This is default featured slide 1 title
This is default featured slide 4 title
This is default featured slide 5 title

Category Archives: Insurance

Child Insurance

Child insurance plans carry dual benefit for the child. First, they help generate a good corpus by investing the premiums in a fund that can either be endowment based or ULIP based. Second, they provide a life cover to the investing parent of which the child is the beneficiary. In case of the death of the policyholder, the insurance company waives off the future premiums and continues to invest in that fund on the policyholder’s behalf. Moreover, it pays a lump sum or period amount for the maintenance of the child. Thus, these plans protect the interest of the child even when you are not with him/her.

Saving money on our own can be difficult as we cannot be that much disciplined unless we enter into a plan which necessitates us to deposit a particular amount or else it would lapse. Such routine is mandatory for systematic saving and investment. The returns from other funds or investments can get spent on other things. That is why it would be better if you have a dedicated child plan in your investment portfolio of which only your child would be the beneficiary.

As per financial experts, investing in such a plan should be started as early as possible to have more time for your money to grow. Ideally you should start comparing child insurance plans of various companies as soon as you know about the pregnancy. There are over a score of companies selling such plans and offer differentiated plans to stay competitive. Effective plan comparison and market research shall ascend you towards the most suitable plan from a reputed company.

For effective comparison you may try services of an insurance web aggregator. On a web aggregator website you can compare plans of scores of companies at a single web location and that too free of cost. Such effective comparison brings more confidence in your purchase and helps you take educated steps in selecting your plan type. Based on such comparison and analysis you can decide whether to go for an Endowment based child plan or a ULIP based child plan. Comparing premiums with your budget you can decide how much cover to go for.

Finding Fleet Insurance for Business

Ideally, as a company, you want to find the best level of cover at the lowest possible price, which is why it’s imperative you shop around.

Don’t go for the first good deal you see, it’s a better option to get a minimum of three quotes. Getting three quotes is easy; you can ask each company to email through their suggested quote, giving you something in black and white to work with. This also gives you control in choosing the best business fleet insurance to meet your company needs.

Once you receive the quotes, you can start doing some essential research on each of the companies. To find the companies you can search online or you can ask other companies in your local area that they use for their policy and their experiences.

What you are looking for when you search online is the company’s reputation and how other customers feel about their experience. Remember you are purchasing business fleet insurance, so you can’t take any chances when it comes to the safety and protection of your vehicles on the road.

Going through the online reviews and reading through the forums, may give you the ability to narrow down your list. You may find one of the companies doesn’t have the best reviews and therefore should be omitted from your selection.

Once you’ve done all your research, it’s time to review each of the quotes. Reviewing the quotes gives you the ability to ensure that they are offering the best level of cover to suit your company requirements.

Go through each one individually checking to see what cover they offer. Remember in some cases when you ask for an online quote, you will be offered the most basic cover, which can be third party rather than comprehensive. If you find anything on the quote you feel is wrong, contact the company and get them to readjust the price accordingly.

Asking the company to do some minor amendments to the policy quote is a chance for you to determine their flexibility, as you will probably be adding and removing vehicles throughout the policy.

When you have the correct figures in front of you for each of the companies, you can compare them against each other. Ensure you take everything you have learned about each of them into consideration and remember when it comes to business fleet insurance; the cheaper price isn’t always the best option. You may find one of the companies offers a fast claims process and are dedicated to their customers, but they may charge slightly more.

Be sure to phone each of them and ask them about their claims process. The claims process is exceptionally important when it comes to business fleet insurance, as you cannot afford to have a vehicle off the road for a long period of time.

When you feel you have one company that stands out and is offering superior business fleet insurance without breaking the bank, they are professional, knowledgeable, and flexible and they have a fast claims process, then sign on the dotted line and enjoy the peace of mind that you have good cover for all your vehicles on the road.

