Personal injuries can range from minor, such as cuts and bruises, to major, such as broken bones, traumatic brain injuries (TBIs), and even amputations. They can incorporate psychological, emotional, and financial components, too.

It’s important to understand the various types of personal injuries, when to file a claim for a personal injury, and how to navigate personal injury claims.

If you need further legal advice after reading this article, contact Lamber Goodnow. You can visit their website to learn more about their services, the types of personal injuries they cover, and how to contact them.

What is a Personal Injury?

A personal injury is exactly as it sounds. It refers to an injury or injury that a person sustains. Unlike when you injure yourself at home because of clumsiness or accidental errors, a personal injury is caused by another person’s negligence, error, or laziness.

Personal injuries incorporate physical injuries, psychological trauma, and any financial losses associated with the injury.

What Causes Personal Injuries?

Although many injuries are accidental, there are a series of situations where another person or group of people are responsible for the injuries. Here are the most common situations that result in personal injuries:

• Slips and falls
• Car, truck, or bike accidents
• Medical malpractice
• Performing repetitive movements, such as typing or sewing
• Working with heavy equipment or moving machinery
• Working with faulty machinery

What Are the Different Types of Personal Injuries?

There is a variety of different types of personal injuries, ranging from minor to major, including:

• Cuts and lacerations
• Burns
• Whiplash
• Traumatic brain injuries (TBIs)
• Spinal cord injuries
• Muscle strains and soft tissue injuries
• Fractures and broken bones

Alongside physical injuries, a person may experience emotional distress following an incident where they sustained a personal injury. Many people develop anxiety, depression, and post-traumatic stress disorder (PTSD) following a personal injury incident, which affects them for the rest of their lives.

Personal injuries also encompass financiers, including lost wages, the costs of medical bills, property damage, and financial strain following the accident.

What Are the Most Common Causes of Personal Injuries?

We’ve briefly covered the most common scenarios that lead to personal injuries, but now, let’stake a look at the causes of personal injuries in more detail.

Slip-and-fall accidents

Accidents caused by slippery or wet floors, uneven surfaces, or inadequate signage can lead to slip-and-fall accidents. Often, this type of personal injury occurs in the workplace, public spaces, or on private properties, and causes cuts, bruises, and broken bones.

Medical malpractice

Healthcare professionals can make mistakes, many of which don’t lead to any serious consequences. However, mistakes that involve medical misdiagnoses, administration of incorrect treatments, or serious injuries that lead to permanent disabilities. Medical malpractice cases can also involve birth defects or birth injuries.

In the case of an injury caused by medical malpractice, the healthcare professional(s) responsible for the incident are liable for the injuries. Those responsible may be required to take additional training courses, contribute to the compensation payments of the injury claim, or even find alternative work.

Repetitive strain injuries

Performing constant repetitive movements can lead to muscle strains and inflamed tendons, leading to pain and discomfort. Employees in jobs that involve typing, sewing, writing, and packaging or labelling boxes are most prone to repetitive strain injuries.

Usually, the resolution to these injuries involves resting and taking a break from the repetitive movements. Employers can provide ergonomic equipment, such as special keyboards and mice, to reduce their employees’ risk of repetitive strain injuries.

Road traffic accidents

Driving a car, truck, lorry, or motorbike on the road carries a risk of accidents and injuries.

Road traffic accidents can lead to a range of personal injuries of all severities, including cuts, scrapes, lacerations, whiplash, traumatic brain injuries, broken bones, and even car-related deaths. The severity of the personal injuries caused by a road traffic accident depends on the impact of the collision, the safety measures in place, and the conditions of the road.

Product liability

Defective products can lead to serious injuries. Workers may sustain head injuries from broken parts of moving machinery, and consumers can get harmed by using faulty items.

Product liability generally lies in the hands of the manufacturers of the faulty products, not necessarily the seller or the consumer. Most manufacturers will have insurance coverage that protects them financially in the case of personal injury claims.

The Legal Implications of Personal Injuries

Personal injuries often lead to legal claims against those thought to be responsible for the incidents that caused them. An individual who suffers a personal injury due to another person’s negligence may wish to claim compensation for their physical injuries, emotional trauma, medical expenses, and lost wages.

If you’re in the above situation and are in the process of filing a compensation claim against another person for your injuries, you will need to hire a personal injury lawyer and work with them to create a strong case. Your case should prove the negligence and liability of the person who caused the injury to ensure they are held responsible for their actions.

To prove the other person’s negligence, you will need to collect documentation and evidence to convey what happened before, during, and after the accident, the injuries you sustained, and how to the other person is responsible for causing these injuries.

Proving negligence and liability isn’t always easy, but this is something that an expert lawyer can help you with. They will help you collect evidence, including written documents, medical records, police reports, and CCTV footage of the accident if it’s available.

