Driving the streets of Memphis many citizens have often found themselves wondering about whether or not other Memphians are insured. In this article we will discuss uninsured motorist and understanding how this part of your Memphis insurance policy works by answering questions such as will you be covered if the other driver doesn’t carry auto insurance Memphis.
If you currently carry uninsured motorist insurance as part of your total auto coverage, the chances are very good that you will be covered for the accident. If you were to ask any local Memphis insurance agent if you should carry uninsured motorist, the answer would be a resounding yes, especially in this city since there are so many uninsured motorist. This is especially true with the current economic situation with most people looking for ways to trim expenses and save money. Unfortunately, insurance is one area where many people look first to cut expenses.
In the state of Tennessee, as a tort state, residents are required to carry a minimum amount of insurance. However, in many states, uninsured motorist within each state have been statically proven to be as high as twenty five percent making it even more important that Memphis area drives carry uninsured motorist coverage.
What Is Uninsured Motorist Coverage?
Generally speaking, uninsured motorist is that part of your policy which will pay for medical expenses for injuries received to both you and your passengers if you are in an accident where the other driver is legally responsible for the crash and is uninsured and in some cases even if they have coverage, they could be underinsured.
A uninsured driver is defined as someone involved in an accident and is responsible for the accident who is not insured; did not meet minimum state requirements for liability insurance. Hit and run drivers, drivers that leave the scene of an accident are consider by most states as uninsured drivers which usually falls under bodily injury.
We should discuss underinsured drivers. Memphis insurance professionals know what the legal limits and requirements for the state of Tennessee so your agent will be able to answer any questions about state minimums. Underinsured drivers are those drivers that meet state requirements but do not have their limits within their policy high enough to pay for damages caused by an accident. It should be noted that most insurance companies consider uninsured motorist and underinsured motorist as two different areas of coverage.
Some states have mandated uninsured motorist as a requirement, however most states do not require uninsured motorist coverage and only require liability coverage. If you as Memphis insurance policy owner, purchase uninsured motorist coverage, your coverage must comply with state mandates but cannot exceed the policy limits outlined by your insurance company.
When purchasing auto insurance Memphis area residents should seriously consider adding uninsured motorist and underinsured motorist coverage. Memphis is a high accident and uninsured motorist city so you want to have the assurance if you were unfortunate enough to have a accident that is the fault of another driver, that you are made whole, just as you were before the accident occurred. By providing yourself with the coverage, you are being both physically and fiscally responsible in lower you risk. What’s more is both uninsured and underinsured motorist protection is realativily inexpensive for the enormous advantage of having the coverage.
If you were unfortunate enough to be in a car accident and you have uninsured coverage, your medical bills will be paid, wages that may have been lost can be replaced and compensation can be given for pain and suffering. Most importantly, if you are involved in an accident with an uninsured motorist, you are covered since many times the responsible party and uninsured motorist seldom has the money to pay out to injured parties.
Memphis area residents know the ongoing joke we hear daily on local Memphis radio stations about Memphis drivers. Unfortunately, there is an element of truth to the joke and should be considered sage advice in areas of Memphis insurance. Having the minimum liability limits if you are a driver is mandated by state law in Tennessee. However, you should give yourself added piece of mind by adding uninsured motorist and underinsured motorist to your auto insurance Memphis policy.
Showing posts with label auto insurance memphis. Show all posts
Showing posts with label auto insurance memphis. Show all posts
Friday
Memphis Insurance And Understanding Your Declaration Page
The insurance industry is a mystery to many and most insurance consumers don’t really understand what they own. They get the concept of insurance, but the real nuts and bolts are rarely understood. This is the reason the Memphis Insurance blog was created as a source of easily understood articles which explain how insurance works. In this article, we are going to explain what a declaration page is and what purpose it serves.
