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Category Archives: Auto Insurance

All about Auto Insurance Renewal

The countdown for renewal date starts as soon as the policy takes effect. In terms of renewal period, auto insurance policies are available in two choices:

· Annual Policy: an auto insurance policy that is valid for one year.

· Semi-annual Policy: some policies are valid for only 6-moths period. For policyholders, 6-months provide the chance to improve DMV records and reduce the premium for the next renewal date.

Auto insurance companies have the obligation to notice policyholder about renewal information. They can send it via mail or email within 45 – 30 days in advance of renewal date. Unless policyholders want to make changes to the current policy, renewal process should be quick and easy. Nonetheless, it is best for policyholders to do their due diligence and check for errors or unexpected surcharge. Before the renewal takes place, please make time to:

· Review the policy: the best time to verify discounts or make changes to coverage is on renewal date. It becomes more important when policyholders have practiced safety guidelines from the insurer as a requirement for discount eligibility. Auto insurers often reward good customers with lower premium as well. In many cases, it takes an insurance agent to see potential changes in the policy.

· Make payment: whether policyholders want to continue or cancel the policy, the best time to notify the insurer is on renewal date (or several weeks before). Some carriers do not allow for grace period on renewals, so they can cancel the policies because there is no payment confirmation. Even when policyholders want to switch to new carrier, it is important to notify the current insurer to avoid fines.

Premium Surcharge

An increase in premium rate is not uncommon. It happens for two main reasons. First, the insurance company increases the base rate. In this case, all policyholders should get premium surcharge. Even good drivers with clean records should pay more under this circumstance. Another reason is that the policyholder has higher risk than before in the previous period. Traffic tickets and bad credit score can lead to premium surcharge. Auto insurance claims for an at-fault accident almost always increase the premium as well.

Changes before Renewal

Insurers allow policyholders to make changes in the policies between renewals; this regulation applies only for auto/car insurance policy. Other vehicles such as RV, boat, and motorcycles may not have this option. Changes in policy for examples coverage omission or vehicle removal from the list can offset the premium surcharge from bad DMV records. In worst scenario where policyholders have records of involvement in accidents that cause severe injuries or deaths, the rate can go very high beyond affordability. To compensate for expensive premium, policyholders can choose to purchase only state’s minimum coverage requirements.

Odd Surcharge

There are times when auto insurance companies add small amount of money to the bill. It is normal for semi-annual policy with which insurer adds renewal fee. Late payment is also punishable by small fines (from 5 to 15 dollars). Late fee is one time fine, which means it will disappear as policyholder pays on time the next month. Anytime there is odd surcharge without information, it is good idea to ask helps from insurance agents. The additional fee is possibly a mistake to waive.

Auto insurance policy is not a one-time purchase effective for lifetime; all are subject to changes and renewals. The idea is to give the chance for good drivers to get lower premium and punish bad driver with premium surcharge. Cancellation is also common because the policyholders have DUI or felony convictions.

Information about Classification of Vehicles Insured

Act Policy

An Act Policy covers all risks for which a policy is necessarily to be taken by the owner of a vehicle under the Motor Vehicles Act. According to this Act, a policy must be taken to cover any liability which may be incurred by the insured in respect of the death of or bodily injury to any person caused by or arising out of the use of the vehicle in a public place. The extent of the amount to which a policy should be taken is also specified in the Act. Again a policy of insurance is also necessary to cover any liability arising under the provisions of the Workmen’s Compensation Act 1923, in respect of the death of or bodily injury to any paid employee engaged in driving or otherwise in attendance on or being carried in a motor vehicle. All these provisions together with the exceptions are printed on the policy itself. It should be seen that insurance is compulsory as to personal injury only and not as to damage to property.

Third Party Policy

This policy covers not only those third party risks for which an insurance policy is legally necessary as explained above but also covers such risks for which the insured may be held liable under various laws, such as Fatal Accidents Act 1855 and common law. Here the policy includes also the damage to property of third parties for which the insured is liable. The insurer undertakes to pay in addition to the compensation, all sums including claimant’s costs and expenses for which the insured becomes legally liable.

Comprehensive Policy

A comprehensive policy covers a wide variety of risks under single coverage. There are some very common risks which alone are covered by this policy and if any other risk is to be covered it can be added to the risks insured after the payment of extra premiums. A comprehensive policy for private cars usually covers the following risks:

(a) Loss of or damage to car. The car including necessary Lamps, Tyre’s, and Accessories thereon is insured against loss or damage by accidental external means, fire, explosion, self-ignition, lightning, frost, burglary, housebreaking, theft, malicious act and in transit by road, rail, inland waterway, lift or elevator.

