Page 41 - financial-literacy-pamphlets-sample

Auto Insurance
Take Action! Auto insurance is required in most states. You can get People buy Major Types of Financial
Insurance:

low cost insurance to meet the requirements, but you insurance Life – Provide for your family Literacy
„ I know how much it will cost me to really need to look at how much coverage you need on your to protect with needed money in case of No. 10
repair or replace my belongings after an vehicle. If you were in an accident, how much would it
accident or Illness. cost you to repair your car, or pay for damages to another themselves from your death
major financial
„ I will comparison shop online for the person’s car or property, of for injury to another person? loss. When Health – Help paying for
insurance that meets my needs. When buying auto insurance you need to know the different you purchase insurance, you make a hospitalization and medical
Homeowners / Renters Insurance types of coverage: payment to an insurance company in exchange care after illness or accidents.
Collision: If you have an accident, this covers repairs or Also may cover routine doctor
If your house burned to the ground tomorrow, for its promise of protection and help in cases visits, medications, and
you’d want enough insurance coverage to replacement of your car. of specific conditions and need. You may not preventative medical care.
build your exact house in the same spot. The Comprehensive: This covers loss or damage that doesn’t need to use the insurance, but continuing to
same is true of your possessions inside your involve a collision. pay it protects you from major losses if you Auto – Repair or replace your
home. Not just what you paid for it, because Property damage liability: This covers the damage that you do. Coverage and terms vary by the type of car or pay for damages to
costs and the value of property can increase. cause to another car or any other property. insurance: someone else after an accident
Replacement value is reimbursement for the Bodily injury liability: This will cover the injuries that you or disaster. May include
loss of all your possessions. You may only get cause in an accident. Finding the Right Insurance roadside assistance or car
the current value of the item, rather than the Uninsured/underinsured motorist coverage: You are „ Get recommendations from friends and rental coverage
actual cost to replace the item. neighbors- look for good service and coverage Insurance
covered if the person who hits you doesn’t have insurance Homeowners –Repair or
Take a physical inventory of your or enough to cover your damages „ The higher the deductible the lower your replace your house and
home. Take photographs or a video of Personal injury protection: This will pay if someone in your premium - figure out the highest amount you contents in case of an accident
your home, then store copies off-site. When car is injured in an accident. could pay out of pocket, before the insurance or disaster
you submit a claim you may have to prove kicks in, then put that in your emergency fund.
that you actually owned the item and its Getting a Quote Renters insurance – cover
previous condition. A quote is an estimate of cost and coverage of an „ Do Your Research–use the Internet to compare your property in the building
policies, get quotes and estimates and explore
Rider – A rider is additional insurance you insurance policy. You should get several quotes from coverage before you talk with an agent and replace your personal
take out specific high-cost items such as different insurance companies when looking for insurance. contents
jewelry or collections. The rider attaches to Many insurance companies will give you free quotes online.
your regular policy and makes sure the full Use the Internet to compare insurance and find the one Money Matters
value of the item would be protected. that is right for you.

8 Nearly 43 million U.S. citizens, approximately 14.3% of our
Disclaimer:
Learnovation, LLC’s mission is to empower people to country’s population, have no health insurance coverage.
improve awareness of their own financial situation. Consider the fact that just the ambulance ride to the hospital
®
©2017 Learnovation , LLC All Rights Reserved. This information is intended to serve as a general 8
www.learnovation.com guide of financial principles and strategies. It is not after an auto accident could cost $500 or more... Can you afford
intended to address individual financial issues, nor the emergency room bill without insurance?
should it be taken as legal, financial, or other advice.