by Guest » Fri Aug 31, 2007 12:18 am
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Insurance Insurance Insurance !
Insurance is perhaps one of the most misunderstood necessities of life. Would you like a little assurance about insurance? If so, read on.
There are a couple rules of thumb to follow about insurance. The first one to remember is, when it comes to insurance, don't seek advice from anyone other than an insurance professional. Non-insurance professionals all too often give advice about insurance matters. Insurance professionals are required to obtain state licenses and complete a given number of continuing education courses in order to renew those insurance licenses. It is a rare occurrence indeed that two insurance situations are alike. Insurance rating structures are multi-faceted and complex, as any insurance actuary will attest. Two neighbors who drive the exact same vehicle will most likely pay different premiums based on their credit based insurance scores, driving records, loss histories, levels of coverage and usages.
Our next assertion is, ask your insurance agent insurance questions! When you purchase an insurance policy you deserve to know just what it is you are paying for. There are many, many coverage choices and insurance options available. Never be afraid to ask what a particular insurance coverage means, as many are widely misunderstood. For example, in New York State, No-Fault coverage is commonly misconstrued. No-Fault is merely the same thing as Personal Injury Protection in your own vehicle, regardless of fault, hence the name No-Fault. Many people think if they slide on ice and hit a guardrail, it's covered under No-Fault insurance. No-Fault comes into play only if people in that vehicle are injured. It is still considered an at-fault accident and in New York the vehicle must have collision in order for the vehicle damage to be covered.
Thirdly, don't believe prevalent myths such as those about how red cars cause your insurance rates to go up. Vehicle color has absolutely no bearing on auto insurance rates what-so-ever. The red car purchaser who experiences an increase in his insurance premium is forgetting that the car may be a newer and/or sportier model. And since physical damage rates are based on the cost to repair or replace parts, a newer or sportier model will typically cost more to insure.
Lastly, let's all acknowledge that insurance policies are never going to make the best seller lists. We are dealing with legal documents that contain a lot of legalese jargon with enough conditions, exclusions, descriptions, definitions, endorsement and agreements to confuse any untrained lay person. Insurance, in law and economics, is defined as a form of risk management primarily used to hedge against the risk of a contingent loss or as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. The definition is hard enough to understand.
You wouldn't try to diagnose a medical condition without a doctor, most people wouldn't dream of representing themselves in a court of law, so when it comes to protecting yourself with insurance, leave it to the trained insurance professionals.
Insurance Insurance Insurance !
Insurance is perhaps one of the most misunderstood necessities of life. Would you like a little assurance about insurance? If so, read on.
There are a couple rules of thumb to follow about insurance. The first one to remember is, when it comes to insurance, don't seek advice from anyone other than an insurance professional. Non-insurance professionals all too often give advice about insurance matters. Insurance professionals are required to obtain state licenses and complete a given number of continuing education courses in order to renew those insurance licenses. It is a rare occurrence indeed that two insurance situations are alike. Insurance rating structures are multi-faceted and complex, as any insurance actuary will attest. Two neighbors who drive the exact same vehicle will most likely pay different premiums based on their credit based insurance scores, driving records, loss histories, levels of coverage and usages.
Our next assertion is, ask your insurance agent insurance questions! When you purchase an insurance policy you deserve to know just what it is you are paying for. There are many, many coverage choices and insurance options available. Never be afraid to ask what a particular insurance coverage means, as many are widely misunderstood. For example, in New York State, No-Fault coverage is commonly misconstrued. No-Fault is merely the same thing as Personal Injury Protection in your own vehicle, regardless of fault, hence the name No-Fault. Many people think if they slide on ice and hit a guardrail, it's covered under No-Fault insurance. No-Fault comes into play only if people in that vehicle are injured. It is still considered an at-fault accident and in New York the vehicle must have collision in order for the vehicle damage to be covered.
Thirdly, don't believe prevalent myths such as those about how red cars cause your insurance rates to go up. Vehicle color has absolutely no bearing on auto insurance rates what-so-ever. The red car purchaser who experiences an increase in his insurance premium is forgetting that the car may be a newer and/or sportier model. And since physical damage rates are based on the cost to repair or replace parts, a newer or sportier model will typically cost more to insure.
Lastly, let's all acknowledge that insurance policies are never going to make the best seller lists. We are dealing with legal documents that contain a lot of legalese jargon with enough conditions, exclusions, descriptions, definitions, endorsement and agreements to confuse any untrained lay person. Insurance, in law and economics, is defined as a form of risk management primarily used to hedge against the risk of a contingent loss or as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. The definition is hard enough to understand.
You wouldn't try to diagnose a medical condition without a doctor, most people wouldn't dream of representing themselves in a court of law, so when it comes to protecting yourself with insurance, leave it to the trained insurance professionals.
Posted: Fri Aug 31, 2007 05:57 am Post Subject: about color..