The declaration page is usually found on the front of a policy and defines in summary form the terms of the policy and what coverage is included in the policy. The first thing found on the declaration page is the name of the insurance company that is responsible for issuing the policy. Usually this is the name of a nationally recognized company, however, if you are dealing with a local Memphis Insurance company, their name may be in place of the national company.
The next item found on the declaration page is the type of policy. This part of the declaration page tells if the policy is a life, auto, homeowners or some type of health insurance policy such a disability policy. Then the name and address of the policyholder will follow and when the policy will become effective and coverage begins. Because the insured’s name is on the policy, it identifies the policyholder to whom the policy has been issued. It is also very important to know when you policy is in effect in order to avoid a lapse in coverage.
Your declaration page will also indicate the amount of coverage issued by the company. There are a wide variety of policies available and depending on what type the insured has been issued will determine what is in this section of the declaration page. For illustration purposes we will use a Memphis car insurance policy as an example. This kind of policy will reflect the different types of coverage and the amounts. Liability and it’s maximum coverage, property damage, uninsured motorist and comprehensive will all be broken down into their on section outlining type and coverage amounts. Each type of coverage will have it’s own section providing the above details.
There will also be other very important information on the declaration page and we will use a Memphis car insurance policy again as an example. The declaration page will identify individual cars that will be covered by the policy. If it were a Memphis homeowners insurance policy, the address for the property would be shown along with coverage maximums, the deductible if there is one, it’s total amount and the amount of the premium and payment mode.
It should be noted, there is one thing which will not appear on the declarations page and this is exclusions. Exclusions are things that are specifically not covered by the issued policy and it is very important that you, as the insured, should not stop once you have read the declaration page in order to understand your policy and what you have purchased.
There will also be another section in the declaration page which covers endorsements and riders. Many times we already have an insurance policy in force and choose to increase the amount of coverage or add additional protection. Of course these increases in coverage and protection will increase the amount of dollars we pay for coverage, but our lives change as do our needs. In the property and casualty part of the insurance industry, these additional changes or increases in coverage are called endorsements and are referred to as riders in the health and life sections of the industry. All riders and endorsements will be outlined and listed on you declaration page of your insurance policy.
At the bottom of your declaration page you find the signature of the authorized company representative. All insurance policies are contracts and the nature of contract law states that no contract is valid unless signed by someone that is authorized. The declaration page will usually have the signature of a company officer along with your signature making the insurance policy a binding contract.
The declaration page of your insurance policy provides a wealth of information which outlines what you have purchased. It is important however, that you look further into your policy to completely understand your coverage, protection and it the limitations of the policy. Once you receive your policy, set aside time to read the entire policy and if you have questions, please call your local Memphis insurance representative or national company representative for a precise explanation. Insurance professionals are trained to answer your questions and provide you the information you need to be an informed insurance consumer.
The declaration page is usually found on the front of a policy and defines in summary form the terms of the policy and what coverage is included in the policy. The first thing found on the declaration page is the name of the insurance company that is responsible for issuing the policy. Usually this is the name of a nationally recognized company, however, if you are dealing with a local Memphis Insurance company, their name may be in place of the national company.
The next item found on the declaration page is the type of policy. This part of the declaration page tells if the policy is a life, auto, homeowners or some type of health insurance policy such a disability policy. Then the name and address of the policyholder will follow and when the policy will become effective and coverage begins. Because the insured’s name is on the policy, it identifies the policyholder to whom the policy has been issued. It is also very important to know when you policy is in effect in order to avoid a lapse in coverage.
Your declaration page will also indicate the amount of coverage issued by the company. There are a wide variety of policies available and depending on what type the insured has been issued will determine what is in this section of the declaration page. For illustration purposes we will use a Memphis car insurance policy as an example. This kind of policy will reflect the different types of coverage and the amounts. Liability and it’s maximum coverage, property damage, uninsured motorist and comprehensive will all be broken down into their on section outlining type and coverage amounts. Each type of coverage will have it’s own section providing the above details.
