What Is Covered by a Basic Auto Insurance Policy?

Your auto policy may include six coverages. Each coverage is priced separately.

1. Bodily Injury Liability

This coverage applies to injuries that you, the designated driver or policyholder, cause to someone else. You and family members listed on the policy are also covered when driving someone else’s car with their permission.

It’s very important to have enough liability insurance, because if you are involved in a serious accident, you may be sued for a large sum of money. Definitely consider buying more than the state-required minimum to protect assets such as your home and savings.

2. Medical Payments or Personal Injury Protection (PIP)

This coverage pays for the treatment of injuries to the driver and passengers of the policyholder's car. At its broadest, PIP can cover medical payments, lost wages and the cost of replacing services normally performed by someone injured in an auto accident. It may also cover funeral costs.

3. Property Damage Liability

This coverage pays for damage you (or someone driving the car with your permission) may cause to someone else's property. Usually, this means damage to someone else’s car, but it also includes damage to lamp posts, telephone poles, fences, buildings or other structures your car hit.

4. Collision

This coverage pays for damage to your car resulting from a collision with another car, object or as a result of flipping over. It also covers damage caused by potholes. Collision coverage is generally sold with a deductible of $250 to $1,000—the higher your deductible, the lower your premium. Even if you are at fault for the accident, your collision coverage will reimburse you for the costs of repairing your car, minus the deductible. If you're not at fault, your insurance company may try to recover the amount they paid you from the other driver’s insurance company. If they are successful, you'll also be reimbursed for the deductible.

5. Comprehensive

This coverage reimburses you for loss due to theft or damage caused by something other than a collision with another car or object, such as fire, falling objects, missiles, explosion, earthquake, windstorm, hail, flood, vandalism, riot, or contact with animals such as birds or deer.

Comprehensive insurance is usually sold with a $100 to $300 deductible, though you may want to opt for a higher deductible as a way of lowering your premium.

Comprehensive insurance will also reimburse you if your windshield is cracked or shattered. Some companies offer glass coverage with or without a deductible.

6. Uninsured and Underinsured Motorist Coverage

This coverage will reimburse you, a member of your family, or a designated driver if one of you is hit by an uninsured or hit-and-run driver.

Underinsured motorist coverage comes into play when an at-fault driver has insufficient insurance to pay for your total loss. This coverage will also protect you if you are hit as a pedestrian.

Reference:  Insurance Information Institute

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5 Insurance-Buying Mistakes to Avoid

Buying insurance can be confusing, but when the unexpected happens – a house fire, a fender bender or a broken bone – it's a relief to know that some of those financial losses will be covered. But how do you know how much coverage you need? And what questions should you ask before buying a policy? Many consumers aren't sure. Insurance coverage is far from one size fits all, so here's a look at mistakes some consumers make when buying insurance.

1. Assuming insurance is out of reach. The U.S. Census Bureau reports that 48 million Americans had no health insurance in 2012. And about 30 percent of U.S. households have no life insurance, according to LIMRA, a worldwide research and consulting organization for insurance and financial services. In some cases, consumers skip insurance because they think it's out of their budget. Often, that's not the case, according to Marvin Feldman, president and CEO of the LIFE Foundation, a nonprofit organization that educates consumers about financial planning and insurance. The LIFE Foundation collaborated with LIMRA on the 2013 Insurance Barometer Study, which found that the average consumer thinks life insurance is three times more expensive than it actually is. "[Consumers are] not researching it to determine what the cost is," Feldman says.

When buying health insurance or property and casualty insurance, ask about potential discounts. "Two-thirds of consumers don't realize they can get financial help if they buy their own health insurance, and they can get financial help if they go and buy in these health insurance marketplaces," says Lynn Quincy, senior policy analyst with Consumers Union, a division of Consumer Reports. "You may be way overpaying if you don't investigate this possibility." While health insurance discounts are often income-based, homeowners and auto insurers offer discounts for everything from being a member of groups like AARP, to being a good student or a good driver, to having a home security system.

2. Relying on assumptions or outdated figures. Changing economic conditions mean you might need more insurance coverage than you had in the past. Take life insurance. In the past, consumers might have based their life insurance coverage on their current income, but "if something happens and you're no longer around, you need more capital at work to provide the same income [to your beneficiaries]," Feldman says. Disability and long-term care insurance are even more complicated than traditional life insurance. "For disability, do you want coverage that lasts forever? Are there health issues in your family?" Feldman asks. "That's where you need to speak to somebody to get some guidance."

In the case of homeowners insurance, your home could be underinsured if you've renovated or if the cost to build a home has increased due to higher material costs or other factors. That's why experts recommend reviewing insurance coverage once a year to make sure it still fits your needs. Talk to your insurance agent if you're unsure.

3. Shopping on price alone. Comparing insurance policies can be confusing, but resist the urge to simply choose the policy with the lowest premium. Consider the company's reputation and the coverage you'd get for that premium. "As a general rule with health insurance, the higher the premium, the lower the amount you pay when you go to the doctor," Quincy says. Private health insurance plans must provide coverage examples showing what your estimated out-of-pocket costs would be for, say, having a baby or managing Type 2 diabetes. Some examples might not apply to you, but they can help you compare plans and see how much you might pay in coinsurance and copays.

"Make sure you're shopping apples to apples and getting quotes based on the same coverage that you have," says Lori Conarton, a spokeswoman for the Insurance Institute of Michigan. Your property and casualty insurance may not cover things like food spoilage in the event of a power outage or stolen electronics worth more than $1,000, so you may want to purchase extra endorsements to cover those possibilities, she adds.

