Car Accident Insurance companies as with any other insurance companies may deserve some of the bad reputation they are getting because they do look out for their own benefits like any other private companies in any industry.
However, they do fulfill an important role especially for people who own a car. Car accident insurance protects you financially from future liabilities.
They act as a safety blanket for your finances in case you get involved in a car accident.
Car accident insurance is a contract between you and the insurance company; you pay the insurance company now, they pay for your car expenses in the future.
Car Accident Insurance coverage
There are various types of car accident insurance ranging from required to optional plans. But before you choose any type of car accident insurance, the first thing you should do is check the type of coverage the plan offers.
Here are the basic types of car accident insurance coverage:
• Liability Coverage – This is required to all car owners in most states. This provides compensation for injuries and property damage caused to others. This includes medical expenses, loss of wages and pain and suffering.
Remember, this covers the expenses of the other people involved and not yours. In addition, you have to be the one at fault for the insurance company to pay.
• Personal Injury Protection – This is optional. It does not matter who is at fault, this covers the medical expenses of both you and your passenger for injuries you sustained after a car accident.
• Collision – Also optional, it covers the repairs needed for your car after a car accident.
Car Accident Insurance Rate Factors
Car Accident insurance rates vary from each case. There are different factors that affect the rates for each person.
Here is a list of some of the general factors that are used to determine car accident insurance rates:
• Age – According to statistics, drivers that are below 30 years old are more likely to be involved in a car accident than other age brackets. Therefore, car accident insurance rates for younger drivers are higher.
• Gender – Similar to age, statistics also show that men are more likely to be involved in a car accident than women. Therefore, men have higher car accident insurance rates than women.
• Type of Car – The more expensive the car is the higher the car accident insurance rate will be. Expensive car repairs are more expensive and it has the higher risk of being stolen.
• Location – Car accident insurance companies also consider your location as well. That is because the risk of car accidents increase in heavily populated areas.
• Driving Pattern – The more a car is driven, the higher the car accident insurance rate is.
What to do after a car accident?
Here is a guide of what you should do after a car accident:
• Call your insurance company as soon as possible. There may be a time limit on when you can inform the insurance company. Better be safe.
• Review the coverage given by your car accident insurance so that you know what to expect.
• Report the accident and get a copy of the police report.
• See a doctor and get yourself treated. Get a copy of your medical documents pertaining to your injuries.
• Do not release statements to insurance companies without a lawyer.
• Consult a personal injury lawyer to help you get the best out of car accident insurance companies.
by: Mark Dacanay
The actions required in removing acne scars can be expensive. Depending on the severity and amount of scarring, multiple treatments may be needed in order to effectively minimize the lasting effects of acne. The problem that many sufferers face is finding a way to pay for removing acne scars if their medical insurance does not cover the cost of treatment.
Because removing acne scars may be considered, by some insurance providers, as a cosmetic procedure, it may be difficult to get an approval. If you are considering a procedure that will aid in removing acne scars, the best way to learn if your medical insurance covers this type of treatment is to review your policy. Whether your insurance is provided through your employer or you obtained it directly from an insurance provider, you should have a detailed overview of your coverage. Many providers do not cover the cost of cosmetic treatments and/or surgeries, which are often deemed as cosmetic or plastic surgery. If you still have questions after reviewing your policy, call your insurance agent to inquire about coverage.
If coverage is in question, it may help to have your physician provide a written recommendation to your insurance company. This letter should include the physician’s name, contact information and his/her determination and recommendation regarding treatment to help in removing acne scars. Once this letter is submitted to your insurance company, a response should be given within 30 days. This can either be to the physician directly or to you, but the insurance company will reply with an acceptance or denial.
In the event that you request for medical insurance coverage relating to removing acne scars is denied, there may still be other options. For instance, if your condition warrants laser surgery for removing acne scars, the hospital may offer a payment plan to help cover the cost of the procedure. Many hospitals provide this type of financing to help their patient’s afford treatment that would otherwise be unavailable to them due to lack of medical insurance. In order to be granted a payment plan, you would have to first determine whether or not one is available. This can be found at the hospital’s billing office. If payment plans are available, your physician would have to determine a total cost for removing acne scars and provide it to the billing office. Following the procedure, the hospital would issue a bill and, if you are signed up on a payment plan, would give you the opportunity to make low monthly payments.