There will also be other very important information on the declaration page and we will use a Memphis car insurance policy again as an example. The declaration page will identify individual cars that will be covered by the policy. If it were a Memphis homeowners insurance policy, the address for the property would be shown along with coverage maximums, the deductible if there is one, it’s total amount and the amount of the premium and payment mode.
It should be noted, there is one thing which will not appear on the declarations page and this is exclusions. Exclusions are things that are specifically not covered by the issued policy and it is very important that you, as the insured, should not stop once you have read the declaration page in order to understand your policy and what you have purchased.
There will also be another section in the declaration page which covers endorsements and riders. Many times we already have an insurance policy in force and choose to increase the amount of coverage or add additional protection. Of course these increases in coverage and protection will increase the amount of dollars we pay for coverage, but our lives change as do our needs. In the property and casualty part of the insurance industry, these additional changes or increases in coverage are called endorsements and are referred to as riders in the health and life sections of the industry. All riders and endorsements will be outlined and listed on you declaration page of your insurance policy.
At the bottom of your declaration page you find the signature of the authorized company representative. All insurance policies are contracts and the nature of contract law states that no contract is valid unless signed by someone that is authorized. The declaration page will usually have the signature of a company officer along with your signature making the insurance policy a binding contract.
The declaration page of your insurance policy provides a wealth of information which outlines what you have purchased. It is important however, that you look further into your policy to completely understand your coverage, protection and it the limitations of the policy. Once you receive your policy, set aside time to read the entire policy and if you have questions, please call your local Memphis insurance representative or national company representative for a precise explanation. Insurance professionals are trained to answer your questions and provide you the information you need to be an informed insurance consumer.
Thursday
Memphis Car Insurance Information And Benefits
Auto insurance is one area of the industry which tends to raise many people’s emotional level. It was not always this way but with the ever increasing premiums, automobile insurance tends to raise levels of frustration, anger and resentment, Memphis car insurance is no different. When policyholders receive their bills and open them to see what they are asked to pay, these feelings of emotion are increased. What makes it increasingly so is the fact that within most states, auto insurance is mandated by state law. Because of these bills and laws making car insurance mandatory, insurance companies are not inclined to keep rates low.
The controversy over automobile insurance and the emotions it generates does not stop with the individual policyholder. The issue provokes strong responses from the insurance companies themselves who are responsible for paying claims. One of the prime targets is what the companies call “greedy lawyers” who they fault with bringing frivolous lawsuits designed to line their pockets rather than obtaining a fair settlement for their clients. The ire of insurance companies do not stop there, continuing on with rants about body shops that charge astronomical fees to repair damaged cars and the large cost of medical fees for injuries suffered in automobile accidents. On the reverse side of the issue, lawyers are equally contemptible about insurance companies and their “unfair practices” that force people to retain the services of lawyers. The argument is a vicious cycle of finger pointing and litigation with the policyholder/victim stuck in the middle.
Since Tennessee requires all residents to obtain and be insured, Memphis car insurance companies have no shortage of potential policyholders, although not everyone adheres to the prevailing laws. We are going to cover some important facts about car insurance and how understand the auto insurance business. Determining fault is often the core of litigation involving car accidents. Car insurance agents can attest to this fact. Every state has different laws governing negligence where a car accident is involved so this article will be in generalizations.
Negligence is defined as when another party causes injury to another party and is handled by the civil court systems. Not to be confused with criminal negligence. Once negligence is thought to have happened, the party accused of the act of negligence is held responsible in a civil court of law for the damages or injuries caused. There are three types of damages that can be awarded in a negligence case: punitive, special and general damages. Punitive damages are usually awarded when the guilty party intentionally engages in wrongful acts. Special damages are generally awarded to compensate injured parties for medical bills, property damage, lost wages and even funeral expenses should some one die from injuries suffered during and automobile accident. Memphis car insurance policyholders know how often this can occur with uninsured motorist driving on our roads.
