Ellis Insurance Agency (E.I.A.) - San Antonio, Texas: Auto Insurance 

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AUTO INSURANCE

Understanding Texas Auto Insurance: Part 2 - What Are My Options? 8 Ways To Extend Your Auto Coverage

Optional Bodily Injury to Others

·         This extends your liability protection beyond the basic $25,000/$50,000 limits under the required Bodily Injury to Others coverage to the limit you specify. 

·         This option provides coverage outside Texas to anywhere in the U.S. and Canada. 

·         Damages suffered by guests in your auto are also covered.

Consider this...
In an accident you could be sued for MUCH more than $25,000 per person (to a maximum $50,000). If you have any assets you wish to protect, buying higher limits under this section makes sense.

Medical Payments

·         This option increases the amount of compensation to you, your household members and passengers for medical expenses from the basic amounts under the required Personal Injury Protection. 

·         You are covered regardless of who caused the accident. 

·         If you elect to purchase this coverage you must buy at least $5,000 coverage for an automobile and $500 for a motorcycle.

Collision

·         Pays for collision damage to your car (minus your deductible) no matter who caused the accident

·         Is your car financed? Your bank may require this and may stipulate a deductible amount.

But how do I select the right deductible?
First of all, the deductible is set at $500 unless you select a different amount. Choosing a higher deductible will lower your premiums and choosing a lower deductible provides better coverage. What it comes down to is what you can afford to pay out of your pocket in the event of an accident for which you are at fault or the other driver cannot be identified (hit and run).

Consider this...
Buying Collision coverage with a "waiver of deductible" provides the following benefits: If you're in an accident caused by an identifiable driver, you don't have to pay your deductible. This is very useful when the other driver isn't insured. You also are not required to pay your deductible when another driver who is insured causes an accident. (His Damage to Someone Else's Property coverage, up to his limit, will pay for your damages.)

But what if my car isn't worth very much?
The wise choice may be to NOT buy collision and comprehensive (unless required to by a lender). For example, your deductible and premium may be more than the value of the car. But if your car has exceptional value due to its condition (classic and antique cars) you should have it appraised and select the right coverage.

Limited Collision

·         Also pays for collision damage to your car as long as you are not more than 50% at fault and the owner of the other car is identified.

Comprehensive

·         Pays for damage to or loss of your car (minus your deductible) due to perils such as fire, theft and vandalism - but not collision. 

·         It also covers glass breakage regardless of the cause - with no deductible.

·         If you car is stolen this coverage provides $15 daily to a total maximum of $450, for substitute transportation like car rentals, taxi and train fare until your stolen car is recovered. 

·         Your personal property is not covered unless it is permanently part of the car. (Additional coverage is available for aftermarket additions to your car such as a stereo, car phone, etc.)

·         Lenders frequently require this coverage if your car is financed.

What do I do if my car is stolen?
Report it to the Police and your insurance agent. Your transportation costs will be reimbursed within 48 hours following the report.

Consider this...
If you drive a high-theft vehicle without a qualifying anti-theft or recovery device, you could be refused comprehensive coverage or may be required to pay a higher extra-risk rate.

Substitute Transportation

·         Reimburses you for alternative transportation including rental car, train, taxi, and bus while your auto is being repaired due to a covered cause of loss. 

·         Standard compensation is $15 per day (up to $450 total). 

·         Increased coverage of $30 per day to a maximum of $900 is available for an additional charge.

Consider this...
Both Collision and Comprehensive coverage will apply to any other car you rent or use with the consent of the owner except a vehicle owned or regularly used by your spouse or a household member.

And this...
If you can afford the cost of a cab while your car is in for collision repairs you may not need this type of coverage.

Towing and labor

·         Pays up to $25 for towing and labor each time your car breaks down. 

·         Coverage applies whether or not you're in an accident. 

·         You are covered only for on-site labor at the break down site needed to get your car running again.

·         A $50 per disablement is available at an additional charge.

Consider this...
If you're a member of a Motor Club - you probably don't need this coverage.

Bodily Injury Caused by an Underinsured Auto

·         If someone else causes an accident but doesn't have enough coverage to pay for bodily injury damages to you, household members or your passengers, this coverage pays the difference between the total collected from the liability insurance of the owner and other driver and the limits purchased by you. 

·         If household members and passengers have their own policy they will be covered by it. 

·         This coverage will not pay for damage to property.

Consider this...
Many people buy only the minimum required amounts of Bodily Injury to Others. By selecting higher limits you will protect yourself from high personal injury expenses. BUT, you may only purchase coverage up to, but no more than the limits of Bodily Injury to Others you carry!
If you have any questions, please contact Ellis Insurance Agency or if you would like a no-obligation quote, simply fill out our brief form.

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