Auto insurance is a contract between you and the insurance company that protects you against financial loss in the event of an accident or theft. In exchange for your paying a premium, the insurance company agrees to pay your losses as outlined in your policy.
Auto insurance provides coverage for:
Property – such as damage to or theft of your car
Liability – your legal responsibility to others for bodily injury or property damage
Medical – the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses
What are the minimum limits of liability coverage required by Texas?
According to the Texas Department of Insurance, the state minimum insurance requirements are $30,000 in coverage for bodily injury liability per person, $60,000 in coverage for bodily injury liability per accident, and $25,000 of coverage for any damage to property of others. This is called 30/60/25 coverage.
How do Auto insurance companies determine my premium?
Insurance companies use a combination of statistics and mathematical calculations to determine risk including but not limited to your driving record, your claims record and type of car. Age, gender, credit score and location also play a large role in their decision.
Who is covered by my auto insurance—and under what circumstances?
Your auto policy will cover you and other family members on your policy, whether driving your car or someone else’s car (with their permission). Your policy also provides coverage if someone who is not on your policy is driving your car with your consent.
Your personal auto policy only covers personal driving, whether you’re commuting to work, running errands or taking a trip. It will not provide coverage if you use your car for commercial purposes—for instance, if you deliver pizzas.
Personal auto insurance will alsonot provide coverage if you use your car to provide transportation to others through a ride-sharing service such as Uber or Lyft. Some auto insurers, however, are now offering supplemental insurance products (at additional cost) that extend coverage for vehicle owners providing ride-sharing services.
What does a typical homeowners policy cover?
A standard homeowners insurance policy insures your home's structure (house,) and your belongings (contents) in the event of a destructive event, such as a fire.
In addition, homeowners insurance policies are generally "package policies." This means that the coverage includes not only damage to your property, but also your liability—that is, legal responsibility—for any injuries and property damage to others caused by you or members of your family (including your household pets).
What would it cost to replace the valuables in my home?
Personal belongings are usually about 50 - 70% of the insured value of your home. Your clothing, appliances, jewelry, artwork, and even electronics can account for some of these valuables. Depending on the amount of valuables in your home, your insurance company may suggest scheduling high value items.
The best way to determine how much insurance is needed is to do an inventory of your possessions.
What does Renters Insurance cover?
Renters insurance provides similar property and liability protections to those who don’t own their home but rent from someone else either a dwelling or an apartment.
What’s the best way to save money on my business insurance?
We can help you determine ways to save money on your business insurance. Some may include eliminating risks, signing up for packaged deals through the provider, and raising your deductible.
The Best in Commercial Property
Business insurance and commercial property in Texas can be tricky. With rules and regulations, let West Texas Pride Insurance Solutions, Inc. help you navigate the winding roads so you can focus on what matters most – your business and your employees.