oh wait
do we have insurance do it to happen
how do i buy insurance you driving or if you just don't understand insurance
i am going to help you I'm an insurance agent license and 38 plus States I think it's like what 40-45 to I don't know you're new to insurance or if you're curious on the way that the coverages work you see I sell quite a bit you can see my my headset light in my hair there had to show you guys so I just want to go over like the different types of coverages if you've got somebody new to insurance they should definitely the look at this now keep in mind this is generalization
I can't give you exact numbers because I don't know what state you're in so if you're in Michigan there's a lot more stuff versus the person that's in New York versus the person that's in Florida but i'll give you some of the basis and over some of the states that are very popular i'll probably go through Florida because there are huge state for insurance maybe California some things like that and you're looking at insurance i'll start off with auto insurance the first thing that you want to do is they're going to ask you what your bodily injury like what kind of coverage is you're looking for is how you determine what coverages you need you want to look at your income the money coming in and you want to look at your assets for vehicle do you own a house though the way you want insurance to look as you want insurance to look better than you if your income levels here you want your coverages to be just hear that way if something happens because you can't control you get an accident it might be your fault you know you dropped a pen you want to go grab it for you looked away and you hit somebody they're gonna sue you if you don't have enough coverages and if they take a look at you when they go to court to say okay well this guy's making this much but as insurance has this much so forget this guy was going to go after the insurance company and that's really the the main design of insurance that's basically the way you want to have it set up so your first set of coverage is called bodily injury RBI limits they call them so what type of the islets if you're brand-new young driver a lot of people here they'll say I want the state minimums so typically the lowest one that i know of his florida where they offer it's called 1020 that means it if you injure somebody in a car accident it will pay 10,000 dollars per person in that car up to a total of twenty thousand dollars so if you hit a car there's three people in it and let's just say each of them have five thousand dollars worth of medical claims you're covered because you have 5 10 15 so you you haven't maxed it out and you haven't gone above 10 per person so let's just say you have you do the same scenario and one guy gets hurt and it costs $15,000 medical and the other two are only five thousand medical ok so you only there it's only going to pay 10,000 for the first person so they might take you to court for the other five thousand of the medical or they might go after your insurance depending on what coverages you have so in reality they're only covering ten five and five so it's 20 it still covers the other two because it doesn't max out the $20,000 here you did max out the the 10,000 limit so be very careful state minimums are very very scary as far as coverages go obviously if your finances aren't there if you can't afford it and you just have to drive you got to get to work then that's the place to start typically what most people do if you have a lower income just about every state i know offers 25 and 50 it doesn't cost much more to up it to the 25 50 and it's not a lot of coverage but it's at least enough where if you don't have a large income or you don't have a lot of assets that it's a good starting place ok so that's your bodily injury limits the next thing is called ed that stands for property damage anything that you damage if you run into a house if you run into another car that's covering the vehicle so most state minimums they'll let you do $5,000 that's just to pay repairs not for you or anyone you hit that's really really low because most cars nowadays the paint jobs or five thousand dollars on most cars the way i always think about it is pretend you hit not necessarily a Mercedes or or a Ferrari but pretend you get a decent BMW most BMWs i would expect to be about 45 to 50 thousand dollars even if they're used so recommendation do at least 50,000 the next level above that would be a hundred thousand but the you can do lower than that keep in mind property damage is the cheapest thing by an insurance so upping that coverage will cost you $MONEY dollars so don't don't try to save a couple dollars because it could cost you a lot more in the end ok so as far as that you've got 5 10 15 20 25 you know you can and you can go as high as you want after that I think they go into 50,000 and then a hundred thousand hundred thousand dollars for coverage and then some companies do 200 and 250 and 500 thousand that's a little extreme I mean if you're a millionaire then yeah you want to do to 50,000 on property damage you'll probably never ever cause that much I mean you literally have to total ferrari to get 250,000 or you have to go down inside swipe 