(270,1,'2020-03-24 17:30:09','2020-03-24 17:30:09','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>What type of insurance do you need for your classic car?</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img src=\"http://smartinsurance.tips/wp-content/uploads/2020/03/Untitled_Clipping_032520_023011_AM.jpg\" width=\"360\" height=\"240\" alt=\"\" class=\"wp-image-274 alignleft size-full\" /><span style=\"color: #000000;\">There\'s a reason you call that hunk of metal in your garage your baby. Whether it\'s a cream-colored \'37 Buick, a turquoise \'57 Chevy or a cherry red \'77 Camaro Z-28, you treat it like one of the family -- maybe a little better. But no matter how protective you are of your kid-on-wheels, you\'ll still need to insure it. Driving a</span><span> </span>classic car<span> </span><span style=\"color: #000000;\">even short distances on the road without</span><span> </span>auto insurance<span> </span><span style=\"color: #000000;\">is both risky and illegal.</span></p>\n<p><span style=\"color: #000000;\">About half the owners of antique and classic cars put them on their regular auto insurance policies [source: </span>Kristof<span style=\"color: #000000;\">]. Not a good idea. Ordinary insurance is for ordinary cars. The </span>book value<span> </span><span style=\"color: #000000;\">of an ordinary car goes down every year, and so does the total amount the insurance company will pay if it\'s damaged. Well-maintained classic cars, on the other hand, hold their value and often appreciate in price. You definitely want insurance that recognizes the real market value of your car.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">The special, classic car insurance that you should look for will do that, and also includes standard </span>liability<span style=\"color: #000000;\">, collision and</span><span> </span>comprehensive coverage<span style=\"color: #000000;\">. In the event of an accident or other loss, the insurer pays to repair or replace your car as a valuable classic, not an old junker.</span></p>\n<p><span style=\"color: #000000;\">And here\'s the bonus: Even though it offers this higher coverage, classic car insurance usually costs less than regular auto insurance. Insurers know that you drive your cream puff carefully, don\'t rack up the miles and polish it to a shine every Saturday. That means you\'re less likely to have an accident, and the company is willing to give you a break on your premiums, typically anywhere from 20 to 40 percent less than a regular policy [source: </span>Krisof<span style=\"color: #000000;\">].</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">A specialty insurer will sit down with you and negotiate an \"agreed value\" policy based on your car\'s appraised market value or on auction prices for similar cars. Some policies even include a clause that bumps that value up a certain percentage every year. This is the opposite of regular policies, which pay out only the \"actual cash value\" of the car -- a value that goes down over time [source: </span>Drivesteady.com<span style=\"color: #000000;\">].</span></p>\n<p><span style=\"color: #000000;\">To qualify for classic car insurance, your roadster has to be collectible or antique. Different companies have different criteria for determining what they consider to be classic. Car models older than 20 years used to be considered classics, but today, some older cars are not seen as collectible because of high production runs in the 1970s and 1980s and lack of interest in the designs of cars of that era. At the same time, a later model might be called a classic if it\'s a limited edition or an exotic vehicle, like a </span>Ferrari F40<span style=\"color: #000000;\"> or a </span>Corvette ZR1<span style=\"color: #000000;\">. Street rods, </span>muscle cars<span> </span><span style=\"color: #000000;\">and</span><span> </span>low riders<span> </span><span style=\"color: #000000;\">may also be eligible for classic car insurance [source: </span>Hagerty.com<span style=\"color: #000000;\">].</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">The policies do come with restrictions. For example, the amount you can drive will be limited -- typically to no more than 5,000 miles (8,046 kilometers) a year [source: </span>Kristof<span style=\"color: #000000;\">]. You must own another vehicle for daily use, and you\'ll have to store your classic in a secure garage. Additionally, you may not be eligible for classic car insurance if you\'re younger than 30, and even if you meet the age requirement, the insurer may require you to have a clean driving record [source: </span>Drivesteady.com<span style=\"color: #000000;\">].</span></p>\n<p><span style=\"color: #000000;\">There are a number of companies that specialize in classic auto insurance. You can find them online or by asking members of your local car club. Buying a classic car policy is a win-win proposition: You get the coverage you need and save money in the bargain.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">You can read the full article </span><a href=\"https://money.howstuffworks.com/personal-finance/auto-insurance/insurance-for-classic-cars.htm\">here</a><span style=\"color: #000000;\">.</span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','What type of insurance do you need for your classic car?','','publish','closed','closed','','what-type-of-insurance-do-you-need-for-your-classic-car','','','2020-08-21 21:43:45','2020-08-21 21:43:45','',0,'http://smartinsurance.tips/?page_id=270',0,'page','',0),(271,1,'2020-03-24 17:30:09','2020-03-24 17:30:09','<!-- wp:divi/placeholder /-->','What type of insurance do you need for your classic car?','','inherit','closed','closed','','270-revision-v1','','','2020-03-24 17:30:09','2020-03-24 17:30:09','',270,'http://smartinsurance.tips/270-revision-v1/',0,'revision','',0),(277,1,'2020-03-24 18:38:02','2020-03-24 18:38:02','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\" hover_enabled=\"0\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><strong>What type of insurance do you need for your classic car?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img src=\"http://smartinsurance.tips/wp-content/uploads/2020/03/Untitled_Clipping_032520_023011_AM.jpg\" width=\"360\" height=\"240\" alt=\"\" class=\"wp-image-274 alignleft size-full\" />There\'s a reason you call that hunk of metal in your garage your baby. Whether it\'s a cream-colored \'37 Buick, a turquoise \'57 Chevy or a cherry red \'77 Camaro Z-28, you treat it like one of the family -- maybe a little better. But no matter how protective you are of your kid-on-wheels, you\'ll still need to insure it. Driving a<span> </span><a href=\"https://auto.howstuffworks.com/classic-cars.htm\">classic car</a><span> </span>even short distances on the road without<span> </span><a href=\"https://auto.howstuffworks.com/buying-selling/car-insurance.htm\">auto insurance</a><span> </span>is both risky and illegal.</p>\n<p>About half the owners of antique and classic cars put them on their regular auto insurance policies [source:<span> </span><a href=\"http://articles.chicagotribune.com/2009-09-27/news/0909240629_1_collectible-cars-state-farm-classic-car-insurance\" class=\"ext-link\">Kristof</a>]. Not a good idea. Ordinary insurance is for ordinary cars. The<span> </span><a href=\"https://auto.howstuffworks.com/buying-selling/kelley-blue-book.htm\">book value</a><span> </span>of an ordinary car goes down every year, and so does the total amount the insurance company will pay if it\'s damaged. Well-maintained classic cars, on the other hand, hold their value and often appreciate in price. You definitely want insurance that recognizes the real market value of your car.</p>\n<p>&nbsp;</p>\n<p>The special, classic car insurance that you should look for will do that, and also includes standard<span> </span><a href=\"https://money.howstuffworks.com/personal-finance/auto-insurance/liability-insurance.htm\">liability</a>, collision and<span> </span><a href=\"https://money.howstuffworks.com/personal-finance/auto-insurance/comprehensive-auto-insurance-cover.htm\">comprehensive coverage</a>. In the event of an accident or other loss, the insurer pays to repair or replace your car as a valuable classic, not an old junker.</p>\n<p>And here\'s the bonus: Even though it offers this higher coverage, classic car insurance usually costs less than regular auto insurance. Insurers know that you drive your cream puff carefully, don\'t rack up the miles and polish it to a shine every Saturday. That means you\'re less likely to have an accident, and the company is willing to give you a break on your premiums, typically anywhere from 20 to 40 percent less than a regular policy [source:<span> </span><a href=\"http://articles.chicagotribune.com/2009-09-27/news/0909240629_1_collectible-cars-state-farm-classic-car-insurance\" class=\"ext-link\">Krisof</a>].</p>\n<p>&nbsp;</p>\n<p>A specialty insurer will sit down with you and negotiate an \"agreed value\" policy based on your car\'s appraised market value or on auction prices for similar cars. Some policies even include a clause that bumps that value up a certain percentage every year. This is the opposite of regular policies, which pay out only the \"actual cash value\" of the car -- a value that goes down over time [source:<span> </span><a href=\"http://drivesteady.com/antique-car-insurance-101\" class=\"ext-link\">Drivesteady.com</a>].</p>\n<p>To qualify for classic car insurance, your roadster has to be collectible or antique. Different companies have different criteria for determining what they consider to be classic. Car models older than 20 years used to be considered classics, but today, some older cars are not seen as collectible because of high production runs in the 1970s and 1980s and lack of interest in the designs of cars of that era. At the same time, a later model might be called a classic if it\'s a limited edition or an exotic vehicle, like a<span> </span><a href=\"https://auto.howstuffworks.com/ferrari-f40.htm\">Ferrari F40</a><span> </span>or a<span> </span><a href=\"https://auto.howstuffworks.com/corvette-zr1.htm\">Corvette ZR1</a>. Street rods,<span> </span><a href=\"https://musclecars.howstuffworks.com/\">muscle cars</a><span> </span>and<span> </span><a href=\"https://auto.howstuffworks.com/under-the-hood/trends-innovations/lowrider.htm\">low riders</a><span> </span>may also be eligible for classic car insurance [source:<span> </span><a href=\"http://www.hagerty.com/Collector-car-insurance/Does-my-vehicle-qualify/Antique-and-classic-cars\" class=\"ext-link\">Hagerty.com</a>].</p>\n<p>&nbsp;</p>\n<p>The policies do come with restrictions. For example, the amount you can drive will be limited -- typically to no more than 5,000 miles (8,046 kilometers) a year [source:<span> </span><a href=\"http://articles.chicagotribune.com/2009-09-27/news/0909240629_1_collectible-cars-state-farm-classic-car-insurance\" class=\"ext-link\">Kristof</a>]. You must own another vehicle for daily use, and you\'ll have to store your classic in a secure garage. Additionally, you may not be eligible for classic car insurance if you\'re younger than 30, and even if you meet the age requirement, the insurer may require you to have a clean driving record [source:<span> </span><a href=\"http://drivesteady.com/antique-car-insurance-101\" class=\"ext-link\">Drivesteady.com</a>].</p>\n<p>There are a number of companies that specialize in classic auto insurance. You can find them online or by asking members of your local car club. Buying a classic car policy is a win-win proposition: You get the coverage you need and save money in the bargain.</p>\n<p>&nbsp;</p>\n<p>You can read the full article <a href=\"https://money.howstuffworks.com/personal-finance/auto-insurance/insurance-for-classic-cars.htm\">here</a>.</p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>\n[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','What type of insurance do you need for your classic car?','','inherit','closed','closed','','270-revision-v1','','','2020-03-24 18:38:02','2020-03-24 18:38:02','',270,'http://smartinsurance.tips/270-revision-v1/',0,'revision','',0),(274,1,'2020-03-24 18:30:15','2020-03-24 18:30:15','','Untitled_Clipping_032520_023011_AM','','inherit','open','closed','','untitled_clipping_032520_023011_am','','','2020-03-24 18:30:15','2020-03-24 18:30:15','',0,'http://smartinsurance.tips/wp-content/uploads/2020/03/Untitled_Clipping_032520_023011_AM.jpg',0,'attachment','image/jpeg',0);
