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Insurance Learning Center

Need a little help in choosing the right coverage?
Read up on some of the common buzzwords of the insurance industry and know exactly what coverage your getting.

What affects the price of insurance?

The price of auto insurance may vary depending on the amount and type of coverage purchased; the make and model of the car; and the insured's driving record, years of driving and the number of miles the car is driven per year. Other factors taken into account include the driver's age and gender, where the car is most likely to be driven and the times of day - rush hour in an urban neighborhood or leisure time driving in rural areas, for example. Some insurance programs may also use credit history related information.

What is a premium?

A premium is the price an insurance company charges for coverage, based on the frequency and cost of potential accidents, theft and other losses.

What is a deductible?

The amount of loss paid by the policyholder. Either a specified dollar amount, a percentage of the claim amount, or a specified amount of time that must elapse before benefits are paid. The bigger the deductible, the lower the premium charged for the same coverage.

Any retribution you might receive from a claim is given after subtracting the amount of the deductible as dictated by your policy.

What types of discounts does Empower Insurance offer?

Some of the discounts available through Empower include the following:

  • Multi-car insurance
  • Homeowners
  • Proof of prior insurance
  • Safe driver
  • Prior in house coverage

All About Coverage?

  • Liability Coverage - is the portion of an auto insurance policy that covers injuries and property damage the policyholder causes to someone else.
    Auto Liability Coverage is required in order to drive in most states. State law usually dictates the minimum required liability coverage, but additional coverage can also be purchased. Remember that it does not provide any coverage for your damages, but only to someone else if you are the responsible party.
    There are two types of liability coverage. One covers bodily injury and the other covers property damage. If your coverage is less than the actual bills incurred, you will be legally responsible for paying the remaining costs.
  • Collision Coverage - is the portion of an auto insurance policy that covers the damage to the policyholder's car from a collision. The amount paid to the policyholder is the cost of repairs minus the deductible.
  • Comprehensive Coverage - is portion of an auto insurance policy that covers damage to the policyholder's car not involving a collision with another car (including damage from fire, explosions, earthquakes, floods and riots), and theft.
  • Medical Payments Coverage - is a coverage in which the insurer agrees to reimburse the insured and others up to a certain limit for medical or funeral expenses as a result of bodily injury or death by accident. Payments are without regard to fault.
  • Personal Injury Protection (PIP) - is the portion of an auto insurance policy that covers the treatment of injuries to the driver and passengers of the policyholder's car.
  • Uninsured Motorist Coverage - is the portion of an auto insurance policy that protects a policyholder from uninsured and hit-and-run drivers. Coverage can be subject to certain limits and deductibles.

What are endorsements to a policy?

An endorsement is a written form attached to an insurance policy that alters the policy's coverage, terms, or conditions. Sometimes called a rider.