auto insurance

5 Basic Facts About Health Insurance Policies In A Bad Economy

2010-04-22T19:39:00.001-07:00

5 Basic Facts About Health Insurance Policies In A Bad Economy

1. DOES YOUR PLAN COVER YOU ON AND OFF THE JOB?

Many health insurance plans have specific exclusions that eliminate your benefits for anything that could have been covered under Workers Compensation or similar laws. Now read that last sentence again.

COULD HAVE BEEN COVERED!?

That is correct. Most self employed people and even some small business owners do not carry Workers Comp on themselves.

There are designed insurance plans that will cover you on and off the job — 24-hours a day, if you are not required by law to have Workers Compensation coverage.

2. ARE YOU WRITING IT OFF?

Independent contractors (1099's), home based business owners, professionals and other self employed people generally are not taking advantages of the tax laws available to them.

Many people who are paying 100% of their own costs are eligible to deduct their monthly insurance payments. Just that alone can reduce your net out-of-pocket costs of a proper plan by as much as 40%. Ask your accounting professional if you are eligible and/or check out the IRS website for more information.

3. INTERNAL LIMITS

All true insurance plans use some form of internal controls to determine how much they will pay out for a particular procedure or service. There are two basic methods.

-Scheduled Benefits

Many plans, some of which are specifically marketed to self employed and independent people, have a clear schedule of what they will pay per doctor office visit, hospital stay, or even limits on what they will pay for testing per 24-hr. period. This structure is usually associated with "Indemnity Plans". If you are presented with one of these plans, be sure to see the schedule of benefits, in writing. It is important that you understand these type of limits up front because once you reach them the company will not pay anything over that amount.

-Usual and Customary

"Usual and Customary" refers to the rate of pay out for a doctor office visit, procedure or hospital stay that is based on what the majority of physicians and facilities charge for that particular service in that particular geographical or comparable area. "Usual and Customary" charges represent the highest level of coverage on most major medical plans.

4.YOU HAVE THE ABILITY TO SHOP!

If you are reading this you, are probably shopping for a health plan. Every day people shop, for everything from groceries to a new home. During the shopping process, generally, the value, price, personal needs and general marketplace gets evaluated by the buyer. With this in mind, it is very disconcerting that most people never ask what a test, procedure or even doctor visit will cost. In this ever-changing health insurance market, it will become increasingly important for these questions to be asked of our medical professionals. Asking price will help you get the most out of your plan and reduce your out-of-pocket expenses.

5. NETWORKS AND DISCOUNTS

Almost all insurance plans and benefit programs work with medical networks to access discounted rates. In broad strokes, networks consist of medical professionals and facilities who agree, by contract, to charge discounted rates for services rendered. In many cases the network is one of the defining attributes of your program. Discounts can vary from 10% to 60% or more. Medical network discounts vary, but to ensure you minimize your out-of-pocket expenses, it is imperative that you preview the network's list of physicians and facilities before committing. This is not only to ensure that your local doctors and hospitals are in the network, but also to see what your options would be if you were to need a specialist.

Ask your agent what network you are in, ask if it is local or national and then determine if it meets your own individual needs.

Do You Feel Lost When Comes To Auto Insurance Renewal?

2010-03-22T08:33:00.000-07:00

Do You Feel Lost When Comes To Auto Insurance Renewal?
When your insurance policy comes up for renewal, you will often realize that because your situation has changed, your insurance should too, but you might be a loss as how to effectively do this. When you are looking to make sure that your insurance suits your needs, you will of course want to look around for the best insurance rates and to see what the best auto insurance quotes have to offer, but there are plenty of things that you can do in order to make sure that your new policy reflects the coverage you need.

The first thing that you will need to think about is your payment options. Take some time to really think about what you can budget. If possible, pay off your payments in yearly or biannual basis. This will allow your premium to sink lower. While monthly payments are easy and may seem more affordable at the outset, you will find out that you will need to pay less money overall if you simply get the premium payment out of the way as soon as you can.

When you are looking for changes to make that will reduce your auto insurance, keep in mind that you can do a lot of good by authorizing an electronic funds transfer, often abbreviated to EFT. There is no change on how much you pay, but you'll find that that by choosing this option that you will also attract lower premiums by freeing up the insurance company from doing things that are associated with the processing of checks and the mailing of reminders.

Similarly, think about what your automobile situation is like. You'll find that simply figuring out what car you are driving, how much it has depreciated in value, and what you are likely to receive in a worst case collision scenario that you will find out what you really need. While you should always get the fullest coverage that you can afford, you might find that there are options that the insurance company can give you when it comes to figuring out what your policy should look like.

Remember that location will also pay a part in it. If you have moved, figure out whether your new neighborhood is one that the insurance company considers safer. If so, this is a great way to get your rates lowered. The same goes for if you have moved into a space with a garage. You'll find that the more coverage and protection that you can give your car, the better your premiums will be.

When it comes time to renew your auto insurance, don't just go with the most convenient plan. Take some time to really think about what the situation is, and what might have changed!

Auto Insurance Coverage

2010-03-19T18:21:00.000-07:00

Auto Insurance Coverage
Auto insurance is required virtually everywhere in the United States. 48 states require at least a minimum amount of car insurance. Wisconsin and New Hampshire are the two exceptions. However, all jurisdictions require financial responsibility when you operate a vehicle on roadways. This means if you get into an accident you will be financially responsible, whether you have insurance or not.
Minimum requirements vary greatly from state to state. Laws change frequently and it is up to you, the driver, to know and understand the laws in the state you are driving. For a breakdown of the minimum requirements on a state-by-state basis,
Auto insurance incorporates the following basic components. These components are not required in every state (some components are optional):

LIABILITY
Liability is for accidental bodily injury and property damage done to yourself, passengers, and third parties. Injury damages include medical expenses, loss of income, and pain and suffering incurred as a result of your negligence. Property damages include damage done to other vehicles or personal property. Liability coverage also includes defense and court costs. Most states have a minimum amount of liability coverage that you must carry in order to operate a vehicle on a roadway. You are always free (and often advised) to carry coverage above the state minimums.

COLLISION
Collision coverage pays for damage done to your vehicle that is the result of an accident. Without collision coverage you will not receive any reimbursement from your insurance company for any damage done to your vehicle, no matter who is at fault. Depending upon the laws of your jurisdiction, you may be able to sue another party for damages, but you will not be able to collect for damages from your insurance company unless you carry collision coverage.

COMPREHENSIVE
Comprehensive coverage pays for loss (usually fire or theft) or damage done to an insured vehicle that is not the result of an accident. An example of non-accident damage is damage done to your vehicle by hail. Basically, whenever your vehicle is parked and not being operated, it is covered under comprehensive coverage.

MEDICAL COVERAGE
Medical coverage pays for medical expenses incurred on behalf of the driver and all passengers as a result of an accident, regardless of fault. This coverage is now mandatory in many states. However, you can usually get an exemption if you provide proof of traditional medical coverage.

PERSONAL INJURY PROTECTION
Personal injury protection is similar to medical coverage, except that it covers only the insured driver.
UNINSURED MOTORIST
Uninsured motorist coverage pays for damages done to your vehicle by another driver, that is the result of an accident, when the other driver does not have liability insurance.

UNDERINSURED MOTORIST
Underinsured motorist coverage pays for excess damages done to your vehicle by another driver, that is the result of an accident, when the other driver has insufficient liability coverage.

RENTAL REIMBURSEMENT
Rental reimbursement coverage will pay you for the costs incurred for the use of a rental car while your vehicle is being repaired, due to a covered accident.

2010-02-16T16:11:00.000-08:00

Comprehensive Car Insurance - there’s no worry

From running the kids to school and doing the shopping, to cruising the beautiful Queensland coast – your car is vital for every day life. That’s why we’ve made comprehensive car insurance in Queensland simple, so you can concentrate on the road, and not worry about what’s around the next corner.

With NRMA Comprehensive Car Insurance you’ll get comprehensive insurance cover for your car, at the best possible price. You’ll also enjoy hassle-free paperless insurance claims, as well as a range of great discounts and other benefits. Get a Comprehensive Car Insurance online today and unworry

Comprehensive Plus Insurance - Don’t get yourself into a spin

With such a busy life, you’re bound to hit the odd patch of rough road. But there’s no need to hit the brakes. We’ve created NRMA Comprehensive Plus Insurance to take the worry out of being on the road.

Our Comprehensive Plus Insurance offers all the features and benefits of Comprehensive Car Insurance, but you’ll also enjoy extra services like our dedicated claims service, extended hire car cover and taxi cover, and our specialist Helpline to help you stay on track. So you can relax and enjoy the ride no matter what’s round the next bend. Get a Comprehensive Plus Insurance online today and unworry.

Third Party Fire & Theft Insurance

Insurance - Disaster bites the dust

Even if you choose not to take out Comprehensive Car Insurance, it doesn’t mean you have to worry about worst-case scenarios.

We’ve designed our Third Party Fire & Theft Car Insurance policy to look after you and your car if disaster does strike, so you can relax and enjoy your journey. Get a Third Party Fire & Theft Insurance online today and unworry.

Basis of auto insurance premium charges

2010-02-10T17:45:00.001-08:00

Basis of auto insurance premium chargesYou probably know that the premium you are charged by an auto insurance company aren't fixed prices and are based on a whole set of factors influencing how much you will pay for auto insurance coverage next year. Most of you have observed that the premium can change each year, especially if you had an insurance claim, speeding ticket or an accident with your insured vehicle. In order to keep the rates down and get the most out of your insurance without spending too much money, you will have to learn the primary factors affecting your premiums and learn how to use them in order to cut down your insurance costs.

