As a subsidiary of QBE North America, Praetorian Insurance Company now sells and underwrites the same auto insurance policies as its parent company. The head office of QBE is in Australia, but the insurance group has more than 17,000 employees working in 38 countries across the globe. As of 2012, QBE made its way among the world’s top general insurers. Product diversification is one of the insurance group’s business strategies, and Praetorian Insurance sun prairie wi complements this approach to broaden the range of products QBE offers. In the scope of property and casualty product lines, auto insurance is one of the highlights for it provides its coverage in all 50 states including District of Columbia and Puerto Rico. The main office of Praetorian Insurance Co. is in Wall Street Plaza 88 Pine Street New York, NY 10005.
Auto insurance by Praetorian Insurance Company is available only from independent agents. It does have affiliated agencies, but they are for homeowners’ product lines. When a company encourages potential consumers to purchase coverage through independent agents, there is a middleman service in the process. It requires additional fee, but this is not always bad thing. All types of auto insurance coverage from Praetorian Insurance are similar to those from the parent company, but there are differences due to state’s regulation.
For general consumers, it takes times to understand the differences in terms of either coverage availability or price. An independent agent has the knowledge to make simple explanation without skipping the essence of what the consumers need to know. It means the process is quicker and more transparent to avoid miscalculation. More importantly, the insurance you buy complies with your state’s law.
The types of auto coverage are similar to most insurers’ products. The policies are not for high-risk drivers, so the premium fee is more affordable than those available from non-standard market. Praetorian Insurance Company also determines premium by taking driving record into account, meaning the price can be different between individuals. A driver who has clean driving record or claim-free account should pay less for the premium as a reward. Types of auto coverage from GladiatorsInsurance.com are as follows:
- LIABILITY COVERAGE
In simple words, liability coverage does not cover injury or property damage that you suffer due to accidents. This coverage exists to pay for injuries and property damage of the other parties in an accident for which you are responsible. All states require liability coverage as part of auto insurance policy, but the minimum limit depends on each state’s regulations. In some states, liability coverage is not necessary as long as you have proof of financial responsibility or financial resources to cover equal amount of minimum requirements. Liability coverage comes in two different types:
- Property Damage Liability
It does cover damages to your vehicle due to an accident, but it covers you from the financial burdens of having to pay repair or replacements cost for damages to the other party’s vehicle. Every state has the bare minimum limits of what you need to have, but it is best to purchase higher limits because the costs for repair and replacement are increasing over time. In case your coverage limit is not enough to cover the damages, you have to pay out of your own pocket.
- Bodily Injury Liability
When you are at fault in an accident that causes some else to suffer from injuries, this coverage pays for the medical treatments. It does not apply for your own injuries, and there is separate coverage for that purpose. Medical treatments may include physical therapy, rehabilitation, pain & suffering compensation, funeral cost in case of death, and all medical bills until full recovery. There is also emotional stress, and the cost of which is for the court to determine. Medical expense is often more expensive that the cost for vehicle damage, so it is wise to purchase higher limit.
- PERSONAL INJURY PROTECTION
It is the coverage that covers medical expenses for injuries that you and your passengers suffer. It is mandatory in 16 states, and your independent agent has professional obligation to inform you if you need one. If you have an existing health insurance, you can consider this the first-aid kit before the health coverage kicks in.
- PHYSICAL DAMAGE
It is like umbrella coverage under which Comprehensive and Collision coverage fall. Physical damage can be either mandatory or optional depending on car ownership status. If you are still making payments for your car, the state may require you to pay minimum limit for physical damage coverage. Once you have complete ownership, both Comprehensive and Collision become optional.
- Comprehensive: this coverage applies to almost all types of loss that may occur expect from accident. It covers various types of risks including theft, vandalism, fire, falling objects, and damages due to collision with animals.
- Collision: it applies to risk that Comprehensive cannot cover: damages from accidents. Collision with another car, building, and stationary objects are in the scope of this coverage.
It covers you from the financial burdens of repairing your cars after an accident that involves a driver who has no sufficient coverage or no coverage at all. It is not mandatory, but useful in states where the number of auto insurance policyholders is low.
Praetorian Insurance Company determines premium fee from each costumer’s driving record. Clean record with no traffic tickets gets lower-than-standard price. As drivers get more experience behind the steering wheel, their driving records improve so they can lower premium in the future. Praetorian Insurance Company also offers Accident Forgiveness Program to waive traffic tickets for loyal customers.