The information in this article is intended for informational purposes only. It should not be used in place of, or in conjunction with, professional medical advice. Prior to beginning any attempt at removing acne scars, individuals should consult their dermatologist for proper diagnosis and/or treatment.
by: Jeyanth Watson
RNCOS, in its latest market research report “Saudi Arabia Insurance Market to 2012", states that the health insurance market, which represented close to half of the Saudi insurance market in 2008, is predicted to grow at a CAGR of about 30-32% during 2009-2013. Due to its compulsory nature, there has hardly been any impact of global financial crisis on this market; in fact, the YOY growth in 2008 was much higher than 2007.
With the significantly increasing role of private insurance companies to develop the scope for insurance cover, the health insurance market in the kingdom is expanding at a rapid pace. At present, the kingdom's approx 7 Million expatriate workers, including domestic workers are obliged to show proof of health insurance cover to renew their residence or work permits. And, with recent introduction of compulsory health insurance for private employees irrespective of the size of the company they are working with, the health insurance market in the country is set to record further growth.
Moreover, the government is also planning to make the health insurance cover compulsory for the 9 Million religious pilgrims who visit the country every year. Currently, the government subsidizes healthcare for the hundreds of thousands of pilgrims who fall ill in Saudi Arabia each year. This leaves ample room for the market to expand and the new health insurance companies to build up their operations.
“Saudi Arabia Insurance Market to 2012" is a comprehensive research report that comprises quality research and in-depth analysis on the insurance market in Saudi Arabia. It studies the emerging market trends, recent developments and their impact on the market. The report will help clients to analyze the leading-edge opportunities, prospective customer base, key players and all the other factors that are critical to the success of a new entrant in the insurance industry of Saudi Arabia. Most importantly, the report also gives future outlook on each of the important insurance segments, which will assist clients in making prudent investment decisions.
by: Shushmul Maheshwari
How Homeowners Can Navigate Choppy Waters With Ease!
The purpose of flood insurance is to protect property owners and renters against losses from floods—losses that a typical homeowner's policy does not cover. Whether you have a condo or a house, whether you're a builder or a renter, here's information to help you know who is eligible for this insurance, where to obtain it, and how the program works.
Flood insurance is available only in communities that participate in the National Flood Insurance Program (NFIP), a program of the Federal Emergency Management Agency (FEMA).
Homeowners, builders, and communities want to preserve and protect their property. What measures exist to help them?
Why Have Flood Insurance?
You may not think you live near enough to water to be at risk, but dams and levees do break, drainage systems can become overloaded and back up, and hurricanes can veer off path.
Protecting your home and belongings with flood insurance is far less costly than cleaning up after the fact. Nor can you depend upon Presidential Disaster Declaration aid. Even if such a declaration is made for your area, it can be a long time before the money arrives.
The National Flood Insurance Program
Over time, the US government realized that the measures in place to discourage unwise land development or to decrease losses from floods simply didn't work. Therefore, in 1968, Congress established the National Flood Insurance Program to protect property owners against the possibility of loss.
How Does It Work?
A community must agree to adopt and enforce a floodplain management ordinance that is designed to reduce future flood risks in Special Flood Hazard Areas (SFHAs). When a community follows or agrees to follow these laws, the federal government will make flood insurance available to every property owner in that community.
Each property owner must then follow all of FEMA's and NFIP's requirements whether or not he or she purchases flood insurance. One of the requirements is properly installed flood vents.
How Do You Define Community?
A community is any State, area, or political subdivision; any Indian tribe, authorized tribal organization, or Alaska native village; or authorized native organization with the authority to adopt and enforce floodplain management ordinance for the area under its jurisdiction.
Community participation in the NFIP is voluntary, although some states require participation as part of their floodplain management program. Each community in an identified flood-prone area must assess its flood hazard and determine whether flood insurance and floodplain management would benefit its residents and economy.
How are Flood Hazard Areas Determined?
The Federal Emergency Management Agency (FEMA) produces maps that identify various flood hazard areas, such as the Special Flood Hazard Area (SFHA), a high-risk area that stands a 1% chance of occurring in any year. The government believes that this high-risk standard is a reasonable compromise between the need for floodplain development and the need for building restrictions aimed at minimizing loss of life and property.
Development can take place in the SFHA as long as it complies with local floodplain management ordinances that meet the minimum federal requirements. Flood insurance is required for insurable structures within high-risk areas.
What Kind of Requirements Are There?
When a community participates in the National Flood Insurance Program, every property owner in that community has to follow all of FEMA's code requirements as set out in its floodplain management ordinance. That's true whether or not the property owner buys flood insurance. These code requirements include but aren't limited to foundation openings (also called "flood vents") and first flood elevation height requirements.
What Types of Structures Can Be Insured?
