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Monthly Archives: February 2017

Analyze Personal Insurance Risks

Overwhelmingly, the answer to that question is NO! In personal lines, we are typically starting the analysis by determining if a risk is “preferred” or “standard/non-standard.” Here are the characteristics of a “preferred” risk:

– Positive physical attributes of property to be insured. Homes need to be well-maintained and depending upon the year built, updating of plumbing, roof (except some tile and slate), wiring and HVAC systems must be done in the past 30-35 years. Autos need to also be well-maintained and free of any damage. Pride of ownership is evident.

– Loss history is clear. A preferred risk has no losses in the past 5 years. A water loss or liability loss may indicate an exposure that may have a higher probability of having another loss. For property exposures, losses follow the insured. If you have an insured that owns multiple properties and the home is loss free but the rentals have losses; those losses will be taken into consideration on the home when determining the eligibility of the risk. This is especially true if the carrier will not be insuring the rental properties. You need to understand those losses even if you are currently not insuring those properties to have a discussion with the underwriter on the merits of the risk. On auto, multiple not at-fault accidents are generally precursors to an at-fault accident.

– Be aware of trends in the marketplace and how your risk may be affected. For example, in recent years in Southern California, water losses have been extremely prevalent among houses with a certain type of plumbing and with certain years built. Your prospect may have a higher probability of loss due to these external factors.

– Insured wants proper insurance to cover assets. A preferred client understands that losses filed will be catastrophic in nature and not maintenance issues. They also understand the value of high deductibles because the long- term cost savings due to reduced overall premiums paid is in their best interest.

– Understand lifestyle and hobbies. There is a difference between having a large home to insure and a complex lifestyle. Insureds with large schedules, frequently travel, loan artwork to museums, have in-servant exposures or own “toys” belong in a “High Value ” market as their lifestyle requires additional expertise at the time of a loss not to mention that they tend to have higher expectations of how a claim will be handled in general. Placing these risks in a “Middle Market” does a complete disservice to the client.

Ways To Get Insured

Another great advantage of using the internet is that you can get a quote in a matter of minutes. Instead of lengthy phone calls and long interviews, you can simply input your data into a short form and you’ll get an accurate quote back immediately. Most decent insurance companies offer this capability these days, and you’d be surprised how accurate the quotes can be. Of course, if you have some exceptional circumstances or there is important information that the form doesn’t cover, the quote won’t be as accurate as possible, but it will certainly give you a fairly good indication of what you could end up paying. With such a quick way of getting a quote, you can easily rule out any insurance companies which you can see are instantly far too expensive (or even far too cheap). You can do this easily, and without the insurance company hassling you like they might do if you were talking to them on the phone or in person. You can then simply move on to the next insurance company if you weren’t happy with the quote, or start the process if you were.

Once you’ve found and chosen the insurance company you want to work with, the internet once again comes to your rescue. Instead of filling out lengthy forms, and having to keep calling the insurance company, everything can be handled online. This has numerous advantages; every communication you have with the insurance company is tracked, so you know that if there are problems in the future, you have everything on record. Another advantage is the fact that everything will be kept organized, and you’ll be able to quickly email the person in charge of your case. Everything about your policy will be clearly presented to you on the page, and you won’t need to worry about any nasty surprises in the future.

Once your policy has started, you’ll have all the necessary contact details you might need, you’ll be able to print the terms of your policy, pay your bill, and inform the insurance company of any potential changes to your situation. This gives you complete peace of mind, and insures that you have a full understanding of your policy; it also gives you a much easier way of getting in touch with your insurance company, rather than waiting on the phone for hours.

Motor Trade Insurance Cost Down

The first thing to consider is the type of business you run. Do you work on vehicles or do you offer a restoration service? If you do either, do you work on high performance vehicles? The higher the performance of the vehicles you have on your property, the higher your premium will be.

It’s essential when taking out any motor trade insurance, that you check to see if there are any vehicles eliminated from the list of vehicles safe to drive. Driving a customer’s high performance vehicle when you don’t have adequate cover to do so, can cause serious financial problems should you be involved in an accident.

Where is your building located? This is another very important consideration. In many cases being located in a city or town can increase the premium. This also depends on area, areas are listed according to crime rate and other statistics, things you have no control over. Where you can make a difference is to put security measures in place, such as alarm systems, strong roller doors and even bars on the windows, reducing the risk of a break in and reducing your risk to the insurer.

If you have been in the industry for some time and are currently shopping around to find a better price, then take advantage of the no claims bonus you have been building up over the years. Many insurers will take a no claims bonus into consideration, this is their way of knowing you are not a major risk and these bonuses will often have a significant impact on your annual premium.

One of the most risky parts of owning a business within the industry is driving customer’s vehicles. As you know you need to have valid cover in place to drive a vehicle on the road. When it comes to private cover, you are only covered to drive a specific vehicle, but when you’re driving numerous vehicles on a daily basis, you will need road risks cover.

The good news with this cover is you can add all your staff, the bad news is that the staffs driving records and age will impact how much your premium will increase. Keep your drivers to a minimum, ensure they are over twenty five and have a clean driving license to keep your motor trade insurance cost down.

Another great way to keep your motor trade insurance cost down is to discuss voluntary excess with your broker. Many companies will allow you to choose this option; it lowers your annual premium, but increases your excess should you ever need to claim. This is advantageous if you need to have adequate cover in place, but haven’t claimed for some time.

Auto Insurance as Cost Effective

Car Insurance Policy

Before measuring the lengths and breadths of driving at different terrains and highways on your dream car, do you know that you have to fulfill pre-requisites, without which you cannot bring your car on the road? And the main two requirements are: (a) Buying policy of the car is mandatory; and (b) Also mandatory is third-party insurance. So the moment you have the desire to purchase a car, just first think of buying a full comprehensive car policy along with a third-party cover.

The full comprehensive cover for car will make you worriless from all accounts of harm to your car – theft, loss, burn, man-made and natural calamities, accidental damages and so on and so forth. Whereas physical injuries to self and third party will be sufficiently taken care of by the insurer, the third-party liability being wholly and solely of the insurer, even liability of death of the third-party will be compensated by the insurance company. Mind you, the compensation towards death of the third-party can go to as much as tens of lakhs of rupees, depending upon the third-party’s age, status, dependents etc. The only precaution on your part has to be that your insurance policy stands renewed in time.

Online Car Insurance Policy

You are advised to always go for online car insurance policy. It has lot many advantages. Salient benefits are as follows:

a) Free online quotes

b) Cashless facilities in the network garages

c) Renewals of policies can also be undertaken online

e) At the time of renewal of policy, if there was no claim during the last year, you will get No Claim Bonus (NCB) upto 50%.