It's like unlocking the door to freedom and adventure! But before you hit the open road, there's an important decision to make - rental car insurance. It's a topic that can confuse even the savviest travellers. While insurance is essential for protection, it doesn't mean you have to break the bank. You can explore some savvy tips to save money on rental car insurance without compromising coverage. Buckle up; you're in for a ride!
Before you delve into the money-saving strategies, get a grip on what it is all about. When you rent a car, the rental company will usually provide you with insurance coverage to protect against potential damages, accidents, or theft during the rental period. While it's an added layer of security, it often comes with a hefty price tag.
Believe it or not, you might already have this insurance without knowing it! Many car insurance policies and even some credit cards offer rental car coverage as a hidden superpower. So, before you opt for the rental company's insurance, check with your car insurance provider or credit card company to see if you're already covered. This little-known fact could save you a significant amount of money and bring a smile to your face.
Did you know that some credit cards offer such insurance as a perk? It's like a gift from the financial heavens! You may automatically receive rental car coverage if you use the right credit card to pay for the rental. However, not all credit cards offer this benefit, so make sure to check with your credit card issuer before relying solely on this option.
Saving money on it is all about the art of comparison. Just like shopping for the perfect outfit, don't settle for the first option that comes your way. Take the time to shop around and compare insurance rates from different rental companies. You'll be amazed at how much money you can save with just a little effort.
If you have existing insurance policies, such as auto or homeowner's insurance, explore the option of bundling your car rental coverage with these policies. Insurance companies often offer discounts for bundling, which can result in substantial savings. It's like getting the best value meal at your favourite fast-food joint - a winning combo that excites and satisfies you.
Liability coverage is another important aspect of car rental coverage. It protects you in case you're at fault in an accident and must cover damages to other people's vehicles or property. Depending on your existing coverage, you may consider supplemental liability coverage from the rental company. It's like finding the perfect balance between protecting yourself and your wallet.
When picking a car rental coverage option, it's essential to read the fine print and understand what's covered and what's not. Some insurance options may have exclusions or limitations that could leave you vulnerable in specific situations. Being well-informed ensures that you make the right decision for your needs and budget.
In conclusion, rental car insurance doesn't have to be a budget-buster. You can save money without compromising coverage by understanding your existing coverage, leveraging credit card perks, comparing options, and bundling policies. Consider your emotions on the road and strike the right balance between protection and risk.
As you embark on your rental car adventure, cruise with confidence, knowing that you've made a savvy decision that leaves you feeling secure and empowered. It's time to hit the road with a smile and a little extra cash in your pocket - the perfect recipe for an unforgettable journey.
On top of your injuries, you may be worried about your bills and any added expenses.
If an insurance company offers you a check right away, you may be overjoyed and feel great relief. After all, you probably thought you’d wind up in debt because of an accident someone else caused. You may have even thought it was easy to get this check, too, meaning you won’t have to negotiate.
But before you accept this offer, you need to know how much your claim is truly worth. The insurance company is hoping that you’re desperate or unfamiliar with the process so you’ll just take this amount. However, personal injury victims who have endured serious injuries should never jump at the first offer without having an attorney review it first.
If you have a settlement check dangling before you, you should think it over before immediately accepting it. While it may seem like a relief to receive this amount, it’s likely much lower than the damages you’ve incurred from your accident.
Insurance companies know that people are swayed by money. If they offer you something quickly, chances are that you’ll take it without a second thought. Many people do this only to find out why it was a bad idea.
They’re looking out for their bottom line, but you should be looking out for yours, too. It’s a business that relies on profits to stay afloat. The larger the check, the less they get.
While it may seem like a lot to you, you’re missing out on the money you deserve. If you haven’t thoroughly gone through all your medical bills, found out what your ongoing and future medical treatments are like, tallied up your lost wages, or examined the less tangible impacts of the accident, the check simply isn’t enough. You’re much better off negotiating instead.
Determining a settlement offer requires calculating several factors. Insurance companies may offer a low amount because they think you’ll accept it. Once you take this offer, you lose your right to negotiate.
In other cases, an adjuster simply may not have all the facts of your case. You will need to show your losses and injuries. Regardless, having a personal injury lawyer on your side can ensure you don’t settle for less. They will also negotiate on your behalf by presenting the relevant evidence to secure maximum compensation.
If the adjuster wasn’t aware of all the damages and then revised the settlement offer, that may be the end of it. Let an attorney take a look at your offer to have full peace of mind that you’re not settling for less than you need to put your life back in order after the accident.
It’s easy to see why anyone injured in a serious car accident would take that first check. The entire ordeal is stressful and mentally taxing. As such, many people just want to put the whole thing behind them. They may have bills piling up and be out of work, and that money will surely help.
