As we all know that the economic situation in the entire world are not that great and this is the reason why people want to look in for to purchase anything at the best possible price quote and for this they all look for discounts. When you purchase an automobile the first thing you need to get is the automobile insurance and we all look for the best and the cheap auto insurance so that we save some money.
The first thing which can get you a cheap automobile insurance is by going around to various insurance organizations and knowing the various policies on offer by them and what are there price like this you would be able to manipulate the things with the insurance agent by telling him or her what all things are being offered by the competitor and thus you can get the best deal from them.
Then the next best thing to do is to get the various quotations for the insurance from numerous insurance organizations and then compare the facilities on offer by each and every company and on the other hand select the best policy which meets all your needs and also is the affordable one. The insurance quotes are very easy to get as you can get them by clicking a few buttons on your computer with the help of various search engines online.
Then there are some qualifiers determined by the insurance organizations and you qualify for these discounts then you can get the price of the insurance more on the lower side. The first thing is that there are usually discount for the women drivers insurance. Then the next is that for the old and experienced drivers the rate of the insurance policy are low as in comparison to the young drivers this is because the young drivers are more prone to get involved in accidents as in with the experienced ones.
Then the other way to get the discount is by taking the multiple insurance policies from the same insurance organizations like your home insurance and personal insurance and other so like this you will get the multiple insurance discounts being offered by the insurance organizations. Then there are some special discounts offered by the insurance organizations for there old and regular customers as they know that you will move away if they charge you some high rates.
Auto insurance or the automobile insurance is the same thing. It is popular in almost all segment of the society and it has been voted as the most bought and the most favored insurance plan in the United States. The country has more car than it has population. Hence each person has more than one car at least.
The insurance business is the booming business in the country which doesn’t require looking down. People are always eager to buy insurance plan for their car. This is because the car is said to be the best friend of man. He has to take care of it. He can’t even accept even a slight scratch over its surface. Therefore there are a large variety of insurance plan available in the market.
This article will assess each of them.
1)The first one is the body injury liability insurance policy. This insurance policy extends to the driver of another car. If you are in car and you have met with an accident along with the other driver then this insurance will cover both of them. Hence the insurance holder need not worry at all.
2)The second one is the PIP. PIP stands for personal injury protection. It is very near to the insurance plan talked above. The difference lies in the fact that it not only covers the driver who has met with an accident but also insures medical assistant to the passengers. This policy covers everything from medical bills to death.
3)The third automobile insurance policy is property damage type. This insurance policy not only covers the repair cost of your car but it will also cover the repair cost of other car involved in the accident. This policy is not favored by all because you will pay for your car’s repair through your own pocket while this will cover other person’s car.
4)The fourth auto insurance policy is collision prevention policy. This is the most common type of auto insurance policy available. It is also very cheapest. This type of insurance policy pays for the repair bill if another car has crashed into you. All the driver has to do is to pay the deductible while the insurance company will pay for the rest.
5)The fifth type of policy is comprehensive type of policy. In this policy you are covered if your car has suffered any kind of damage through the sheer act of god.
As we all buy a new automobile the first and foremost thing which we all have to do is to get the automobile insurance for our vehicle as it is compulsory under almost every state laws. There is a general misconception that we can not get a car insurance with no license but it is quiet possible.
When you want to take an automobile insurance then you will be surprised to see that you can get the automobile insurance without having the license to drive also. In the earlier times about two decades before the scenario was some what different. To get the automobile insurance at the best rates was one hell of a job as you yourself would have to go to various insurance organizations and get the various quotations from there offices and the paper work was done manually and all this took so much time and was a tiresome process.
In today’s new modern era it is very easy for you to get the quotations for the insurance policy as you will just have to click on a few buttons from your place on your computer and you will get the quotes from different companies online and you can select the best policy as per your needs. Then there are so many normal level insurance companies who are doing online insurance for your vehicle without having the license also.
Then there is another way of getting the car insurance without license that is you can say that you are having a learner’s license and you would be able to get the legitimate license within the stipulated time span. Then the next thing which can be done is by getting the insurance on the third party basis in which you are able to get the insurance policy on the name of someone else.
Then the other thing which is there is that you can get a short term insurance policy for the time or till the time you get your self a driving license and in this the term is that the policy would be valid for a time span and this kind of polices without the license are very expensive and you will have to pay big amount for such policies. Then the other thing to look out is that there are so many fraud companies and always try and go with a high reputation company insurance policy only.
It is the first and foremost thing which everyone knows that is to get the automobile insurance as soon as you purchase any automobile and there has to be a complete research for the insurance policy evolved like you do the thorough research before buying any automobile you look into there pros and cons.
The auto insurance should be taken but it should fulfill all the basic requirements as per the state laws. There are various insurance organizations which are working in the market and as the competition in this line of work is very high so the companies offer various discounts for auto insurance and you should see that what are the basic things which you need to fulfill to comply for such discounts on offer by the various insurance companies.
The insurance companies which have the big or the great reputation in the market do not offer any discounts as such but there are so many hidden discounts on offer by such insurance organizations. Here are the few discounts which are offered by the various insurance organizations.
1) The first thing which should be done by you is that the rates from the various insurance organizations for the different policies should be in your knowledge so that you can tell your old insurance organization agent that what are the competitive rates in the market and you will see that they will automatically slash your insurance policy rates.
2) There are the multiple policy discounts on offer by the insurance companies that is if you take more then two policies from the same insurance organization they offer you the policies with the huge discounts.
3) Then the other discounts which are offered by the insurance companies are for the experienced drivers who have great past driving records with no accident they all get additional benefits in the rates of there automobile insurance.
Then the one thing which should be taken care off is that the insurance policy should not just be taken on the basis of the rates but the reputation of the insurance company is also important because the company should be able to pay you your claim money at the time of need. The low reputed companies are not able to pay your insurance coverage bills at the time when you need then you will have to pay all the repair bills from your own pocket.
Automobile (car) insurance is a kind of coverage for break to and ensuing from an automobile. This kind of insurance can swathe a range of things ranging on the type of auto insurance which has been bought up to the car which has been insured.
