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Archive of posts published in the category: insurance

Why Full Coverage Auto Insurance is Important

If you have a little time to kill, take a look at the local trial docket of your township, city, or county court. You will discover that there are thousands of drivers in your district that have no auto insurance. What does this mean to you? It means that basic auto insurance is not enough to cover you if you are involved in an accident. There is a very big chance that if you get hit, the other party will not have auto insurance coverage. The cost to repair your vehicle will fall on your shoulders. If you have only basic auto insurance, this means you will have to pay for repairs out of pocket. To fully protect yourself you need uninsured and under-insured motorist coverage. You do not get these insurance add-ons with the lowest level of liability insurance.

You are justified in thinking that the roads are not safe. In the United States, more than a million accidents each year are caused by people without automobile insurance. In America, responsible drivers get full coverage insurance for their automobiles. There are substantial risks involved when driving and responsible drivers want to be protected against those risks.

Full coverage insurance also protects you whenever you are the person at fault. If you are the at-fault party in a vehicle accident, full coverage automobile insurance pays for your damages and the damages done to other parties. If you have only liability coverage, damage done to others will be paid, but you will be personally responsible for damages done to your own car.

Full coverage insurance provides complete protection. If you hit a telephone pole, no problem. You pay the deductible and the insurance company pays the rest. If your car is stolen, no problem. You are covered. An important insurance add-on to full coverage is uninsured and under-insured motorist. These insurance add-ons more fully protect you. If you are hit by an at-fault driver and they have no vehicle insurance, you are covered. If you are hit by an at-fault driver and they do not have enough insurance coverage to pay for damages, you are covered.

One of the best parts of full coverage vehicle insurance is the peace of mind it provides. If you are involved in an accident, sometimes your rental car is free. You do not have to be concerned about things being stolen from your car; your insurance covers that too. Some insurance policies will also cover you in the event of vehicular crime. For example, if you are involved in a drunk driving incident your insurance company may provide legal representation.

Always fully review the terms and conditions of your vehicle insurance policy. Know what is and is not covered. Policies greatly vary between companies and between jurisdictions. For superior protection and peace of mind, always get a full coverage insurance policy. You will be protected against all major risks, and that is what insurance is all about.…


Efficiencies Gained From Insurance Outsourcing

Today, insurers are seeking to simplify and streamline their internal processes. Insurance outsourcing companies vie for their business by demonstrating an in-depth understanding of the insurance industry. An insurer can choose to outsource non-core or core functions therefore achieving efficiencies in time, cost and service. Whatever the situation, outsource insurance companies offer a network of human capital that can respond to any need of the insurer. Once an insurer makes the decision to utilize the services of an insurance outsourcing company they must be able to identify which processes they will release and which ones they will handle internally. Additionally, the insurance outsourcing service can assist with identifying which services should be outsourced or in-sourced for the best results.

Insurance Metrics

The insurance industry is highly competitive and insurers have identified the need to investigate insurance outsourcing to manage costs, and to focus on their core competencies and capabilities. Insurance companies place a great focus on the following key metrics: pre-tax operating income, expense ratio, and business growth. Any reduction in expense ratio will produce greater profits. Insurance outsourcing provides cost savings by reducing headcount, reducing expenses, and providing opportunities for insurers to direct their resources to core business processes and competitiveness.

Human Resource Outsourcing

Insurance outsourcing can provide assistance with human resources. Rather than increasing the headcount to provide essential services, insurance companies are utilizing outsourcing strategies to keep costs down. Even information technology staff and processes can be outsourced. The insurer must be wise and determine which positions and processes must be carried on the payroll and which ones can be outsourced to achieve greater operational efficiency. Many back-office positions and processes are now being outsourced by numerous assurance companies so that they can achieve better business focus.

Leaner Organization

Today, only the fastest, leanest companies stand a chance of survival in competitive assurance markets. The market is characterized by mergers and acquisitions globally. Visionary leaders are identifying the power of outsource insurance to protect their viability and ensure the future sustainability of their operations. Insurers want to optimize the market and can only do so by shedding some of the weight to make them leaner and more agile in taking and implementing strategic decisions to put them on the competitive edge.

