Auto Insurance
Teen drivers, corporate fleets, and vintage sports cars. What do they all have in common? They are all "risks" that O'Donovan & Associates can cover. But when it's your 17-year old daughter, your delivery truck driver, or your candy-apple red '64 Corvette, it's not a "risk", it's your cherished possession that needs protection. And as different as they are, they require vastly different insurance coverages. We can help you sift through all the options. The following is a list of the types of coverages you can select as part of your overall auto insurance package.
Bodily Injury (BI) Liability Coverage. This compensates others for bodily injury or death for which you or the operator of your vehicle are legally responsible. It also pays your legal defense costs, and is mandatory in most states, including Maryland.
Common coverage limits are $100,000, $300,000, and $500,000.
Property Damage (PD) Liability Coverage. This coverage pays for damage done to another person's vehicle or property in an accident when you or the operator of your vehicle are legally responsible. This coverage is also mandatory in Maryland.
Medical Payments Coverage. This coverage pays for reasonable and necessary doctor's, hospital, and funeral expenses when you or your passengers are injured or killed in an accident. Although payments are typically limited to one to three years, they're made regardless of who is at fault.
Uninsured/Underinsured Motorists (UM/UIM) Coverage. If you or your passengers are injured or killed by the negligence of someone without insurance, or if your damages exceed their liability coverage limits, this coverage pays up to the coverage limits for your pain and suffering.
Collision Coverage. This coverage applies to damage to your vehicle, or a vehicle you are operating, resulting from a collision. Most lenders will require you to get this coverage if you have a car loan.
Other Than Collision Coverage Damages to your vehicle not caused by collision are typically covered by Comprehensive. The cause might be weather (floods, hail, falling trees), theft, fire, vandalism, or other hazards. Most lenders will require you to get this coverage if you have a car loan, as well.
Rental Reimbursement. This coverage will pay for a rental car while yours is being repaired for damage covered under your policy, up to a specified amount.
Towing & Labor. If you break down and need to be towed or have certain repairs made while on the road, this coverage will compensate you for your expenses. There are many exclusions and potential redundancies with auto club memberships, so be sure to speak with us about the necessity for this coverage.
