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Monthly Archives: September 2017

Buying Online Car Insurance

Very Easy and Convenient

It is the easiest way to bring your car under insurance coverage.You just need to follow a few steps to buy it online. To ensure it, you do not need to visit an office physically. In case of purchasing it online what you need to do is to sit before your PC and search for the companies offering this service online. You can visit one service provider to another online, until you find the right quote for you from a trusted company. Choose a quote or policy that perfectly suits your requirement.

At the time of applying for it online, answer each question accurately and righteously. Try to avoid any kind of mistake or error. Get a print out of your application.

Cheaper

As the companies operate their business online, it becomes possible for them to offer the quotes at cheaper rates. This method helps them offer their service at cheaper rates.

Saves Money, Time and Effort for You

As you do not need to go outside of your home to visit a car insurance company, you can save your time and fuel. Going there by car requires spending of money behind fuel. It saves you from a number of efforts like going to an office in person, standing there in a long queue for collecting the application form, and finally filling it up manually.

Ensures Green Living

Getting this service online ensures green living, as we do not need to burn fuels for reaching an office physically. It saves fuels and rewards us a pollution-free earth for healthy living.

All about Flood Insurance Fallacies

Having flood insurance is the only way to be somewhat safe when it comes to your home protecting your home from water damage. Across the United States, only about 20% of the homes that are at risk for flooding are covered by some type of flood insurance. Most major private coverage providers do not want to insure people against flooding because of adverse selection. This means that the number of people who are making claims against flooding damage is greater than the number of people who want to protect their homes from the possibility of flood damage, so private insurers see this as something that will not bring them any profit.

However, in certain flood prone areas, the government requires that flood insurance be purchased in order to secure mortgage loans from federally accredited agencies. This coverage does not go into effect until thirty days after the policy has been purchased, unless the person lives in a floodplain. This purchase of flood coverage, provided by the government, went into effect in 1968 under the National Flood Insurance Program. Many people have criticized this program because it helps people rebuild in areas that are vulnerable to flooding, without any of their premiums ever going up. Homes and areas that were flooded over twenty times are still able to be covered without the threat of rising premiums.

Flooding is defined as inundation of an area of two or more acres, or two or more properties that are usually dry land. Flooding can be brought on by hurricanes, earthquakes, tornados, levee breaches, and other natural disasters. Unfortunately, if flooding occurs due to an earthquake, the damage from flooding is not covered by the earthquake insurance. Flood damage is not covered under any other type of policy a homeowner could hold.

In the United Kingdom people who are living in a flood prone area are supposed to flood proof their homes, or they risk facing much higher coverage premiums. In Canada, no flooding coverage even exists.

Work With an Insurance Adjuster

When you are dealing with an accident or natural disaster that leaves you in need of an insurance adjuster, it is vital that you understand their role in the scenario, as well as your own responsibilities.

Your Job

  • Gather any paperwork you have on hand that pertains to the situation.
  • Have pictures of before and after, if at all possible.
  • Be civil and willing to listen and let the adjuster do the talking.
  • Never make the first offer!
  • Document everything. Write down facts, numbers, times, and anyone you speak with; considering recording these elements as much as possible.

Job of the Insurance Adjuster

  • Inspect the damage. This is the first step regardless of the type of accident or disaster.
  • In the event of an accident, they will review any police reports and speak to any witnesses
  • Inform the insurance company of the details of the accident or disaster.
  • Ascertain where liabilities lie
  • Compile a damage report so that financial losses can be assessed.
  • Be the intermediary between the parties involved
  • Determine the appropriate amount of compensation

Keep in mind that in your first interaction with an adjuster that you will likely need to give a recorded statement and if the claim is of a medical nature, sign a medical release form. Consequently, if you are not prepared to make a statement immediately following the event, it is acceptable to ask for a short period of time before talking.

Vehicle Insurance Fraud

Policyholders are not happy when they get a notice informing them of an increase in their auto insurance premium even when they have maintained a clean driving record over the years. A lot of us would think the companies are only trying to exploit their customers and make excessive profits: this is not the case. The major factor behind the consistent increase in premiums is the auto insurance fraud which increases insurers’ cost, and this increase bounces back to policyholders in the form of higher premiums. A lot of people have turned this crime into a full-time business, and ranks the second most popular “White Collar” criminality in the United States; thousands of policyholder gets away with fake claims every year. Although most big insurance firms have created investigative units in a bid to curb this problem, only a hand full of the perpetrators is caught. If your premiums are becoming unaffordable, then get an online quote today.

Recent statistics reveals that motorists pay an excess of over $300 annually as a result of Car insurance fraud. The big question is “How do these criminals rip off their insurance providers?” Here are some common ways:

1. Policyholders Get Rid of Their Cars

This is very common. This occurs when a motorist abandons his car, most times in a lake, or set it ablaze. Such claims are difficult to investigate; the driver can simply claim they snatched his car. This makes it difficult for the investigators to carry out any meaningful investigation.

2. Made-up Report of Vehicle Theft

In the event that the owner sells the car before it was reported stolen, there are two outcomes: Firstly, compensation for the replacement of the vehicle and then the repayment of the actual sale of the first car.

3. Overstated Cost of Replacement and Repairs

This is common among repair shops. A repairer may fix a car with inexpensive parts but charge the insurance firm for high-cost parts. Some shops even charge thousands of dollars for an airbag that was actually not replaced. If caught in this act, the culprit may serve up to a year’s jail term, coupled with a fine that runs into thousands of dollars.

Another popular insurance fraud is the “golden hammer.” When a vehicle is involved in a minor accident, the policyholder uses a hammer to cause severe damage to the car so as to inflate the claim. If you notice any of these unwholesome acts, quickly report to the appropriate authorities, to make them pay for their dishonesty and this will curb the rate of insurance fraud in the industry.

4. Falsifying Personal Data Registration Form

Your zip code determines your insurance rates. A lot of people play smart by registering with false addresses with lower premiums. This contradicts insurance ethics, and if caught, your insurance package may be terminated. While filling the insurance registration form, ensure you fill your correct address.