The first and foremost factor defining your insurance rates is of course the car you want to insure. The model, make, age, engine volume, overall mileage, safety rating and security features of your car all contribute in a large part to what you will be paying. Auto insurance companies have special charts and ratings, assigning each car with a risk value. The higher the risk the more you will have to pay. In order to cut down insurance costs on this factor you will have to choose a less risky car. Medium sized family sedans are considered to be the best choice for that. But if you want to drive your SUV, luxury or a fast sports car, be prepared to pay much more.

Your driving record is another factor that will influence your rates. This document contains all your activity is as a driver. If you get a traffic violation ticket or take part in an accident (no mater at fault or not) this will be introduced to your driving record. And the cleaner it is, the lower a risk you are considered by the auto insurance provider. This means a lower premium. If you have many notes in your driving record, a good way to improve the situation is enter a driving school or joining an auto club. Take a course of defensive driving and make sure to get a certificate. This will earn you a discount with your insurance provider that will help you eliminate the negative effects of a bad driving record.

Another important factor that may surprise and upset many drivers out there is the age and sex group they make part of. Young male drivers are the most unlucky here, because they are typically charged with the highest rates. This is because this group of population has the highest number of insurance claims and more accidents than other age and sex groups. So if you are a young driver and feel that your auto insurance premiums are too high, there are several things you can do. If you are a good student, you can opt for a special discount. You can also take a safe driving course, or join an auto club for a discount. Your parents can include you into their auto insurance policy if you are a teen.

insurance at low cost

2010-02-10T17:44:00.000-08:00

The most competitive offers from top auto insurance providersAuto insurance can turn into a costly item of your family budget, especially if you live in an area with high insurance costs. And taking that insurance is getting more and more expensive every year, finding a good auto insurance policy with reasonable rates has become an important goal for many drivers out there. Some believe that it is very hard to find a cheap policy, and they are partially right.

However, if you know where to look and how to shop around, you can find really great auto insurance deals that will help you save up to hundreds of dollars in premiums each year. And we have just what you need to find such a policy right here on our site. You will be able to find the most competitive offers from top auto insurance providers in your area. All it takes is just using the tools we have here and learning how you can cut down your auto insurance quotes. If you succeed with that, you'll definitely be surprised how cheap auto insurance can be.
Get autoinsurance and drive safely
Auto insurance is mandatory in most states, however the evolution of insurance costs in the recent years makes more and more people think of driving with no auto insurance at all. Such practice is not only unlawful but also poses a great risk for your budget that you want to protect. If anything happens on the road and you have no auto insurance then you will have to pay out of pocket. Can you cover injury, damage or legal costs that can account hundreds of thousands of dollars? If yes, getting an auto insurance policy won't be a big problem with such an income. If no, you risk of losing not only your car, your savings, but other valuable assets such as your home too. Are you ready to take such a risk? Protect your vehicle, your family and your valuables, get auto insurance and drive safely.

10 Steps to Buying Auto Insurance

2010-01-19T21:50:00.000-08:00

10 Steps to Buying Auto Insurance

Introduction
The following simple steps will help you determine how much car insurance you need to carry. And it will also help you get the best coverage at the lowest price. If you are confused about any of the terms we use, be sure to review the glossary in "Little-Known but Important Insurance Issues."

Step 1: Starting Out
When it comes to auto insurance, you want to be adequately covered if you get in an accident but you don't want to pay any more than you have to. So how can you navigate your way through this murky subject?

Keep telling yourself there is money to be saved. How much? Hundreds, even thousands, per year. For example, one of our editors typed all of his insurance information into a comparative insurance service. The quotes (for very basic coverage on two old cars) ranged from $1,006 to $1,807 — a difference of $801 a year. If you're currently dumping thousands into your insurance company's coffers because of a couple of tickets, an accident or a questionable credit rating, shopping your policy against others may be well worth the effort.

Look at it this way — you can convert the money you save into the purchase of something you've desired for a long time. Hold that goal in your mind.

Step 2: How Much Coverage Do You Need?
To find the right auto insurance, start by figuring out the amount of coverage you need. This varies from state to state. So take a moment to find out what coverage is required where you live. Make a list of the different types of coverage and then return for the next step. (You will find a list of each state's requirements and an explanation of the various types of insurance in "How Much Auto Insurance Do You Really Need?" Also, check out "Little-Known but Important Insurance Issues" as it has a glossary of basic insurance terminology.)

Now that you know what is required, you can decide what you need in addition. Some people are quite cautious. They base their lives on worst-case scenarios. Insurance companies love these people. That's because insurance companies know what your chances are of being in an accident, and how likely it is for your car to be damaged or stolen. The information the insurance company has collected over previous decades is crunched into "actuarial tables" that give insurance adjustors a quick look at the probability of just about any occurrence.

So how much insurance should you buy beyond your state's minimum?

Experts recommend that if you have a lot of assets you should get enough liability coverage to protect them. For instance, if you purchase $50,000 of bodily injury liability coverage but have $100,000 in assets, attorneys could go after your treasures in the event of an accident in which you're at fault and the other party's medical bills exceed $50,000.

General recommendations for liability limits are $50,000 bodily injury liability for one person injured in an accident, $100,000 for all people injured in an accident and $25,000 property damage liability (that is, 50/100/25) given that half of the cars on the road are worth more than $20,000. Here again, though, let your financial situation be your guide. If you have no assets, don't buy excess coverage.

Another issue to consider is that the limits of any uninsured and/or underinsured motorist coverage that you purchase cannot exceed the limits of your liability coverage. Such coverage, he said, can be valuable, as it will cover lost income if you're out of work for several months after being injured in a major accident.

Your driving habits may also be a consideration. If your past is filled with crumpled fenders, if you have a lead foot or a long commute on a treacherous winding road, then you should get more comprehensive coverage. Keep in mind that you don't have to buy collision and comprehensive coverage. If your vehicle is older, if you have a good driving record and if there is a low likelihood that it would be totaled in an accident, but a high likelihood of it being stolen, you could buy comprehensive but not collision.

Step 3: Review Your Driving Record and Current Insurance Policy
Before you begin shopping for insurance you should check the following: the status of your driving record, your current coverage and the premiums you are paying.

You should know how many tickets you have had recently. But time plays tricks and our memories repress painful incidents. If you can't remember how long that speeding ticket has been on your record, check with your state's DMV. If your record will soon improve, and the points you earned will finally disappear, wait until that happens before you get quotes. Nothing drives up the price of insurance like a bad driving record.

Also, you should contact your auto insurance company or pull out a recent bill. Jot down the amount of coverage you have and what you are paying for it. Take note of the yearly and monthly cost of your insurance since many of your quotes will be given both ways. Now you have a figure in mind to try to beat.

Step 4: Solicit Competitive Quotes
Now that you have made several practical and philosophical decisions, it's time to start shopping. Begin by setting aside about an hour for this task. Bring all your records — your current insurance policy, your driver license number and your vehicle registration. Drink plenty of coffee. Have a phone at your elbow. And, of course, power up your computer.

Begin with the online services. If you go to InsWeb.com or other online insurance quote sites, you can type in your information and get a list of comparative quotes. These forms take about 15 minutes to complete. If this bores you, just remind yourself how much you will be saving and that you can use the money to buy something nice for yourself. If the entire shopping process takes you two hours to complete and you save $800, you're effectively earning $400 an hour.

A few things to keep in mind: 1) When you use quote sites, you may not get instant quotes. Some companies may contact you later by e-mail, and some that are not "direct providers" may put you in touch with a local agent, who will then calculate a quote for you. (A "direct provider," like Geico, sells an insurance policy to you directly; other companies like State Farm sell insurance through local agents. We'll discuss the pros and cons of each later.) 2) It's not easy to get quotes from these sites in all states — if you live in New Jersey, for instance, you'll probably find it faster to pick up the phone, since most insurers in this state currently don't provide online quotes.

You can also try getting quotes from some of the insurance companies listed on the Edmunds.com Web site — Liberty Mutual, Geico or Progressive. These forms will take about 10 minutes each to complete.

Step 5: Record and Compare Quotes
While you're researching companies, make notes in a separate computer file or on a piece of paper divided into categories. This will keep you from duplicating your efforts. When you visit the different online insurance sites, you should take note of several things:

Annual and monthly rates for the different types of coverage — make sure to keep the coverage limits the same so that you can make "apples-to-apples" comparisons
An 800 number to call for questions you can't get answered online
The insurance company's payment policy (When is your payment due? What happens if you're late in making a payment?)
Discounts offered by the insurance company that pertain to you
The insurance company's consumer complaint ratio from your state's department of insurance Web site (more on this later)
The insurance company's A.M. Best and Standard & Poor's ratings (more on this later)

Step 6: Work the Phones
Once you have exhausted your online options, it's time to work the phones. Those companies you haven't been able to get an online quote from should be contacted. At times, doing this process verbally can actually go faster than the online counterpart, providing you have all the information regarding your driver license and vehicle registration close at hand. When you get a quote, be sure to confirm the price. Also, ask them to fax or e-mail the quote to you as a record.

Step 7: Look for Discounts
While talking to the insurance companies' telephone salespeople, make sure you explore all options relating to discounts. Insurance companies give discounts for a good driving record, favorable credit score, safety equipment (for example, antilock brakes), certain occupations or professional affiliations and more. For more guidance in this area, check out "How to Save Money on Auto Insurance."

Step 8: Choosing the Right Insurance Company
You now have most of the information in front of you that you need to make a decision. However, there is something more to consider. You can clearly see which company is least expensive, but when you need them to cover a claim, what kind of job will they do? To put it another way, which is the most reliable insurance company?

