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Sunday, April 15, 2018

LIFE INSURANCE INNOVATION: FOUR POWERFUL EXAMPLES

  April 15, 2018    

LIFE INSURANCE INNOVATION FOUR POWERFUL EXAMPLES

The digital economy is rapidly changing the way in which life insurers market and sell their products and services. Already some companies are successfully adapting to the brand new demands of the marketplace. These are the Digital Transformers. They're moving quickly to get new customers, deliver new services and open new markets.

Accenture's recent quarterly Digital Life & Health Innovation Tracker identified five key trends shaping the life insurance industry in mature markets:

Extended ecosystems. Innovative insurers are partnering with players beyond your insurance sector and even beyond financial services.
Culture of sharing.Insurers are generating new business opportunities and enhancing their brands through social aggregation media and initiatives.
Mobility.Mobile technology allows customers to use products and services when the necessity arises—anywhere and anytime.
New market opportunities.Insurers are introducing new aspects of competitive differentiation and increasing sales opportunities and new business.
The client experience. Improved customer experience enables insurers to improve the perceived value of their products and services by enhancing consumer satisfaction and meeting rising expectations.
The first two trends, extended ecosystems and culture of sharing, emerged in the quarterly survey for the initial time. They're becoming increasingly important.

In my previous blog I discussed a number of the emerging opportunities highlighted by an Accenture study of the U.S. insurance market. Below are a few types of innovative Digital Transformers in Europe and Asia:

Community Life, a German start-up, launched an electronic digital portal which provides simple, transparent disability and term life products, along with empowering customers to participate in product development. The Community Life portal acts being an insurance broker, turning the standard life insurance distribution trope on its head through the use of simple insurance contracts without technical jargon.

Max Life Insurance, one of India's leading life carriers, has launched a digital campaign called “Second Chance” to produce public awareness of the requirement for protection through life insurance. The campaign uses videos of human-interest stories on social media marketing platforms, such as  YouTube, Facebook and Twitter, and directs viewers to a web site to find out more about life insurance.

Genertel Life in Italy has launched I-Life, a life insurance policy which is often easily accessed by users of mobile devices. Prospective clients are provided with the full quote online in around five minutes. The merchandise includes incentives that reward customers who take care of their health. When they make the most of the free medical checkup, for instance, they receive an immediate discount of 10 percent on their policy premium and a further 10 percent if they are found to be in good health.

ERGO Direkt, a subsidiary of ERGO Group and the third-largest direct life insurer in Germany, enables customers to utilize an electric signature to buy term life insurance online after entering their data and answering health questions on the smartphone. Customers receive their policies within three business days.

These are only a few types of what Digital Transformers are doing to activate customers, apply digital tools, and create ecosystems to compete effectively in the newest digital world.

When you have any other samples of successful Digital Transformers in the life insurance industry i'd like to know. I'd be keen to fairly share your input.

Meanwhile, take a look at several of those links. I do believe you'll locate them useful.

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WHY LIFE INSURANCE IS GROWING MORE COMPLEX

  April 15, 2018    

WHY LIFE INSURANCE IS GROWING MORE COMPLEX

There is a popular saying, widely caused by Einstein: “Everything must be made as simple that you can, but not one bit simpler.”

Irrespective of who said it first, the idea it expresses is powerfully relevant across the life span insurance industry today. Complexity is rising forever insurers on multiple fronts, from policy administration to internal operations. Things just take too much time and cost a lot to maintain. Left unchecked, this complexity could leave carriers hobbled at a time when organizational agility is more important than ever, as consumers continue to question the value of life insurance products. While the factors behind falling life insurance sales are many, complexity plays two important roles in this bigger story.

First, complexity impedes growth and the ability to execute. A lot more than ever, insurers need certainly to transform and grow their core business to operate a vehicle investment capacity and to generate the fuel for growth, as they turn to innovate and evolve their strategies. Second, complexity hinders standardization, which is required to unlock the benefits of automation—an essential tool for insurers trying to shrink operating costs and improve the consumer experience.

This makes understanding the drivers of complexity a matter of great interest for a lifetime insurers.

Accenture's analysis of the suggests there are four fundamental drivers:

Digital disruption: “Digital” is transforming large portions of the whole insurance industry. You will find significant rewards for insurers who adapt efficiently. But, in the short term, the transition to all or any things digital is adding complexity..
Changing customer expectations: Customer expectations for a great experience are transcending industry boundaries—a pheomenon we call “liquid expectations.” Increasingly, when someone uses Amazon or Uber, they expect the same personalized experience exactly where they go. These expectations are increasingly driving the agenda of numerous life insurers.
Segment and channel expansion: Complexity is growing as life insurers add new customer segments and channels are added. Each has its own unique personality and operational needs.
A widening variety of products: Aligning and integrating distribution across an ever-widening array of products is a sophisticated job. Carriers will also be creating complexity as they increasingly leverage the partner ecosystem to boost their offerings with value-added services.
Needless to say, this is not saying that all complexity is detrimental forever insurers. Simplifying for the sake of simplifying is dangerous. Yet carriers must take pains to distinguish between good complexity, which creates operational efficiencies and variety valued by customers, and bad complexity, which creates variety that customers don't value and reduces organizational agility and efficiency in trade for no benefit.

Life insurers that minimize bad complexity while maximizing good complexity—that conquer their complexity, so to speak—share certain attributes. They control exactly how many products and services they offer. They evaluate whether new offerings are worth the complexity they'll introduce. They minimize complexity within their internal operations. And, finally, they focus relentlessly on offering the “right” amount of complexity to meet customer requirements.

Controlling complexity can make life insurers more efficient today and position them to grow tomorrow. The next occasion, we'll take a peek at how they can measure and manage their complexity.

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Thursday, April 12, 2018

What Happens If You Get Into An Accident Without Insurance?

  April 12, 2018    

What Happens If You Get Into An Accident Without Insurance?