If you and the other parties involved can’t come to a resolution, you may decide to take your claim even further. Your lawyer will represent you in court and showcase the details of your case to maximize your chance of winning the compensation you deserve for your injuries.

The post Everything You Need to Know About Personal Injuries appeared first on Derek Time.

Understanding Lapsed Policies

A lapsed policy is a life insurance policy that has not received its due premium payments within the grace period specified by the insurance company. The grace period usually ranges from 15 days to 30 days, depending on the insurer. After the grace period, the policy is considered lapsed, and the policyholder loses all rights and benefits under the policy.

Reasons for Lapsed Policies

Lapsed policies can occur due to a variety of reasons, such as financial difficulties, forgetfulness, or ignorance of policy terms and conditions. Many policyholders may miss paying their premiums on time due to financial emergencies or other unforeseen circumstances, leading to their policy lapsing.

Consequences of a Lapsed Policy

When a life insurance policy lapses, the policyholder loses all rights and benefits under the policy. The policyholder’s family members will not be eligible to receive any death benefit in case of the policyholder’s untimely demise. Additionally, the policyholder may also lose the cash value and accumulated benefits that they had accrued under the policy.

Steps to Revive a Lapsed Life Insurance Policy

If your life insurance policy has lapsed, you can still revive it by taking the following steps:

1. Contact the Insurance Company

The first step in reviving a lapsed life insurance policy is to contact the insurance company and inform them about the policy’s lapse. The insurer will provide you with the details of outstanding premiums and interest that need to be paid to revive the policy.

2. Pay Outstanding Premiums and Interest

To revive your lapsed policy, you need to pay all the outstanding premiums and interest charges levied by the insurance company. You can make the payment through various modes such as online payment, cheque, or cash payment.

3. Submit Required Documents

After paying the outstanding premiums, you need to submit the necessary documents such as a revival application form, medical certificate, and other relevant documents as required by the insurance company.

4. Medical Checkup

In some cases, the insurance company may require a medical checkup of the policyholder before reviving a lapsed policy. This is to ensure that the policyholder is still insurable and does not have any pre-existing medical conditions that may impact their eligibility for the policy.

5. Policy Reactivation

After completing all the above steps, the insurance company will reactivate the policy and restore all the benefits and rights that the policyholder was entitled to before the policy’s lapse.

Things to Keep in Mind While Reviving a Lapsed Policy

While reviving a lapsed life insurance policy, you need to keep the following things in mind:

1. Time Limit to Revive a Lapsed Policy

The time limit to revive a lapsed policy varies from insurer to insurer. Generally, policyholders have a grace period of 2-3 years to revive their lapsed policy. If the policy is not revived within the specified time limit, it becomes permanently lapsed.

2. Insurability

The insurance company will conduct a medical checkup of the policyholder before reviving a lapsed policy. If the policyholder is found to have any pre-existing medical conditions or health issues, the insurance company may charge a higher premium or reject the revival request altogether.

3. Reinstatement Clause

Most insurance policies have a reinstatement clause that allows policyholders to revive their lapsed policy within a specified time limit. The policyholder needs to fulfill the conditions mentioned in the reinstatement clause to revive their policy. It is important to check the reinstatement clause before purchasing a life insurance policy to avoid any confusion or inconvenience later.

4. Higher Premiums

Reviving a lapsed policy may attract higher premiums, especially if the policyholder has any pre-existing medical conditions or health issues. The insurance company may also charge an interest on the outstanding premiums that need to be paid to revive the policy.

5. Limited Benefits

Reviving a lapsed policy may come with limited benefits compared to a new policy. The policyholder may lose some of the benefits or riders that they had chosen while purchasing the policy initially.

Conclusion

Reviving a lapsed life insurance policy is crucial to ensure that your loved ones receive financial protection in case of your untimely demise. It is important to check your premium amount by using life insurance calculator, pay your premiums on time and understand the policy terms and conditions to avoid a policy lapse. If your policy has lapsed, you can still revive it by following the steps mentioned above.

FAQs

Can I revive my lapsed policy after the grace period?

Yes, you can revive your lapsed policy within the specified time limit mentioned in the reinstatement clause of your policy.

Will I have to undergo a medical checkup to revive my lapsed policy?

In some cases, the insurance company may require a medical checkup before reviving a lapsed policy.

Will reviving a lapsed policy attract higher premiums?

Reviving a lapsed policy may attract higher premiums, especially if you have any pre-existing medical conditions or health issues.

Will I get tax benefits after reviving my lapsed policy?