Benefits of Insurance Outsourcing

There are a myriad of benefits to be derived from outsource insurance. Providing clients and customers with accurate policies is the hallmark of service in the assurance industry; outsourcing policy processing will ensure accuracy and improved customer satisfaction. A backlog can stand out like a sore thumb in insurance operations, and insurance outsourcing is equipped to handle key insurance processes without the incidence of backlog that essentially has a negative impact on service levels. A reduction in expense ratios, costly training and retraining of staff, as well as process standardization, are all aspects of the insurance operations that can be effectively addressed by engaging in insurance outsourcing.

There is no doubt that there is great efficiency to be gained from insurance outsourcing. …


Complete Tips and Guide on Small Business Medical Insurance

Purchasing small business medical insurance is a thing that you might need to consider. Even though your company is not off the floor and operating yet, eventually you’ll need to consider it. In the end, it’ll be challenging to use workers if you fail to provide them your small business medical insurance plan. So with that being said, gathering lots of information and facts about small business medical insurance can be something that you need to perform immediately. Like mentioned previously, prior to being even prepared to invest in you need to begin investigating the industry. This tends to provide you with the information you’ll want to increase the risk for excellent choice ultimately.

So, just how would you like to learn more on small business medical insurance? The most effective way to do this is certainly on the internet. Certain, you are able to call an agent. But if you’re just in the details gathering stage you’ll be greater off trying to find small business medical insurance on the web. By doing this you are able to spend some time when obtaining the data, without having to concern yourself with an agent promoting you a specific thing.

You ought to be searching for almost any and each details that you may discover. And don’t forget, you need to write down most of the details that you simply obtain. By using this method when it does come time for you to purchase you are able to just look back at the records and move ahead.

As we discussed, purchasing small business medical insurance is very essential. It will not only help with keeping your workers satisfied, however it will likely maintain them healthier and balanced. As well as on top of all of that, you’ll also reach to reap some benefits from the small business health insurance plan that you really invest in. So begin your research quickly, and then spend some time determining what you would like to purchase once the moment arrives. Should you choose those two things you may finish up having a small business medical insurance strategy that both you and your staff is very pleased with.

What types of Small business Medical insurance is most beneficial?

The real big difference is when you’re purchasing a small business health insurance plan you might be don’t handling individual policies. You’ve currently joined the field of team policies plus they frequently vary a great deal out of your conventional personal policy.

The leading advantage to team policies is the fact that you will find usually zero limitations on who is able to be protected under the policy. This particular works in the worker’s benefit should they have experienced prior health problems or perhaps a surgical treatment previously that could cause them to become ineligible to have an individual policy. This kind of advantage doesn’t arrive without its expenses nevertheless, and frequently the employer must match minimal specifications to actually be regarded for a team policy.

Due to the …


Taking Advantage Of The PDIC Insurance

The Philippine Deposit Insurance Corporation or PDIC guarantees every bank depositor that their deposit is insured if and whenever a bank goes under up to a deposit of P250,000 or its equivalent in dollars. How do we take advantage of this? By investing in rural banks and thrift banks that offer interest rates far beyond what current and more well know commercial and savings banks are offering.

In our present business environment, loan rates have taken a big dive down which means those looking to take out a loan whether being it housing, car, equity or personal loans are at an advantage in our current situation. But since loan rates have gone down, deposit rates have also taken a big nose dive. Top commercial banks have already taken steps to reduce a normal savings account rate from the previous 1% pa to 0.75% pa and time deposit rates are at an all time low. Even savings banks have adopted this trend of lowering rates. Bad news for retirees and people who rely on time deposit interest to pay for their monthly expenses such as food, utilities and other expenses.

