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Diminished Value is the best-kept secret that your auto insurance company hopes you never learn. While the term, diminished value, may be a relatively new one to consumers, insurers are well aware of its existence, having paid claims to both insureds and claimants for more than eighty years.
What is Diminished Value?
Diminished Value is the term given to the loss in market value a vehicle suffers as a result of an accident and repair. It is a loss based on the beliefs of most people, that once goods become damaged, they are never as valuable as they would be had they never suffered injury.
Let’s say you are in the market to purchase a used car and run across two beautiful cars sitting side by side, both identical down to the last detail, offered for sale for $20,000 each. They are equipped the same, have equal mileage, and equivalent wear. The only exception, you are told, is that the car on the right has been involved in an accident at some point in its history. Considering that both cars are equally priced, would you rather purchase the damaged and repaired car or the one that has never been damaged?
If you are like most people who have answered that question on surveys, you will have chosen the car on the left - the undamaged one - unless, of course, you could negotiate a significant reduction off the selling price of the repaired car. How much of a reduction would it take to make you want the repaired car over the undamaged one? Figure that out and you will have determined the amount of diminished value that particular car suffered because of its damage history.
Causes of diminished value
There are many factors that cause repaired cars to become less desirable to buyers and lose market value, the most obvious being poor quality workmanship and use of inferior parts made by sources other than a vehicle’s original manufacturer. But there are a host of other, less obvious, factors that contribute to diminished value as well. Some of these are the loss of factory transferable warranty coverage on damaged and repaired parts, increased title and disclosure obligations, and the loss of eligibility for inclusion in manufacturer’s preowned certification programs.
Categories of diminished value
While an exhaustive list of causes would be too lengthy to include in this article, most fall into one of three categories.
Inherent Diminished Value:
The first is inherent diminished value, which considers factors beyond the power of shops and insurers to rectify. A perfect example of this is the perception that people carry in their minds that makes them distrustful of repaired cars. While these perceptions are the fault of no particular party, still they exist in people’s minds and are believed to be real, causing thousands of dollars in losses for consumers who wish to market their repaired automobiles. It should also be noted that inherent diminished value could occur even when cars are expertly repaired because in many cases it is simply not possible to talk some people into the purchase of a repaired car at any price when they are not open to taking a risk.
Insurers, too, understand diminished value and reluctantly admit to its existence when their backs are to the wall. During State Farm Mutual Automobile Insurance Co. v. Mabry, 274 Ga. 498, 501; 556 SE2d 114 (11/28/2001), a lawsuit that caused insurers to begin paying diminished value claims as a normal course of business in the state of Georgia, State Farm provided testimony under oath confirming that the potential for diminished value exists in every claim, even when cars appear properly repaired. Georgia Supreme Court Justice Robert Benham wrote the following November 28, 2001, recounting the testimony of State Farm's witnesses and documents it presented during discovery:
“... The first question, whether diminution in value occurs even when physical damage is properly repaired, is one of fact. The trial court found that there is a potential for a diminution in value loss in every event of loss, and that diminution in value can occur even when a vehicle is repaired properly. In support of those findings, the trial court relied primarily upon documents produced by State Farm during discovery and upon the testimony of State Farm’s witnesses. The documents from State Farm acknowledged that there is a common perception that a wrecked vehicle is worth less simply because it has been wrecked. Witnesses for State Farm testified that a potential for diminution in value exists in every automobile accident, and that the public perceives a loss of value in any wrecked vehicle and would choose an unwrecked vehicle over a wrecked one, assuming the vehicles are otherwise the same ...”
What was proven true in 2001 is still true today. Diminished value is a reality, even in cases where repairs eliminate all visual evidence of damage.
Shop Related Diminished Value:
Shop related diminished value is usually the result of poor quality workmanship on the part of repair shops. Mismatched paint, ill-fitting parts, rattles and wind leaks are example of shop related diminished value. If shops accept money from customers for performing particular labor functions, they have an obligation to perform the work correctly. When they don’t, evidence of their shoddy job is often visible for all to see, helping decrease the price a potential buyer would willingly pay for a repaired automobile.
Tuesday, April 24, 2007
How To Comparison Shop For Car Insurance
Car insurance is something we all need but it is probably not the kind of thing that we think of to shop around, like a stereo or new TV. But this is something that we all should do every now and then, like every couple of years, instead of just assuming that we are getting our best rate with the carrier we have now. We need to simply make sure that we are still getting the best car insurance value for the money. It goes without saying that there is always a new guy on the block offering even more competitive car insurance.
When you shop around for car insurance, be very cautious if you think you have discovered a better quote. You do not need to be an expert in insurance terminology to find out that you are not comparing apples to apples. For example, if everything looks the same on two policies, look again. Oh yes, one has a $300 deductible and the other one has a $1200 deductible. That is a major difference.
Should you shop for car insurance online? Absolutely, beyond a shadow of a doubt. But again, be careful. There are no guarantees that just because you found it online means that it is a competitive quote. You need to examine the fine print very carefully, because many times your local insurance agent can do better than what you see there. Although there are many considerations, one of the primary considerations is your driving record, and if you have had good luck with no tickets and no accidents in many years, then you should be a very good shape for getting an aggressive quote, either online or from your local insurance agent.
But if your driving history lacks a little luster, maybe you have an accident or two, maybe combined with a ticket or two, it is going to be tougher to find a good quote for car insurance. It will not be impossible, but you are going to end up paying much more than you would like to.
One of the hard facts of life is that you need to have car insurance if you are going to drive a car on public roads and highways, and almost all states have a requirement to that effect. So given that, do not forget to add the cost of the car insurance that you must carry to the cost of your car payment. Maybe you can afford the car payment, but after you add in the insurance, it’s just out of your league.
There are many factors that go into pricing car insurance, and one of the main ones is the type of car you want to insure. It does not require a rocket science degree to figure that the cost of insuring a late model Lincoln Town Car is going to be much more than a late model Kia. The overall value of the car is taken into consideration as well as the cost of repairing the car if it gets into an accident. In the same way, a car’s crash safety test records indicate how safe the driver is in an accident, and the cost of the car plus the cost of medical bills play into computing insurance costs also.
So shop around and get your best quote for car insurance. Check online pricing but do not assume that that is as good as it gets. The time you put into your shopping will be directly reflected as savings in your wallet.
When you shop around for car insurance, be very cautious if you think you have discovered a better quote. You do not need to be an expert in insurance terminology to find out that you are not comparing apples to apples. For example, if everything looks the same on two policies, look again. Oh yes, one has a $300 deductible and the other one has a $1200 deductible. That is a major difference.
Should you shop for car insurance online? Absolutely, beyond a shadow of a doubt. But again, be careful. There are no guarantees that just because you found it online means that it is a competitive quote. You need to examine the fine print very carefully, because many times your local insurance agent can do better than what you see there. Although there are many considerations, one of the primary considerations is your driving record, and if you have had good luck with no tickets and no accidents in many years, then you should be a very good shape for getting an aggressive quote, either online or from your local insurance agent.
But if your driving history lacks a little luster, maybe you have an accident or two, maybe combined with a ticket or two, it is going to be tougher to find a good quote for car insurance. It will not be impossible, but you are going to end up paying much more than you would like to.
One of the hard facts of life is that you need to have car insurance if you are going to drive a car on public roads and highways, and almost all states have a requirement to that effect. So given that, do not forget to add the cost of the car insurance that you must carry to the cost of your car payment. Maybe you can afford the car payment, but after you add in the insurance, it’s just out of your league.
There are many factors that go into pricing car insurance, and one of the main ones is the type of car you want to insure. It does not require a rocket science degree to figure that the cost of insuring a late model Lincoln Town Car is going to be much more than a late model Kia. The overall value of the car is taken into consideration as well as the cost of repairing the car if it gets into an accident. In the same way, a car’s crash safety test records indicate how safe the driver is in an accident, and the cost of the car plus the cost of medical bills play into computing insurance costs also.
So shop around and get your best quote for car insurance. Check online pricing but do not assume that that is as good as it gets. The time you put into your shopping will be directly reflected as savings in your wallet.