Each time a person gets into a car accident, plenty of things happen – problems arise, legal conversations are essential, and bills accumulate. When a person is insured, these problems become much smaller and much simpler to solve. However, if a person is uninsured, things can get free from hand.

 Car accidents are terrifying situations to possess to face. They can become more terrifying, however, if you don't have auto insurance. In the United States, in order to drive a car, you must have at the least some form of automobile insurance. All states have minimum requirements as to just how much insurance coverage becomes necessary to be able to get behind the wheel. Put simply, car insurance is mandatory. There's good reason with this as well – it's not some stupid law. Let's have a look at what'll happen if you do not have auto insurance and are involved with an accident:

Legal Issues From Accidents With No Insurance
Court dates, fines, license suspension, and lawsuits will all be in your future if you should be in a vehicle accident without insurance.

If you may not have proper insurance identification during the time of the accident, you should head to court to be able to present proof insurance to them. If you don't have this evidence of insurance (AKA you did not need insurance at the time of one's accident), you will have to go before a judge. The judge will likely fine you and sentence one to some type of legal punishment.

Driving-without-insurance fines vary by state and they can be quite large. If you're involved with this kind of accident, representation by an experienced lawyer is highly recommended. Buying a well-reputed lawyer could save lots of money. Remember not to communicate with authorities or insurance claims specialists without first consulting with a lawyer.

License Suspensions
Legal fees could be through the roof!

Along with your legal fines, you most likely can get some form of license suspension as well. Many states including California, New York, and Texas will suspend your license (or license plates) if you are discovered to be driving without proper insurance. License plate suspensions usually involve seizure of your vehicle and impoundment for at the least 30 days. License suspensions tend to be more severe. California, for example, suspends drivers'licenses automatically for 6 months if they are in an accident without insurance.


Being Sued
If you don't have car insurance and are associated with an accident, you are likely to be sued personally for just about any damages or injuries that occurred in an incident where you're at fault. If you had insurance (like you had been supposed to), the insurance company would grab the tab on the civil court ruling. Depending on the damages and injuries that you had been ruled to blame in, you could find yourself paying a lot of money (often times in the millions). If you don't have enough money to cover the total amount your debt, you can lose your house and any assets of value. As you will see, not having insurance could be devastating.

 Coverage For Your Automobile
If you're ruled to be responsible in an automobile accident and do not need insurance, you will see nobody left but yourself to cover the bill for damages to your vehicle. If you may not have the amount of money to purchase a new car or to fund the damages to your vehicle, you better get used to walking or taking the bus because you might be with out a car for an extended time.

Coverage For Injuries
Even if a drunk driver arises from behind and smashes into your car or truck, leaving you paralyzed, you cannot receives a commission for your suffering if you do not have insurance. Basically, without insurance, you're on your own. You will have to pay for your own personel medical expenses even if the accident was not your fault. Because your lifetime may be ruined immediately without it, auto insurance is obviously worth the money.

 The Final Word On Accidents Without Insurance
As you will see, there are some real dangers of driving without insurance. Apart from the danger of getting a very expensive ticket, your life can be ruined right away if you should be unlucky enough to find yourself in an incident without insurance. Fortunately, with the amount of resources available helping you find affordable auto insurance, there's really no reason anybody these days should need to drive without it. Use the internet to compare quotes to be able to find the lowest priced rates for you. All things considered, anything is better than suffering through the headache of an accident without insurance.

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The Dangers of Texting and Driving

  April 12, 2018    

The Dangers of Texting and Driving

Some say that driving while texting is worse than driving drunk.In fact, studies reveal that 97.5% of men and women cannot drive safely while using cell phones.

Whenever you send a text message, you've to focus on the message you are typing, taking not merely your arm off the wheel however your eyes off the street as well. There are some people who master typing texting and never having to go through the phone but this still poses a level greater danger than creating a call as the coordination required in typing these messages along with your finger affects how the one hand on your steering wheel focuses on driving.Simply put, texting forces you to keep the mind off driving – a thing that you may not wish to accomplish on the road.

Needless to say, the trend caused the rise of those car accidents occurring on various US highways and byways, which compelled their respective legislators to do something about them. Once again, the solution is a ban on the use of mobile phones in sending texts while driving. This, however, doesn't change the truth that motorists can still make calls on the hands free set on the road.

Texting While Driving Laws
Many years back when almost everybody started getting a cell phone and putting their lives, work and time into them, the US legislators slowly started promulgating bans on the utilization of cellular phones while driving. In early stages, among the first laws against mobile phone use while driving was the prohibition of creating telephone calls while driving, for the obvious reason so it keeps one of many motorist's hands busy when both of these should really be on the wheel – a situation that caused lots of car accidents.

Later, the laws were changed a bit and they finally allowed users to make calls on the cellular phones while on the way provided that these calls were made through a hands-free set. Unfortunately, this did not ultimately solve the danger of mobile phone-related car accidents. When the text messaging feature of mobile phones became popular, people started utilizing their phones mainly with text messaging, which caused much more trouble.

Now, during the time of this article, 30 states, including DC and Guam ban txt messaging while driving. Within the next several years, more and more states will enact laws banning “texting” and driving. Please view the chart at ghsa.org to see cell phone restrictions while driving in your state. Chances are, there is some sort of law against cellular phone use while driving in your state!

Not only is texting while driving against regulations, it's also very dangerous and it is just a fast growing cause of several traffic accidents in the United States. From 2001 to 2007, around 16,000 people died from cellular phone related traffic accidents. Authorities declare that increases in texting volumes have led to tens and thousands of additional road fatalities in the United States.

Alternatives To Texting While Driving
As they say, it's easier to be safe than sorry. To prevent yourself from learning to be a statistic in this unfortunate trend, you should strongly consider limiting cellular phone use while driving. It will be most wise to completely stop utilizing your mobile phone behind the wheel; however in this age of technology, quite often that's not possible. Guidelines some alternatives to texting and driving. You almost certainly don't need certainly to text and much as you think you do!