This is where investing in rural banks and thrift banks becomes very attractive. Some offering as high as 16% pa or double your money in 6 years in which monthly interest rates are credited to a savings account which can be withdrawn anytime. But before you go rushing out and placing your entire life savings in these banks be warned. Most of these banks have names you probably have never heard before like rural bank and thrift bank of so and so, usually a name of a city or province in the Philippines. And these banks have a high risk of going under. This is where the PDIC insurance of P250,000 comes in handy.

Having experienced getting my money from PDIC, from banks that have closed before. I'm in the position to say that the trouble is worth the returns you are getting. I got my money from a closed bank in about 2 weeks from PDIC. Just make sure your total deposit at any given time in a thrift or rural bank does not exceed 250k. If you have lots of money do not forget to diversify them in different thrift and rural banks, each not exceeding the PDIC limit. And make sure that the banks you are depositing into are really PDIC insured which can be verified by a quick phone call or by visiting the PDIC website. Lastly, read lots of news papers or browse the website of the PDIC to keep yourself up to date on what is the current state of the banks you have your money deposited in. …


Making the Most of Your Car Insurance

Many drivers have car insurance policies as a requirement and for vehicular protection. However, many people are not utilizing their policies to receive the greatest benefits possible. This may sound hard to believe since so many people complain that car insurance is so expensive, but this is the reality. Drivers are not utilizing their car insurance to make it more affordable and worthwhile to own. By understanding your insurance policy better you can begin to really benefit from your car insurance.

One of the first ways to make the most of your car insurance is to seek out discounts. If you have not already asked about discounts for car insurance you should! Most insurance companies offer a variety of discounts. Many drivers with good records get great discounts for car insurance. Likewise, if you are trying to insure a teenager tell them to keep their grades up. There are some insurance companies that offer discounts to students who excel in school. If you have a particular professional or college affiliation such as being a part of a nurse's union or you are employed as a police officer you may be eligible for deducted auto insurance. In addition, many people who own homes or have apartments and have homeowners or renters insurance may be able to receive insurance at a discounted rate by applying for a second policy specifically for car insurance. There are plenty of discounts to be had from your auto insurance company if you do some research.

An additional way to benefit from your auto insurance is to review your coverage. It is in the best interest of all drivers to periodically review their car insurance coverage. There are some drivers that are paying more than than they should for car insurance because they are over insured. This does happen especially when the car is very old and would have considered a total loss if damaged. Instead of paying for collision for a 15 year old car dropping this protection will help save some money. Take the time to access coverage needs for all of your vehicles.

Finally, save money on your policy by paying more on your owed and paying in full. Some people choose a low deductible because it is inexpensive for the moment, but unfortunately this really does cost more in the long term. Paying more on the auto insurance deductible will decrease the amount you owe on the policy overall that making your payments a lot less! Likewise, drivers should try to pay for their car insurance policy in full whenever they can. Insurance companies usually offer discounts when customers pay for their insurance in full instead of paying monthly. The savings can add up!

Thus, getting the best from your auto insurance simply takes the willingness to do a little research to find the best deals, coverage and payment plans that are right for you. …


Business Contents Insurance – Protecting What You Use to Run Your Business

Many business owners want to protect their business against loss and taking out business contents insurance is a large part of that. On top of Building insurance and also protection from liability the addition of contents insurance is going to cover the items that you need to run your business from day to day.

Contents insurance will protect and movable items that you need to do business this can include things like computers, machinery and other pieces of equipment. You will be protected against things like fire and theft and depending on your policy it may also extend to cover things that are not always used on your promises like employee computers, and other tools. There are also policies that will include specialized uniforms.

If you are running your own home business then you need to be particularly careful if you have any existing insurance policies that cover you and your beloveds personally. Many of your personal policies will not automatically cover items in your home that are deemed specifically for business use. In most cases you can make a simple phone call to your insurer to have your cover extended for your home business.

Although contents insurance is extremely important is another business expense that you will have to bear, there are several ways to make your insurance cheaper. The easiest way to do this is to bundle your insurance together to cover both your property and the contents. You can find a range of home contents and business contents insurance policies that will give you a more favorable rate. In addition you will pay less to your insurer if you can show that you are taking effective measures to guard against damage and theft. This is primarily done through the installation of a security system or other similar measures …


Insurance: Love It or Hate It, You Have to Have It!

