Vehicle Insurance
Recorded Statement — Do I have to give one after a car accident?
December 1, 2010 | Author admin
The recorded statement is a guarantee step in the claim investigation process.
Insurance adjusters will be calling you to ask if they can take your statement about the accident. Many people believe that they have to give these statements so the insurance company provides coverage for the loss. Most insurance companies have Cooperation Clauses in them, but none of them can require you to give a recorded statement in the event of a car accident.
You have the constitutional right to remain silent and to not testify against your own person. Even in murder trials, the right to no self incrimination is respected. The concept carries over to car accidents. No one can bound coverage and require you to be in a recording giving testimony of facts.
Taking a recorded statement is entirely voluntary. Do not let the insurance company tell you otherwise. If they tell you that the cooperation clause in your policy says that you must cooperate, then you can tell them that you will cooperate by giving a verbal statement (same statement just not recorded).
The cooperation clause is just that, a clause that requires you to help the insurance company�s investigation. It does not say that you have to do it under a recorded statement. If they are too pushy, then ask them to put their requirements on writing and verify what they are telling you against your actual policy.
Benefits v. Harms of a Recorded Statement
The benefit is that your insurance company will be able to better document your file. If there is a dispute about fault, and your case goes to arbitration, the arbitrator will probably look at a file with a recorded statement as having better evidence than a file without one. I have seen arbitrators decide that one person�s version of events was �more convincing� because she/he was willing to put their words in a recording.
The harms of giving a �bad recorded statement �could be many, delay in the investigation for something that you said that could bar coverage, complete denial of coverage, fault being construed against you, interpretation of your words against you, etc.
If you think that giving a recorded statement is the right thing to do, then consider only giving it to your own insurance company. If the other party�s insurance carrier asks for a recorded statement, have them contact your insurance company and �share� a copy of the tape. This way you only give one statement, and the people questioning you is your own insurance company (the one protecting your interests).
Here are the best 10 tips of what you should do before you give a recorded statement:
1. Make sure you have time to talk. Secure at least one hour of your time.
2. Make sure is time that work s for you and the adjuster�s. Do not do it before the adjuster�s lunch time. They will rush you to get out of the tape without giving you a chance to fully explain your point of view.
3. Have all the information available in front of you. For example, Names, streets, insurance polices, and the police report if possible.
4. Read your police before hand. This way you will know why the adjuster is asking what they are asking, and see if they are trying to find information to deny your claim.
5. Tell the adjuster that you are willing to give the statement only if they give you a transcription of what you said. Make sure you say this on the tape.
6. Remember that you can decline to answer any question for any reason at anytime. Just say it. I decline to answer for personal reasons.
7. Tell the adjuster that you will also record the conversation. This usually puts them in their best behavior.
8. Answer only what they asked you. If the question is what color is the light? then answer should be a color and nothing more.
9. If the question is subjective, decline to answer, tell them that you do not know, or simply just ask the adjuster what they are looking for specifically.
10. Be polite and respectful. If they are rude or anxious, the adjuster�s supervisor will probably side you. But if you are rude, your complaint will be dismissed.
via Recorded Statement — Do I have to give one after a car accident?.
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Understanding the various types of property-related insurance and owner builder insurance
November 29, 2010 | Author admin
Understanding the various types of property-related insurance and owner builder insurance
Article Submitted by: Abhishek Mishra
Friday, 03 April 2009
Everybody knows Insurance. In this contract the insurer promises the insured to give compensation for the loss of the insured entity or death of the insured person. Premium is the amount which is paid by the insured to the insurance company on behalf of buying the insurance. Insurance is in fact similar to risk management.
There are certain rules and principles which are strictly followed by the insurance companies before insuring anything or anyone. Companies check the reliability of the information provided by the insurer, their earning capacity and the worth of the entity etc. Even when claims for insurance payment are made by the insurer, the companies check about the truth themselves regarding the extent of damage or loss, the insured entity or person and then only they give the insurance money. There are myriad types of insurance available in the insurance companies- Like,
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Public liability insurance if any kind of damage happens to the insured property due to any person from the public insurance amount is given.
