Central Florence, Kentucky
7420 US Hwy
Florence, KY 41022
859-371-9458

5 Essential Terms Your Insurance Agency Wants You to Know February 13, 2018

Central Florence, Florence
5 Essential Terms Your Insurance Agency Wants You to Know, Florence, Kentucky

Whether you’re shopping for a health insurance policy or need coverage for your vehicle, having a genuine understanding of associated terms is crucial. A reputable insurance agency will make sense of this confusing language for their clients, which may be difficult for the average person to comprehend. Fortunately, the brokers at Michel Insurance Agency go out of their way to ensure clients in Florence, KY, are fully aware of common insurance terms.

An Insurance Agency Explains 5 Important Terms

Premium

Premiums are the amount you regularly pay for your insurance. Depending on the plan, you might be obligated to pay premiums once a month, every six months, or once a year.  

Deductible

A deductible is the amount of money you’re obligated to pay before your insurance kicks in. For instance, if you’re deductible is $1,500, you’re responsible for that amount before your insurance coverage takes over. The higher the deductible, the lower your premium payments will be.

Comprehensive Coverage (Auto)

insurance agencyWhen it comes to car insurance, a comprehensive policy refers to coverage for any damage that occurs outside of collision. A standard auto policy typically only covers collisions, so if your vehicle were damaged in some other way, the repair costs would not be covered.

Copayment

Regarding health insurance, a copayment refers to the money you must pay when seeking medical services. Copays can range in amount, although around $30 is standard for visits to a primary care doctor. Specialized services may entail a higher copay.

Coinsurance

Coinsurance is another term related to health insurance. This refers to the amount you’ll be required to pay for health services, such as hospitalization. You may be obligated to pay 30% for services, while your insurance company will be responsible for 70%. In general, you’ll be required to pay coinsurance after your deductible has been satisfied.

As a family-owned and -operated company, Michel Insurance Agency has established a reputation in Florence for treating their clients like family. Call (859) 371-9458 today to schedule an appointment with a skilled insurance broker. If you’d like more information on the full range of services offered by this insurance agency, visit them online.

Other Announcements, Events and Deals from Michel Insurance Agency LLC
3 Common Causes of Indoor Floods at Home, Florence, Kentucky
As a homeowner, you’ll do everything you can to keep your home and your belongings safe. However, no matter how careful you are, accidents can happen. For many people, nothing is mor...read more
How to Choose the Best Life Insurance Policy, Florence, Kentucky
Unlike car or homeowners insurance, life insurance should be chosen carefully and with the help of a professional insurance agency. While the policies are widely misunderstood, ...read more
5 Reasons Why Renters Insurance Is Worth Having, Florence, Kentucky
From laptops and flat-screen televisions to jewelry and expensive clothes, apartment dwellers fill their residences with valuable items when they move in. To protect assets and belon...read more
4 Ways to Lower Your Car Insurance Premiums, Florence, Kentucky
If you’re involved in an accident, your car insurance policy provides vital protection, offering peace of mind and insulating you from the financial consequences of the incident...read more