Some have negative perceptions about lawsuits. However, if you’re filing a personal injury lawsuit, you’re seeking what’s fair under the law. If you have an attorney calculate your economic and non-economic damages and they are greater than that check, don’t accept it.
Sadly, those who take the check without checking it out often see the additional costs arising from their medical treatments. If you have long-term damage that isn’t immediately apparent, taking the check means you can’t ask for compensation for the treatments you need.
Your initial settlement offer generally won’t include your hospitalization costs, surgery, specialized treatments, lost wages, physical therapy, long-term care, or pain and suffering. How will you know what’s fair then? You should work with a personal injury attorney to get help with injury claims and ensure the settlement you receive is fair.
Consulting with a lawyer in a free initial consultation can help you calculate the proper amount. Instead of just taking that check, think it over. For some people with minor injuries and damages, this check may be sufficient. However, those who have been in accidents that have left them with life-long injuries, disfiguration, and scarring should make sure they’ve taken everything into account.
Driving a motor vehicle without valid insurance carries serious repercussions ranging from a fine of up to ₹4,000 to imprisonment for up to 3 months.
Such drastic consequences are precisely why it is crucial to renew your motor vehicle insurance on time. This way, you can avoid getting caught on the wrong side of the law. But what if you’re unaware of your vehicle insurance status? Thankfully, you can quickly perform an insurance check online to determine its status.
There are three different ways through which you can quickly get to know the status of your vehicle insurance policy - through the Vahan NR e-Services Portal, the mParivahan smartphone app, and the website of your Regional Transport Office (RTO). Let’s look at each of these methods in detail.
#1 - Through the Vahan NR e-Services Portal
The Vahan NR e-Services Portal is a website dedicated to obtaining motor vehicle-related information. You can use the website to perform a quick car or bike insurance check online. Here are the steps you need to follow.
That’s it. The website will instantly display all the key information related to the motor vehicle in question. This includes the present insurance status of the vehicle such as the insurer’s name, policy number, and validity. Additionally, the website also displays details of your motor vehicle such as the name, model, registration date, registration validity, Pollution Under Control (PUC), and motor vehicle tax validity.
#2 - Through the mParivahan Smartphone App
If you have a smartphone, you can quickly check the insurance status of any motor vehicle through the mParivahan app. Here’s how you can do it.
The app will display a host of information regarding your motor vehicle including the vehicle details and insurance validity, among others.
#3 - Through the website of your Regional Transport Office (RTO)
Alternatively, you can also check the details of your motor vehicle insurance policy by visiting the official website of the Regional Transport Office (RTO) where your vehicle was registered. The steps that you need to follow are listed below.
The website will display key information related to your vehicle including insurance validity details.
As you can see, all it takes is a few minutes to perform a car or bike insurance check online. Now, although these methods make it simple to access insurance-related information, the easiest way to check the validity of your motor vehicle insurance is by looking at the policy document.
Speaking of insurance, planning to purchase or renew your bike insurance policy but are worried about high premiums? With Bajaj Allianz bike insurance, you don’t have to. You can get comprehensive protection for your vehicle at highly competitive premiums. What’s more, the entire process can be completed online within just a few minutes.
It’s a frustrating fact, especially since the state requires all drivers to carry auto insurance.
The most recent statistics from the Insurance Research Council in 2019 show that 12.4% of Georgia’s drivers are uninsured. If you are in an accident, you may, unfortunately, have to contend with an at-fault driver without insurance. In this scenario, knowing your options can greatly help you avoid financial fallout from the accident.
Every driver should know what to do after an accident, regardless of whether or not the other driver has insurance.
First, you should call 911 to report the crash so the police can make a report. You should also get medical treatment to determine if you have any internal injuries.
Additionally, exchanging information with the other driver is required. Uninsured drivers will often beg you not to report the crash. Some may outright refuse to provide you with information. In this case, you should take a photo of the vehicle's license plate and be prepared to describe the driver. Gathering this evidence and getting the contact information of any witnesses will be a tremendous asset.
Next, you should contact your insurance provider. Most providers have stipulations in the contract that you must report any accident to them, regardless of how minor it may be. Your insurance policy may include uninsured motorist (UM) coverage, but it is not mandated under the requirements of Georgia car insurance. In other words, it’s optional, and you may not have it.
According to Stone Mountain car accident lawyers at The Pendergrass Law Firm, PC, you will need legal representation if you don’t have UM coverage in your auto insurance policy. You’ll find that most car accident attorneys will offer a free initial consultation where they can take a look at your case and offer legal advice.
With experience handling car accident cases, they can assess the likely outcome for your case and what compensation you may receive.