The majority of the automobile insurance policy does involve a premium that is the money paid by the customer to have his car being insured. Premiums for automobile insurance could be really different and are resolute by a majority of factors. Gender is the most important determinant for automobile insurance premiums. Statistically and graphically, men are 80% more probable to be caught up in a calamity, and as a result have a bigger need for insurance.
Automobile insurance premiums for males are greater than automobile insurance premiums for females. Similarly, youngsters are measured at high risk and would have to pay a greater automobile insurance premium. The automobile insurance premiums could be decreased if the youngster takes a self-protective driving course. In Most of the states teenagers do require to take self-protective driving course in order to get a driving license and automobile insurance.
It is normal for automobile insurance policy to have a rule that the client is in charge for before the automobile insurance supplier offers coverage of operating expense. Deductibles could have a major effect on the treatment available under an automobile insurance plan.
Automobile insurance is somewhat different from other type of insurances because you could pay for an automobile insurance that would cover precise needs. For this cause there are diverse kinds of automobile insurance. Automobile insurance fundamentals are enclosed by liability automobile insurance plans.
Automobile insurance is frequently the minimum security required by the state law. Liability automobile insurance is recognized by a particular amount of coverage for damages due to accidents or carelessness. The coverage sum of liability automobile insurance could be functional to property spoiled in a calamity that isn’t an auto.
Automobile insurance also comes as collision automobile insurance. Collision automobile insurance is destined to cover the price of maintenance of a vehicle caught up in an accident.
Wide-ranging automobile insurance is also on hand. With wide-ranging automobile insurance, coverage of dues for repair is being provided for crashes that are not collisions. Complete automobile insurance will also cover hail or shoot injured.
No matter what kind of auto/ car insurance is neededArticle Submission, Business Health Insurance could help you. They have most of the information on automobile insurance.
Insurance is a dicey, hard to predict business. Its entire premise is to help somebody recover from an accident financially, but it is now a lucrative business all over the world. That is exactly why being judicious and cautious while buying automobile insurance - Michigan Car Insurance is first priority.
One of the first steps one must take is visiting the state's department of insurance website. Although you may not know of it, each and every state has an insurance department, such as the Department of Insurance in US. They keep track of each company's consumer complaint ratio. This is the number of complaints a car company received per thousand claims filed for damages. This ratio is unbiased and extends locally, and is hence very useful to the consumer.
A good way to decide is to get cost estimates and schemes from different companies, then compare them against their consumer-complaint ratios. Whichever company gives you the most balanced service should be your first choice.
Also, if for some reason, you don't have access to your state's insurance feedback, you may try other states. This is to check the general trend across the country. Remember, the insurance you choose is as important as the vehicle itself. So go through these meticulously.
Ongoing surveys are also helpful, and those concerning automobile insurance are quite frequent. Read newspapers and magazines for professional reviews, or use search engines to study feedback. Ask around in a repair or body shop you can trust, and gain first hand info from them. They are usually the most experienced in this area. Determine which companies have the easiest claim process and make an informed decision.
So, as is obvious, getting insurance is as important and essential as the vehicle you buy itself. This instruction set should steer you clear of most mishapsFree Articles, although it never hurts to be cautious while picking Michigan car insurance.
For each and every driver of each and every automobile an automobile accident insurance is for sure a necessity in almost each and every country. In busy places where the accidents on roads are very much common like as in Los Angeles, automobile insurance is for sure very much crucial as the driving license is.
An automobile accident insurance is a kind of precautionary measure that must be taken by each and every person so as to lessen the burden that he/she will be facing in case anything unpleasant occurs.
The problem then arises that almost all the people are totally confused about which policy of auto insurance to buy out of a very large number of various different auto insurance policies. We all know that everywhere there are offices of various different car insurance companies, agencies and also providers and from those offices one can collect the information about a car insurance policy with a lot of ease. But in this case a person has to move out of his/her home and travel to the office.
Thus money is spent and also time is wasted. Time wastage can be very high if there are a lot of people there. So one has to wait in a queue for his/her turn. The best way to buy auto insurance is to buy auto insurance online. We very well know that people are not at all aware that they can very easily buy auto insurance online. Buying auto insurance online simply means purchasing a policy of auto insurance from an auto insurance company, agency or provider through net. This means that a person will not have to travel to offices of various different auto insurance companies, agencies and also providers.
He/she just has to go online and search for various different policies of auto insurance. After the search one will get to know about a very large number of various different automobile insurance policies provided by a very large number of various different automobile insurance companies, providers and also agencies. A person can now look at the details of each and every policy of auto insurance and can make choice accordingly. The best thing about this is that people can do all this with the convenience of their own homesPsychology Articles, as they do not even have to go out. They just need to turn on their personal computers and the Internet connection.
Article Tags: Very Large Number, Auto Insurance Online, Auto Insurance, Very Large, Large Number, Various Different, Insurance Companies, Insurance Online
When it comes to getting automobile insurance quotations online, you must have this in brain that it involves all the associates of different insurance corporations that provides car insurance. This is completely different from an individual driving insurance. An insurance you obtain indulging in an accident is a fine example of automobile insurance.
If you run a business & you have a company vehicle, it is superior you get commercial automobile insurance. This is a sunshade which covers you & your business for the reason that the auto represents your trade. So whatsoever happens to your company car, the people in it, the people or auto it collided with, your corporation will have no difficulty settling debts. There are lots of examples of such corporations in our daily life.
You should know when you require a business or individual auto insurance. If you are organization a large scale business you require business automobile insurance but if you deal in a small business & you use your individual car for mobilization you require to get personal auto insurance quotations.
Another vital point to note is insuring your staff’s personal vehicles, knowing complete well that they use it to go for your corporation errand. Your corporation's account will not be dying out for the reason of any unexpected incidence. So you require making plans for your commerce car, personal vehicle used for work purposes & also your employee's vehicles. And if you have fleets of vehicles you require auto insurance for your company.
