Paper , Order, or Assignment Requirements

On the topic of automobile insurance: (You may answer this assignment by telephoning three different insurance company agents to obtain your information. You may also google to get additional information. You must provide the names of the people you spoke for, the names of the agency or insurance company they work for, the date you spoke to them, the exact monetary amounts they quoted you, ask them to confirm the price quote in writing and have them email or fax it to you, and list the phone number for each of the people you spoke with – all this information must be provided in your writing assignment). Have a calculator available to help decide best value.

1. What is liability/bodily injury insurance?

2. What does 25/50 mean, what does 50/100 mean, what does 100/300 mean, what does 250/500 mean, what does 300 single limit mean, what does 500 single limit mean?

3. What is Supplemental Spousal insurance? Which insurance companies charge extra for it? Is it worth getting? If so, why. If not, why.

4. What is PIP (Personal Injury Protection)?

5. What is Additional Personal Injury Protection? How much does this cost and is it worth having? Compare what PIP cost compared to Additonal PIP.

6. What is covered by Comprehensive coverge?

7. What is covered by Collision? How much does it cost?

8. What is a deductible? If you raise the deductible, how much savings will you receive on your Comprehensive and Collision coverage?

9. What is Emergency Road Service coverage? How much does it cost?

10. What is Car Rental and Travel Expense coverage? How much does it cost?

11. MOST IMPORTANT QUESTION: What is Supplemental Uninsured/Underinsured Motorist Bodily Injury Coverage (SUM)? When does this coverage take effect? How does this coverage protect you and your family? What is the likelihood that you will need to use this coverage in your life? How much does SUM coverage cost per thousand compared to liability bodily injury coverage? Why have you never heard of SUM coverage? Would you rather have more or less SUM coverage than your liability bodily injury coverage? Would you prefer to have the limits of your SUM coverage be the same or different from your liability coverage?

12. List each premium reduction available. (There are many, you will have to have an insurance broker list each one and see if your vehicle qualifies.). You will be comparing the quotes of three different insurance companies. See how many of them will tell you about the “Good student discount – yes, if you have a 3.5 GPA, your parents or you will be entitled to a reduction. Also, if a student goes to school more than 100 miles from home and does not have a car with them at school, your parents are entitled to an additonal discount.) https://www.insuranceloco.com/insurance/new-york/9-best-new-york-car-insurance-discounts.html Read this article and this will be a start to your research.

13. THIS IS IMPORTANT: You must contact three different insurance companies (or brokers, but don’t go to brokers that all represent the same insurance companies), ultimately you must get price quotes from three different insurancecompanies. Make a chart to see what each company is willing to charge you for each component of your insurancecoverage. Try to use the insurance company that currently insures either your car, your parents car, or if you do not have a vehicle in your family, try to use the insurance policy of someone you know so that you can advise them if they are really getting the best deal.

14. What is Gap insurance? And why is it imperative to have this?

15. Lastly, make your final recommendations as to which insurance company has the best deal, what coverage you would recommend be purchased and how much it will cost.