With Georgia’s at-fault driving laws, the person who caused the accident is liable for compensating the accident victims. You can file a lawsuit to collect damages directly from the uninsured driver, even if they don’t have liability insurance. However, since most uninsured drivers don’t have valuable personal assets, they likely can’t pay, making it hard to recover what they owe to you.
Small claims court may be another option, though it may not be sufficient if you have hefty medical bills for your injury. If the damage is only to your property, small claims court may be where you should take your case. Again, this option may not work if the uninsured driver can’t afford to pay you back.
With the help of a car accident attorney, you may find that there’s another liable party. It could be another vehicle involved in the crash, or it could be a third party that perhaps hired the at-fault driver and didn’t provide proper insurance coverage.
Either way, recovering compensation can be more challenging if your accident was caused by an uninsured driver. However, with the help of an experienced attorney, you’ll get the best possible outcome and be able to move forward.
You want to know that you will recover your health and that the party responsible for your damages will come through. If not, attorneys Wattel and York want to make you aware of the fact that there are legal options available to get the damages to which you are entitled. Additionally, you will want to know the role the insurance company will play and whether they are on your side. Let’s see what role insurance companies play.
For the insurance company to play a role in your car accident, you must contact them and let them know what happened as soon as possible. Once they know about the incident, they will assign an insurance adjuster to the case who will be responsible for investigating the accident to determine who was at fault and what percentage of fault should be assigned to each driver.
To reach a decision, they may start by looking at pictures and videos of the damage that your car sustained. They may visit the accident scene and interview both you and the other drivers involved. If there are any witnesses to the collision, they will also get their testimonies.
Additionally, they may review the following documents:
• The police report about the accident
• Your hospital bills, medical records, and any other bills to cover the treatment of your injuries
• Any proof you might have of the wages you have lost by being unable to go to work while tending to your injuries
They may also check your social media accounts to make sure your injuries are authentic. Once the insurance company receives this information, they will offer you a settlement amount for your claim. The amount will usually be based on fault and other factors. If it is determined that the other driver was at fault, you should get compensation from their insurance company.
There is no need for you to wait until the investigation into the accident is complete before you seek medical care or get your car fixed as long as your policy covers both items. Before you take your car to a body shop, verify with the insurance company that you can go wherever you want. They may require you to use a specific mechanic to receive reimbursement for the cost. They may also ask you to provide several repair estimates before you can select one or they may only cover up to a certain amount and you may have to pay the difference.
If the cost to repair your car is higher than what it is worth your insurance adjuster may decide to write off the vehicle. Insurance companies use the car's value to make an appraisal and some policies will cover the cost to purchase a new car.
Keep a detailed log of everything related to your injuries. Take pictures of their progress and a journal on how you are feeling. Keep all medical bills in an organized file. And if you find that the amount the insurance company has offered is insufficient to cover your medical expenses, you may want to consider hiring an attorney to help you with your claim.
In a recent survey, it was found that nearly 46% of American adults had neither employer-backed nor individual life insurance. This number was higher among adult women, with 22% lacking insurance compared to their male counterparts (11%).
Persisting economic challenges and the surging cost of living have only added more pressure on middle-class Americans, and the idea of taking out life insurance has now become a second-hand thought for many of them.
According to the Life Insurance Marketing and Research Association International (LIMRA), under half, or 46% of middle-income Americans currently have individual life insurance policies.
Despite the gyrating cost of living that has seen the average price of nearly everything skyrocket over the last year, the cost of life insurance has remained significantly low, with a typical 10-year $250,000 life insurance policy, for a healthy 40-year-old individual averaging between $15,00 to $17,00 per month.
Yet, individual factors including age, medical conditions, income, and gender among other things will ultimately determine the monthly premium cost of life insurance. And for some Americans, taking out cheaper and more affordable life insurance doesn’t necessarily give them the coverage they require for them and their families to live comfortably in case of a sudden emergency.
Taking out life insurance will be one of the most critical choices you will face, as it will ultimately determine the level of risk management for both you and your family. With several factors that weigh in when choosing life insurance, it’s best to regard some of the most important considerations that can influence your life insurance policy and the cost thereof.
At first glance, it’s good to consider what your personal insurance needs might be. This might consist of several things, including your family dynamic, financial position, current debt, and any expenses you might have as a family unit.
Typically, if you are someone who makes up a large portion of the monthly family income, you will need to answer whether your life insurance coverage will help meet your family’s financial needs in case of a sudden emergency.
Before taking out a policy, ensure you undergo a thorough assessment or evaluation, as this will help you determine the type of policy you might require. During the evaluation process, you will be required to deliver or provide as much personal information to ensure you are provided with the best policy options available for you and your family.
Typically, insurers will provide consumers with an option of different life insurance policies, with the most common two types being either term-based or permanent life insurance.