Car Insurance Shopping on the Web Can be Tricky
It can pay to do some comparative shopping when you are seeking to buy car insurance, as price quotes can vary quite a bit from company to company. This certainly applies if you are seeking estimates on the Web, as studies have shown that the quotes offered by different companies on the Web can vary by up to 80%. Nobody wants to pay more than necessary for auto coverage, so it is worthwhile to devote some time to attempt to find the best deal for your vehicle.
Here are a number of tips that may make it easier for you to search for auto coverage on the Web:
Be skeptical of price quotes that are way out of line with the others, especially if they are overly low. The low quote might be due to a mistake on the part of the Website or a mistake on your part. You need to follow up any online estimate that interests you with a phone call. The majority of estimates should come within a reasonable range; if one quote is only one third of the others, you're almost certainly looking at an error.
Be sure that you are comparing identical things - Estimates could vary from site to site because the parameters of your search could be different. Be sure when you complete the online forms that you are seeking estimates for exactly the same coverage. Estimates that vary significantly do not always mean that one company is more affordable; it might mean that you were not careful to compare the same two things. If one Website provides a quote for comprehensive coverage while another is offering an estimate for just liability, the results will vary quite a bit.
Don't assume that the quotes are always accurate. For some reasons, many online price quotes are simply not accurate. You may find that the estimates offered vary from the price you will have to pay if you call an insurance agent. You should verify the estimate with a telephone call.
Check out at least ten different sites. You can review the two or three companies that offered the most reasonable prices for additional comparisons. Estimates can vary so dramatically from one company to another that it really is worthwhile to check with many different companies. The more information you have, the more educated your decision will be.
Take care to do it right, as a little diligence when looking for insurance might save you a lot of cash. Shopping for auto coverage is like shopping for anything else; it takes time to locate the best price.
Here are a number of tips that may make it easier for you to search for auto coverage on the Web:
Be skeptical of price quotes that are way out of line with the others, especially if they are overly low. The low quote might be due to a mistake on the part of the Website or a mistake on your part. You need to follow up any online estimate that interests you with a phone call. The majority of estimates should come within a reasonable range; if one quote is only one third of the others, you're almost certainly looking at an error.
Be sure that you are comparing identical things - Estimates could vary from site to site because the parameters of your search could be different. Be sure when you complete the online forms that you are seeking estimates for exactly the same coverage. Estimates that vary significantly do not always mean that one company is more affordable; it might mean that you were not careful to compare the same two things. If one Website provides a quote for comprehensive coverage while another is offering an estimate for just liability, the results will vary quite a bit.
Don't assume that the quotes are always accurate. For some reasons, many online price quotes are simply not accurate. You may find that the estimates offered vary from the price you will have to pay if you call an insurance agent. You should verify the estimate with a telephone call.
Check out at least ten different sites. You can review the two or three companies that offered the most reasonable prices for additional comparisons. Estimates can vary so dramatically from one company to another that it really is worthwhile to check with many different companies. The more information you have, the more educated your decision will be.
Take care to do it right, as a little diligence when looking for insurance might save you a lot of cash. Shopping for auto coverage is like shopping for anything else; it takes time to locate the best price.
Car Insurance
Are you fed up with your current car insurance company? Or are you just purchasing your first car and need to purchase car insurance? In either case, it's time for you to learn how to pick the best car insurance provider for your situation.
It Isn't as simple as just picking a Company.
It would be nice if getting car insurance were as easy as simply picking a company and sticking with them. While this approach may work for some who are OK with potentially paying more money than they should, it definitely does not work well for the average car owner. That's because the average car owner wants to get the best bang for their buck.
The internet has made the process of picking a car insurer very easy. By going to sites like Progressive.com, Statefarm.com, Esurance.com, and Geico.com, you can easily search through quotes for car insurance. Since car insurance can vary widely from company to company, it's important for you to get as many quotes as possible.
You may also want to go into your local car insurance business and ask for quotes from them. In some cases, local auto insurer quotes will be cheaper than those found on the internet.
Unfortunately, even if you get a ton of quotes, you may still find that the insurance is a lot more than what you're willing to pay. The good thing is, there's something you can do to get the cheapest quote possible: you can use the tips in the next section for getting cheaper quotes.
Tips for Lower Auto Insurance
Believe it or not, but there are things you can do on your part (besides having a good driving record) to increase the likelihood of getting lower car insurance quotes.
Tip #1: Accuracy
You've probably noticed how utterly daunting auto insurance quote forms are. They're full of several questions, and by the time you've gotten halfway through filling it out, you're ready to quit. Did you know that how accurately you fill out the form can have a great effect on how much you pay for insurance? Well, it can and it does have an effect. That's because there are certain discounts you may be eligible for (such as residency and marriage) and if you don't properly fill out the form, you'll miss out on these. So pay attention to every single question and fill it out to the best of your ability.
Tip #2: Shop Around
One auto insurer may charge you $1000 for auto insurance, while another one may charge you $650 for auto insurance with the same conditions. Insurance quotes greatly vary, which is why you should shop around before settling on any insurance plan.
Tip #3: Don't Get Too Much Coverage
It's definitely a good idea to get comprehensive coverage for a brand new car. It's not such a good idea, however, to get the same coverage for an older model. The amount of coverage you get obviously influences the overall cost of the insurance, so the less coverage you get, the lower the price. When the collision premium equals 10% or more of the car's value, it's time to consider dropping the collision premium which can save you hundreds of dollars.
Tip #4: Raise the Deductible
The deductible is what you'll pay should something happen to your car. If you set the deductible to $200, you may end up paying hundreds more in premiums each year. But if you raise the deductible to $500, you can save hundreds of dollars.
It Isn't as simple as just picking a Company.
It would be nice if getting car insurance were as easy as simply picking a company and sticking with them. While this approach may work for some who are OK with potentially paying more money than they should, it definitely does not work well for the average car owner. That's because the average car owner wants to get the best bang for their buck.
The internet has made the process of picking a car insurer very easy. By going to sites like Progressive.com, Statefarm.com, Esurance.com, and Geico.com, you can easily search through quotes for car insurance. Since car insurance can vary widely from company to company, it's important for you to get as many quotes as possible.
You may also want to go into your local car insurance business and ask for quotes from them. In some cases, local auto insurer quotes will be cheaper than those found on the internet.
Unfortunately, even if you get a ton of quotes, you may still find that the insurance is a lot more than what you're willing to pay. The good thing is, there's something you can do to get the cheapest quote possible: you can use the tips in the next section for getting cheaper quotes.
Tips for Lower Auto Insurance
Believe it or not, but there are things you can do on your part (besides having a good driving record) to increase the likelihood of getting lower car insurance quotes.
Tip #1: Accuracy
You've probably noticed how utterly daunting auto insurance quote forms are. They're full of several questions, and by the time you've gotten halfway through filling it out, you're ready to quit. Did you know that how accurately you fill out the form can have a great effect on how much you pay for insurance? Well, it can and it does have an effect. That's because there are certain discounts you may be eligible for (such as residency and marriage) and if you don't properly fill out the form, you'll miss out on these. So pay attention to every single question and fill it out to the best of your ability.
Tip #2: Shop Around
One auto insurer may charge you $1000 for auto insurance, while another one may charge you $650 for auto insurance with the same conditions. Insurance quotes greatly vary, which is why you should shop around before settling on any insurance plan.
Tip #3: Don't Get Too Much Coverage
It's definitely a good idea to get comprehensive coverage for a brand new car. It's not such a good idea, however, to get the same coverage for an older model. The amount of coverage you get obviously influences the overall cost of the insurance, so the less coverage you get, the lower the price. When the collision premium equals 10% or more of the car's value, it's time to consider dropping the collision premium which can save you hundreds of dollars.
Tip #4: Raise the Deductible
The deductible is what you'll pay should something happen to your car. If you set the deductible to $200, you may end up paying hundreds more in premiums each year. But if you raise the deductible to $500, you can save hundreds of dollars.