10 cars and then run into a house and then you and max it out so recommendation most common thing you're going to see if you do stick with the with the basic coverage and you go a little bit above so you do the 25 and 50 most people offer 25,000 for property damage not bad it's a good place to start definitely most common personally I would bump it up to 50,000 just to be safe in case you do hit a little bit nicer car it'll probably cost you maybe five dollars every six months so just a little tip their insurance very inexpensive to do so that's property damage some states that's all you have to have bodily injury property damage the next coverage is called uninsured motorist or um VI and um pd same exact thing that we just talked about uninsured motorist bodily injury and uninsured motorists property damage okay now this is protection for you in the only time this ever comes into play is if the person that hit you does not have insurance so they're driving illegally or they just bought the car they're driving home they're running to you and they don't have insurance if you don't have this coverage you're not covered the only scenario where you would be covered is if you do full coverage on the vehicle which I'll explain in a little bit so uninsured bodily injury see exact coverages twenty-five fifty fifty and a hundred thousand so 50,000 a person hundred thousand accident hundred thousand three hundred thousand which is the most common for homeowners so if you're a homeowner keep that in the back your mind and then what I personally do is 250,000 person 500,000 accident and you can some companies will let you go a little bit above that so those are the ranges that you typically get in in your bodily injury it falls in the same categories uninsured motorist for driving you know an old car you may not want the uninsured property damage some states combined them so it comes as a package and you can't remove it but other states to let you buy the bottle the uninsured bodily injury but not the property damage hope I'm not losers I'll take a little breath and just recap bodily injury uninsured bottle injury spinal injury covers the other person uninsured bodily injury covers you in the event that the person has no insurance best way to think of it hit-and-run someone hits you takes off if you're hurt you've got some medical coverage or the cars damaged you've got whatever coverage you selected whether it's 5,000 or 10,000 and you can do them separately so you can have your bodily injury at a hundred three hundred and you can have your uninsured bottle injury at 1,500 so whatever you want uninsured in most states is fairly inexpensive just to remind some states like Florida it's really expensive to be careful some states are really expensive some states are inexpensive I've seen uninsured motorists cost $15 for six months before check with your insurance agent if you're doing that coverage you'll find out what the cost of just that coverage alone is and if it's too much then then kind of figure different way what I personally do I carry it but you also can get your own medical insurance outside of the car insurance the only thing you have to be very very careful is not all insurance companies your medical like through work not all of them cover auto accidents if you're going to do it make sure you call them and check to make sure that they cover a car accident ok there's also something called medpay met stands for medical payments this is in in the event doesn't matter if they don't have insurance doesn't matter if they do have insurance i'm typically let's say you caused a car accident no matter what happens you're not covered medically because if you're the one at fault your insurance is going to pay it but they're not going to pay for you because you cause an accident you can add medical payments if you don't have your own medical insurance medpay is definitely a good thing to do if you do have your medical insurance then as long as they cover the accident then then it's not necessarily something i would recommend so medpay usually don't have a lot of options you can usually do 5000 which is the most common you can do 10,000 some states go a little crazy let you up 200,000 if you're in michigan for example there is unlimited they actually the state requires you at the time that i'm doing this i'm the state requires you to have medical coverage either through your own medical and you can coordinate the two so that you're not paying for both of them or you can for the state forces you to aticle coverage so think it's up to a million but it's really unlimited as far as medical goes Michigan people if you're watching this definitely talk to agent cause there's a lot of little I little things with Michigan as far as that goes and I know the insurance world is a lot more expensive a lot tougher there and that's because of the medical Florida they have something called personal injury protection i think New York does it new jersey i think does it there's there's about 45 states that doesn't but mainly Florida I'm personal injury protection in Florida is $10,000 so you automatically get $10,000 medical straight out ok that's part of the policy if you have insurance you have personal injury protection