(b) Removal charges in respect of removal of the car to and from the premises of the nearest repairers for any accident up to a certain limit.

(c) Third party liability, i.e., risks covered in third party policy.

(d) Costs and expenses incurred with the consent of the company.

(e) Repair charges for the car due to accident for which company is liable upto a certain limit.

(f) Medical Expenses up to a certain limit incurred in connection with injuries sustained by the insured or any occupant of the car.

Tricks To Lower Auto Insurance

Raise Your Deductible

Instead of cutting your coverage, you can save money by increasing your deductible. This means that if you are in an accident, you will pay a higher amount out of pocket before the insurance coverage kicks in. Keep in mind that you shouldn’t raise your deductible so high that you can not pay it if an accident does happen. Most people can see a significant change in their premium amounts by raising their coverage amounts by several hundred dollars per year.

Ask About Discounts

You may be surprised to find how many discounts are available if you just ask! Many people don’t know this, and pay full price. For example, you may qualify for a decrease in your insurance based upon how much you drive your car, where you park the car at night, or even where you live! In some cases, having an alarm on your car can also earn you an insurance discount. For young drivers, taking a class on driver’s education or on the road training classes can also help to lower your insurance rates.

Go Insurance Shopping

If you do not like the rates that you are offered by your insurance company, you should go shopping. You can get quotes from other companies online quickly and easily. Of course, make sure that you are keeping the same amount of coverage before comparing costs. Some companies will actually assist you in comparing policy costs! In this case, you can shop for insurance, get personalized attention from an agent, and save money at the same time.

Some Types of Insurance Settlements

Insurance Settlements

Just like all other cases, insurance claim settlements vary in outcome. There are a few considerations to be aware of before moving forward with an insurance auto accident claim. For example, if you sustained only minor to moderate injuries, and only require a few doctor visits and check-ups, then a simple insurance claim should cover your damages. Damages include hospital bills, medical expenses, medication, and property damage. With regards to property damage, most insurance companies will pay to cover repairs and paint; but in the case of high-end cars that are expensive to repair, you may not receive an offer from the insurance company to cover all the related and incurred expenses following your accident. If this happens, it might be in your best interest to pursue an out-of-court settlement with the help of a licensed attorney, or take your case to court. Insurance companies want to settle as soon as possible, but quick settlements can be a mistake. This is because once a person signs and accepts the offer, the case is immediately close and cannot be brought back up ever again. If more injury or costs come up after the settlement is closed, the insurance company is not obligated to cover those additional or prolonged expenses. This is why it is important to hire a licensed attorney to facilitate your claim.

Out of Court Settlement

For claims that cannot be sufficiently covered by an insurance settlement offer, an out of court settlement through attorneys may be necessary. In order to receive the compensation that will fully cover all related expenses, medical and property damage, you must take your claim to a lawyer so they can put together a case to present it to the at-fault driver’s insurance company or other opposing party. Out-of-court settlements have a few advantages, like flexibility. There is no insurance policy limits to abide by or restrict a case, so you can pursue additional compensation for more related expenses, like time of work, lost wages, pain and suffering, and more. Out of court settlements are best for more serious accidents, damages, and injuries because more compensation can be recovered. For less serious cases, it is easier to just accept an insurance claim settlement.

Technology Makes Buying Insurance Convenient

Online Motor insurance provides a cover for cars, trucks, motorcycles, and other road vehicles. The policy also fulfills legal liability arising on injury or death of a third party or property damage caused due to an accident involving your vehicle. It protects your vehicle against financial losses arising from accidents, theft and other natural calamities like cyclone and earthquake. The surety of the vehicle being secure gives peace of mind to the car owner and he is able to focus on more important affairs of life.

Online motor insurance is an effective tool for vehicle owners to guard their asset against unforeseen risks. Vehicles these days are very expensive and they require servicing and maintenance on regular intervals. With an appropriate insurance cover, there is guarantee of your investment staying safe and secure. Motor insurance guards the vehicle against any financial loss resulting from an unforeseen event.

All the renowned names in the insurance industry these days issue digitally signed insurance policies to their customers. The customer is thus able to enjoy easy access to this document from his laptop, computer and even mobile phone. A photocopy of the digitally signed policy, wherever attached, is accepted as an authentic and reliable document. Also there is no restriction on the number, so a customer can always keep additional copies of the same to submit in case of an urgent requirement.

The customer who buys Online Motor insurance receives regular updates from the company about various exciting plans that are being offered. Also he receives auto reminders about the date of premium payment. Such notifications greatly help a customer in planning his expenses in an organized manner.