If you are in a community that participates in the NFIP, nearly every type of walled and roofed building that is mostly above-ground and not entirely over water can be insured. This includes mobiles homes and traveler trailers without wheels that are anchored to permanent foundations. Separate coverage is available for the contents of these buildings.
What isn't insurable under the NFIP?
Buildings entirely over water or principally below ground, gas and liquid storage tanks, animals, birds, fish, aircraft, wharves, piers, bulkheads, growing crops, shrubbery, land, livestock, roads, machinery, motor vehicles, equipment in the open. Most contents and finishing materials located in a basement or in enclosures below the lowest elevated floor of an elevated building are not covered.
How To Find Out If You Can Buy Flood Insurance
Property owners and renters can see if their community participates in the NFIP by contacting a community official or insurance agent or by visiting http://www.fema.gov/fema/csb.
How to Obtain A Flood Insurance Policy
If your local insurance agent does not sell flood insurance, call the NFIP at 1-888-379-9531 or visit www.floodsmart.gov.
How Much Flood Insurance Coverage Is Available?
The NFIP Flood Insurance Manual provides coverage limits under the Residential Condominium Building Association Policy. Under its regular program, property owners can buy up to $250,000 per single-family dwelling or other residential building and up to $500,000 for a non-residential building. Coverage is available up to $100,000 for residential building contents and up to $500,000 for non-residential contents.
When To Buy Flood Insurance?
There is typically a 30-day waiting period for flood insurance to go into effect. Remember that hurricane season is flood season, so obtain your insurance well ahead of time.
Tips to Remember
1 - Everyone lives in a flood zone.
2 - Most homeowners' policies don't cover flood damage.
3 - No matter what your flood risk is, you can buy flood insurance if your community participates in the NFIP.
4 - Don't wait for federal disaster assistance to help you.
5 - Keep your home compliant with federal regulations.
6 - There's usually a 30-day waiting period before your policy takes effect.
7 - Buy a separate policy to protect your contents.
This article is not intended to be a substitute for FEMA's comprehensive guidelines. For more information, visit FEMA.gov.
by: William Sykes
Under the Vehicle Financial Responsibility Law, all vehicles that are driven on California roads should have liability insurance that provides financial responsibility for any injury or damage that is brought about by a traffic accident regardless of who is at fault.
This passage of the law is also a means for the California government to remove uninsured vehicles from its highways.
California vehicle owners can choose from four types of financial responsibility options which are:
• Car accident insurance policy with liability coverage
• A cash deposit of $35,000 to the Department of Motor Vehicles (DMV)
• A DMV issued self-insurance certificate
• A surety bond for $35,000 from a company licensed to do business in California.
All vehicles on California roads must obtain and maintain any of the above forms of financial responsibility whether the car is parked or operated.
An evidence of financial responsibility should always be in the vehicle at all times.
Acceptable proofs of financial responsibility are:
• A document or identification card from the car accident insurance company
• A DMV authorization letter, if the motorist is self-insured or a cash depositor
• A California Proof of Insurance Certificate
Most motorists choose to obtain car accident insurance policies to fulfill the financial responsibility requirements.
The minimum liability insurance coverage for private passenger vehicles in California is:
• $15,000 for injury or death to one person
• $30,000 for injury or death to more than one person
• $5,000 for property damage
An optional choice is the uninsured motorist coverage, where the policy holder can be compensated by their own insurance company if the liable party has no car accident insurance.
If the motorist chooses to avail of uninsured motorist coverage, he/she is required to purchase an amount equal to at least the minimum liability coverage for bodily injuries.
In addition, if a motorist avails of uninsured motorist coverage, he/she is required to purchase underinsured motorist coverage as well and it should also be at least equal to the minimum liability coverage for bodily injuries.
Driving without car accident insurance or any other forms of financial responsibility can be penalized by the DMV.
Vehicle registrations could be suspended if:
• The DMV is not notified that a car accident insurance policy has been cancelled and a replacement policy has not been submitted after 45 days.
• The car accident insurance information has not been submitted to the DMV within the issuance of a registration card.
• The DMV discovered that the vehicle registration was obtained by giving a false evidence of insurance.
Aside from suspension of registration, a motorist failing to provide proof of financial responsibility may cause a motorist to be punished through:
• Citation with fines that could reach $1,000 or more
• Impounding of vehicle plus fines
• Personal liability for damages if the motorist caused the accident which could lead to a seizure of some personal assets
Uninsured motorists are considered hazards on the road and that is why the government is working hard on cracking down on these irresponsible drivers.
If you were injured in a road accident where the liable party has insufficient or no insurance, consult immediately with a car accident attorney to help with your options.
by: Mark Dacanay