Average Car Insurance Rates - How A DUI Can Affect Your Car Insurance
Driving drunk is a very dangerous thing to do, and can result in a variety of different consequences. If you are convicted of a DUI you will have to deal with points on your license, drivers license suspension, high fines, attorney/court costs, and more. While these items just mentioned tend to be short-term consequences, you may not have considered the long-term consequences that can arise if you're convicted of a DUI. If you're convicted of a DUI your car insurance rates and even your ability to have insurance coverage will be affected.
Higher Rates
More than likely your insurance company will be notified if you're convicted of a DUI. If the company does not suspend your insurance coverage, more often than not, you can wave goodbye to low rate car insurance for a long period of time. If you don't like the higher rates your current company wants to charge you, you can try changing insurance companies, but even changing typically won't save you money because you'll be labeled as a high risk driver, which will result in you paying higher car insurance rates wherever you may go. More than likely your insurance company will have to send an SR-22 Proof of Insurance Certificate to the state showing that they are covering you, in order for your drivers license to have your license suspension removed.
Cancellation
In some cases, if you have been convicted of a DUI, some car insurance companies will actually cancel your insurance policy. Not all companies can issue an SR-22, so this can result in your car insurance policy either being canceled or the company not renewing your policy at your current renewal date. Although some states may not allow your insurance company to cut off your coverage in the middle of your plan, they can stop covering you when your renewal dates come around. If you have questions about cancellation policies, you may want to review the laws in your state or sit down with your agent.
Available Insurance
If you end up having your current insurance policy canceled or not renewed, there are a variety of companies that will be able to offer you car insurance coverage. While you'll be able to find coverage, your new car insurance rates will still reflect the fact that you have a DUI on your record. In some states the DUI is only on your record for five years; however, other states may keep it on your record for life.
Being convicted of a DUI can have a variety of different consequences, both short-term and long-term, and there is a good chance that it could affect your car insurance rates for the rest of your life. If you are interested in keeping your car insurance rates low, plain and simple, don't ever drive drunk. Driving while intoxicated is just a very bad decision. It not only comes with financial consequences, it puts you and others at great risk safety-wise as well. Before you decide to get behind the wheel of a car after drinking, make sure you take a moment to think about the consequences that can last a lifetime.
Friday, April 13, 2007
Ditch the Cell Phone and Lower Automotive Insurance Rates - It Will Save You Money
In today’s world, you can look just about anywhere and see at least one person talking on a cell phone; sadly, the road is no exception. More and more drivers are taking to the roads with cell phones to their ears; as a result these drivers are causing a greater risk for automobile accidents. Of course, we all know the consequence of increased automobile accidents – increased automotive insurance.
Despite the statistics conveying the relationship between drivers using cell phones and a percentage of automobile accidents, many drivers continue to chat while driving, and many of those drivers will be involved with another driver who is using a cell phone will driving. When you’re involved in an automotive accident, regardless of the cause, your automotive insurance rates usually increase. If you are at fault and it’s determined you were using a cell phone at the time of the accident? Let’s just say your automotive insurance company won’t be happy.
If you are one of the drivers who likes to gossip using your cell phone while driving, stop. Nothing is so important that you must risk your life, and the lives of others, in order to tell your best friend, your significant other, or your sister or brother. Even if you’re a parent and, while on your way home from work, remember you must tell your spouse to pick up the kids from school – pull over.
If you are a parent with teens who are driving, or almost ready to drive, instill the responsible habit of not using a cell phone while driving. They are even less experienced drivers than their elders, and don’t need the extra distraction.
Remember, practicing the safe driving habit of not using a cell phone will driving will not only help you lower, or keep low, your automotive insurance rates, but it will also help you keep yourself, and others, from being seriously injured and even killed.
How and Where to Find Cheap Car Insurance in New York
There are many factors that help determine what your car insurance rates will be all over the country. By taking advantage of, or eventually altering, these factors, you can find cheap car insurance in New York.
Take a look at where you live. Car insurance companies determine the cost of a car insurance policy based on underlying costs. In other words, the car insurance company will look at the number of claims filed in a particular area, as well as how harsh the losses of each claim were. If you happen to live in an area with a high rate of claims and losses, you may pay more for your car insurance in New York.
Use every discount you can. It may sound desperate now, but since New York car insurance companies offer so many discounts it would be pointless not to take advantage of them. Just a few of the discounts offered by car insurance companies in New York include classes and programs such as accident prevention, driver training, and the Combat Auto Theft Program; vehicle components such as anti-lock brakes, air bags, automatic safety belts, and anti-theft systems; special company discounts for drivers who are accident free or considered “careful drivers;” and regular car insurance discounts such as those gained by purchasing more than one policy from the same New York insurance company or having more than one car on your car insurance policy.
Raise your deductible. This means you will pay more out-of-pocket in the event you have an accident, but if you’re considered “accident free” or a “careful driver” you aren’t at a high risk for accidents anyway.
Of course, you can always find cheap car insurance in New York by working on your driving record and waiting until you get a bit older and are considered less of a risk. These options for cheap car insurance in New York apply to the here and now.
What are Florida Car Insurance Requirements?
In Florida, the car insurance requirements are as follows: $10,000 for personal injury protection, also known as PIP, and $10,000 for property damage liability, also known as PDL.
Floridians are not alone when it comes to having state-imposed car insurance requirements. All states in America require minimum car insurance requirement. While some people choose to satisfy these car insurance requirements by purchasing their policy through an insurance company, other people choose to be “self-insured,” or to put down a bond that will cover the amount of the car insurance requirements. How you choose to show proof that you have met your state’s car insurance requirements is up to the state.
In Florida, these car insurance requirements must be met by every driver or vehicle owner who wishes to register and purchase tags for his vehicle. No one can opt not to purchase the car insurance requirements by rationalizing he just will not register and tag his vehicle. Vehicles must be registered and tagged in order for the car to operate legally on the roads. The minimum car insurance requirements also apply even if you are not driving your car in Florida, or if your car is not operative. If your car is registered and tagged in Florida, you must have the Florida’s minimum car insurance requirements.
Sometimes drivers are required to purchase bodily injury protection, too; these cases usually fall into the hands of drivers who have been in an accident or drivers who have been convicted of an offense such as driving under the influence (DUI) or driving while intoxicated (DWI).
Before you begin your search for a policy that meets Florida’s car insurance requirements, make sure you are eligible to have that minimum coverage – not all drivers are. If you have borrowed money to purchase your new car, your lender will undoubtedly require you to purchase more than Florida’s minimum car insurance requirements until the debt is paid.
How to Get a Free Car Insurance Quote That is Cheap
The easiest way to get a free, cheap car insurance quote is to get it online. There are seemingly thousands of Web sites today that offer free, cheap car insurance quotes. Not only does the abundance of Web sites make it easy to get a car insurance quote, but it makes it easy to get multiple car insurance quotes. In the time it would take you to visit a number of different car insurance agencies, you could get twice the number of car insurance quotes without leaving the comfort of your home!
Before you begin searching for your free, cheap car insurance quote, you should have some information prepared. Each car insurance Web site will ask you a variety of questions, and you do not want to have to leave the computer to search for long lost paperwork.
Be prepared to provide the following information to get your free, cheap car insurance quote online:
• Basic information about yourself (name, contact, address, whether all of your vehicles are located at this address)
• Personal information about yourself (birth date, gender, marital status, the date you obtained your first driver’s license, employment status, etc.)
• Your current insurance status
• Basic information about your car (year, make, model, safety elements, where the car is driven, how often the car is driven, etc.)
• The number of drivers who regularly drive your car, as well as basic information about them (age, gender, how long they have been driving, etc.)
Most of this information will be easy for you to provide; however, some car insurance Web sites that provide free, cheap car insurance quotes dig a bit deeper and ask more detailed questions about your car such as the exact mileage, while some as for the specific information about your current car insurance policy. Aside from collecting the above information, you may want to keep your current car insurance policy handy for reference.
Get a Low Rate Car Insurance Quote for Free!