The fault system is not without criticism however. Insurance companies tell us the number one reason for higher auto insurance premiums is because of the fault system and the expensive time consuming litigation involved and is major source of backed up court cases in the civil court system. The fault system can also delay payment of benefits over an extended time period which causes financial stress on both parties in legal and medical fees. Because of the prolonged litigation process involving “at fault” insurance cases, no fault is used in some cases to settle the issue and reduce the amount of litigation that ties up the court systems. Tennessee is a no-fault insurance state. As insurance premiums continue to increase, no- fault insurance is becoming more and more popular. No fault insurance is designed so that injured parties receive compensation from their own insurance companies for injuries resulting from auto accidents. In a nutshell, you insurance company is responsible for compensating you if you are injured even if it is the other parties fault. You should contact your local Memphis car insurance agent to learn more about your policy and no-fault guidelines.
In this section, we will discuss the different types of coverage. Liability coverage we will cover first since it is the most expensive and what is required by state law. Liability coverage is defined with three very different aspects: property damage, bodily injury and the cost associated with defending a lawsuit. Property damage coverage pays for negligent damage caused to another’s property or vehicle by negligent driving. Usually, the damage done is to a vehicle but this is not always the case. In some cases, a driver may lose control of their vehicle and cause damage to property such as mailboxes, fences or even houses.
Most Memphis car insurance policyholders are aware of what bodily injury coverage is but we will discuss it anyway. If your operation of your car causes someone injury, this provision is used to compensate injured parties for medical bills, lost wages and compensation for pain and suffering. It should also be known that you can be held responsible if someone is killed for replacement of income that would normally be there had the person lived.
Protecting the value of your vehicle is another important part of the insurance policy. Collision and comprehensive coverage cost about one third of what the entire policy cost. Collision is usually defined as the part of the policy that pays to repair and protect your car should you be involved in an accident. The comprehensive provision of the policy covers other damages that result from other sources aside from a moving vehicle accident. These damages could come from wind, malicious mischief, animals crossing a road, riots, hail and many other factors. Anything other than moving vehicle accident is covered by the comprehensive provision in the policy. You should consult your local Memphis car insurance agent for detailed information about your collision and comprehensive coverage.
It should be noted that collision insurance is not mandated by the Tennessee stat legislature and residents of Tennessee are only required to carry liability coverage. This is so innocent people are protected should you be negligent in driving. However, not carrying a full force policy could cause substantial hardship on you and your family should you be in a moving vehicle accident that is your fault.
The uninsured motorist is another benefit provided in insurance policies. The provision is self explanatory by it’s name but covers you in the event you are unfortunate enough to become involved in a moving vehicle accident with a person that does not have Memphis auto insurance. However, the uninsured motorist provision does not cover property damage but is designed to compensate you in the case of medical injury and loss of wages.
There are other benefits available including a rental car reimbursement and towing provisions. It is best to meet with your local insurance agent to discuss these benefits and select which is best for you and your family. Having adequate coverage is very important in today’s society. With the court systems tied up with car accident cases, it is not difficult to understand why it is so important to have and maintain a Memphis car insurance policy.
The controversy over automobile insurance and the emotions it generates does not stop with the individual policyholder. The issue provokes strong responses from the insurance companies themselves who are responsible for paying claims. One of the prime targets is what the companies call “greedy lawyers” who they fault with bringing frivolous lawsuits designed to line their pockets rather than obtaining a fair settlement for their clients. The ire of insurance companies do not stop there, continuing on with rants about body shops that charge astronomical fees to repair damaged cars and the large cost of medical fees for injuries suffered in automobile accidents. On the reverse side of the issue, lawyers are equally contemptible about insurance companies and their “unfair practices” that force people to retain the services of lawyers. The argument is a vicious cycle of finger pointing and litigation with the policyholder/victim stuck in the middle.