It’s best that you first evaluate each before making a final decision, as this will impact how much your monthly premium will be, and what is included in the policy.
A term life insurance policy will only cover you for a predetermined period of time. This may range, depending on your personal needs, and can be anything from ten, fifteen, twenty, or even thirty years.
Younger consumers often start with term-based life insurance policies, given the fact that their needs and financial position might be different than older and more mature consumers.
The second option would be to take out a permanent life insurance policy, which will cover you for your entire life. Although this provides better and more thorough risk management, premiums, or monthly payment, will typically be higher.
Although you may end up paying more for permanent life insurance, there tend to be two components included in the policy that helps cover life-threatening events and life savings or investments. Instead of only covering you in case of sudden death and illness, these policies will also help grow your savings over time.
Life insurance may not be priced the same across the board, and usually, insurers will offer a base premium, and only after an assessment, the final premium cost will be determined. Depending on what your personal condition might be, the premium you pay can either be higher or lower, so you should undergo a full and thorough assessment with several providers.
If you’re the sole provider for your family, taking out life insurance may be a stressful task, as your personal history may affect whether you are approved or denied. More so, there are instances where personal factors can help you get the best possible policy rate, but if sudden changes take place, such as a change of job, or problems with your health occur your policy rates may change.
An important question to ask, and consider is to think of what you are planning to cover or protect with your life insurance policy.
Often, adults will take out life insurance if they are the main source of income for the family, or if they are considered to be the sole provider. Other reasons may be to protect children or dependents against any financial scrutiny in case of a sudden medical emergency or loss of life.
Consumers might also take out life insurance purely to help them save and invest their money over time. This doesn’t always secure them financially for when they enter retirement, but it does give them the peace of mind their savings will be protected against any economic headwinds they may encounter.
Then of course, often adults see life insurance coverage as a way to protect their assets, such as a home, property, business, or any other large assets. Though there are insurance policies that specifically exist for these cases, taking out a larger insurance policy may help protect these assets against any sudden life changes as well.
Once you start shopping around for life insurance, you will need to consider what your future needs may be, or how your life may be changing in the coming years. Often, younger adults may only consider their current lifestyle, but in a few years, things might look completely different in terms of their health, occupation, or family dynamic.
Additionally, if you are taking out life insurance with your spouse and family in mind, you will need to consider how day-to-day expenses are constantly increasing. With this in mind, you will need to think of your future needs from a financial and lifestyle perspective.
As you go through different phases in your life, you may be required to update your policy. Perhaps you get married, start studying again, change jobs or decide to add a family member to your policy, these may all affect how much your premiums may be, and what will be covered.
Taking out life insurance is about planning for the future in terms of your risk management. Though it’s not easy to understand or predict what your life may look like in five or even ten years, it’s important to seek assistance from a professional agent, and provide them with the necessary information related to your lifestyle and any changes that you may undergo in the coming years.
Life insurance has become an important aspect of everyday life, especially at a time where the threat of disease, violence, and crime are constantly increasing. Taking out life insurance helps to protect you and your family from any future events or any sudden changes that may take place as you grow older.
Though there are a lot of considerations one will need to contemplate before you agree to any policy, it’s advised to seek professional advice from an insurance agent or provider. Additionally, it’s also wise to review your policy every year, or when you undergo any changes such as a change in occupation or family dynamic.
Inevitably, life insurance will not keep the threat of everyday life away, but it does give added protection and peace of mind for individuals that are a core component of their family.
According to the Centers for Medicare and Medicaid Services (CMS), in 2020, total health spending in the U.S. reached $4.1 trillion, or about $12,530 per person. It is due to the high medical bills. However, if you have health insurance, you don’t have to worry much about the expenses, as you can get a part of your expenses from the insurance company.
The best way to get paid for medical expenses is to submit insurance reimbursement claims. You can do this by filing a claim with your insurance company. However, there are some steps that you need to follow for them to evaluate and approve your claim.
Insurance reimbursement allows you to claim money from your insurer after a medical expense. This is usually done when the claimant has paid for their medical expenses, not their insurance company.
The reimbursement process can be challenging, but technology can help. You can use applications that help you submit forms, track your application's status, and communicate with your insurance company. There are many such reimbursement applications.
You can use an insurance reimbursement app to help you file a claim for reimbursement of out-of-network medical expenses. Such apps allow you to track costs and ensure you receive the maximum amount covered by your insurance.
The amount of money that can be claimed will depend on your policy and the type of treatment it covers. Generally speaking, reimbursement claims should be filed within 30 days of receiving treatment or paying out-of-pocket for any medical services not covered by your health care or provider network plan.
This can also be the other way around. Sometimes, even healthcare providers might have to claim reimbursement. For example, during the pandemic, health providers treating the uninsured got reimbursement from the government programs, such as the American Rescue Plan (ARP) Act, which provided a $4.8 billion package.
