Introduction
Finding the right insurance for you in Tennessee can be an uphill task, especially when you’re clueless about what to look for. There are numerous insurance companies on the market today, and it helps to have an idea of what you should look for. This article takes an in-depth look at Tennessee insurance related to auto, home, long-term care and health insurance.
History
Auto Insurance
Auto insurance is not mandatory for Tennessee residents; however, you must demonstrate that you have the financial capability to meet the resulting costs. Accidents are unforeseeable and come with huge medical bills, which is why it is considered prudent to have an auto insurance cover. The following are minimum liabilities that apply to auto Tennessee insurance: property damage of $10,000, bodily injury per person is set at $25,000 and $50,000 applied to bodily injury. Accidents are a common occurrence, and auto repair coupled with personal injury costs can be a huge financial drain. Purchasing covers above these limits ensures that you do not get financially incapacitated when such unexpected situations arise. Liability insurance can be combined with uninsured/underinsured and collision covers to provide further protection.
Health Insurance
Health insurance in Tennessee is offered in two categories: individual and group. Group health insurance is offered by employers whereas individuals can purchase a personal health care cover. Health insurance comes in two plans: managed care and fee-for-service plans. The fee-for-service plan enables the insured to get medical treatment and then the insurance pays part or the whole amount. Managed-care plans offer comprehensive services where members use the services for a predetermined period of time at a fixed rate.
There are various rights you should be aware of when shopping for medical insurance, they include:
• Insurance coverage for a particular set of mandated benefits
• Be fully aware of the scope of the cover
• Get a copy of the health benefits which can be used for comparison benefits
• Prompt payments whenever you file claims
• Written explanation in case the insurer denies your application for a health cover
Features
Home insurance
Home Tennessee insurance is designed to protect you from incurring financial losses as a result of theft, fire and disasters such as storms. Home insurance covers any damages to your property and injuries. Home insurance is not compulsory, but if you’re using a mortgage to pay for the house, the lender may insist that you get covered. You are at liberty to cancel the policy once you have paid off your mortgage, but it’s risky since you could lose your entire investment.
Life insurance
Life Tennessee insurance is mainly offered in two categories- term life and whole life. Term life protects you for a specific period of time, though it may be renewable while whole life offers you long-term financial protection.
Tips and comments
Tennessee insurance packages differ depending on the provider and that is why it is important to make comparisons based on quotes and services offered. This helps you to make an informed decision by picking the right one.
