We think it’s safe to say that when people think of insurance as whole the first thing you probably think of is Auto Insurance. This is by far, in our opinion, your greatest exposure.
Icon Insurance Solutions is here to not only make sure we are protecting your greatest assets in the time of an accident but to make sure we are creating peace of mind during the “worst case scenario’s” of your life.
With that being said just the standard liability limit requirement of $25k/$50k/$15k in Arizona might not be enough. In fact we can pretty much guarantee it’s not.
This is where we come in.
Together we can discuss what you are trying to protect as well as what we as the insurance agency are trying to protect. We will build a policy agreement that works for you and your family. To us, it is not only important that we provide you with the correct coverage, but it is imperative it fits within your family budget.
If insurance became unaffordable for your family it would then become hard to carry it. We can solve these problems together.
There are five major components that will allow us to make sure we are adequately covering you.
In our agency’s expert opinion, this is the single most important coverage of your policy. The kicker to this… it doesn’t cover your damages. This coverage is specifically in place to protect the individuals you have either injured or damaged their personal items.
When we say personal items I mean things like cars, mailboxes, public traffic devices. You get the picture.
This coverage is the coverage that says “You were found negligent and now we need to fix it”. In the state of Arizona, as mentioned earlier, you are only required to carry $25k/$50k/$15k limits.
This means to you that you would have $25,000 per person if you caused them physical body injury. You would then have $50,000 per occurrence (per accident as some like to say).
The final piece is $15,000 in property damage. That final piece is a lot more important than one might think. This is going to make the difference between you wanting to take out the Brand New 2023 Mercedes Benz to your left or the 1970 bug to your right.
This is what protects you from the Physical “Material” Damage you cause in an accident. What a lot don’t realize is that by not having enough liability coverage you are opening up your world to severe financial loss.
Portions of your equity in your home would be responsible for covering differences, as well as investments, retirement accounts, and your income. You are leaving yourself open to a world of hurt if the liability coverages on your auto insurance policy aren’t where they need to be.
Together we can work on a policy that not only protects you but will allow you to carry more liability limits for less out of your pocket per month.
Physical Damage to Your Vehicle/Theft
This is where things get juicy. Close your eyes and picture this with me. You are at the car dealership and just picked up your brand new 2023 Mercedes Benz (oh by the way watch out for the guy from #1 who doesn’t have enough liability coverage).
You are so excited to drive this puppy off the lot. Picture this… you get it home and the next morning you wake up and it’s gone. Aside from questioning every neighbor on your block you are inside feeling vulnerable and just praying that your insurance agent has you covered.
Comprehensive and Collision Coverages are the two pieces that would protect you from damage happening to your own vehicle.
These are two very separate coverages that protect YOUR VEHICLE.
Collision– You cause an accident and have front end damage. You hit something that is in the road (this item is not in motion). You back into your half closed garage as you are pulling out of it (don’t judge it happens). All of these are just some of the examples of where Collision coverage would pick up. You would be subject to a deductible of your choice and then the insurance company would take care of the rest. Keep in mind there are a lot of other examples that collision coverage could potentially come into play. This is where you can have a conversation with us to determine coverage best for you.
Comprehensive Coverage with full glass– Fire, Theft, Vandalism…. All examples of Comprehensive Coverage. Our agency standard is to include full glass coverage on your policy along with Comprehensive if you so choose. This would allow you to have your windshield repaired or replacement at no cost to you in the event of a claim. Keep in mind there are a lot of other examples that comprehensive coverage could potentially come into play. This is where you can have a conversation with us to determine coverage best for you
Uninsured/Underinsured Motorist Coverage – What most don’t realize is that in the state of Arizona these 2 coverages are not required by law for you to have. HOWEVER they are so important that if you choose not to have them on your policy, you actually have to sign a form to acknowledge you have rejected them. Ever thought as you were driving along… what if I am hit by one of the drivers in Arizona (1 in 6 is the new statistic) who doesn’t have any insurance coverage. Or maybe they have insurance… but not enough? This is where Uninsured and Underinsured Motorist comes in. This valuable coverage would provide you with your selected limits to help coverage your medical expenses if you were injured in that awful scenario.
Medical Payments Coverage– This important coverage again is not required by Arizona State Law. However, by not accepting this coverage you forfeit your insurance policy from helping pay reasonable expenses for injuries to you, your passengers, and family members in an accident regardless of who is at fault in the accident. So you have health insurance… do you need this? What most people don’t realize is medical payments coverage can help with co-pays and things that maybe your health insurance coverage doesn’t cover.
The add ons and fun stuff!
Car Rental Coverage– if you’re vehicle is unavailable to you due to a claim you can have Rental Car Reimbursement coverage on your policy to help with alleviating the out of pocket expense of a rental car.
Towing and/or Emergency Roadside Service– this coverage would help pay for any time that your vehicle is disabled. Whether that be because you have a flat tire, you have locked your keys inside, or you have run out of gas on the side of the road (again you would be surprised how often this happens). Each carrier that we write for works a little bit differently as to how they generate a payout to their insured’s. Just something to keep in mind as you are talking with us. Most of the time this is done on a reimbursement basis.
New Car Repair/Replacement Coverages or Loan/Lien Protection– Ok so think back to you purchasing that 2023 Mercedes Benz at the car dealership. You have a loan on the vehicle. You pull out as proud as can be and make a left BAM…. Right into another vehicle.
Everyone is ok… well when we say everyone we don’t mean your new car. The better surprise is now that the vehicle is totaled you actually owe more on your loan than what the car is valued at (good ole depreciation).
There is a coverage to protect you from that! Let’s talk about it. This is easy to add and very minimal cost to you to protect your new investment and insure that if you did total that car we could then cover your “gap” between your loan amount and the vehicle valued amount.
Bringing it Back Home
Icon Insurance Solutions is here to navigate with you the coverages listed above.
We are 100% aware that it is our job to not only help you determine what coverages meet your needs but it is also our job to make sure we are providing you with options that fit within your budge.
If you have any questions we would always recommend you calling our agency to review what you have or what you are thinking of adding.
Give us a call today for a complimentary policy review and rate comparison.