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Category Archives: Insurance

Should You Downgrade Your Auto Insurance to Save Money

When you are face with a tied budget that seems to be getting tighter, it might be time to cut some additional expenses in order to reduce the squeeze. If you already cut out the luxuries such as coffee in the morning and eating out then it might be time to look at that full coverage that you have on your car. How do you know if it will be alright to downgrade your auto insurance? According to an article, the majority of the states require that you at least carry liability insurance. With a minimum of liability insurance, any damage done to others property and people will be covered. Each level of insurance has a deductible which is the part of the bill you are responsible before the insurance will kick in. The premium is the bill you are responsible for each month or quarterly in order to pay your insurance to maintain your coverage. If you currently carry full coverage and are looking to drop to collision only you should probably take a few items into consideration. Some of the factors you need to look into before dropping your full coverage include: Do you own the car or is it on a lease? Giving up full coverage means you are also not covered if hail breaks your windshield. What is the value of the car? How much are you currently paying for full coverage? Once you take into account all these factors you will be in a better position to determine whether or not you should downgrade your insurance.

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Insurance Broker for Business

It is always important to understand the rules of the insurance policy in order to get the best out of it. If you are insuring something simple, like a car, then you can buy a policy on your own. But if you are insuring important things like house, property, or business then you should take the help of insurance brokers. They will offer you proper guidance about liability and UM or UIM limits.

But before choosing a broker you should know a little about the brokers. There are several types of brokers or agents. One type is the “captive brokers”. The captive brokers offer insurance policies of only one type of company. The other kind is the “independent brokers” who offer insurances of more than one company.

The policies that you buy from these brokers include 7-15% commission of the broker. So, when you buy a policy from a broker you will land up paying a commission and a fee.

Insurance is a market where comparing all the available policies is important before shopping. It is always better if to take the advice of experienced professionals to avoid confusion and difficulty of choosing the right one.

Here are certain tips that we are providing that will help you to choose a good insurance broker for yourself:

Take Recommendations

Do not hesitate to take the advice of your friends or colleagues. It is always better to rely on the ones you know than to rely on yellow pages or advertisements. Most people have a tendency to refer persons with whom they had a good experience. Ask them questions about their experience with them, how much responsive was the broker and how much helpful was the agent while filing a claim.

Check The State Insurance Website

Every place has departments that dedicates to track the details of the insurance companies, brokers, and agents who carry out business in the state. From there check the license, details of the broker to make sure that he is not fraud.

Commercial Compared to Personal Things

Different brokers specialized in different markets. Therefore, you should choose the agent who will be able to solve your needs.

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.

Auto Insurance Deductible


There are several ways you can accomplish this goal. Each method takes some planning and discipline, but each can be achieved by anyone looking for a low deductible and a low premium.

First, you can choose to insure with a company which offers a “vanishing deductible” program. According to these programs, your deductible decreases by a set amount each year that you are accident-free and claim-free. Some of these programs allow you to lower all of your deductibles, and some only allow you to lower your collision or liability deductible. Different companies offer different amounts for the deduction and at different rates. You can compare programs to find one that works well for you.

Another option is to create a plan in which you gradually save the amount of your deductible while slowly raising your deductible each six months. Here is how this would work: suppose that your current deductible is $250, the lowest your company allows. Now suppose that you would save $100 per renewal period by raising your deductible to $500. If you do so and save the money you saved on your premiums, plus your initial $250, you would have $450 in one year, almost enough to pay your new deductible. You can continue to save money so that you can gradually raise your deductible to $750, then $1000. You may even choose to raise your deductible higher than this if your company permits you to do so. As you slowly raise your deductible, your premiums will decrease, allowing you to save up the money you will need to pay the new, higher deductible.

You can also find a company which offers “accident forgiveness.” With accident forgiveness, you can be “forgiven” for your first accident with no deductible if the accident does not exceed a certain dollar amount in total cost. This is very useful to save your deductible fund if you have a minor fender-bender. You can also save money and pay for damages yourself if the accident is very minor; in this way, by not making a claim, you keep your premiums lower and do not have unexpected increases in the price of your automobile insurance.

Other ways you can lower your deductible are to apply for a deductible reduction with your insurance company, which can be balanced by other discounts for which you may be eligible. If you are not currently taking advantage of all possible discounts, you may be cheating yourself out of savings which could pay for a lower deductible.

Be sure to consider all the separate deductibles which apply to your policy as a whole. If you have full coverage, which includes liability, comprehensive, and collision, you probably have separate deductibles for each policy. In addition, you probably have a deductible for such things as uninsured motorist coverage. Some states set the deductible for uninsured motorist coverage by law; you cannot raise that deductible even if you want to. However, most states allow you to pay with the deductibles on your collision and comprehensive policies, raising or lowering them as you see fit.

Captive Insurance

  1. Captive Insurance: there are several types of meaning been given to this term by its father names as Frederic M. Reiss, who started this service basically for captive mines but further when he outgrew his company he started providing this insurance policy to other industries as well but with similar term. His first client was the Youngstown Sheet in 1950s, this company dealt with mines that were solely used for corporations use only as Captive Mines.
  2. Origin or domicile: Captives have been given license by many jurisdictions these days including Bermuda which is world’s leading captive abode due many advantages related to it, The Bahamas, Dubai, Ireland etc. are further added in this list, though basically offshore financial centers are given priorities mainly.
  3. Business capacities: Captive Insurance was introduced to provide large corporations and industries benefits of insurance they required but in association with mainstream insurance markets, it could not reach its full growth. So it had to and was pushed to reduce its cost. Captive insurances had its limited market and areas covered by it.
  4. Rules and Regulations: It has its own set of regulations and restrictions that must be followed by Captive as well as reinsurance companies with prior responsibilities.
  5. Importance of Captive Insurance: For so many years big corporations and industries have enjoyed the advantages of Captive insurance companies in so many ways these were mainly being made up to avail the advantages in places where insurances benefits were not present or were indecently overpriced. Though captive insurance risk management advantages were quite basic but their tax related advantages were important mainly these days not only large businesses and corporation but also small scale industries have started to take benefits of captive insurances so as to get more and more profit and to learn all the risks related. Captive insurance provides so many benefits and advantages including tax saving opportunities also including estate tax savings for shareholders.

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%.

Info of Health and Medical Insurance

here are different types of health covers like private, family, business and group health insurance policies. The one that you buy depends on your requirements and one good way of analysing these requirements is to consult the brokers that operate throughout the country. Otherwise also buying health insurance can be somewhat confusing with the largest number of companies out there each trying to claim that it is the best. In this situation, a reliable insurance broker will be able to guide you as to which company and which policy will be the best suited for you. Another thing that you need to keep in mind while opting for an insurance policy is that it should be customized for you. This is possible when you consult an independent insurance broker as they are associated with a large number of insurance companies. They will definitely be able to find a tailor made policy that will suit your requirements perfectly.

Not only will you save a lot of time while dealing with the brokers, but also a significant amount of money, as well. If you try to look for an insurance company by yourself, it means endless hours spent on the internet looking at various websites. This will be prevented if you consult brokers. At the same time, these brokers will be able to get you the best policy at the most affordable rates. These brokers are adept at creating the best balance of coverage and costs while choosing an policy for you. Most insurance brokers in the country have a strong internet presence in the form of their own user friendly websites. These websites provide all the information about their services, skills and expertise.