If the policyholder revives their lapsed policy within the stipulated time limit, they can continue to avail of the life insurance tax benefits associated with their policy. However, if the policy has lapsed for an extended period, the policyholder may not be eligible for tax benefits until the policy completes a certain number of years after revival. It is always advisable to consult a tax expert or a financial advisor to understand the tax implications of reviving a lapsed policy.

Will I lose any benefits or riders if I revive a lapsed policy?

Reviving a lapsed policy may come with limited benefits compared to a new policy. You may lose some of the benefits or riders that you had chosen while purchasing the policy initially.

What should I do to avoid a policy lapse?

To avoid a policy lapse, you should pay your premiums on time and understand the policy terms and conditions. You should also keep track of the grace period and the reinstatement clause of your policy.

The post How to Revive a Lapsed Life Insurance Policy? appeared first on Derek Time.

Insurance fraud is a rather complex issue, and understanding how and why it happens can help prevent it more easily. Insurance fraud is the perceived notion that an individual intends to deceive an insurance company for financial gain. In reality, it is not always as obvious as it sounds. Insurance fraud comes in many forms and is also prevalent in many industries. Here are ways to protect themselves from insurance fraud.

1. Hire a Professional

If they have to file a claim because of fraud, do not file it alone. Hiring a fraud attorney or claim representative will ensure that their case is taken care of properly and that the compensation they are owed is complete. The reason why having someone else file their claim is so important is so that they may avoid ending up in court themselves. Many laws protect the insurance company to protect company and the insured. Hiring a fraud attorney can help keep them out of court because they know the details and laws surrounding insurance fraud.

2. Read Their Policy

Insurance policies can be difficult to understand, just like everything else. They are packed with cryptic legal jargon that may be difficult to decipher. What is the difference between full value and actual cash value? Which one is more beneficial for them? Reading over their policies before a claim can help determine what could happen if they have an issue. It will also ensure that they claim compensation fairly, as it should be.

3. Shop And Compare

Before they buy insurance from anyone, they should shop around. They could be purchasing an insurance package for much more than they need. The best place to compare policies is through a direct quote. Direct quotes are free and can help them determine the most affordable and comprehensive policies. For example, some companies offer full replacement coverage, whereas others offer actual cash value coverage. They can find out exactly what they will get and how much it will cost in a matter of minutes by requesting direct quotes.

4. Be Wise In Their Decision

Each insurance company is different, and each policy has different terms and conditions. Insurance agents are usually the ones to ask about the specifics of their policies. They are in the best position to explain exactly what the policy does and does not cover. They need to be knowledgeable about their policies and know their way around these policies well enough to explain them to others.

5. Vetting Their Claim

Claims adjusters are an important part of the insurance industry. They should also be educated about their policies and claims. Many claim adjusters do not know what their company’s policies are, and they may miss something or be unable to answer questions about their policies. Claim adjusters may know otherwise, but that does not make them insurance professionals. They cannot be trusted to give an honest assessment of their own company’s policies. When getting a claim approved by an insurance company, they must always ask questions before signing off on anything.

6. Obtain Proof of Purchase

Establishing proof that they did buy their insurance policy is crucial to making a claim. If they did not purchase their policies, they would not likely be compensated for any losses incurred. Regarding fraud, the word “buy” could be interpreted in several ways. For example, someone could take out a policy in their name without paying for it, creating fraudulent records and payment statements. By obtaining written proof of their purchase, they can prevent this problem.

7. Do Not Be Afraid to Dispute

Disputes are a big part of insurance claims. Every insurance company has procedures for handling disputes that occur. If they have been the victim of fraud, or any other type of false claim, they should be able to dispute the claim and have their losses corrected. There are several ways to do this, depending on where they are in the process. First, they can file a penalty notice explaining what is happening with their case and how to address it if they want their claim approved by the insurance company.

Conclusion

The benefits of utilizing the use of insurance fraud are numerous. The major benefit is that it protects the insured. Most people who suffer from insurance fraud end up suffering consequences later in life because they do not know how to protect their interests.

The post How to Protect Yourself from Insurance Fraud appeared first on Derek Time.

Medicare

As an American citizen, you’re probably aware of the differences between Medicare and Medi-Cal. Both programs provide health care coverage to Americans, low-income Californians, and people with disabilities. However, Medicare and Medi-Cal are not mutually exclusive. In California, 1.6 million people qualify for both programs. To be eligible for both, you must meet specific criteria. For example, to qualify for Medicare, you must be at least 65 years of age and have a low income.

Depending on your county, Medi-Cal California Medicaid plans may pay for all or part of the services you need. However, Medi-Cal does have rules about what it will cover. For example, it only pays for accepted drugs and may require prior authorization for some services. For these reasons, it’s essential to research your Medi-Cal plan before determining what services it covers. Fortunately, many Medi-Cal plans are flexible and easy to understand. T

Social Security

To obtain Medicare coverage, you must first apply for it. The process is relatively simple. You need to provide your Social Security number, proof of citizenship, and your current address, and wait at least three months before you start to receive benefits. In some states, individuals may be eligible for benefits as early as three months after they turn 65. If you meet all of these requirements, you can sign up online for Medicare.

