Buying an insurance policy means understanding the ins and outs of everything included. Understanding an insurance policy means asking questions and learning everything possible about your coverage from your Newport Beach, CA insurance agent. If you are unsure of something in the policy, including what the term deductible means in your auto insurance, do not hesitate to reach out and ask the experts at Murvay Insurance for additional information. 

What Is an Auto Insurance Deductible? 

When referring to your auto insurance, a deductible is the amount of money deducted from any car repairs resulting from an accident or other collision that your insurance company pays. Essentially, this is the amount you must pay out of pocket for repairs and replacement. Auto insurance deductibles are generally $500 or more, depending on the coverage options you select when buying your policy. 

How Do Auto Insurance Deductibles Work? 

Deductibles for auto insurance are different from deductibles used for health insurance. Each claim is treated independently with car insurance, and you must pay the deductible amount out of pocket for each claim. 

Here is an example. If your deductible is $500, and you were in an accident with car repairs totaling $2000, then your out-of-pocket costs are $500, and your insurance company pays the remaining $1500 to your Newport Beach, CA repair shop. In the event the damage is not greater than the deductible amount, then you’re responsible for paying 100 percent of the costs. 

How Do I Select the Right Deductible? 

Figuring out how much your deductible should depend on your circumstances. It all depends on what you can afford. Selecting a higher deductible to save money on premiums only makes sense if you can afford to pay the deductible in the event of an accident. For example, if you have a $1000 deductible and get into an accident, the money you saved on your premiums no longer matters if you cannot pay it because you may have to take out a loan or use a high-interest credit card to pay your out-of-pocket costs. 

Call the experts at Murvay Insurance to discuss auto insurance coverage options and which deductible is best for you. 

When it comes to auto insurance you may be wondering if basic liability insurance is ever enough. In California, basic liability is the amount you are mandated to have. At Murvay Insurance in Newport Beach, CA, our goal is always to create a lasting relationship with our clients through great customer service and the right insurance for your needs. Our experienced team will get to know you before recommending the right coverage. 

In California, basic liability is insurance is 15/30/5. That is $15,000 per person for personal injury with a total of $30,000 per accident and $5,000 for property damage. If you are a person who doesn’t own anything and has no assets that can be attached then maybe, just maybe, basic liability might be enough coverage. But think for just a minute about the price of a motor vehicle, even an older one. Imagine one with a value less than $5,000. There won’t be many. 

If you are the at-fault party in an accident, your insurance will be liable for medical expenses. With a cap of $15,000, one emergency room visit could put you over the limit. If the expenses go beyond the limit of your policy, then you are liable for the expenses yourself. You could lose any assets you have and also have your future earnings garnished. Additionally, you could be sued for damages. Not only could you have legal expenses, but there could be a judgment against you. You could be jeopardizing your future. 

When you consider the amount of money that additional liability insurance would cost you compare to the risk to your assets, it seems like a bargain to go for more than basic liability insurance coverage. 

If you are looking for auto insurance and an insurance agent who will make sure you have adequate coverage contact Murvay Insurance in Newport Beach, CA. 

Like most states, California has minimum basic insurance requirements. You must show you are financially responsible in the event of an auto accident where you’re at fault. You can post a deposit of $35,000 with the DMV if you prefer not to carry auto insurance. Most people find having auto insurance is the easier option. At Murvay Insurance in Newport Beach, CA, our goal is to create a personal relationship with all of our customers. We will customize your insurance coverage to your needs.  

The minimum liability insurance requirements in California are very low. Surprisingly it is a 15/30/5 state. In the event of an accident where you are at fault, you need to carry $15,000 for bodily injury for a single person injured with a total of $30,000 for an accident. Damage to property is $5,000. Given the cost of a vehicle these days and a hospital stay, you could quickly find the basic amount is woefully inadequate. If the damages went beyond the basic, you would have to pay the excess out of your own pocket if you have basic insurance. Talk to your insurance agent about your coverage if you are considering having the basic liability coverage. The risk of losing everything you have worked so hard to accumulate is not worth saving a few bucks on the premium. 

