Whenever you pay for a new car, either brand new or later model, you do not need extra policy such as car repair insurance packages since it’s typical to have manufacturer’s warranty. That warranty mostly lasts for about 3 to 5 years. But how do you think that you will be affected if you are driving older car? Or perhaps a car with no remaining warranty in it? What do you plan to do about it? A lot of car owners do not realize the importance of this extra insurance package and auto repair insurance cost becomes secondary when you talk about the benefits it provides. From the moment that your car warranty expires, auto insurance should protect you from expensive car repair costs.Auto Breakdown Insurance Cost – How to determine?Most car owners do not like the idea of extra auto breakdown Insurance Cost when buying a car. But you have to know that the standard policy on auto insurance you use in legally acquiring a vehicle to drive does not cover repairs. There are times that comprehensive coverage and collision is included in the policy, but still it does not cover needed repairs on worn or failing parts. Although repairs are covered by a warranty, the problem will begin when it expires. This is when auto repair insurance becomes advantageous to car owners: what is not in general covered by your standard car insurance policy will be covered by auto repair insurance.But wait. What is really the cost of auto repair insurance? If you would like to get a clear answer, read the succeeding paragraphs.Getting a Car Repair Insurance QuoteBear in mind that cost varies from one insurer to another. This is the reason why it is very important for you to get a car insurance quote. By doing this, you will be able to know how much car insurers charge their car repair insurance. Another importance of getting a car insurance repair quote is that you will be able to compare the insurance costs of different companies, so you can save a high amount of money.However, requesting for an insurance quote would not just be as easy as 123 because car repair insurance companies rely on some information that would serve as the basis in order for you to be provided with the right insurance quote designed for you. That basically includes:- The model and make of your vehicle.- Your driving history and age.Among all these pieces of information, the number one factor that greatly influences the auto breakdown insurance cost is your age. The younger you are, the more expensive your payment for the insurance would be. Your driving record will also affect the amount you have to pay for the auto breakdown insurance because the more accidents you got involved with, the higher the amount you have to pay. Of course, if you are a good driver, you will be able to get more rewards and you just have to pay a minimal amount for the policy.Most of the time, you will see that the offered rates change dramatically from one insurer to another, and you might wonder why. Well, this is because of the fact that every car repair insurance provider has their own qualifications and requirements. So, as long as you obtain a quote for car repair insurance, you will not be exposed to the risk of making the wrong decision in availing the insurance service of the wrong insurer.Now that you already know how to get a quote, you should discover the truth about car repair insurance estimates.The Truth About Auto Breakdown Insurance EstimatesAuto breakdown insurance estimates need to be obtained if you have been involved in an accident because you can use it to get your insurance money. However, in order to make this possible, you have to follow what is indicated in the car insurance policy.If the vehicular accident wasn’t your fault, you can submit car breakdown insurance estimates for damages to the company that handles your insurance or to the company that handles the insurance of the other party at fault. Now, if you choose the first option, you will be able to incur a deductible.
Everyone has heard the horror stories: An evil travel insurance company denies the claim of another decent individual. Here is a recent example: An 80 year old man went on a cruise and accumulated $107,000 in medical bills after he fell sick with pneumonia which led to complications. The insurance company denied his claim. (As you probably guessed, lawyers eventually got involved). Several stories like this have many people believing that insurance companies NEVER pay claims. So the question is: Is travel insurance just a big scam? The short answer is no, but there are definitely things you need to know to help avoid becoming another tragic story.First off, travel insurance is generally a good type of insurance to buy. “Good insurance” means paying a reasonable upfront premium to transfer a large financial risk from yourself to an insurance company. By contrast, extended warranty on your iPod can be considered “bad insurance” because the premiums are expensive and a broken iPod, although annoying, will probably not ruin you financially. Since medical costs are extremely expensive (i.e. the average hospital stay in Canada costs $7000 a day) travel insurance is a smart way to protect yourself from the potentially crippling costs of a medical emergency.Of course that all depends on the insurance company actually paying a claim when the time comes. Claim payout rates in the insurance industry are highly guarded, but there is some anecdotal information available. In a recent article by the Chicago Tribune, the US Travel Insurance Association indicated that approximately one in six policyholders file a claim, and fewer than 10 percent of those claims are denied.1 According to Canadian insurance broker Travel Insurance Office Inc, approximately 9% of travellers have a claim, and less than 7% of those claims are denied.2So it looks like there is at least some evidence of insurance companies paying out claims. But how can you make sure an insurance company will pay YOUR claim, without getting expensive lawyers involved?One way to protect yourself is to actually think like a lawyer when buying travel insurance. No, you don’t need a law degree from Harvard, but you do have to understand that an insurance policy is a legal contract. If there is a claim, the insurance company is going to go back that contract, which includes your insurance policy and any applications or questionnaires you completed.In the insurance world, claims are very black or white, yes or no, covered or not covered. With that in mind, here are some tips to help keep that dreaded “denied” stamp in the insurance company’s holster:Read the policy: Contrary to popular belief, not everyone who works for an insurance company is evil. When a claim is denied, some insurance insiders sincerely wonder: “Didn’t they read the policy?” Many claims are denied because the policy specifically excludes the item in a section appropriately called “Exclusions.” Other denials are due to claims that are simply not