Below, we offer a number of issues to guide your thinking and help you reach a decision:

Visit your state's department of insurance and check consumer complaint ratios and basic rate comparison surveys.
Get in touch with local body shops or dealerships you trust and ask which insurance companies they recommend.
Consider contacting an insurance agent for additional information about a particular company.
Check out the financial strength ratings for an insurance company by referring to the A.M. Best and Standard & Poor's ratings.
Look over J.D. Power and Associates' consumer satisfaction surveys reviewing auto insurance companies.

Step 9: Review the Policy Before You Sign
So, you've done your research, and you've decided on a company. Before you sign, though, read the policy. In addition to verifying that it contains the coverage you want, there are two clauses that you should look for in the contract:

Retain your right to sue. "Find out if you are giving up your right to go to court and will be forced into arbitration if there is a disagreement [between you and the insurance company]," one expert advised. "You're much better off if you don't give up this right…. It makes it easier for [insurers] to take advantage of you." If you find a clause to this effect, all isn't necessarily lost. "At least in theory, a contract is a mutual agreement, so you should be able to cross out that line in the policy," he said. If the company won't agree to the policy sans clause, then you should probably take your business elsewhere.

Avoid aftermarket parts requirements. If an insurance company has written in the policy that "new factory," "like kind and quality" or "aftermarket parts" may be used for body shop repairs, go to another company, one expert advised. If you own a relatively new car that you plan to keep for a while, you will probably be much happier if you spend a little more time researching companies on the front end rather than try to fight the company when you have a claim.

Step 10: Cancel Your Old Policy
After you lock in the insurance policy you want with the company you select, you have two more things to do. The first is to cancel coverage with your existing insurance company. Second, if your state requires you to carry proof of insurance, make sure you either have it in your wallet or the glove compartment of your car (some experts discourage this, however — if your car is stolen, the thief has everything he needs to prove the vehicle is his).
Now, there's one last thing to do: reward yourself for saving so much money on car insurance.

Car Insurance Deductibles

2010-01-15T03:33:00.000-08:00

Car Insurance Deductibles

Purchasing auto insurance is not simply about the value of your car or how often you get into accidents, it is also about how much money you are willing to pay for your coverage. All auto insurance policies have a deductible. The deductible is the part of your policy that you are responsible for paying. Auto insurance policies don't simply take care of all necessary expenses. You are required to pay for some of the damages, but the amount depends on your policy. Deductibles vary by state, but are most often in amounts of $100, $250, $500 or $1,000. For example, if you are in an accident that causes $2,500 worth of damage and your deductible is $500, you are required to pay the $500 and the insurance company will take care of the remaining $2,000.

When deciding what insurance policy you want to purchase, choosing a deductible is an important step. After all, you will have to pay the deductible for each and every situation in which you require your insurance company to cover damages. Deciding how much you are willing to pay and how often you think you will need to make an insurance claim will help you decide what deductible amount is right for you. In addition, the premium you pay, or the price of your total coverage annually, can be lowered by choosing a higher deductible. In other words, if you are willing to pay higher out-of-pocket costs, you can lower the total cost of your insurance.

Purchasing an auto insurance policy doesn't have to be confusing. You want a policy to take care of your expenses in the event of accident, theft, vandalism or most any other instance in which there is damage to your own or someone else's vehicle. By knowing what your state requires, what your needs are, what discounts you qualify for and how much coverage you want for your car, you will be able to choose the right policy.

The price of autoinsurance

2010-01-07T00:14:00.000-08:00

The Price of Auto Insurance

There are several factors that affect the pric

e of auto insurance. Of course, prices vary by company and you should compare prices thoroughly before you purchase a policy. The first thing that affects your policy's price is, of course, what kind of car you drive. For instance, a sports car costs more to insure than a family sedan. If you purchase a vehicle that has a high theft rate

, your coverage will probably be more expensive. Essentially, though, your coverage will be based on the value of your car.

Another factor that affects auto insurance costs is where you live. If you live in an area where there is a high occurrence of accidents or vandalism, insurance will cost more money. For instance, since more cars are damaged in urban areas than in rural areas, you will probably pay more for insurance if you live in a city.

How often you drive will also affect your insurance costs. The more you drive, the higher the chances you will be an accident. Drivers who have long-distance commutes will pay more than people who live near their workplace. Meanwhile, if you only use your car on weekends, your insurance rates should be lower than someone who commutes to work daily.

The final factors that affect the price of auto insurance have to do with who you are. Your age, sex, marital status and driving record are all taken into account when you buy an insurance policy. Accident rates are higher for drivers under the age of 25, so if you are young, expect to pay a little more. Also, accident rates are higher for young males and single males. It doesn't seem fair, but if you are an unmarried 19-year-old male, your insurance rates will definitely be affected. If your driving record is impeccable, though, your rates will be lower. Obviously, drivers who are prone to traffic violations or accidents will have to pay more for insurance than safe drivers.

If these cost factors are beginning to scare you, don't worry. There are several ways to keep your insurance rates down.

There are four main factors that can keep auto insurance rates down. See if you fall into any of the following categories. If you do, you may be able to save money on your car insurance regardless of the value of your automobile.

If you are looking to buy a car, consider buying a car that "looks good" to insurance companies. For instance, insurance companies know what kinds of cars are prone to problems. They also know what kinds of cars are most often stolen. If you haven't purchased your car yet, find out what cars make this "good list" among auto insurers.
Most insurance companies offer discounts for a variety of reasons - for example, good students, having more than one car insured and accident-free driving are all worth a discount. Ask insurance companies about specific discounts that may be available to you.
Consider carpooling or using public transportation to get to work. The less you use your car, the less your insurance will cost you.
Finally, drive carefully! Insurance companies are not happy to insure accident-prone drivers, so the safer you drive, the less you will have to pay for auto insurance.

Remember, don't be afraid to ask your insurance company about any discounts they offer - it could save you a little cash.

undestanding your autoinsurance needs

2009-12-28T23:45:00.000-08:00

Understanding Your Auto Insurance Needs

Just because your state requires a minimum amount of insurance doesn't mean that's exactly what you should purchase. In fact, most motorists purchase more coverage than their state requires so that they are covered for a variety of problems -- not simply a fender bender. In order to better determine your auto insurance needs, consider these five guidelines:

Know Your State Laws
Remember that forty-seven states require that you purchase liability insurance. Liability insurance is what pays for bodily injury and property damage that you cause another driver. Fifteen states including Florida, Maryland, Michigan, Massachusetts, New York and New Jersey also require that you buy Personal Injury Protection (PIP). This coverage pays for your medical expenses and lost wages in the event of an auto accident. Your insurance minimum will most likely be determined by state law, but many people are encouraged to purchase more than is required.

Know Your Options
There are a lot of car insurance options; but knowing what you most likely will need is the key to making sure you are appropriately covered. Do you want coverage for a rental car if your car is damaged? Do you want an extended warranty to pay for parts and labor if your car breaks down? If your car is leased, you will probably need gap insurance which pays for the difference between what your insurer pays and what you owe on your lease if the car is completely totaled.

Know How Much Money You Want to Spend
If you know your state laws and have examined your personal needs, now you can put together the different pieces of auto insurance coverage in one total policy. The first piece of the policy is almost always liability insurance. If you only have minimum liability coverage and you injure someone, their attorney can go after your personal assets. So, you need to know your assets and what you can afford to lose in the event of an accident. Many insurers feel that minimum liability is a gamble. In fact, that is why it is often only a little more money for more protection. After all, if you do get into an accident, it is much better for the insurance company to be responsible than for you to be personally responsible. Remember to run through various scenarios such as if I totaled someone else's car, will my insurance cover it? How much will I have to pay out of my own pocket? The answers to these types of questions will determine what coverage makes you feel most confident should an accident happen.

Know Your Vehicle
If your car was totaled, would you be able to afford to replace it? If not, you will want comprehensive and collision coverage. The decision to buy this coverage is usually based on the value of your car. Guidelines usually suggest that if your car is worth less than $2,000, it won't be worth it to buy comprehensive and collision. If you own a $50,000 car though, it would most certainly be worth it to pay an extra $200 annually or so to insure that your car will be replaced if you get in a serious accident.

how car insurance works

2009-12-28T23:32:00.000-08:00

If you own your own car, you probably already know a little about car insurance. You may have heard the words deductible or premium. But, do you truly understand the different parts of an auto insurance policy and do you know how to choose the best coverage?

Forty-seven states require that you have at least some kind of car insurance, so it's a good idea to know what the law requires you to have and what additional or optional coverage will help to protect you in the event of an accident.

Before purchasing auto insurance, you must consider a variety of factors including what kind of car you have, your driving record and the amount of money you are willing to pay. Understanding the simple basics of auto insurance will make you confident that the car insurance policy you choose will take care of your needs in the event of an accident.

In this article, we will walk you through the types of coverage that insurance companies offer and discuss possible insurance needs. Additionally we will look at what affects the price of auto insurance, how to bring the costs down and how to understand the components of your policy.

Types of Auto Coverage

Everyone who drives needs car insurance. In fact, most states require it by law. When you buy car insurance, you are buying what is called a policy. Your policy is based on a variety of factors including what kind of car you drive as well as what kind of insurance you want. Auto insurance policies are actually a package of different types of insurance coverage.

The first step in understanding an auto insurance policy is to learn the various types of coverage insurance companies offer. Some of this coverage may be required by your state and some of the coverage may be optional.

