Connecticut Auto Insurance Information

Connecticut Auto Insurance Information | Northeast Financial Group | (860) 739-3124If you have been searching online for Connecticut Auto Insurance Information, I’m sure you have come across hundreds of options to choose from.  You can  “Complete a Quote” form but you may not know where your information is going or sold.  Or you can call an 800 number and buy it over the phone directly from someone you don’t know and perhaps does not educate you on auto insurance so that you can make the right decisions to purchase the best insurance coverage.

If you are looking for Commercial Auto Insurance Information, please visit our Business Auto Insurance page.

Northeast Financial Group takes the time to provide Connecticut Auto Insurance Information to all our clients, and for those who make an inquiry.  It is our duty to ensure you have the best coverage at the price that meets your needs and budget.

Purchasing Connecticut auto insurance is best made with the guidance from a professional insurance agent.  Our Northeast Financial Group LOCAL insurance agents are ready to help you!

Connecticut Auto Insurance has many components and varies from company to company.  It is not an easy task to understand all of the issues involved in making a decision about what auto insurance policy and features are best for you.  Buying just any policy without fully understanding your risk and coverage needs could be a very costly mistake. It does not cost more to have our professional assistance.  Our licensed agents have access to many top-rated insurance companies and we shop your insurance for you!  Imagine the time you will save and have the confidence knowing your are protected from potential risks.

Helpful Connecticut Auto Insurance Information Links

Connecticut Department of Insurance – Connecticut Insurance Department
Connecticut Department of Insurance re Auto Insurance – Connecticut Auto Insurance Information
Connecticut Department of Transportation – Connecticut Department of Transportation
Connecticut Association of Insurance Agents – Connecticut Association of Independent Insurance Agents
American Highway Users Alliance – American Highway Users Alliance
Insurance Information Institute – Insurance Information Institute

 

The following Connecticut Auto Insurance Information is from the Connecticut Department of Insurance.

Connecticut Automobile Insurance Information

 

Liability insurance covers bodily injury to other people and damage to the property of others caused by your negligence or the negligence of someone driving your car with your permission. A minimum of $20,000 per person and $40,000 per accident for bodily injury liability and $10,000 per accident for property damage liability, is required by law, but drivers are strongly urged to consider higher limits.

Uninsured/underinsured motorist coverage covers bodily injury to you, your relatives who live with you and your passengers if they are injured in an accident caused by an uninsured motorist, a motorist whose bodily injury liability limits are less than your uninsured/underinsured motorist limits or a hit-and-run driver. The standard coverage is an amount equal to your bodily injury liability coverage, but you may purchase additional coverage up to an amount double your bodily injury liability. The minimum amount required by law is $20,000 per person, $40,000 per accident.

Underinsured motorist conversion coverage also provides for reimbursement in case you are injured by an underinsured driver. If your damages exceed the at-fault driver’s insurance, or other payments, your underinsured motorist conversion coverage will be available for damages not paid. This optional coverage is not reduced by payments from any other source, including the at-fault driver’s liability insurance.

For example, if you have uninsured/underinsured coverage of $300,000 and you sustain $400,000 in personal injuries caused by an at-fault driver with $200,000 in bodily injury liability, without underinsured conversion coverage you would only be able to collect the $200,000 from the other driver’s insurance plus $100,000 from your own underinsured coverage, which equals your $300,000 limit minus the $200,000 collected from the other driver’s insurance. With conversion coverage, you could collect the full $200,000 from your own underinsured coverage.

Basic reparations or medical payments coverage. This optional coverage replaces formerly mandatory coverage and provides for medical payments, and in some cases, lost wages and funeral expenses if you or a relative living with you are injured or killed in an accident.

Collision coverage covers damage to your car caused by collision with another vehicle or object or by your car turning over. There is almost always a deductible which you must pay if you repair or replace the car.

Comprehensive coverage covers damage to your car other than that caused by collision, including theft, vandalism, impact with animals or birds, explosion, flood, falling objects, windstorm and glass breakage. As with collision coverage, there is usually a deductible.

Full glass coverage covers your car’s glass for breakage of safety glass with no deductible for an extra premium. Towing coverage covers the expense of towing your car to a shop. Rental reimbursement pays toward the expense of renting a vehicle if you have a loss covered by either collision or comprehensive coverage and your car is disabled.

 

Connecticut Auto Insurance Information | Northeast Financial Group | (860) 739-3124
Connecticut Auto Insurance Information by Northeast Financial Group

 

Auto Insurance Glossary

 

Actual cash value (ACV) – The value of your property, based on the current cost to replace it minus depreciation.

Adjuster – A person who investigates and settles insurance claims.

Agent – A person who sells insurance policies.

Application – A form you fill out with information about you that an insurance company will use to decide whether to issue you a policy and how much to charge.

Benchmark rate(s) -The rates set annually by the Commissioner of Insurance that rate-regulated insurance companies use to reference their rates. Rate-regulated insurance companies filing rates within a range of 30 percent above or below the benchmarks may use them immediately upon filing without prior approval. A company that wants to set its rates outside this range must receive the Commissioner´s prior approval.

Binder – A temporary insurance contract that provides proof of coverage until you receive a permanent policy.

Bodily injury (BI) – Physical injury to a person.

Cancellation – Termination of an insurance policy by the company or insured before the renewal date.