INSERT INTO `smart_posts` VALUES (275,1,'2020-03-24 18:31:45','2020-03-24 18:31:45','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\" hover_enabled=\"0\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><strong>What type of insurance do you need for your classic car?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img src=\"http://smartinsurance.tips/wp-content/uploads/2020/03/Untitled_Clipping_032520_023011_AM.jpg\" width=\"360\" height=\"240\" alt=\"\" class=\"wp-image-274 alignleft size-full\" />There\'s a reason you call that hunk of metal in your garage your baby. Whether it\'s a cream-colored \'37 Buick, a turquoise \'57 Chevy or a cherry red \'77 Camaro Z-28, you treat it like one of the family -- maybe a little better. But no matter how protective you are of your kid-on-wheels, you\'ll still need to insure it. Driving a<span> </span><a href=\"https://auto.howstuffworks.com/classic-cars.htm\">classic car</a><span> </span>even short distances on the road without<span> </span><a href=\"https://auto.howstuffworks.com/buying-selling/car-insurance.htm\">auto insurance</a><span> </span>is both risky and illegal.</p>\n<p>About half the owners of antique and classic cars put them on their regular auto insurance policies [source:<span> </span><a href=\"http://articles.chicagotribune.com/2009-09-27/news/0909240629_1_collectible-cars-state-farm-classic-car-insurance\" class=\"ext-link\">Kristof</a>]. Not a good idea. Ordinary insurance is for ordinary cars. The<span> </span><a href=\"https://auto.howstuffworks.com/buying-selling/kelley-blue-book.htm\">book value</a><span> </span>of an ordinary car goes down every year, and so does the total amount the insurance company will pay if it\'s damaged. Well-maintained classic cars, on the other hand, hold their value and often appreciate in price. You definitely want insurance that recognizes the real market value of your car.</p>\n<p>&nbsp;</p>\n<p>The special, classic car insurance that you should look for will do that, and also includes standard<span> </span><a href=\"https://money.howstuffworks.com/personal-finance/auto-insurance/liability-insurance.htm\">liability</a>, collision and<span> </span><a href=\"https://money.howstuffworks.com/personal-finance/auto-insurance/comprehensive-auto-insurance-cover.htm\">comprehensive coverage</a>. In the event of an accident or other loss, the insurer pays to repair or replace your car as a valuable classic, not an old junker.</p>\n<p>And here\'s the bonus: Even though it offers this higher coverage, classic car insurance usually costs less than regular auto insurance. Insurers know that you drive your cream puff carefully, don\'t rack up the miles and polish it to a shine every Saturday. That means you\'re less likely to have an accident, and the company is willing to give you a break on your premiums, typically anywhere from 20 to 40 percent less than a regular policy [source:<span> </span><a href=\"http://articles.chicagotribune.com/2009-09-27/news/0909240629_1_collectible-cars-state-farm-classic-car-insurance\" class=\"ext-link\">Krisof</a>].</p>\n<p>&nbsp;</p>\n<p>A specialty insurer will sit down with you and negotiate an \"agreed value\" policy based on your car\'s appraised market value or on auction prices for similar cars. Some policies even include a clause that bumps that value up a certain percentage every year. This is the opposite of regular policies, which pay out only the \"actual cash value\" of the car -- a value that goes down over time [source:<span> </span><a href=\"http://drivesteady.com/antique-car-insurance-101\" class=\"ext-link\">Drivesteady.com</a>].</p>\n<p>To qualify for classic car insurance, your roadster has to be collectible or antique. Different companies have different criteria for determining what they consider to be classic. Car models older than 20 years used to be considered classics, but today, some older cars are not seen as collectible because of high production runs in the 1970s and 1980s and lack of interest in the designs of cars of that era. At the same time, a later model might be called a classic if it\'s a limited edition or an exotic vehicle, like a<span> </span><a href=\"https://auto.howstuffworks.com/ferrari-f40.htm\">Ferrari F40</a><span> </span>or a<span> </span><a href=\"https://auto.howstuffworks.com/corvette-zr1.htm\">Corvette ZR1</a>. Street rods,<span> </span><a href=\"https://musclecars.howstuffworks.com/\">muscle cars</a><span> </span>and<span> </span><a href=\"https://auto.howstuffworks.com/under-the-hood/trends-innovations/lowrider.htm\">low riders</a><span> </span>may also be eligible for classic car insurance [source:<span> </span><a href=\"http://www.hagerty.com/Collector-car-insurance/Does-my-vehicle-qualify/Antique-and-classic-cars\" class=\"ext-link\">Hagerty.com</a>].</p>\n<p>&nbsp;</p>\n<p>The policies do come with restrictions. For example, the amount you can drive will be limited -- typically to no more than 5,000 miles (8,046 kilometers) a year [source:<span> </span><a href=\"http://articles.chicagotribune.com/2009-09-27/news/0909240629_1_collectible-cars-state-farm-classic-car-insurance\" class=\"ext-link\">Kristof</a>]. You must own another vehicle for daily use, and you\'ll have to store your classic in a secure garage. Additionally, you may not be eligible for classic car insurance if you\'re younger than 30, and even if you meet the age requirement, the insurer may require you to have a clean driving record [source:<span> </span><a href=\"http://drivesteady.com/antique-car-insurance-101\" class=\"ext-link\">Drivesteady.com</a>].</p>\n<p>There are a number of companies that specialize in classic auto insurance. You can find them online or by asking members of your local car club. Buying a classic car policy is a win-win proposition: You get the coverage you need and save money in the bargain.</p>\n<p>&nbsp;</p>\n<p>You can read the full article <a href=\"https://money.howstuffworks.com/personal-finance/auto-insurance/insurance-for-classic-cars.htm\">here</a>.</p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>\n[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','What type of insurance do you need for your classic car?','','inherit','closed','closed','','270-revision-v1','','','2020-03-24 18:31:45','2020-03-24 18:31:45','',270,'http://smartinsurance.tips/270-revision-v1/',0,'revision','',0),(278,1,'2020-03-24 18:41:27','2020-03-24 18:41:27','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>How To Make A Claim Against Someone Else’s Car Insurance</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\" hover_enabled=\"0\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" min_height=\"3573px\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img src=\"https://thumbor.forbes.com/thumbor/fit-in/900x510/https://www.forbes.com/advisor/wp-content/uploads/2020/02/insurance-adjuster-e1582088495272.jpg\" alt=\"How To Make A Claim Against Someone Else’s Car Insurance\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">Christin Walker of Burlington, New Jersey, is a safe driver. She proved it by navigating a school bus full of noisy and, occasionally, boisterous children on country roads and city streets for 22 years.</span></p>\n<p><span style=\"color: #000000;\">But even good drivers can have bad accidents. Little more than a week after she purchased her used 2006 Honda Civic, it was smashed and totaled by a hit-and-run driver who – according to the police report – zoomed through a red light. Walker considers herself lucky she wasn’t hurt. That same driver was involved in another accident less than a month later which killed a pedestrian.</span></p>\n<p><span style=\"color: #000000;\">Among the problems: She hasn’t yet received a settlement from any insurance company, she has no car and she still has to make loan payments on the Honda that’s now rusting in a recycling center. She’s frustrated enough to file a claim against the insurer of the car that hit her.</span></p>\n<p><span style=\"color: #000000;\">If Walker does make an insurance claim, she’s not alone. There are about 6 million crashes reported by police every year in the U.S., according to the National Highway Traffic Safety Administration. About three million people are injured or killed in these car accidents, so there are a huge number of lawsuits and insurance claims every year.</span></p>\n<p>&nbsp;</p>\n<h2><span style=\"color: #000000;\"><strong>Making an Insurance Claim Against Someone Else</strong></span></h2>\n<p><span style=\"color: #000000;\">If someone else crashes into you, in the simplest scenario you’ll make a claim against their liability insurance. This is called a third-party claim: You’re the third party to the other driver and their insurance company.</span></p>\n<p><span style=\"color: #000000;\">The other person’s insurer will process the claim, but don’t count on a quick payment. The insurer might want to investigate the accident to determine that their customer truly was at fault.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>Using Your Own Insurance to Fix the Problem</strong></span></h2>\n<p><span style=\"color: #000000;\">But if insurance claims were simple, we could all feel like insurance experts. And when someone else has caused an accident, it’s natural to feel that they should pay for what they did. But in some cases you might need to turn to your own auto insurance, even when someone else crashed into you. Here’s how that could happen.</span></p>\n<p><span style=\"color: #000000;\"><strong>Using your own insurance situation No. 1, the no-fault states: </strong>In states with no-fault insurance laws, you always make injury claims on your own insurance first. These states require personal injury protection (PIP insurance) for this purpose. You can sue another driver only when you meet certain qualifications, which each state defines. In many cases there needs to be serious injury or death before you sue someone else for a car crash in a no-fault state. (Property damage claims can still usually be made on the other person’s liability insurance.)