Liability - This coverage pays for accidental bodily injury and property damages to others. Injury damages include medical expenses, pain and suffering and lost wages. Property damage includes damaged property and automobiles. This coverage also pays defense and court costs. State laws determine how much liability coverage you must purchase, but you can always get more coverage than your state requires.
Collision - This coverage pays for damages to your vehicle caused by collision with another vehicle or object.
Comprehensive - This coverage pays for loss or damage to the insured vehicle that doesn't occur in an auto accident. The types of damages comprehensive insurance covers include loss caused by fire, wind, hail, flood, vandalism or theft.
Medical Coverage - Pays medical expenses regardless of fault when the expenses are caused by an auto accident.
PIP - Personal Injury Protection (PIP) is required in some states. This coverage pays medical expenses for the insured driver, regardless of fault, for treatment due to an auto accident.
Uninsured Motorist - Pays your car's damages when an auto accident is caused by a driver who doesn't have liability insurance.
Underinsured Motorist - Pays your car's damages when an auto accident is caused by someone who has insufficient liability insurance.
Rental Reimbursement - This type of coverage will pay for a rental car if your car is damaged due to an auto accident. Often this coverage has a daily allowance for a rental car.

Many insurance policies combine a number of these types of coverage. The first step in choosing the insurance you want for your car is to know the laws in your state. This will tell you the minimum insurance you need for your car. It's good to keep in mind that, just because your state may not require extensive insurance, extra coverage may be worth the expense. After all, no one wants to be stuck with thousands of dollars worth of bills because of an auto accident.

2009-12-22T09:14:00.000-08:00

Get an Auto Insurance Quote in Minutes

Start Saving Right Away

Get so much more than exceptional auto insurance coverage at great rates. Get the peace of mind that comes from knowing an accident or repair won’t disrupt your busy life.

FEATURES AND BENEFITS

Why get auto insurance from The Hartford? Because it’s more than a car. It’s part of your way of life. That’s why our comprehensive insurance package of benefits and services makes all the difference.

Not all features and benefits are available in all states.

RecoverCare

Even when you’re injured in a car accident, the rest of life doesn’t stop. That’s why with our auto insurance coverage, we help pay for you to get assistance with cooking, cleaning, shopping, transportation and even yard work if you need it.

Lifetime Car Repair Guarantee

Get service you can rely on. If you use one of the more than 1,400 certified auto repair shops in our Hartford-approved network, we guarantee the workmanship on covered repairs for as long as you own or lease your vehicle.

No-Drop Promise

You’ve got a lot going on. The last thing you need to worry about is losing your car insurance. With The Hartford, once you become an auto insurance policyholder, you’re assured continued coverage as long as you're able to drive and meet a few simple requirements.^†

24/7 Insurance Claim Hotline

Car accidents and breakdowns don’t just happen during business hours. Our auto insurance claim experts are available for you anytime, day and night, to escalate your problem and get you back on the road.

New Car Replacement

If you experience a total loss of a new car within the first 15 months or 15,000 miles after you purchased it, we'll pay the replacement cost of a new vehicle—the same make, model and equipment—with no deduction for depreciation.

Auto Insurance Upgrade Features

In addition to all the standard features we provide, you can get a car insurance quote with our Advantage Plus package that offers these additional benefits:

First Accident Forgiveness

We believe in forgiveness. If you qualify for this benefit and you have a car accident, it won't count against you, and your insurance rates won't go up because of it.^††

Disappearing Deductible

Good driving should be rewarded. Maintain a clean driving record, and we'll reduce your insurance collision deductible by $150. We'll continue to reduce the deductible by $50 each year you keep your good driving record—until it reaches $0.^†††

Waiver of Deductible for a Not At Fault Accident

If a car accident is not your fault, then why should you have to pay your insurance deductible? In most cases, we'll pay the full amount of covered damages and the deductible too.

$100 Deductible Waiver for Choosing to Use an Approved Repair Shop

Take your car to one of our authorized auto repair shops and we'll waive $100 of your insurance deductible. Plus, you'll receive a guarantee on the workmanship of claim repairs. ($100 waiver not available in AZ.)

Note: Depending on your state, not all features and benefits will be included in your car insurance quote

COVERAGE BASICS

Auto Insurance Coverage

Here at the Hartford, making sure you’re covered is about more than just repairing or replacing your car. It’s about making sure that nothing gets between you and your regularly-scheduled life. Here are the kinds of car insurance coverage we offer, how they protect you, where they apply, and our recommended limits.

Not all coverages are available in all states.

Bodily Injury Protection

Bodily Injury Protection protects you against financial loss when you are held legally responsible for an automobile accident causing injury or death to someone else. This auto insurance coverage also includes the legal costs involved in your defense for a covered suit as well as court costs and bail bond expenses.

The auto insurance coverage amount is a "Split Limit," such as $100,000/$300,000. The first figure is the maximum limit provided for one injured person. The second figure is the limit provided for two or more persons in any one accident or occurrence.

Determining Your Limits

Liability protects you if you are at fault in an accident. If your car insurance coverage doesn’t carry enough liability, you could be sued for your personal assets: your home, savings, investments, or income. When you’re determining how much car insurance coverage is appropriate for you, it’s important to consider all the assets you want to protect.

Property Damage Liability

Property Damage Liability covers you against financial loss if you are found liable for damage to other people’s property (e.g. light poles, fences, another vehicle, etc.) caused by your auto.

Determining Your Limits

Uninsured Motorist Bodily Injury

This auto insurance coverage pays bodily injury or death expenses for you and any passengers in your vehicle up to your policy limits if you're struck by a driver who doesn’t have insurance, or if you’re struck by a “hit-and-run” driver that you cannot identify.

Determining Your Limits

Generally, your Uninsured Motorist coverage should be equal to your Bodily Injury Liability, so that you provide the same level of coverage for yourself—if you’re injured—as you would for others.

Uninsured Motorist Property Damage

This car insurance coverage pays for damage to your vehicle when it is struck by an uninsured driver, a hit-and-run driver, or an insured driver whose Property Damage Liability limit is inadequate to cover the property damage losses incurred.

Determining Your Limits

Consider a limit of liability that will be sufficient to cover your vehicle and/or its contents in the event that you are in an accident with a hit-and-run driver, a driver with no auto insurance coverage, or a driver who has some coverage, but not enough to cover the damage to your vehicle.

Underinsured Motorists

This car insurance coverage pays benefits for the bodily injury or death of you and any passengers in your car if you are involved in an accident caused by a driver who has some insurance, but not enough to cover the losses that result from the accident.

Determining Your Limits

Generally, your Underinsured Motorist coverage should be equal to your Bodily Injury Liability, so that you provide the same level of coverage for yourself—if you’re injured—as you would for others.

Personal Injury Protection (No-Fault)

This auto insurance coverage pays benefits for the cost of personal injuries resulting from an automobile accident. Coverage applies without regard to who was at fault in the accident. It applies only to injuries, and does not cover damage to a car, or to any other property. Coverage is provided on a per-person, per-occurrence basis.

Medical Payments

This auto insurance coverage pays reasonable and necessary medical expenses, up to the selected limits, directly resulting from an auto accident. This may include medical care, recovery, rehabilitation and remedial care, as outlined in your policy. Coverage varies by state.

Collision

Collision coverage pays for damage to your covered vehicle (up to its actual cash value), less the deductible amount, for losses caused by collision. Collision means contact with a physical object, such as another vehicle or a structure.

If you plan to purchase Collision coverage, selecting a higher deductible generally helps to reduce the cost of your insurance.

This car insurance coverage is available only if you carry Comprehensive coverage.

Determining Your Limits

Recommended for vehicles 7 years old and newer with a deductible that is financially comfortable for you. Keep in mind you may be able to lower the cost of your coverage by choosing a higher deductible.

Comprehensive

Comprehensive coverage pays for damage to your covered vehicle (up to actual cash value), less the deductible amount, as a result of damage caused by events such as fire, theft, glass breakage, riot, windstorm and hail.

If you plan to purchase Comprehensive auto insurance coverage, selecting a higher deductible generally helps to reduce the cost of your insurance.

Comprehensive is often required when your car is financed or leased.

Determining Your Limits

Recommended for vehicles 10 years old and newer with a deductible that is financially comfortable for you. Keep in mind you may be able to lower the cost of your auto insurance coverage by choosing a higher deductible.

Full Glass

This car insurance coverage pays the amount of a covered glass loss with no deductible. This full glass coverage is optional and can be purchased for an additional premium.

Towing & Labor

This car insurance coverage pays up to the selected limit for towing of your covered vehicle when it is inoperable, whether or not there is an accident involved. (Note: You must also select Comprehensive coverage to obtain this coverage.)

Rental Reimbursement

If your car becomes inoperable due to a covered loss and you need to rent a substitute, this auto insurance coverage pays the cost of the rental car up to your policy limits.

This coverage is available only if you carry Comprehensive and Collision coverage.

WAYS TO SAVE

Affordable Car Insurance

It’s in our best interest to have your best interest at heart. That’s why we’ve come up with a variety of credits and discounts that can make your policy even more affordable. After all, the more you save on high-quality affordable auto insurance, the more you have left over for the other important things in life.

Availability to each of these credits or auto insurance discounts may vary by state or policy plan.

Defensive Driver Credit

If you've completed an approved defensive driver course, you're eligible for an auto insurance discount from us for the next three full years. Just send us a copy of your certificate, and we’ll apply the credit.

Home/Auto insurance Bundle

Bundling your insurance coverage just might save you a bundle. If you have homeowners' insurance and auto insurance with The Hartford, you can see significant savings for both.