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Vacant land insurance is taken by people who have lands or any construction in the land which is not in use since a long time. In case of any damage due to fire, earthquake, flood etc. to the property insurance, amount will be paid by the company for the loss.
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Office insurance is taken by almost every office and their employees. In case of injury of the employees, their hospitalization bills are paid by the insurance company under which they are insured. And if any kind of damage happens to the office its cost is also paid by the insurance company.
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Home warranty insurance is a good scheme where maintenance money required for the home is given by the insurance companies
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Construction work insurance is taken by the builders for their buildings which are under construction and for the workers who are involved in the building construction.
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Contract works insurance is very popular among people whose nature of work involves them in contract working.
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Business insurance quotes are demanded by the companies, so that they can insure their business to the company which offers most competitive price.
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Property Insurance Australia has a huge insurance market in Australia.
Other than these insurances life insurance, Motor insurance, Property insurance, Workers compensation insurance and insurance for display home are the most popular types of insurance.
It’s good and important to have insurance because our life is uncertain and insurance provides us and our family a kind of monetary security in case something unexpected and bad happens to us, so that we can face the challenges of life and move ahead.
Insurance :: Car Insurances for Teenagers | ArticleBiz.com
November 29, 2010 | Author admin
Now days many people feel the need of insurance and especially car insurance for their young children. Generally, teenagers falls in the category of highest accident risk and the reason beyond this is their reckless driving. That’s why it is advised that cars owned by the young people must be insured. Also these are the people who care a lot for their vehicle and usually buy the insurance policies to protect themselves and their cars.
Most of the people are there who are not able to make right decisions that which could be the best available policy for them. The best way to analyze that which is the best policy for them is to first list the needs of car insurance. After knowing the needs one can judge better that which of the available the best is for him or her.
In most of the places there are only three categories in which all of the insurance policies are categorized. All of these insurances are preferable as all of them are suitable in different situations. All of these insurance categories are listed below: Third party only cover: This category has the simplest form of insurances and are meant for those people who want to be on a safer side and also don’t want to pay high premiums. In these types of policies one gets the cover in which he gets the facility that if unfortunately he met with an accident then he needs not to panic as the damage of the other car and the injury of the people in that car will be covered by the insurance company only.
The only harm in this policy is that the policyholder can not claim for the damage of an insured car and this is the reason this policy is not recommended to those who have expensive cars.
Third party fire and theft: This is the other category in which there are policies which are advised to the people who have middle segment cars as through the insurances in this category they can avail all the benefits of the third party only cover and along with that they can avail some additional benefits which are fruitful to the policy holder directly. The additional benefit in this policy is that if the car gets damaged due to the fire or get stolen then the owner will get the claim for sure. In other words the owner will get the claim only if he (or any other driver) is not responsible for the damage of the car.
via Insurance :: Car Insurances for Teenagers | ArticleBiz.com.
Insurance: 21 Auto Insurance Claims FAQs | ArticleBiz.com
November 29, 2010 | Author admin
Following are 21 auto insurance claims FAQ’s:
1. What is an auto insurance claim? Claim by made a policyholder to his auto insurance company in case of an accident or any other damage to his car.
2. When I can make an auto insurance claim? You can make an auto insurance claim within a specific period of time after you car has been wrecked in an accident or by other genuine means.
3. When will I have to pay for deductibles? You will have to pay for the deductibles if your accident is under the comprehensive or collision coverage.
4. Will the company cover cracks in the windshield? In case the cracks have resulted from colliding with any other object, vandalism, theft, storm, etc: yes.
5. How long will it take to get a respond from the auto insurance of a claim made? That depends on the efficiency of the company and sufficiency of your documentation.
6. What is a third party claim? If the at fault party has liability insurance; your filing a claim with their insurance company is the third party claim.
7. Can I make a claim if drunk? You will not be covered and also be fined for driving under influence.
8. What If I am involved in a fraud scam claim? Report immediately to the police and your auto insurance company.
9. Can I make a claim if a friend was behind my wheels during an accident? The claim settler from the company will decide who will be held responsible.
10. What if someone makes a false claim? Report immediately to the police and the auto insurance company.
11. What do I need in order to make a claim? You need to organize specific documentation to prove the genuineness of your case.