As you make a decision whether to get any of the types of car insurance, make certain you get superior liability coverage for your company. Think of extra liability coverage you want & others you do not require so urgent since you might require them in the future. Do your shopping on net; get the free of charge quotes from a reliable & trusted web site.
You should put into consideration the dissimilar offer each corporation is prepared to give, not only the charging of a policy. Make certain you get more than single business automobile loan quotations online & also make sure they have superior deals. For instance coverage policy, make sure the liability coverage you are about to take pleasure inFind Article, asking for the premium plan if there will be discount. For trouble-free transaction get you’re free of charge auto quotes online
The reason why a majority of automobile owners don’t wish to find automobile insurance quotes is that this process is very frustrating and time consuming. As a result of this the newly made automobile owners approach to the seller of the automobile to find the best automobile insurance quotes for their new car. In some cases many people just end up getting the automobile insurance quotes from the first call that they make to any firm as the process takes a long time. But in both the cases the owners of the automobile end up in losing a huge amount. So in order to overcome such a problem we should always go for online shopping which saves a lot of time and gives us the best quotes.
Whenever we are making an attempt for the comparison of insurance quotes we see that there are only a small number of insurance firms which our mentioned in the yellow pages. As a result of this, our comparison and we are restricted to only a small number of firms if we only go through the yellow pages. However, if we make a bit more efforts then we can enjoy the benefits of a number of firms, which are ready to provide us the necessary automobile insurance quotes, which we can easily compare as well. And the best way of doing this is by going online to search out the names of the firms, which can help us by providing the best of the automobile insurance quotes. There are millions of insurance firms present online which can fulfill our needs at a faster pace.
The significance of getting the automobile insurance quotes compared with others is to acquire the lowest rate and lowest monthly payments for a given policy. As it is a human tendency that we would always like to go for a deal which is the cheapest and the most useful therefore this way of getting automobile insurance quotes is very helpful. We can easily verify whether the automobile insurance quote which we are going for is the best and the lowest by the simple process of comparison.
Asking insurance firms to come to us and help us by providing automobile insurance quotes is very frustrating. This is due to the fact that we have to give some hours of time to talk to an agent of such a firm. This would require filling of a large number of forms in addition to rejections by a number of firmsFree Articles, which would again lead us to filling the same form. On the other hand in online shopping we have to fill the form just once so as to get the automobile insurance quotes.
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Comparison shopping website for insurance quotes. Get free insurance quotes for all other types of insurance in all states. We are not an insurance provider, but we are dedicated to helping consumers find the most affordable and competitive auto insurance quotes on the web.
Nowadays, whenever we turn on our television sets there isn’t any instance where we are not disturbed by a number of automobile insurance advertisements. The automobile insurance industry has always been very competitive. The market is so cutthroat that every insurance firm wants to snatch away the customer from others throat. This has further added to the problem of getting automobile insurance quotes. As a result of this the process of acquiring theses automobile insurance quotes has become difficult and frustrating.
The commercial war between the various automobile insurance lenders has rapidly increased because of advertisement and television and thus has further made life miserable for a person looking for an automobile insurance quote. People cannot figure out what to do and what not to do. They are confused that which deal they should go for.
A lot of these ads show that that there a number of ditzy women who are asking unknown people what kind of deductible should they get. Then there’s an ad in which trust-inspiring personalities having good voice quality are trying to tell us that these people are what is known as the "safety" people. There are cartoon characters, which are popular having fake accents, and these do not make any sense related to the automobile insurance quotes. Then we have a blistering, cheery saleswoman who talks to a number or confused customers that come to the shown automobile insurance store for getting the best automobile insurance quotes. But the main difficulty, which these commercials create, is that they are hardly related to the topic. These all assure us that they will help us in saving our cash and claim that they are the best, the fastest and the most concerned firm which has a very good customer service. Everything, which these commercials claim is well and good but what isn’t good, is thatArticle Submission, these are of no use. As a result all this leads to wastage of big amount of money. What we want is a simple way of acquiring cheap automobile insurance quotes.
This is a very irritating condition because comparison of automobile insurance quotes is a serious trade. A large number of American citizens are on the hunt for acquiring the best automobile insurance quotes. Even with a very good driving history and a good risk profile it still is impossible to find cheap automobile insurance quotes. The solution of such a problem is by giving the insurance agents a call and asking for their help in providing us the best automobile insurance quotes.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
Comparison shopping website for insurance quotes. Get free insurance quotes for all other types of insurance in all states. We are not an insurance provider, but we are dedicated to helping consumers find the most affordable and competitive auto insurance quotes on the web.
A crucial aspect of the automobile industries throughout world is none other then automobile insurance. In India mainly private sector undertake the responsibility of automobile insurance. Various banking firms and financial institutes play a significant role in automobile insurance.
Automobile insurance came into the picture mainly to safeguard the car users by providing coverage for the damage and losses incurred to the automobile.
India automobile insurance is an extension of automobile insurance in India. It protects the user against the losses caused during any miss happening. The whole notion behind automobile insurance is to deposit or actually pay specific amount of money for a stipulated amount of time and this money compensates for the damage occurred to the automobile during accident or any such unfortunate incident. This deposited money in case of any mishap is provided to the owner of the victimized car. Various fields that are taken into consideration by the insurance policies of different agencies are complete vehicle damage, damage to a specific part of the automobile, money used while repairing vehicle and lot more. After a mishap an investigation team is set which verifies the legitimacy of the case and then the insured money is provided as compensation to the sufferer.
Car insurance
Car insurance is just a part of automobile insurance and it provides two separate kinds of insurances to the cars. A further disintegration of insurance is done into policies giving origin to Policy- A and Policy-B. Policy A is meant only for providing liability to third party whereas Policy –B is more comprehensive approach because of which Policy A has a very limited domain of usage. It can only be applied in case of bodily injuries to the driver and in case of damage to his possessions. Policy B not only covers the areas of usage of Policy-A, but also provides coverage in case of any destruction caused to the vehicle during the accident. The type of car being insured is a major factor that plays a very vital role in deciding the premiums that are to be charged. Other major factors are the average offered by car, the area where it is used, how old is the model of the carScience Articles, the present wear and tear condition of the car. It has been seen that private cars that are exposed to a large amount of threats are charged higher premiums.
