What policy to buy?

Most of you already have an insurance policy and pretty happy with your current agent or insurance company~~at least until you have a claim.

That’s when the insurance company really shines, or really stinks! 

The mendacious claims process!  Who do you call? What do you do?  How long does it take?

WHY ME!!! 

I actually heard of an insurance company whose claims adjuster came out, assessed the damage and wrote a check. Now THAT was amazing!  

That is not your everyday insurance company.  

When you are shopping the best thing to do is to check into how many insurance department complaints it has had.  Check into what others are saying about claims service and make sure you find out if it has enough money set aside to pay the claims. This would be their surplus.

Let’s talk about Surplus for a second; The definition of surplus=assets that outweigh liabilities.  This does not mean its “extra” money sitting around. You might ask if this should be returned to you.  If it is more than a certain amount of “surplus”, they elect to give it back to you in “dividends”.  That doesn’t always happen because insurance companies do not want to give that up. They know that when it comes to claims service, THIS IS WHAT DEFINES THEM. And it they can’t pay their claims, they are no good.

Most insurance companies provide the same policy and coverage. It is better for them to be easy and go along with what everyone else does.  Some have a different coverage here or there, for example, diminishing deductibles, coverage for your pet if  he’s in the car & dies from an accident, overseas rental car coverage or mechanics coverage for newer cars.  You just have to decide then and there if that is something that is beneficial to you.

I would suggest you go with the service you will be provided, because after all, we don’t need our insurance company until we have a claim. 

Let me know your thoughts or ideas!  Post comments!

ITS STORMIN' IN NEW YORK! 

Insurance companies are funny.  A storm comes and every single one of them rescind your binding authority!
You would think they are in the business to insure your property.  And they are, but not when a possible catastrophe is on its way!


We had several companies send us information that they will not honor anything bound today, cars or homes!  Too bad, a gentleman was excited about buying a brand new car today, only to find out, he couldn't take it home.  You see, he needed to prove he had insurance for that car with a binder from his agent and ID cards from the insurance company, but alas, could not.  I told the dealership that sent him, "this is not a good day to sell cars!"

BUT, if you already have insurance and a car and you are trading it in..... AND if you have comprehensive and collision coverage; you can take your new car home.  The car salesmen know that most insurance companies will extend their insurance to a newly purchased car. 

BUT BEWARE!  Find out how many days your company will allow you to go without contacting them about the new purchase.  Every company is different.  Some are 30 days, some are 14 days. 

So, let's try a quiz:

1) If a storm hits and your car is under water, is this paid under comprehensive coverage or collision? They both are applied to the physical damage of the car. 

ANSWER: Comprehensive will pay out when something totals your car other than colliding with another car or property. 

2) If you hit a deer in the road and to fix the damage on the car, what coverage is it paid under?

ANSWER:   Comprehensive coverage. Even though you "collided" with the deer (or he with you), all companies recognize this as a comp claim. (and therefore, not at fault)

3) If you hit a pothole, which coverage is this paid under?

ANSWER:  Collision.  AND it will be "at fault".  I know, it stinks.  Just try not to go down badly paved streets or  hit a pothole. 

Well, that is all for the quizzes today.  Please post a questions to get my brain a workin'........   
AND STAY SAFE OUT THERE!!!

  

Your Insurance Score is just as important as your credit score nowadays. It determines the base you will pay for your insurance premiums.

Here are a few tips on how to clean up your Insurance Score:

1) Always pay your premiums on time.

 A day here or there short is not going to hurt you.  30 days will.

2) Never allow your policy to cancel for NON-pay. 

 If you plan on NOT renewing, call the company and tell them,don't just let it go. 

3) Carrying bare minimum coverages affects your score - negatively.

Try to go up at least one more level on your liability limits. Its really NOT that much  more in premiums     than what  you might think!                
  

4) Credit is tied to Insurance score too.

 An insurance score SKIMS your credit.  Its a soft hit, not a hard hit. 
 Its like opening the cover of a book and reading what its about.
 You don't really know the whole story, but you get the gist.


5)  No prior insurance affects your insurance score. 

If you never had a need for a car and are just now purchasing one, you can get  into some trouble for "no  prior insurance".  What the companies are looking for is someone who knows how to manage their  insurance. If your score has been cleaned up by 1-4 above, this may not be as important. EXCEPT some  companies will not take you, no matter what. Carrying a NON-OWNED vehicle policy could help, except some premiums are pretty high for that policy.  Ask your agent.
    

 
After the base is applied, other things affect your insurance to either increase it or decrease it.


BUT THAT WILL BE ANOTHER BLOG SESSION.............

Hi Everyone!!!   I know its not Winter yet, but I love Winter!  I love wrapping up in scarves, sweat shirts, long underwear and wool socks!   I think its all those years I spent in HOT Arizona.

This blog is going to be dedicated to Insurance matters only.  I have 26 years of insurance experience and will try my best to educate you. Most of this will be simple education. Please feel free to ask any questions you'd like.

My first concern is:
    GET INSURED!  Make sure you have adequate insurance for your needs.  REMEMBER insurance is not a maintenance plan, it is to put you back where you were before a loss.  You might think insurance is a rip-off. I can address that.  BUT what I can't address is bad customer service!

Questions?