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PostPosted: Sun Jul 17, 2011 4:54 pm   Post subject: Does Premium affect claim amount?  

Does the premium affect Claims amount to be paid? What factors attribute to the claim amount?


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PostPosted: Mon Jul 18, 2011 12:57 am   Post subject:   

Quote:
Does the premium affect Claims amount to be paid?




Only to the extent that the premium you pay determines the total coverage you have. In other words, if you want $500,000 liability coverage or a $100 deductible for collision coverage, your premium will be higher than if you choose $30,000 liability coverage or a $500 deductible. Higher liability limits or less out of pocket expense in the event of a collision claim means a larger out of pocket expense when it comes to the cost of your coverage. It does not affect the outcome of a claim. Read on . . .



Quote:
What factors attribute to the claim amount?




If you are talking about liability claims (your negligence behind the wheel damages the other party or their property), the severity of the damages is the primary determiner. Medical expenses for injured persons (or, worse, burial expenses), lost wages, totaling a person's Mercedes-Benz, knocking down a tri-color signal pole. Those are all potentially very large claims -- running into the hundreds of thousands of dollars perhaps (possibly more).



If you are talking about collision claims (damage to your property), your claim is settled on the basis of "Actual Cash Value" which means replacement cost minus depreciation. If your vehicle is relatively new, its ACV will be fairly high, but not as much as you paid for the vehicle, and if your vehicle is more than 8-10 years old, it will be (or close to being) fully depreciated, with only its salvage value remaining.



Again, settlement of a claim doesn't have anything to do with the premium you pay, but your premium is directly affected by the maximum value of the benefit you are obtaining. The insurance company provides the same level of service to the person who has minimum liability limits as it does to the person who carries a $500,000 liability policy with a $2,000,000 umbrella rider.



At some point in time, it becomes far less important to carry collision and comprehensive (other than collision) coverages, because the premiums are too high for the protection afforded. And although every situation is different, in my opinion, you can't have too much liability coverage, and almost everyone should carry at least $100,000/$300,000 liability limits and $25,000 or more in property damage coverages. The difference in cost from minimums to these amounts is, at most, a few hundred dollars more per year per vehicle.


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PostPosted: Mon Jul 18, 2011 3:04 pm   Post subject: Claim prediction model  

Does insurance company has a claim prediction model to predict the claims to be paid? How does it work?


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PostPosted: Mon Jul 18, 2011 9:21 pm   Post subject:   

Every insurance company uses actuaries to compile statistics and develop rates for their insurance products. They base their predictions on those statistics and other data.



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PostPosted: Sun Jul 24, 2011 5:52 am   Post subject: auto insurance differences  

Can women get cheaper auto insurance rate compared to men?

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PostPosted: Sun Jul 24, 2011 2:08 pm   Post subject:   

From age 16-25, auto insurance rates for women may be slightly lower than for men. But by age 26, all bets are off.



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PostPosted: Tue Aug 23, 2011 3:23 pm   Post subject: 2003 Lincoln Totaled  

Hi, I have an '03 Lincoln Town Car that was just totaled. State Farm is in the process of getting me a value and I was wondering what you think the car is worth. it is a Signature series with 288,000 miles in average condition. minor surface rust etc. I was hit broadside and am getting the idea i am about to get creamed again by the insurance. Thanks, Chris

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PostPosted: Wed Aug 24, 2011 5:22 am   Post subject:   

Quote:
with 288,000 miles in average condition




Are you serious? With that kind of mileage, the vehicle is next to worthless. Average trade-in price according to NADA is about $2720.



http://www.nadaguides.com/Cars/2003/Lincoln/Town-Car-V8/Sedan-4D-Signa ture/Standard-Equipment


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PostPosted: Thu Sep 08, 2011 4:00 pm   Post subject: I lost my insurance. How to get a new one?  

I have Honda Activa in the name of my wife. she died recently. Now i dont know where are insurance papers? Please guide me, what to do ?

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PostPosted: Fri Sep 09, 2011 8:02 am   Post subject:   

Do you know the insurer’s name???



If you do, then simply call them and tell them about your loss of documents.



If you don’t know even the company name, then you can try to locate where the premiums of the policy were going by checking the bank statements for the current and past year.



Once you know the insurance company name and contact it, I’m sure they’ll help you out.


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PostPosted: Fri Sep 09, 2011 8:37 am   Post subject:   

Contact the agent of your other policies, like home or health insurance. The auto insurance could've been with the same insurer.


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PostPosted: Thu Oct 13, 2011 5:33 am   Post subject: Mexico insurance  

Hey,



Can you please suggest me few Mexico insurance companies. I want to travel through Texas and looking forward for a good company keeping in mind the affordability prospect.



Regards

Chris Lee


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PostPosted: Mon Oct 17, 2011 12:35 am   Post subject:   

Mexican auto insurance will not cover you while driving in Texas, and driving in Mexico without a Mexican insurance company-issued policy is both a criminal and civil offense. You can be thrown in jail and your vehicle impounded if involved in a collision or stopped for a minor traffic offense.



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PostPosted: Tue Oct 18, 2011 7:57 am   Post subject: hi :)  

To ensure you get the best car insurance for your needs, shop around or try request for quotes. They will narrow down the choices offered by the marketplace. Wink

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PostPosted: Wed Nov 02, 2011 7:58 pm   Post subject: A settled Auto case & rehab treatment  

Due to an auto accident I suffered significant inuries & was eventually put on potent pain meds. My auto carrier pays for my pain mgnt.medications & mt Dr's visits. I am looking to go to a de-tox facility to get off of these medications (which my Dr. suggested I try) I have 2 questions: 1). Is my auto carrier bound by HIPAA to protect my info.?? Or would I need to take out a personal oan to protect my privacy?? Pls. Help!!


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