AUTO INSURANCE

Auto insurance aims to compensate for damages caused by accidents that occur while owning, driving, and managing a vehicle. The two types of auto insurance are personal auto insurance and commercial auto insurance. They are categorized depending on the owner of the vehicle. Too many at‐fault accidents may effect eligibility with certain carriers. There is also liability‐only auto insurance, which is the state minimum requirement (California Automobile Insurance Assigned Risk Plan).

PERSONAL AUTO INSURANCE

Calculation criteria for personal auto insurance premiums

1. Years of personal driving experience
2. Driving record (accidents and/or moving violation tickets)
3. Location (zip code)
4. Age and marital status
5. Vehicle(s)
6. Insurance limits

Liability‐only

The state minimum in California for compensation of bodily injury and property damage inflicted on the other party due to your own fault is $15,000/$30,000/$5,000 per person. However, we recommend coverage above $50,000/$100,000/$50,000 in case of a major accident. Vehicles that are leased may also require coverage of $100,000/$300,000/$50,000 depending on the bank.

Full Coverage

Policies with full coverage will compensate everything a liability‐only policy does as well as damages, theft, and vandalism in regards to your vehicle (comprehensive and collision coverage). There is a deductible that the policy owner is responsible for starting from $100 to $1000.

Uninsured Motorist Coverage

In the event of an accident caused by another party who’s insurance limits are too low to cover your damages or if they have no insurance at all, your uninsured motorist coverage will cover you.

Medical Payment

When an accident is the other party’s fault, your medical expenses will be covered by their liability coverage. However, in cases where you are at fault, all medical expenses for anyone in your vehicle will be covered by your Medical Payment coverage. Because medical payment coverage only ranges from $1,000 to $5,000, we do still advise you to make sure you have health insurance in case of emergencies and serious injuries from a major car accident.

Towing and Rental

This will cover the cost of towing your vehicle after an accident and the fees for your replacement vehicle during repairs.

COMMERCIAL AUTO INSURANCE

Calculation criteria for personal auto insurance premiums

1. Business industry
2. Driving records (accidents and/or moving violation tickets)
3. Current incident report from previous carriers (3 year loss run)
4. Weight of the vehicle(s)
5. Value of the vehicle(s)
6. Garaging zip code

**It is desirable for anyone doing business to compare personal cars to commercial insurance premiums. ** **

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