If you are looking for a cheap car insurance quote for free, you are in luck! Most insurance companies that offer car insurance usually always offer car insurance quotes for free. So, the trick is not getting the cheap car insurance quote for free – the trick is getting the cheap car insurance quote!
Many times your car insurance quote is based on your answers to a series of questions the car insurance company will ask you. Most car insurance companies will want to know information about yourself, your vehicle, your driving history, and information about anyone else who will be driving the car and will thus be included on your car insurance policy.
Yourself
These questions usually pertain to your age, how long you’ve been driving, and any health conditions you may have that affect your driving.
Your Vehicle
The answers to questions regarding your vehicle will give the car insurance company an idea of how at risk your vehicle is for being vandalized or stolen, as well as how safe you and your passengers will be in the car.
Your Driving Record
Traffic violations and accidents do not impress car insurance companies, so keep them to a minimum, or nonexistent. If you have a few, talk with the car insurance company about ways to redeem yourself, such as defensive driving courses.
Other Drivers
These questions usually pertain to new drivers who will be driving your vehicle, though they may cover all other drivers; they most always pertain to the driving experience of the drivers.
The answers to some of these questions are unavoidable, such as your age and health, while others can be changed such as the type of vehicle you drive. Remember, you do not have to check out just one car insurance company – there are many out there, and you may find the same quality car insurance policy at another car insurance company for a cheaper price.
Wednesday, April 4, 2007
Get a Low Rate Car Insurance Quote for Free!
If you are looking for a cheap car insurance quote for free, you are in luck! Most insurance companies that offer car insurance usually always offer car insurance quotes for free. So, the trick is not getting the cheap car insurance quote for free – the trick is getting the cheap car insurance quote!
Many times your car insurance quote is based on your answers to a series of questions the car insurance company will ask you. Most car insurance companies will want to know information about yourself, your vehicle, your driving history, and information about anyone else who will be driving the car and will thus be included on your car insurance policy.
Yourself
These questions usually pertain to your age, how long you’ve been driving, and any health conditions you may have that affect your driving.
Your Vehicle
The answers to questions regarding your vehicle will give the car insurance company an idea of how at risk your vehicle is for being vandalized or stolen, as well as how safe you and your passengers will be in the car.
Your Driving Record
Traffic violations and accidents do not impress car insurance companies, so keep them to a minimum, or nonexistent. If you have a few, talk with the car insurance company about ways to redeem yourself, such as defensive driving courses.
Other Drivers
These questions usually pertain to new drivers who will be driving your vehicle, though they may cover all other drivers; they most always pertain to the driving experience of the drivers.
The answers to some of these questions are unavoidable, such as your age and health, while others can be changed such as the type of vehicle you drive. Remember, you do not have to check out just one car insurance company – there are many out there, and you may find the same quality car insurance policy at another car insurance company for a cheaper price.
Get a Low Rate Car Insurance Quote for Free!
If you are looking for a cheap car insurance quote for free, you are in luck! Most insurance companies that offer car insurance usually always offer car insurance quotes for free. So, the trick is not getting the cheap car insurance quote for free – the trick is getting the cheap car insurance quote!
Many times your car insurance quote is based on your answers to a series of questions the car insurance company will ask you. Most car insurance companies will want to know information about yourself, your vehicle, your driving history, and information about anyone else who will be driving the car and will thus be included on your car insurance policy.
Yourself
These questions usually pertain to your age, how long you’ve been driving, and any health conditions you may have that affect your driving.
Your Vehicle
The answers to questions regarding your vehicle will give the car insurance company an idea of how at risk your vehicle is for being vandalized or stolen, as well as how safe you and your passengers will be in the car.
Your Driving Record
Traffic violations and accidents do not impress car insurance companies, so keep them to a minimum, or nonexistent. If you have a few, talk with the car insurance company about ways to redeem yourself, such as defensive driving courses.
Other Drivers
These questions usually pertain to new drivers who will be driving your vehicle, though they may cover all other drivers; they most always pertain to the driving experience of the drivers.
The answers to some of these questions are unavoidable, such as your age and health, while others can be changed such as the type of vehicle you drive. Remember, you do not have to check out just one car insurance company – there are many out there, and you may find the same quality car insurance policy at another car insurance company for a cheaper price.
Diminished Value - Your Insurance Company's Best Kept Secret
Diminished Value is the best-kept secret that your auto insurance company hopes you never learn. While the term, diminished value, may be a relatively new one to consumers, insurers are well aware of its existence, having paid claims to both insureds and claimants for more than eighty years.
What is Diminished Value?
Diminished Value is the term given to the loss in market value a vehicle suffers as a result of an accident and repair. It is a loss based on the beliefs of most people, that once goods become damaged, they are never as valuable as they would be had they never suffered injury.
Let’s say you are in the market to purchase a used car and run across two beautiful cars sitting side by side, both identical down to the last detail, offered for sale for $20,000 each. They are equipped the same, have equal mileage, and equivalent wear. The only exception, you are told, is that the car on the right has been involved in an accident at some point in its history. Considering that both cars are equally priced, would you rather purchase the damaged and repaired car or the one that has never been damaged?
If you are like most people who have answered that question on surveys, you will have chosen the car on the left - the undamaged one - unless, of course, you could negotiate a significant reduction off the selling price of the repaired car. How much of a reduction would it take to make you want the repaired car over the undamaged one? Figure that out and you will have determined the amount of diminished value that particular car suffered because of its damage history.
Causes of diminished value
There are many factors that cause repaired cars to become less desirable to buyers and lose market value, the most obvious being poor quality workmanship and use of inferior parts made by sources other than a vehicle’s original manufacturer. But there are a host of other, less obvious, factors that contribute to diminished value as well. Some of these are the loss of factory transferable warranty coverage on damaged and repaired parts, increased title and disclosure obligations, and the loss of eligibility for inclusion in manufacturer’s preowned certification programs.
Categories of diminished value
While an exhaustive list of causes would be too lengthy to include in this article, most fall into one of three categories.
Inherent Diminished Value:The first is inherent diminished value, which considers factors beyond the power of shops and insurers to rectify. A perfect example of this is the perception that people carry in their minds that makes them distrustful of repaired cars. While these perceptions are the fault of no particular party, still they exist in people’s minds and are believed to be real, causing thousands of dollars in losses for consumers who wish to market their repaired automobiles. It should also be noted that inherent diminished value could occur even when cars are expertly repaired because in many cases it is simply not possible to talk some people into the purchase of a repaired car at any price when they are not open to taking a risk.
Insurers, too, understand diminished value and reluctantly admit to its existence when their backs are to the wall. During State Farm Mutual Automobile Insurance Co. v. Mabry, 274 Ga. 498, 501; 556 SE2d 114 (11/28/2001), a lawsuit that caused insurers to begin paying diminished value claims as a normal course of business in the state of Georgia, State Farm provided testimony under oath confirming that the potential for diminished value exists in every claim, even when cars appear properly repaired. Georgia Supreme Court Justice Robert Benham wrote the following November 28, 2001, recounting the testimony of State Farm's witnesses and documents it presented during discovery:
“... The first question, whether diminution in value occurs even when physical damage is properly repaired, is one of fact. The trial court found that there is a potential for a diminution in value loss in every event of loss, and that diminution in value can occur even when a vehicle is repaired properly. In support of those findings, the trial court relied primarily upon documents produced by State Farm during discovery and upon the testimony of State Farm’s witnesses. The documents from State Farm acknowledged that there is a common perception that a wrecked vehicle is worth less simply because it has been wrecked. Witnesses for State Farm testified that a potential for diminution in value exists in every automobile accident, and that the public perceives a loss of value in any wrecked vehicle and would choose an unwrecked vehicle over a wrecked one, assuming the vehicles are otherwise the same ...”What was proven true in 2001 is still true today. Diminished value is a reality, even in cases where repairs eliminate all visual evidence of damage.
Shop Related Diminished Value:
Shop related diminished value is usually the result of poor quality workmanship on the part of repair shops. Mismatched paint, ill-fitting parts, rattles and wind leaks are example of shop related diminished value. If shops accept money from customers for performing particular labor functions, they have an obligation to perform the work correctly. When they don’t, evidence of their shoddy job is often visible for all to see, helping decrease the price a potential buyer would willingly pay for a repaired automobile.