Since Tennessee requires all residents to obtain and be insured, Memphis car insurance companies have no shortage of potential policyholders, although not everyone adheres to the prevailing laws. We are going to cover some important facts about car insurance and how understand the auto insurance business. Determining fault is often the core of litigation involving car accidents. Car insurance agents can attest to this fact. Every state has different laws governing negligence where a car accident is involved so this article will be in generalizations.
Negligence is defined as when another party causes injury to another party and is handled by the civil court systems. Not to be confused with criminal negligence. Once negligence is thought to have happened, the party accused of the act of negligence is held responsible in a civil court of law for the damages or injuries caused. There are three types of damages that can be awarded in a negligence case: punitive, special and general damages. Punitive damages are usually awarded when the guilty party intentionally engages in wrongful acts. Special damages are generally awarded to compensate injured parties for medical bills, property damage, lost wages and even funeral expenses should some one die from injuries suffered during and automobile accident. Memphis car insurance policyholders know how often this can occur with uninsured motorist driving on our roads.
The fault system is not without criticism however. Insurance companies tell us the number one reason for higher auto insurance premiums is because of the fault system and the expensive time consuming litigation involved and is major source of backed up court cases in the civil court system. The fault system can also delay payment of benefits over an extended time period which causes financial stress on both parties in legal and medical fees. Because of the prolonged litigation process involving “at fault” insurance cases, no fault is used in some cases to settle the issue and reduce the amount of litigation that ties up the court systems. Tennessee is a no-fault insurance state. As insurance premiums continue to increase, no- fault insurance is becoming more and more popular. No fault insurance is designed so that injured parties receive compensation from their own insurance companies for injuries resulting from auto accidents. In a nutshell, you insurance company is responsible for compensating you if you are injured even if it is the other parties fault. You should contact your local Memphis car insurance agent to learn more about your policy and no-fault guidelines.
In this section, we will discuss the different types of coverage. Liability coverage we will cover first since it is the most expensive and what is required by state law. Liability coverage is defined with three very different aspects: property damage, bodily injury and the cost associated with defending a lawsuit. Property damage coverage pays for negligent damage caused to another’s property or vehicle by negligent driving. Usually, the damage done is to a vehicle but this is not always the case. In some cases, a driver may lose control of their vehicle and cause damage to property such as mailboxes, fences or even houses.
Most Memphis car insurance policyholders are aware of what bodily injury coverage is but we will discuss it anyway. If your operation of your car causes someone injury, this provision is used to compensate injured parties for medical bills, lost wages and compensation for pain and suffering. It should also be known that you can be held responsible if someone is killed for replacement of income that would normally be there had the person lived.
Protecting the value of your vehicle is another important part of the insurance policy. Collision and comprehensive coverage cost about one third of what the entire policy cost. Collision is usually defined as the part of the policy that pays to repair and protect your car should you be involved in an accident. The comprehensive provision of the policy covers other damages that result from other sources aside from a moving vehicle accident. These damages could come from wind, malicious mischief, animals crossing a road, riots, hail and many other factors. Anything other than moving vehicle accident is covered by the comprehensive provision in the policy. You should consult your local Memphis car insurance agent for detailed information about your collision and comprehensive coverage.
It should be noted that collision insurance is not mandated by the Tennessee stat legislature and residents of Tennessee are only required to carry liability coverage. This is so innocent people are protected should you be negligent in driving. However, not carrying a full force policy could cause substantial hardship on you and your family should you be in a moving vehicle accident that is your fault.
The uninsured motorist is another benefit provided in insurance policies. The provision is self explanatory by it’s name but covers you in the event you are unfortunate enough to become involved in a moving vehicle accident with a person that does not have Memphis auto insurance. However, the uninsured motorist provision does not cover property damage but is designed to compensate you in the case of medical injury and loss of wages.
There are other benefits available including a rental car reimbursement and towing provisions. It is best to meet with your local insurance agent to discuss these benefits and select which is best for you and your family. Having adequate coverage is very important in today’s society. With the court systems tied up with car accident cases, it is not difficult to understand why it is so important to have and maintain a Memphis car insurance policy.
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