Posts Tagged ‘Insurance Policy’
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For many people around the world Commercial vehicles are the main source of income. Commercial vehicle is defined as a vehicle which is used to transport either cargo or passengers for money. All vehicles which are hired or used per paid service fall under this category. Owning and operating such vehicles will certainly yield a good profit, however one should also understand that this profession is not without risks. In the days of ever increasing numbers of automobiles on to already overburdened streets, accidents have become very common. Imagine your only source of income to be damaged by an accident. In order to safe guard your investment it is vital that you buy commercial vehicle insurance policy for all your vehicles.
There are many types of commercial vehicle insurance policies offered by many different insurance companies. Before buying any policies it is better if you do some research about the various policies available in the market. You can collect information about the various policies by either calling the insurance brokers or by searching online. There are many websites which offer complete information on various commercial vehicle insurance policies available in the market. Some websites also allow you to compare the various polices, this gives you a complete picture about the pros and cons of all the policies available for commercial vehicles.
Once you have decided from which company you want to buy the policy, you need to consider which type of policy you would like to buy. For example if you have a single commercial vehicle then you can go for single insurance policy. If you own a fleet of vehicles, like cars delivering pizza or flowers then you can purchase what is known as fleet insurance. Purchasing a fleet insurance is always cheaper than buying individual insurance for each of your vehicles. While you are purchasing commercial vehicle insurance policy you can also get coverage for the goods which you transport in your vehicle by paying up extra over the insurance policy. If you like to get a separate policy for goods then you can go for what is known as the goods in transit insurance policy.
For every vehicle you need to make sure you get coverage against any physical damage caused due to an accident or vandalism, coverage against accident involving fire, coverage in case your vehicles is stolen or lost, and also remember to buy third party liability policy. All this insurance policies are the bare essentials if you wish to have a peaceful and a successful business.
These days simply being careful while out and about with your bike and using safety gear is not the only protection you would need. Motorcycles have a far higher rate of accidents per unit distance than cars. This is due to the exposed rider and the fact that many automobile drivers fail to see these smaller vehicles in the traffic stream.
Also, as the law and lawsuit trials become more and more “complicated,” you might even end up paying for the guy who was talking on his sell phone while driving, failed to see you and pushed you in the ditch. Of course, he had a good lawyer. And you, … well, your brand new bike is bits and pieces, not to even mention being hurt from the fall.
So, you either cough up few thousand dollars for the medical bills and fixing your bike, or contact your insurance to take care of the bill. Your motorcycle is a major investment, one that is certainly worth protecting. Making a smart insurance decision is crucial for your protection and protection of your motorcycle.
However, choosing the right insurance policy for you is much more like choosing the right bike. You want it to fit your lifestyle, but at the same time you want it to fit your budget.
And, better coverage does not necessarily mean paying more for your insurance. Based on your motorcycle, driving history, and location, instead of getting the best rate from one company, you’ll need to contact more insurance companies and get their best rates for your desired coverage. And the key to finding which coverage is best for you involves learning about all of the available options.
Although most U.S. states require you to carry a minimum amount of liability coverage, other types of coverage are usually optional. Always ask your insurance representative about which laws apply in your state or city.
Let’s look at the different insurance options.
Liability coverage
In many countries liability insurance is a mandatory form of insurance since you’re at risk of being sued by the injured party being involved in the accident. Most U.S. states require motorcyclists to carry a minimum amount of liability in case of third party injuries. However, insurance experts recommend purchasing as much as three times the minimum in these times of expensive litigation. Liability coverage protects you if you (or another person driving your motorcycle with your permission) injure or kill someone or damage property. Liability insurance covers bodily injury and property damage that you may cause to other people involved in an accident, up to the limit of liability you select. It doesn’t cover you or your motorcycle. But it gives you a protection from a lawsuit. Also, find out if your coverage includes Guest Passenger Liability, which provides protection in the event that a passenger is injured on the motorcycle. It depends on the laws of your state and the company issuing the policy.
Collision coverage
While the liability coverage is required by law, in many cases collision coverage is optional. Why, you might ask? Collision coverage is the one that pays for the damage to your motorcycle, and it’s optional? We’ll let the lawmakers protect “the other guy” while you need a collision coverage to pay for the damage to your motorcycle when you collide with another vehicle or object. It covers the cost to repair or replace your motorcycle, regardless of who is at fault. You select a deductible, and once the deductible is met, the insurance company pays for the remaining damage. Collision insurance usually covers the book value of the motorcycle before the loss occurred – factory parts. If you get fancy and add anything extra, like nifty chrome accessories or a custom paint job, additional coverage will be required for compensation.