The benefits of Online Motor insurance are massive. Apart from yielding tax benefits, the option to buy policy online also saves a lot of time of the customer. The policy seeker is not required to visit the company’s office. Rather he can complete all the formalities online and also make a payment for the same using online money tools. Most of the insurance companies have high standards of security and are SSL certified. Thus your investment stays safe and helps you successfully in hour of need.

Tricks Pick Best Protection Service

Think carefully about your deductibles

If you drive cautiously and are not likely to have an accident, you might choose to pay a higher deductible and save money on your monthly premiums. On the other hand, if you must have your car for work and you can’t save up enough money to pay off a high deductible, you may be better off to pay higher premiums for a lower deductible. Think through the scenarios to make sure the insurance you are buying will work for your situation.

Decide what coverage you need

For example, will you need a rental car if you get into an accident or does your local body shop provide one free? Do you want comprehensive coverage for your older vehicle? Do you have significant assets to protect that require high liability limits?

If your auto insurance carrier is not lowering your rates after few years with them, you can force their hand by contacting them and telling them that you are thinking about moving elsewhere. You would be surprised at what the threat of losing a customer can do. The ball is in your court here; tell them you are leaving and watch premium fall.

The company’s mission is to get people’s cars insured for as little as possible. This usually means liability coverage; this is the cheapest legal form of auto protection available. Their claims and customer service lines are open seven days a week, or you can use their 20-hour automated system or online portal to make a payment.

There are many classes of insurance available throughout the world. Each country has its meaning and definition of each insurance class.

Property Insurance / Fire Insurance

Fire insurance is an insurance which protects the insured’s property from any disaster or unfortunate even due to or caused by basic fire and lightning.

House Owner / Householder Insurance

Similar to fire insurance policy, the houseowner/household insurance mainly covers the property you have against theft, fire, and also flood (depends on the extended perils you may add).

Motor Insurance

Motor insurance policy (some states called it as Vehicle insurance coverage) is vital, and a must have policy for car/vehicle owner to own. Motor insurance covers any mobile items ranging from its cubic capacity, model, type and usage for each vehicle.

It is known for a fact that having quality insurance leads would lead to a successful insurance business. And when I say quality, I mean that leads that have high conversion rates. It is not easy to find leads these days considering the fact that there are thousands of insurance agents out there. Some of the benefits you can get with an insurance leads guide in your hands.

Research All Car Insurance

When you are looking to save money, you will need to consider finding a solid insurance plan that offers discounts. This is because in order to register your vehicle, you will need to have a minimum amount of liability coverage. The liability insurance is only one of three types of vehicle insurance that can be purchased. This insurance covers the other drivers when you are found at fault in an accident. With the insurance, you will have a deductible you will be required to pay. You can lower the deductible, but it will decrease the amount you are covered. This means the amount you will have to pay out of pocket will increase.

Where the problem comes in is people who think that they can get by with minimal coverage because they are a good driver. Unfortunately, accidents happen and limits can be breached quickly. This will leave you out more money than if you had just paid for the higher insurance coverage. So, the question becomes, how do you save money on insurance?

Shop Around

The first method in saving money on your auto insurance is by looking at several companies. There are companies that have real offices and those with virtual offices. They can both have the potential to be good business. You will want to find out their base quote for coverage. This should be done using the same considerations, liability coverage, vehicle statistics, and the amount of use. This will give you the best way to compare the companies in an equal manner.

Discounts Available

Most insurance companies will offer discounts to lower the monthly premium. This will not affect the coverage, but it will save you money. Since this is your end goal, you want to look at the various discounts that each insurance company offers.

Some of the most common discounts found include:

· Multi-vehicular discount

· Multi-policy discount

· Good student discount

· Safe driver discount

· Discounts for paying several months at a time

· Military discounts

· Safety discounts (automatic seatbelts, airbag equipped, etc.)

Car Breakdown Cover Policy

The levels of a car breakdown cover

Car breakdown cover providers look to insure their clients against all kinds of unanticipated situations that their car’s breakdown might put them into. This is why they usually have a team of experts on standby, ready for their customers’ rescue at all times. So even if their car has stopped in the middle of the road at 3 a.m. they need not worry – they are covered. Most breakdown insurance firms offer their clients different levels of covers that they can opt for, specifically the bigger names in the industry. These ‘levels’ are the packages that usually have the fancy names like ‘premium’ and ‘premium plus’ etc. As one goes further up these levels, the services available in the car breakdown cover will also rise (along with the prices, of course). The very basic level will probably only offer simple roadside assistance and towing the vehicle to the nearest garage. The next level may also offer ‘recovery’ to the preferred destination of the owner. The highest level in this insurance will include full-fledged European trip coverage along with a national cover option allowing recovery to the native country.