 Voice Recognition Software
There are many cellular phones that come with voice recognition software so you can safely send text messages while driving without trying to check out that tiny mobile phone screen!

Text Blocking Applications
Some new generation phones like the iPhone and the Droid have apps that will determine if you're in a moving vehicle. If you should be, texts won't be delivered until your car or truck concerns a stop.

 Auto-responders
You can program your cellphone to send a reply at if you are not able to text back a reply. While driving, simply put up a car responder saying “busy driving.. I'll text you later&rdquo ;.Odds are your pals won't even realize that it was an automated response!

 Just Turn It Off
You can't receive messages when your phone is off, right? I know this isn't ideal, but it's the simplest and cheapest way to accomplish things. When you turn your phone back on, all messages sent to you at that time your phone was off will be received.

Just Say No
The actual fact remains – you are a lot more accident prone when you are behind the wheel utilizing a cell phone. Texting while driving can boost your insurance premiums in many ways. If you obtain a ticket while driving, this stain will go on your record and you will most likely find yourself paying more for your insurance rates. If, god forbid, you're involved in an incident while texting, you will soon be at fault.

Everyone should keep in mind that there is a really obvious yet serious reasons why law makers are banning these kinds of practices with cellular phones – it's plainly dangerous. By not refraining out of this irresponsible way of driving, you not merely put yourself at risk, but you place those other motorists, pedestrians and the very people riding in the car with you in danger as well.

Be considered a responsible driver: don't drive and text at the same time. As mentioned before – it's more straightforward to be safe than sorry. Practice safe driving and avoid mobile phone use behind the wheel… you will end up happy you did!

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Does Your Car Insurance Cover Flooding?

  April 12, 2018    

Does Your Car Insurance Cover Flooding?

It could happen with very little notice. There is a torrent of rain or several other disaster that causes a flood and completely destroys your vehicle. To not worry, right. That's what insurance was invented for. But are you currently sure your car insurance covers flooding? You may be surprised if you examine your policy.

What Are the Odds of Experiencing a Flood?

Your odds of actually being caught in a flood are more than you think. Many people cite this as the main reason that they don't specifically learn about flood insurance, or purchase flood insurance separately if they don't have it. They believe that the odds to be in a flood are roughly the same as being hit by a meteor the size of New Jersey, however the odds are now pretty good that you'll experience a flood 1 day, and the chances that it may happen sometime within the next year aren't that far off either.

Floods are measured in cyclic measurements to denote their strength. Like, there is a 25-year flood, 50-year flood and a 100-year flood. What this basically means is that floods are inevitable and the longer that you are with this planet, the stronger the flood that you'll likely experience. Needless to say, these numbers do vary a little from area to area, but they are the average for the United States.

Consider this: You carry car insurance because you may have an incident one day. In fact, the odds are so good that you'll have an accident, that what the law states says you have to carry basic liability insurance to legally operate a car in the United States. However your chances to be caught in a 25-year flood are actually better than your chances of experiencing a vehicle accident. The U.S. Army Corps of Engineers estimates that you have of a 4% chance to be in a 25-year flood, but just a 3% of experiencing a vehicle accident, and your chances of being in a 50-year or 100-year flood aren't much better, with a 2% and 1% chance respectively.

What Is Flood Insurance?
Just what is flood insurance exactly and what does it cover? The solution compared to that will vary only a little with different policies, but in general, flood insurance claims are either for a specific number of damage or declared a total loss, meaning the vehicle must be replaced rather than repaired.

Should you have flood insurance as part of your policy, you will need to file your claim as quickly as possible. Depending upon your insurance company, you can file over the phone, online or via a smartphone app. Your automobile could be declared a total loss for a couple of different reasons: an illustration is really a flood that involved saltwater. If your car or truck is exposed to saltwater, you may not know that the automobile is damaged, but your car or truck won't last long with saltwater damage.

If your car or truck should indeed be classified as a complete loss, you could have some specific options that your insurance adjustor will talk to you about.

A very important factor that you ought to be conscious of when you yourself have a total loss vehicle and you choose you will fix it up and drive it anyway, you might not be able to get a comprehensive policy again on your own vehicle. The reason being it is likely to be issued what's called a “salvage title” and that'll often keep it from certain kinds of insurance coverage.Even though you are able to get insurance for your salvaged vehicle, you may have to cover huge premiums because the insurance company will deem an automobile with a salvage title to become a major risk.

How to Know if You Are Protected


Most of the time, if you intend to be protected from the flood, you will need to go with comprehensive coverage, where fire, theft and needless to say, floods, are covered. Liability, or collision coverage, generally doesn't cover floods, but you might still have a clause in your insurance contract that may help you receive money for repairs, so check your policy carefully.

Steps to Take When Your Car is Damaged in a Flood
The very first thing that you'll need to do if your car or truck is damaged in a flood is call your insurance company. If you have a comprehensive insurance plan, you might get yourself a check to restore your car or truck, but when you just have basic coverage, it is likely that the most you'll receive is some cash for repairs, that might not even be possible. Have patience and work with your insurance adjustor through the process.

The second thing that it is in addition crucial to do is get documentation as quickly as possible. If your car is completely underwater, you want to be sure that you get pictures, and even when it isn't, you'll still want good pictures. Take as much pictures as you can, from a variety of angles, including pictures of the license plate.

Third, try to minimize the damage as much as possible, especially any future damage that can happen. Like, if water is coming in through a broken window, tape it up and don't let any more water in. Also, be sure that you record anything you spend on the automobile, because you might be able to obtain reimbursed if you can prove that you actually bought those things.
Don't try to begin the vehicle if it was under water. Check the seats or the floorboards to see if they're still damp if you're checking the car following the water went completely down. Also, do not start the car if the air filter is wet.

Finally, be aware that cars are not meant to obtain wet, and you might have serious problems in the future getting the car back up and running long-term. In many cases, an upgraded vehicle will undoubtedly be required.

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How Much is Car Insurance for a 16 Year Old?

  April 12, 2018    

How Much is Car Insurance for a 16 Year Old?

