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Looking For An Auto Insurance Agent? We’ve Got You Covered.

Whether you live in the Greenville, SC area or Nashville, TN area or any other part of those states, when most people think about auto insurance, they think about damage to their car. The truth is, auto insurance covers much more than just your car.

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Choosing the right coverage options is important. And not just to protect your car, but to protect you and anyone injured by your negligence or another party’s.

Having the right limits is crucial. If you are found liable for someone else’s injuries, you could lose everything you have. And if that’s not enough to cover it, your wages can be garnished well into the future.

Many people don’t realize that being protected doesn’t have to cost more. In fact, because Magnolia Insurance Group is an independent agency, we can shop and compare you coverages with a range of top-notch carriers.

And this service doesn’t cost you any extra. Our compensation comes from the insurance carriers directly, and we represent you, our client. We work for you to make sure you are properly covered with no gaps in coverage.

Our expertise means we understand each and every policy we put in place. Since no two insurance contracts are the same, its imperative to have an agent that has taken the time to read and study the insurance contracts that you are relying on.

Important Insurance Coverages

There are several coverages in your policy that you should pay special attention to. You may have noticed some of these as you have flipped though previous policies. It is important to get these right to protect you and your family.

Bodily Injury Liability   This is often the first coverage listed, and covers you in case you cause bodily injury to someone else. Having higher bodily injury limits allows you to also carry higher UM/UIM coverages as well.

Uninured and Under-insured Motorist: This coverage  pays you and the people inside your car in the event that the other party has either not enough  bodily insury liability insurance or is not insured at all. This is very important because you cant control how much (if any) insurance other people carry.

Collision: This part of your policy protects you against damage to your car when its involved in an accident like colliding with another car, tree, building, etc.

Comprehensive: This coverage protects against damage that result from anything other than another moving or fixed object. This would include things like hail, theft, road debris, etc.

Property Damage: If you cause damage to someone else’s car, home, office, or some other property, this part of your policy will pay them for that damage.

Expand the section below for a larger auto insurance glossary.

  • At fault: This term refers to the degree to which a party caused or contributed to an accident. This term is often used to determine whose auto insurance company pays for specific portions of damages incurred as the result of an accident.
  • Automobile liability insurance: This refers to a type of insurance that provides coverage when a party causes an accident and either physical or property damage occurs.
  • Bodily injury liability coverage: This type of insurance provides coverage for injuries or deaths to people involved in the accident other than the insured driver. This coverage kicks in if an insured person is legally liable for an accident and also provides coverage for defense costs if the insured is sued.
  • Claims adjuster: A claims adjuster is a representative from an insurance company who investigates and settles claims. This person’s job is to ensure that all parties involved in an accident receive fair compensation.
  • Collision coverage: A form of auto insurance that provides for reimbursement for loss to a covered vehicle due to its colliding with another vehicle, object or the overturn of the automobile.
  • Comprehensive coverage: This coverage pays for any repairs not directly related to a collision. This includes damages from fires, thefts, windstorms, floods and vandalism.
  • Covered loss: A covered loss is any damage to yourself, your vehicle, other people or property covered by your insurance policy.
  • Declarations page: Sometimes referred to as an auto insurance coverage summary, this is a document provided by an insurance company. These documents list the following for policyholders:
    • The types of coverage elected
    • Specific limits for each coverage
    • The cost of each coverage
    • Specific vehicles covered by the policy
      oTypes of coverage for each vehicle covered by the policy
  • Deductible: A deductible is the portion of a covered loss that a policyholder agrees to pay out of pocket.
  • Endorsement: Any change, addition or optional coverage added to an insurance policy. An endorsement may require additional premium.
  • Garaging location: A garaging location refers to the primary location you park your car when it’s not in use.
  • Limits: Limits refer to the maximum dollar amount of protection purchased by the policyholder for specific coverages. State laws often require drivers to have a minimum level of coverage.
  • Loss: Refers to direct and accidental damages to a person or property.
  • Medical payments coverage: Coverage that pays for reasonable medical expenses and death benefits to a policyholder and any passengers injured in the event of an auto accident, regardless of fault.
  • Motor vehicle report (MVR): MVRs are official records held by states that detail a driver’s licensing status, violations, suspensions and other infractions incurred over the last several years. These forms are often used to determine premiums.
  • Named insured: The primary person the insurance policy is issued to.
  • No-fault automobile insurance: This type of coverage is used to compensate victims of accidents without having to prove who caused the accident.
  • Non-owners policy: This policy provides liability and add-on coverage for someone who does not own a vehicle.
  • Personal injury protection coverage: Sometimes referred to as PIP, this coverage pays for medical expenses, and, in some states, lost wages and other damages, if a person is injured in an auto accident, regardless of who is at fault. This coverage often covers pedestrians struck by vehicles as well.
  • Premium: A premium is the amount a policyholder pays to an insurance company for coverage.
  • Primary use: Primary use refers to how a policyholder mainly uses his or her vehicle. Primary use options often include work, business, pleasure or farm use.
  • Principal driver: The principal driver is the person who drives the insured vehicle the most.
  • Property damage liability coverage (PD): If an insured person is legally liable for an accident, PD coverage pays for damage to others’ property resulting from the accident. PD also pays for legal defense costs if you are sued.
  • Rental reimbursement coverage: This coverage reimburses you (up to a set daily amount) for a rental car if your car is being repaired due to damage covered by your auto insurance policy.
  • Uninsured/underinsured motorist coverage (UM): This coverage helps pay for medical bills, pain and suffering related to bodily injuries caused by a driver who is uninsured or underinsured.
  • Vehicle identification number (VIN): This is a unique 17-character sequence containing both letters and numbers that identifies a vehicle.

What Factors Affect My Premium?

Your Personal Information

  • Age, gender, and marital status – people under the ge of 25, especially men, are seen as a higher risk than older drivers and those who are married.
  • Driving record and credit history – Safe drivers with good credit tend to pay less for their auto insurance. Although any accidents or infractions may increase your premium, the effects of past incidents will gradually decrease over time.

Your Vehicle

  • Where it’s located – Densely populated areas tend to have higher rates of theft, vandalism and car crashes.
  • Characteristics – Vehicle’s that are more expensive to repair or have below-average safety ratings are typically more expensive to insure.

Your Policy

  • The amount and type of coverage you purchase – How much coverage and the type of insurance you decide to purchase (e.g. liability, comprehensive and collision) can affect premium costs.
  • Choosing a high or low deductible – Having a high deductible plan may help you save on premiums, but in the event of a covered incident, you will most
    likely pay more out of pocket.

How Do I Get Started?

We make the process of selecting the right coverage and finding the best premium easy. You can click here to enter as much info as you know (or are comfortable with) or give us a call in Greenville, SC at 864.448.0392 or in Nashville at 615.988.9585 .

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