Understanding the Auto Insurance Claims Process

If you own a car, truck, motorcycle or any other vehicle, you know you need related insurance. All is good as long as you pay your monthly premium and do not make a claim.

Then you are involved in an accident. What then?

For many auto insurance policyholders, the auto insurance claim process is very, very complicated. Here, we bring you the basics of understanding with the following oft-repeated questions.

How long does it generally take to process an auto insurance claim?

A: If the insurance company has all the facts, a settlement should be achieved fairly quickly. By providing much of the details involved in the collision, the policyholder him or herself will help get the process off the ground. Any insurance company worth its reputation will do its utmost to process the claim as efficiently as possible.

Why is the estimated cost of repairs less than the actual payment check?

A: This is because the auto policyholder must first pay out-of-pocket for the deductible. Only after this, is the remaining balance given through a check.

What is the reason for the auto lien holder to be placed on the insurance payment check?

A: Many states make this a requirement for the simple reason that the lien holder has an insurable interest in the repair work done on the vehicle. In order for the policyholder to get the funding for the repair, he or she must be in touch with the lien holder.

What is the meaning of Direction of Payment?

A: Most auto repair shops require you to sign a Direction of Payment form so that they have documented evidence that the insurance company has permission to pay them for the repair work they complete.

What is common practice of insurance companies in regard to rental cars during the time the insured car is in the shop for repairs?

A: Most times, an insurance company will supply a rental car if the insured car is inoperable and in for repairs.

What about towing costs?

A: Generally speaking, towing is a covered service provided by the auto insurance company following an accident.

What is the procedure if the insured incurs injury during an auto accident?

A: The policyholder should be in touch with the insurance company if he or she is injured. The claims person will inform the policyholder about the related medical care and treatments that are covered under the policy.

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What Makes Insurance to Be the Paradigm for a Secure Future?

The whole nature cycle in the present times are going for a toss with earthquakes and floods becoming too common, the water reserves are going down and animals becoming homeless due to a steadfast population. The natures balance is getting altered due to interferences like cloud seeding etc. Life is uncertain and there is a need to get insurance to be able to recuperate from untimely deaths, loss, destruction, damages, etc. So what is insurance?

Insurance is nothing but a cover that protects one against any sorts of risks and insecurities. The chief component of it being of sharing the risk. It can be referred as a contract where a stipulated amount is paid so that the insurer can help the insured people recuperate from the loss and after effects of a damage or risk, in case of any eventuality.

The establishment that helps to get this understanding is called the insurance company. Any individual who wants to get insurance done is known as Insured / Assured. The written contract between the two parties is referred to as the Policy.

After knowing in brief about the insurance, let us have a look at the different types which exists.

Types

Life Insurance- The amount gets paid under this cover only after the death of the assured, or when the policy expires, whichever happens first. However, this is not an indemnity bond as the loss of one's life cannot be recompensed yet a particular sum of money can be paid.

Fire Insurance- This type of cover protects against all types of damages that result due to fire. It is considered as a contract of indemnity whereby the insurance companies pay off for the loss that takes place. Generally, this cover is only valid for a year time after which it needs to be renewed. One needs to keep just two aspects in mind to claim for this and they are:

• There should be a genuine loss

• The fire should be by accident and not done intentionally.

Marine Insurance- This kind is one of the oldest and covers all loss related to the marine exploration. In this type, the insurer pays off for the partial or the full loss to the owner of a ship or cargo. This again is a contract of indemnity where the assured can recover the real amount of coverage subject to the maximum limit that one is insured for.

After studying the various types, let us see their importance which leads to a secure tomorrow.

Importance

• Due to insurance, the international trade has started touching peaks as marine insurance gives a cover against all types of risks related to the sea.

• In today's time, the life insurance policies are available in many forms and they can be used for accomplishing of one's social obligations, educational loan or marriage loan etc.

• Large funds get accumulated by the help of premium paid by the "insured" and that helps as a significant factor for the capital …

Critical Illness Insurance 101

Critical Illness Insurance pays living benefits … in one-lump sum … to an individual upon diagnosis of a heart attack, cancer, stroke, kidney failure, terminal illness, the need for an organ transplant, etc.