</span></p>\n<p><span style=\"color: #000000;\">In states without no-fault laws, PIP and a similar coverage called medical payments (MedPay) are often available. These can be used for injury claims for you and your passengers,</span></p>\n<p><span style=\"color: #000000;\"><strong>Using your own insurance situation No. 2, an underinsured driver:</strong> What if the driver doesn’t have enough insurance to cover accident injuries? You could still sue them for the remainder, but if they don’t have any assets it may not be worth it. One option is to turn to your own underinsured motorist coverage, if you have it. It can cover medical bills when the other driver doesn’t have enough insurance.</span></p>\n<p><span style=\"color: #000000;\"><strong>Using your own insurance situation No. 3, not dealing with it</strong>: You could decide to use your own insurance for car damage, rather than dealing with the other person’s insurance company. If you have </span><u><a href=\"https://www.forbes.com/advisor/insurance/collision-and-comprehensive-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/collision-and-comprehensive-insurance/\">collision insurance</a></u><span style=\"color: #000000;\">, you can use it for car damage caused by someone else.</span></p>\n<p><span style=\"color: #000000;\">The downside is that your insurance check will be reduced by your collision deductible amount. You might get that deductible amount back later if your insurance company goes after reimbursement from the other person’s insurer.</span></p>\n<p><span style=\"color: #000000;\">If you have rental reimbursement coverage, you could tap that was well for a rental while your vehicle is in the repair shop for a collision claim.</span></p>\n<p><span style=\"color: #000000;\"><strong>Using your own insurance situation No. 4, getting stuck with a car loan balance:</strong> If your vehicle was totaled in the accident, insurance should compensate you for the value of the car at the time of the accident — whether you’re making a liability claim against someone else or using your own collision insurance.</span></p>\n<p><span style=\"color: #000000;\">But that doesn’t mean the problem is solved. In some cases you could owe more on a car loan or lease than what the car was worth. This can happen, for example, if you financed most of the cost of the car, or you have a vehicle that has lost value quickly. In any case, having </span><u><a href=\"https://www.forbes.com/advisor/insurance/gap-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/gap-insurance/\">gap insurance</a></u><span style=\"color: #000000;\"> can provide the difference between the insurance payment and the loan/lease balance.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>Or You Could Sue</strong></span></h2>\n<p><span style=\"color: #000000;\">Another way to get compensation is to hire a lawyer and sue the other driver.</span></p>\n<p><span style=\"color: #000000;\">You may need to help establish that the other person was indeed at fault, especially if they start finger-pointing at you. Items such as a police report, photos from the scene, and the contact information for any witnesses will help prove you weren’t to blame.</span></p>\n<p><span style=\"color: #000000;\">If the likely settlement for a car accident is small – around $3,000 and you have a provable case – you could opt to take the other driver to small claims court.</span></p>\n<p><span style=\"color: #000000;\">While each state has different rules, most local governments have some version of small claims court. Filing fees are usually reasonable, and the wait time for a hearing is generally about a month or two. You also have the right to subpoena witnesses, including the other driver, the insurer’s claims adjuster, and anyone else who may have been involved with the accident. Have all your information available, as well as certified estimates for the cost of repairs.</span></p>\n<p><span style=\"color: #000000;\">The upside to this process is that it forces the other person’s insurance company to send a lawyer and any witnesses needed to prove its case – or to dispute the amount of the lawsuit – to court. This could lead to settlement talks.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>At the Scene of an Accident</strong></span></h2>\n<p><span style=\"color: #000000;\">Protecting your ability to sue someone else starts at the scene of the accident. It’s good to have an accident checklist to help you gather the right information.</span></p>\n<p><span style=\"color: #000000;\">If you’re involved in a car accident, the first thing to do is step back, catch your breath and make sure you and your passengers haven’t been injured. Soft tissue injuries are a concern even in a bumper-bump, and injuries raise the stakes for an insurance claim.</span></p>\n<p><span style=\"color: #000000;\">Assuming there are no injuries, it will still be stressful for both (or all) parties to the accident. Try to minimize road rage (yours and theirs) in the inevitable exchange of driver information. Pull your car over to a safe spot if possible. Don’t stand on a crowded or high-speed road unless you have to. And if possible, stay inside the car, dial 911 and wait for the police.</span></p>\n<p><span style=\"color: #000000;\">If the parties are reasonable, make sure they get what they need to file a claim, and that you do as well. Someone else really only needs your insurance information from your insurance ID card. Many insurers provide a car accident checklist in their mobile apps, or print one out and keep it in the glove compartment.</span></p>\n<p><span style=\"color: #000000;\">But the most valuable tool after a car accident is your cell phone. Take pictures of the damage to your car and the other vehicles involved, license plates, road conditions like ice, rain or snow, and any other contributing factors such as nearby intersections and road signs. Take a photo of other drivers’ insurance ID cards. Note the names and phone numbers of any witnesses. Your phone should date stamp and record the time the photos were taken.</span></p>\n<p><span style=\"color: #000000;\">Make sure to verify the responding police officer’s name and badge number, which could be scrawled illegibly on any document you receive. Obtain a copy of the police report as soon as it is filed, and check for accuracy.</span></p>\n<p><span style=\"color: #000000;\">Don’t waste any time in contacting <i>your</i> insurer, no matter who was at fault. Here too technology could come to your rescue, as many insurers let you file claims from their mobile apps.</span></p>\n<p><span style=\"color: #000000;\">“Make sure to submit the claim within your insurer’s time limit,” advises Loretta Worters, vice president of the Insurance Information Institute, an industry group. “Deadlines for filing vehicle damage claims are typically 30 days so ask your insurer if your policy has a time limit for submitting bills, resolving claims disputes and submitting additional information.”</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>Understanding Basic Car Insurance Types for Claims</strong></span></h2>\n<p><span style=\"color: #000000;\">After a car accident, it’s a good idea to read your auto insurance policy. This will help refresh your memory on what coverage you have. Your insurance agent may have already told you what you are – and aren’t – entitled to, but check for yourself. This is when having a reputable insurer with a good reputation will pay off.</span></p>\n<p><span style=\"color: #000000;\">Every car insurance company offers the same basic coverage types. The required ones vary by state and the rest are optional — and some optional coverage types are a wise buy.</span></p>\n<p><span style=\"color: #000000;\"><strong>Liability</strong> is the most basic coverage for all vehicles. You must have this in case you’re guilty of hitting a person, car, or even running over a garden gnome in someone’s yard. Liability insurance pays for a victim’s claims for damages such as medical expenses, property damage, lost wages and pain and suffering.</span></p>\n<p><span style=\"color: #000000;\">Almost every state requires minimal liability coverage, but amounts vary. California, for example, requires only $15,000 in injury coverage for one person in an accident. That amount may prove to be woefully inadequate with medical costs and today’s litigious society.</span></p>\n<p><span style=\"color: #000000;\">You can be sued for amounts that exceed your auto insurance. For those with assets and savings, a high amount of auto insurance is a way to protect what you’ve worked for.</span></p>\n<p><span style=\"color: #000000;\">Liability insurance also pays for your legal defense if you’re sued over something covered by your policy, like a car accident.</span></p>\n<p><span style=\"color: #000000;\"><strong>Collision insurance </strong>is optional unless it’s required for your car loan or lease. This insurance covers your car damage in the event that you hit an object such as a pole or another car. About 73% of drivers with auto insurance have collision insurance, according to the Insurance Information Institute.</span></p>\n<p><u><a href=\"https://www.forbes.com/advisor/insurance/comprehensive-vs-collision-auto-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/comprehensive-vs-collision-auto-insurance/\">Collision insurance</a></u><span style=\"color: #000000;\"> is usually packaged with comprehensive coverage, so expect to buy them together. Comprehensive coverage<strong> </strong>is also optional unless it’s required for a car loan or lease. It covers theft, fire, hail, vandalism and other miscellaneous hazards such as hitting a deer or driving through water that is camouflaging an overflowing creek.</span></p>\n<p><span style=\"color: #000000;\"><strong>No-fault</strong> auto insurance laws in some states mean that there’s no need to determine who’s at fault in order to receive payment for smaller injury claims. Each party is paid by their own insurer instead of bringing a lawsuit. Personal injury protection is the coverage for these claims.</span></p>\n<p><span style=\"color: #000000;\"><strong>Personal injury protection</strong> (PIP) is usually coupled with a no-fault law. It covers medical expenses from a car accident regardless of who’s at fault. But no-fault laws don’t eliminate the risk of being sued, particularly if serious injuries or death resulted from the accident.</span></p>\n<p><span style=\"color: #000000;\">“True ‘no-fault’ accidents are very rare,” says spokesperson Sandra Watts of the non-profit United Policyholders, which provides information on insurance. “Unless an accident occurs in a no-fault state, some percentage [of blame] will be attributed to each of the parties involved, which usually results in one of these parties being predominantly at fault.”</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>Keeping Patience</strong></span></h2>\n<p><span style=\"color: #000000;\">Whether you’re winding your way through an insurance claim or a lawsuit, being patient is crucial. Understanding your coverage will be helpful in knowing what you’re entitled to. But the starting point is buying the right coverage in the first place.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">You can read the full article </span><a href=\"https://www.forbes.com/advisor/car-insurance/car-accident-insurance-claim/\">here</a>.