Feb/120
Blanket Insurance For Businesses
Blanket Insurance is an insurance policy under which more than one property can be insured in more than one location. When you purchase a blanket insurance policy, you need not to specify the items covered under the insurance, as everything under a property is covered. Blanket insurance is not used to insure just property, but also things like the health of employees, theft in a particular establishment etc.
How to Get Blanket Insurance:
There are some basic requirements that you have to fulfill before you ca opt for Blanket Insurance.
1) List the Items
You need to draw up a Statement of Values stating the value and name of the items that are going to be covered by the Blanket Insurance. The SOV states the name of the item and its location.
2) Coinsurance
If you have insured property at various locations, one major problem arises at the time of payment for any accident or damage to the property. The limit of the property under Blanket Insurance needs to be looked into. If the value of the damaged property is more than what is offered under the terms of blanket insurance, then you will suffer a loss. You must remember that insurance companies keep in mind the cumulative value of the properties and items you are insuring, not the value of one single item.
What You Must Know Before You Opt for Blanket Insurance:
1) Agreed Value
Agreed value is the value that both insurer and the insurance company agree on while drawing up a blanket insurance plan. You must be very careful while stating an agreed value, as you cannot invoke the coinsurance penalty and get the insurance limit changes at the time of payment.
2) Varying Rules
Before opting for a blanket insurance cover, you must remember that different insurance companies have different rules regarding blanket insurance. Since insurance must be done on many items and properties, all under a single limit, many companies are reluctant to do it.
3) If your property is located in many different regions, then getting a blanket insurance cover becomes difficult. In fact, you may need to use many different blanket insurance covers for properties in different states and countries.
4) Blanket Highest Rate
The highest blanket rate is calculated based on the highest value item under the items covered by Blanket Insurance. This type of Blanket Insurance can be expensive.
5) Blanket Average rating
The individual values of the items covered under blanket insurance are added, and then divided by the insurance limit. The resulting amount is called Blanket Average Limit. This is cheaper than Blanket Highest Rate premium.
Many people blindly sign for blanket insurance covers, thinking it will protect all their property against any kind of loss. Before signing, you must read the fine print, and keep the above points in mind. If you find it difficult to choose a Blanket Insurance cover for your business, you can consult a small business consultant or an insurance agent.
Oct/110
Car Insurance For Young Females at Cheap Rates
Purchasing insurance of various kinds is very important in order to reduce the risk related to the future. Insurance is so important that you must have it for driving the car on road. Every vehicle which runs on the road always has a risk of getting damaged by some kind of accident. If a car which has insurance gets damaged in an accident, then the cost of the damages is paid by insurance company. It is very easy to get your car insured at cheap rates for young females. Cheap young female car insurance is offered by a lot of insurance companies.
There is a very valid reason for this. Actually statistics prove that female car drivers are more responsible as compared to male drivers. Every insurance company wants to take only calculated risk. The lesser the risk associated with an insurance policy, the lesser the cost of premium charged by the insurance company. It means that the amount of premium charged by insurance companies is low in those cases where there are very less chances of a situation where the company needs to pay the insured amount.
It is reported by various studies that female drivers drive very cautiously and very less road accidents are caused by female drivers. Therefore females can get their cars insured at low rates easily. Another thing which should be kept in mind is that cheap young female car insurance can be purchased by those female drivers who have very good experience of driving cars. An older age indicates that a person has more experience of driving. Generally, young females pay more premium amount for vehicle insurance than those females who are older. If you are young and want to buy vehicle insurance at cheap rates then you should assure the car insurance company that you are experienced in driving car and very responsible as well.
Oct/110
Is Brand Loyalty Affecting Customer’s Car Insurance?
Customers can get attached to certain products and car insurance is no different, many customers choose to remain with the company they have been with. Around two-thirds of customers have not changed their policy within the last 12 months and 43% have been with the same provider for the last 3 years and 7% have never changed provider. Of those who have switched, 73% say that price is their main factor whilst the majority of those have not switched say that they do not mind paying extra because of the service and offers they receive.
As customers want a mix of competitive prices, good service and deals on their car insurance, the insurers are refining their offerings to cope with demand. Customers are advised to regularly check their policies to ensure they are receiving the best deal. Due to the fragile nature of the industry, prices and deals are constantly changing so customers could be missing out on a better and cheaper deal.
When looking for cheap car insurance, it is always best to shop around for the best deal and those customers who do not do this are missing out. It seems to be a general consensus amongst customers that the more loyal you are to an insurer, the better deal you will receive but this is not necessarily true. As insurers try and tempt new customers into switching, they offer better deals and with prices set to increase during 2008, now is the time to check out your policy and shop around to see if you can find a cheaper and sometimes more comprehensive deal.