The key is that payment is triggered by diagnosis. Benefits are not tied to any reimbursement of expenses, like health insurance, and you can use the money in any way you choose … to replace lost income, pay for experimental treatment, pay off personal debts, including mortgages and other ongoing expenses.

There are NO LIMITATIONS on how the money is to be used!

The vast majority of Americans have never heard of Critical Illness Insurance because most insurance agents haven't either! Most agents still prefer to sell mortgage life insurance and yet, according to HUD … only 3% of mortgage foreclosures are the result of death and 48% are the result of a severe financial hardship caused by a serious illness!

A recent study conducted by Harvard University found that 50% of the bankruptcies in America were the result of a medical emergency … and that over 75% of those folks had health insurance at the onset!

You see, you can have the greatest health insurance coverage in America and still get wiped out, because health insurance is designed to cover medical expenses only. It's not going to pay the mortgage or rent, college tuition, car payments, utility bills or buy food for the family. It won't pay your health or life insurance premiums (you better not let those policies lapse when you're critically ill).

This is where the enormous strength of a Critical Illness policy lies … as a source for much needed funds in a time of medical emergency.

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Importance of Rideshare Insurance

The rideshare industry is growing and just keeps expanding. This means that in theory, the demand for rideshare insurance should be growing, too. But, that is not the case, in fact, about 90% of drivers that are a part of Uber or Lyft do not have rideshare insurance.

Why is this a big deal? Well, rideshare and insurance companies see a few different phases of rideshare. They are as follows:

Period 0: Your app is offline and you are covered by personal auto insurance

Period 1: Your app is online, waiting for requests. Your personal auto insurance does not cover you at this time, nor does the insurance bought via rideshare company.

Period 2: You have received a request and if you have insurance through Uber and Lyft, you are now covered.

Period 3: You are now carrying passengers and you are covered by the rideshare companies' policy.

So, as you can see there is a gap where you would not be covered. If an accident occurs during Period 1 you could get stuck paying for 100% of the damages. But, that is not the only reason you should highly consider obtaining rideshare insurance.

Without rideshare insurance, you run the risk of having your insurer drop your personal auto insurance coverage. Reason being, is that you must specify that you are using your car to make money because it is not covered under traditional auto insurance. After you are dropped, your premium will significantly increase since you are now considered high risk.

Another possible obstacle is that not all states offer rideshare insurance yet. The prices also vary from state to state and company to company so be sure to receive about three rideshare insurance quotes to ensure the best deal for your needs.

However, the good news is that there are many options to ensure that you are appropriately covered. You need a policy in some form since you are technically using your vehicle for commercial use since you are making money from driving. So, that being said, if your state does not offer rideshare insurance or if it is a better fit, you can opt for commercial auto insurance.

There is also an option to purchase Period 1 coverage to close the gap of the insurance you may already have directly from Uber or Lyft. Some insurance companies even offer an agreement where they will not drop you as long as you disclose that you are a rideshare driver. The only catch is that they will not cover you while your app is online, so experts recommend that you only use this option if you do not move around a lot while waiting for requests and if you have insurance from the rideshare company. Also, be sure to double check with your insurance provider that this is the case to avoid a situation where they would drop you, at all costs.

Ultimately, it comes down to a few things one of which being your state's law. As states …

How Important Are Insurance Carrier Ratings and Insurance Tracking Solution Software?

What is an insurance policy? It is a promise or an assurance to pay in case of a covered damage or loss. The insurance carrier promises to cover the loss and pay during a financial disaster. Although, the commercial insurance has turned out to be quite complex and expensive, yet a good coverage can be your only security against the monetary catastrophe during a serious claim. Have you ever thought how would your condition be if the insurance company fails to keep the promise during the time of your need? This is where the insurance tracking solution software comes forward.

It is not an easy task to predict which insurance carrier is the best and safe, out of numerous options available. But, the ratings provided by various agencies can be of great help to select the most trusted one in the crowd. The carrier goes through rigorous evaluation procedures comprising reviewing business plans, reinsurance, financial statements, interest rates, regulations, credit, funding criteria, and actual reporting for being rated. Such severe analysis helps in measuring the real capabilities of solvency by the carriers.