Comprehensive coverage
Comprehensive coverage pays (less the deductible) for damages caused by circumstances other than accident, such as vandalism, fire, or theft. And again, it covers only the book value of the motorcycle.
Uninsured motorist coverage
If the knucklehead who hit your bike is uninsured, this insurance will cover damages you incur that the “at-fault” party is legally liable for, such as medical treatment and lost wages. Despite laws requiring insurance in practically every state, a lot of people are still driving without even basic liability coverage. The uninsured motorist section of your policy protects you if you or your passenger is hurt by “one of those” people. If your uninsured motorist coverage includes property damage, then your motorcycle would also be covered under the same circumstances – covering for damage to your motorcycle caused by someone who does not have insurance. Check with your insurance to see if property damage is included or needs to be purchased separately.
Underinsured motorist coverage
Underinsured motorist coverage is similar to the uninsured motorist coverage. This coverage reimburses you if the person who hit you doesn’t have enough insurance to cover for all of your damages. If your injury expenses exceed the “at-fault” person’s liability limits, you can use Underinsured Motorists Coverage to pay for the amount not covered by the person’s insurance. Underinsured Motorists coverage is designed to cover the gap between the other person’s liability limits and the amount of your injury expenses. The trick is that in order for this coverage to kick in, the other driver has to be declared at fault. In most states, when blame is in doubt or the amount payable is contested, you and your insurer have to submit your differences to arbitration.
Medical payments coverage
Medical Payments coverage pays the cost of necessary medical care you receive as a result of a motorcycle accident and can be used regardless of who is at fault. This coverage often is limited. Check with your insurance company for the specific dollar amount and the number of years that they will cover after the accident. In some states, medical payments coverage only applies after other medical insurance is exhausted.
Custom parts and equipment
This coverage is an addition to your Comprehensive or Collision coverage. When you have custom parts and equipment on your motorcycle, you can purchase this additional coverage to cover equipment, up to a dollar amount defined by the insurance company. Ask your insurance for the specific custom parts and details that they are willing to cover. Recommendation: retain photos of the motorcycle and all the receipts for your custom parts and equipment.
Roadside assistance
Roadside Assistance coverage provides towing to the nearest qualified repair facility and necessary labor at the place of disablement when your motorcycle is disabled due to reasons defined by the insurance company. Roadside Assistance is sometimes included with your Comprehensive coverage at no charge. Ask your insurance agent. If not, in most cases the Roadside Assistance coverage can be purchased at a nominal fee.
Many factors can play a role in determining what your insurance costs will be, such as your age, your driving record, where you live, and the type of motorcycle you own. Unless you’re a “high risk” person, there are ways to keep your costs down so you won’t have to pay high rates. Many insurance companies offer discounts from 10 to 15 percent on motorcycle insurance for graduates of training courses.
In many northern states, riders may save money by buying a “lay-up” policy. With a lay-up policy, all coverage except comprehensive is suspended during winter months.
If you run a business and you have a car, truck or van that you use for that business, you are going to want to make sure that you have the best possible insurance cover for it. You might think that your standard insurance policy will cover you, but it will not. You must make sure that you are contacting your insurance company to inquire about a policy that will cover you while on the job.
Now, with that said, you might find that the increase in the premium amount will be a little scary. Because of this, many people start to panic and they think that they will not be able afford their commercial insurance. However, if you simply start to look around and comparison shop, you will find that there are most likely better deals out there.
The first thing you will want to do is to make sure that you are taking your search online. Most people tend to think that the only way to shop around for insurance rates is to contact the local insurance companies in their area. Of course, this is something that you can do, but it is probably not going to lead you to the best rates around. Shopping online for car insurance, even for commercial needs, is very easy to do. Sometimes, it is so easy, that it will barely feel like you had to do much of anything at all.
There are sites out there that allow you to enter all of your information at once. This information would include your name, your state, the type of vehicle you want to insure, the type of cover you are looking for and possibly your driver’s license number as well. With that information, the website will then come back to you with several rate quotes from several different companies. Now, these rates are not set in stone because if the company finds out you had ten speeding tickets you didn’t mention, your rates would most likely increase.