In addition to Medicare, SSI recipients may also qualify for a program called SNAP, which helps people buy food. SNAP is also offered in several states and can be applied at a local social security office. In addition to Medicare, these programs provide money for other medical expenses, such as prescription medication and dental care. However, Medicaid is not a substitute for traditional Medicare or private health insurance.

California Working Disabled program

How these two insurance programs work is a big difference between Medicare and Medi-Cal. In California, the state’s 250% Working Disabled Program offers a zero-share-of-cost health plan to people who work at least one hour a month with pay. To qualify, you must meet specific eligibility requirements and pay a monthly premium to the Department of Health and Human Services. Once enrolled, Medi-Cal pays for all covered medical services.

Medicare and Medi-Cal are federal health insurance programs covering medical costs for low-income beneficiaries. They provide coverage for inpatient and outpatient care, doctor visits, preventive care, and medical testing. But you must meet specific income requirements to qualify for Medicare, which is also available in other states. Meanwhile, a joint state-federal health insurance program is designed to meet California’s low-income residents’ needs. It covers prescription drugs but generally excludes long-term care and extended stays in skilled nursing facilities.

Income limits

The limits on income for Medicare, Medicaid, and Medi-Cal are based on countable assets. For example, a person with an income of $130,000 and a couple with an income of $195,000 may qualify for Medi-Cal. This is not the case with SSI, where the asset limit is $2,000 for individuals and $3,000 for couples. There are several ways to determine if you qualify for Medi-Cal benefits.

If you’re disabled, your income will not count against your Medi-Cal eligibility. For example, if you’re single and disabled and earning under $47,000 per year, you might be eligible for a lower income limit. However, if you’re married and have children, your income will count against you. Depending on your situation, the income limit for Medicaid and Medicare differs. For example, single disabled individuals may qualify for a lower income limit than married couples. If you’re unsure if you qualify for Medi-Cal, you can ask your benefits planner for help.

Share of cost

California’s Share of Cost system requires Medi-Cal recipients to pay a portion of their monthly medical costs. Medi-Cal covers the rest. A person’s share of cost equals their maintenance need standard, less their net monthly income. People who make more than the median income have a higher cost percentage.

The Share of Costs between Medicare, Medicaid, and Medi-Cal programs varies from state to state, but Medi-Cal generally pays for medically necessary services. Medi-Cal covers prescription drugs, most dental services, and home health care. However, Medicare pays the monthly Part B premium and deductibles, and Medi-Cal covers only the remaining amount. The benefits you receive from Medi-Cal depend on your county.

The post The Differences Between Health Insurance Programs appeared first on Derek Time.

How Much Coverage Do I Need?

First, you need to think about how much coverage you actually need. If there is a serious repair required on your vehicle, do you have the money to pay for it? If you are involved in a motor vehicle accident, how much money would it cost to replace it? These should be a few of the key factors you need to consider. Remember that you need to find an insurance policy that will pay to replace the vehicle of the other driver as well. That way, you know you have the right level of coverage.

How Long Does the Policy Last?

Next, you need to figure out how long the insurance policy is going to last. Typically, an insurance policy is good for six months, but you may be able to save money if you pay for all six months upfront. Of course, if this would put you in a financial bind, you might be able to go month-to-month. Keep in mind that you need to make sure your insurance policy doesn’t lapse if you miss a payment. You might even be asking, can you buy car insurance for a day? Even though there might be some insurance companies that are willing to do this for you, this is highly unusual. If you own a vehicle, you need to make sure you have car insurance that will protect you for the long haul.

What Is the Insurance Market Like?

Finally, you need to take a look at the insurance market. You must make sure you understand how much money you need to pay for certain types of coverage. That way, you understand if you are getting a good deal or not. If a car insurance company offers you an unusually low rate, make sure you look at the details of the policy. You need to make sure you have the right type of coverage. There might be a crucial element missing from your insurance company, and you do not want to be stuck holding the bag. Therefore, always get quotes from multiple companies before you decide what type of car insurance is best for your vehicle.

Find the Right Car Insurance Policy

In the end, these are just a few of the most important questions you need to ask if you are looking for car insurance for your vehicle. There is a lot you need to think about regarding vehicle ownership, and it is important not to overlook auto insurance. Even though you are probably focused on what car you want to buy next, you need to make sure your vehicle is properly protected. If you were involved in an accident, would you have the money to replace your vehicle? If this would be a challenge, make sure you find a car insurance policy that protects not only the other driver but also your car.