Driver Training Credit

Receive a credit on your premium for drivers under 21 years old who successfully complete an approved training course.

(In Georgia this discount applies to drivers under 25 years old.)

Good Student Driver Credit

Get a credit for full-time student under the age of 25 who owns or operates a vehicle insured by The Hartford and qualifies as a good student.^†

Air Bags Discount

We care about your safety. That’s why our auto insurance has a discount for cars with automatic air bags. If your car is equipped with more than one air bag, you save even more.

Anti-Theft Device Discount

We reward you for making your car harder to steal. If you have active or passive anti-theft devices on your car, it can save you money on your Comprehensive coverage.
ONLINE TOOLS

Online Tools

Interactive Car Insurance Coverage Guide

The Hartford’s Interactive Car Insurance Coverage Guide can help you determine the right insurance coverage for your individual needs in minutes.

Auto Repair Shop Finder

When you choose a shop within our repair network, we guarantee the workmanship on covered repairs for as long as you own or lease your vehicle. And because we work directly with the repair shop on estimates and payments, the process is easier for you.

car safety

2009-12-12T23:02:00.000-08:00

Car Insurance

2009-12-12T22:28:00.000-08:00

Liberty Mutual Has You and Your Wheels Covered

We can simplify your life with a wide range of benefits, features, and services designed to help you save money on your car insurance and get you back on the road quickly when you have a breakdown or accident. It's all about car insurance you can depend on.

Car Insurance Coverages - Protecting Yourself and Your Car
You hope you'll never need us, but when you do, you'll be glad you chose Liberty Mutual car insurance. We'll help make sure you have the right coverages for you and your car.
- Liability
- Medical Payments / Personal Injury Protection
- Uninsured / Underinsured Motorists
- Collision
- Comprehensive
Car Insurance Benefits - The Extra Features You Deserve
We believe responsible drivers deserve more than just basic coverage; that's why we provide additional benefits including:
- Accident Forgiveness
- New Car Replacement
- Unlimited Rental
- Multi-Policy Savings
Car Insurance Claims - We'll Be There When You Need Us Most
When you have a claim, we'll work hard to get you and your car back on the road quickly with:
- 24-Hour Claims Assistance
- Fast Appraisals
- Total Liberty Care Facilities
- Legal Defense Under the Policy
eService - Manage Your Policy Online
Convenient account service and management.
- 12 Month Policies
- Convenient Payment Options
- After-hours Policy Services
- eService online account management

Motorcycle Insurance

2009-12-12T22:21:00.000-08:00

Motorcycle Insurance

Motorcycle Insurance You Can Depend On

Whether you are on a midweek cruise or a weekend trip with friends, your thoughts are far away from insurance - and we'd like to keep it that way. If you have an accident, phone us 24/7 to get the process rolling immediately. And if your bike ever breaks down or gets a flat, we'll be there for you with our emergency roadside assistance program.

Protecting You, Your Bike and Your Weekend
It's your motorcycle, and it deserves the best insurance coverage. With Liberty Mutual, you get a great product at a great price that's guaranteed for 12 months.

New Motorcycle Replacement Coverage
If your new motorcycle* is stolen or declared a total loss within the first year, we'll give you the money to buy a brand new motorcycle - no depreciation applied!

Accessory Coverage
Enhancements and equipment permanently installed on your bike are covered when you select this coverage. Basic coverage is included at no additional cost when you purchase Comprehensive or Collision coverage, and additional coverage is available.*

Emergency Roadside Assistance
We'll arrange for help any time, anywhere in the U.S. and Canada. The arrangements are free, and if you have our Towing and Labor coverage, the cost of towing is covered, subject to your policy's limits.**

Towing & Labor Services
We'll provide a tow on a flatbed to ensure the safety of your bike if it breaks down, for less than $10 a year.**

There When You Need Us Most
And while emergency roadside assistance is a benefit you'll be glad to have, it doesn't take an emergency to get our attention. We're also there for you when you have routine business or need to make a claim.

After-hours Policy Services
Have a policy or billing question, or need to change your policy? You can call our customer service representatives for expert help with questions regarding your policy and billing after normal business hours and on the weekends.

Convenient Payment Options
Choose to receive paper bills, pay online2008092711575372 or have premiums deducted automatically from your checking account.

24-hour Claims Assistance
Call or go online2008092711575372, any time!

Fast Appraisals
We can arrange to have your bike appraised quickly.

Rewarding You with Savings
With multiple discounts connected to your bike, you could save money off our already competitive rates.**
- Multi-bike Discount. Have more than one bike? You’ll get a discount for having two or more.
- Safety Course Discount. When you complete a Liberty Mutual-approved motorcycle safety course, you'll get a discount.
- Experienced Rider Discount. If you've had a motorcycle license for three or more years, you'll receive additional savings.
Liberty Mutual not only provides you with exceptional coverage, we also provide high-quality service to all of our policyholders. A representative is available after hours and on Saturdays to assist you in any way, and claims can be reported 24 hours a day, seven days a week.

*"New" motorcycles are less than one year old, have fewer than 15,000 miles and have had no previous owner. Benefit applies to a total loss covered by collision or comprehensive coverage less applicable deductible. This program does not apply to leased vehicles and it is not available in all states.

**Multi-bike Discount, Safety Course Discount, Experienced Rider Discount, Accessory Coverage and Towing and Labor Coverage not available in all states. Ask a Liberty Mutual representative for details. The descriptions of coverages and features are necessarily brief and are subject to the provisions, limitations, and exclusions that can only be expressed in the policy and related endorsements.

Types of insurance

2009-12-09T06:16:00.000-08:00

Indemnification
Main article: Indemnity
The technical definition of "indemnity" means to make whole again. There are two types of insurance contracts;
an "indemnity" policy and
a "pay on behalf" or "on behalf of" policy.
The difference is significant on paper, but rarely material in practice.
An "indemnity" policy will never pay claims until the insured has paid out of pocket to some third party; for example, a visitor to your home slips on a floor that you left wet and sues you for $10,000 and wins. Under an "indemnity" policy the homeowner would have to come up with the $10,000 to pay for the visitor's fall and then would be "indemnified" by the insurance carrier for the out of pocket costs (the $10,000)Under the same situation, a "pay on behalf" policy, the insurance carrier would pay the claim and the insured (the homeowner) would not be out of pocket for anything. Most modern liability insurance is written on the basis of "pay on behalf" language
An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the 'insured' party once risk is assumed by an 'insurer', the insuring party, by means of a contract, called an insurance 'policy'. Generally, an insurance contract includes, at a minimum, the following elements: the parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be "indemnified" against the loss covered in the policy.
When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a 'claim' against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the 'premium'. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims—in theory for a relatively few claimants—and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (i.e., reserves), the remaining margin is an insurer's profit.

Insurers' business model
[edit] Underwriting and investing
The business model can be reduced to a simple equation: Profit = earned premium + investment income - incurred loss - underwriting expenses.
Insurers make money in two ways:
Through underwriting, the process by which insurers select the risks to insure and decide how much in premiums to charge for accepting those risks;
By investing the premiums they collect from insured parties.
The most complicated aspect of the insurance business is the underwriting of policies. Using a wide assortment of data, insurers predict the likelihood that a claim will be made against their policies and price products accordingly. To this end, insurers use actuarial science to quantify the risks they are willing to assume and the premium they will charge to assume them. Data is analyzed to fairly accurately project the rate of future claims based on a given risk. Actuarial science uses statistics and probability to analyze the risks associated with the range of perils covered, and these scientific principles are used to determine an insurer's overall exposure. Upon termination of a given policy, the amount of premium collected and the investment gains thereon minus the amount paid out in claims is the insurer's underwriting profit on that policy. Of course, from the insurer's perspective, some policies are "winners" (i.e., the insurer pays out less in claims and expenses than it receives in premiums and investment income) and some are "losers" (i.e., the insurer pays out more in claims and expenses than it receives in premiums and investment income); insurance companies essentially use actuarial science to attempt to underwrite enough "winning" policies to pay out on the "losers" while still maintaining profitability.
An insurer's underwriting performance is measured in its combined ratio. The loss ratio (incurred losses and loss-adjustment expenses divided by net earned premium) is added to the expense ratio (underwriting expenses divided by net premium written) to determine the company's combined ratio. The combined ratio is a reflection of the company's overall underwriting profitability. A combined ratio of less than 100 percent indicates underwriting profitability, while anything over 100 indicates an underwriting loss.
Insurance companies also earn investment profits on “float”. “Float” or available reserve is the amount of money, at hand at any given moment, that an insurer has collected in insurance premiums but has not been paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest on them until claims are paid out. The Association of British Insurers (gathering 400 insurance companies and 94% of UK insurance services) has almost 20% of the investments in the London Stock Exchange.[6]
In the United States, the underwriting loss of property and casualty insurance companies was $142.3 billion in the five years ending 2003. But overall profit for the same period was $68.4 billion, as the result of float. Some insurance industry insiders, most notably Hank Greenberg, do not believe that it is forever possible to sustain a profit from float without an underwriting profit as well, but this opinion is not universally held. Naturally, the “float” method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards. So a poor economy generally means high insurance premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the "underwriting" or insurance cycleProperty and casualty insurers currently make the most money from their auto insurance line of business. Generally better statistics are available on auto losses and underwriting on this line of business has benefited greatly from advances in computing. Additionally, property losses in the United States, due to unpredictable natural catastrophes, have exacerbated this trend.
Claims
Claims and loss handling is the materialized utility of insurance; it is the actual "product" paid for, though one hopes it will never need to be used. Claims may be filed by insureds directly with the insurer or through brokers or agents. The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form such as those produced by ACORD.
Insurance company claim departments employ a large number of claims adjusters supported by a staff of records management and data entry clerks. Incoming claims are classified based on severity and are assigned to adjusters whose settlement authority varies with their knowledge and experience. The adjuster undertakes a thorough investigation of each claim, usually in close cooperation with the insured, determines its reasonable monetary value, and authorizes payment. Adjusting liability insurance claims is particularly difficult because there is a third party involved (the plaintiff who is suing the insured) who is under no contractual obligation to cooperate with the insurer and in fact may regard the insurer as a deep pocket. The adjuster must obtain legal counsel for the insured (either inside "house" counsel or outside "panel" counsel), monitor litigation that may take years to complete, and appear in person or over the telephone with settlement authority at a mandatory settlement conference when requested by the judge.
In managing the claims handling function, insurers seek to balance the elements of customer satisfaction, administrative handling expenses, and claims overpayment leakages. As part of this balancing act, fraudulent insurance practices are a major business risk that must be managed and overcome. Disputes between insurers and insureds over the validity of claims or claims handling practices occasionally escalate into litigation; see insurance bad faith.