Automobile insurance quotes help the users to compare various quotes of all the competing agencies in the same field and then selecting the best quote for themselves.
Need to brush up on marine employers liability coverage? Our sponsor, Worldwide Facilities, has prepared a paper on the ins and outs of marine coverage. This paper explains the differences between Longshore and Harbor Workers Compensation Act, the Jones Act, and Marine Employers Liability. It also covers some other marine laws that can create significant exposures for your insured and describes the potential for coverage gaps.
This paper has multiple uses, from educating agents internally, to sharing with potential clients as a guide to determining proper coverage. The information is spelled out directly as follows:
Page 4: Defines the difference between workers who work on or near the water and ‘seaman’ as one is covered by the Longshore & Harbor Workers Compensation Act and the other by the Jones Act
Page 5-6: The Longshore and Harbor Workers Compensation Act is described with emphasis on these two important terms “status” and “situs.”
Page 7: The Outer Continental Shelf Lands Act (OCSLA) is defined, which covers employees working on fixed offshore drilling platforms and other production platforms. This section discusses the complexity of this coverage and the gaps that must be addressed.
Page 8. Marine Employers Liability Coverage is defined, including a discussion of admiralty law.
Page 9-11: Jones Act – a critical conclusion, to insure you’re protecting your client.
For the full details, head over to Research & Trends for the whitepaper, The Marine Coverage Bermuda Triangle. While you’re brushing up, you may also appreciate the insights provided by Take1 in their new paper addressing liability and live events. In this brief, Risky Business – Insuring Live Events Take1 reviews the layers of risk involved in planning and implementing live events, such as concerts in light of recent violent acts.
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Source: Roy Morgan Single Source (Australia) 12 months ended March 2018, n = 50,014Base: Australians 14+. 1. Includes all types of general insurance
New research from Roy Morgan shows that in the 12 months to March 2018, Millennials and Gen Z offer the greatest growth potential for general insurance. These two youngest generations currently have much lower incidence of general insurance than the older groups but offer the greatest potential as they get older and their insurance needs grow.
These are the latest findings from Roy Morgan’s Single Source survey of over 50,000 consumers per annum, including coverage of over 40,000 general insurance customers.
The following chart shows that only 40.9% of Gen Z and 79.9% of Millennials have any type of general insurance due mainly to their younger age and associated lower property involvement. These two segments are well behind Baby Boomers (93.0% with general insurance), Pre-Boomers (91.3%) and Gen X (90.6%). These older age groups are close to saturation with general insurance, leaving the major future growth potential with Millennials and Gen Z.
General Insurance1 Penetration by Generations
Source: Roy Morgan Single Source (Australia) 12 months ended March 2018, n = 50,014Base: Australians 14+. 1. Includes all types of general insuranceGen X and Baby Boomers have highest share of premium value
Generation X currently accounts for 29.5% of the value of the annual domestic general insurance premium market, followed by Baby Boomers with 28.1%. These two generations combined account for 57.6% of the current total estimated annual premium value of $23.3b for this market, well above their 43.6% of the 14+ population.
Although Millennials account for 23.1% of the total premium value, their general insurance penetration of only 79.9% leaves a large market opportunity as their needs grow over the next decade. Gen Z currently accounts for only 7.4% of market value but with an overall general insurance penetration of only 40.9% there is a great growth opportunity in coming years.
General Insurance Market - Dollar Share of Premium by GenerationsSource: Roy Morgan Single Source (Australia) 12 months ended March 2018, n = 50,014Base: Australians 14+ with general insurance 12 months ended March 2018, n=40,363
Pre-Boomers account for 11.9% of the total premiums but as the oldest group, their numbers are declining. As 91.3% already have general insurance, their growth potential is limited and as a result customer retention should be the major focus.
Norman Morris, Industry Communications Director, Roy Morgan says:
“Domestic general insurance with an estimated current annual premium value of over $23b is of major significance to the insurance industry. Understanding the major components of this market is important in terms of vehicle, household and the smaller categories but there is also a need to know which segments have the greatest potential and their customer profile.
“The growth prospects appear to be greatest with the growing needs of Millennials and Gen Z but at the same time there is a need to retain the customers in the three older age groups.
“This is a highly competitive market where many shop around at renewal time, so there is a need to focus on customer satisfaction and competitive pricing.”
It is a given that the price of general insurance increases every year. Fortunately, the insurance premium of a general insurance plan (like a health insurance policy or a motor insurance policy) can be reduced with a No-Claim Bonus.
What is a No-Claim Bonus (NCB)?In the case of a motor insurance plan, general insurance companies reward the policyholders for every claim-free year with a No-Claim Bonus that can be used to get a discount on the insurance premium at the time of policy renewal for the subsequent year. The accumulated NCB is usually used to get a discount of 20-50% on the insurance premium provided the policyholder maintains a claim-free record. There are certain nuances about No-Claim Bonus in general insurance that a policyholder must know in order to reap its benefits. More information about Insurance can be found in bankbazaarinsurance.com
● The first time you purchase a comprehensive car insurance policy, you are not eligible for a No-Claim Bonus discount on the premium paid as you don't have a claim-free record yet.● The first time you renew your motor insurance policy, you can claim an NCB discount of up to 20% on the renewal premium provided no claim has been made the previous year. Avoid making claims for minor repairs as your NCB will go back to zero with a single claim. Evaluate the cost of minor repairs and the NCB discount on premium, compare the two, and make a smart decision regarding small claims that can affect your claim-free record.● With every claim-free year, NCB increases steadily up to a maximum of 50% over a period of 5 claim-free years.● No-Claim Bonus belongs to the policyholder and not the vehicle that has been insured under the policy. Therefore, the accumulated NCB can be transferred to a new motor insurance policy of a new vehicle. The NCB credits can also be transferred to a new insurer from the existing insurer.● No-Claim Bonus transfer is not allowed from person to person unless the policy has been transferred to a legal heir who stands to inherit the vehicle and its insurance policy upon the demise of the policyholder. NCB transfer is possible only at the time of policy renewal.● You can purchase an NCB protect add-on cover that can be attached to your base motor insurance policy for an additional premium. So, even if you do make a claim, your NCB will be protected.