Insurance Related Diminished Value:
Insurance related diminished value results when insurance company claims adjusters, either intentionally or unintentionally, omit needed repairs from an accident victim’s settlement. It may also occur when sufficient payment isn’t made to allow shops to perform repairs as a carmaker intended. As an example, poor-fitting aftermarket parts may cause insurance related diminished value when insurers specify their use instead of original equipment manufacturer’s (OEM) parts.
Getting paid for diminished value
When it comes to getting paid for diminished value, three misconceptions abound.
First, many believe that a claim for diminished value is a claim separate and distinct from the one paying for actual physical damages like bent fenders and doors. This is not true. Rather, diminished value is an element of recoverable damage in the same claim that occurred at the same time, during the same event. An insurer that accepts liability and pays for any damage, must, where proof exists, pay for all the loss, except in cases where an exclusion in the policy exempts insurers from doing so.
Second, many believe one must sell his/her car to collect a diminished value claim from an insurer. This is another untruth. Insurers simply keep this myth alive to stall claims payouts for as long as possible, knowing the statute of limitations will eventually run out preventing a consumer from ever pursuing a recovery. Diminished value, like other elements of loss, is owed as of the date it actually occurred, not at some far-off unidentifiable point in the future.
Third, many believe that courts across the land have banned diminished value claims, labeling them as bogus. Again, this phony spin only benefits insurers who hope not to have to pay these claims. While it is true that some diminished value class action cases about a decade ago got tossed from courts by judges, it was because the lawyers could not show sufficient commonality to sustain a class of members, NOT because diminished value claims have no merit. Other cases have failed because claimants were unsuccessful at proving to the courts that their repaired cars were in some manner compromised despite best efforts to repair them correctly.
Conclusion
If you want to collect on a claim for diminished value, the burden of proof is on you to authenticate your loss. Sadly, the factor that most often prompts settlement of any claim, including that of diminished value, is the threat of litigation. Insurers pick and choose their fights. If they think you have the means to hire a lawyer and pursue a recovery, an insurer may consider you a threat and pay your claim for diminished value without too much resistance. However, if an insurer considers you to be a weak opponent, the claims adjuster will likely try confusing you with slick word tracks, ultimately stalling you for as long as possible.
For a quicker resolution, you can always forgo the diminished value claim with an insurer and take the loss against income taxes you owe. Still, you will have to substantiate your loss and will need the services of an expert to do that for you. Despite insurer’s obstinacy to the contrary, diminished value is owed where a loss can be proven, and those who are persistent stand the best chance of being paid.
How To Comparison Shop For Car Insurance
Car insurance is something we all need but it is probably not the kind of thing that we think of to shop around, like a stereo or new TV. But this is something that we all should do every now and then, like every couple of years, instead of just assuming that we are getting our best rate with the carrier we have now. We need to simply make sure that we are still getting the best car insurance value for the money. It goes without saying that there is always a new guy on the block offering even more competitive car insurance.
When you shop around for car insurance, be very cautious if you think you have discovered a better quote. You do not need to be an expert in insurance terminology to find out that you are not comparing apples to apples. For example, if everything looks the same on two policies, look again. Oh yes, one has a $300 deductible and the other one has a $1200 deductible. That is a major difference.
Should you shop for car insurance online? Absolutely, beyond a shadow of a doubt. But again, be careful. There are no guarantees that just because you found it online means that it is a competitive quote. You need to examine the fine print very carefully, because many times your local insurance agent can do better than what you see there. Although there are many considerations, one of the primary considerations is your driving record, and if you have had good luck with no tickets and no accidents in many years, then you should be a very good shape for getting an aggressive quote, either online or from your local insurance agent.
But if your driving history lacks a little luster, maybe you have an accident or two, maybe combined with a ticket or two, it is going to be tougher to find a good quote for car insurance. It will not be impossible, but you are going to end up paying much more than you would like to.
One of the hard facts of life is that you need to have car insurance if you are going to drive a car on public roads and highways, and almost all states have a requirement to that effect. So given that, do not forget to add the cost of the car insurance that you must carry to the cost of your car payment. Maybe you can afford the car payment, but after you add in the insurance, it’s just out of your league.
There are many factors that go into pricing car insurance, and one of the main ones is the type of car you want to insure. It does not require a rocket science degree to figure that the cost of insuring a late model Lincoln Town Car is going to be much more than a late model Kia. The overall value of the car is taken into consideration as well as the cost of repairing the car if it gets into an accident. In the same way, a car’s crash safety test records indicate how safe the driver is in an accident, and the cost of the car plus the cost of medical bills play into computing insurance costs also.
So shop around and get your best quote for car insurance. Check online pricing but do not assume that that is as good as it gets. The time you put into your shopping will be directly reflected as savings in your wallet.
When you shop around for car insurance, be very cautious if you think you have discovered a better quote. You do not need to be an expert in insurance terminology to find out that you are not comparing apples to apples. For example, if everything looks the same on two policies, look again. Oh yes, one has a $300 deductible and the other one has a $1200 deductible. That is a major difference.
Should you shop for car insurance online? Absolutely, beyond a shadow of a doubt. But again, be careful. There are no guarantees that just because you found it online means that it is a competitive quote. You need to examine the fine print very carefully, because many times your local insurance agent can do better than what you see there. Although there are many considerations, one of the primary considerations is your driving record, and if you have had good luck with no tickets and no accidents in many years, then you should be a very good shape for getting an aggressive quote, either online or from your local insurance agent.
But if your driving history lacks a little luster, maybe you have an accident or two, maybe combined with a ticket or two, it is going to be tougher to find a good quote for car insurance. It will not be impossible, but you are going to end up paying much more than you would like to.
One of the hard facts of life is that you need to have car insurance if you are going to drive a car on public roads and highways, and almost all states have a requirement to that effect. So given that, do not forget to add the cost of the car insurance that you must carry to the cost of your car payment. Maybe you can afford the car payment, but after you add in the insurance, it’s just out of your league.
There are many factors that go into pricing car insurance, and one of the main ones is the type of car you want to insure. It does not require a rocket science degree to figure that the cost of insuring a late model Lincoln Town Car is going to be much more than a late model Kia. The overall value of the car is taken into consideration as well as the cost of repairing the car if it gets into an accident. In the same way, a car’s crash safety test records indicate how safe the driver is in an accident, and the cost of the car plus the cost of medical bills play into computing insurance costs also.
So shop around and get your best quote for car insurance. Check online pricing but do not assume that that is as good as it gets. The time you put into your shopping will be directly reflected as savings in your wallet.
Car Insurance Shopping on the Web Can be Tricky
It can pay to do some comparative shopping when you are seeking to buy car insurance, as price quotes can vary quite a bit from company to company. This certainly applies if you are seeking estimates on the Web, as studies have shown that the quotes offered by different companies on the Web can vary by up to 80%. Nobody wants to pay more than necessary for auto coverage, so it is worthwhile to devote some time to attempt to find the best deal for your vehicle.
Here are a number of tips that may make it easier for you to search for auto coverage on the Web:
Be skeptical of price quotes that are way out of line with the others, especially if they are overly low. The low quote might be due to a mistake on the part of the Website or a mistake on your part. You need to follow up any online estimate that interests you with a phone call. The majority of estimates should come within a reasonable range; if one quote is only one third of the others, you're almost certainly looking at an error.
Be sure that you are comparing identical things - Estimates could vary from site to site because the parameters of your search could be different. Be sure when you complete the online forms that you are seeking estimates for exactly the same coverage. Estimates that vary significantly do not always mean that one company is more affordable; it might mean that you were not careful to compare the same two things. If one Website provides a quote for comprehensive coverage while another is offering an estimate for just liability, the results will vary quite a bit.
Don't assume that the quotes are always accurate. For some reasons, many online price quotes are simply not accurate. You may find that the estimates offered vary from the price you will have to pay if you call an insurance agent. You should verify the estimate with a telephone call.