Principal of insurance

2009-12-09T05:27:00.000-08:00

THIS IS FOR YOU

FROM : INSURANCE

Principles of insurance

Commercially insurable risks typically share seven common characteristics.
A large number of homogeneous exposure units. The vast majority of insurance policies are provided for individual members of very large classes. Automobile insurance, for example, covered about 175 million automobiles in the United States in 2004.The existence of a large number of homogeneous exposure units allows insurers to benefit from the so-called “law of large numbers,” which in effect states that as the number of exposure units increases, proportionally the actual results are increasingly likely to become close to expected proportions. There are exceptions to this criterion. Lloyd's of London is famous for insuring the life or health of actors, actresses and sports figures. Satellite Launch insurance covers events that are infrequent. Large commercial property policies may insure exceptional properties for which there are no ‘homogeneous’ exposure units. Despite failing on this criterion, many exposures like these are generally considered to be insurable.
Definite Loss. The event that gives rise to the loss that is subject to the insured, at least in principle, take place at a known time, in a known place, and from a known cause. The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place or cause is identifiable. Ideally, the time, place and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.
Accidental Loss. The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be ‘pure,’ in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements, such as ordinary business risks, are generally not considered insurable.
Large Loss. The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses these latter costs may be several times the size of the expected cost of losses. There is little point in paying such costs unless the protection offered has real value to a buyer.
Affordable Premium. If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, it is not likely that anyone will buy insurance, even if on offer. Further, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, the transaction may have the form of insurance, but not the substance. (See the U.S. Financial Accounting Standards Board standard number Calculable Loss. There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.
Limited risk of catastrophically large losses. The essential risk is often aggregation. If the same event can cause losses to numerous policyholders of the same insurer, the ability of that insurer to issue policies becomes constrained, not by factors surrounding the individual characteristics of a given policyholder, but by the factors surrounding the sum of all policyholders so exposed. Typically, insurers prefer to limit their exposure to a loss from a single event to some small portion of their capital base, on the order of 5 percent. Where the loss can be aggregated, or an individual policy could produce exceptionally large claims, the capital constraint will restrict an insurer's appetite for additional policyholders. The classic example is earthquake insurance, where the ability of an underwriter to issue a new policy depends on the number and size of the policies that it has already underwritten. Wind insurance in hurricane zones, particularly along coast lines, is another example of this phenomenon. In extreme cases, the aggregation can affect the entire industry, since the combined capital of insurers and reinsurers can be small compared to the needs of potential policyholders in areas exposed to aggregation risk. In commercial fire insurance it is possible to find single properties whose total exposed value is well in excess of any individual insurer’s capital constraint. Such properties are generally shared among several insurers, or are insured by a single insurer who syndicates the risk into the reinsurance market.

2009-11-22T11:13:00.000-08:00

insurance n tips

2009-11-17T03:07:00.001-08:00

1 Home owners insurance discount ;
It help to Combine and save the people poperty. we can get discount on auto insurance policy which to insure frombig loss.
2 Multi-car insurance discount
Insure more than one vehicle is known as multi-car insurance and can save up to 20 percent.

3 Accident-free car insurance discount
we can Save up to 10 percent .
4 Good Student car insurance discount
can Get up to a 15 percent discount on your auto insurance when we are teen to earns .
5 Life and car insurance discount
Save up to 5% on auto insurance policy while purchase life insurance .
6 Long-term policyholder car insurance discount
7 Affinity car insurance discount
8 Anti-theft car insurance discount
when we install an anti-theft device in your vehicle. Savings vary based on the device installed and the state where park your vehicle.
9 Passive occupant restraint car insurance discount
Save when you insure a vehicle with full front-seat airbags or restraint devices that work automatically when your door closes.
10 Accident prevention car insurance discount
11 Farm Bureau Member Discount

cheap insurance

2009-11-14T23:14:00.000-08:00

Term Life Insurance
What Does Term Life Insurance Mean?A policy with a set duration limit on the coverage period. Once the policy is expired, it is up to the policy owner to decide whether to renew the term life insurance policy or to let the coverage end. This type of insurance policy contrasts with permanent life insurance, in which duration extends until the policy owner reaches 100 years of age (i.e. death).

Investopedia explains Term Life InsuranceThese types of policies provide a stated benefit upon the death of the policy owner, provided that the death occurs within a specific time period. However, the policy does not provide any returns beyond the stated benefit, unlike permanent life insurance policies, which have a savings component that can be used for wealth accumulation.
Death Benefit
What Does Death Benefit Mean?The amount on a life insurance policy or pension that is payable to the beneficiary when the annuitant passes away. Also known as "survivor benefit".

What the California Low Cost Automobile Insurance Program (CLCA)?
The primary goal of the California Low Cost Automobile Insurance Program (CLCA) is to provide an affordable auto insurance option to low-income good drivers.
California Law requires that all drivers be insured. However, too many low-income drivers remain uninsured because the costs of standard insurance premiums are beyond their financial reach. The California Low Cost Automobile Insurance Program provides affordable liability only auto insurance that meets the state's financial responsibility laws.

How do I apply for a CLCA policy?
In order to buy this insurance you must meet certain rules. Take this simple questionnaire test to find out if you may qualify. You will be asked a few yes/no questions to determine if you are eligible. If you qualify, you will be provided a list of certified producers in your local area. Simply enter your zip code and the list will appear.
You will need to contact a producer in order to apply for the automobile liability insurance policy. They will help you complete an application for insurance, plus collect the required deposit and documents needed for this program and get you started. Now, let's find out Do I qualify?

new arrival

2009-11-09T00:23:00.000-08:00

new arrival

2009-10-29T05:21:00.000-07:00

He may be pining for Kristen Stewart, but Robert Pattinson is not exactly resting on his laurels these days as he films Remember Me in New York.
In fact, he doesn't even have to limit himself to one girl!
Amid reports that Pattinson and Twilight co-star Kristen Stewart are pained to be apart as they film movies on opposite ends of the country, he was seen with a pair of hotties at the Bowery Hotel Wednesday in NYC.
"One of the two women Rob was with was definitely Camilla Belle, one of his a source said. "The other I only caught a quick glance of - it could have been Emilie de Ravin but I can't swear to it. She was blond and beautiful

2009-10-27T07:11:00.000-07:00

2009-09-17T21:45:00.000-07:00

2009-09-17T21:43:00.000-07:00

2009-09-17T19:27:00.000-07:00

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2009-09-17T19:07:00.000-07:00

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2009-09-01T05:34:00.000-07:00

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2009-08-17T03:57:00.000-07:00

2009-08-17T02:40:00.001-07:00

2009-08-17T02:40:00.000-07:00

intresting things

2009-08-13T01:13:00.000-07:00

"Transportation" redirects here. For other uses, see Transportation (disambiguation).
For other uses, see Transport (disambiguation).

Ximen Station of the Metro Taipei, Taiwan
People walking in front of the bulk carrier BW Fjord
French National Police use several modes of transport, each with their distinct advantagesPart of a series on
Transport
Modes...
Animal-powered
Aviation
Cable
Human-powered
Pipeline
Ship
Space
Rail
Road

See also...
Topics | Portal
This box: view • talk • edit
Transport or transportation is the movement of people and goods from one location to another. Transport is performed by various modes, such as air, rail, road, water, cable, pipeline and space. The field can be divided into infrastructure, vehicles, and operations.

Infrastructure consists of the fixed installations necessary for transport, and may be roads, railways, airways, waterways, canals and pipelines, and terminals such as airports, railway stations, bus stations, warehouses, trucking terminals, refueling depots (including fueling docks and fuel stations), and seaports. Terminals may both be used for interchange of passengers and cargo, and for maintenance.

Vehicles traveling on these networks include vehicles of appropriate types such as automobiles, bicycles, buses, trains, trucks, people, helicopters, and aircraft. Operations deal with the way the vehicles are operated, and the procedures set for this purpose including financing, legalities and policies. In the transport industry, operations and ownership of infrastructure can be either public or private, depending on the country and mode.

Passenger transport may be public, where operators provide scheduled services, or private. Freight transport has become focused on containerization, although bulk transport is used for large volumes of durable items. Transport plays an important part in economic growth and globalization, but most types cause air pollution and use large amounts of land. While it is heavily subsidized by governments, good planning of transport is essential to make traffic flow, and restrain urban sprawl.