As per the Motor Vehicles Act, 1988, all vehicles in public spaces in India must have a third-party motor insurance policy. As third-party liability covers are cheaper and mandatory, most car and bike owners opt for third-party four-wheeler and two-wheeler insurance policies, respectively. However, NCB is not available for third-party motor insurance plans.
No-Claim Bonus TransferAre you planning to replace your old car with a new car? When transferring your NCB credits from the old policy to a new policy, you must submit a letter requesting for NCB transfer along with Forms 29 and 30 (which is a buy-seller agreement form) to your current insurer. The insurance company will issue an NCB certificate with 3 years validity which has to be submitted to the new insurer for NCB transfer.
When switching insurers at the time of policy renewal, all you need to do is submit the previous year's policy document or renewal notice with the NCB details to the new insurance company. Keep in mind, the new insurer will cross-check to ensure you haven't made any claim in the past years.Cumulative Bonus in Health InsuranceIn the case of health insurance, policyholders are rewarded with a Cumulative Bonus for every claim-free year. A cumulative bonus is an increase in the sum insured by 5-100% (depending on the insurance provider) at the time of policy renewal for making no claims in the previous years. If you don't make a health insurance claim for one year, the insurance company will reward you with an option of either a cumulative bonus or an NCB which can be used to get a discount of 5-20% on your yearly insurance premium. If you make a claim, then the NCB on your sum insured will go down proportionately by 5%. However, the sum insured of a health insurance policy will not go down below its original value despite multiple claims.
Although there is no NCB discount in life insurance, there are ways by which a policyholder can enjoy a low life insurance premium. By leading a healthy lifestyle without smoking or drinking, one can get a low-premium life insurance policy. Furthermore, purchasing a life insurance policy at a young age can also ensure a low premium as life insurance premium rates are determined based on the entry age of the insured member. A life insured in his/her 20s will pay a lower premium compared to a life insured in the 30s for the same term insurance plan.
Before investing in a life or non-life insurance policy, read the policy document carefully, especially the inclusions, exclusions, waiting period, No-Claim Bonus, renewal clauses, and claim process so as to avoid any hassle when making a claim in the future.
When it comes to coverage, Jackson says businesses need to look to property, products and general liability risks coverage. (Photographer: Trevor Hagan/Bloomberg)
Nearly 22 years ago, California voters enacted a ballot measure legalizing the medical use of cannabis. Today, cannabis is now legal in 47 states (adult-use, cannabinoid only, hemp, and medicinal).
For years, California has been depicted laxly when it comes to marijuana. But when it comes to marijuana and the insurance coverage needed to protect citizens and businesses, it is anything but.
“Whenever anyone shops in, sells products to, or invests in a cannabis business, I want there to be insurance coverage available,” said Insurance Commissioner Dave Jones in a statement.
Commissioner Jones has launched initiatives to encourage commercial insurance companies to write insurance to fill coverage gaps for the cannabis industry. Most recently, the first coverage for commercial landlords for the industry was announced earlier this month.
To better understand this budding industry’s need, Commissioner Jones, in conjunction with the National Association of Insurance Commissioners (NAIC) Center for Insurance Policy and Research, hosted a national webinar titled Weeding through the Unique Insurance Needs of the Cannabis Industry. Here are some key insights from the webinar.
Related: New opportunities for Calif. insurers as Trump abandons Sessions’ policy on cannabis
Who’s insuring the cannabis?
There are a limited number of approved admitted insurers in California today: Golden Bear Insurance Company, which offers multi-line coverage; California Mutual Insurance, which offers lessor’s risk; Continental Heritage Insurance Company, which offers a surety bond; and AAIS (which has forms pending department approval).
“The pros of placing coverage with an admitted insurer often comes that benefit of joint review with the department and the insurer before the product hits the market. Another benefit is that admitted markets strive to adopt standardized forms that brokers and insurers are familiar with,” says Stacey Jackson, general counsel for Golden Bear Insurance Company, during the webinar.
While there are currently 24 surplus lines carriers writing cannabis on a non-admitted basis, Jackson predicts carriers will join the admitted market but concedes the pros of the surplus lines market exist because they have the advantage of flexibility over an admitted carrier.
Related: When marijuana collides with the claims industry
New business, similar risks
Like any business, the cannabis industry has a unique set of risks and exposures to account for. When it comes to coverage, Jackson says businesses need to look to property, products and general liability risks coverage.
“Those three coverages are coverages that every cannabis insurer is going to need,” says Jackson.
The property coverage is necessary for risks associated with any loss or damage to the product or the physical structures at the location. Property coverage is also going to likely include business interruption coverage so that the insured can be reimbursed for any income loss during that downtime. Products liability is essential for liability protection in the event that a product is defective. General liability is separate and covers bodily injury and property damage arising from any accident that happens on the premises.
The marijuana supply chain — cultivators, processors, manufacturers, retail dispensaries, testing labs and transportation — has first- and third-party cannabis risks which the insurance industry should look to capitalize on as the market emerges.
For example, many cultivators grow their crop either indoors or outdoors. Like any other farmer, they face risks of fires or pesticides. For those that grow indoors, those risks exist plus others such as a power outage and mold. Additionally, there could also be product liability if an unapproved pesticide is used on the plant and someone claims they’ve become ill from it.
As the cannabis industry continues to bloom, it cannot go forward without proper insurance coverage — for the sake of all the consumers and businesses involved in the process.
In California, at least, there are signs of life — and insurance — amongst the weeds.
WNS (Holdings) Limited (WNS), a leading provider of global Business Process Management (BPM) services, today announced that it has been named a ‘Leader’ in the 2018 Everest Group PEAK Matrix™ Assessment Report in the Property & Casualty (P&C) Insurance BPO Service Provider Landscape. ‘Leaders’ were assessed highly for both their impact on the market, and for having the vision and capability to deliver services successfully.
