Praetorian Insurance Company is one of the latest subsidiaries of QBE Insurance Group. Working under QBE North America, Praetorian sells and underwrites the same auto coverage available from its parent company. Types of auto insurance coverage are more or less the same, but there are differences regarding coverage limit and mandatory/optional coverage by states law. The following passages outline the most common coverage; you may need to purchase at least two or more coverage depending on your state’s insurance regulation. |
1. Liability Coverage
In most states, liability coverage is a mandatory purchase to acquire auto insurance. The central idea of liability coverage is financial protection for the cost that you have to pay for someone else’s injuries and property damages. Liability coverage applies after an accident for which you are liable. It does not cover medical cost for treating your injuries or repair for your car. Praetorian Insurance Company provides two different types of liability coverage as follows:
• Bodily Injury Liability: if you are liable or responsible for an accident in which someone else suffers from injuries, you have to pay for the medical bills, rehabilitation or physical therapy until the person recovers. You may also have to be responsible for funeral cost, legal representation for the other party, as well as pain and suffering compensations. By purchasing bodily injury liability from Praetorian Insurance Company, you do not have to pay everything out of your pocket. The total amount of all those bills can skyrocket, and this coverage prevents you from paying too much. It is mandatory coverage in most cases due to its importance. • Property Damage Liability: it is almost the same as a bodily injury, but the financial protection applies to property damage for examples cars and homes. If you are at-fault in an accident, you are also responsible for repairing damages to properties. The coverage is a form of financial protection against expensive repairs.
Liability coverage comes with limits, or the maximum amount that the company can pay. Increasing your limit will increase the insurance premium, but you can choose to include higher deductible to reduce the rate as well. Both types of liability coverage do not cover your injuries or damages to your properties.
2. PIP (Personal Injury Protection)
To cover your injuries and all the medical bills to recover your health after an accident, Praetorian Insurance Company offers Personal Injury Protection Coverage. It is a mandatory coverage in some states, but optional in most. Because it is financial protection that covers your injury, the payout is available regardless of who is at fault in an accident. With PIP, the policyholder and passengers get the protections. It covers the medical bills even before your health insurance plays its roles. There is the a certain limit for this coverage; if the total cost of medical bills exceeds the limit, you can use your existing health insurance to cover the cost.
3. Collision Coverage
Protection for damages to your properties or car is not available for property damage liability, but Praetorian Insurance Company provides Collision Coverage for that purpose. If any damage to your car or property is a result of an accident, the coverage handles all the cost for repairing or replacement. In the case of total loss of which the appropriate financial protection will be in the form of car replacement, collision coverage provides the new car or payout up to the value of the car in a condition before the accident occurs.
Collision coverage only applies if the damages are results of accidents. For any other causes, you need a single coverage. 4. Comprehensive Coverage
If damages to your car are results of non-accident circumstance, financial protection for repair or replacement is available from Praetorian Insurance Company in the form of Comprehensive Coverage. Damages can happen because of vandalism, fire, flood, falling objects, and animals. Those circumstances do not meet the requirements for an accident because there is no involvement of another car or vehicle. Comprehensive coverage also provides the replacement in case of theft situation.
5. Underinsured/Uninsured Motorist Coverage
Most states require every driver to purchase auto insurance as a proof of financial responsibility. Despite the strict rules, some drivers choose not to buy auto insurance. In some instances, they do purchase insurance but with a low limit. In the case of an accident for which those drivers are at fault, the other party may not receive enough payout to cover car damages and medical bills. To prevent you from having to deal with such situation, you can purchase Underinsured/Uninsured Motorist Coverage.
The protection covers the same things as liability coverage including bodily injury and property damage. When it is impossible for you to get enough payout as compensations of an accident, Uninsured/underinsured motorist is your best bet to help with the expenses of repairing your car and pay medical bills.
The cost for auto insurance coverage can be expensive, but Praetorian Insurance Company gives you the chance to reduce the premium with FlexAuto Program. The company reviews and analyzes your driving record to determine if you are eligible for discounts. Good driving record with one or none traffic tickets can help reduce premium to a great extent. FlexAuto affects or can lessen the price for types of coverage below:
• Liability Coverage including Bodily Injury and Property Damage • PIP • Comprehensive • Uninsured/Underinsured Motorist
Besides driving record, other available discounts include:
• Longevity discount • Proactive customer discount • Multi-policy discount • Passive restraint discount • Good student discount • Accident/violation-free discount
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