Claimant – A person who makes an insurance claim.

Collision coverage – Pays for damage to your car without regard to who caused an accident. The company must pay for the repair or up to the actual cash value of your vehicle, minus your deductible.

Comprehensive coverage (physical damage other than collision) – Pays for damage to or loss of your automobile from causes other than accidents. These include hail, vandalism, flood, fire, and theft.

Contract – In most cases, the term “contract” refers to an insurance policy. A policy is considered to be a contract between the insurance company and the policyholder.

Declarations page – The page in your policy that shows the name and address of the insurer, the period of time a policy is in force, a description of the vehicle, the amount of the premium, and the amount of coverage.

Deductible – The amount the insured must pay in a loss before any payment is due from the company.

Depreciation – The act of lowering an item´s value due to use or wear and tear.

Earned premium – The portion of a policy premium that has been used to actually buy coverage, or that the insurance company has “earned.” For instance, if you have a six-month policy that you paid for in advance, two months into the policy, there would be two months of earned premium. The remaining four months of premium is called unearned premium.

Endorsement – A written agreement attached to a policy expanding or limiting the benefits otherwise payable under the policy. Same as a “rider.”

Gap Insurance – Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan, Some gap policies may also cover the amount of the deductible.

Lapse – Termination of a policy due to non-payment of premiums.

Liability insurance – Pays for injuries to the other party and damages to the other vehicle resulting from an accident you caused. It also pays if the accident was caused by someone covered by your policy, including a driver operating your car with your permission.

Liability limits – The maximum amount your liability policy will pay. Your policy must pay at least $25,000 for each injured person, up to a total of $50,000 per accident, and $25,000 for property damage per accident. This basic coverage is called “25/50/25” coverage.

Loss – The amount an insurance company pays on a claim.

Medical payments and personal injury protection (PIP) – Both pay limited medical and funeral expenses if you, a family member, or a passenger in your car is injured or killed in a motor vehicle accident. PIP also pays lost-income benefits.

Named driver exclusion – An endorsement that provides that a policy does not cover accidents when a specifically named person is the driver.

Named driver policy – An automobile insurance policy that doesn’t provide coverage for an individual residing in a named insured ‘s household specifically unless the individual is named on the policy. The term includes an automobile insurance policy that has been endorsed to provide coverage only for drivers specifically named on the policy.

Non-owners policy – Insurance coverage that offers liability, uninsured motorist, and medical payments to a named insured who does not own a vehicle.

Non-renewal – A decision by an insurance company not to renew a policy.

Policy period – The period a policy is in force, from the beginning or effective date to the expiration date.

Premium – The amount paid by an insured to an insurance company to obtain or maintain an insurance policy.

Property damage (PD) – Physical damage to property.

Rental reimbursement coverage – Pays a set daily amount for a rental car if your car is being repaired because of damage covered by your auto policy.

Rider – A written agreement attached to the policy expanding or limiting the benefits otherwise payable under the policy. Same as an “endorsement.”

Reinstatement – The process by which a life insurance company puts a policy back in force after it lapsed because of nonpayment of renewal premiums.

Surcharge – An extra charge added to your premium by an insurance company. For automobile insurance, a surcharge is usually added if you have at-fault accidents.

Surplus lines – Coverage from out-of-state companies not licensed in the respective state, but legally eligible to sell insurance on a “surplus lines” basis. Surplus lines companies generally charge more than licensed companies and often offer less coverage.

Towing and labor coverage – Pays for towing charges when your car can´t be driven. Also pays labor charges, such as changing a flat tire, at the place where your car broke down.

Underwriter – The person who reviews an application for insurance and decides if the applicant is acceptable and at what premium rate.

Underwriting – The process an insurance company uses to decide whether to accept or reject an application for a policy.

Uninsured/underinsured motorist (UM/UIM) coverage – Pays for your injuries and property damage caused by a hit-and-run driver or a motorist without liability insurance. It will also pay when your medical and car repair bills are higher than the other driver´s liability coverage.

 


 

Why Choose Northeast Financial Group?

Connecticut Auto Insurance Information | Northeast Financial Group | (860) 739-3124

 

We’re committed to outstanding customer service.

We start by offering the best insurance products at a reasonable price. But it’s the Northeast Financial Group team members that really set us apart from the competition. With combined experience of 60 years, our sales and support staff members can handle your transactions quickly and efficiently. We service each and every account using out team of insurance professionals and we’re always available to answer your questions.

We’re committed to professionalism.

Our dedication to client service comes from a culture of professionalism and respect.  All of our associates at Northeast Financial Group have strong credentials and all of our policies are presented to you in a consistent and professional manner.

We’re committed to solving problems quickly.

Northeast Financial Group has unique industry relationships, allowing us to provide exclusive insurance solutions to our customers. Additionally, every staff member is trained to actively listen and provide helpful answers presented in a way in which our policy holders clearly understand.

We’re committed to earning and maintaining your trust.

We believe trust is something earned by listening to our customers while providing helpful advice and support. Trust and consistent underwriting practices is what we expect from our carrier partners, and in return we owe the same level of service to you.

For additional Connecticut Auto Insurance Information, we have included links to several insurance resources.  Click on any link on the right side of this page.  Give us a call and we will help you – at no cost to you!