Teenagers are certainly one of the riskiest categories of drivers to insure. Which means car insurance for a 16 year old can very expensive. In fact, most teenagers find it's more economical to be placed on their parents'policy to help keep rates low.

How much is car insurance for a 16 year old? Exist any tips you need to use to lower car insurance rates? Today, we're explaining everything you need to learn about the cost of auto insurance for teenagers.

Auto Insurance is Expensive for Teenagers Because They Have No Driving Experience
Auto insurance rates are higher for teenagers simply because they lack driving experience.Insurance companies always depend on statistics to set insurance rates. Statistics reveal that teenagers are much more likely to get into an accident than someone with 5, 10, or 20 years of driving experience.

Needless to say, that doesn't mean you can't get car insurance as a 16 year old. Actually, insurance rates might not be as high as you think.

Sure, you'll pay a fortune for insurance if you're trying to insure a brand new SUV.However, many teenagers drive older cars. On an older car, you may be able to significantly lower insurance costs by dropping comprehensive and collision insurance.

16 year old drivers can also conserve money by insuring a car under their parents'policy.

Overall, car insurance for a 16 year old is more costly than a great many other kinds of car insurance – but it's still a manageable expense. So long as spent time shopping to discover the best deal, you should have no trouble getting a car insurance policy that fits your unique needs.

 Why is Car Insurance Higher for Teenagers?
In most cases, teenagers are worse drivers than older, more capable people. Yes, it is a stereotype – but the whole auto insurance industry is made on stereotypes.

Insurance companies look at national accident statistics that show a clear correlation between teenage drivers and accidents. In the United States, more than two thirds of all car accidents on highways are brought on by teenage drivers every year. This statistic remains surprisingly consistent within the years.

Ultimately, a 16 year old just doesn't have exactly the same number of experience being an older driver. Some 16 year old drivers will go their entire lives without being within an accident. Others may cause 5 serious accidents before they turn 20. Like all insurance plans, insurance companies set rates based on current statistics.

Statistics also show that teenage males cause more accidents than teenage females.

The Average Annual Insurance Cost for a 16 Year Old is $180
The typical 16 year old driver in the United States will probably pay about $180 each year in insurance, assuming they meet the following qualifications:

16 years of age
No accidents or violations
Driving the parents'vehicle
On the parents'insurance coverage
16 year old females can pay less than 16 year old males. Typically, a female will pay about $160 annually while a man will pay $200 per year, averaging out to around $180.

Obviously, this number comes up significantly if you begin driving your own personal car on your own insurance policy. The amount will also immediately rise if you have an incident or violation.

In order to get the very best insurance rates for a 16 year old, it is additionally vital to stay in your parents'policy as long as possible. Most states allow this until age 21, however some states enhance the limit until 26. Some states also have limits linked to college, letting you stick to a policy at 26 provided you're still in college.

 Do Rates Drop with Age?
Broadly speaking, insurance rates drop with age.

However, this isn't necessarily true when you're 16. Typically, insurance rates will rise when you turn 18 because you're more likely to do more driving. This is actually the age when many kids move out from the house.

Furthermore, you'll eventually move off your parents'policy – like when you leave the home or graduate from college. When this occurs, and you need to get your own policy, then you can expect rates to significantly rise.

Conclusion: How Much Should You Buy Car Insurance at 16 Years Old?
Simply how much is car insurance for a 16 year old? Rates vary round the world. Generally speaking, 16 year old drivers can pay higher car insurance rates than older, more capable drivers. However, many drivers discover the rates to be manageable – especially once they take some time to compare auto insurance quotes from multiple providers.

Furthermore, it's always cheaper to stay on your parents'policy and drive your parents'vehicle. You're allowed to achieve this generally in most states until age 21, while some states extend the limit to age 26. If you're on your parents'policy, you may pay just $150 to $250 per year in added insurance expenses (beyond the normal insurance plan).

In the event that you absolutely must have your own insurance policy, then consider driving an older car and dropping collision and comprehensive coverage. By maintaining liability coverage, you are able to legally drive on the highway while avoiding high insurance costs.

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Car Insurance and Bankruptcy

  April 12, 2018    

Car Insurance and Bankruptcy

Times are tough, there's no doubt about that. The global economy is bringing more wealth to the rich and taking more and more wealth from the poor and middle class. By having an alarming number of individuals declaring bankruptcy these days, the majority are lost as it pertains to knowing how it will affect almost all of the lives.

Auto insurance is certainly one of those issues that every driver in America needs. In reality, it's illegal in almost every single state in the united kingdom to drive without it (sans New Hampshire). Although all of us hate paying our insurance bills, the fact is, if you plan on getting behind the wheel in the United States, you're likely to need auto insurance.

Filing for bankruptcy, however, can greatly affect what you would be paying for auto insurance, but not everybody must worry. Below, we shall attempt to clear up the air on auto insurance and bankruptcy.

About Bankruptcy
You will find 2 major kinds of bankruptcy; chapter 7 and chapter 13.The shape of bankruptcy you file under can have a big impact on your own credit score, and in turn, your auto insurance premiums. Of course, filing for bankruptcy must be your last resort. A bankruptcy filing will remain on your credit history for 10 years, and may have profound negative effects in your credit rating.

Chapter 13 bankruptcy is the best choice of both for an individual. It'll grant the person 3-5 years of protection from creditors, but enables them to help keep many of these assets, while they repay creditors. This may play an enormous role in your ability to pay bills, as well, including your car insurance bill.

 Can I Get Auto Insurance with a Bankruptcy on My Credit History?
The chances of getting denied coverage due to a bankruptcy are slim, your will probably see a rise in your premiums. Thankfully, you will find countless ways to save lots of in your auto insurance rates, so even although you do go bankrupt, you are able to most certainly make the most of other discounts to help keep your rates low.