Check out at least ten different sites. You can review the two or three companies that offered the most reasonable prices for additional comparisons. Estimates can vary so dramatically from one company to another that it really is worthwhile to check with many different companies. The more information you have, the more educated your decision will be.
Car Insurance
Are you fed up with your current car insurance company? Or are you just purchasing your first car and need to purchase car insurance? In either case, it's time for you to learn how to pick the best car insurance provider for your situation.
It Isn't as simple as just picking a Company.
It would be nice if getting car insurance were as easy as simply picking a company and sticking with them. While this approach may work for some who are OK with potentially paying more money than they should, it definitely does not work well for the average car owner. That's because the average car owner wants to get the best bang for their buck.
The internet has made the process of picking a car insurer very easy. By going to sites like Progressive.com, Statefarm.com, Esurance.com, and Geico.com, you can easily search through quotes for car insurance. Since car insurance can vary widely from company to company, it's important for you to get as many quotes as possible.
You may also want to go into your local car insurance business and ask for quotes from them. In some cases, local auto insurer quotes will be cheaper than those found on the internet.
Unfortunately, even if you get a ton of quotes, you may still find that the insurance is a lot more than what you're willing to pay. The good thing is, there's something you can do to get the cheapest quote possible: you can use the tips in the next section for getting cheaper quotes.
Tips for Lower Auto Insurance
Believe it or not, but there are things you can do on your part (besides having a good driving record) to increase the likelihood of getting lower car insurance quotes.
Tip #1: Accuracy
You've probably noticed how utterly daunting auto insurance quote forms are. They're full of several questions, and by the time you've gotten halfway through filling it out, you're ready to quit. Did you know that how accurately you fill out the form can have a great effect on how much you pay for insurance? Well, it can and it does have an effect. That's because there are certain discounts you may be eligible for (such as residency and marriage) and if you don't properly fill out the form, you'll miss out on these. So pay attention to every single question and fill it out to the best of your ability.
Tip #2: Shop Around
One auto insurer may charge you $1000 for auto insurance, while another one may charge you $650 for auto insurance with the same conditions. Insurance quotes greatly vary, which is why you should shop around before settling on any insurance plan.
Tip #3: Don't Get Too Much Coverage
It's definitely a good idea to get comprehensive coverage for a brand new car. It's not such a good idea, however, to get the same coverage for an older model. The amount of coverage you get obviously influences the overall cost of the insurance, so the less coverage you get, the lower the price. When the collision premium equals 10% or more of the car's value, it's time to consider dropping the collision premium which can save you hundreds of dollars.
Tip #4: Raise the Deductible
The deductible is what you'll pay should something happen to your car. If you set the deductible to $200, you may end up paying hundreds more in premiums each year. But if you raise the deductible to $500, you can save hundreds of dollars.
Tip #5: No Extra Coverage
Some aspects of auto insurance coverage aren't really worth the extra $100-$400 a year. One such coverage that is worth getting rid of is the Rental Reimbursement coverage. This coverage pays for rental costs on the outside chance that your car has to go to the shop for a day or two. It's really not worth the extra money you'll pay for the coverage, so it's something you should get rid of to save money.
It Isn't as simple as just picking a Company.
It would be nice if getting car insurance were as easy as simply picking a company and sticking with them. While this approach may work for some who are OK with potentially paying more money than they should, it definitely does not work well for the average car owner. That's because the average car owner wants to get the best bang for their buck.
The internet has made the process of picking a car insurer very easy. By going to sites like Progressive.com, Statefarm.com, Esurance.com, and Geico.com, you can easily search through quotes for car insurance. Since car insurance can vary widely from company to company, it's important for you to get as many quotes as possible.
You may also want to go into your local car insurance business and ask for quotes from them. In some cases, local auto insurer quotes will be cheaper than those found on the internet.
Unfortunately, even if you get a ton of quotes, you may still find that the insurance is a lot more than what you're willing to pay. The good thing is, there's something you can do to get the cheapest quote possible: you can use the tips in the next section for getting cheaper quotes.
Tips for Lower Auto Insurance
Believe it or not, but there are things you can do on your part (besides having a good driving record) to increase the likelihood of getting lower car insurance quotes.
Tip #1: Accuracy
You've probably noticed how utterly daunting auto insurance quote forms are. They're full of several questions, and by the time you've gotten halfway through filling it out, you're ready to quit. Did you know that how accurately you fill out the form can have a great effect on how much you pay for insurance? Well, it can and it does have an effect. That's because there are certain discounts you may be eligible for (such as residency and marriage) and if you don't properly fill out the form, you'll miss out on these. So pay attention to every single question and fill it out to the best of your ability.
Tip #2: Shop Around
One auto insurer may charge you $1000 for auto insurance, while another one may charge you $650 for auto insurance with the same conditions. Insurance quotes greatly vary, which is why you should shop around before settling on any insurance plan.
Tip #3: Don't Get Too Much Coverage
It's definitely a good idea to get comprehensive coverage for a brand new car. It's not such a good idea, however, to get the same coverage for an older model. The amount of coverage you get obviously influences the overall cost of the insurance, so the less coverage you get, the lower the price. When the collision premium equals 10% or more of the car's value, it's time to consider dropping the collision premium which can save you hundreds of dollars.
Tip #4: Raise the Deductible
The deductible is what you'll pay should something happen to your car. If you set the deductible to $200, you may end up paying hundreds more in premiums each year. But if you raise the deductible to $500, you can save hundreds of dollars.
Tip #5: No Extra Coverage
Some aspects of auto insurance coverage aren't really worth the extra $100-$400 a year. One such coverage that is worth getting rid of is the Rental Reimbursement coverage. This coverage pays for rental costs on the outside chance that your car has to go to the shop for a day or two. It's really not worth the extra money you'll pay for the coverage, so it's something you should get rid of to save money.
Saturday, March 24, 2007
E & O Insurance for Notaries
What is E & O insurance, and how does it help a Notary Public? E & O insurance, or Errors and Omissions insurance, covers a Notary in the event of unintentional mistakes that cause injury to a third party – think of it as “malpractice” insurance for Notaries. Some of you might already know what E & O insurance is, and think that it does not apply to Notaries because they are bonded – a common misconception. A Notary bond protects the public and is something that must be repaid by the Notary, in the case of a claim. E & O insurance protects the Notary, and in the instance of a claim, the Notary is not expected to reimburse the insurance company.
What types of mistakes are covered by Errors and Omissions insurance? Inadvertent errors, such as failure to affix your Notarial seal, or to properly identify the signer(s), could subject you to be held liable for any losses. Intentional errors and poor judgment, of course, are not covered. If a claim is made against you, even if it has no validity, you would have the burden of paying court costs etc. in defending yourself, if you did not have E & O coverage. With an E&O policy, you would have no repayment and no minimum or maximum deductible would be required. Also, the attorney fees and court costs are covered, up to your policy limit.
Following are a few examples of the common types of Notary mistakes:
The Notary Stamp is smeared or smudged.
The Notary Stamp covers text or signatures.
The Notary Acknowledgement is worded incorrectly.
Notary stamp missing (yes, it happens).
The Notary’s commission number missing.
Many Notaries also perform loan signing services. In these cases, there is even more room for error such as:
Incorrect Notice of Right to Cancel dates.
Documents are missing signer’s initials.
Mistakes on the document(s) are corrected using white-out.
Notary did not correctly following closing instructions.
Loan Documents not returned in a timely manner.
Notary acknowledgement not completed, or completed improperly.
Notaries accepting personal checks over $500 (or over the amount allowed by State law).
Checks made out to the wrong company.
Though it may not be required by law, Errors and Omissions Insurance protects you against mistakes that can happen with any notarization. It only takes one mistake to potentially lose all of your hard earned money, and possibly even your business! Errors and Omissions insurance rates vary according to the State in which you are a practicing Notary, and the amount of coverage you decide to choose. In some States minimal coverage starts out at less than $10.00 per year with maximum coverage at $200.00 per year. Rates do vary greatly from State to State, however the costs are truly minimal considering the consequences should a claim arise. Considering the cost of E & O coverage, it is just foolish not protect yourself.