12. How do I realize which coverage supports my claim? You can either receive help from your auto insurance company’s representative or go through your policy in detail to see which coverages protect your claim.
13. Will making claims affect premiums? Claim making will increase premiums.
14. Will making claims cancel my policy? Cancellation of policy usually happens to only high risks drivers and frauds.
15. When is one given SR-22 forms? When a high risk driver consistently violates rules, then he is given them.
16. Does auto insurance pay wholly for claims? In case of comprehensive and collision coverages, deductibles apply.
17. What should I include in my claim statement? Include all the documentation that shows that your case is genuine along with the police report.
18. How can I make my claim stronger? By taking testimonials from those present in the scene and adding snapshots of the accident.
19. What happens if I am caught during a false claim? Your policy will be cancelled and driving rights seized.
20. If my policy is cancelled due to high risk driving, can I make claims through any other auto insurance company? Yes; through acceptance auto insurance.
21. When should I not apply for a claim? If the damage caused to your vehicle is lesser than the deductible. These 21 auto insurance claims questions will help you towards understanding the claim making process.
via Insurance :: 21 Auto Insurance Claims FAQs | ArticleBiz.com.
Insurance: What Everybody Ought to Know About Their Auto Insurance Policy | ArticleBiz.com
November 29, 2010 | Author admin
Do you know exactly what your auto insurance covers? Have you read all the fine print to investigate what circumstances might expose you to liability or personal expense? Having the proper amount of automobile insurance, besides being a legal requirement for all drivers, is a safety net that is absolutely critical for anyone who drives a car. Here we will take a look at the various features of auto insurance, including some items to look for in the small print.
Auto Insurance: Liability
Liability insurance is the part of your policy that is required by law. This type of insurance ensures that you can adequately pay for the damage to another vehicle and for any injuries sustained by the driver and/or passengers during an accident. While liability requirements vary from state to state, most experts recommend a policy which covers $50,000 for the first injury, $100,000 for additional injuries and $25,000 in property damage.
Nobody expects for an accident to happen, but having the proper amount of liability insurance can help you sleep a little easier at night knowing you are covered should the unfortunate occur.
Auto Insurance: Comprehensive/Collision
Often referred to as “comp and collision” this type of insurance is a safeguard should something happen to your own vehicle, either during an accident or some other damaging event. Policy limits differ depending on your insurance carrier and the type of policy you hold, so make sure you read all the fine print to see what’s included and what’s not.
Auto Insurance: Uninsured/Underinsured Motorist
While comp and collision will cover damages to your vehicle in the event of an accident, theft or even a hurricane, you may want to drop this coverage if the payments are worth more than your old clunker of a car. In this case, you will want to add uninsured/underinsured motorist to your policy to cover the damages to your vehicle in the event you are involved in an accident with a dead-beat driver without liability insurance.
Auto Insurance: Deductible
The deductible in your auto insurance policy is a fancy word that can best be defined as the amount you will have to pay before the insurance kicks in. Naturally, if you are willing to pay a higher deductible, say, $1,000 or $2,000; your insurance premiums will be lower. Again, take into consideration the net worth of your car before deciding on a deductible figure. It could save you hundreds, even thousands of dollars a year on premiums.
Auto Insurance: The Little Things to Look For
Take a good look at the list below and decide if these little insurance bonuses are items that are covered in your policy:
* Towing. If you’ve ever had to pay a towing charge, you know how expensive it can be, but not all insurance policies will pay the bill. Will yours?
* Rental Car Reimbursement. If your car is stolen or damaged you will no doubt need a rental car to get around. This is a little extra not automatically covered by many insurance policies and carriers.
* Personal Injury Protection. This type of protection can help pay for things like lost income, child care, etc. in the event of an injury.
* Sound System Coverage. For many people, their sound system is worth more than their car. This coverage will help reimburse you for a new system in the event of theft or damage.
This list of “extras and bonuses” is just a sample of the many hidden expenses you may incur if you fail to obtain the right policy for you. Before you commit to an insurance carrier and agree to the requisite premiums, take the time to ask questions and read your policy in full. Taking a little time now to ensure you are adequately covered can save you a whole lot of money and misery down the road.
via Insurance :: What Everybody Ought to Know About Their Auto Insurance Policy | ArticleBiz.com.