“We are delighted to be recognized as a ‘Leader’ in the P&C Insurance BPM space for the fourth year in a row,” said Keshav R. Murugesh, Group CEO, WNS. “WNS’ differentiated positioning in the insurance space stems from having the right combination of deep domain expertise, technology-enabled offerings, advanced analytics, and client-centric focus. Today, WNS has several end-to-end BPM relationships with global leaders in P&C insurance, and the largest actuarial practice in the BPM industry. These capabilities uniquely position us to transform our clients core business processes and help them to better compete.”
“WNS continues in its position as one of the key service providers in the P&C Insurance BPO domain, fortified through domain expertise, depth and breadth of services, and a consistent delivery record. Further, its global delivery model, leverage of analytics and automation, and capabilities spanning across the judgment-intensive processes, such as actuarial and underwriting, beyond the transactional ones, allow it to cater to the evolving needs of the insurers,” said Skand Bhargava, Practice Director, Everest Group.
The Everest Group report highlights WNS’ comprehensive coverage of the P&C Insurance value chain. The company was also cited for its capabilities across P&C insurance service lines, global scope of operations covering all major markets, and for its dedicated analytics, actuarial, and automation delivery teams. Buyers identified domain expertise, depth and breadth of services and a consistent delivery record as key strengths for WNS.
WNS delivers end-to-end solutions to the P&C insurance industry including claims management, policy administration, actuarial, risk management, fraud and compliance. Today, WNS serves over 30 global clients with a dedicated team of over 2,500 insurance professionals and solutions leveraging embedded analytics and state-of-the-art technologies including proprietary platforms, RPA, machine learning, and artificial intelligence.
About WNS
WNS (Holdings) Limited (WNS), is a leading global business process management company. WNS offers business value to 350+ global clients by combining operational excellence with deep domain expertise in key industry verticals including Travel, Insurance, Banking and Financial Services, Manufacturing, Retail and Consumer Packaged Goods, Shipping and Logistics, Healthcare and Utilities. WNS delivers an entire spectrum of business process management services such as finance and accounting, customer interaction services, technology solutions, research and analytics and industry specific back office and front office processes. As of March 31, 2018, WNS had 36,540 professionals across 54 delivery centers worldwide including China, Costa Rica, India, Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, United Kingdom and the United States. For more information, visit www.wns.com.
Safe Harbor Provision
This document includes information which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events. Factors that could cause actual results to differ materially from those expressed or implied are discussed in our most recent Form 20-F and other filings with the Securities and Exchange Commission. WNS undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
FILE PHOTO: Logo of insurer Axa is seen at the entrance of the company's headquarters in Brussels Thomson Reuters PARIS (Reuters) - BlaBlaCar, whose amateur chauffeurs share costs with passengers on long-distance journeys, and AXA said on Tuesday that they had launched a new car insurance product.
The product, which will be launched initially in France, will offer insurance protection for drivers that use the BlaBlaCar service, with no excess charged for damage that may occur whilst carpooling.
BlaBlaCar, which was founded in Paris in 2006, describes itself as the world's largest carpooling community.
BlaBlaCar is among several new firms challenging traditional carmakers and transport companies alike.
Such companies include the likes of Uber [UBER.UL] and Avis-owned ZipCar, which offer access to self-drive vehicle fleets for as little as an hour at a time.
The home block of vines at Gibbston Valley Winery, Central Otago New Zealand Photo: Gibbston Valley Winery
With no pre-existing medical conditions and aged 65 or under, you can expect to pay about $400 for an annual travel insurance policy with no extras.
That's about three times what the same traveller might pay for a policy with the same level of cover for a two-week trip to Indonesia or New Zealand.
Therefore you might think that any less than three overseas trips per year and annual cover makes no sense, but it's not that simple.
One of the best reasons to buy an annual policy is peace of mind, wherever your travels take you.
If you're making a trip to visit friends in another city or taking a long weekend wine country escape, you wouldn't buy travel insurance for that alone, yet an annual travel insurance policy could cover you for trip cancellation, vehicle excess on a hire car and loss or damage to your possessions.
Not every traveller buys travel insurance if they're cruising in Australian waters, but they should – and again, an annual policy means you're covered.
An overhaul of insurance industry rules has taken a step forward with Commerce Minister Kris Faafoi inviting submissions from the public on what needs to change.
But O'Cromtha, one of a number of Tower policyholders, locked in a court battle to get his earthquake-damaged Christchurch home repaired, said there were some glaring omissions in the areas the discussion paper covered.
"I didn't expect to be sitting in my earthquake-damaged house seven years after the original trigger event," he said. "I still haven't got to the court."
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O'Cromtha fears Faafoi's consultation will be window-dressing unless access to timely justice is addressed.
But he said the Government was conflicted as owner of EQC and Southern Response.
He estimated there were currently around $1 billion of claims in front of the courts, with just two judges handling the majority of the cases.
O'Cromtha also called on the Government to review the legal onus for individual policyholders to prove they have a claim.
People will have until July 13 to have their say on insurers.
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People will have until July 13 to have their say on insurers.
Policyholders finding themselves in a fight with insurers often lacked the resources to do it, forcing them to settle.
"It's ridiculous. We really needed an independent regulator for insurers that has teeth, and can impose sanctions," O'Cromtha said.
Releasing the discussion paper, Faafoi said people's experiences following the Christchurch earthquakes and a Royal Commission in Australia had highlighted "the need to look at whether greater regulation of insurer conduct is required".
In response to O'Cromtha, Faafoi said the consultation was an opportunity for the public to raise their all their concerns.
Faafoi said there were "significant problems" with insurance contract law that were undermining the effectiveness of insurance, and affecting people who did not receive the support they expected from their policies.
It's not just house and car insurance under the spotlight.
"I have heard, for example, that consumers are sometimes not covered for losses or unable to claim for important needs like health treatment because they innocently did not disclose seemingly unrelated matters to the insurer," he said.