If you have an insurance policy, inform the insurance company of your hospitalization. Some companies will send a claim form to your home address, while others will allow you to submit the claim online. The best way to ensure that your claim gets processed quickly is by communicating with them directly.
If you don't know where to start or what information needs to be included in your submission, call their customer service line and ask for help. They can answer any questions you may have about submitting a reimbursement request and filing a complaint against them if they refuse payment on your behalf. Additionally, they might be able to point out how long it can take before getting reimbursed.
You need to gather the following documents to submit your insurance reimbursement claim:
Filling out the claim form appropriately is crucial in determining whether your claim will be approved or rejected. Here are some tips for filling out the claim form:
You will need to submit supporting documents containing the details of the treatment received. This should include the following:
Make sure you keep copies of these documents if they are lost during shipping or transit back to your home address.
The company will evaluate your claim request and initiate reimbursement accordingly. They may contact you if they need more information, ask you to send them more documentation, or ask you to send them a copy of your receipts.
When you submit your insurance reimbursement claim, there is a chance it might be denied. The Kaiser Family Foundation found that in 2020, on average, 18% of claims by in-network providers were denied, but some plans denied as many as 80% of claims.
The most common reason for a denial is that the patient did not have coverage from the carrier or that they did not fill out the claim form correctly. Other reasons include the following:
If you are dissatisfied with your health insurer's decision on a claim, you can appeal the decision and have it reviewed by an independent third party.
You should always take care of your health and try to get the best treatment you can afford. Forty-two percent of Americans reported problems paying medical bills or being in debt due to medical bills in the Commonwealth Fund Biennial Health Insurance Survey.
If the treatment does not fall under the health insurance policy, you can use reimbursement claims to get some money back from the insurance companies.
Insurance companies process reimbursement claims on a case-by-case basis. Still, they usually require supporting documentation and submitting an application form with all necessary details, like the date of treatment received, the amount paid by the patient, etc.
The UK is currently suffering through a cost-of-living crisis, where rent, bills, food, and more are at an all-time high. In fact, 89% of adults in Great Britain, around 46 million people, report having increased living costs over the past few months, despite cutting back on essentials.
With money inevitably on our minds, the question remains - is there something we can do to protect our finances? Let’s take a look at five insurances that can help ease the burden and anxieties of the cost-of-living crisis.
With the cost-of-living crisis, many have found themselves living paycheck to paycheck. So, if this income were to disappear, such as by falling ill, this might lead to serious financial trouble, which is an understandable and valid anxiety during such trying times.
Group income protection insurance will pay out monthly sums to employees who are off work long-term for sickness or illness. Though you will probably be eligible for statutory sick pay to begin with, this is only available for 28 weeks. Thus, income protection insurance will effectively continue payments after those 28 weeks, so you can focus on getting better rather than worrying about money.
Life insurance will pay a lump sum to your dependents in the case of your untimely passing. This will ensure that your loved ones are financially protected if you were to sadly die, which is even more important during such financial instability.
Eye tests and new glasses can be expensive, even though it is an essential part of our lives. The same can be said for trips to the dentist, especially if you can’t access a dentist surgery that has NHS dentists. In some cases, going to the optician or dentist is an emergency, so it can’t be avoided - but it can equally be a lot to pay out of pocket.
To make sure your optician and dentist trips are not extortionate, or so expensive you avoid going altogether, look into vision and dental cover. If you already have health insurance, you might be able to simply add it as a bolt-on to your existing policy.
If you were to fall critically ill, and thus need to adapt your home, have attentive care, and still need to have the funds to live on, critical illness cover can help. It will pay out a lump sum that will give financial support towards the cost of living and other costs dictated by the illness at hand.
Many studies have found that the cost-of-living crisis has been, and will continue to be, harmful to the mental health of our population. This is because financial insecurity has real-world implications, which can lead to anxieties over being able to provide for oneself and one’s family.
Thus, even if you have all the financial insurances listed above, it is important to make sure you have mental health cover too. Though mental health services are free on the NHS, they typically have extremely long waiting lists, and it goes without saying that forking out for expensive private therapists won’t exactly ease financial burdens or worries.
And there you have it - five types of insurance that can take a weight off your mind during this time by protecting your finances.
[ymal]
The benefit offered under NCB ranges from a 20%-50% reduction in the insurance premium costs. The policyholder can avail the No Claim Bonus benefit at the time of renewing their car insurance policy. It is important to note that the No Claim Bonus is only applicable on comprehensive insurance plans. NCB cannot be used with third-party car insurance. While most car owners are aware of the NCB benefit, not many know how it’s actually calculated.