Insurance : The Advantages and Disadvantages of Monthly Auto Insurance Payment | ArticleBiz.com
November 29, 2010 | Author admin
The saying that you should look before you leap is a fact that is also applicable in securing auto insurance policy for your car. It is necessary that you painstaking consider how much you want to commit to it before you purchase the policy. In addition to this is to really consider the benefits that you want to get from the policy and the coverage that your car require. If you fail to do this initial plan you may have difficult time paying the periodical premium.
In a situation whereby you have financial constraint, monthly payment may be your best choice. This could be paid with your credit card or your bank account.
In case you are a lower income earner. The wise thing to do is to calculate all your monthly bills that you cannot but pay. These are bills like electricity bills, water bills and others. Just include your auto insurance payment. In this way you can conveniently settle your policy payment with little or no stress.
As a statement of fact when you want to pay the total cost of the coverage at once you monthly income may not be able o handle. This is because auto insurance policy is sometimes expensive. So the major reason for preferring monthly payment is to meet up with monthly budget. So the decision is yours depending on the size of your monthly income.
On the other hand the monthly payment cumulatively is more expensive that you pay the lump sum. The scenario is just like when you pay for an item on retail basis or you purchase it on wholesale basis. The wholesale price is always cheaper. But when you consider your income level it is possible that the monthly payment will support your cash flow
It is in your best interest having known that you may prefer monthly payment to ask for how much is their monthly rates. This will help you to really know how much you are adding to your monthly budget. It is a very good idea to ensure that you don’t conclude on the first insurance firm as a place to pick your car insurance policy. You can go ahead to compare them.
It is not enough for you to have a car insurance. There area things that are necessary for you to be aware of and one of them is knowing the coverage you can get with the benefits you can obtain from it. Always be aware that as a car owner the requirement of the law is to have coverage that will cover you, your and passengers if any in case of any misshapen or accident.
The number of auto insurance companies is unlimited and their rate varies depending on the coverage you would want to have and the benefits you enjoy. Internet had also made issue of comparing insurance quotes very easy. So it is left for you to take pain to do through work to ensure that you get minimum rate for better coverage and benef
via Insurance :: The Advantages and Disadvantages of Monthly Auto Insurance Payment | ArticleBiz.com.
How Your Car Quote Is Calculated
November 29, 2010 | Author admin
There are quite a number of considerations taken to affect premium pricing on new car insurance. Insurance companies vet an individual’s cars to ascertain risk factors which in this case influence the cost of car insurance. Some of the factors taken into when purchasing a new car insurance premium are;
Car insurance group
All cars have a group cluster rating issued by the insuring body; these ratings are normally based on the risk component of the vehicle. Some of the factors used to determine a car’s group ratings are:
The value of the car
Spare parts costs
Availability of spare parts
Engine performance and specifications
Standard security features fitted the car manufacturer
Past insurance history of the model of the car
Cars with low category cluster as per the mentioned points attract less insurance premium.
Driver’s license information
Drivers with clean driving records are seen as less likely to be involved in car accidents. Supporting driving certificates from recognized driving institutions can also help in lowering insurance costs.
Insurance claim history
An applicant with a record of recurring insurance claims is seen as potential high risk to the insurance. Insurance companies quote a higher premium for such new car insurance applicants.
Medical Condition and history
Insurance do not charge extra for individuals with certain medical conditions, however an individual with a restricted license may have the insurance company review the policy hence an adjustment to the car insurance costs. It is very important to reveal any medical condition that may be of concern to your driving abilities.
Car security
Most insurance companies will insist on additional car securities such as car alarms and engine immobilizers. Some insurance companies insist expensive to have cars to have satellite tracking systems. It is very important to have such installation done by professional car security personnel and a certificate issued to that effect.
The applicant occupation
Individual on certain occupation tend be of higher risks than others. For instance, golfers and sportsmen can carry around gadgets which may put the car at potential risk, whereas a college lecturer may not have anything of worth to carry around.
Your address and car parking details
Insurance companies gathers information about the applicant address, this base the risk component influenced by the applicant surrounding. It is very important communicate with your car insurance company whenever you move to a new address. Stating where you park the car at night will also affect the kind of premium charged