</p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How To Make A Claim Against Someone Else\' Car Insurance','','publish','closed','closed','','how-to-make-a-claim-against-someone-else-car-insurance','','','2020-03-25 19:24:25','2020-03-25 19:24:25','',0,'http://smartinsurance.tips/?page_id=278',0,'page','',0),(279,1,'2020-03-24 18:41:13','2020-03-24 18:41:13','<!-- wp:divi/placeholder /-->','How To Make A Claim Against Someone Else\' Car Insurance','','inherit','closed','closed','','278-revision-v1','','','2020-03-24 18:41:13','2020-03-24 18:41:13','',278,'http://smartinsurance.tips/278-revision-v1/',0,'revision','',0),(295,1,'2020-03-25 19:03:28','2020-03-25 19:03:28','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" min_height=\"675px\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"page-title\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Do you need Commercial Auto Insurance?</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><span style=\"color: rgba(255, 255, 255, 0);\"><img src=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg\" class=\"alignright bf-image wp-image-3939 business-auto lazyload loaded\" alt=\"Commercial Auto Insurance\" srcset=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg 200w, https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto.jpg 600w\" sizes=\"(max-width: 200px) 100vw, 200px\" title=\"Commercial Auto Insurance\" data-src=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg\" data-srcset=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg 200w, https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto.jpg 600w\" data-was-processed=\"true\" width=\"200\" height=\"300\" /></span></p>\n<p><span style=\"font-size: 14px; color: #000000;\">Some business owners mistakenly believe that they only need commercial auto insurance to cover large trucks or vehicles that they registered in the company’s name. Sometimes, the vehicle weight or ownership may determine that a car, truck, or van needs a business policy; however, many other vehicles would also only be properly insured by commercial vehicle insurance. Inadequate coverage for business cars can pose a large risk for businesses and other involved parties.  </span></p>\n<h3><span style=\"color: #000000;\"><strong>When to Consider Commercial Auto Insurance</strong></span></h3>\n<p><span style=\"color: #000000;\">Business owners should consider learning more about proper coverage for any cars or trucks used for business. This could include:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Vehicles used to carry goods</span></li>\n<li><span style=\"color: #000000;\">Vehicles used to transport employees or customers</span></li>\n<li><span style=\"color: #000000;\">Vehicles owned by the company, buy the owner, or even by employees</span></li>\n</ul>\n<p><span style=\"color: #000000;\">In these cases, the size of the car doesn’t matter. The kind of vehicle won’t matter either. The fact that the car is registered in the owner’s or company’s name also won’t matter. What matters is the risk of having an improperly insured vehicle involved in an accident.</span></p>\n<p><span style=\"color: #000000;\">In accidents, inventory or supplies could get damaged. Passengers, drivers, and people in other vehicles could get injured. Without commercial insurance, companies and vehicle owners could face large losses without having insurance to compensate them properly. Personal insurance may not have adequate limits for property damage or medical expenses to cover a business. In some cases, personal policies restrict or exclude business use of a car.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h3><span style=\"color: #000000;\"><strong>How to Buy Commercial Insurance for Business Use</strong></span></h3>\n<p><span style=\"color: #000000;\"><strong></strong></span></p>\n<p><span style=\"color: #000000;\">In some circumstances, vehicle owners may add a business rider to their personal policies. In other situations, it will make sense to cover the car with a commercial auto policy. An experienced business insurance agent can discuss individual situations, suggest the right solutions, and then help find the best protection.</span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Commercial Auto Insurance','','inherit','closed','closed','','259-revision-v1','','','2020-03-25 19:03:28','2020-03-25 19:03:28','',259,'http://smartinsurance.tips/259-revision-v1/',0,'revision','',0),(286,1,'2020-03-24 20:27:10','2020-03-24 20:27:10','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><strong>How To Make A Claim Against Someone Else’s Car Insurance</strong></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" min_height=\"3573px\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img src=\"https://thumbor.forbes.com/thumbor/fit-in/900x510/https://www.forbes.com/advisor/wp-content/uploads/2020/02/insurance-adjuster-e1582088495272.jpg\" alt=\"How To Make A Claim Against Someone Else’s Car Insurance\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p>&nbsp;</p>\n<p>Christin Walker of Burlington, New Jersey, is a safe driver. She proved it by navigating a school bus full of noisy and, occasionally, boisterous children on country roads and city streets for 22 years.</p>\n<p>But even good drivers can have bad accidents. Little more than a week after she purchased her used 2006 Honda Civic, it was smashed and totaled by a hit-and-run driver who – according to the police report – zoomed through a red light. Walker considers herself lucky she wasn’t hurt. That same driver was involved in another accident less than a month later which killed a pedestrian.</p>\n<p>Among the problems: She hasn’t yet received a settlement from any insurance company, she has no car and she still has to make loan payments on the Honda that’s now rusting in a recycling center. She’s frustrated enough to file a claim against the insurer of the car that hit her.</p>\n<p>If Walker does make an insurance claim, she’s not alone. There are about 6 million crashes reported by police every year in the U.S., according to the National Highway Traffic Safety Administration. About three million people are injured or killed in these car accidents, so there are a huge number of lawsuits and insurance claims every year.</p>\n<p>&nbsp;</p>\n<h2><strong>Making an Insurance Claim Against Someone Else</strong></h2>\n<p>If someone else crashes into you, in the simplest scenario you’ll make a claim against their liability insurance. This is called a third-party claim: You’re the third party to the other driver and their insurance company.</p>\n<p>The other person’s insurer will process the claim, but don’t count on a quick payment. The insurer might want to investigate the accident to determine that their customer truly was at fault.</p>\n<p>&nbsp;</p>\n<h2><strong>Using Your Own Insurance to Fix the Problem</strong></h2>\n<p>But if insurance claims were simple, we could all feel like insurance experts. And when someone else has caused an accident, it’s natural to feel that they should pay for what they did. But in some cases you might need to turn to your own auto insurance, even when someone else crashed into you. Here’s how that could happen.</p>\n<p><strong>Using your own insurance situation No. 1, the no-fault states:<span> </span></strong>In states with no-fault insurance laws, you always make injury claims on your own insurance first. These states require personal injury protection (PIP insurance) for this purpose. You can sue another driver only when you meet certain qualifications, which each state defines. In many cases there needs to be serious injury or death before you sue someone else for a car crash in a no-fault state. (Property damage claims can still usually be made on the other person’s liability insurance.)</p>\n<p>In states without no-fault laws, PIP and a similar coverage called medical payments (MedPay) are often available. These can be used for injury claims for you and your passengers,</p>\n<p><strong>Using your own insurance situation No. 2, an underinsured driver:</strong> What if the driver doesn’t have enough insurance to cover accident injuries? You could still sue them for the remainder, but if they don’t have any assets it may not be worth it. One option is to turn to your own underinsured motorist coverage, if you have it. It can cover medical bills when the other driver doesn’t have enough insurance.</p>\n<p><strong>Using your own insurance situation No. 3, not dealing with it</strong>: You could decide to use your own insurance for car damage, rather than dealing with the other person’s insurance company. If you have<span> </span><u><a href=\"https://www.forbes.com/advisor/insurance/collision-and-comprehensive-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/collision-and-comprehensive-insurance/\">collision insurance</a></u>, you can use it for car damage caused by someone else.</p>\n<p>The downside is that your insurance check will be reduced by your collision deductible amount. You might get that deductible amount back later if your insurance company goes after reimbursement from the other person’s insurer.</p>\n<p>If you have rental reimbursement coverage, you could tap that was well for a rental while your vehicle is in the repair shop for a collision claim.</p>\n<p><strong>Using your own insurance situation No. 4, getting stuck with a car loan balance:</strong> If your vehicle was totaled in the accident, insurance should compensate you for the value of the car at the time of the accident — whether you’re making a liability claim against someone else or using your own collision insurance.</p>\n<p>But that doesn’t mean the problem is solved. In some cases you could owe more on a car loan or lease than what the car was worth. This can happen, for example, if you financed most of the cost of the car, or you have a vehicle that has lost value quickly. In any case, having<span> </span><u><a href=\"https://www.forbes.com/advisor/insurance/gap-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/gap-insurance/\">gap insurance</a></u> can provide the difference between the insurance payment and the loan/lease balance.</p>\n<p>&nbsp;</p>\n<h2><strong>Or You Could Sue</strong></h2>\n<p>Another way to get compensation is to hire a lawyer and sue the other driver.</p>\n<p>You may need to help establish that the other person was indeed at fault, especially if they start finger-pointing at you. Items such as a police report, photos from the scene, and the contact information for any witnesses will help prove you weren’t to blame.</p>\n<p>If the likely settlement for a car accident is small – around $3,000 and you have a provable case – you could opt to take the other driver to small claims court.</p>\n<p>While each state has different rules, most local governments have some version of small claims court. Filing fees are usually reasonable, and the wait time for a hearing is generally about a month or two. You also have the right to subpoena witnesses, including the other driver, the insurer’s claims adjuster, and anyone else who may have been involved with the accident. Have all your information available, as well as certified estimates for the cost of repairs.