The ratings are given using noble benchmarks between grades A to F. The insurance firms possessing grades A ++ or A + are considered to be the superior ones within the entire industry. The excellent ones are rated A or A- and the good ones are rated B ++ or B +. The insurance companies' ratings between A and B are considered financially secure companies and the carrier rating C are said to be on the marginal line. Each Insurance Carrier has North American Industry Classification System (NAICS) codes to identify the specific rating. It helps to classify each carrier within the industry to collect, analyze, and publish the statistical data.

Insurance Carrier Thresholds & Why it matters

You must be wondering what an insurance carrier threshold is. It is nothing but a tested way to reduce the risk. Often it becomes difficult for a company to go through the financial records and ratings on a regular basis. In such cases, even if the ratings of their trusted and functional insurance concern go down, the establishments remain unaware. This calls for a risk of the broken promise from the chosen insurance company end.

In order to avert any such risk, the private entities and public organizations create a threshold for the insurance organizations. They choose to have the rating certificate of the insurance holders. The threshold mentions that the insurance firm must be no less than a C + rating. This serves as risk reduction if for any reason that specific insurance carrier goes below the threshold.

The certified insurance software helps to update the carrier ratings on a quarterly basis. So, in case of such a situation where the insurance firm fails to maintain the threshold assigned by the company, the administrator of the designated software receives a notice that the insurer would have to switch to an insurance carrier that would meet their compliance standards set …

Omaha Insurance Agent Says This Is a Money Talk You Should Have With Your College Age Student

OMAHA, Neb.-College students are packing their bags and getting ready to return home for the summer. For many, this past year was the first time they managed their own laundry, classes and curfew-and their own bank accounts-without their parents.

This continues as a time of transition for many young adults and their parents. They will need some help from you while they continue to grow into their new financial responsibilities and learn how to enjoy a lifetime of good money management.

Here are a few tips from Manley to help talk to your college-age students before they head back to campus next fall:

Help your student work on a budget. Budgeting goals and impacts change over time. If your child had a part-time job while he or she was in high school, the priority was probably to build a savings. A college student's main priority is not likely to be savings, but rather to figure out how to make saved money last all semester or until summer. Parents can help a student itemize and prioritize all the things the student will have to purchase such as clothing and sundries, textbooks, the expenses of a car or cell phone.

Plan for mistakes, and let your student correct them. No matter how good the student's budget is, mistakes are going to happen. Some of them are minor, such as when a student simply forgets to budget for working fewer hours at a part-time job during a week of exams or having to take an unpaid sick day. If that happens, a little help from mom or dad may be appropriate. But sometimes mistakes are major, the result of overspending and under-earning, and the student runs out of money before the end of first semester. In this case, as difficult as it may be, do not bail out your student. Help him find a way to fix the problem. If the student lives on campus and you paid for a meal plan, he is not going to starve. He might have to find a way to work a few more hours, or be sure to earn a few bucks during summer break.

Have THE TALK. More specifically, the talk about credit cards, and how many credit card companies entice students to open accounts. Show your student how long it will take to pay off even a small amount of debt (here's a handy calculator). Even a small balance of $ 3,000 can take as long as 10 years to pay off, and during that time the borrower would have paid more than $ 2,200 in interest alone. Student loans, car loans and eventually mortgages are often considered good debt. But credit cards in the hands of inexperienced users can be disastrous.

Let the student know you will be checking up. From time to time, check your student's bank balance. Look at the expenditures and deposits, and make sure she is on-track to making his money over the summer. As time passes and the …

Insurance Agency Websites, Microsites, Minisites and Landing Pages

Everyone knows what an insurance agency website is, but more granular insurance agency web marketing terms such as microsites, minisites, landing pages and squeeze pages may be somewhat of a mystery to many agents and brokers. What's the difference between these, and why are they an important aspect of your insurance agency marketing?