Looking for motor insurance has been made considerably easier by the internet where you can evaluate various quotes from different companies. This offers customers a great opportunity to make extra savings.
Oct/110
Car Insurance Dispute? Discover Your Options
This article will provide you with some advice on what you can do if you’re having a hard time with your car insurance company. Don’t just sit back and suffer from their ignoring,stalling and disputing, there are things you can do to settle your dispute.
To begin with give your car insurance companies claims department a call. Remember, you’re the customer and your car insurance rates pay their salary. If the person you’re speaking to doesn’t seem to care about your situation, (always record the name of the person you spoke to and the date you called) then find and speak to their superior.
Have all the documents ready that prove your point and explain why you’re not satisfied. Send it to the person you speak to marked PERSONAL AND CONFIDENTIAL or e-mail it to them if they give you their direct e-mail address.
If you’re still not getting anywhere with your car insurance company, find out if your car insurance company has a complaints department. Follow the above steps again with the complaints department. Explain your situation to someone and if they don’t take any action follow up with a phone call to their superior and a letter or e-mail with supporting documents. Don’t forget to include a list of who you spoke to on each date and the result of the phone call.
If you still haven’t resolved your problem, contact your local insurance department. They can be reached by phone, mail, or often online. Most insurance departments can provide you with on the phone assistance to help resolve your dispute without requiring you to file a formal written complaint. If a written complaint is required, you may be able to download and print one from their website, fill it in at home and post it to them.
When you have filed your complaint your local insurance department will notify the car insurance company of the complaint. The car insurance company is required to respond to the insurance department within a fixed amount of time, generally between 10 to 30 days, depending on where you live.
When the Insurance Department has received a reply from your car insurance company they will investigate what needs to be done and will notify you. This process can take as much as 30 days.
Your claim should normally be resolved by now. Insurers don’t want to have the Insurance Department make a decision against them due to their power to levy a variety of penalties, ranging from fines to revoking the license of the car insurance company.
If you have read the above and make a decision it’s all too complicated you may decide to hire a lawyer who specializes in Auto Insurance. Lawyer’s generally work for either an hourly rate or on a contingency fee basis. Whatever you decide to do, make sure you get your lawyer’s fee structure in writing. You should also insist that you receive copies of all correspondence to ensure you stay up to date on the progress of your claim. You should also sure your lawyer is aware that he or she needs your agreement before any settlement is agreed on.
Aug/110
Car Insurance Deductibles
One of the most important decisions you make when selecting a car insurance policy is the level of deductible your policy will include. The deductible is the amount you will pay, from your own funds, if your vehicle is in an accident, or otherwise damaged or stolen. You are responsible for paying the costs up to the deductible level you specify and your policy pays the remainder of the total cost. An insurance policy with a higher deductible will always result in cheaper car insurance.
It is important to consider your personal financial situation. A higher deductible will save you money on your insurance premium. However, unless you are able to cover the deductible when you have an insurance claim the insurance payment will not cover the total cost of the repair and you will end up without a vehicle or driving a damaged vehicle until you can come up with your share of the repair bill. Setting your deductible too high for your personal financial situation may be something to consider carefully.
You can specify one level of deductible for your comprehensive coverage and another for your collision coverage. Comprehensive insurance coverage includes damage caused to your vehicle by anything other than an accident with another vehicle. For example damage from acts of nature, vandalism, or theft. Collision coverage pays for the damage caused by an accident with another vehicle. Deductibles usually range between $250 and $1500.
Choosing a deductible of $1000 instead of $500 will often drop your cost for car insurance by as much as 25% while only costing you an additional $500 in the event your vehicle is damaged. You need to do the math. If you pay $2400 annually for your car insurance with a $500 deductible and raising that deductible to $1000 generated a 25% savings in your annual insurance cost that would amount to $600 annual savings to you if you made no claims. If you had to make a claim the higher deductible would cost you an additional $500 (above your original $500 deductible) out of pocket expense to you still resulting in a $100 savings.
The more risk you assume the lower the premium. The critical element to raising your deductible is to make sure you have cash equal to your deductible tucked away to cover your share of the repairs if need be.
Many insurance companies and “free car insurance quote” websites have deductible calculators to help you make an informed decision as to what level of deductible works best in your situation. Remember even if you are not changing insurance companies you can change your current policy deduction level by calling your agent and requesting a change.
Do some comparison shopping before purchasing a car insurance policy and determining your deductible level.