One of the most important points in the set of rules is minimum coverage requirement. Standard requirements include liability coverage including Bodily Injury and Property Damage protections, but there are some exceptions in the states that implement no-fault insurance regulation. With no-fault, the requirements include Personal Injury Protection but omit Bodily Injury.
As the name suggests, liability coverage is the financial protections applicable in case policyholders are responsible for someone else’s injuries and property damage when they are driving. Liability Coverage has two types:
- 1. Bodily Injury: if a person has to sustain damage due to policyholder’s mistake, bodily injury helps to cover medical expense including the cost for rehabilitations and physical therapy until the individual recovers.
- 2. Property Damage: when a policyholder is responsible for damages to someone else’s resources while driving, Property Damage helps to pay the cost of repair or replacements of the properties.
Although the minimum coverage requirements in many states are the same, the limit for each type can be different. Coverage limit is the maximum amount of money that an insurer can provide for settling any dispute for medical cost and property repair or replacement. Limit often indicates the price of the policy as well, for example, Property Damage coverage limit in Texas is $25,000 means the price for the plan is $25,000. Loya Insurance Company can give the minimum limit coverage in Texas, and some additional types of coverage to complete the protection. The company also makes sure that the policy complies with the state’s law.
Personal Injury Protection
A few states implement no-fault insurance instead. The idea behind this regulation is to provide financial assistance as soon as possible without waiting for a court decision to settle the dispute. The court makes another expense, so no-fault helps to make use of the limit in a more efficient way. Rather than spending money on a judicial process, the entire limit goes to cover policyholder’s medical expense.
With no-fault regulation, insurers must give financial assistance regardless of who is at fault in an accident. Because every driver must purchase the coverage, there is no need for Bodily Injury Liability. At present, Loya Insurance Company does not sell and underwrite policies in any state that implements the no-fault regulation, but the company is expanding fast to acquire a license to work in more states. Now it operates in more than a dozen of states including Texas, Nevada, California, Colorado, New Mexico, Indiana, Alabama, Missouri, Illinois, Arizona, Georgia, and Ohio.
One thing that makes Loya Insurance Company stand out from the crowd is the sheer number of branch offices. There are more than 700 subsidiaries as of 2016 operating under the roof of the company. It means every state has more than 50 agencies to cover many different areas. Instead of having a single large office building in every state as a representation of the company, the insurer runs friendlier business conducts by being in the same community as its customers.
For policyholders, the presence of agencies in nearby locations allows for quicker access to apply for renewal, make payments, and file claims. Local insurer grows the sense of familiarity with customers, eliminating the gaps between agencies and policyholders.
Purchasing insurance is not as easy as buying everyday items. There is a lengthy process that involves application, review, and approval/rejection. A typical insurer needs to analyze applicants’ backgrounds such as driving history, previous traffic tickets, and previous policies. Depending on the company, there can be many red-flags for examples traffic violations and late payments. Loya Insurance Company does not use any driving record or personal information to approve applicants. Regardless of driving history, the insurer ensures approval and offers ideal coverage. Customers can also choose to use monthly payment schedule to manage expense.
Insurance Quote is available for free, and every applicant can request for one via phone, the official website, or in the nearest branch office. An agent or staff guides the potential customer through the process and offers recommendations to get the most appropriate coverage. Existing customers can check their policies and make payments on the website as well.
Apart from the minimum liability requirements, Loya Insurance Company offers optional coverage for the total protections. They are not mandatory, but it does not mean that they are not important. Available options include:
- 1. Collision: it works almost in the same way as Property Damage Liability, but in the opposite directions. It means protections for damages apply for policyholders’ vehicles. Damages as results of accidents are within the scope of Collision Coverage.
- 2. Comprehensive: some damages happen not from accidents but other reasons such as vandalism, theft, natural disasters, animals, and falling objects. In such case, comprehensive coverage kicks in to deliver the financial assistance.
- 3. Personal Injury Protections: when the state does not require PIP as mandatory coverage, the company makes this an optional purchase, so there is always protection for policyholders.
- 4. Medical Payments: it is a separate coverage from PIP and any existing health insurance. Medical Payments is available when PIP and Health Insurance exceed their limits.
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