You have done it! You have cleared up your finances, figured out what's what, built up a wealth account, and you have even begon investing. There is no more debt, your time is freed up, and you have a nice little nest egg. Then it happens – WHAM !!! You are involved in a major car accident and are seriously injured. Or maybe you are diagnosed with a serious illness. Either way, not only can you not work for a while, but you have heaps of medical bills. Are you prepared? If not, then all the hard work you have done to get yourself on stable financial ground and begin building wealth, is gone. If you can not pay those bills and you are sued, then faster than you can blink your assets will be sucked up to pay what you owe.

How would you feel if this happened to you? Really use your imagination and try to place yourself there. What is it worth to you to ensure that this never happens? What would you do to protect yourself?

What is protection? INSURANCE! Yes, it is easy to say, "I do not really need it right now," or "I can not really afford it yet. No matter how tight money is, it will be far worse if anything happens to you and you are uninsured. Just remember – you DO need it. The premium (charge you pay on a monthly / yearly basis) for insurance will protect you and family from financial loss in the event of accident, illness, fire, flood, or any other type of natural disaster.

Insurance is unavoidable if you own a car and / or a house. To qualify for a mortgage, you will be required to have home insurance because the bank wants to protect their investment. Just be sure to research insurance companies or make use of an insurance broker (you do not pay for their services, the insurance companies do) and make sure you have appropriate coverage. You do not want it to be too high and you do not want it to be too low. It should be based on the estimated rebuilding costs of your house, not on current market value. With car insurance, you will most likely have to show proof of some basic coverage to register the vehicle. Make sure you are comfortably covered in case of an accident and also for when you rent a car so you do not need to pay extra premiums.

It is also crucial that you have health insurance. Since the majority of artists do not have coverage from a regular employer, they need to purchase individual coverage. You can choose between fee-for-service insurance – allows you to choose any physician although it is generally extremely expensive, or managed care – lower costs but limited choices with regards to doctors and hospitals to which you have access. It is also recommended that you obtain a policy that:

o will cover a major …


Filing a Flood Insurance Claim

Many Americans have flood insurance coverage on their home. Thankfully, flooding does not have an impact on every individual who has flood insurance coverage. Despite the fact that a large number of individuals do not experience flooding, there are others who do. When flood damage occurs to your home, you need to file a flood insurance claim. Filing a flood insurance claim is a fairly easy process, but do you know what to do?

A large number of individuals with flood insurance are unsure what to do when it comes to filing a flood insurance claim. Some individuals are unsure because when a flood occurs confusion may set in. Other individuals are unsure what to do because they are unprepared. That is why it is important that you know ahead of time what you will need to do to file a flood insurance claim.

The most important piece of information that you need to know to file a flood insurance claim is who your flood insurance coverage is through. You should have the name and phone number of your flood insurance company or the agent who handles your case. This information is vital to filing an insurance claim. If you do not already know this information, you should begin to familiarize yourself with it.

In addition to knowing the name of your insurance company or agent, you may also need to know your policy number. It is understandable that in a time of disaster, you may not have this information readily available. Many insurance companies and agents can obtain your policy number by asking you a few personal questions. Knowing your policy number may help to speed up the flood insurance claim process.

To stay up-to-date on the status of your flood insurance claim, you will need to provide your flood insurance company or agent with a way to reach you. If your home is damaged it is likely that you may be unable to stay there. Try obtaining a number where contact can be obtained on a regular basis. This contact may be done through a close friend, relative, or online.

An insurance agent should be available to view the damage to your home in a few days. If you are interested in beginning cleanup before that time, you may want to discuss that with an insurance agent. It is also advised that you take pictures of your home or the belongings inside that suffered water damage. These pictures may not always be used, but they could be vital to the success of your flood insurance claim.