The No Claim Bonus is offered to car owners on the basis of how many insurance claim-free years they have. Once a policyholder passes through a full policy year without making a claim, they are eligible for a 20% reduction in premium costs during renewal. This percentage goes up to a maximum of 50% for consecutive claim-free years. An individual can easily understand how No Claim Bonus in car insurance is calculated.
| Policy Term | No Claim Bonus |
| 1 claim-free policy year | 20% reduction on premium costs |
| 2 claim-free policy years | 25% reduction on premium costs |
| 3 claim-free policy years | 35% reduction on premium costs |
| 4 claim-free policy years | 45% reduction on premium costs |
| 5 claim-free policy years | 50% reduction on premium costs |
Yes, the policyholder will lose the No Claim Bonus benefit once they make a car insurance claim. Even if they have No Claim Bonus accumulated over many years, it will be reset to zero after making a claim. The policyholder will then be eligible for the base No Claim Bonus only after 1 claim-free year has passed again. The No Claim Bonus in car insurance will also be scrapped if the policyholder fails to renew their car insurance policy within 90 days from the date of expiration of the original plan. To ensure that you do not lose your No Claim Bonus, renew your car insurance plan before its expiry or within the grace period provided by your insurer.
Here are the main benefits you get from the No Claim Bonus in car insurance:
As mentioned above, stacking multiple No Claim Bonus over many years allows you to get as much as a 50% reduction in the price of your insurance premiums. This can help you save a significant amount of money in the long run.
If you are planning to buy a completely new insurance plan, the good news is that your No Claim Bonus can be transferred or carried forward to your new insurance policy. There are several insurance providers online, so If you wish to switch your insurer at the time of renewal, your existing insurance company will provide you with a No Claim Bonus certificate, which can be used to carry forward your NCB with your new insurance provider.
The best way to make sure that your No Claim Bonus stays intact is to avoid making any insurance claims unless absolutely necessary. If there is only minor damage to your car that can be repaired at a lower cost, you should get the repairs done out of pocket. However, if the damage is immense, you should definitely make an insurance claim. Fortunately, you can buy a car insurance add-on cover called ‘No Claim Bonus Protection’ that will allow you to make up to 2 insurance claims in a policy year without losing your No Claim Bonus benefit.
No Claim Bonus or NCB is an immensely helpful feature offered by insurance companies to policyholders which allows them to save a lot of money on premium costs. While NCB in car insurance is there to help you save money, the main reason to purchase insurance is to keep your precious car financially covered against damages. There are many myths about car finance, but there is plenty of information online for all your queries. Make sure, you don’t get discouraged from claiming insurance if your car gets involved in a major accident even if you end up losing your No Claim Bonus.
As a technology company, SmartFinancial simplifies the insurance-buying experience with a transparent insurance-technology platform that matches shoppers with the right insurance products. This makes the entire process of shopping for insurance simpler and more efficient.
With inflation on the rise and so much uncertainty with the economy, budgeting and saving money is more important than ever. A smart way to save is to make sure you shop and save on your insurance. Below are some common questions and answers that can help you do just that.
With prices soaring, what are the best ways consumers can save money on insurance?
Compare prices for all types of insurance every six months because each insurer rates each person differently and rates change daily. Use a comparison site like SmartFinancial to save time.
What types of insurance coverage changes lead to the biggest savings?
Raising your deductible is the easiest way to see big savings for both home and car insurance. Also, ask your insurance agent about the types of discounts the carrier offers.
How much money can consumers save by updating their insurance yearly?
You can even save by comparing insurance rates every six months. Why not? You can save up to 40% on premiums.
When are the best times to compare insurances? Is there a specific season or life event that signals a chance to save money on insurance?
Many life events may make you eligible for a lower rate. You may end up saving with an existing policy or a new one, if you get married or move to a better neighbourhood or if you get a new job or buy a home. If your credit score improves, make sure to compare insurance rates. If your rates increase, you should shop around to see if another carrier can offer you a better deal. If you haven’t compared prices in over six months, you’re probably paying too much for insurance.
Is the cost of insurance also rising with inflation?
If you’re buying insurance now, you may be paying more due to inflation, but not if you shop around for a competitively priced policy. If you’ve been insured for over six months, you may be underinsured as a result of inflation so that your limits are too low to cover an accident without you being responsible for an outstanding balance. Inflation is heavily affecting insurance coverage limits, which are no longer adequate for rising prices in parts and labour. You may want to consider increasing your limits in case you do need repairs on your car or home.
How is SmartFinancial utilising technology to help consumers adjust to inflation?
You can still find an affordable insurance policy despite inflation if you compare rates and insurers. SmartFinancial takes away the legwork of comparing prices, which can help you find the most affordable policy available in your area. After users share their information one time, they are offered competing rates from the larger insurance companies all the way to the small local ones.
