Insurance

Question 1

Physical Damage Insurance

Answer 1

Covers damage to the insured vehicle caused by an accident, vandalism, theft, or weather (wind/hail)

Question 2

Auto Liability Insurance

Answer 2

Covers damage to the other party’s property (vehicle or other property) in an accident and any injuries to other passengers and drivers

Question 3

How do most companies chose their insurance coverage?

Answer 3

Since most policies are viewed as the same companies typically go with the cheapest option

Question 4

Self Insured Benefits

Answer 4

Companies with a large fleet may self insure to avoid the costs of premiums

Question 5

Full Risk Management policy through EFM

Answer 5

Combines physical damage and auto liability insurance into one policy

Question 6

Physical Damage Management through EFM

Answer 6

Covers only physical damage, clients retain their own auto liability insurance. Deductibles of $500-5000 and can add loaner vehicles to policy

Question 7

Accident Management through EFM

Answer 7

Provides claim assistance to self insured clients, charged on a per claim basis

Question 8

Define Subrogation

Answer 8

The process of pursuing a third party for damages

Question 9

How can a EFM policy improve a customer’s cash flow?

Answer 9

We do not charge a down payment for premiums, this can save up to 25% up front

Question 10

What is Diminished Value

Answer 10

The loss in value a vehicle has after an accident, we charge this to third parties when possible

Question 11

What do we do for Total Loss Settlements?

Answer 11

We offer Guaranteed Auto Protection (GAP) ensuring clients are not upside down, paying the higher of RBV or market value

Question 12

Do we cover glass claims?

Answer 12

All glass repairs up to $75 are covered

Question 13

What carrier underwrites our Auto Liability products?

Answer 13

Old Republic