As you can see, it is important to be prepared when filing a flood insurance claim. It is even more important to understand the importance of flood insurance coverage. If you do not have flood insurance coverage, you will be responsible for replacing all of your damaged marriages and repairing your home. For quality flood insurance coverage, at a discount of up to 12%, contact an AmeriFlood agent today. Do not be …


Michigan Cheap Car Insurance

To get cheap car insurance in Michigan, you must first start with Michigan's minimum car insurance requirements. After all, there is no reason to purchase cheap car insurance if it is not going to be deemed a legal amount of coverage.

With the exception of motorcycles and commercial motor vehicles, all cars in Michigan must carry no-fault insurance. You can not register your car in Michigan without first having no-fault car insurance. In a nutshell, no-fault insurance provides car insurance coverage for you, the policyholder. The other party involved is covered by his or her own car insurance company.

There are three kinds of car insurance coverage required by Michigan: personal injury protection (PIP), bodily and property damage (BI / PD) and property protection insurance (PPI). A car insurance policy in Michigan covering these three components is a basic car insurance policy.

None of these car insurance requirements provide insurance coverage in the event your car is damaged or stolen. In Michigan, you must purchase collision insurance coverage and comprehensive insurance coverage in order to insure your car in the event of damage or theft. Collision car insurance coverage provides coverage for damages to your car, while comprehensive car insurance coverage provides coverage for the theft of your car or its components and contents.

Michigan drivers are able to get cheap car insurance when they opt to purchase only the PIP, BIPD, and PPI car insurance coverage requirements. Collision car insurance coverage and comprehensive car insurance coverage is not normally required of Michigan drivers unless they have borrowed money to purchase their cars and their lenders require those coverages.

Of course, there are many other ways to get cheap car insurance in Michigan without simply purchasing the minimum car insurance coverage requirements. Ask your car insurance company or agent about the various discounts for good drivers, good students, driver education course completion, and multi-line policies that they offer and whether you are eligible. …


You’ve Heard About It, But What Is Comprehensive Insurance Coverage?

OTC (other than collision), “Comp”, or most commonly, comprehensive auto insurance is the type of insurance that gives you coverage for any physical damage on your car that may not have been caused solely by an accident. Comprehensive insurance coverage can be a little confusing due to the sheer amount of things it covers so we’re going to break it down here to help you figure it out.

Comprehensive insurance coverage does not mean that you are covered for every single bit of damage that might happen to your car. It is not full coverage. It is comprehensive which means that it covers common occurrence incidents that are not as a result of a collision. Comprehensive coverage is designed to work with collision coverage and since most states require you to have collision it will be purchased in addition to your collision coverage. There are certain things that comprehensive insurance coverage covers, and certain things it does not.

Coverage included with comprehensive insurance:

  • Riot
  • Fire
  • Water, flooding, or hail damage
  • Vandalism (other than by family or employees)
  • Vehicle theft (other than by family or employees)
  • Missiles and falling objects (this is not the kind of missile the army might fire at you, but refers to any propelled object like a roman candle, bullet shot, and so on)
  • Animal damage (not if your dog has a bathroom break in the back seat – this covers you if you hit an animal and damage is caused)

What comprehensive insurance doesn’t cover:

  • Contents theft (personal belongings that may have been left in the car at the time it might have been stolen – stereos, purses, wallets, and so on)
  • Regular wear and tear on the vehicle

The cost of comprehensive insurance coverage:

the cost of your comprehensive insurance will be determined by the same factors that determine your basic coverage – age, gender, driving record, car value, location, and mileage. Never get only one insurance quote. You can use online tools to get several quotes and use them to get your preferred, if not more expensive choices, to come down in price. They all want your business in the end.

Once you’ve carefully read the details of the coverage you’re looking at to ensure you are getting the options you need and any extras that you want (you can get theft of personal belongings added to your policy, for instance) you need to determine the current market value of your vehicle. Never pay more for your insurance than your vehicle is worth! Lastly, remember that all car insurance comes with a deductible for each option and that the lower your deductible, the higher your premium will be. However, keep in mind that if you have a lower deductible it’ll be easier to get your car fixed or replaced in case of damage or theft.…