Types of Vehicle Insurance

If you operate a vehicle in Salt Lake City it is very important (and legally required) to have adequate insurance. Without insurance if you have a car accident you may face steep repair costs in an auto body repair shop, a hospital or a court room. The following is a brief and general overview of typical types of insurance coverage available for vehicles in the United States. Keep in mind, terms of specific policies will vary between different insurance providers and the laws governing insurance coverage also differ from state to state.

Bodily Injury

Bodily injury liability provides coverage for damages to another person’s physical body resulting from a car accident. Typically, a bodily injury insurance will cover medical costs and tort liability up to a limit set by the policy. Many state2-collision-repair-advertisements require bodily injury coverage for all vehicle operators.

Collision

Collision insurance will cover losses related to collisions with other vehicles and is optional in most circumstances. Collision insurance covers the cost of repairs or replacement costs if the vehicle is totaled.

Comprehensive Coverage

Comprehensive coverage covers losses that result from theft, fire, flood, vandalism or other causes not associated with a collision.

Liability

Liability or “casualty” insurance covers bodily injury or property damage caused by a car accident for which the insured driver is responsible. This coverage will cover direct expenses (repair and medical bills) as well as tort liability.

Loss of Use

A loss of use policy will provide monetary reimbursement for costs associated with rental expenses while your vehicle is being repaired provided the damage being repaired was covered by the policy.

Property Damage

Property Damage covers damage to another person’s property. This can apply to a vehicle or other structures located on their real property damaged in an accident (e.g. a mailbox or fence).

Uninsured or Underinsured Motorist Coverage

Uninsured motorist insurance covers losses in situations where the party responsible or at fault for damages resulting from a car accident does not have insurance or has insufficient insurance to cover the loss. Uninsured motorist policies typically cover costs associated with vehicle repairs as well as medical bills for the insured.

Depreciation

 

carAlthough a necessary expense, financially speaking, a car is not a good investment. This is true because a car will depreciate in value immediately after it is purchased and will continue to depreciate the older it gets. The specific amount of depreciation will vary from car to car but probably the most important factor to determine the amount of depreciation and the rate at which a car will depreciate is whether the car is new or used. Both new and used cars depreciate; however, new cars will depreciate much faster than used cars.

This depreciation will occur in a generally predictable manner. Typically, new cars depreciate 20% by the end of the first year after purchase. The moment a person drives a new car off the lot it becomes a used car and after this transformation approximately 10 percent of its value will evaporate. By the end of the first year after purchase, that same car will depreciate an additional 10 percent on average. Less popular models with fewer bells and whistles tend to depreciate more than popular models with additional features, sometimes loosing 50 percent of their value in many cases. Typically, new cars lose value for four years after the first year after purchase, ranging from 15-25 percent per year. All told, new cars tend to lose 60 percent of their original value by the fifth year after purchase. Purchasing a relatively new used car will avoid the first-year rapid depreciation, but even used cars depreciate over the first five years after purchase.

Obviously, there are many factors that determine how much any one particular car will depreciate over a given period of time. If you are buying a used car in Salt Lake City you may want to use a car depreciation calculators available on the internet. These calculators may help you to decide whether one car is a better purchase than another.

What Can We Learn From The Best Super Bowl Car Ads from 2015

You can learn a lot by finding out what ads have done well in the past. You must take into account certain celebrities, catch phrases, or world events that might made the advertisement perform well at one time and not another, but often you can gain some powerful insights. What better way to do this than explore some of the most expensive advertising in the US. The infamous Super Bowl commercial.

Now if you’re like us, sometimes you have to admit that you’re watching the Super Bowl because of the commercials. We love our football, but there certainly have been some epic advertisements that were given birth at the Super Bowl and quite honestly, we don’t always walk away thinking of the car commercials. This year it was a bit different. The number one commercial that stood out to us was “The Fiat Blue Pill”.

While not a commercial that you may be wanting to discuss with your child or grand-child, it was a hilarious take on “real life” issues in a fun loving way. We were delighted to see it.

Another winner in the car category was the Nissan ad – “With Dad.

https://www.youtube.com/watch?v=Bd1qCi5nSKw

No matter what your take on Nascar racing, you can’t help but get drawn in emotionally in this story of a dad having to spend so much time away from home to provide for his family and then finally hanging up the danger in order to be there for his family…. as well as driving a supped up Nissan!

Our third favorite car ad during the 2015 Super Bowl was good ol’ Pierce Brosnan showing the action packed prowess of a…. Kia Sorento?

We loved seeing Pierce be able to have some fun with himself and his iconic stature as an action hero. While we may not fully feel the action packed status of the Sorento, Kia did a great job of connecting with the adult crowd and conveying the idea that the Sorento is more than

What can we learn from these advertisements? Get away from features and simple benefits and create stories where your autos will reside. Reach people emotionally and you can connect your auto with a deeper part of them than just the features/benefits you’re offering.