Learning Insurance Terms

Here at WorldForce, we understand that not everybody is an insurance expert. We have compiled some of the most important terms related to Insurance policies that may be unknown or forgotten to some.

Auto Insurance terms

• Bodily Injury: When legally at fault in an accident, this coverage will pay for the injuries sustained by the other person. It also serves as a defense in case you are sued for damages. in florida, the state requirement is 10/20 (10,000 maximum per person, 20,000 for more than one.) This coverage is not mandatory, but it may be required for drivers with previous accidents or violations.

• Property Damage: When at fault, this coverage will pay for damage done to somebody else's property. In Florida, state requirement is 10,000 minimum. This coverage is mandatory.

• Personal Injury Protection: medical and hospital coverage for injury  during an accident. this will cover you the driver, as well as the passengers, regardless of who is at fault. Pip can also cover lost wages (loss of income due to time of work caused by injury) for up to $10,000. This is an automatic coverage, however, the client can pick a deductible amount. it is best for the client to pick a $1000 deductible,  as it will greatly reduce the total premium while the coverage remains remotly the same.

• Comprehensive & Collision: comprehensive is Coverage that helps to pay or replace your vehicle if it is either stolen or damaged (theft, falling objects, fire, natural disasters, animal damage etc). Collision on the other hand helps with damage from events like collision with another vehicle, collision with objects, single car rollover accidents. This coverage is only mandatory if the car is financed. Vehicles 15 years or older are not eligible for this coverage.