All about Car Insurance Details

An auto insurance policy gives you protection against losses in the occurrence of an accident or your car being stolen. This is an agreement between you and the company. You pay a premium while the company, in turn, agrees to pay for your losses as stipulated in your policy up to a certain specified limit. This provides property, medical and liability coverage in the event a claim is filed.

Property coverage pays for the damage or the theft of your car and medical covers payments for the treatment of injuries. Many extended coverage policies will also pay for rehabilitation and funeral expenses. Auto liability insurance coves you in the event a crash occurs that you were deemed responsible for. Almost all states require you to carry minimum amounts of liability insurance, but not all of the various options, such as comprehensive.

The basic benefit of having insurance is the financial peace of mind gained from the policy. This benefit varies based on the type of policy you buy. Many companies evaluate your risk level before they come into a contract with you. They calculate the possibility of accidents happening while you are driving, the number of hours you drive and so on.

This in term makes them group you into a low risk or a high-risk group, which in turn will determine to a large extent your rates. The major differences between these groups is simply perceived risk. Those with low risk are said to be eligible for a standard insurance while those with higher risk are said to be tagged as non-standard drivers and will pay more.

These policies have little or no difference from one another, in terms of the price of the policy and the scope of their coverage. This policy has specific determining factors for coverage. For example, the auto insurance policy only covers drivers with clean driving records that have no traffic violation, accidents and filed insurance claims. A standard policy has more restrictions and is regulated by the state where they are issued.

A lot of drivers are considered to be of high risk or non-standard by most insurance companies today. The number of drivers who have fallen into this category has increased over the last decade. Drivers who are placed in this category based on driving records, age, experience, credit history records, driving records, hours of driving and other factors are time and again turned away by some insurance companies.

In some cases, inferior coverage options are offered to non-standard drivers and at very costly rates. Drivers fall into the non-standard category mostly because of their driving records. This includes people who have had their licenses revoked or suspended in the last couple of years and those who have excessively violated traffic or have been arrested and convicted of driving under the influence (DUI) or driving while intoxicated (DWI). Senior citizens, new drivers and teenagers are also considered non-standard drivers.

There is a wide range of coverage for non-standard drivers, so you can find a policy that suits your need whatever the situation may be. If you have been labeled as a high risk or a non-standard driver, it is probably because of your age, your level of experience, driving record and other factors. Don’t be discouraged, you still have many options for auto insurance. Countless drivers in all categories find the insurance policy that best suits them with a pocket-friendly rate, coverage options, and customer service that can’t be beaten.

GAP Coverage Auto Insurance

GAP will cover the amount on the loan that is the difference between the value of the vehicle and the amount that another insurance policy covers. Typically, your finance company will offer you this kind of coverage at the time you purchase the vehicle. Most auto insurance companies offer this coverage as well to its consumers.

You can obtain GAP through two ways: through your insurance company or at your dealership. If you choose to obtain GAP Coverage through your insurance broker, this is regulated by the insurance industry.

Either method you decide to acquire it, the coverage will be the very same and it is offered as a soft product through the automobile dealer. The protection is typically financed along with your lease or loan. Any type of claims you submit are subject to an absolute loss, that is generally established via the third-party evaluator with the primary insurance company.

Exclusions to your GAP Coverage Auto Insurance vary by the country or state. Many states in the United States require that a car dealership offers GAP at the point of purchase of a used or new vehicle. Some other states only require that an insurer offer it if the client asks about it.

It’s important to note that GAP coverage is an optional product. Some of the finance companies require you to obtain it as a condition to obtain a loan from them. The Truth In Lending Act does leave out GAP Protection premiums from any financial expenses in the case that it was not mandated by the financial institution, or if premiums were not divulged in writing, or if the customer gave a written request for the insurance policy.

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.


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.

Select Right Insurance Plan

1) Be sure about your requirements- Not all policies are the same. For example, under Life Insurance comes Retirement Plans, Child Plans, Term Insurance, Endowment Plans and ULIP. So it is important you choose a plan that will match your requirements. If you are looking for pure protection plans, then a Term Plan is for you.