The post The Top Questions To Ask Before Buying Car Insurance appeared first on Derek Time.

Damage insured vehicle

If the vehicle gets damaged in some severe accident like self-ignition or fire, it is the car protected. Besides, if the car further suffers any kind of loss because of theft, burglary, or riots, then such type of company offers efficient insurance policy coverage. There are also other advantages of such insurance which can cover the damage or loss while the car is in transit through inland waterways, rail, road, or even air.

Personal accident coverage

Another reason why car insurance should be purchased is to get protection against personal accidents. It offers coverage for a certain predetermined price. The coverage of personal accidents offers protection against the death that might have happened because of the accident and even the permanent complete disability. Besides, such coverage can even be taken for other passengers on some unnamed basis for a certain amount that was also ready determined under the policy of car insurance.

A huge network of garages

There are some car insurance agencies that maintain quite a good network of garages across the country. At least the owner can be rest assured to avail the repairing done through cashless basis in the different location especially when the need occurs. With this, it is quite convenient to avail of the repair services in case of any kind of damage that may happen to the vehicle.

Third-party liabilities

If there is any car involved in the accident that must have caused any damage or the property loss of the third party then car insurance would cover it all. Besides, if there are any kind of legal liabilities that are being faced in case of bodily injury or the death of a third party, then such type of insurance offers protection against the same.

The bonus of No claim

One of the best advantages to having car insurance is the no claim bonus. Customers can avail of this benefit on a yearly basis if they do not make any kind of claim. This could be availed best as the discount on the premium which is what makes such insurance quite an affordable option too.

Reduces the liability

For those who are not aware yet, it is important to have third-party car insurance in different countries, at the very least. Such type of insurance offers protection against any kind of a cause that may have happened due to an accident. In case there is damage to someone else car, or there has been some serious injury, then it is a third party insurance policy that can offer protection and save against any legal repercussions

Make the Pay Now and while doing the Saving Later

With the help of car insurance, it is possible not just to protect yourself but also the whole family against huge expenses. There is a small investment that a buyer needs to make. The investment shall cover better protection against all the damages. It would help to avoid any kind of pricey expenses in the future. Whether the coverage is a collision, property liability for the comprehensive one, it can cover the price of claims in case there is any kind of major accident that may happen.

Damages to the property

Certainly, when an accident happens between the two cars, it can be quite an expensive one. That is why, if anything goes wrong with the car, to shell out quite a huge amount in the one go is not possible. That is when the car insurance agency can be helpful; it covers the damages with possible claims, and thus care needs can be fulfilled. The buyer doesn’t even have to worry about the payment of the repairs being made as the policy shall cover it all.

Time and hassle saver

If there is any fallout from a car accident, this can be quite a time-consuming thing. To prevent one from such a tedious incident, the right coverage is needed. With car insurance, the best negation can be cracked with other drivers and the property owners who are part of the accident and can manage the repairing price or even replace the vehicle. It is better to focus on choosing good auto insurance, which can handle a lot of trouble. A good policy can always be helpful in towing the vehicle or replacements and repairs. Besides, it also covers the cost of the damages to other drivers. Once the claim against car insurance is made, the insurance company can then help further in managing the overall process and thus offer the best possible support to the owner to get through such a stressful period.

Benefits to the family

In case the insured person loses their life during a car accident, the family is entitled to get the lump sum compensation. Certainly, the loss of the person cannot ever be recovered. But at least with such financial help, the family can deal with future challenges.

Conclusion

Everyone makes mistakes. However, sometimes, it could be another diver’s mistake or the owner’s mistake itself. By choosing a reliable car insurance agency, at least all the huge expenses for the car damage can be paid off. With a good car insurance agency, the owner shall feel confident even if there is any kind of damage that may happen. With so many advantages, it is better to have good insurance right away.

The post Reasons That Convince To Deal with a Car Insurance Agency appeared first on Derek Time.

You have numerous advantages, such as affordable premiums, high coverage, etc., when investing in health insurance in your 20s. Hence, do not waste the precious time in your hand and buy health insurance as early as possible. You will not financially safeguard yourselves but your family as well. Let’s investigate the top reasons for buying health insurance early.

Considerably Lower Premium

The principle of early bird advantage applies to everything, whether it is investing in stocks or buying health insurance. You are at the benefit of getting the same cover at an economical premium than when you enter your thirties. For example, a five-lakh insurance policy will cost around three thousand when you are twenty-five, whereas the same policy for a thirty-year-old may cost six thousand or more.

Robust Financial Planning

When you are young, there are no responsibilities to be handled or significant bills to be paid. This time can be utilized for creating a security fund for your and your family’s well-being in the future. You also have the time to look for the best health insurance company with plans as per your needs and preferences. Additionally, many family floater plans come at a low cost when you are starting early.