is required but the thing is it doesn't pay the full ten thousand so here's where you got to be very careful so hip and medpay it's personal injury protection those are very similar were pip in in certain states you gotta you have to find out what exactly it covers so when you when you're in Florida they say it's ten thousand dollars in reality it only pays eighty percent of your medical up to ten thousand dollars so typically comes packaged with you've got a work law so if you can't work it up a little bit of your paycheck up to the level you set which is 10,000 in florida and it will pay like death benefits if someone dies in the accident you know little things that adds in there and that's up to the limit that set some states will let you go higher but most state it just stays right right on the low number because they expect you to get your own insurance as far as like medical and things like that these are more backups in case you don't have to dig into your own just a little secret for florida people you can raise the personal injury protection a lot of people don't know that I believe they do 25,000 or even 15,000 but in most insurance companies you can't start off with the higher limit so you have to purchase the one as it is with 10,000 medpay or pip and then you can bump it up you have to do it in writing with most companies ok so medpay you can do 5,000 10,000 some companies do 15,000 even a hundred thousand a page for your medical and anyone else in your car you get an accident and there's three friends in your car it's not five thousand dollars total if you chose that number it's 5,000 per person okay now all of these things all these guidelines i'm giving some flat numbers keep in mind each state you want to check with your company to find out for certain if what i'm saying is the normal in that state because by the time i'm doing this the laws change constantly so coverages can change but these are your basic so bodily injury uninsured bodily injury property damage uninsured property damage medical payments okay that's that's all the liability they call it liable so anything you're liable for if you cause an accident the next coverage is going to be full coverage so full coverage is compromised of two things you've got a comprehensive well today and collision comprehensive best way to think about that while your car sitting there it's that's comprehensive so if hail damage in the car gets damaged from Hale if the windshield cracks that's comprehensive I'm oddly enough in the situation where you hit an animal that falls under comprehensive so I know you're moving and that would be but in most situations vandalism theft things like that comprehensive is going to come with a deductible some companies offer zero deductible so you don't have to pay anything but that's going to cost you more money in the insurance and most commonly people will do a hundred or two hundred and fifty dollar deductible that would mean if there's someone vandalized your car or tail damages you're going to your car's completely covered let's just say your car's a ten-thousand-dollar car it's covered minus your deductible so the insurance company will pay up to ten thousand dollars to fix it minus your 250 deductible if that's the deductible you chose that's comprehensive collision is no matter what you caused the accident they caused the accident it doesn't matter your cars covered typically a lot of people do a higher deductible on that because that's the most expensive piece of covering the car so most common deductible that I see is 500 some people that want to save extra funds they'll do a thousand ductable I'm just make sure keep in mind you have to have a thousand dollars available that if you get an accident you have to come out of pocket and pay that thousand okay that's your portion of the accident so if your car is a ten-thousand-dollar car it's totaled they're going to give you nine thousand dollars back or if it's getting repaired let's just say they're they're covering up to it seven thousand dollars you're only getting covered for 6,000 because you have a thousand-dollar deductible in the event that somebody hits you and they have insurance their insurance is typically going to pay your deductible okay so that's that's where it kind of comes into play so for me personally I've never caused an accident so i'm not worried about having a large deductible I still stick with the basics i do a five-hundred-dollar deductible on my vehicle as far as the vehicles themselves when don't you want to have full coverage here's my personal opinion on it you can you can do it any way you want but here's what I personally do if the car the cost of full coverage so comprehensive and collision and keep in mind you can't have collision without comprehensive I don't think any state offers it that way I'm if I'm wrong leave me a comment let me know if there's a state i'm kind of curious I i'm ninety-five percent I'm license and I think 42 states so I am out of all the states that I'm licensed in I don't offer collision without comprehensive it's just not an option my computer kicks back and says no you can't do it the time that you don't want to have the collision on there or the comprehensive comprehensive is