You think you know

by admin in Insurance University at September 27, 2012

Insurance! I can already hear the moaning in your brain. Even if you’re not showing it with your emotions, the moans are streaming to me sub-consciously.   Well we all have to deal with it at some point and I hope you spend a little time here and there attempting to understand and approach with a better understanding. It is product in which everyone is in the market range. It is up to a hired mathematician to develop the business plan. But I digress, we are here to discuss a few of the basics.  One of the many important coverages that you need to be aware of is actually a combination coverage. It has two names and two rating factors. Comprehensive and Collision. Comp/Coll covers your property, whatever that may be, typically a vehicle. The most common definition for item in insurance would be your vehicle. This is a coverage that is required to be purchased by a lender in order for you to finance a vehicle. That way, when you mess up the vehicle that you don’t own outright can be protected by the lender. The reason they are two words and two coverages is because there are basically two types of losses that can occur to your vehicle. The common is collision. If you have a collision or collide with anything at all, this is categorized under the collision coverage. At which point you are usually subject to some type of deductible. On the other side of the coverage there is “comprehensive.” Comprehensive can describe it self, It is everything else. Theft, hail damage or even if a tree falls on it. It certainly helps to know the terms when purchasing insurance. This is what people usually want when they say they want full coverage. To all the auto drivers in Grand Prairie, Arlington, Mansfield and the rest of Texas, I encourage you to learn as much as possible about the product you will be purchasing for the rest of your life.