With inflation on the rise and so much uncertainty with the economy, budgeting and saving money is more important than ever.
Do consumers receive any negative consequences for switching insurances, such as financial penalties or other fees?
Whether or not you’ll be fined with penalties and fees depends on a few factors. Different insurance companies have different policies. You may or may not get your policy prorated for the amount of time your policy was active. You may or may not get fined for cancelling, depending on the terms of your contract. The best time to switch is just before your renewal date to make sure you don’t get fined. Also, make sure to have an active policy before cancelling your old one so you have no gaps in coverage.
How does SmartFinancial keep the human element in an industry and world, that is vastly increasing the presence of automated and chatbot solutions for customer service?
SmartFinancial is built by people and powered by technology. We have call centre concierges all across the country for people who would rather speak with a live agent for a free quote rather than filling out a questionnaire online.
What is the one thing you wish everyone knew about insurance?
Insurance is not meant to be used unless it’s a cost that would otherwise be a great financial burden. Use it when you can’t afford to pay out of pocket. As a rule of thumb, never file a claim for any repairs that are below or slightly over your deductible amount. It’s just not worth it. Several claims can lead to a higher insurance rate.
1291 Group was founded by Marc-André Sola in 2000 and it has grown organically, now operating from 14 locations worldwide and 80 staff globally. Being an independent adviser means the Group has access to 51 insurance carriers in 15 jurisdictions. It is licensed in 36 countries to provide advice and support on life insurance solutions.
Within the 1291 family, clients are connected to a group of top international professionals with backgrounds in law, tax, insurance and trusts.
Caroline is based in the Geneva office of 1291 Group. She has over 25 years of experience in the trust and estate planning sector and brings this expertise to help families achieve their goals.
What are the needs of the families you serve and how does Private Placement Life Insurance achieve that?
Over the years we have realised that the needs of families are generally:
Privacy and Confidentiality
Asset Protection
Tax Optimisation
Estate and legacy planning
Cash and liquidity access
We call this “PATEC”
Private Placement Life Insurance is a unit-linked single premium payment insurance policy, The premium can be paid in cash or with a portfolio of bankable assets, but it is also possible to pay with non-traditional asset classes such as art, precious metals or crypto.
It’s called Private Placement because each contract is issued under its own private placement memorandum – the policyholder’s assets are segregated from other policyholder’s assets under the same insurance carrier.
Whilst the legal ownership of the assets passes to the insurance carrier, the policyholder retains at all time full rights to request a partial or full surrender of the policy, change the beneficiaries and to appoint their own investment manager.
Why is custodising crypto assets generally difficult? And why is structuring these assets into a PPLI an effective solution for this?
Cryptocurrencies are not financial assets but an asset class on its own. They also lack physical substance. Therefore, they meet the definition of an intangible asset and would be recorded at acquisition cost (i.e. price paid or consideration given).
Cryptocurrencies are designed to work as a decentralised medium of exchange, independent of a financial institution or any other central authority so the custody is not with a traditional arrangement of a banking institution but held by a token or key with the key holder having secure access via private passwords or biometric authentication systems.
The difficulty for a cryptocurrency (and other digital assets) is that after the keyholder's lifetime, if the assets have not been the subject of an inventory with regular updates, then it is very difficult for the executor to identify the deceased’s entire exposure to these digital assets.
Digital assets can be entrusted to professional trustees, inter vivos so that the problem linked to the devolution of the keyholder’s credential is solved. However, many trustees have difficulty customising such assets due to the associated risks, directly or indirectly that they represent.
By using a PPLI policy to structure the digital assets and appoint the trustee as policyholder, these risks can be mitigated. In addition, the trust can also be the beneficiary of the policy to ensure estate planning over many generations.
Are there risks involved in holding crypto in PPLI? If so what are they and how can these risks be mitigated?
Holding cryptocurrencies in a PPLI entails no risks that holding them directly would not also entail. However, investing in cryptocurrencies directly can be vulnerable to fraud; by holding them through a PPLI structure, the insurance company will handle the custody of the underlying assets.
Switzerland is also a leader for cryptocurrencies and there are already pure play crypto banks duly authorised by our regulator FINMA and even more traditional banks are expanding their offering for crypto assets. Custodising digital assets of a policy with a duly regulated Swiss bank as custodian will further mitigate the typical risks such assets entail as it is the bank’s obligation to ensure a state-of-the-art due diligence and safe custody of them.
What are the tax benefits of holding crypto within a PPLI?
Once the assets are placed within the PPLI, such assets enjoy growth free from income and capital gains tax (as long as there is no partial or full surrender), thus the policy benefits from the gross roll-up effect.