Guide To Insurance For UK Freelance Professionals
Professional indemnity insurance protects you against your legal liability for losses suffered by your customers as a result of your negligent advice. Professional Indemnity is legally required in certain professions, such as law, accountancy & financial services. It is common in other areas such as management and computer consultancy, publishing, engineering and design. If you give any advice which could make you liable, or if you are working in a collaborative arrangement, you should have a suitable professional indemnity policy.
Your professional indemnity policy should include retroactive cover, so that you are insured for any claims arising in the next 12 months, but also for your work or decisions back to the date you commenced trading. When you complete your proposal form, you will need to disclose any likelihood of a future claim, as the underwriters will want to protect themselves from taking on any current or known claim exposure.
Professional Indemnity Insurance works on a 'claim made' basis, and so when you cease trading, retire or take a permanent job, it is wise to purchase run off cover for at least 12 months after that in case a claim is made against you, after your policy has expired for work done previously.
The Employers Liability Act 1969 requires all employers, unless they are exempt, to have at least 5 million GBP of employers liability insurance with an approved insurer to protect them against claims from employees for accidents or sickness caused through work. In practice most insurers offer at least 10 mill GBP cover.
The law was amended with effect from 28 February 2005 to exempt very small companies that employ only their owner. As a freelance consultant or contractor operating outside IR35, however, you are likely to have a substitution clause in your contracts. Without employers liability insurance, you cannot fulfill this clause without breaking the law, so in practice you ought to have cover.
There are no hard and fast rules about who counts as your employee for the purposes of employers liability insurance. People who you many think of as self-employed may be considered as your employees for the purposes of employers liability insurance; what matters is the real relationship with the people who work for you and the degree of control you have over the work they do for you. Even part-time and casual staff may count as your employees.
Diamond Ring Insurance
If you are lucky enough to have received a diamond ring for engagement or just a gift or are considering purchasing one for someone then it is worth looking into insuring such a precious stone.
Many people forget the importance of insuring a diamond ring, what can be worse than falling in love with a ring and something happening to it, whether it is lost or damaged if the ring is not insured then the costs will have to be forfeited by the owner, If the diamond ring was expensive then you may find your self in a situation where you simply can not afford to replace or repair the ring.
Diamond ring insurance is not as simple as you may think, most insurance companies will not just cover the item on your normal policy, some may cover jewelry for theft but not for other circumstances where by the diamond ring has become lost or damaged.
Most insurance companies will allow you to purchase additional insurance for fine jewelry and your diamond ring however there are a few questions you should ask before taking out this addition to your existing policy.
1st and most importantly you will want to know how much the insurance will cost. It is also wise to ask how this will affect your policy should you need to make a claim for your diamond ring.
2nd ask if an appraisal needed to cover your diamond ring and if so would these need to be provided by yourself by specific appraiser or will your insurance company take care of this for you.
3rd ask if the diamond ring be covered for its full value or replacement cost and will this be in the form of a cash sum where by you would purchase the replacement ring yourself or will the insurance company replace the diamond ring themselves and send to you.
4th check if the diamond ring be covered wherever the damage or loss takes place, some insurance companies will only cover loss or damage within your own company so additional travel insurance may be needed if you were to go abroad.
5th will the insurance cover all repairs on the diamond ring and who will make any repair to the ring, some insurance companies have their own tradesmen who would make any repairs needed other insurance companies will ask for several estimates provided by yourself before you can go ahead and get the diamond ring repaired.
6th always ask about excess, this is a sum of money you will pay before anything is repaired or replaced, this is normally ascertained by the value of the ring, it is a very important aspect of insurance, you may find small repairs can be done without going through your insurance, some cases will show that it simply is not worth paying the excess to replace or repair your diamond ring depending on the excess figure.
Online Term Life Insurance Quotes in Less Time than it Takes to Brush Your Teeth
Online term life insurance quotes have played a dramatic role in driving down the cost of term life insurance rates. Why is this? Term life rates have decreased substantially due to the increased price transparency of the Internet, the highly competitive nature of the insurance industry, and the convenience of the online quoting process. All of these three factors have helped many Americans to find very affordable term life quotes online.
Price Transparency of the Internet
10-20 years ago shopping for term life insurance could be a gigantic hassle. When you consider that an appointment would need to be scheduled, illustrations would need to be prepared, and a sales presentation endured all simply to see some concrete numbers. (And that is not even taking into consideration the fact that it was next to impossible to compare more than two different companies side by side). Now with the price transparency of the Internet rates have dropped quite a bit as insurance shoppers can now just compare online price quotes in less time that it takes to brush your teeth.
Highly Competitive Nature of the Insurance Industry
The insurance industry is extremely competitive, especially in the area of term life insurance. With the exception of Return of Premium (ROP) term and a few other term insurance variations there is not really a whole lot of difference in one term life insurance policy versus another. Yes, you want to choose an insurance company that is rated an “A” or higher by AM Best for their financial strength and yes, you want a big company that you can trust but once those criteria are satisfied then term life insurance is a very commoditized product. This ability to compare “like to like” and “apples to apples” puts tremendous downward pressure on insurance companies to maintain competitive term life insurance rates.
Convenience of the Online Quoting Process
No appointment is necessary. No traveling is necessary. No sales presentation is necessary. No requirement to request information during standard 9-5 business hours is necessary. All of these positives are reasons why the online life insurance quoting process is fast becoming a preferred avenue for many Americans. You can now request life insurance quotes from multiple insurance companies and view some solid numbers from the comfort of your own home or office 24/7 – all in less time than it takes to brush your teeth!
How Small Businesses Can Offer Big Benefits
Small businesses are finding it increasingly difficult to offer a high quality, affordable employee benefits program to their employees.
But, if you are a small business owner or are in charge of the employee benefits program at a small business, do not worry. There are options available for you.
Over the past few years, more insurance carriers are offering more benefit options for the small business employer. These benefits are designed to accompany any "core" benefit plan options and will enable a small business to offer a complete benefits program to all of their employees.
By offering a basic "core benefit" offering which could include health and dental insurance coverage and combining it other supplemental or voluntary benefits, the employer can offer a competitive benefits program without breaking the bank. These benefits may have an employer contribution to assist in the cost of the benefit or they may be offered as an employee paid benefit only through payroll deduction or a combination on the two.
Some of the supplemental or voluntary benefit plan offerings include short and long term disability, life insurance, accident coverage, limited medical plan, dental and long term care insurance to name just a few.
The advantage for the small business is they maintain complete flexibility when it comes to the cost of the plan and how the cost will be divided. The advantage for the employee is they are allowed to pick and choose their own insurance/benefits program and pay only for the coverages they need. This creates a benefit program that is affordable to both the employer and the employee and allows both to stay within their respective budgets.
Some of the main features of supplemental or voluntary insurance plans is the small business receives simplified underwriting, a group rate to decrease costs and control in some plan designs features. The small business needs just two employees to qualify for this type of coverage.
These benefits can also be used for part time employees. As a small business continues to grow, the business can have an advantage when it enters into a growth phase and starts hiring part time employees which may turn into a full time employee. These employees can have a complete benefit program that can be carried over with them when they move into a full time position.
As keeping and attracting good quality employees becomes more and more difficult, offering a benefits program that includes voluntary, payroll deduct benefits can help employers retain and attract good quality employees at an affordable price.
NPI Number Individual or Group - Which One Do I Use?
There is so much talk about getting your NPI number. You must have it by May 23rd or your cash flow can be severely affected. Don’t wait till the last minute to get it because you will need to report it to all of the different insurance carriers. But if you had to apply for two NPI numbers, an individual one and a group one, which one do you use to submit claims?
Most insurance carriers including Medicare require the individual NPI number on the claim in box 33a. If you are doing paper claims, enter your individual NPI number in box 33a on the CMS 1500 form. If you also have a group NPI number, it should be placed in box 32a of the CMS 1500 form.