</p>\n<p>The upside to this process is that it forces the other person’s insurance company to send a lawyer and any witnesses needed to prove its case – or to dispute the amount of the lawsuit – to court. This could lead to settlement talks.</p>\n<p>&nbsp;</p>\n<h2><strong>At the Scene of an Accident</strong></h2>\n<p>Protecting your ability to sue someone else starts at the scene of the accident. It’s good to have an accident checklist to help you gather the right information.</p>\n<p>If you’re involved in a car accident, the first thing to do is step back, catch your breath and make sure you and your passengers haven’t been injured. Soft tissue injuries are a concern even in a bumper-bump, and injuries raise the stakes for an insurance claim.</p>\n<p>Assuming there are no injuries, it will still be stressful for both (or all) parties to the accident. Try to minimize road rage (yours and theirs) in the inevitable exchange of driver information. Pull your car over to a safe spot if possible. Don’t stand on a crowded or high-speed road unless you have to. And if possible, stay inside the car, dial 911 and wait for the police.</p>\n<p>If the parties are reasonable, make sure they get what they need to file a claim, and that you do as well. Someone else really only needs your insurance information from your insurance ID card. Many insurers provide a car accident checklist in their mobile apps, or print one out and keep it in the glove compartment.</p>\n<p>But the most valuable tool after a car accident is your cell phone. Take pictures of the damage to your car and the other vehicles involved, license plates, road conditions like ice, rain or snow, and any other contributing factors such as nearby intersections and road signs. Take a photo of other drivers’ insurance ID cards. Note the names and phone numbers of any witnesses. Your phone should date stamp and record the time the photos were taken.</p>\n<p>Make sure to verify the responding police officer’s name and badge number, which could be scrawled illegibly on any document you receive. Obtain a copy of the police report as soon as it is filed, and check for accuracy.</p>\n<p>Don’t waste any time in contacting<span> </span><i>your</i> insurer, no matter who was at fault. Here too technology could come to your rescue, as many insurers let you file claims from their mobile apps.</p>\n<p>“Make sure to submit the claim within your insurer’s time limit,” advises Loretta Worters, vice president of the Insurance Information Institute, an industry group. “Deadlines for filing vehicle damage claims are typically 30 days so ask your insurer if your policy has a time limit for submitting bills, resolving claims disputes and submitting additional information.”</p>\n<p>&nbsp;</p>\n<h2><strong>Understanding Basic Car Insurance Types for Claims</strong></h2>\n<p>After a car accident, it’s a good idea to read your auto insurance policy. This will help refresh your memory on what coverage you have. Your insurance agent may have already told you what you are – and aren’t – entitled to, but check for yourself. This is when having a reputable insurer with a good reputation will pay off.</p>\n<p>Every car insurance company offers the same basic coverage types. The required ones vary by state and the rest are optional — and some optional coverage types are a wise buy.</p>\n<p><strong>Liability</strong> is the most basic coverage for all vehicles. You must have this in case you’re guilty of hitting a person, car, or even running over a garden gnome in someone’s yard. Liability insurance pays for a victim’s claims for damages such as medical expenses, property damage, lost wages and pain and suffering.</p>\n<p>Almost every state requires minimal liability coverage, but amounts vary. California, for example, requires only $15,000 in injury coverage for one person in an accident. That amount may prove to be woefully inadequate with medical costs and today’s litigious society.</p>\n<p>You can be sued for amounts that exceed your auto insurance. For those with assets and savings, a high amount of auto insurance is a way to protect what you’ve worked for.</p>\n<p>Liability insurance also pays for your legal defense if you’re sued over something covered by your policy, like a car accident.</p>\n<p><strong>Collision insurance<span> </span></strong>is optional unless it’s required for your car loan or lease. This insurance covers your car damage in the event that you hit an object such as a pole or another car. About 73% of drivers with auto insurance have collision insurance, according to the Insurance Information Institute.</p>\n<p><u><a href=\"https://www.forbes.com/advisor/insurance/comprehensive-vs-collision-auto-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/comprehensive-vs-collision-auto-insurance/\">Collision insurance</a></u> is usually packaged with comprehensive coverage, so expect to buy them together. Comprehensive coverage<strong> </strong>is also optional unless it’s required for a car loan or lease. It covers theft, fire, hail, vandalism and other miscellaneous hazards such as hitting a deer or driving through water that is camouflaging an overflowing creek.</p>\n<p><strong>No-fault</strong> auto insurance laws in some states mean that there’s no need to determine who’s at fault in order to receive payment for smaller injury claims. Each party is paid by their own insurer instead of bringing a lawsuit. Personal injury protection is the coverage for these claims.</p>\n<p><strong>Personal injury protection</strong> (PIP) is usually coupled with a no-fault law. It covers medical expenses from a car accident regardless of who’s at fault. But no-fault laws don’t eliminate the risk of being sued, particularly if serious injuries or death resulted from the accident.</p>\n<p>“True ‘no-fault’ accidents are very rare,” says spokesperson Sandra Watts of the non-profit United Policyholders, which provides information on insurance. “Unless an accident occurs in a no-fault state, some percentage [of blame] will be attributed to each of the parties involved, which usually results in one of these parties being predominantly at fault.”</p>\n<p>&nbsp;</p>\n<h2><strong>Keeping Patience</strong></h2>\n<p>Whether you’re winding your way through an insurance claim or a lawsuit, being patient is crucial. Understanding your coverage will be helpful in knowing what you’re entitled to. But the starting point is buying the right coverage in the first place.</p>\n<p>&nbsp;</p>\n<p>You can read the full article <a href=\"https://www.forbes.com/advisor/car-insurance/car-accident-insurance-claim/\">here</a>.</p>\n<p>&nbsp;</p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How To Make A Claim Against Someone Else\' Car Insurance','','inherit','closed','closed','','278-revision-v1','','','2020-03-24 20:27:10','2020-03-24 20:27:10','',278,'http://smartinsurance.tips/278-revision-v1/',0,'revision','',0),(281,1,'2020-03-24 18:46:23','2020-03-24 18:46:23','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><strong>The Importance of Business Interruption Insurance</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p>&nbsp;</p>\n<p>&nbsp;</p>\n<p> <img src=\"https://thumbor.forbes.com/thumbor/fit-in/900x510/https://www.forbes.com/advisor/wp-content/uploads/2020/02/insurance-adjuster-e1582088495272.jpg\" alt=\"How To Make A Claim Against Someone Else’s Car Insurance\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p>&nbsp;</p>\n<p>Christin Walker of Burlington, New Jersey, is a safe driver. She proved it by navigating a school bus full of noisy and, occasionally, boisterous children on country roads and city streets for 22 years.</p>\n<p>But even good drivers can have bad accidents. Little more than a week after she purchased her used 2006 Honda Civic, it was smashed and totaled by a hit-and-run driver who – according to the police report – zoomed through a red light. Walker considers herself lucky she wasn’t hurt. That same driver was involved in another accident less than a month later which killed a pedestrian.</p>\n<p>Among the problems: She hasn’t yet received a settlement from any insurance company, she has no car and she still has to make loan payments on the Honda that’s now rusting in a recycling center. She’s frustrated enough to file a claim against the insurer of the car that hit her.</p>\n<p>If Walker does make an insurance claim, she’s not alone. There are about 6 million crashes reported by police every year in the U.S., according to the National Highway Traffic Safety Administration. About three million people are injured or killed in these car accidents, so there are a huge number of lawsuits and insurance claims every year.</p>\n<p>&nbsp;</p>\n<h2><strong>Making an Insurance Claim Against Someone Else</strong></h2>\n<p>If someone else crashes into you, in the simplest scenario you’ll make a claim against their liability insurance. This is called a third-party claim: You’re the third party to the other driver and their insurance company.</p>\n<p>The other person’s insurer will process the claim, but don’t count on a quick payment. The insurer might want to investigate the accident to determine that their customer truly was at fault.</p>\n<p>&nbsp;</p>\n<h2><strong>Using Your Own Insurance to Fix the Problem</strong></h2>\n<p>But if insurance claims were simple, we could all feel like insurance experts. And when someone else has caused an accident, it’s natural to feel that they should pay for what they did. But in some cases you might need to turn to your own auto insurance, even when someone else crashed into you. Here’s how that could happen.</p>\n<p><strong>Using your own insurance situation No. 1, the no-fault states:<span> </span></strong>In states with no-fault insurance laws, you always make injury claims on your own insurance first. These states require personal injury protection (PIP insurance) for this purpose. You can sue another driver only when you meet certain qualifications, which each state defines. In many cases there needs to be serious injury or death before you sue someone else for a car crash in a no-fault state. (Property damage claims can still usually be made on the other person’s liability insurance.)</p>\n<p>In states without no-fault laws, PIP and a similar coverage called medical payments (MedPay) are often available. These can be used for injury claims for you and your passengers,</p>\n<p><strong>Using your own insurance situation No. 2, an underinsured driver:</strong> What if the driver doesn’t have enough insurance to cover accident injuries? You could still sue them for the remainder, but if they don’t have any assets it may not be worth it. One option is to turn to your own underinsured motorist coverage, if you have it. It can cover medical bills when the other driver doesn’t have enough insurance.</p>\n<p><strong>Using your own insurance situation No. 3, not dealing with it</strong>: You could decide to use your own insurance for car damage, rather than dealing with the other person’s insurance company. If you have<span> </span><u><a href=\"https://www.forbes.com/advisor/insurance/collision-and-comprehensive-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/collision-and-comprehensive-insurance/\">collision insurance</a></u>, you can use it for car damage caused by someone else.</p>\n<p>The downside is that your insurance check will be reduced by your collision deductible amount. You might get that deductible amount back later if your insurance company goes after reimbursement from the other person’s insurer.