covered by the policy, or the amount claimed is less than the policy’s deductible. The lesson? Read and understand the policy before you buy.Answer the medical questions truthfully and fully: Unfortunately, many medical questionnaires are often long and confusing. To fill out the questionnaire fully and accurately, you may need to consult your doctor, pharmacist, or a relative who knows more about your medical history. Don’t leave your travel insurance to the last minute. The majority of claim denials are a result of people rushing through the questionnaire, or not inquiring about items they were unsure of. One insurance agent remembers asking his client, “Do you have high blood pressure?” The client’s answer, “No. The three medications I take keep it normal.” Remember, how you define terms is irrelevant, it’s the language in your insurance contract that counts.Pre-existing conditions: Many plans cover pre-existing conditions that are stable and controlled. However, you need to read how “stable and controlled” is defined in your policy contract. For example, a condition will not be considered “stable” if you changed your medication in any way recently. Speak to the insurance company directly if you have questions. Non-disclosure of medical information can void your coverage even if the non-disclosed conditions or symptoms have nothing to do with the conditions causing your claim. In the example above involving the man on the cruise, the insurance company denied the claim because he failed to disclose a previous heart condition in his application.Advise the insurer of any medical changes prior to leaving: If you’ve already purchased your travel coverage and your health changes in any way before the date the policy goes into effect, you must notify your insurer. A health change in the interim might invalidate your coverage.If you do get denied, fight it: There are no guarantees in life, and even the most carefully completed policy application can result in a claim denial. Regardless of the reason, don’t accept the denial without a fight. The insurance company owes you a clear explanation, and make sure to get it in writing. Specifically ask for the a detailed explanation of why the claim was denied, which parts of the contract were supposedly contravened, and how you can launch an appeal. If all else fails, a lawyer may have to get involved to argue your case.Travel insurance is definitely worth getting, and the evidence seems to show that insurance companies do pay out in time of need. However, applying for travel insurance does take some effort. Following these tips will at least lessen the chances of getting a dreaded claim denial.Sources: (1) “Travel insurance claims can hinge on the tiniest details” Christopher Elliott. chicagotribune dot com. May 22, 2012. (2) Winter/Spring 2012 Newsletter. travelinsuranceoffice dot com.
Buying the right type and the right amount of life insurance can be a confusing process, especially if you are just beginning to research the best life insurance policy for you and your family. There are many questions to consider and there isn’t a one-policy-fits-all answer. Although you will definitely want to discuss all of your options with a reputable insurance agent who will provide recommendations based on your specific needs, here are some life insurance FAQs to get you started:How much insurance do I need?
The amount of life insurance you need depends on your individual circumstances and may need to be modified several times during your life as your family grows and your assets increase. The general rule of thumb is that your insurance equals six to eight times your annual gross income. However, there are many important factors to take into account:
• The number of individuals who are financially dependent on you
• Income sources and amounts other than your salary earnings
• Whether you are married and, if so, your spouse’s annual gross income
• Whether you have any special insurance needs, such as mortgages, estate planning, college funding, etc.
• The amount of death benefits payable from an employer-sponsored insurance plan and social securityWhat is term insurance?
Term life insurance provides protection for a specific period of time, and it only pays a benefit if you pass away during the term. Term insurance is a popular option because it is generally inexpensive when you purchase it at an earlier age and benefits can be used to pay off outstanding debts.What is whole insurance?
As long as you pay the premiums, which will be higher than term insurance, whole life insurance remains in effect throughout your lifetime. Whole life insurance policies are especially beneficial if you want to use your insurance as collateral for loans or receive cash payments while you are still living.What is universal insurance?
Universal life insurance gives you permanent insurance protection, but it is more flexible than whole life insurance because it allows you to select the amount of protection that best fits you and your family. You can increase or decrease your universal coverage as your insurance needs change, and have more control over the amount and frequency of payments.Whom can I name as a beneficiary?
Your beneficiary is the person or persons for whom you will want to provide financial support when you pass away, and is typically a spouse, children, or other relatives. However, remember that you may need to update your insurance policy as circumstances change. For instance, if your spouse becomes unable to handle financial matters or you get divorced, you may need to review and modify the beneficiary designation on your policy.Can I name my estate as beneficiary?
The short answer is yes, but it may not be the best option for a variety of financial considerations. For example, many state laws dictate that life insurance benefits paid to an estate must go through a probate process before your beneficiaries can receive the proceeds of your policy. You will want to speak with your legal advisor to discuss the financial implications of naming your estate as your beneficiary.Do I have to take a medical exam?
Medical exam requirements vary depending on the life insurance company, but most will require some form of exam to obtain an objective evaluation of your health. As you might imagine, the results of a medical exam will influence the type and amount of insurance for which you are eligible. One of the most important health factors is whether or not you smoke cigarettes. Due to the increased mortality risk associated with smoking, smokers almost always pay higher premiums and, in some cases, may be denied life insurance coverage.These are likely just a few of the questions you have about life insurance. Get all of the answers you need to choose the best type and amount of insurance for you and your family when you meet with a trustworthy insurance agent. Learn more about insurance by visiting http://www.KellyWilliamsIns.com or calling 562.498.8661.