If you are leasing a vehicle or if you have a car loan, you will be required to carry additional insurance, not just liability. You will need to protect the car from any potential damage. This requires collision and comprehensive coverage. If you have a car you own outright, with cash value, collision and comprehensive is the coverage you probably also need. If your car is stolen or damaged, you will be able to get it replaced or repaired. 

Contact Murvay Insurance in Newport Beach, CA with all your insurance questions and needs. 

Owning a car in the Newport Beach, CA area is a necessity for a lot of people. If you do own a car here, it is crucial to stay in compliance with your insurance requirements. There are several situations when you need to have this coverage.

When Driving on Public Roads

One of the reasons why you need to have auto insurance in this area of California is because it is required by law. In this state, you are obligated to carry liability insurance whenever you drive your car on a public road. This provides assurances that you can pay for any damages that you cause during an accident. Those caught driving without this form of insurance could face a variety of penalties.

When Trying to Protect Asset

Another reason why you need to have auto insurance is that it will provide you with protection for your vehicle. When you own a car, there is a good chance that you will spend a lot of money purchasing it and on maintenance. The last thing that you would want would be to lose this asset due to damage or theft. If you get a full collision and comprehensive insurance policy, it will give you coverage to replace or repair your car when necessary. This form of coverage will also be required if you took out an auto loan. 

Choosing the right auto insurance policy is very important. Murvay Insurance is an excellent resource for any questions that someone in Newport Beach, CA has about auto insurance. When you are looking for a new policy, Murvay Insurance can help you to determine your risk profile and figure out a way to protect you and your vehicle adequately. This will provide you with peace of mind and ensure you are in full compliance with your obligations. 

When it comes to automobile insurance, there’s a great deal to figure out. Whether you just want a basic auto policy or some of the additional coverage, it’s a good idea to know what the different types are first.

Liability Insurance

This is the minimum of what you’d need as a legally-insured driver. It protects the driver in the event he or she is responsible for an accident, or if the driver is held responsible for some reason. The coverage is for medical expenses, lost wages, damages to the other party’s vehicle, and consequences of any injuries that occurred.

Comprehensive

Having comprehensive coverage means that you’ll be able to replace your vehicle if it’s damaged by natural disasters or if it gets stolen. It’s known as "other than collision" in some states. This optional type of coverage may be important if there’s a higher risk of damage or theft (outside of your control) where you live. Talk to a reputable insurance agent like those at Murvay Insurance of the Newport Beach, CA area to determine if comprehensive would be ideal for you.

Collision

This policy type covers any repairs that need to be done on your vehicle in the instance there’s a traffic accident, regardless of who’s at fault. Collision insurance also covers property damage, as well as damage to your automobile if you have an impact on buildings, trees, or anything else basically. A replacement vehicle may be available to you if your car or truck is deemed to be "totaled" by your insurance provider. Typically, it would have to be a vehicle that is at the same or lower market value than your current one.

Contact the agents at Murvay Insurance, serving Newport Beach, CA and beyond, with your questions about auto insurance. We’ll assist you in creating the best policy to fit your unique situation in California.

 

 

California requires all drivers to show proof of insurance when operating a vehicle on the highway or in the city. Is your coverage enough to meet the state’s liability requirements? The agents at Murvay Insurance can help you find the right auto insurance plan that covers you financially while also keeping you in compliance with state law. 

What is the state minimum for car insurance?

The state of California requires all drivers to show proof of liability coverage that includes at least $15,000 per person, or $30,000 per incident, for bodily injury. Drivers must also have property damage coverage that equates to at least $5,000 in coverage. California is unique in its auto insurance requirements by mandating drivers to carry uninsured/underinsured motorist coverage that is no less than $15,000 per person, or $30,000 per incident, per accident. 

The minimum policy limits as required by the state will keep you in compliance with the law. Such stipulations do not prevent a lawsuit in the instance that you cause damage in an accident that exceeds your policy’s limits. Such is the reason why you may want to purchase more insurance in Newport Beach, CA.

How much car insurance do you need?

Your policy limits should depend on a number of factors. First, you want car insurance that pays to have your vehicle replaced in the instance that it is destroyed in an accident. An indemnity plan that is not enough for you to recover is probably not enough for the next person to get back on his or her feet if you cause an accident that leads to significant losses. 