</p>\n<p>If you have rental reimbursement coverage, you could tap that was well for a rental while your vehicle is in the repair shop for a collision claim.</p>\n<p><strong>Using your own insurance situation No. 4, getting stuck with a car loan balance:</strong> If your vehicle was totaled in the accident, insurance should compensate you for the value of the car at the time of the accident — whether you’re making a liability claim against someone else or using your own collision insurance.</p>\n<p>But that doesn’t mean the problem is solved. In some cases you could owe more on a car loan or lease than what the car was worth. This can happen, for example, if you financed most of the cost of the car, or you have a vehicle that has lost value quickly. In any case, having<span> </span><u><a href=\"https://www.forbes.com/advisor/insurance/gap-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/gap-insurance/\">gap insurance</a></u> can provide the difference between the insurance payment and the loan/lease balance.</p>\n<p>&nbsp;</p>\n<h2><strong>Or You Could Sue</strong></h2>\n<p>Another way to get compensation is to hire a lawyer and sue the other driver.</p>\n<p>You may need to help establish that the other person was indeed at fault, especially if they start finger-pointing at you. Items such as a police report, photos from the scene, and the contact information for any witnesses will help prove you weren’t to blame.</p>\n<p>If the likely settlement for a car accident is small – around $3,000 and you have a provable case – you could opt to take the other driver to small claims court.</p>\n<p>While each state has different rules, most local governments have some version of small claims court. Filing fees are usually reasonable, and the wait time for a hearing is generally about a month or two. You also have the right to subpoena witnesses, including the other driver, the insurer’s claims adjuster, and anyone else who may have been involved with the accident. Have all your information available, as well as certified estimates for the cost of repairs.</p>\n<p>The upside to this process is that it forces the other person’s insurance company to send a lawyer and any witnesses needed to prove its case – or to dispute the amount of the lawsuit – to court. This could lead to settlement talks.</p>\n<p>&nbsp;</p>\n<h2><strong>At the Scene of an Accident</strong></h2>\n<p>Protecting your ability to sue someone else starts at the scene of the accident. It’s good to have an accident checklist to help you gather the right information.</p>\n<p>If you’re involved in a car accident, the first thing to do is step back, catch your breath and make sure you and your passengers haven’t been injured. Soft tissue injuries are a concern even in a bumper-bump, and injuries raise the stakes for an insurance claim.</p>\n<p>Assuming there are no injuries, it will still be stressful for both (or all) parties to the accident. Try to minimize road rage (yours and theirs) in the inevitable exchange of driver information. Pull your car over to a safe spot if possible. Don’t stand on a crowded or high-speed road unless you have to. And if possible, stay inside the car, dial 911 and wait for the police.</p>\n<p>If the parties are reasonable, make sure they get what they need to file a claim, and that you do as well. Someone else really only needs your insurance information from your insurance ID card. Many insurers provide a car accident checklist in their mobile apps, or print one out and keep it in the glove compartment.</p>\n<p>But the most valuable tool after a car accident is your cell phone. Take pictures of the damage to your car and the other vehicles involved, license plates, road conditions like ice, rain or snow, and any other contributing factors such as nearby intersections and road signs. Take a photo of other drivers’ insurance ID cards. Note the names and phone numbers of any witnesses. Your phone should date stamp and record the time the photos were taken.</p>\n<p>Make sure to verify the responding police officer’s name and badge number, which could be scrawled illegibly on any document you receive. Obtain a copy of the police report as soon as it is filed, and check for accuracy.</p>\n<p>Don’t waste any time in contacting<span> </span><i>your</i> insurer, no matter who was at fault. Here too technology could come to your rescue, as many insurers let you file claims from their mobile apps.</p>\n<p>“Make sure to submit the claim within your insurer’s time limit,” advises Loretta Worters, vice president of the Insurance Information Institute, an industry group. “Deadlines for filing vehicle damage claims are typically 30 days so ask your insurer if your policy has a time limit for submitting bills, resolving claims disputes and submitting additional information.”</p>\n<p>&nbsp;</p>\n<h2><strong>Understanding Basic Car Insurance Types for Claims</strong></h2>\n<p>After a car accident, it’s a good idea to read your auto insurance policy. This will help refresh your memory on what coverage you have. Your insurance agent may have already told you what you are – and aren’t – entitled to, but check for yourself. This is when having a reputable insurer with a good reputation will pay off.</p>\n<p>Every car insurance company offers the same basic coverage types. The required ones vary by state and the rest are optional — and some optional coverage types are a wise buy.</p>\n<p><strong>Liability</strong> is the most basic coverage for all vehicles. You must have this in case you’re guilty of hitting a person, car, or even running over a garden gnome in someone’s yard. Liability insurance pays for a victim’s claims for damages such as medical expenses, property damage, lost wages and pain and suffering.</p>\n<p>Almost every state requires minimal liability coverage, but amounts vary. California, for example, requires only $15,000 in injury coverage for one person in an accident. That amount may prove to be woefully inadequate with medical costs and today’s litigious society.</p>\n<p>You can be sued for amounts that exceed your auto insurance. For those with assets and savings, a high amount of auto insurance is a way to protect what you’ve worked for.</p>\n<p>Liability insurance also pays for your legal defense if you’re sued over something covered by your policy, like a car accident.</p>\n<p><strong>Collision insurance<span> </span></strong>is optional unless it’s required for your car loan or lease. This insurance covers your car damage in the event that you hit an object such as a pole or another car. About 73% of drivers with auto insurance have collision insurance, according to the Insurance Information Institute.</p>\n<p><u><a href=\"https://www.forbes.com/advisor/insurance/comprehensive-vs-collision-auto-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/comprehensive-vs-collision-auto-insurance/\">Collision insurance</a></u> is usually packaged with comprehensive coverage, so expect to buy them together. Comprehensive coverage<strong> </strong>is also optional unless it’s required for a car loan or lease. It covers theft, fire, hail, vandalism and other miscellaneous hazards such as hitting a deer or driving through water that is camouflaging an overflowing creek.</p>\n<p><strong>No-fault</strong> auto insurance laws in some states mean that there’s no need to determine who’s at fault in order to receive payment for smaller injury claims. Each party is paid by their own insurer instead of bringing a lawsuit. Personal injury protection is the coverage for these claims.</p>\n<p><strong>Personal injury protection</strong> (PIP) is usually coupled with a no-fault law. It covers medical expenses from a car accident regardless of who’s at fault. But no-fault laws don’t eliminate the risk of being sued, particularly if serious injuries or death resulted from the accident.</p>\n<p>“True ‘no-fault’ accidents are very rare,” says spokesperson Sandra Watts of the non-profit United Policyholders, which provides information on insurance. “Unless an accident occurs in a no-fault state, some percentage [of blame] will be attributed to each of the parties involved, which usually results in one of these parties being predominantly at fault.”</p>\n<p>&nbsp;</p>\n<h2><strong>Keeping Patience</strong></h2>\n<p>Whether you’re winding your way through an insurance claim or a lawsuit, being patient is crucial. Understanding your coverage will be helpful in knowing what you’re entitled to. But the starting point is buying the right coverage in the first place.</p>\n<p>&nbsp;</p>\n<p>You can read the full article <a href=\"https://www.forbes.com/advisor/car-insurance/car-accident-insurance-claim/\">here</a>.</p>\n<p>&nbsp;</p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How To Make A Claim Against Someone Else\' Car Insurance','','inherit','closed','closed','','278-revision-v1','','','2020-03-24 18:46:23','2020-03-24 18:46:23','',278,'http://smartinsurance.tips/278-revision-v1/',0,'revision','',0),(290,1,'2020-03-24 21:02:43','2020-03-24 21:02:43','<!-- wp:divi/placeholder -->\n[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" hover_enabled=\"0\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><strong>The Importance of Business Interruption Insurance</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\"><img src=\"https://www.alevinegroup.com/wp-content/uploads/2020/01/colin-watts-WdatEBiC_cQ-unsplash-1080x675.jpg\" alt=\"The Importance of Business Interruption Insurance\" width=\"1080\" height=\"675\" /></div>\n<div class=\"entry-content\">\n<div class=\"pf-content\">\n<p>&nbsp;</p>\n<p>Companies understand the importance of insurance to protect their business against perils such as fire, theft, and vandalism. However, many do not consider how their business would survive if they were unable to do business in their location due to a disaster.</p>\n<p>&nbsp;</p>\n<h2><strong>Ill-Prepared Businesses Often Fail</strong></h2>\n<p><strong></strong></p>\n<p>This may sound like insurance doom and gloom, but statistics support this claim. The<span> </span><a href=\"about:blank\">Federal Emergency Management Agency (FEMA) estimates</a><span> </span>between 40 and 60 percent of all small businesses fail to reopen after a disaster. That’s a risk no business should ignore.</p>\n<p>What constitutes a disaster? Basically, anything that brings operations to a grinding halt. This includes events such as natural disasters, burst pipes, fire, server failure, a flu epidemic, terrorism, a key employee fatality, and even executive kidnapping.</p>\n<p>Many companies aren’t financially prepared for unexpected business interruptions and every day their doors stay closed they lose revenue. They still need to pay ongoing expenses even when they can’t conduct business. Plus, their future earnings may take a hit if competitors pick up their business.</p>\n<p>A quick return to business after a disaster isn’t always a possibility. However, business interruption insurance can provide a financial cushion until your company can return to normal.</p>\n<p>&nbsp;</p>\n<h2><strong>What is Business Interruption Insurance?</strong></h2>\n<p><strong></strong></p>\n<p>Business interruption insurance is not a stand-alone policy. It is added to a property/casualty insurance policy or included in a package policy as an add-on or rider.