Let's begin with a brief definition of each:

  • Microsite: A microsite, which is also known as a landing page, minisite or weblet, is an Internet web design term usually referring to an individual web page. Examples of this might be a web page dedicated to Auto Insurance, Home Owners Insurance, Condo Insurance or Errors & Omissions.
  • Minisite: A minisite is a small and focused website dedicated to a specific topic. Most minisites contain just a few pages, though pragmatically they can have as few as one webpage or as many as 20. They are typically a subset of a larger website. For example, the XYZ Insurance Agency website might have 30 pages of content, and have two minsites, one of these dedicated to Transportation Company Insurance (Trucking Insurance Leads), the other dedicated to Benefits and Compliance (Group Benefits Leads).
  • Landing Page: A landing page is a single web page that is rendered when a user clicks on a search result, online advertisement, social media link, etc. The landing page is often lead or sales oriented, displaying content directly related to the advertisement, search result or social media link. An example of a landing page might be Florida Yacht Insurance or Professional Liability Insurance for Engineers.
  • Squeeze Page: Squeeze pages are landing pages created and designed to capture leads, to increase subscriptions (to newsletters for example), or registration for an event (webinars / seminars), etc. Examples of a Squeeze Page include: Territory Exclusive Insurance Lead Generation Webinar, or PPACA Compliance Newsletter Subscription.
  • Weblet: Weblets, a term credited to NASA origin, is similar to a minisite or microsite, though there are a few key differences. It is often maintained by a single individual. It typically provides content which can be downloaded. Weblets are often created to assist non-technical people to help publish professional looking web content without having to know anything about programming.

All of these terms are applicable to insurance agency websites and insurance agency web marketing. They are specific tools purposed to drive traffic, generate inbound leads, and increase subscription and / or event attendance. They are also used to convey subject matter expertise and credibility. If you are an agent or broker seeking to extend reach and drive more qualified inbound leads, microsites, minisites, landing pages and squeeze pages should become part of your vocabulary.

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Six Uncommon Policies Your Insurance Agency May Offer

You want your home and family to be protected in case of an accident. It is the best thing you can do. However, that protection can be a little fickle. Your insurance agency may reimburse you in the event of certain problems, but it might not provide funds for other issues. In fact, if you do not have some of these policies, you may be footing the bill yourself in the event of an accident.

Renter's Policy

Everyone knows it's a necessity to get an insurance agency to write a policy for a home, but many do not think about getting a policy when they are renting. Yes, your property owner has coverage for their property in the event of a fire or another incident. However, that policy does not cover your valuables. A typical policy only costs a few dollars a month and includes some liability coverage as well.

Pet Policies

Like your children, your four-legged family members need annual checkups and vaccinations in order to be in top health. In the event that they need an operation at some point, it can get expensive. You can check with your insurance agency to see if they offer coverage for your pet that will help offset some of their general care costs.

Antique Coverage

Having a homeowner or even a renter policy does not mean that your valuable antiques are protected. Some policies do not cover these items, as they can be costly to replace or restore. However, if you own valuable family heirlooms, you may check into additional coverage. In the event that something should happen to the property, you want to make sure you have full replacement value or restoration coverage.

Long-Term Care

Most employers offer some form of disability insurance. However, they do not always provide long-term care coverage. In the event you should need to go to a nursing home or require long-term home care, this type of policy can save you money in the end. If you purchase this policy when you are younger, you will not spend as much. However, they can be pricey if you are not careful. You may also only purchase one that pays for three to five years of service, as most holders need them for more than three years.

Longevity

Most people understand the need to put money back for their retirement. However, in some cases, even the best-laid plans can find you running out of money before you pass. By purchasing longevity plans from an insurance agency, you can help ensure you are not in a bind. This program allows you to receive a specified monthly amount beginning at age 85. For example, you purchase $ 50,000 indemnity at age 55. At age 85, you would begin receiving the same approximate amount yearly.

