limits.


While it is only necessary to have the basics for car insurance, companies do offer other types of coverages and riders to protect against all types of damage. For more information about the basics and add-ons, contact a Spera Colli-Suranna representative today for a free no obligation quote.


Please visit us at  www.scsinsurance.net   or call us at (800) 451-2555


 REMEMBER in an accident:


 If you are held liable for damages that exceed your policy's limits, all additional damages due the claimant above the limits you carry, will be your responsibility including legal, administrative and other associated settlement costs.  State required minimum automobile insurance limits are usually not adequate to protect you from a potential financial catastrophe.





This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.