</p>\n<p>This coverage compensates for lost income by providing your company with the revenue you would have earned, based on your historical financial records. It also covers operating expenses that continue even when operations are at a temporary halt due to denied access or forced evacuation. These include items such as rent, electricity, payroll, property taxes, loan payments, and more.</p>\n<p>Coverage is also available for extra expenses if your company needs to carry on business at another location. You may need to set up temporary internet, telephone, and electricity, rental equipment and space, pay for movers, and outsource work. This coverage may also cover employee training on new equipment or software after a loss.</p>\n<p>Policies normally include a 48-hour waiting period after the event. Coverage typically lasts until the end of the business interruption period, which is usually from the occurrence date until the damaged property is returned to its prior condition.</p>\n<p>&nbsp;</p>\n<h2><strong>Mitigating Business Interruption Risk</strong></h2>\n<p><strong></strong></p>\n<p>No two businesses are precisely the same, so their insurance coverage shouldn’t be either. Business interruption coverage is definitely one area in which clients benefit from an insurance agent’s knowledge, experience, and advice.</p>\n<p>With so many different types of coverage, we can recommend the best possible coverage at the most reasonable cost. Business interruption insurance may overlap other forms of insurance such as property and cyber liability, so coverage needs to mesh well to prevent duplication or insurance gaps.</p>\n<p>Rely on a skilled insurance agency like ours to tailor your business interruption coverage to the appropriate exposures. We’re experts in business interruption risk mitigation and can provide your company with the safety net it needs should it ever face a disaster.</p>\n</div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]\n<!-- /wp:divi/placeholder -->','The Importance of Business Interruption Insurance','','inherit','closed','closed','','240-revision-v1','','','2020-03-24 21:02:43','2020-03-24 21:02:43','',240,'http://smartinsurance.tips/240-revision-v1/',0,'revision','',0),(293,1,'2020-03-25 19:02:06','2020-03-25 19:02:06','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Are Sinkholes are covered by Insurance?</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><span style=\"color: rgba(255, 255, 255, 0);\"><img src=\"http://www.erieinsurance.com/-/media/images/blog/articlephotos/2019/sinkhole_large.ashx\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">Imagine this: You’re leaving your house, ready to tackle the working day, only to discover a large, inexplicable hole where your car is supposed to be. </span></p>\n<p><span style=\"color: #000000;\">That’s the thing about sinkholes. They’re just baffling. At first glance, sinkholes are nature’s slapstick: sudden, unpredictable, dramatic and absurd. But there’s a serious side, too – <a href=\"https://www.washingtonpost.com/news/morning-mix/wp/2015/08/19/florida-sinkhole-reopens-two-years-after-it-swallowed-a-sleeping-man-and-killed-him/?utm_term=.a4c035e8ee6e\" style=\"color: #000000;\">lives have been lost in sinkholes</a>, and the U.S. Geological Survey estimates that sinkholes cause about $300 million in damage per year. </span></p>\n<p><span style=\"color: #000000;\">So what causes them? And is there anything homeowners can do to protect themselves? Let’s find out.  </span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>CAUSES OF A SINKHOLE</strong></span></h2>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">What is a sinkhole, and how does it form? The cause is simple to understand: moving groundwater erodes rock below the soil. That creates a large cavity, which collapses. It seems like that should be an easy thing to detect… you know, with the giant cavern involved.  But the answer isn’t so simple. </span></p>\n<p><span style=\"color: #000000;\">The problem is that the methods that excel at detecting these cavities directly – ground-penetrating radar, for example – are difficult to deploy at scale. The methods that <em>can</em> cover large areas depend on surface signs that are a lot less reliable. </span></p>\n<p><span style=\"color: #000000;\">In 2014, <a href=\"https://www.nasa.gov/press/2014/march/nasa-radar-demonstrates-ability-to-foresee-sinkholes\" style=\"color: #000000;\">NASA’s Jet Propulsion Laboratory</a> discovered they can detect surface ground movement with their InSAR satellite program. But not every sinkhole exhibits this behavior before the ground caves in. Also, buildings tend to get in the way for this technique to be reliable. </span></p>\n<p><span style=\"color: #000000;\">There are risk factors that can make sinkholes a bit easier to predict. Mining operations sometime destabilize the ground in ways that promote sinkholes. Weather plays a role, as well – tropical and moist climates experience more sinkholes than dry ones. Sinkholes can also be triggered by heavy rainfalls or burst sewers and pipes.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>WHERE ARE SINKHOLES MOST COMMONLY FOUND?</strong></span></h2>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">Sinkholes are more common where the bedrock is soluble – usually limestone or dolomite rock. Florida sits on a giant slab of limestone, which is why it’s particularly sinkhole-prone. The U.S. Geological Survey reports that about 20 percent of U.S. land is susceptible to sinkholes, mostly in the following states:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Alabama</span></li>\n<li><span style=\"color: #000000;\">Florida</span></li>\n<li><span style=\"color: #000000;\">Kentucky</span></li>\n<li><span style=\"color: #000000;\">Missouri</span></li>\n<li><span style=\"color: #000000;\">Pennsylvania</span></li>\n<li><span style=\"color: #000000;\">Tennessee</span></li>\n<li><span style=\"color: #000000;\">Texas  </span></li>\n</ul>\n<h2></h2>\n<h2><span style=\"color: #000000;\"><strong>HOW COMMON ARE SINKHOLES?</strong></span></h2>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">The risk of a severe occurrence is low. Of all the sinkholes that open up in any given year, researchers estimate the risk of catastrophic damage at a one-in-100 chance – but it’s difficult to get a precise number. According to the <a href=\"https://www.usgs.gov/faqs/how-many-sinkholes-open-a-year?qt-news_science_products=0#qt-news_science_products\" style=\"color: #000000;\">U.S. Geological Survey</a>, some (but not all) states track reported sinkhole collapses, but there is no national database. </span></p>\n<p><span style=\"color: #000000;\">What’s more, many observed sinkholes are never reported to state geologic surveys… and a sinkhole that opens in a remote rural area may never be seen or reported at all. Curious about sinkholes in your specific area? Contact your county property appraiser. He or she might know additional details, such as the availability of a statewide geological database. </span></p>\n<p><span style=\"color: #000000;\">If you suspect there is a sinkhole on your property, steer clear of the affected area (and keep kids and pets away, too). Consider marking it with fencing or tape. Then, call an expert such as a geological testing firm to determine next steps. It’s a good idea to let your insurance agent know, too.  </span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>SINKHOLES AND INSURANCE</strong></span></h2>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">This can get complicated, since available coverage varies by state. The <a href=\"https://www.iii.org/article/sinkholes-and-insurance\" style=\"color: #000000;\">Insurance Information Institute</a> offers some helpful background about how sinkhole coverage works in different areas. For questions about what your specific policy can (and can’t) cover, contact your Insurance agent.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>DOES CAR INSURANCE COVER SINKHOLES? </strong></span></h2>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">Sinkhole damage can be covered if you’ve chosen to add optional <a href=\"https://www.erieinsurance.com/insurance-dictionary/comprehensive-insurance\" style=\"color: #000000;\">comprehensive coverage</a> to your auto insurance policy. (That’s the same coverage that can protect you from non-collision related damage, like a falling tree branch or <a href=\"https://www.erieinsurance.com/blog/hitting-a-deer\" style=\"color: #000000;\">hitting a deer</a>.) Learn more about <a href=\"https://www.erieinsurance.com/blog/common-auto-insurance-coverages\" style=\"color: #000000;\">understanding your auto policy</a>.  </span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>DOES HOMEOWNERS INSURANCE COVER SINKHOLES?</strong></span></h2>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">Generally speaking, most typical homeowners insurance policies don’t cover damage from earth movement. That includes earthquakes, mudslides and sinkholes. Flood damage is also not covered by a typical homeowners policy. Flood insurance is usually purchased separately through the National Flood Insurance Program.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Are Sinkholes are covered by Insurance?','','inherit','closed','closed','','251-revision-v1','','','2020-03-25 19:02:06','2020-03-25 19:02:06','',251,'http://smartinsurance.tips/251-revision-v1/',0,'revision','',0),(291,1,'2020-03-25 18:46:24','2020-03-25 18:46:24','<!-- wp:divi/placeholder -->\n[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><strong>What We Know About Sinkholes, and What We Don’t</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img src=\"http://www.erieinsurance.com/-/media/images/blog/articlephotos/2019/sinkhole_large.ashx\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p>&nbsp;</p>\n<p>Imagine this: You’re leaving your house, ready to tackle the working day, only to discover a large, inexplicable hole where your car is supposed to be. </p>\n<p>That’s the thing about sinkholes. They’re just baffling. At first glance, sinkholes are nature’s slapstick: sudden, unpredictable, dramatic and absurd. But there’s a serious side, too –<span> </span><a href=\"https://www.washingtonpost.com/news/morning-mix/wp/2015/08/19/florida-sinkhole-reopens-two-years-after-it-swallowed-a-sleeping-man-and-killed-him/?utm_term=.a4c035e8ee6e\">lives have been lost in sinkholes</a>, and the U.S. Geological Survey estimates that sinkholes cause about $300 million in damage per year. </p>\n<p>So what causes them? And is there anything homeowners can do to protect themselves? Let’s find out.  </p>\n<p>&nbsp;</p>\n<h2><strong>CAUSES OF A SINKHOLE</strong></h2>\n<p>&nbsp;</p>\n<p>What is a sinkhole, and how does it form? The cause is simple to understand: moving groundwater erodes rock below the soil. That creates a large cavity, which collapses. It seems like that should be an easy thing to detect… you know, with the giant cavern involved.  