 Will My Auto Insurance Premiums Definitely Be Affected?
As you can have guessed, filing for any type of bankruptcy protection can definitely hurt your credit rating. What may very well not have known is that your credit score can greatly effect your auto insurance premium. There's no umbrella answer to this question, as each insurance company has their very own guidelines. If you appear to be a financial risk to your auto insurance provider- you will likely see a stroll in auto insurance costs.

Your credit score is a good solution to gauge one's responsibility, very similar to the way a driving record is employed to find out a driver's monetary risk to an insurance company.

Again, not everybody will dsicover the exact same changes. There are always a few things you can do to fight the likelihood of an interest rate increase. Those who pay their premium on-time, everytime, tend to be more prone to retain their current rate, than those that have had a spotty payment history.

 Other Things to Consider
Get ready for a slew of changes to your financial status in the United States if you decide to proceed through with filing bankruptcy. Not only can your insurance premiums see a change, but you'll almost certainly have a harder time applying for apartments, getting bank cards, and even finding a cell phone.

When you yourself have your auto coverage payment associated with a credit or bank card, don't forget to update your information. In many cases of bankruptcy, bank cards and checking accounts will probably get closed. Therefore, don't forget to contact your auto insurance provider, and link them up with new payment details. In case a payment fails your credit might take another hit and your rates may continue steadily to increase.

The most important thing for you yourself to do now could be to obtain a handle on your own finances and begin the method of recovery. Most experts say that it will take 18-24 months to rebuild your financial health after having a bankruptcy. There's no better time to get started rebuilding your finances compared to the present. Good luck!

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Is Car Insurance Paid in Advance?

  April 12, 2018    

Is Car Insurance Paid in Advance?

Is car insurance paid beforehand? Or do you spend as you go? Today, we're answering any questions you might have about paying car insurance in advance.

When you obtain a car insurance policy, you are required to cover your bill upfront. The insurer must collect a premium – a payment – to ensure that your insurance coverage to be looked at binding and up-to-date.\"

Years back, users needed to pay for their entire insurance policy upfront: you might only pay for auto insurance for half a year or one year in advance. You needed some foresight and careful budgeting to make certain you'd enough cash on hand.

However, as more states began to require drivers to have auto insurance, insurers began to make insurance easier by offering monthly payments.

Today, a lot of people pay their car insurance on a monthly basis.Your annual (12 month) or semi-annual (6 month) policy is split into monthly payments. Rather than paying $1,000 every year, for instance, you spend $83.33 every month.

Every time you settle your monthly premium, your insurance plan will be up-to-date until the next bill is due. What this means is your insurance coverage is legal and binding and soon you next bill is due. In the event that you miss your following payment, of if you're late, then your insurer may decide to cancel your policy.

Of course, just because many people make monthly car insurance payments doesn't indicate you should make monthly payments. You are able to pay your car insurance in advance to truly save money, for example.

Should You Pay Car Insurance in Advance? Or Should You Pay Monthly?
Typically, insurance companies will charge a tiny premium for monthly insurance payments.

If your insurance policy is $1000 per year, for instance, then an insurer may charge slightly more than $83.33 per month when paying monthly. They might raise your insurance coverage to $1050 annually, for example, or $87.50 per month.

This premium occurs because you're effectively “borrowing” money from the insurance company. You're “financing” your annual insurance policy into easier monthly payments. The insurance company also likes to receive the entire guaranteed amount upfront, and they'll reward customers for doing so.

Obviously, lump sum payments aren't suitable for everyone. Some individuals live paycheck to paycheck. Other folks don't have $1000 lying around at all times through the year. In this case, monthly payments may be convenient and easy.

Benefits of Monthly Payments
Monthly payments are the best option for some people. Monthly payments give you a small, manageable amount of cash to pay for each month. You are able to concentrate on paying that small monthly bill without stressing over a more substantial lump sum payment every 6 to 12 months. Other advantages of monthly payments include:

Monthly payments mean you do not have to save more money throughout the year for the auto insurance
Monthly payments are ideal for those who live paycheck to paycheck, and for anyone who doesn't have a sizable lump amount of cash available at all times throughout every season
Monthly payments allow you to know the deadline of your car or truck insurance on a monthly basis instead of waiting to listen to from your insurer about your complete premium payment
With monthly payments, you can set automated payments by linking your insurance to your bank-account or payment cards, reducing the chance that you'll ever make one

Great things about Annual or Semi-Annual Payments
Many people prefer creating a single large payment every 6 to 12 months. You might prefer one single payment, like, as opposed to worrying about 6 to 12 smaller monthly installments. Other benefits of annual or semi-annual payments include:

With annual or semi-annual payments, you're purchasing a full year's worth of reassurance; you won't have to concern yourself with missing a deadline or incurring late payment fees during that year, nor will you need to be worried about insurance getting canceled as a result of missed bill
Some people see it more straightforward to track, manage, and pay a single annual bill instead of monitoring regular debts

Many people prefer employing a certain lump sum payment – such as a Christmas bonus or tax refund – to cover their insurance policy annually
Insurance companies will typically supply a discount to customers who make annual insurance payments as opposed to monthly installments

Forms of Insurance Payments
Insurance companies may offer different ways to cover your insurance bill. Some available payment methods include:

Full Pay: You pay for a whole 6 or 12 month policy in advance. You spend the whole fee, and then you're covered for the whole 6 or 12 month period.

EFT: EFT, or electronic funds transfer, is when the insurance company has a payment from the checking account or debit card each month for a passing fancy day. Provided that you have sufficient funds in your account, you'll have the ability to pay your vehicle insurance bill.

Quarterly Payments: Some insurance companies offer a mixture of monthly and annual/semi-annual payments by letting you pay quarterly. Quarterly payments don't typically come with a discount, but they may be more convenient for some insurance policyholders.

Monthly Billing: Some people prefer monthly billing, where they get a bill every month for a passing fancy date. You're in charge of paying that bill in any manner you like.

Conclusion
Car insurance is typically paid in advance. Actually, you're required to fund your car or truck insurance in advance. Your car insurance is not considered legal, binding, or valid and soon you pay your premium.