cheap by the way it's not that expensive sometimes it's cheap to have comprehensive I know when some insurance companies just a little by little I don't know if it's a glitch or if it's supposed to be that way but in Florida sometimes if you add comprehensive on it it's cheaper than if you didn't do it so just a little tip for you Florida people the time i don't i personally don't cover the compilation is when i look at the value of my car so let's just say I have a 98 or a 2008 doesn't really matter i will say pontiac vibe ok and the car is worth 3,500 dollars it's debatable whether you want to take that risk it's gambling I mean you're taking a risk saying i'm not going to cause an accident to me personally if the cost of the difference between having it and not having the full coverage so comp and collision is in a three-year period is more than what I'm comfortable with so it if it's the value of the car if it's going to cost me over a three-year period i'll say probably two to three thousand dollars i won't cover it because the odds of me having an accident in a three-year period where it's my fault are very low for me it's almost not because i I've never had an accident where was my fault at least if i did my insurance company wasn't cleaning it that you know I've had I've had the initial slip on ice hit a curb go to Panik shop is $500 what's the point why filed on my insurance because it's a ding under me it says I had an at-fault accident so comprehensive collision if you guys have questions if you're curious i can give you basic advice I don't want to give you solid stuff because legally I don't think I'm allowed I'm you know I don't think legally I want the responsibility of something does happen so I that's my disclosure in here I don't hold meeting these numbers i'm just giving you some ideas here's my thought process in and when you look at it just remember when you talk to an insurance agent it's called comprehensive not comprehension comprehensive that's that's a little funny thing a lot of people think its comprehensive which is which is fine we don't care it's just kind of fun the next coverage you've got violently property damage medpay uninsured motorist comp collision I'm towing and roadside service so do you want Tony road service if you get a flat tire you want it to be covered the to be honest with you by triple-a triple-a is by far the best value for the price last time I checked there were forty five dollars a year and they cover i think five uses up to 15 miles which is about you know actually a hair more than what most insurances cover you don't use it very often then it's fine it's going to cost you six seven dollars a year every six months for car insurance in the car insurance so don't worry about as far as it we know where my getting the best deal to cut seven dollars out it might be worth your time not even a Bollywood triple-a I i used to have triple a membership i just haven't renewed it just because I don't use it I've already got it in my auto on paying seven dollars every six months for it so it's not going to kill me just to leave it as it is rental car rental car is in my opinion expensive it's not if you need it I mean it's a good thing to have but typically you're going to pay an extra five to eight dollars in your insurance bill so everything adds up i mean you've got eight dollars here hundred dollars here fifty dollars here I mean when you dig into it if you're going to shop insurance here's my recommendation sit down figure out what you can for I can afford a hundred and twenty dollars a month try to find a good fit look at your assets look at your income see what where you're at if your student you probably have a lot to ask that you probably have a lot of income if you're you know own a house if you have really good income lot of assets good retirement all that you want to do higher coverage so I'm gonna give you a couple averages here's what I personally would do I would check if you need the little ones to 25-person 50,000 per accident for your bodily injury and then your property damage to 50,000 ok that's a good starting point if that is affordable do it if you don't have medical do the same thing for uninsured motorist 25-person 50 / accident and then look at the value of your car if your car is only worth ten thousand dollars there's no point in covering the uninsured property damage at 50,000 you just want ten thousand dollars in case you have that happen those are the coverages to start with I'm ignoring what the basics are the next level a lot of people do that well I'd say about a fifth of the people that I talk to is 50,000 person hundred thousand accident and then 50,000 for property damage and in a side note maybe check the possibility of a hundred thousand for property damage ok it's only five dollars more do it because if you had a BMW that's 55 thousand dollars and you have to come out of pocket $5,000 you're not going to be a happy camper do the same thing front rotors 50,000 person hundred thousand accident property damage whatever the value of your cars or whatever you're comfortable having covered by comp and collision that's that's only the car has nothing to do with you .
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