Wedding

Wedding plans are nominal in cost, but they can save you a lot of frustration. The average cost of the big day can be upwards of $ 24,000. If you have to postpone it …

Boat Insurance to Secure Your Boats

Insurance, in any form, is a blessing in disguise! It safeguards you and your possessions in times of need and distress. Hence, entities and possessions that are invaluable and priceless to you must be insured well ahead in time. An insurance policy will ensure that you or your priceless entity is secure and covered during mishaps, thefts or other incidents. Insurance comes in all forms. Whether it is insuring your own body parts like eyes, kidneys, lungs etc or insurance of your house; Whether it is the insurance of your own life so that your family members can get monetary aid when you are not with them or insuring your car or boat to protect in case it gets damaged due to accidents or theft; all types of insurance exist and are very much in demand by the futuristic people. Providing incomparable and immaculate boat insurance quotes and boat insurance policies to people for safeguarding their belongings (especially boats), is insurance companies!

Facts about insurance quotes:

Just like any other kind of insurance, the expensive and articulate boats and ships too can be insured. If you are a proud owner of a lavish boat or a ship or a yacht or a sail; then you should not go anywhere else than insurance companies for getting the best insurance quotes and availing the most customer friendly sail boat insurance and other boat insurance policies.

Now you can keep your boats and sails in safe hands and under all time coverage by purchasing the sail boat insurance policies and benefits from insurance companies. This renowned boat policies organization will facilitate you with a range of economical insurance quotes that will certainly not burn a hole in your pocket and can be availed with other perks as well.

Tips and tricks for getting the best insurance policies:

When you are on the mission of availing the best boat insurance, it can be a very confusing and challenging task. Keep the following tricks and points in mind to sail successfully in the insurance sea:

• Always compare and contrast the boat protection quotes and prices of the insurance policies being offered. Initially, you might be tempted by the extremely cheap rates being offered. But don't get lured by what you hear. Scan through the terms as well as conditions vigorously before purchasing the policy.

• Try to hire or be in touch with a lawyer before you buy sail boat protection. A lawyer will help you in understanding the legal terms and complications, so that you are sure what you are investing in.

• The skilled professionals at companies will also guide you through the entire process. You can rely on their experience and expertise. You can even get an insurance policy customized according to your requirements and budget.

The best boat insurance quotes plans with companies!

The coverage for protection provided by this esteemed boat insurance company has wide variations to suit your each and every need. Be it coverage for the physical …

Standard Home Insurance and Lightning Damage

The National Lightning Safety Institute gives us the statistics on lighting strikes.
Did you know that the odds for a person to be hit by lightning are quite slim – 1 in 280,000. When it comes to lightning striking a home there is much greater frequency, however: a likelihood of one in two hundred!

The insurance companies seem to underscore the possibility with a 2015 report that found related insurance damage claims surpassed even the high $ 825 million index.
Alarming as it is, the fact that standard home owner insurance can cover this type of peril up to the limits of the particular policy provides a form of peace of mind to those thinking individuals that are concerned about disasters like a lighting strike.

Losses associated with lightning may incorporate the following:

• Damages related to personal property, including things like electronics and appliances

• Structural as well as damages on property that were caused by a fire sparked by a lightning's direct strike

The issues involving lightning strikes are not resigned only to the above information. Read on for a summary on further related matters.

Additional Matters regarding Lightning Damages Coverage to Know

Electrical surges that are caused by a lightning strike may significantly damage connected personal electronic equipment. Possible losses can run into reach immense financial proportions in today's society where electronics is an investment most make. Because insurance payment is based on the actual cash value, equivalent to the present day price for similar items, reduced by depreciation, it may be worth the while of someone in a high frequency lightning occurrence to add replacement cost coverage to their home insurance policy.

Insured homeowners are advised to read through their homeowners' policies to see if additional living expenses are included in coverage. If a related fire makes a home unfit for occupancy while it is being repaired or rebuilt, such coverage will pay for temporary comparable housing accommodations.

Insurance experts also have another underscored recommendation for the homeowner: make sure to draft a comprehensive list of all the items in your home so that in the event of a related claim, there will be less complications to the process.
Just as every face in a household differs in its uniqueness, so does every home owner's exposure to perils. Let an experienced independent agency navigate your homeowners insurance so you know you will have coverage for your individual needs and requirements.

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