Single person vs. Family

When getting individuals covered against car breakdowns, the firms usually offer either to cater for one person or to protect the entire family. The policy then follows the people under protection instead of the car and it does not matter whose car is being driven. A single person car breakdown cover offer will mean, as its name suggests, that only one individual will be secured. This service is usually much cheaper and easier to get than a family package is. However, it means that anyone traveling with the policy-holder will not be accounted for. A single person offer is usually good for people who live alone. A family package, on the other hand, is usually for four to five people who have the same residential address (on their official documents). It is a safety tool for the entire family. People usually opt for this before taking personal vacations.

Single car vs. Multiple cars

Another choice available to clients of car breakdown cover firms is the option of either getting a single vehicle protection or more than a single car protection. If one gets a single vehicle protected, this will mean that a particular car will get all kinds of assistance that the owner has paid for, regardless of the driver. Again, this kind of insurance is much cheaper. It is suitable for domestic use. Multiple cars breakdown policy simply means that under the contract, more than one (two or more) cars are being insured. Even though one might have to pay much more to obtain this offer, it often has better value for money as the cost of insuring a single car will fall. This is a perfect offer for business owners who travel on a regular basis.

Car Insurance Areas of Coverage

Bodily Injury Liability: Minimum requirements for this type of coverage are generally listed at the lesser of $15,000 per person or $30,000 per accident. That is to say that the insurance company will cover this much of the medical expenses related to the accident. It is highly recommended that drivers consider more realistic policies providing the lesser of $100,000 per person or $300,000 per accident.

Property Damage Liability: Will cover the damage done to vehicles in an accident. As mentioned above, the minimum required is typically $5,000 per accident, but experts recommend a policy for $50,000-$75,000 per accident.

Collision Insurance will cover the damages done to your vehicle when it has collided with another car or stationary object. It is not generally required that a driver carry collision insurance, but a personal injury lawyer will highly recommend it. A car that is totaled in an accident can represent a loss of $2000-$70,000 dollars depending on the value of the vehicle. That is a lot to lose as compared to the relatively small expense of an insurance policy. In addition to coverage levels, one should consider the amount of deductible that can be afforded after an accident. Deductibles can range from $100-$1,000.

Comprehensive Insurance protects the driver should the car be damaged by something other than a crash. For instance, hitting a deer, getting stuck in a hail storm, or having a tree topple over on the car are all unexpected expenses mitigated by insurance. Again, this is not typically required, but is highly recommended.

Medical Payments This is insurance that covers medical expenses not covered by health insurance. It is not mandatory, but it can protect the driver and his or her passengers in the event of an accident.

Auto Mobility and Insurance

Real-time Information

Telematics can calculate every minute detail of the client’s driving style, including every hard brake, rapid acceleration, parking style, etc. Analytics will amalgamate, analyze and interpret this data, simplifying it to understand the driving patterns of the client and the risk(s) involved. This driving information will be shared with the insurance provider who can use the same to allocate the insurance premium amount for the respective client.

Vehicular insurance companies have realized the difference that real-time information makes in processing claims. With the ability to capture real-time data in the form of images, videos, driving information, etc., there will be adequate information to process a claim or to decide the insurance amount for a client. It will eliminate the possibility of modified data and increases the accuracy of information analyzed.

Time and Efficiency

Time is everything. Waiting for weeks for insurance agencies to process a claim can be painstaking. Insurance companies will soon provide every client a more personalized and expedited service. Mobile devices will enable evaluation of claims or consultation with clients in their comfort zone. In the case of an accident, real-time data can be captured in the form of videos or images, eliminating the possibility of improper claims or incomplete information, which can prove to be a loss for both parties. Automation will reduce paperwork and redundancy. At the same time, it will increase efficiency and accelerate processing of claims.

Management of Data

With the reduction of paperwork and introduction of technologically advanced analytics frameworks, managing vast quantities of data has become a child’s play. Analytics use complex algorithms and mathematical equations to organize, analyze and interpret huge volumes of information. The ability to retrieve relevant information instantaneously and accurately will save a lot of man-hours.

Beyond Insurance

Mobility solutions for auto insurers come with additional services such as roadside assistance in case of an emergency, geo-fencing for parents to monitor their teenager’s driving, customer engagement to ensure the loyalty of the client, driving suggestions and other customizable options. Insurance companies will be able to go beyond their regular services for the client’s convenience.