This is especially relevant for cryptocurrencies which are subject to high returns (and lows!). Unstructured cryptocurrencies could be subject to tax on an arising basis in countries like Australia, France, India, Singapore and USA.
Does PPLI offer liquidity for clients?
By funding a PPLI, a client with crypto assets will have access to a private account which would function as an “off-ramp” conversion to fiat (legal tender whose value is linked to a government-issued currency like the US dollar).
The client can then request a partial surrender for liquidity needs (which might trigger taxation depending on the tax residence of the client).
Do you see more people choosing to hold crypto within PPLI in the coming years, if so, why?
Yes indeed, more and more people are looking to hold their assets in a safe and secure way. As the legal ownership of the policy is with the duly regulated insurance company, for high-profile clients looking to secure their assets from claims, if a policy is set up correctly (taking care to observe the absence of fraudulent conveyancing) then the assets within the policy are out of reach of a client’s creditors.
With clients already leading global lifestyles and with relocations becoming easier again, one of the major advantages of a PPLI is the portability, which allows clients to keep their policy (making sure to comply with local requirements for policies), thus avoiding the need to surrender the policy and triggering a taxable event.
As cryptocurrencies will come under stronger legal, regulatory and tax scrutiny, cryptocurrency investors will be confronted with potentially higher legal and tax challenges in order to keep the portfolio in a compliant way, while benefiting from asset protection and tax deferral. Holding these assets in PPLI structures will help to mitigate those risks.
The CRM you select will have a significant impact on the productivity of your team. Therefore, you'll want to choose one that meets all your needs and provides all of the essential features of your agency. Here are some of the things you should consider when selecting an ideal CRM software for insurance agents:
When it comes to software, it's important to understand your needs and work backwards from there. However, deciding on the most important functionalities can be confusing if you're still unsure what CRM features are right for you and your business. To help you get started, here are some questions worth asking yourself as you plan out a system that will work best for your unique situation:
It may seem silly at first glance, but defining the problem before starting a solution helps eliminate some common issues. Like you shouldn't buy something because others have told you or by getting overwhelmed with offers on different platforms without considering their real value. Once you know where you're going, it's time to start selecting your CRM.
Once you've selected the best CRM for insurance agents, you want to ensure that it is easy to learn and use. To maximise the return on your investment, you need to easily train new employees or subcontracted workers in how to use the system. You also want your existing users to be able to pick up where they left when they return from vacation or after taking time off for other reasons.
In addition, it should be intuitive. Most people don't like learning new software systems because they can be complex and confusing. So look for one with an interface that is intuitive enough. It helps the users figure out how it works without having someone explain everything step-by-step each time they have a question about using the system.
Customer service is a critical component of any customer relationship management (CRM) solution for insurance agents. However, customer service shouldn't be viewed as an afterthought to your CRM but rather a key differentiator in your overall communications strategy.
When evaluating a CRM system for your agency, it's important to remember that the ability to provide outstanding customer service should be the main focus of your evaluation process. You want to select a platform that will make you stand out from the competition. It must provide exceptional support and dedicated resources towards this goal. You can't afford to sacrifice this aspect in pursuit of other features or benefits.
It isn't just about being nice. Customer service is one of the most effective ways to differentiate yourself from other agencies in your local area. It's also crucial because it makes people feel valued, and when they feel valued, they will likely stick around. In addition, it means more referrals and new customers down the line.
It's important to understand that a CRM for insurance agents is different from a CRM for other businesses. The main difference is that insurance agents are focused on handling the specific data and processes that come with working in the industry. It's not just about being able to track leads or send out emails. It's about doing it all with accuracy and efficiency, so you can focus on closing more deals and making money.
The best way to figure out if you're using the right tool for your business? Ask yourself these questions:
It should be available on mobile devices if you're looking for a CRM. It is important because most customers use their phones to complete transactions while they are out and about. Therefore, your customer will expect your company to have a mobile-friendly platform they can access through tablets or phones.
It also helps if the CRM syncs with your phone so that all your contacts get updated in real-time. For example, if someone calls while you're driving and wants their information changed or updated, then having this option can save time and effort on both ends of the call.
Lastly, look for one that's easy enough for users who aren't tech-savvy. For example, does it have a simple 'wizard' feature where agents can easily add new prospects?
A CRM that's too complicated can be a real headache. It should be easy to use to focus on your clients and appointments. In addition, the CRM should be customisable. You don't want to waste time learning how to set up your accounts or add custom fields. That's why it's important to find an affordable and user-friendly solution.
Lastly, the best CRM will have a mobile app so agents can access their data anytime and anywhere.As an insurance agent, choosing a CRM that can boost your business efficiency is important. However, with so many options available on the market today, you may not know where to start. The advice mentioned above will help you make an informed decision and select the best CRM for your company.