Just because you have to pay car insurance in advance doesn't mean you need to cover your whole annual or semi-annual bill in advance. You can pay monthly installments, for instance, paying for each upcoming month in advance. Alternatively, some individuals prefer paying one large lump sum bill every 6 months or 12 months.

Ultimately, policies vary between insurance companies. Talk to your insurance company to see if you can cut costs with annual or semi-annual insurance payments.

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Will My Auto Insurance Pay For My Medical Bills?

  April 12, 2018    

Will My Auto Insurance Pay For My Medical Bills?

Car accidents really are a billion dollar business in the United States. Healthcare, as you may have guessed, is even more lucrative. Due to the expenses involved, if you are ever injured in a car accident, the first thing you could be worried about is who will probably pay for the medical bills. 

The solution to this question is multi-faceted and can depend on numerous factors including who was mixed up in accident, where in fact the accident occurred, who's at fault, and the extent of the injuries. Below, develop to get rid of several of those questions so you will know not just who pays for medical bills, but also how much auto insurance coverage you will need to ensure that you do not have to fund these bills out of pocket.

Liability Coverage For Medical Bills
Liability coverage will cover damage to another party if you are associated with an accident. If you are injured in an accident and are not responsible, chances are that another party's liability insurance will probably pay for your medical bills. The element of liability insurance that'll cover your medical expenses is famous at bodily injury liability coverage.

Within bodily injury liability coverage, you can find limits as to just how much could be paid out. For instance, if the limit per person in an accident is $30,000 and the medical bills surpass $60,000 for that individual, the at-fault party would lead to the residual $30,000. Because of this, it's always better to possess high limits as it pertains to bodily injury coverage. Medical expanses could be outrageous, so it's always better to be safe than sorry.

What if nobody is deemed to be “at fault” in the accident? Will insurance cover anything? Or will you be on the hook to fund all bills out of pocket? We shall explore this topic in detail below.

Injured In A No-Fault State
If you're injured in a vehicle accident, who pays for your medical bills depends upon if you are in a “no fault” state or not. No fault insurance means your car insurance pays for the medical bills regardless of who's to blame within an accident. Even when the accident is obviously the other guy's fault, your auto insurance coverage will still cover your hospital bills if your home is in a no fault state.In a few of these states, however, there is a control to how much cash your insurance company will pay. This limit varies from state to state, but usually it is $10,000 maximum.\"

After reaching this max limit ($10,000), you will result in the rest of one's medical bills. When you yourself have health insurance, that you simply should if you intend on driving a car, your health insurance will kick in and buy the others of the bills (depending on your health plan).   If you may not have your personal medical insurance policy, and are not on Medicaid, Medicare, or any other government program, you will lead to the remaining bill out of pocket.

Medical bills, as most of us know, can add up extremely fast. If you do not wish to result in debt around your eyeballs, you ought to continually be properly insured, whether it involves medical insurance or auto insurance.

Injured In A Non No-Fault State
If you obtain into an accident and are injured in a situation that's not just a “no fault state”, you may want to fund your medical expenses out of pocket. One way to circumvent that is to have medical payments coverage (or med pay coverage). This insurance coverage, that will be usually available as an add-on to your current auto insurance policy, will pay for many medical bills caused by an accident up to and including certain amount, usually $10,000. Once your medical bills surpass this $10,000 amount, you or your quality of life insurance will result in paying the remainder.

Final Word On Car Accident Medical Bills
In most cases, once your car or truck insurance's medical payments coverage limits are reached, you or your quality of life insurance company will need to pay for the remainder of the medical bills. This is the reason it is definitely better to have more coverage than you need, compared to other way around.   If you were to think that getting auto insurance coverage with high limits is unaffordable, think again! By using car insurance quote comparison engines, like 4AutoInsuranceQuote, you will have the ability to get a lot more than adequate coverage at a high price you anyone can afford.

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How Does Car Insurance Work With Uber And Lyft?

  April 12, 2018    

How Does Car Insurance Work With Uber And Lyft?

New age taxi services like Uber and Lyft are growing increasingly popular in cities across America. Uber is now available in over 100 cities in the United States and is regularly adding more cities to its scope of areas-served.  Lyft can be acquired in nearly just as numerous places.  

The reason why these ride sharing services are expanding so rapidly is because they offer lower cost, more convenient alternatives to your traditional taxi or yellow cab.  All one needs to complete to get a ride using them would be to download their mobile app and then tap on the button to have catch a ride.

Many individuals are lured to Uber and Lyft due to the many promotions they offer.  Referring a friend to the service can get you a free of charge ride or a substantial coupon.  Without the coupons, these new car hire services are still a much cheaper option than your traditional taxi.  Being so inexpensive does feature a cost, however, and many folks are worried about whether or not Uber and Lyft drivers have sufficient insurance.

Below, we will try and help you understand more about Uber's and Lyft's ridesharing insurance options, how they work, and whether you should obtain a supplemental insurance plan if you choose to drive for them.

Does The Company Provide Insurance Or Does The Driver Provide Insurance?
Uber and Lyft require all of their drivers to have an active insurance policy when they're driving.  Not only is driving without insurance against company policy, it can be against regulations to drive without insurance in all 50 states.

The problem that is associated with insuring in Uber or Lyft driver is whether or not to classify it as commercial insurance.  The vehicles driven by these drivers are used both for business and pleasure.  When they are not driving customers, they're often driving around going about their daily lives – doing errands, commuting for their job, etc.  Furthermore, the vehicles are owned not by Uber or Lyft but alternatively the taxi driver himself.

Personal auto insurance policies often do not cover business use of a vehicle.  Commercial auto insurance polices tend to be much more expensive than personal auto insurance policies, and usually come with the stipulation that the vehicle is to be useful for business purposes only.