Its true, that the color of a car can't come into the picture. While we get our car totaled following an accident, then we analyze and check the body parts and value of these parts. The color of such parts won't help us in anyways. So while insuring our cars the color should not play a part. But yes, as Chuck has rightly mentioned about the sports cars...I too firmly believe that a vast majority of our sports-cars are of such colors to let them look attractive. So just as he says, theres a probability that your red car might cost you more towards insurance if its a sports car.
Regards, Fatman
Posted: Fri Aug 31, 2007 06:19 am Post Subject: Do we need to listen to the non-professionals?
Hi Chuck,
I do understand your views towards the insurance industry. Its true that it seems authentic to listen to the relevant professionals rather than depending on someone who is not associated to that particular field.
But whenever we look at our own life, we feel that we have known about certain facts that we should share with other people who might come across a similar problem in the future. While experiencing different problems associated with the finance world, we do get richer in terms of knowledge and practicability in that respective field.
Similarly, forums are the perfect place where many people like us do come and share real-life experiences with the community. I personally feel that sometimes these experiences do seem more valuable as they come to good use towards solving our personal finance problems. Thats the only reason I believe we should listen to the non-professionals too!
Juanita
Posted: Fri Aug 31, 2007 06:29 am Post Subject: generating business!
My friends, let me tell you a thing!
I'd definitely agree with Juanita at one point that we should also share the vision of the non-professionals. There is no denying the fact that the professionals now a days do certainly know things much better than the common man.
But at the same time we should never forget that the professionals are somewhat business oriented these days and that they would definitely look into the benefits or say the objectives of their respective organizations while explaining things or concepts with us.
This at time might help us to come across the best options but at the same time these options might just not be to the best of our interests. They might be directed towards us with the only object of generating business. Got it!
Cindrellahopkins
Posted: Sun Dec 16, 2007 06:50 am Post Subject:
Sorry to revive a dead thread but I gotta say this.
I heard from someone that having a fancy paintjob can jack up the insurance rate, fancy being unique colors and artistic design. It's said that it makes it a target for vandals and less-than-clever thieves.
Posted: Sun Dec 16, 2007 03:19 pm Post Subject:
Quenlin, I say the main reason the premiums are higher is due to the cost of the repair to these custom painted vehicles, you generally cannot 'panel paint' these in otherwords you might end up painting an entire side for a damaged fender...the refinish cost of some of these are tremedous. A fairly common one is a ''fade'' and to re-paint a fender, and two doors could be 3k.
Posted: Thu Dec 20, 2007 06:10 pm Post Subject: PAINT JOBS ON CARS
PAINT JOBS WILL NOT DO A THING TO YOUR INSURANCE RATES AND MOST THE TIME WE AGENTS HAVE NO CLUE WHAT COLOR THE CAR IS WHEN YOU COME INTO THE OFFICE AND GET THE INSURANCE . WE DO NOT ASK THE COLOR OF THE CAR SO PAINT HAS NOTHING TO DO WITH YOUR INSURANCE RATES WHAT DOES MATTER IS AGE,TICKETS,MALE OR FEMALE, HOW LONG YOU HAVE HAD A LIC, THE CAR ITS SELF IS BASED ON ALOT OF DIFFRENT THINGS SUCH AS SAFTEY FEATURES LIKE AIR BAGS,SIDE BAGS,COST TO REPAIR THAT VEH , THEFT RATE,ANTILOCK BRAKES,ECT
Posted: Thu Dec 20, 2007 06:13 pm Post Subject: INSURANCE
IS THERE ANY QUESTION ANYONE WANT TO ASK ABOUT INSURANCE ?
Posted: Fri Dec 21, 2007 10:53 am Post Subject:
PAINT JOBS WILL NOT DO A THING TO YOUR INSURANCE RATES AND MOST THE TIME WE AGENTS HAVE NO CLUE WHAT COLOR THE CAR IS WHEN YOU COME INTO THE OFFICE AND GET THE INSURANCE .
UNLESS Chuck it is a custom paint job...in which case if the insured tells you that you will have to add a customization endorcement right?IS THERE ANY QUESTION ANYONE WANT TO ASK ABOUT INSURANCE ?
Chuck where are you looking? These boards are full of questions...dive in!Posted: Sat Dec 22, 2007 03:10 am Post Subject:
Lol, Lori
My insurance company knows the color of both of my vehicles, I agree when it comes to custom paint, some of this paint is really really expensive. Especially if you have to match it up, what do you do mix it up and pray it matches, because it has to for the vehicle to be done right, right. Painters have a hard enough time matching up a sun faded paint, never the less, custom. My brother painted his old monte carlo, Plum Crazy Purple, well I can tell you that Plum Crazy Purple cost a heck of alot more to paint with the speckles in it, than my normal old gray that is stock on the market. Just my point of view.
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