Cover Against Critical Diseases

Due to stressful work environments and sedentary lifestyles, many lifestyle diseases are on the rise. Critical ailments such as heart strokes, cancers, arthritis, etc., are becoming common in young people. Additionally, the treatment for such severe conditions is sky high and not affordable by the common person. Survival can cost everything and disbalance financial stability for a long time. You can invest in a health policy with critical riders to safeguard yourself from any future contingencies.

Coverage Beyond Group Insurance

One common issue that needs to be addressed is the inadequacy of coverage in group insurance. Many big corporations lure young workforce by giving them health coverage that is nominal and generalized. It may not be sufficient or cover acute diseases when a health emergency knocks at your door. Therefore, it is essential to invest early in health insurance that suits your needs in addition to your group insurance.

Pre-Existing Disease Benefit

Generally, health insurance companies do not cover pre-existing diseases. And when you are young, there are zero to few ailments that are mostly minor. Therefore, when you invest in health insurance early, you get insured for almost all diseases for the future. Additionally, the waiting period is relatively lesser and has little significance as many young people are in the pink of their health and do not require immediate medical attention.

Conclusion

Health insurance is a vital aspect of financial planning as soon as you start earning. Therefore, do not miss out on the advantages of buying health insurance at a young age. With discipline, you will have higher coverage and financial security when you need it the most.

The post Benefits of Buying Health Insurance at an Early Age appeared first on Derek Time.

With auto insurance commercials and ads all promising they can save customers hundreds of dollars by switching, it can feel bewildering. Some people may think they are paying more than they can afford or that there isn’t a better price out there. Over the total time of ownership, auto insurance can cost tens of thousands of dollars even if the owner never gets into an accident. Here are five reasons auto insurance is so expensive and how car owners can get a better price.

You’ve Got Too Much Coverage

More coverage isn’t always better. Comprehensive auto insurance can be a wise way to protect the investment of a new or luxury car. However, many vehicles aren’t worth carrying an auto insurance policy with full coverage.

Older cars and economy models may not need full coverage that exceeds the actual value of the car. Owners could reduce the coverage and put the money they would have paid into savings for auto repair or replacement. Car owners can check the value of their cars and adjust their auto insurance coverage to more accurately reflect that value.

You Didn’t Get Quotes

All car insurance companies are not the same, and they calculate risks and discounts differently. Compare different car insurance quotes from multiple auto insurance companies is smart and can save the car owner a ton of money. Subtle differences in calculations can add up to big price differences. Owners who do not get quotes may never know how much extra money they are spending month after month.

Auto insurance shoppers should give truthful information when getting insurance quotes. That way, there won’t be any unpleasant surprises later on. People can make informed decisions about the coverage and the price point that are best for them. Also, remember to always check reviews of auto insurance providers. This can help you save money and frustration in dealing with a less than stellar company

You’re Driving a Luxury Car

For many, luxury cars are desirable and something to strive for. They offer features and comforts that are not necessary for driving but enhance the experience. Many people see luxury cars and think of prestige and the message the car sends about who they are as people. But along with the luxury will come extra costs, and not only in the area of maintenance.

Luxury cars cost more to repair and replace, and auto insurance companies adjust their premiums to reflect this. A simple repair that costs hundreds of dollars in a more economical model can cost thousands in a luxury vehicle. The car may also be a high-theft risk, depending on the model and where the owner lives. For many owners, the high cost of auto insurance is worth it to own the luxury vehicle, but cost-savvy drivers may want to reconsider.

Your Driving Record Isn’t the Best

Even careful drivers can get into accidents. While many auto insurance companies offer accident forgiveness, not all do. This means drivers who get into accidents could see their auto insurance premiums go up, even if the accident is not their fault.

Drivers who do not have a stellar driving record can do several things to reduce the impact on their premium costs. They should compare quotes since auto insurance companies calculate an imperfect driving record differently. Drivers can also check into defensive driving courses offered by the state department of motor vehicles. Some auto insurance companies also offer educational apps and courses. These courses can lessen the sting of high costs related to an imperfect driving record.

You’re Missing Out on a Discount

People can buy auto insurance in many different ways. They can purchase it online by calling the company or through an independent agent. But sometimes they can miss a key discount that the company offers.

By doing a little research and asking questions, people can make sure they are getting every discount that applies to them. Not all auto insurance companies offer the same discounts. They also may offer different rates. For instance, one company might offer a 15 percent discount for low-mileage drivers, while another insurer offers 20 percent. Some auto insurance companies offer discounts for things drivers don’t normally think of, such as alumni discounts or distant student discounts. It always pays to be thorough.