What complicates things even further is the truth that ride-sharing companies are reluctant to take responsibility for insurance liability.  Uber and Lyft have their particular supplemental insurance that they give to drivers to cover them when they have customers within their cars.  Quite often, however, this coverage isn't sufficient.  For example, while driving for Uber, you are covered by their insurance, but when you are driving around trolling for passengers, you are not.  The issue is, when you are looking for customers, your own personal policy will not cover you, as this is a business practice.

Getting Insurance As An Uber or Lyft Driver
Luckily, for Uber and Lyft drivers, more and more insurance companies are offering insurance to ride share drivers.As more and more folks turn to Uber and Lyft for part time or full time work, insurance companies are starting to appreciate that their traditional policies are not up-with-the-times (as most driver's secretly rely on the personal policies for coverage).  Because of this, an increasing number of insurance companies are starting to produce ridesharing or hybrid products to cover their drivers. As of January 2016, many major insurers like GEICO, Progressive, Farmers, and Allstate are already offering products for ridesharing.

Because of confusion concerning the insurance aspect, many drivers end up committing insurance fraud without even realizing what they're doing.  A reported 92% of drivers for these services do not tell their insurance companies about their little side-business.  72% of drivers are not even sure what coverage is offered by Uber and Lyft.  These drivers could possibly be setting themselves up for real trouble in the future when they get into an auto accident.  If you're planning to begin driving for Uber or Lyft, you need to first contact them to learn your very best selection for insurance. If you should be buying your own insurance plan and are looking for ways to save lots of money,

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What Happens If Stolen Car Is Recovered After Insurance Company Pays Claim

  April 12, 2018    

What Happens If Stolen Car Is Recovered After Insurance Company Pays Claim

Depending on the type of insurance plan you've applied for, there is an excellent chance that your vehicle will be insured against theft.Which means if someone were to steal your vehicle from you, you would be able to get your insurance company to pay for out for a fresh one. They may even be able to pay for a courtesy car for the time being!

But while your car insurance can have paid for claim and you are already back on the way in a brand new car, that's not the conclusion of the story. What's also very important, is that you report the incident to the police. The police need to know about any type of claim, aside from its nature or how things turned out for you. That is not just a matter of getting your vehicle back: it's a matter of stopping someone who's breaking what the law states and putting others in danger. By informing the authorities, you possibly can make them more aware of what's happening to simply help put a stop to the crime, prevent others from losing their car, and hopefully help many others to obtain their vehicles back.

So now you could be wondering what happens if you also get your own vehicle back. In the event that you have filed an insurance claim and received a whole new vehicle, or the amount of money needed to purchase one, what will happen when your car then shows up safe and sound thanks to the intervention of the police?

So you have two cars but an increased premium in your insurance. You almost certainly paid excess but you've also put the insurance company out of pocket unnecessarily. So can you ‘undo'the claim?

What To Do If Your Car Gets Stolen
As soon as your car insurance company settles your claim, it will normally pay you the value of the car. That means you won't be getting the amount you covered your vehicle but rather the total amount you would get were you to sell it off right now. What's more, is this amount will be minus your pre-arranged ‘excess '. Excess being the quantity of money that you spend toward the new vehicle before insurance steps in to help.

If you got a vehicle off of someone for $1,700 then, you might still have to pay for $250 excess. And if you discover that the automobile is currently only worth $400, meaning you're now only looking at a pay-out of $150!

In other words, the initial car is probably still worth more – at the very least for your requirements – than the quantity that you're getting paid out.

If it were possible to get your car returned then, this may probably be the preference (and you may even go on to market it for more!). Unfortunately, stolen cars are sometimes not recovered, so in the short term, the best span of action is to make the claim for the theft.

What's promising though is that it can happen and it does. Which means your vehicle insurance policy should make reference to it somewhere, even if it is just a few lines. It's worth looking over this then and checking carefully so that you can be certain of precisely what their stance will be should your car or truck arrive again.

What To Expect If Your Car Is Recovered
If your car does turn up again, then it's those few lines that will determine how you ought to act next.

Typically, the stance the company will need is they now own the original property. In other worse, if your car ought to be found again, it is now down to you to send the car back once again to the insurance company. You'll probably need certainly to call and discuss to be able to understand how you are required to supply the vehicle and whether you have some other options, such as buying the automobile back.

 Usually, the insurance company will likely then send round a salvage crew ahead and collect your vehicle. By law, it's the responsibility of the insurance company to claim the property – so if you're being asked to pay for it to be transported, then you have the proper to refuse.

In some cases, the insurance company may find that the worthiness of the recovered items isn't high enough to be worth their while collecting them. Because case, you'll manage to keep everything. However, it's very important that you still inform the organization initially, as otherwise you could see yourself guilty of fraud.

One final complication could be when you yourself have any items inside the automobile that have importance or sentimental value to you. In the event that you claimed for those things, then technically, they will now function as property of the insurance company too. If you wish to try and get them back, then you definitely will need to speak with a representative. Generally though, you should find they're fairly lenient in these scenarios – they're human too, all things considered!

Ultimately, it's a frustrating process either way but all you certainly can do is to check out due process. When your car is stolen, inform the insurance company and the police. If it is returned for your requirements, then make sure to do the same. They need to talk you through the others!

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What Happens If I Hit My Own Car?

  April 12, 2018    

What Happens If I Hit My Own Car?

When you yourself have multiple cars parked at home, you might run out of luck one day and actually end up hitting your personal vehicle. This isn't actually that uncommon. When you have a small garage or a slender driveway (or teen drivers), running into your own personal car happens significantly more than you think. Fortunately, filing the insurance claims for these vehicles does not have to be that complicated. Let's take a peek at some scenarios.

Hitting A Parked Car In Your Own Driveway
\"If you're rolling backwards down your driveway and eventually smash into your friend's car, the insurance claim process is pretty straightforward. You call up your insurer, you file a state, and your insurance will cover damages to both your automobile and his. Your liability coverage will probably pay for damages to his vehicle. Your collision coveragewill probably pay for damages to your own personal vehicle.

