Liability coverage insures you against the cost of injury and damage you cause to another in an automobile accident. It is made up of two policies like bodily injury liability and property damage liability. Auto liability insurance is required in virtually every state. Auto insurance regulations vary greatly from state to state depending upon the place of living, purchasing types and coverage.
Bodily Injury Coverage is the part of liability coverage that insures you against the injury you cause to others in an auto accident. It consists of two figures. One limits the cost of injury coverage per person injured, and the second limits the total dollar amount of injury coverage (for everyone injured.) This is a very important policy.
Property damage coverage is the part of liability coverage that insures you against the cost of damage to another's property caused by you in an automobile accident. Here "Property" includes other cars, houses, fences, telephone poles, etc.
Medical payment coverage pays the medical bills of the covered driver, family members, and passengers when injured in an accident, regardless of who was at fault. This coverage is required in some states, but not in others
Personal Injury Protection (PIP) is similar to medical payments coverage, only it usually covers a broader range of events, including medical bills, lost wages, loss of services, etc.
Uninsured Motorist Coverage policy covers the cost of injury or damage caused by another driver who is not insured. It covers the policy holder, authorized drivers, and any passengers. It usually consists of separate limits for bodily injury and property damage. This policy is required in some states.
Collision Coverage policy helps to pay for repairs or fair market replacement cost if your car is damaged in an accident caused by you or an authorized driver. This policy is always optional.
Comprehensive Coverage policy covers the cost of repairs to or replacement of your vehicle should it be stolen, vandalized, struck in a hit-and-run, or damaged by an "act of God." Covered events vary from policy to policy but usually include fire, flood, and falling objects. This policy is always optional.
Travel Insurance In USA
Medical care is excellent in most parts of the US, but it can be very expensive and even astronomical for cases of critical illness. Many travelers purchase supplementary international medical insurance or travel insurance to avoid the staggering costs that might result from serious sickness or injury on trips.
Travel insurance takes the shape of following types.Many people are familiar with flight accident insurance, which pays a large sum of money if you are killed or seriously injured in an air accident. This type of insurance policy normally does not cover any medical expenses resulting from illness or other types of accidents while traveling.
Travel agencies frequently offer travel protection plans or trip cancellation insurance. These usually cover the cost of travel expenses should you be forced to cancel your vacation due to accident, illness or certain other causes. They often cover travel assistance services, protection for lost or damaged baggage and limited medical coverage. There may or may not be a deductible or co-pay for covered medical expenses.
Permanent Coverage: Unlike employer-provided health insurance that terminates when the person change jobs, the person and members of the family can keep the individual or family policy for as long as the person choose to pay the premium.
Sickness Protection: In many states, individual or family health insurance policies generally cannot be cancelled or premiums substantially increased because of illness or claims history. This is why is it important for you to get health insurance coverage, now, before you or a family member develop an expensive medical condition.
Financial Protection: Unforeseen health expenses are the single largest reason U.S. families file bankruptcy. More than 1 million each year face such types of problems. Everyone should have health insurance to avoid having a medical problem become a financial catastrophe.
Accidents: Even healthy people can be involved in an accident, or contract an illness.
Saving Money : For healthy individuals or families, policies are typically less expensive than participating in a group plan from your employer.
Spouse/Dependents: Even if you receive free health insurance at work, it may be less expensive to get your dependents their own policy rather than let them participate in the group plan from your employer.
New Tax Advantages: Self-employed individuals are now allowed to deduct 100% of the premium for individual/family health insurance from their taxable income.
Recent Study On Health Insurance
A recent study states that for the first time the dollar impact on private health insurance premiums when doctors and hospitals provide health care to uninsured people. In 2005, premium costs for family health insurance coverage provided by private employers will include an extra $922 in premiums due to the cost of care for the uninsured.Premiums for individual coverage will cost an extra $341.
Nearly 48 million Americans will be uninsured for the entire year in 2005. What happens when some of these 48 million Americans get sick? Research has shown that the uninsured often put off getting care for health problems or forgo care altogether. When the symptoms can no longer be ignored, the uninsured do see doctors and go to hospitals. Without insurance to pay the tab, the uninsured struggle to pay as much as they can. More than one-third (35 percent) of the total cost of health care services provided to people without health insurance is paid out-of-pocket by the uninsured themselves.
Source: economywatch.com
No comments:
Post a Comment