Contents [hide]
1 Mode
1.1 Human-powered
1.2 Animal-powered
1.3 Air
1.4 Rail
1.5 Road
1.6 Water
1.7 Other
2 Elements
2.1 Infrastructure
2.2 Vehicles
2.3 Operation
3 Function
3.1 Passenger
3.2 Freight
4 History
5 Impact
5.1 Economic
5.2 Planning
5.3 Environment
6 See also
7 References
7.1 Notes
7.2 Bibliography
8 External links

[edit] Mode
Main article: Mode of transport
A mode of transport is a technological solution that makes use of a particular type of vehicle, infrastructure and operation. The transport of a person or of cargo may involve one mode or several modes, with the latter case being called intermodal or multimodal transport. Each mode has its advantages and disadvantages, and will be chosen for a trip on the basis of cost, capability, route, and speed.

Human-powered transport remains common in developing countries.
[edit] Human-powered
Main article: Human-powered transport
Human-powered transport is the transport of people and/or goods using human muscle-power. Like animal-powered transport, human-powered transport has existed since the beginning: It has existed in the form of walking, running and swimming. Modern technology has allowed machines to enhance human-power. Many forms of human-powered transport remain popular for reasons of cost-saving, leisure, physical exercise and environmentalism. Human-powered transport is sometimes the only type available, especially in underdeveloped or inaccessible regions. It is considered an ideal form of sustainable transportation.

Although humans are able to walk without infrastructure, the transport can be enhanced through the use of roads, especially when enforcing the human power with vehicles, such as bicycles and inline skates. Human-powered vehicles have also been developed for highly encumbering environments, such as snow and water, by watercraft, rowing and skiing; even the air can be entered with human-powered aircraft.

[edit] Animal-powered
Main article: Animal-powered transport
Animal-powered transport is the use of working animals for the movement of people and goods. Humans may ride some of the animals directly, use them as pack animals for carrying goods, or harness them, alone or in teams, to pull sleds or wheeled vehicles. Animals are superior to people in their speed, endurance and carrying capacity; prior to the Industrial Revolution they were used for all land transport impracticable for people, and they remain an important mode of transport in less developed areas of the world.

[edit] Air
Main article: Aviation

Scandinavian Airlines System MD-80 airliner at Kiruna Airport, SwedenA fixed-wing aircraft, commonly called airplane, is a heavier-than-air craft where movement of the air in relation to the wings is used to generate lift. The term is used to distinguish from rotary-wing aircraft, where the movement of the lift surfaces relative to the air generates lift. A gyroplane is both fixed-wing and rotary-wing. Fixed-wing aircraft range from small trainers and recreational aircraft to large airliners and military cargo aircraft.

Two necessities for aircraft are air flow over the wings for lift, and an area for landing. The majority of aircraft also need an airport with the infrastructure to receive maintenance, restocking, refueling and for the loading and unloading of crew, cargo and passengers. While the vast majority of aircraft land and take off on land, some are capable of take off and landing on ice, snow and calm water.

The aircraft is the second fastest method of transport, after the rocket. Commercial jets can reach up to 875 kilometres per hour (544 mph), single-engine aircraft 175 kilometres per hour (109 mph). Aviation is able to quickly transport people and limited amounts of cargo over longer distances, but incur high costs and energy use; for short distances or in inaccessible places helicopters can be used.[1] WHO estimates that up to 500,000 people are on planes at any time.[2]

InterCityExpress, a German high-speed passenger train
[edit] Rail
Main article: Rail transport
Rail transport is where train runs along a two parallel steel rails, known as a railway or railroad. The rails are anchored perpendicular to ties (or sleepers) of timber, concrete or steel, to maintain a consistent distance apart, or gauge. The rails and perpendicular beams are placed on a foundation made of concrete, or compressed earth and gravel in a bed of ballast. Alternative methods include monorail and maglev.

A train consists of one or more connected vehicle that run on the rails. Propulsion is commonly provided by a locomotive, that hauls a series of unpowered cars, that can carry passengers or freight. The locomotive can be powered by steam, diesel or by electricity supplied by a trackside systems. Alternatively, some or all the cars can be powered, known as a multiple unit. Also, a train can be powered by horses, cables, gravity, pneumatics and gas turbines. Railed vehicles move with much less friction than rubber tires on paved roads, making trains more energy efficient, though not as efficient as ships.

Intercity trains are long-haul services connecting cities;[3] modern high-speed rail is capable of speeds up to 350 km/h (220 mph), but this requires specially-built track. Regional and commuter trains feed cities from suburbs and surrounding areas, while intra-urban transport is performed by high-capacity tramways and rapid transits, often making up the backbone of a city's public transport. Freight trains traditionally used box cars, requiring manual loading and unloading of the cargo. Since the 1960s, container trains have become the dominant solution for general freight, while large quantities of bulk are transported by dedicated trains.

[edit] Road
Main article: Road transport

Interstate 80 near Berkeley, California, United States.A road is an identifiable route, way or path between two or more places.[4] Roads are typically smoothed, paved, or otherwise prepared to allow easy travel;[5] though they need not be, and historically many roads were simply recognizable routes without any formal construction or maintenance.[6] In urban areas, roads may pass through a city or village and be named as streets, serving a dual function as urban space easement and route.[7]

The most common road vehicle is the automobile; a wheeled passenger vehicle that carries its own motor. Other users of roads include buses, trucks, motorcycles, bicycles and pedestrians. As of 2002, there were 590 million automobiles worldwide.

Automobiles offer high flexibility and with low capacity, but are deemed with high energy and area use, and the main source of noise and air pollution in cities; buses allow for more efficient travel at the cost of reduced flexibility.[8] Road transport by truck is often the initial and final stage of freight transport.

[edit] Water
Main article: Ship transport

Automobile ferry in CroatiaWater transport is the process of transport a watercraft, such as a barge, boat, ship or sailboat, makes over a body of water, such as a sea, ocean, lake, canal or river. The need for buoyancy unites watercraft, and makes the hull a dominant aspect of its construction, maintenance and appearance.

In the 1800s the first steam ships were developed, using a steam engine to drive a paddle wheel or propeller to move the ship. The steam was produced using wood or coal. Now most ships have an engine using a slightly refined type of petroleum called bunker fuel. Some specialized ships, such as submarines, use nuclear power to produce the steam. Recreational or educational craft still use wind power, while some smaller craft use internal combustion engines to drive one or more propellers, or in the case of jet boats, an inboard water jet. In shallow draft areas, hovercraft are propelled by large pusher-prop fans.

Although slow, modern sea transport is a highly effective method of transporting large quantities of non-perishable goods. Transport by water is significantly less costly than air transport for trans-continental shipping;[9] short sea shipping and ferries remain viable in coastal areas.[10][11]

Trans-Alaska Pipeline for crude oil
[edit] Other
Pipeline transport sends goods through a pipe, most commonly liquid and gases are sent, but pneumatic tubes can send solid capsules using compressed air. Any chemically stable liquid or gas can be sent through a pipeline. Short-distance systems exist for sewage, slurry, water and beer, while long-distance networks are used for petroleum and natural gas.

Cable transport is a broad mode where vehicles are pulled by cables instead of an internal power source. It is most commonly used at steep gradient. Typical solutions include aerial tramway, elevators, escalator and ski lifts; some of these are also categorized as conveyor transport.

Spaceflight is transport out of Earth's atmosphere into outer space by means of a spacecraft. While large amounts of research have gone into technology, it is rarely used except to put satellites into orbit, and conduct scientific experiments. However, man has landed on the moon, and probes have been sent to all the planets of the Solar System.

[edit] Elements

Bridges, such as Golden Gate Bridge, allow roads and railways to cross bodies of water
[edit] Infrastructure
Main article: Infrastructure
Infrastructure is the fixed installations that allow a vehicle to operate. It consists of both a way, terminal and facilities for parking and maintenance. For rail, pipeline, road and cable transport, the entire way the vehicle travels must be built up. Air and water craft are able to avoid this, since the airway and seaway do not need to be built up. However, they require fixed infrastructure at terminals.

Terminals such as airports, ports and stations, are locations were passengers and freight can be transferred from one vehicle or mode to another. For passenger transport, terminals are integrating different modes to allow riders to interchange to take advantage of each mode's advantages. For instance, airport rail links connect airports to the city centers and suburbs. The terminals for automobiles are parking lots, while buses and coaches can operates from simple stops.[12] For freight, terminals act as transshipment points, though some cargo is transported directly from the point of production to the point of use.

The financing of infrastructure can either be public or private. Transport is often a natural monopoly and a necessity for the public; roads, and in some countries railways and airports are funded through taxation. New infrastructure projects can involve large spendings, and are often financed through debt. Many infrastructure owners therefore impose usage fees, such as landing fees at airports, or toll plazas on roads. Independent of this, authorities may impose taxes on the purchase or use of vehicles.

A Peugeot 206 participating in the World Rally Championship
[edit] Vehicles
Main article: Vehicle
A vehicle is any non-living device that is used to move people and goods. Unlike the infrastructure, the vehicle moves along with the cargo and riders. Vehicles that do not operate on land, are usually called crafts. Unless being pulled by a cable or muscle-power, the vehicle must provide its own propulsion; this is most commonly done through a steam engine, combustion engine, electric motor, a jet engine or a rocket, though other means of propulsion also exist. Vehicles also need a system of converting the energy into movement; this is most commonly done through wheels, propellers and pressure.

Vehicles are most commonly staffed by a driver. However, some systems, such as people movers and some rapid transits, are fully automated. For passenger transport, the vehicle must have a compartment for the passengers. Simple vehicles, such as automobiles, bicycles or simple aircraft, may have one of the passengers as a driver.

