Making Sure Your Insurance Claims Stick

Posted on Nov 2nd 2009, 07:50 am, under Are You Covered?

When you're filing an insurance claim because of a vehicular accident, the last thing you want is a dispute with your insurance company. Unfortunately, this is exactly what happens to many policy holders. It can be extremely frustrating when you have to haggle with your insurance company over how much compensation you deserve, in addition to dealing with the physical and emotional stress from the accident. 

So from the very onset, you have to do everything possible to ensure your claim is ironclad. Here's what you'll need to do:

1. Call your insurance company as soon as possible. When you get into an accident, your primary responsibility is ensuring your safety and that of your passengers. Have a medical check-up done on everyone involved. Then, immediately inform your insurance company about the accident. If you can't recall the terms of your insurance policy, this would be the time to look it over again. Review what it covers and familiarize yourself with the procedure for making accident claims.

2. Put as much detail as possible into your claims statement. Provide your insurance company with clear and concrete evidence of your accident. Besides giving them a detailed written statement, include pictures of the damage done to the vehicles involved and the accident site itself. You should also enclose the medical reports of any injuries sustained by yourself and your co-passengers, no matter how minor it may appear. Finally, to really strengthen your claim, include the names and contact information of any witnesses to the accident.

3. Keep a record of everything that happened since the accident. Never really on your memory for this; with all the stress of dealing with an accident, you'll never remember each and every detail. Instead, you should insist on getting documentation for all events related to your insurance claim. This includes any conversations you have with your insurance agent, interviews with the police, and records of your medical bills. Keep all documents in one file for easier access.

4. Review your insurance policies. If you happen to have several policies, you may be able to file a claim under each of them. You should know what you're entitled to; this is why you have to stay informed about all details regarding insurance claims.

5. Lastly, always be honest. Never fabricate any detail regarding your accident or injuries. Always operate in good faith; otherwise, if you're found out, your entire claim will be automatically disqualified. 

Insurance Deductibles: How Much Is Just Enough?

Posted on Nov 2nd 2009, 07:45 am, under Auto Insurance 101

Auto insurance is required in every state, and the government sets minimum liability insurance requirements that drivers must follow. However, it does NOT tell you what to do about deductibles for physical damage. 

Therefore, you might be wondering: What is the optimal deductible amount ? You want something that won't break the bank while yielding a reasonable premium at the same time. Fortunately, we've got some pointers to guide you in selecting an auto insurance deductible:

1. First of all, check your budget. You must realize that insurance deductibles are not one-time payments, but fees that must be paid each and every time you get into an accident. If you are unlucky enough to get into multiple accidents, you'll have to fork out the deductible payment each time you make an insurance claim. So you have to ask yourself: What deductible amount can my budget support, and can I afford it in case I need to make multiple insurance claims?

2. Consider your car. What is its year and model? Naturally, the appropriate deductible for an eight year old sedan will be different from that of a brand-new sports car. Before you make your decision, get more information by checking online sources for the average repair cost of an identical vehicle. A good place to start looking is in Internet forums for car enthusiasts and specialists, such as 2CarPros.com or automotiveforums.com. 

3. Do you have an auto financing arrangement? If you leased your car or took out a loan to pay for it, you should review the fine print in your financing contract. Sometimes finance firms put a maximum deductible amount that you may not exceed if you wish to maintain compliance with your financing arrangement.

4. Balance it out. If you take out a low deductible, you pay more for your insurance premium, and vice versa. There are pros and cons to each path - on the one hand, you may save more on the premium if you take out a high deductible. However, you might find yourself unable to pay this amount if you do get into an accident.

You must ask yourself: How much are your out-of-pocket expenses compared to your potential premium savings? You need to weigh these two factors and come up with a good deductible-premium ratio that works for you. Many car owners find that their "sweet spot" for deductibles is $500. However, this may not be right for everyone, so make your own calculations and figure out exactly how much you'll be saving. Alternatively, you can always ask your insurance agent to give you other deductible quotes for comparison. 

Online Auto Insurance Shopping: Doing It Right

Posted on Nov 2nd 2009, 07:42 am, under Find The Best Auto Insurance Quotes

Today, searching for the right auto insurance policy has never been easier, thanks to the Internet. You can get multiple online auto insurance quotes in mere seconds from reputable sites like Progressive, Allstate, or State Farm, making comparison shopping really quick and simple. Of course, if you want to get the most out of this information resource and make your search even more effective, there are some important points you should consider:

1. Consider your auto insurance requirements. For example, do you want to just have a basic safety net in case you ever get into an accident? Or is your car a priceless possession that requires extra insurance and contingency measures? Before you even start shopping around, you must have a good idea of what you need.

2. Go to a website that provides multiple car insurance quotes. These tools will let you compare rates from several competing companies, and you can tailor your search to match your geographic location and the type of vehicle you own.

3. Look into the details of the insurance policy. You want a policy that contains the most essential protective elements. These include personal liability, collision coverage, and damage from uninsured motorists. Among these, liability insurance is the most indispensable, so always get quotes that include this component at the minimum. This way, even if you damage something expensive, you won't get buried in debt. Beyond these basic requirements, your needs will depend on your budget and vehicle.

4. Compare the auto insurance rates with your current budget. Your goal is simple: Find the insurance policy that offers the most coverage at the lowest price. Of course, keep your basic requirements in mind. Take your time and compare as many insurance policies as you can. Auto insurance companies are highly competitive with each other, and if you're persistent, you're bound to find a firm that will give you the right coverage at a fair price. Once you've found a suitable policy, check out our article on how to select the best insurance deductible for your money.