You also want to consider an insurance policy that offers legal representation in the instance that your case goes to court. The best insurance plans in Newport Beach, CA provide drivers with a strong legal team that works to ensure equality in lawsuits. 

The agents at Murvay Insurance are in the business of finding the best auto insurance plans for California residents. Call today to get started with a quote for coverage!

Everyone carries personal possessions in their car and odds are you have a thing or two in your car right now that you may not necessarily need with you. That said, what happens if you are in an accident and these items are destroyed? For those looking for insurance coverage in the Newport Beach, CA area, the agents with Murvay Insurance can help you find a policy that is going to work best for you.

In regards to those personal effects that you have been carting around in your car, your insurance does cover them but not each item specifically. You do get some money in terms of liability settlement when you have an accident with which you can replace the items that were damaged or destroyed. If you have items that are very expensive, you should have coverage on them specifically to help make sure that they are going to be safe if you do have an accident. Items like very expensive electronics, expensive jewelry, and other items that are going to cost a great deal to replace will be best covered if you have a separate policy just for them.

You can get a bigger payout in some cases if you do prove to your insurance agency that the item was destroyed as a direct result of the wreck and the damage that it caused. Your personal property is something that you should be thinking about protecting each day so you can be sure that no matter what, you are going to be able to recover if your things are destroyed. You can always speak with an agent like those at Murvay Insurance in the Newport Beach, CA area to find out just what your policy covers and what additional coverage you may need.  

Everyone carries personal possessions in their car and odds are you have a thing or two in your car right now that you may not necessarily need with you. That said, what happens if you are in an accident and these items are destroyed? For those looking for insurance coverage in the Newport Beach, CA area, the agents with Murvay Insurance can help you find a policy that is going to work best for you.

In regards to those personal effects that you have been carting around in your car, your insurance does cover them but not each item specifically. You do get some money in terms of liability settlement when you have an accident with which you can replace the items that were damaged or destroyed. If you have items that are very expensive, you should have coverage on them specifically to help make sure that they are going to be safe if you do have an accident. Items like very expensive electronics, expensive jewelry, and other items that are going to cost a great deal to replace will be best covered if you have a separate policy just for them.

You can get a bigger payout in some cases if you do prove to your insurance agency that the item was destroyed as a direct result of the wreck and the damage that it caused. Your personal property is something that you should be thinking about protecting each day so you can be sure that no matter what, you are going to be able to recover if your things are destroyed. You can always speak with an agent like those at Murvay Insurance in the Newport Beach, CA area to find out just what your policy covers and what additional coverage you may need.  

Sunny days and cool nights seem to be a signature for California life. There is, however, more to the state than beautiful beaches and picturesque mountains. California is home to thousands of drivers and, thus, has one of the highest records for accidents in the country.

With the probability of you having at least a fender-bender while driving in Newport Beach, CA fairly high, it is important that you understand the basics of auto insurance.  Do you really need car assurance if you live in California, though? The agents at Murvay Insurance can help you sort things out.

California auto insurance requirements

The state of California requires all drivers to furnish proof of financial responsibility. Most auto owners choose to purchase an indemnity policy that satisfies the minimum requirements in the state.

You need the following to legally drive in Newport Beach CA and throughout the region:

• At least $15,000 per person for bodily injury. A minimum of $30,000 is required per accident for bodily injury.

• A minimum of $5,000 per accident for property damage.

• Uninsured motorist coverage for at least $15,000 per person and $30,000 per accident, at a minimum.

Of course, you would likely want to purchase a policy that exceeds the state’s minimums as one at-fault accident in California can lead to damages that far exceed the $5,000 minimum coverage for property damage and $15,000 per person for bodily injury.

Is auto insurance the only way to prove financial responsibility?

Many assume that California requires auto insurance because such is the way that many drivers go. In reality, individuals who furnish proof of a cash deposit of at least $35,000 with the department of motor vehicles (DMV) is an acceptable form of financial responsibility. Still, a cash certificate does not exempt you from a lawsuit if the damages that you can exceed $35,000.

The agents at Murvay Insurance can help you find the auto insurance policy that works best with your lifestyle. Call them today for a quote!