[edit] Operation

Incheon International Airport, South KoreaPrivate transport is only subject to the owner of the vehicle, who operates the vehicle themselves. For public transport and freight transport, operations are done through private enterprise or by governments. The infrastructure and vehicles may be owned and operated by the same company, or they may be operated by different entities. Traditionally, many countries have had a national airline and national railway. Since the 1980s, many of these have been privatized. International shipping remains a highly competitive industry with little regulation,[13] but ports can be public owned.[14]

[edit] Function
Relocation of travelers and cargo are the most common uses of transport. However, other uses exist, such as the strategic and tactical relocation of armed forces during warfare, or the civilian mobility construction or emergency equipment.

Borivali station platform numbers 3 and 4 during peak hours(8-9 a.m.). Note the crowd waiting on the left platform. From this platform trains depart for Churchgate, where the offices are located. Location: Borivali Station, Mumbai, India
[edit] Passenger
Main article: Travel
Passenger transport, or travel, is divided into public and private transport. Public is scheduled services on fixed routes, while private is vehicles that provide ad hoc services at the riders desire. The latter offers better flexibility, but has lower capacity, and a higher environmental impact. Travel may be as part of daily commuting, for business, leisure or migration.

Short-haul transport is dominated by the automobile and mass transit. The latter consists of buses in rural and small cities, supplemented with commuter rail, trams and rapid transit in larger cities. Long-haul transport involves the use of the automobile, trains, coaches and aircraft, the last of which have become predominantly used for the longest, including intercontinental, travel. Intermodal passenger transport is where a journey is performed through the use of several modes of transport; since all human transport normally starts and ends with walking, all passenger transport can be considered intermodal. Public transport may also involve the intermediate change of vehicle, within or across modes, at a transport hub, such as a bus or railway station.

Taxis and Buses can be found on both ends of Public Transport spectrum, whereas Buses remain the cheaper mode of transport but are not necessarily flexible, and Taxis being very flexible but more expensive. In the middle is Demand responsive transport offering flexibility whilst remaining affordable.

International travel may be restricted for some individuals due to legislation and visa

2009-08-12T05:03:00.000-07:00

most pleasent car never seen

2009-08-02T02:49:00.000-07:00

Financial Strength
In the last few years, consumers have watched a number of banks, including the big guys, go under because they weren’t managing their money correctly. The same type of thing can happen to an auto insurance company. If their financials aren’t strong, they’re not going to be around very long and the paying policyholders will be left high and dry without insurance coverage or anyone to pay for claims for damages. Checking the financial strength of a company will help prevent any surprise bankruptcies or other failings.

Companies, such as insurance agencies, should have their finances available for public view, especially when they are a publicly traded company. One easy way to check on a company’s financial stability is by looking at a third-party evaluator, such as A.M. Best. They review companies and determine their financial abilities from an unbiased and outside point of view. Included in their long list of findings are the results of car insurance companies and their financial status. A.M. Best uses a ranking system for each company they evaluate. Their rating system uses letters similar to grade school markings, and they range from A++ (superior) on down through D (poor). These letters indicate the ability they have to meet their responsibility to policyholders and consumers should aim for a company with no lower than a B+ rating, as emphasized by experts. Sticking with a company that is found to be secure with their finances will make sure all finances will run smoothly when a policyholder needs to file a claim.

Review Coverage Terms
It’s possible for Company A to provide the same type of coverage as Company B, but the fine print may be slightly different. For example, Company A may only provide coverage for when the damage is not weather related and Company B may cover damage no matter what the culprit was. Company C may provide a wider variety of coverage options or amounts compared to Company A, even though Company A’s prices are lower. It sounds confusing, but it’s helpful to know all of the little details when comparing companies. It’s usually the details that make a company great.

Talk To Everyone
Find out about an insurer by talking to people who have car insurance. Inquire about the company used, satisfaction levels of filing a claim and how the customer service representatives are. Do they think their premium charge is fair? How long is their policy period? How strict is the company about paying before the due date? Is the company an overall good company to use? Trusted family and friends will be the people to take the most interest in, but other people’s experiences can add in as well to support findings. Another person to talk to is the customer service agent of the local body shop. They will know which insurance companies are easy to deal with and who gives the best coverage with the least amount of hassle. Body shops are always repairing accident damages and dealing with insurance companies to get payment.

To get a better idea of an insurer’s customer service habits, anyone can check JD Power’s website and look at their ratings. They work similarly to AM Best mentioned earlier. JD Power evaluates insurers (and other industries) on their ability to provide a positive experience for their customers. They evaluate areas such as bill pay and overall customer service. While asking a few people and forming an opinion, this third-party company takes hundreds of opinions and puts them together for final findings, which can be thought of as pretty accurate.

One more place to check out a provider is to go the local State Department of Insurance. They have listings of which insurer is up to par and which one should be avoided. People are allowed to file complaints with some state’s Department of Insurance, and by checking with them first a common problem experienced by other policyholders can be avoided.

Each company will have their pros and cons, and many of them will be similar. It’s when there are many similar findings between companies that consumers should take a closer look into who the company really is and what they really offer. As mentioned earlier, it’s the details that typically count the most when looking for the best rated auto insurance company. And, it’s okay for policyholders to be picky about what they want in an insurance policy. There are enough companies out there who want business that they can be pretty flexible at times

most used service

2009-08-02T02:34:00.000-07:00

Comparing Best Rated Auto Insurance Companies?

Anyone who is dissatisfied with the way they have been treated by their current car insurance company should never hesitate to search for a new one. Other reasons to find a new insurer is if what they are paying doesn’t match up to what other local residents are paying when their policies are pretty similar, or when a person is moving to a new state. Conducting an analysis of the local auto insurance providers is the best way to know which company is going to offer the best experience, in addition to price.

Not everyone focuses on only getting the best or lowest price in town. To some drivers, getting a policy from the best insurer is what matters, even more than saving a few dollars to go with another company with a lower price. The need to have a great insurer stems from people either having a bad experience in the past or hearing of someone who had a bad experience. There also could be other reasons, such as the need to have a very financially sound company or finding someone who will work with the policyholder one on one. We’ve listed a few reasons why people will pass over a lower price for a company that seems to be better or of a higher quality.

Get a list of local insurers by using our quote comparison tool. This helps in two ways; one, it locates the local insurers willing to provide insurance, and two, it shows the prices they are offering side by side so price is no longer a question or issue. Take the companies that are listed with the quotes (and any others that are popular but aren’t found on the list) and start comparing those.

Financial Strength
In the last few years, consumers have watched a number of banks, including the big guys, go under because they weren’t managing their money correctly. The same type of thing can happen to an auto insurance company. If their financials aren’t strong, they’re not going to be around very long and the paying policyholders will be left high and dry without insurance coverage or anyone to pay for claims for damages. Checking the financial strength of a company will help prevent any surprise bankruptcies or other failings.

Companies, such as insurance agencies, should have their finances available for public view, especially when they are a publicly traded company. One easy way to check on a company’s financial stability is by looking at a third-party evaluator, such as A.M. Best. They review companies and determine their financial abilities from an unbiased and outside point of view. Included in their long list of findings are the results of car insurance companies and their financial status. A.M. Best uses a ranking system for each company they evaluate. Their rating system uses letters similar to grade school markings, and they range from A++ (superior) on down through D (poor). These letters indicate the ability they have to meet their responsibility to policyholders and consumers should aim for a company with no lower than a B+ rating, as emphasized by experts. Sticking with a company that is found to be secure with their finances will make sure all finances will run smoothly when a policyholder needs to file a claim.

Review Coverage Terms
It’s possible for Company A to provide the same type of coverage as Company B, but the fine print may be slightly different. For example, Company A may only provide coverage for when the damage is not weather related and Company B may cover damage no matter what the culprit was. Company C may provide a wider variety of coverage options or amounts compared to Company A, even though Company A’s prices are lower. It sounds confusing, but it’s helpful to know all of the little details when comparing companies. It’s usually the details that make a company great.

Talk To Everyone
Find out about an insurer by talking to people who have car insurance. Inquire about the company used, satisfaction levels of filing a claim and how the customer service representatives are. Do they think their premium charge is fair? How long is their policy period? How strict is the company about paying before the due date? Is the company an overall good company to use? Trusted family and friends will be the people to take the most interest in, but other people’s experiences can add in as well to support findings. Another person to talk to is the customer service agent of the local body shop. They will know which insurance companies are easy to deal with and who gives the best coverage with the least amount of hassle. Body shops are always repairing accident damages and dealing with insurance companies to get payment.

To get a better idea of an insurer’s customer service habits, anyone can check JD Power’s website and look at their ratings. They work similarly to AM Best mentioned earlier. JD Power evaluates insurers (and other industries) on their ability to provide a positive experience for their customers. They evaluate areas such as bill pay and overall customer service. While asking a few people and forming an opinion, this third-party company takes hundreds of opinions and puts them together for final findings, which can be thought of as pretty accurate.

One more place to check out a provider is to go the local State Department of Insurance. They have listings of which insurer is up to par and which one should be avoided. People are allowed to file complaints with some state’s Department of Insurance, and by checking with them first a common problem experienced by other policyholders can be avoided.

Each company will have their pros and cons, and many of them will be similar. It’s when there are many similar findings between companies that consumers should take a closer look into who the company really is and what they really offer. As mentioned earlier, it’s the details that typically count the most when looking for the best rated auto insurance company. And, it’s okay for policyholders to be picky about what they want in an insurance policy. There are enough companies out there who want business that they can be pretty flexible at times

Insurance

2009-08-02T02:25:00.000-07:00

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