Personal Vehicle Insurance
Personal automobile insurance covers private passengers and their vehicles. It provides protections against financial loss from accidents involving other vehicles, property damages, bodily injuries, weather, vandalism, theft, and more. Once you understand the aspects of each coverage, you can decide which ones to include in your personal auto insurance package and determine the limits of coverages that best fit your circumstances as our policies are customizable.
At Koram, we keep you and your family covered with quality auto insurance both on and off the road. The following are some common coverages found in an auto policy.
BODILY INJURY (BI) LIABILITY COVERAGE
Pays, up to the coverage limits, for damages due to injury or death of others in a vehicle accident for which you or the operator of your vehicle are legally responsible. It also pays your legal defense costs. In most states this coverage is mandatory.
PROPERTY DAMAGE (PD) LIABILITY COVERAGE
Pays, up to the coverage limits, for another individual’s vehicle or property that has been damaged in an accident for which you or the operator of your vehicle is legally responsible. In most states this coverage is also mandatory.
PERSONAL INJURY PROTECTION (PIP) COVERAGE
Portion of an auto insurance policy that covers the treatment of injuries to the driver and passengers of the your car.
MEDICAL PAYMENTS COVERAGE
Pays, up to the coverage limits, for reasonable and necessary doctor, hospital and funeral expenses for you and your passengers injured or killed in an accident, regardless of who is at fault. Payments are usually limited to one to three years after the accident. This coverage is optional in most states without no-fault insurance systems.
UNINSURED/UNDERINSURED MOTORISTS (UM/UIM)
Pays, up to the coverage limits for pain and suffering which is not covered by medical, disability and PIP. Underinsured motorist coverage pays for bodily injury to you or your family resulting from the negligence of other party whose liability insurance limits are insufficient. The definition of an underinsured motorist varies from state to state.
Pays, up to the coverage limits, for destruction or damage to your vehicle or a vehicle you are operating caused by a collision or rollover. This coverage is usually required if you have a vehicle loan.
COMPREHENSIVE PHYSICAL DAMAGE COVERAGE
Pays, up to the coverage limits, for damage to your vehicle or any vehicle in your custody resulting from theft, fire, vandalism, flooding, hail, fallen trees or other perils (but not damage by collision or overturning). This coverage is also usually required if you have a vehicle loan.
Pays, up to a specified amount for rental vehicle charges while your vehicle is being repaired for damage covered under your policy. If you prefer not to incur the cost of renting a vehicle yourself and cannot be without a vehicle while yours is being repaired, you should consider this coverage.
TOWING AND LABOR
Covers some costs incurred for services rendered at the place of breakdown or for towing to a repair shop. It covers the delivery of gas, oil or a battery, but not the cost of these items. If you lock the keys in the vehicle or need a tire changed, this may also be covered.
If you utilize your personal vehicle when you drive for a ridesharing service, such as Uber or Lyft, you can’t just afford to depend only on coverages that are offered by Transportation Network Companies (TNC) because if you’re involved in an accident, you run the risk of paying for property damages, repairs and bodily injuries out of your own pocket.
In addition, the basic coverages offered by Ubert or Lyft are only effective when you’re actively on the app picking up/dropping off the passengers.
rideshare service: Uber, Lyft
on-demand delivery service: Grubhub, DoorDash, Postmates, Uber Eats
Boat / Marine Insurance
Boat or Marine insurance is available for small boats, canoes, yachts, high-performance powerboats, live-aboard houseboats, catamarans, or pontoons. Marine insurance will cover intended use including personal recreation, commercial, or charter vessels.
Motorcycle insurance is a way of sharing the risks of riding between you and your insurance company. Whether you have a sport bike, chopper, cruiser, moped, touring bike, dirt bike, scooters, standard, antique, or even a custom ride, motorcycle insurance can protect you, your bike and others on the road.
With us at Koram, your motorcycle policy insures not only your security, but also your sui generis sense of freedom and independence.
main coverages that comprises a motorcycle insurance policy are:
Bodily injury liability coverage
Personal injury protection
Property damage coverage
Uninsured/Underinsured motorist coverage
some of the common vehicle types we insure:
Vintage and antique motorcycles
Sport and high performance motorcycles