But if your goal is to have a combination of savings with protection then your options are Child Plans, Retirement Plans or ULIP’s. Over here your goal would decide what kind of cover you should go for. For instance, if your goal is to save for Child’s future then Child Plan would be ideal but if you want to save for your retirement then Pension Plans is the best bet.

2) Calculate the Cover you need- A lot of factors come into play while deciding the cover you need. For example in Health Insurance, your age, medical history, city of residence, lifestyle habits, etc. is considered while deciding the amount of cover. On the other hand, in Life Insurance factors such as your income, liabilities, number of dependent family members, etc. help to decide the coverage amount. So a 30-year-old person who has a home loan and 2 school going kids should take a higher cover, while a 45-year-old person who has no liabilities and whose kids have started working can opt for a lower cover.

3) Compare Plans- Comparing plans doesn’t mean just comparing the price. Cheapest is not always the best. You should compare the features, benefits, exclusions and select the plan that suits your needs. For example, while selecting a Health plan for your parents, you should go for a plan that has minimum waiting period, as old aged parents could anytime require hospitalization. Besides, comparing Motor insurance every time, during renewal can be very beneficial plans you can get a discounted premium and may even get additional add-on riders.

4) Read, Understand & Familiarize yourself with the terms and conditions of the policy- After you have zeroed in the policy that you need read, understand and familiarize yourself with all the terms and conditions. This is important to avoid any surprises and heartaches later. For example in a Health Insurance, you should know what is the Room Rent Limit, Waiting period, Exclusions, Day care procedures, Network hospitals, etc. Similarly, in a Life Insurance Policy, you should be aware of Maturity benefit, Death Benefit, permanent exclusions etc. For example, death or hospitalization due to taking part in adventure sports or war is not covered by many Health and Life insurance policies.

Auto Insurance Renewal

· Annual Policy: an auto insurance policy that is valid for one year.

· Semi-annual Policy: some policies are valid for only 6-moths period. For policyholders, 6-months provide the chance to improve DMV records and reduce the premium for the next renewal date.

Auto insurance companies have the obligation to notice policyholder about renewal information. They can send it via mail or email within 45 – 30 days in advance of renewal date. Unless policyholders want to make changes to the current policy, renewal process should be quick and easy. Nonetheless, it is best for policyholders to do their due diligence and check for errors or unexpected surcharge. Before the renewal takes place, please make time to:

· Review the policy: the best time to verify discounts or make changes to coverage is on renewal date. It becomes more important when policyholders have practiced safety guidelines from the insurer as a requirement for discount eligibility. Auto insurers often reward good customers with lower premium as well. In many cases, it takes an insurance agent to see potential changes in the policy.

· Make payment: whether policyholders want to continue or cancel the policy, the best time to notify the insurer is on renewal date (or several weeks before). Some carriers do not allow for grace period on renewals, so they can cancel the policies because there is no payment confirmation. Even when policyholders want to switch to new carrier, it is important to notify the current insurer to avoid fines.

Premium Surcharge

An increase in premium rate is not uncommon. It happens for two main reasons. First, the insurance company increases the base rate. In this case, all policyholders should get premium surcharge. Even good drivers with clean records should pay more under this circumstance. Another reason is that the policyholder has higher risk than before in the previous period. Traffic tickets and bad credit score can lead to premium surcharge. Auto insurance claims for an at-fault accident almost always increase the premium as well.

Changes before Renewal

Insurers allow policyholders to make changes in the policies between renewals; this regulation applies only for auto/car insurance policy. Other vehicles such as RV, boat, and motorcycles may not have this option. Changes in policy for examples coverage omission or vehicle removal from the list can offset the premium surcharge from bad DMV records. In worst scenario where policyholders have records of involvement in accidents that cause severe injuries or deaths, the rate can go very high beyond affordability. To compensate for expensive premium, policyholders can choose to purchase only state’s minimum coverage requirements.