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Insurance Coverage & Warranties - Coggle Diagram
Insurance Coverage & Warranties
Types Of Insurance Coverage
Comprehensive (about 12% of premium)
Pays for damage caused by vandalism, hailstorms, floods, theft, etc.
Medical
Covers medical payments for driver and passengers injured in an accident
Rental reimbursement
Towing and labour
Pays a specific amount per day to rent a car while yours is being fixed
Liability (40-50% of premium)
Property-damage coverage (ie to another person's car)
Bodily-injury coverage
Collision (up to 30% of premium)
Limited by deductable
Pays for the physical damage to your car as a result of an accident
:
Vehicle characteristics
Damage, repair, and theft record of type and model of car
Age of car
Geographic location
Rural locations usually have lower rates; urban locations usually have higher rates
Driving record
Number of years insured with the company
Number and kind of moving violations (and total of associated points)
Accident with death, bodily injury, or property damage a surcharge on premium for 3 years
Personal characteristics
Marital status
Personal habits (smoking)
Gender
Type and frequency of vehicle use (commuting)
Age
Warranties
Dealer warranties
Terms and conditions can vary greatly
Useful to comp;are warranty terms on similar cars or negotiate warranty coverage
Offered and specifically written by the dealer
Implied warranties
Warranty of fitness for as particular purpose - a product will do what the seller promises it will do
Always in effect unless the product is sold as-is or the seller says in writing that there is no warranty
Warranty of merchantability - a product will do what it is designed to do
Unexpired manufacturer's warranties
Manufacturer's warranty can sometimes be transferred to the new owner. There may be a fee for the transfer process
As-is (no warranty)
Some provinces do not permit "as-is" sales on used cars
If you buy a car and have problems with it, you must pay for any repairs yourself
No expressed or implied warranty
Before deciding to buy a service contract, find out:
Whether repairs and service can be preformed at locations other than at the dealership
Whether the contract covers incidental expenses such as towing
Whether there is a deductible and, if so, how much?
Whether the vehicle is likely to need repairs and, if so, the potential cost of repairs
Whether the warranty already covers the same repairs
Whether there is a cancellation or refund policy and, if so, the cost
Which repairs the contract covers
Whether the dealer or company offering the service is reputable
The cost
Whether you can purchase the service contract later