"This is really tough for people who genuinely believe they have met their requirements and are later unable to rely on benefits of insurance. Onerous disclosure requirements are one of the issues we need to consider and, I hope, an issue that will be addressed in feedback from submitters."
Spotlight on four areas
There are four core areas of possible reform raised the discussion paper issued by Faafoi on Tuesday.
The first is to bring insurance policies under the Fair Trading Act.
Currently, insurance contracts are carved out of some aspects of the act, meaning they can contain "unfair" contract terms.
The second is to address the unfair disclosure rules, which it is easy for ordinary people to trip over.
People taking out insurance have a duty to tell an insurer everything that would be "material" to a "prudent underwriter".
Anyone who fails to do so, can have their policy torn up, and a claim declined, which is unfair as most people have no idea what a prudent underwriter considers to be material when deciding whether to issue a policy, and what premiums to charge.
Someone who accidentally fails to disclose something, can innocently pay premiums for years, and only find out at claims time that they have paid their money for nothing.
"The duty to interpret what is meant by material in influencing the judgement of a prudent insurer is overly onerous on the consumer," this discussion document says.
It's something the Insurance Ombudsman Karen Stevens has campaigned on for more than a decade.
Questions are also being asked about whether insurers are too lightly regulated.
The IMF, in its last review of New Zealand, said regulation of the conduct of insurers was "inadequate".
The discussion paper also asks for any evidence that insurance intermediaries like banks and insurance advisers are behaving badly, and whether sales incentives like high up-front commissions, which can reach more than 200 per cent of first year's premium, are causing poor outcomes.
Just last week, the Financial Markets Authority revealed that insurance companies had paid $18 million to take insurance advisers on trips overseas in a two-year period, which their clients may not have been aware of.
Insurers are not required to publish figures of the number of claims they turn down, and why.
An investigation by ASIC in Australia found very different claims-paying records from insurers, but no such data has been published in New Zealand.
There may also be competition issues that are resulting in people paying excessive prices for insurance.
Consumers found it hard to compare prices and policies, MBIE said.
Faafoi wants to know what can be done to change this. Overseas, minimum policy conditions are imposed on some kinds of policies, but New Zealand tech companies have struggled to do online comparison engines, as insurers have blocked their efforts by refusing to share their pricing.
The deadline for submissions on the discussion paper is July 13.
Proposals for law change will be with the minister by March next year.
A consumer watchdog has called for New Zealand's regulators to take a closer look at insurance products sold via car dealers in the wake of an Australian review which has forced insurers to pay back millions to customers.
However, the bodies which represent insurers and motor vehicle dealers believe there are no problems here.
Jessica Wilson, head of research at Consumer New Zealand, said people who bought cars were regularly offered insurance and warranty products which may provide very little value.
"You can end-up paying for cover you're already entitled to by law."
While other products, such as payment protection insurance, often came with restrictive terms and conditions, which limited the consumer's ability to make a claim, Wilson said.
You can end-up paying for cover you're already entitled to by law.
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"We're concerned these products continue to be sold with misleading information about the cover they offer and we'd like to see regulators take a closer look at this market."
In 2016 the Australian Securities and Investment Commission released three reports covering its review of the sale of add-on insurance through car dealers, which found that the insurance was expensive, of poor value and provided consumers very little or no benefit.
Since then five insurers have said they would pay back more than A$120 million ($131m) to consumers.
The products include insurance for tyre and rim, warranty, loan protection and guaranteed asset protection.
Greig Epps, industry relationship manager at the Motor Trade Association said those sorts of polices were sold in New Zealand via car dealers but the regulatory environment here might mean the problems found in Australia did not exist here.
"Recent revisions to the Consumer Credit Contracts and Finance Act (CCCFA) and changes brought in under the Responsible Lending Code mean that all finance and insurance selling must meet the customer's requirements," Epps said.
"So selling F&I products in NZ in a way that does not meet that requirement will be 'illegal' or 'non-compliant'.
"In light of this regulatory environment, it may be that the problems found in Australia do not exist here or may be more difficult to manifest here on a wide scale."
Epps said the car dealer was often simply an "intermediary" for the insurance company and consumers also needed to take responsibility.
"MTA advises its vehicle trader members to be as clear as possible about these products, there is also a need for customers to have a good understanding of their own current insurance coverage and determine whether they need any further insurance or warranty products."
Tim Grafton, chief executive of the Insurance Council, said: "ICNZ has not been advised by either regulators or its members of the sale of insurance that is not fit for purpose.
"ICNZ requires that its members do not bring the insurance sector into disrepute."
Suncorp, one of the Australian insurers, who will pay back A$17.2m to customers also offers insurance in New Zealand via Vero.
Its New Zealand spokeswoman said Suncorp did not sell similar products through car dealers in New Zealand.
New Zealand regulators have yet to look into the add-on insurance market.
An FMA spokesman said: "We have not been reviewing the practices around car loan insurance and to date have not received any complaints in this area.
"While all insurance services in New Zealand are subject to the fair dealing rules under the Financial Markets Conduct Act, insurers are not licensed by the FMA, which limits our remit."
The spokesman said its initial focus on insurance had been on sales and incentive practices in relation to life insurance, which has longer term consequences for customers and therefore poses a higher-risk.
"We'll continue to consider how we can use our existing powers in relation to general insurance."
A spokesman for the Commerce Commission said it did not have any current investigations into the matters investigated by ASIC.
AAP Delays accounted for 37% of complaints about the National Disability Insurance Agency.
Delays with the national disability insurance scheme are continuing to drive record numbers of complaints about the reform, new figures show.
The latest report on the NDIS, released on Tuesday, shows 4,146 complaints were made to the National Disability Insurance Agency (NDIA) in the three months to the end of March.
It is the highest number of complaints received in a single quarter, well above the 3,880 complaints received last quarter when numbers were artificially inflated by the manual entry of earlier data. The number of complaints in the two quarters prior was 2,961 and 1,669 respectively.
By far the most common frustration was with timeliness. Delays accounted for 37% of participant complaints about the NDIA, well above previous levels (28%).
