UNDERSTANDING CAR INSURANCE LOSS

 

 

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AN UNDERSTANDING AT CAR INSURANCE LOSSES: SIX KINDS OF COVERAGES DRIVERS CAN CHOOSE FROM

Would you like to know how safe your car is?  Tables from the Insurance Institute for Highway Safety show the car insurance losses for many hundreds of vehicles, grouped together by their size and body style under six kinds of insurance coverages:

- Bodily injury
- Collision
- Comprehensive
- Medical payment
- Personal injury protection
- Property damage liability

The information provided by the tables is a strong signal of just how safe a car really is.

Car insurance works to cover damage to both vehicles and property and any injuries sustained in the accident. And, different coverages will pay for either damages or injuries. Some coverages will be applied based on who is at fault.

For example: First-party insurance will pay for your losses while third-party will pay for losses that occurred to other folks because you’re at fault.

The losses will vary significantly among vehicles under all coverages… even for vehicles similar in both type sand size.

The results in the tables are founded on loss experience of the 2008 to 2010 vehicle models, from the first time they’re sold until May 2011. For models that were introduced to the market to those redesigned during the three year period, the results are based on just the recent model years where model designs were not changed, 2009 to 2010 or 2010 only. These results are first grouped by vehicle body style then to its size.

The losses are specified in comparative terms: 100 signifying the average collision, injury or theft loss for every single vehicle. For instance, having 122 as a result is 22 percent worse than the average and having a 96 is four percent better than the average.

Vehicles are in ascending order. As a matter of convenience, the results are coded by color to specify better and worse than average. The results have also been altered to lessen the possibility of distortions from non-vehicle factors such as:

- Operator age
- Gender
- Marital status
- Density
- Calendar year
- Model year
- State
- Risk

Comprehensive and collision have been altered for the deductible amount.

Those insurance loss results are pretty good gauges of the expertise of present descriptions of the same automobile models. However, when vehicle makers design to significantly redesign their vehicles, the experience of earlier models won’t be able to predict what happens with the newer design.

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