With disability or long-term care insurance, prices can vary depending on the length of the elimination period – the amount of time you must wait before coverage kicks in – and whether the policy includes inflation protection, so consider these factors, too.

4. Glossing over the details. Make sure you understand what your insurance policy covers. For health insurance, it's cheaper to see doctors who are in-network and buy prescription drugs covered by the formulary, so Quincy suggests checking to see if your doctor is in-network and if your prescription drugs are covered before you buy a policy. Otherwise, you could get an expensive surprise.

Read your insurance policy and contact your insurance agent if anything is unclear. "Unfortunately, a lot of people don't find out what coverage they should have had until they have a loss," Conarton says. "Here in Michigan, we've had a lot of winter weather, and some people don't know that flooding is not covered under a regular homeowners insurance policy." However, you can usually buy a separate flood insurance policy. Many people also assume that drain and sewer backups are covered by insurance, but often they're not, Conarton adds.

5. Setting your deductible too low. Setting a low deductible typically means higher premiums, and in the case of property and casualty insurance, a greater likelihood of small claims that could ultimately raise your premiums. Insurance is designed to protect against losses you could not cover yourself, so if you can afford to pay the first $500 or $1,000 in losses yourself, you may not need a lower premium. "Consider your own financial situation," Conarton says. "How much of the risk are you willing to assume before you make a claim and the insurance company pays on your claim? You really have to think about how much of that loss you could pay yourself."

Article From : US NEWS

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Louisiana Auto Insurance Laws and Regulations

Louisiana follows a “fault” system when it comes to issues of liability and insurance coverage after an accident. This means that a driver who is legally at fault for causing a car accident is liable (usually through an insurance carrier) for any personal injury or property damage resulting from the crash. In Louisiana, a person who has been injured in an auto accident can usually proceed by:

1. filing a claim with his or her own insurance company
2. filing a claim with the other driver’s insurance company
3. filing a personal injury lawsuit 

(Note: In no-fault car insurance states, an injured motorist must first exhaust his or her own car insurance policy limits or reach a statutory threshold of damages before pursuing compensation from another driver, regardless of who was at fault.  Remedies are also limited in these states.)

Learn more about key Louisiana laws related to car accident claims and settlements, read Car Accident Laws in Louisiana.

Minimum Car Insurance Requirements in Louisiana

Louisiana law requires that the owner of a motor vehicle carry liability insurance. This insurance is meant to provide financial protection in the event that the vehicle owner or anyone else is injured in an accident involving the vehicle. Under Louisiana law, the minimum coverage a driver is required to carry is:

1. $15,000 for the injury or death of a single person (yourself, a passenger, another driver, pedestrian, etc.)
2. $30,000 for the injury or death of multiple people in a single accident
3. $25,000 for property damage (i.e. damage to a vehicle)

It should be noted that while Louisiana law requires only these minimum coverage amounts, it is usually a good idea to carry a car insurance policy that provides more coverage. If you are found liable for an accident where the costs (medical bills, car repairs, etc.) exceed the limits of your policy, then you may be held personally liable for the difference.

Uninsured/Underinsured Motorist Coverage in Louisiana

Louisiana requires that every car insurance policy sold in the state include uninsured/underinsured motorist coverage (UIM), unless the customer explicity declines UIM coverage in writing.

UIM coverage is a feature of your own policy that is intended to protect you if you are injured by an at-fault driver who has no car insurance at all, or has an insufficient amount of insurance to cover the damages caused by the accident.

For example, let’s say you’re in an accident where the at-fault driver has the state minimum of $15,000. But your damages -- medical bills and vehicle damage -- add up to $25,000. Assuming you have adequate UIM coverage, it would kick in to pay for the remaining $10,000.

Getting More Information 

For more information on Louisiana’s motor vehicle insurance requirements straight from the government, check out the Louisiana Department of Public Safety’s Required Proof of Liability Insurance Prior to Registration of Vehicles web page.

Reference:  All About Car Accidents

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Louisiana Health Insurance

 Overview

If you live in Louisiana and either buy your own health insurance or are currently uninsured, this guide is for you. It will help you:

 Determine whether you qualify for a tax credit to help you pay for health insurance under the Affordable Care Act (also known as Obamacare)

 Compare private health plans using U.S. News & World Report's health insurance ratings for Louisiana

If you are enrolling in an Obamacare insurance plan through Healthcare.gov, your state's exchange, or a broker, the official 2015 Open Enrollment period is from November 15, 2014 through February 15, 2015.

Do I Have To Buy Health Insurance?

You may have heard that everyone in Louisiana must have health insurance in 2015 or pay a penalty – Obamacare's so-called “individual mandate.” With a few exceptions, this is true.

For 2015, not carrying insurance will cost $325 per adult plus $162.50 per child (up to $975 per family) or 2 percent of your family’s income, whichever is more.

U.S. News generally recommends getting health insurance of some kind, even if it is only catastrophic coverage. That's because unexpected medical expenses can easily bankrupt anyone who is uninsured.

Learn more about why it's important to sign-up for health insurance

Understand more about the Obamacare tax penalty

If your health insurance policy was cancelled in fall 2014, call your insurer to verify whether your plan is still available.


For more details,VISIT : http://health.usnews.com/health-insurance/louisiana

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