If you should be rolling down your driveway and smash into your wife's or your child's vehicle, are you still covered? Odds are that answer remains ‘yes '. If both cars are on the same auto insurance policy and both have collision coverage, the repairsshould both be paid for by that coverage.

If you don't have collision coverage, however, you could have to pay for damages out of pocket. Even the automobile that is “the victim” will not be included in the other car's liability policy. Most liability coverage excludes damages to vehicles that you own. This is the reason having collision coverage is really important.

Hitting Your Own Car On The Road
If you are on your way home, turn onto your street, and eventually slam into the medial side of one's wife's vehicle, your insurance coverage will continue to work in a slightly different way. If there are no injuries to anyone active in the accident, both of the collision coverage policies will ‘activate'and buy the damages.

If you will find injuries involved, the claims process can get somewhat tricky. The at-fault car's liability policy will cover injuries to one other party. If the driver or passengers in the at-fault vehicle are injured, they'll be covered by their personal injury protection policy (PIP), if they've one. If you have no PIP coverage, the injured's health insurance policy will in all probability cover the injuries.

Driving Through Your Wall Or Into Your Mailbox
Driving into your own mailbox or various other item you possess is both stupid and careless, but usually there is insurance coverage available to pay for the damages. Like in the scenario above, damage to your vehicle could be covered by your collision coverage if you crash into part of one's house. But, who will probably pay for the specific damage to your house? We've all seen videos online where people accidently drive right within their living room, but we most likely don't know if insurance pays for that damage.

If you own the home, the injury to your property probably will not be covered. You should have homeowner's insurance purchase the damage, or you will need to buy the damage out of pocket.In the event that you rent your home, however, your car or truck insurance plan almost certainly will cover the damages. The cause of this is because most personal car insurance policies don't cover injury to property you own. In the event that you rent your property or your apartment, you're not the owner. The landlord is. Therefore, in the event that you drive into your landlord's property, your auto insurance will cover the damages.

In every car accidents, whether you crash into your own personal property or not, it's better to call up your insurance company and report them. The first step in properly dealing with vehicle damage always involves reporting it to your insurer. Your insurance agent will have the ability to properly assess damages and enable you to get well on the way to fixing them. Failing continually to properly file a claim could lead to trouble later on and hurt your chances of getting the damage paid for.

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How To File An Auto Insurance Claim

  April 12, 2018    

How To File An Auto Insurance Claim

You can find over 220 million cars on the highway today in America. With so many vehicles clogging the roads, accidents are bound to occur. In fact, you will find over 17,000 car accidents reports per day in the United States. If you're one of these unfortunate individuals, you almost certainly will have to make a state with your insurance company.

After an accident, how do you file a state along with your insurance company?

An auto insurance claim is any request for payment in accordance with your insurance policy. Like, if you receive into an auto accident and have to ask your insurance company for the money to pay for repairs, that's called “creating a claim.” If you are fortunate to own a good, easy-to-work-with insurance company, making a state should really be a bit of cake. If that you don't, on one other hand, things might get pretty difficult.

The hard part of creating these claims is proving that the situation is covered beneath the stipulations of one's contract. Often times there's small, fine print in your contract that will negate your claim. Sometimes your insurance company could be unwilling to utilize you. We're here to simplify this claims process for you. If you ever come in an automobile accident, and have to file a state, please follow the five steps below in order to insure your claim is processed as quickly and smoothly as possible.

The Five Steps To Filing A Car Insurance Claim

 Determine if you'll need to produce a claim.
Anything you do, don't call up your insurance company immediately after the accident if you are unsure about filing a claim. Be sure to first consult with police and your friends/family to make sure filing a claim is necessary. The reason for this being that should you call up your insurance company and inquire about making a state, they are able to record this call and put it on your permanent record – even though you don't make a state! If you're able to safely pay for the damage the result of a minor accident, don't even think about calling your insurance company – just bite the bullet and pay for it yourself. It will help your insurance rates in the long term
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Document the important points of the accident.
Following an incident, there are several items of information you need to be sure to get. First, exchange license plate numbers, contact information, and insurance information with every other parties active in the accident. Also look around to see if you can find any witnesses to the accident.  Get their contact information as well. Finally, ensure that you file an accident report with the police. If it's a minor accident, police officers often times won't file accident reports. Even when they refuse, insist to them doing so. This report can allow you to a lot when it comes time to filing your claim. Sometimes, insurance companies won't take claims seriously unless there is some written proof from the police.

File your claim as soon as possible.
As soon as you've gathered enough information needed to make the claim, grab your phone and give your insurance company a call. Even though the accident was your fault, you ought to still file the claim ASAP. It can help get everything settled and squared away quickly without the hassles. I would suggest calling the insurance company immediately at the scene of the accident. If you should be unsure of one's insurance company's contact number, open your glove box and look at your insurance card. The quantity must certanly be printed on the trunk of it. The agent who takes your claim will walk you through the process. Anticipate to let them know details of the accident as well as other information you have gathered in step 2.

Talk to the other party's insurance company.
The other party's insurance company might contact you when there is a dispute between the two parties in the accident. They'll ask you for “your side of the story” when it comes to the accident. It may be advisable to find legal advice if you need to talk with the other person's insurance company. If not, you have to be cautious about that which you say, otherwise they may not produce a spend in your claim.

Get your vehicle fixed.
After the accident, a claims adjuster will inspect your vehicle to assess the damage. The insurance company will likely then cut a check always for the quantity necessary for repairs (or replacement). Your insurance company often will send your car or truck to a company-approved repair shop to have these repairs done. While you watch for your car or truck to be repaired, the insurance company will offer you a rental car you can use.
Although nobody particularly likes coping with insurance companies, it is necessary to take action if you're ever in a significant accident. In the end, without insurance, we wouldn't have the financial freedom had a need to drive.

We hope our step-by-step guide to filing claims helped get rid of some of your questions and concerns regarding the process. If you need to get insurance for your automobile, you must compare quotes online to locate an inexpensive policy that fits your needs. There are many websites (including this one) that'll provide you with free insurance quotes. Best of luck!

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