Chapter 22 - Auto Insurance (2)

Chapter 22 - Auto Insurance (2) - Auto Insurance Chapter 22...

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Unformatted text preview: Auto Insurance Chapter 22 RIL 211 Agenda Personal Auto Policy Part A: Liability Coverage Part B: Medical Payments Coverage Part C: Uninsured Motorists Coverage Part D: Coverage for Damage to Your Auto Part E: Duties After an Accident or Loss Part F: General Provisions Insuring Motorcycles and Other Vehicles Personal Auto Policy Basics The 2005 Personal Auto Policy (PAP) is widely used throughout the US Drafted by the ISO, it replaces the 1998 form Eligible vehicles include: A four-wheeled motor vehicle owned or leased by the insured for at least six consecutive months A pick-up or van with a gross vehicle weight rating of 10,000 pounds or less Cannot be used for deliveries, with some exceptions Personal Auto Policy Basics Autos covered by the policy include: Any auto shown in the declarations A newly acquired auto Coverage depends on whether it is an additional vehicle or a replacement vehicle and whether the declarations indicates at least one auto for collision coverage A trailer owned by the named insured A temporary substitute vehicle , which is a nonowned auto or trailer used temporarily because of mechanical breakdown, repair, servicing, loss, or destruction of a covered vehicle Part A: Liability Coverage Liability coverage (Part A) is the most important part of the PAP It protects a covered person against a suit or claim arising out of the ownership or operation of a covered vehicle The coverage is usually written in split limits , where the amounts of insurance for bodily injury liability and property damage liability are stated separately For example, split limits of 250/500/100 mean that you have bodily injury coverage of $250,000 for each person, a maximum of $500,000 of bodily injury coverage per accident, and a maximum of $100,000 for property damage liability The insurer also agrees to provide defense and pay all legal defense costs for claims covered by the policy Defense costs are covered in addition to the policy limits Part A: Liability Coverage Liability coverage applies to: The named insured and any resident family member Any person using the named insureds covered auto Any person or organization legally responsible for any insureds use of a covered auto on behalf of that person or organization Any person or organization legally responsible for the named insureds or family members use of any auto or trailer (other than a covered auto or one owned by the person or organization) Part A: Liability Coverage In addition to the policy limits and legal defense,...
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Chapter 22 - Auto Insurance (2) - Auto Insurance Chapter 22...

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