The Breakdown

There are some things people can’t control—such as where they live—but there are many things people can do to make their auto insurance less expensive. A few simple steps can help almost everyone get the best amount of auto insurance coverage for them at a price they can afford.

Reducing the expense of auto insurance doesn’t have to take a lot of time and effort. Most people can see significant savings by spending a little time investigating and asking the right questions. People can also check in on their auto insurance more than once. By regularly looking around, car owners can ensure they are always getting the best deal out there.

The post 5 Reasons Why Your Auto Insurance Is So Expensive appeared first on Derek Time.

Although some of the variables used by car insurance companies to determine your premiums are beyond your control (for example, your age), others can be improved with a bit of effort. The more variables you improve, the lower your premiums would be, allowing you to make some effective, do-it-yourself auto insurance quote comparison using auto insurance resource.

So, what’s the deal with auto insurance being so pricey?

Here are the main factors that car insurance providers recognize, ranked by their potential effect on your premium.

How old are you?

If you are a young driver, you would be wondering why car insurance is so expensive. This is because young drivers are much more likely to be involved in car accidents, and their high rates reflect this increased risk. On the other hand, senior drivers would pay higher premiums because the risk of an accident increases after 69.

While there is little you can do to change your age, there is one way.

In three states (California, Hawaii, and Massachusetts), insurers are not permitted to set rates based on driver age.

Location matters

Your insurance rates can be influenced by where you live, surprisingly. Factors like theft of vehicles, areas prone to natural disasters, bumper-to-bumper traffic, riots, etc., appear to produce more insurance claims vary by region. Your rates will almost certainly be higher if you live in bigger cities than if you live in a peaceful rural area because cities are more susceptible to traffic accidents than small towns.

The risk level of the environment when you commute through daily can be considered. Insurance firms use your ZIP Code to calculate the risk level of your area. Moving to save money on car insurance is not worth it, but if you’re going to move anyway, you may want to prioritize places with a lower rate of vehicle-related issues.

A history of prior insurance

A delay in insurance coverage will cause a substantial increase in your premiums. Switching insurance companies does not affect this aspect, but going without coverage for even 24 hours can impact your car insurance premium. If you intend to be without a vehicle for an extended period, consider purchasing a non-owner car insurance policy to prevent lapses in coverage. Having a policy like this would also allow you to keep your driver’s license active during this period.

The scope of your coverage.

To meet state minimum standards, almost all must obtain some form of auto insurance coverage. The more your coverage limits exceed the minimums, the more costly your premiums will become. After all, if you have $300,000 in liability coverage and are involved in a significant accident, the insurance provider would pay much more than if you just had $25,000 in coverage.

You can get the best deal on this aspect if you stick to your state’s minimum coverage criteria. However, for specific drivers, purchasing a slightly higher amount of coverage makes sense. Complete coverage plans or policies with extensive additional coverage have higher premiums, but they could be worth it for those with assets to protect.

The driving history

The better your driving habits, the less likely you would be involved in an accident. Since insurance firms are aware of this, they place a high value on your driving record when determining your rates. Accidents, speeding tickets, DUI arrests, driving violations, and the like will increase the risk and insurance cost. If you have a history of driving mishaps, you can have difficulty finding an insurer that will cover you.

A driving record, like credit history, will improve over time. Insurers may currently classify you as a high-risk driver, but a few hours spent driving safely can change that. Most insurance firms will look for injuries on the record for the last three years, but no more.

Drivers with a stellar driving record and no at-fault injuries will often save money, see lower premiums, and are frequently eligible for “good driver” or “safe driver” discounts from their insurance agent.

Marital status matters

According to studies, married drivers file fewer car insurance claims than single, divorced, or widowed drivers. As a result, insurance rates for married couples are typically lower. You certainly don’t want to change your marital status to save money on insurance premiums. However, once you get married, notify the insurer as soon as possible—you will be able to get an instant discount on your insurance rates, which you will undoubtedly be able to factor in when your insurance comes up for renewal.

Car insurance deductible

The premium on your auto insurance policy is the amount you must pay against a covered expense before the insurance provider assumes responsibility. The smaller your premium, the more likely it is that the insurance provider would be required to pay out money if you are involved in an accident. As a result, higher insurance costs result from lower deductibles.

Setting a very high deductible, on the other hand, can mean that you would be unable to pay for the repairs in the event of an accident. The prudent course of action is to determine how much you can reasonably afford to pay for maintenance bills and other fees and then set your deductible to that amount.

Based on Gender

It is a fact that accidents involving male drivers are usually more severe than accidents involving female drivers, and men are more likely than women to die in an accident. As a result, insurance providers often charge men (particularly young men) higher premiums than women. Men in their twenties pay $15 more per month on average for standard liability-only auto insurance than women. However, in older drivers, men pay just a dollar more per month on average than women. Gender equality improves with age: from their thirties to their fifties, men and women have nearly equal insurance rates, all things being equal.