Since its inception, 17,352 complaints have been made about the NDIS, the equivalent of roughly one complaint for every 10 participants with approved plans.
“The NDIA is concerned about the level of complaints it has received,” the report said. “The challenges experienced in implementing the scheme are recognised and work is proceeding on the participant and provider pathway review to address the issues that underlie the complaints.”
Related: NDIS mistakenly posts changes restricting access for autistic children
The nature of the complaints is likely to enliven criticism of the government’s staffing cap on the NDIA. Critics say the cap has hampered the agency’s ability to effectively and efficiently implement the scheme.
Earlier this month, a damning ombudsman’s report found people were waiting up to nine months for a review after complaining of errors or inadequacies with their support plan. Some were waiting months for a simple callback from the NDIA, the ombudsman found.
Tuesday’s report also shows alarming gaps affecting those who are already receiving state and territory disability support services. About 2,430 of those already receiving support did not meet NDIS access criteria. Another 13,625 could either not be reached, rejected an opportunity to enter the scheme, or withdrew their request for NDIS support.
Advocacy groups have long warned that such individuals could be left without support, as state and territory governments withdraw services in the expectation they will be replaced by the NDIS.
In a statement the NDIA chief executive, Robert De Luca, said: “The NDIA will continue to proactively work with the states and territory governments to bring eligible people into the NDIS in future quarters.”
More broadly, the report shows about 160,000 people are receiving support through the NDIS, including 151,970 people with approved plans and 10,253 children receiving early intervention services.
About 45,000 had not previously received any government-funded support.
“These figures show that under the NDIS, more and more Australians with disability are receiving better and more effective support and assistance than ever have before,” De Luca said.
Satisfaction with the planning process – when an individual’s support needs are determined and funded – remained steady, with 84% rating it as good or very good.
De Luca said the scheme was having a positive impact. About 90% of parents or carers with young children said the scheme had helped with their child’s development and access to school services. About three-quarters of those aged 25 and over said the NDIS had helped them with daily living activities.
“These strong outcomes demonstrate the NDIS is already delivering on its goals to increase Australians with disability’s independence and participation in the community,” De Luca said.
SYDNEY (Reuters) - Fund managers who perform poorly face being locked out of Australia’s A$2.6 trillion ($1.96 trillion) pension industry if recommendations from the government’s top economic advisory body are implemented.
The Productivity Commission said in a report on Tuesday that a shortlist of up to 10 strong-performing pension products, chosen by an independent panel, should be presented to workers from which to choose when they enter the workforce.
If adopted, the Commission’s model would replace a system whereby the employer chooses a fund for any worker who does not nominate a preference, regardless of the product’s performance, fee structure or insurance arrangements.
“Most (fund) members are in funds that deliver good investment returns, but millions of members are in funds that persistently underperform — over one in four funds,” said Karen Chester, the Commission’s deputy chair.
“Over an average member’s working life, being stuck in a poor performing default fund can leave them with almost 40 per cent less to spend in retirement.”The Commission is also reviewing insurance arrangements within pension products, after it found many Australians were paying for “zombie” policies on which they weren’t eligible to claim, especially if they had multiple pension accounts or were not currently employed.
“The chief and costly culprit for such’zombie policies’ is income protection, which can typically be claimed against only one policy and only when members are working,” the Commission said in its report.
Becoming an employer’s nominated fund, known as a default fund, is big business. Australia boasts the third-largest pool of retirement savings in the world, according to OECD data. “SUPER” FUNDS’ INFLOWS GUARANTEEDThe industry enjoys billions of dollars of guaranteed inflows a year, underpinned by a mandatory system where almost one-tenth of a worker’s wage is deposited into a pension fund, known locally as a superannuation or “super” fund to be accessed at retirement.
About 60 percent of those inflows go to default funds, according to Jeff Bresnahan, chairman at research house SuperRatings, because most workers don’t actively research and choose their own fund.
“There will be some funds that have underperformed for some time and are still getting strong flows,” Bresnahan said.
He noted, however, that the Commission’s proposal might not be workable, given it would be difficult to choose the “best 10” products when performance can be cyclical, and funds must also be measured on their fee structures and life insurance arrangements.
The Productivity Commission will hold public hearings next month before finalizing the recommendations it sends to the government for possible implementation.
Pension assets totaled A$2.6 trillion at the end of the December 2017 quarter, according to the Association of Superannuation Funds of Australia.
Last year, the asset pool grew in size by 10.1 per cent, driven by investment returns and new contributions.
Any move to change the default fund system would likely ignite a new battle between commercial, or retail, funds and the country’s union-backed industry funds.
Industry funds have historically dominated the default market, locking in agreements with some of Australia’s biggest sectors, including manufacturing and education.
Commercial funds, run by the major banks and wealth managers, have lobbied the center-right federal government for employers to be allowed to directly negotiate default arrangements.
Reporting by Jonathan Barrett in Sydney; Editing by Eric Meijer
The number of people in Alberta receiving regular employment insurance benefits declined by more than 26 per cent over the previous year as of March, according to data released Thursday by Statistics Canada.
About 60,100 Albertans received employment insurance benefits in March. Compared to the same period a year earlier, Alberta recorded the fastest year-over-year decline in the number of beneficiaries among all provinces.
That figure was also down 2.4 per cent, or 1,500 recipients, compared to one month earlier in February.
The trend corresponds with changes in the unemployment rate in the province throughout the past year.
Calgary’s unemployment rate was at eight per cent as of April, about 1.5 percentage points higher than the provincial figure. The unemployment rate in Calgary was at 9.2 per cent in April 2017.
Alberta recorded real GDP growth of 4.9 per cent in 2017, following declines of 3.9 per cent in 2015 and 3.6 per cent in 2016, according to Statistics Canada.
A similar decline in employment insurance claims was observed nationally. More than 470,000 Canadians received benefits in March, which was down 14 per cent, or close to 77,000 fewer beneficiaries, from 12 months earlier.
Canada experienced a 1.5 per cent decline in claims from February to March of this year, with 7,300 fewer employment insurance beneficiaries.
