Personal Auto Policy Flashcards
What are the three base limits listed on a personal auto policy?
Maximum bodily injury per person
Maximum bodily injury per accident
Maximum property damage per accident
What are the three categories required to determine eligibility for a personal auto policy?
Ownership
Type of vehicle
Usage
What are the four main types of ownership for a personal auto policy?
Individually Owned Auto
Jointly Owned Auto
Trust Owned Auto
Non-Owned Auto
What types of autos are eligible for a personal auto policy?
Private Passenger Auto
Trucks under 10,000 GVWR
Trailers
Snowmobiles
Who is an insured on a personal auto policy?
Named insured and resident spouse
Family member (by blood, marriage, or adoption) living in the same home
Other person in home not related can be added with endorsement
What vehicles can be considered a covered auto
Owned vehicle shown in declarations
Leased vehicle (6 months or longer)
Newly acquired auto (within 14 days if auto is on policy, 4 days if not)
Any trailer
Temporary substitutes being used since yours is broken down
What are the stipulations around a newly acquired auto?
Must inform the agent about the change within 14 days if an auto is already on policy, 4 days if not
Will receive broadest coverage shown on the policy already, $500 deductibles if none already included
Must be a private passenger, truck (under 10,000 GVWR) or trailer, and must be bought by a you
What does Part A of the auto policy provide coverage for?
Liability coverage
Who is an insured for liability?
You or a family member for any auto
Anyone using your covered auto
Your covered auto for vicarious liability
Non-owned auto for vicarious liability
What exclusions exist applying to persons with respect to auto liability?
Intentional injury
Property damage to property owned by the insured
Property damage to property rented or in the care of an insured (exception for a residence or private garage)
Bodily injury to an employee if Workers Comp covers it
Driving for Uber/Lift
While being used in the auto business (mechanic test driving example)
Business use of a truck
Use of vehicle without reasonable belief of entitlement to do so
Nuclear losses
Personal Sharing program (Turo)
What exclusions exist applying to vehicles with respect to auto liability?
Any vehicle under 4 wheels or designed for use off public roads
Any vehicle outside of a covered auto available for regular use
Vehicles owned by family members
Vehicle used in a racing setting
Flying vehicles
What does Part B of the auto policy provide coverage for?
Medical payments/Personal Injury Protection, without determination of fault
What does Part C of the auto policy provide coverage for?
Uninsured/Underinsured motorists coverage
What damages does uninsured motorist property damage coverage not provide?
Loss of use of the damaged vehicle
Damage to other owned property
Damage to personal property in the vehicle
What additional coverages does PIP provide over med pay?
Funeral Expenses
Accidental Death
Work loss (lost wages)
Replacement services
Survivor’s economic loss
How is an underinsured motor vehicle defined?
The liability limits of the at fault driver are lower than the insured’s UIM limits (limits trigger)
OR
The limits of the at fault driver are not high enough to cover the liability they owe (damages trigger)
How much can an insured receive in UIM coverage?
The UIM payment will be reduced by the amount paid by the at fault driver and will be capped at the difference (limits offset)
OR
The UIM payment will be excess of the at fault drivers limits (damages offset)
What does Part D of the auto policy provide coverage for?
Physical Damage to your auto
What exclusions are there for Coverage D on a personal auto policy?
Use as public transportation
Damage due to wear and tear
Nuclear/war
Electronic equipment that transmits signals
Confiscation by government
Trailer not shown in decs
Use without reasonable belief of entitlement
Radar or laser equipment
Custom furnishings over $1,500
Employment in the auto business
Racing
Turo (car sharing app)
Cars that can fly
What limits are applicable to auto physical damage?
Lesser of ACV of the vehicle or cost to repair
No more than $1,500 for a trailer
No more than $1,000 in custom equipment in a location not used by the manufacturer
What is the territory that the personal auto policy applies?
United States
It’s territories
Puerto Rico
Canada
In transport between ports of above