If you find that one of the rate quotes meets your expectations, you can always contact the company for more information. Again, once you complete a formal insurance application, you might find that the quote will change slightly. Be prepared for that and you should not have many problems.
Make sure that you are double checking all of the facts when it comes to the exact cover that you will end up with. This way, you will not later find yourself in an accident only to realise that you risk losing everything because your commercial vehicle insurance does not cover everything that needs to be covered.
And if at any time you feel as though the commercial vehicle insurance is not what you thought it was going to be, you can always make a switch. You can change your insurance policy as many times as you would like, as long as you are making it a point to make sure that you are getting a better quality plan each time you make a switch.
Listed below are certain tips that can assist in handling insurance claims when natural disasters such as hurricanes or earthquakes occur.
1. Understanding the basics: Every home insurance policy provides insurance coverage against only certain types of damages such as damage caused due to windstorm, fire or theft. It is important to understand this clause before filing any insurance claim. It is the responsibility of the insuree to prove that the damage occurred is within the limits of the clause.
2. Assessing damage: It is important to have a personal assessment about the cause of the damage so as to ensure the presence of sufficient evidence that can prove the claim to be true. For example, typical home insurance policies in hurricane-prone areas do not provide any insurance coverage to the damage caused by flood waters. Cover is applicable only to those damages that have occurred due to windstorm, fire or wind-blown rain. The home interiors should have enough signs showing that the damage is caused due to wind and rain.
3. Documentation: It is important to document each and every receipt for which one would like to make an insurance claim. One good alternative is to download an inventory checklist available on the website of any insurance company. Rule of the thumb is that more the information provided by the insuree about damaged possessions, easier would be claim process. Hence, one should include details such as the cost, make and model number of the possession that has been damaged and included in the claim.
4. Appraiser: One should never compromise on the settlement value made by the insurance company. In case of any disagreement, one should take the complete advantage of appraisal clause and get the property valued by an independent appraiser to determine the exact value of the loss.
If you reside in an area prone to earthquakes, have equity in your home, and you couldn’t afford to rebuild it on your own, buying earthquake insurances makes financial sense. If you can afford it, the best way to protect the investment in your home is to retrofit your home and buy earthquake insurance. The more steps you take to retrofit and improve your home’s ability to resist the impact of an earthquake, the less likely you are to face expensive repairs. Retrofitting your home includes, bracing your water heater, installing “sheer” panels and bolting your foundation. If you decide that your home needs protection beyond retrofitting, then shopping for earthquake insurance is your next step. Several key factors you should consider and research as to whether you buy insurance or not are:
The amount of equity you have in your home.
Your current proximity to a fault zone.
The construction and age of your current home.
The satisfaction ratings and financial strength of the insurance companies that will potentially sell you an earthquake insurance policy Earthquake insurance policies are usually accompanied by high deductibles and premiums. When the time comes to receive any benefits under your insurance policy, your claim needs to exceed your set deductible. Most homeowners and auto insurance policies have a fixed dollar amount deductible. Earthquake policies are different, their deductible is a percentage figure based on the total policy amount. The damage to your home or structure must exceed your deductible to trigger a payment from your policy, and the payment will be the amount of repair costs above your deductible. So on a home with $500,000 of coverage, and a 15% deductible, the homeowner will be expected to cover the first $ 75,000 of repairs. Your carrier will determine your premium. Usually older homes cost more to insure than newer homes and retrofitting is required for homes built before 1955. Premiums should not be the only thing you take into consideration when you are purchasing an earthquake insurance policy. Often you can find policies with low premiums, but they are accompanied by poor coverage.
One important thing to keep in mind when shopping for earthquake insurance is that the insured value of your house is determined by your homeowners insurance. If you are under insured on your homeowner’s policy, you will also be underinsured on your earthquake policy. Purchasing earthquake insurance can be a difficult decision. People who live in the Bay Area of California have a 75% chance of a 6.0 magnitude or greater earthquake hitting them, but only about 14 % of CA residents carry earthquake insurance. If you decide to buy earthquake insurance, place your limit so that it is adequate to completely replace your property, any outbuildings, cover any engineering costs, and temporary living expenses that you may have.