Besides, the following states prohibit insurers from taking gender into account when setting premiums: Hawaii, Massachusetts, Michigan, Montana, North Carolina, and Pennsylvania.

Tips to get cheap car insurance

You can get cheap car insurance for yourself if you follow the following process:

Compare car insurance quotes: Comparing car insurance quotes is one of the oldest and the most efficient ways to get cheap car insurance yourself.

Look for discounts: Every insurance provider offers various discounts, including military, student, good driver (no accidents or tickets), and many others. Examine the insurance company’s website to see what kinds of offers they have.

Bundle your insurance: Purchasing multiple insurance policies from the same insurer will save you a lot of money because the insurance provider now collects two or three premiums from you instead of just one. So it’s always a good idea to look into bundling when it makes sense.

Drive safely: Driving safely is not only the best thing to do for your protection, but it is also the right thing to do for your insurance premiums. Better driving, fewer crashes, and therefore fewer claims can result in lower premiums for your car insurance.

The post Why Is My Car Insurance So High? appeared first on Derek Time.

But have you ever asked yourself what happens if a person is injured, and decides to sue your business? What if the building you’re constructing is destroyed by a fire?

Those are some of the reasons you need proper general contractor insurance.

Whether you’re a commercial or a residential contractor, you need proper insurance coverage for your business. To get coverage at a competitive price, obtain a general contractor liability insurance quote from various insurance providers.

In this post, you’ll see the types of business insurance that general contractors need to know about.

General Contractor Liability Insurance

General contractor liability insurance is essential for your protection as a contractor. It offers protection against claims of bodily or property damage.

The construction industry is an extremely aggressive and demanding industry, and the possibility of bodily injury is high. That’s why you should obtain proper liability insurance to cover you against claims and property damage.

A good contractor liability insurance policy can offer protection against claims from accidents, injuries or property damage.

Besides, workers can unintentionally damage property. The damage can be from mishandled materials or tools, or during a remodeling process.

Sometimes liability insurance is a requirement when taking government contracts or other major projects. Subcontractors are also required to provide evidence of liability insurance coverage before being allowed to do construction work.

How Will You Benefit from Construction Liability Insurance?

With proper construction liability insurance coverage, you’re protected against claims and lawsuits filed during the construction process. Here is how you’ll benefit from having liability insurance:

• It will protect you against costs and damages after a judgment.
• Liability insurance will protect you against property damage or injury.
• It will help cover court expenses, attorney fees, witness fees, among others.
• It will protect your company as well as any claims against your company.

Workers’ Compensation

Builders are at a higher risk of getting injured compared to other professionals. What happens if one of your employees gets injured when using a power drill, leaving him unable to work? Workers’ compensation coverage will come to your rescue.

Most states require construction companies to have workers’ insurance. This policy covers medical expenses and lost wages if one of your employees gets injured or killed while at work.

Property Insurance

What happens if your business causes damage to other people’s property? This is where property damage insurance comes in.

For instance, if a pallet of shingles is damaged, property insurance will cover this financial loss. It will also provide coverage if a building under construction is damaged.

Commercial Contractor Insurance

Policies for small and large commercial contractors vary. Contractors with larger projects or the ones that require more than one year to complete need to buy commercial contractor insurance to cover the subcontractors.

Bid jobs from subs come at a relatively lower price because commercial contractor insurance is covered. This is mainly done for large commercial projects such as football stadium construction and school building.

What’s Not Covered by General Contractor Liability Coverage

One major thing that is not included in the general liability insurance policy is auto liability. Since claims due to vehicle crashes happen more frequently, they are not included in the commercial general liability insurance. You’ll need commercial auto insurance for this.

Subcontractors

Many insurance policies don’t cover subcontractors in your liability coverage. To get full coverage, you should ensure that all subcontractors you work with have liability insurance with the same liability as yours.

Ask your subcontractors to provide a Certificate of Insurance as proof that they have insurance coverage. Also, the subcontractor needs to add you as the “Additional Insured” on their policy. Through this, the subcontractor’s insurance company will be obligated to cover you in case you’re sued for work done by the subcontractor.

If your subcontractor can’t obtain liability insurance, you can include them in your commercial general liability policy as “Additional Insured.” This, however, will come at an extra cost.

Mobile Equipment

You may be wondering whether your mobile equipment such as forklift is considered an auto or not.

This depends on whether your state requires you to obtain auto liability insurance for your mobile equipment. If it’s not mandatory, then the mobile equipment will be covered by a commercial general liability policy.

The post What You Need to Know About Insurance Coverage for General Contractors appeared first on Derek Time.