If you submit your insurance claims electronically you may need to test your claims once you have your NPI number loaded. For your paper claims, you need to update your software to be ready for the new CMS 1500 forms which allow for the reporting of the NPI number.
You may also be receiving requests from colleagues notifying you of their NPI number and asking for yours. It is necessary to share your NPI number with other medical service providers because when you refer a patient to another provider or if another provider refers a patient to you, you may need to include that provider’s NPI number on the claim form.
NPI numbers are here to stay so there is no use trying to avoid them. The more you learn about them, the easier it is to understand how to use them. The first step is to get one, so if you haven’t already obtained your NPI number, you really should do it immediately.
Monday, March 5, 2007
Mexican Auto Insurance Tips for Purchasing Online
There are several companies in Mexico for general as well as auto and other goods. The policies are high-yielding, secure and reliable. The returns are high. The premium is also low. The Mexicans live peaceful lives after insuring themselves and their goods, for example houses, cars, home appliances and the like. The coverage ranges from daily to annual. Even driving licenses may be insured. The business growth of the insurance companies has been astounding. Almost all started their business in small capacity, but over the years those have turned into giants having branch offices throughout the length and breadth of Mexico.
The Insurance Companies collect personal information such as the name of the Internet service provider and the Internet Protocol (IP) address through which you access the Internet. The Companies are committed to protecting the security of your personal information. They use a variety of security technologies and procedures to help protect your personal information from unauthorized access, use, or disclosure. For example, they store the personal information you provide on computer servers with limited access that are located in controlled facilities.
Additionally, when they transmit sensitive personal information (such as a credit card number) over the Internet, the companies protect it through the use of encryption, such as the Secure Socket Layer (SSL) protocol. All credit card transactions that take place with Insurance companies are provided by special net security which has its own private policy. The measure has been chosen to secure all the customer’s transactions due to the number of years that they have been providing this first class service. They provide the SAFE gateway to thousands of companies and have implemented security measures that cannot be duplicated by other sites.
The insurance companies may occasionally update the privacy statement. When they do, they will also revise the "Updated" date at the top of the privacy statement. The companies encourage customers to periodically review the privacy statement to stay informed about how the companies are helping to protect the personal information.
All said and done, it is always advisable that the people purchase insurance from a financially stronger insurer. There are over fifty insurance companies in Mexico, of which some are good and some are bad. According to the 1997 report of the Mexican insurance Commission, only two Mexican Insurance companies write over $400 million US in non-life premium (life insurance excluded). These companies are Grupo Nacional Provincial and Seguros Commercial America.
The Insurance Companies collect personal information such as the name of the Internet service provider and the Internet Protocol (IP) address through which you access the Internet. The Companies are committed to protecting the security of your personal information. They use a variety of security technologies and procedures to help protect your personal information from unauthorized access, use, or disclosure. For example, they store the personal information you provide on computer servers with limited access that are located in controlled facilities.
Additionally, when they transmit sensitive personal information (such as a credit card number) over the Internet, the companies protect it through the use of encryption, such as the Secure Socket Layer (SSL) protocol. All credit card transactions that take place with Insurance companies are provided by special net security which has its own private policy. The measure has been chosen to secure all the customer’s transactions due to the number of years that they have been providing this first class service. They provide the SAFE gateway to thousands of companies and have implemented security measures that cannot be duplicated by other sites.
The insurance companies may occasionally update the privacy statement. When they do, they will also revise the "Updated" date at the top of the privacy statement. The companies encourage customers to periodically review the privacy statement to stay informed about how the companies are helping to protect the personal information.
All said and done, it is always advisable that the people purchase insurance from a financially stronger insurer. There are over fifty insurance companies in Mexico, of which some are good and some are bad. According to the 1997 report of the Mexican insurance Commission, only two Mexican Insurance companies write over $400 million US in non-life premium (life insurance excluded). These companies are Grupo Nacional Provincial and Seguros Commercial America.
Buying a New Car? Pick the Safest and Save on Car Insurance
If you're going to be purchasing a new car in the near future, you may want to think about how the car is going to affect your car insurance rates. Believe it or not, the car you choose will definitely affect how low or high your car insurance rates will be, but you can choose a safer car to ensure that you get low rate car insurance that is affordable. The following are some of the safest cars that you can buy and purchasing a safer vehicle will result in great savings on your car insurance.
1. Volkswagen Passat - In 2006, the number one rated family sedan for safety was the Volkswagen Passat GLX, which has a V6 engine. This car provided excellent safety features designed by Volkswagen and tested out to be the safest car in the family sedan category. If you want a nice family car that is fairly inexpensive and also very safe for your family, this is a great choice!
2. Toyota Camry - Still in the class of family sedans, the Toyota Camry came in second place in 2006, right behind the Volkswagen Passat. The Camry is a bit cheaper than the Passat, and also comes with great safety features that make it one of the best choices if you want a car that is safe for your family.
3. Volkswagen Golf - If you are looking for a smaller car, but you still want great safety, you may want to consider the Volkswagen Golf as your next choice. In smaller cars, the Golf won the number one spot for safety with the great safety features offered by the Volkswagen automaker.
4. Honda Civic EX - Another smaller car that was high on the safety list, scoring number two, is the Honda Civic EX. Once again, this car is a bit more cost friendly than the Volkswagen Golf, and it still comes with excellent safety features that will keep you safe and help you get lower car insurance rates. If you are purchasing a car on a budget but want to make sure it has great safety features as well, then this car is an excellent buy.
5. Honda CR-V - If you are looking for a small SUV with a great safety rating, you may want to consider purchasing the Honda CR-V. While usually you will pay more to insure a SUV, the Honda CR-V provides safety features and a great safety rating that will help you save.
6. Toyota Highlander - If you want a larger SUV but you want to make sure the vehicle is safe, the Toyota highlander is a great choice. The Highlander is one of the cheaper SUV’s available and comes with a great safety rating that will have you driving with confidence.
When you're going to purchase a new car, you want to look at the cost of the car, but you also want to check out how much it will cost to insure your car as well. Picking a car that has a high safety rating and great safety features can save you a great deal of money on car insurance rates each year. Take control of your car insurance rates and purchase a vehicle that will keep you safe and help you find low rate car insurance.
1. Volkswagen Passat - In 2006, the number one rated family sedan for safety was the Volkswagen Passat GLX, which has a V6 engine. This car provided excellent safety features designed by Volkswagen and tested out to be the safest car in the family sedan category. If you want a nice family car that is fairly inexpensive and also very safe for your family, this is a great choice!
2. Toyota Camry - Still in the class of family sedans, the Toyota Camry came in second place in 2006, right behind the Volkswagen Passat. The Camry is a bit cheaper than the Passat, and also comes with great safety features that make it one of the best choices if you want a car that is safe for your family.
3. Volkswagen Golf - If you are looking for a smaller car, but you still want great safety, you may want to consider the Volkswagen Golf as your next choice. In smaller cars, the Golf won the number one spot for safety with the great safety features offered by the Volkswagen automaker.
4. Honda Civic EX - Another smaller car that was high on the safety list, scoring number two, is the Honda Civic EX. Once again, this car is a bit more cost friendly than the Volkswagen Golf, and it still comes with excellent safety features that will keep you safe and help you get lower car insurance rates. If you are purchasing a car on a budget but want to make sure it has great safety features as well, then this car is an excellent buy.
5. Honda CR-V - If you are looking for a small SUV with a great safety rating, you may want to consider purchasing the Honda CR-V. While usually you will pay more to insure a SUV, the Honda CR-V provides safety features and a great safety rating that will help you save.
6. Toyota Highlander - If you want a larger SUV but you want to make sure the vehicle is safe, the Toyota highlander is a great choice. The Highlander is one of the cheaper SUV’s available and comes with a great safety rating that will have you driving with confidence.
When you're going to purchase a new car, you want to look at the cost of the car, but you also want to check out how much it will cost to insure your car as well. Picking a car that has a high safety rating and great safety features can save you a great deal of money on car insurance rates each year. Take control of your car insurance rates and purchase a vehicle that will keep you safe and help you find low rate car insurance.
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