But the answer isn’t so simple. </p>\n<p>The problem is that the methods that excel at detecting these cavities directly – ground-penetrating radar, for example – are difficult to deploy at scale. The methods that<span> </span><em>can</em><span> </span>cover large areas depend on surface signs that are a lot less reliable. </p>\n<p>In 2014,<span> </span><a href=\"https://www.nasa.gov/press/2014/march/nasa-radar-demonstrates-ability-to-foresee-sinkholes\">NASA’s Jet Propulsion Laboratory</a><span> </span>discovered they can detect surface ground movement with their InSAR satellite program. But not every sinkhole exhibits this behavior before the ground caves in. Also, buildings tend to get in the way for this technique to be reliable. </p>\n<p>There are risk factors that can make sinkholes a bit easier to predict. Mining operations sometime destabilize the ground in ways that promote sinkholes. Weather plays a role, as well – tropical and moist climates experience more sinkholes than dry ones. Sinkholes can also be triggered by heavy rainfalls or burst sewers and pipes.</p>\n<p>&nbsp;</p>\n<h2><strong>WHERE ARE SINKHOLES MOST COMMONLY FOUND?</strong></h2>\n<p>&nbsp;</p>\n<p>Sinkholes are more common where the bedrock is soluble – usually limestone or dolomite rock. Florida sits on a giant slab of limestone, which is why it’s particularly sinkhole-prone. The U.S. Geological Survey reports that about 20 percent of U.S. land is susceptible to sinkholes, mostly in the following states:</p>\n<ul>\n<li>Alabama</li>\n<li>Florida</li>\n<li>Kentucky</li>\n<li>Missouri</li>\n<li>Pennsylvania</li>\n<li>Tennessee</li>\n<li>Texas  </li>\n</ul>\n<h2></h2>\n<h2><strong>HOW COMMON ARE SINKHOLES?</strong></h2>\n<p>&nbsp;</p>\n<p>The risk of a severe occurrence is low. Of all the sinkholes that open up in any given year, researchers estimate the risk of catastrophic damage at a one-in-100 chance – but it’s difficult to get a precise number. According to the<span> </span><a href=\"https://www.usgs.gov/faqs/how-many-sinkholes-open-a-year?qt-news_science_products=0#qt-news_science_products\">U.S. Geological Survey</a>, some (but not all) states track reported sinkhole collapses, but there is no national database. </p>\n<p>What’s more, many observed sinkholes are never reported to state geologic surveys… and a sinkhole that opens in a remote rural area may never be seen or reported at all. Curious about sinkholes in your specific area? Contact your county property appraiser. He or she might know additional details, such as the availability of a statewide geological database. </p>\n<p>If you suspect there is a sinkhole on your property, steer clear of the affected area (and keep kids and pets away, too). Consider marking it with fencing or tape. Then, call an expert such as a geological testing firm to determine next steps. It’s a good idea to let your insurance agent know, too.  </p>\n<p>&nbsp;</p>\n<h2><strong>SINKHOLES AND INSURANCE</strong></h2>\n<p>&nbsp;</p>\n<p>This can get complicated, since available coverage varies by state. The<span> </span><a href=\"https://www.iii.org/article/sinkholes-and-insurance\">Insurance Information Institute</a><span> </span>offers some helpful background about how sinkhole coverage works in different areas. For questions about what your specific policy can (and can’t) cover, contact an insurance professional like your<span> </span><a href=\"https://www.erieinsurance.com/find-an-insurance-agent\">Erie Insurance agent</a>.</p>\n<p>&nbsp;</p>\n<h2><strong>DOES CAR INSURANCE COVER SINKHOLES? </strong></h2>\n<p>&nbsp;</p>\n<p>Sinkhole damage can be covered if you’ve chosen to add optional<span> </span><a href=\"https://www.erieinsurance.com/insurance-dictionary/comprehensive-insurance\">comprehensive coverage</a><span> </span>to your auto insurance policy. (That’s the same coverage that can protect you from non-collision related damage, like a falling tree branch or<span> </span><a href=\"https://www.erieinsurance.com/blog/hitting-a-deer\">hitting a deer</a>.) Learn more about<span> </span><a href=\"https://www.erieinsurance.com/blog/common-auto-insurance-coverages\">understanding your auto policy</a>.  </p>\n<p>&nbsp;</p>\n<h2><strong>DOES HOMEOWNERS INSURANCE COVER SINKHOLES?</strong></h2>\n<p>&nbsp;</p>\n<p>Generally speaking, most typical homeowners insurance policies (including those from ERIE) don’t cover damage from earth movement. That includes earthquakes, mudslides and sinkholes. Flood damage is also not covered by a typical homeowners policy. Flood insurance is usually purchased separately through the National Flood Insurance Program.</p>\n<p>So, why are sinkholes excluded from a typical homeowners policy? “With a sinkhole, there’s usually no warning – and it’s typically something that can’t be prevented,” says Tammy Kula, a home product development specialist at ERIE. “However, the damage to the bedrock has been happening silently underground for months and years. That’s not ‘sudden and accidental,’ which is what typical homeowners insurance is designed to protect.” </p>\n<p>Some states (like Florida and Tennessee) require insurers to offer optional sinkhole coverage for an additional premium. Good news: If you’re an ERIE policyholder in Tennessee, sinkhole collapse coverage is included at no extra charge to your homeowners policy.</p>\n<p>Elsewhere, ERIE policyholders can typically add sinkhole protection separately with the sinkhole collapse endorsement. This endorsement can cover damage due to a sinkhole by natural means, such as groundwater that erodes limestone or dolomite rock. It can protect your home, other structures (such as a garage or shed) and your personal property up to the stated limits on your policy.</p>\n<p>Let’s face it: Life can be weird and unpredictable. At ERIE, our local agents can help you feel confident about your insurance protection so anxiety doesn’t hold you back from enjoying what really matters in life. Learn more about<span> </span><a href=\"https://www.erieinsurance.com/home-insurance\">homeowners insurance</a><span> </span>and request a quote.</p>\n<p>You can read the full article <a href=\"https://www.erieinsurance.com/blog/sinkholes\">here</a>. </p>\n<p>&nbsp;</p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]\n<!-- /wp:divi/placeholder -->','Are Sinkholes are covered by Insurance?','','inherit','closed','closed','','251-revision-v1','','','2020-03-25 18:46:24','2020-03-25 18:46:24','',251,'http://smartinsurance.tips/251-revision-v1/',0,'revision','',0),(299,1,'2020-03-25 19:17:52','2020-03-25 19:17:52','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"headline heading-content\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div class=\"main-header article-main-header\" data-path=\"work-life/money/renters-insurance\" data-social-href-pinterest=\"https://www.pinterest.com/pin/create/link/?url=https%3A%2F%2Fwww.realsimple.com%2Fwork-life%2Fmoney%2Frenters-insurance%3Futm_source%3Dpinterest.com%26utm_medium%3Dsocial%26utm_campaign%3Drealsimple%26utm_content%3D20200323%26utm_term%3D659657&amp;media=https%3A%2F%2Fimagesvc.meredithcorp.io%2Fv3%2Fmm%2Fimage%3Furl%3Dhttps%253A%252F%252Fcdn-image.realsimple.com%252Fsites%252Fdefault%252Ffiles%252Fstyles%252Flarge%252Fpublic%252Frenters-insurance.jpg%253Fitok%253DfEJa-A_Y&amp;description=Yes%2C%20You%20Need%20Renters%20Insurance%20Even%20if%20Your%20Place%20Is%20Small%20and%20Inexpensive\" data-social-href-facebook=\"https://www.facebook.com/sharer/sharer.php?u=https://www.realsimple.com/work-life/money/renters-insurance%3Futm_source=facebook.com%26utm_medium=social%26utm_campaign=social-share-article%26utm_content=20200323%26utm_term=659657\">\n<div class=\"author scale-12 padded margin-24-tb clearfix\">\n<div class=\"author-text\" data-tracking-zone=\"author\"></div>\n</div>\n</div>\n<div class=\"two-col-content-wrapper\">\n<div class=\"article-content-container two-col-content-container\" data-tracking-zone=\"content\">\n<div class=\"partial lead-image align-right\">\n<div class=\"image-and-burst\">\n<div class=\"component lazy-image lead-media no-upscale rendered image-loaded\" data-high-density=\"true\" data-src=\"https://cdn-image.realsimple.com/sites/default/files/styles/medium_2x/public/renters-insurance.jpg?itok=R4HO9F_g&amp;1557512466\" data-alt=\"renters-insurance\" data-title=\"renters-insurance\" data-shop-image=\"false\" data-tracking-zone=\"image\">\n<div class=\"image-background-container\">\n<div class=\"inner-container js-inner-container  image-overlay\"><img src=\"https://imagesvc.meredithcorp.io/v3/mm/image?url=https%3A%2F%2Fcdn-image.realsimple.com%2Fsites%2Fdefault%2Ffiles%2Fstyles%2Fmedium_2x%2Fpublic%2Frenters-insurance.jpg%3Fitok%3DR4HO9F_g%261557512466&amp;w=650&amp;c=sc&amp;poi=face&amp;q=85\" alt=\"renters-insurance\" title=\"renters-insurance\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></div>\n<div class=\"inner-container js-inner-container  image-overlay\"></div>\n<div class=\"inner-container js-inner-container  image-overlay\"></div>\n</div>\n</div>\n</div>\n</div>\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">It doesn’t really matter how small your apartment is or how fancy your kitchen chairs are—everyone should invest in renters insurance, because the ROI is pretty priceless: protection and peace of mind. It’s okay if you don’t know where to start (few people do). We’re breaking down the who, what, why, and how of rental insurance, from coverage options to costs and everything in between.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2 dir=\"ltr\"><span style=\"color: #000000;\"><strong>What Is Renters Insurance?</strong> </span></h2>\n<p><span style=\"color: #000000;\">Simply put, renters insurance (sometimes called tenant insurance) is an insurance policy you pay for to help cover you and your belongings in the event of an incident, including anything from fire to theft. Usually your landlord’s insurance will cover repairs to the property itself—say, if there’s a leaking ceiling—but will not protect your own belongings (the TV and rug that were damaged because of the leak) or the cost of having to live elsewhere if you need to move out during repairs. (Legally, landlords are only responsible to their tenants if they were aware of unsafe conditions and didn’t repair them within a reasonable time frame.).</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<div class=\"div-sm-highImpact \"></div>\n<h2 dir=\"ltr\"><span style=\"color: #000000;\"><strong>What Does Renters Insurance Cover?</strong> </span></h2>\n<p><span style=\"color: #000000;\">A renters insurance policy helps protect you and your stuff from a wide range of possibly damaging scenarios. And remember, not every event for which you’d potentially need coverage is an obvious catastrophe. Yes, the big ones include theft, fire and water damage, but unexpected incidents—like your dog uncharacteristically biting a visitor or your child accidentally throwing a baseball and breaking your neighbor’s window—can happen too. In these cases, renters insurance will soften the blow of any charges you might be held responsible for.</span></p>\n<p><span style=\"color: #000000;\">There are typically three types of coverage included in a renters insurance policy. <strong>Personal property coverage</strong> will pay the cost to repair or replace any damaged or stolen clothing, furniture, valuables, electronics, and so on. <strong>Renters liability insurance</strong> helps you pay for repairs if you accidentally damage someone else’s property, or if someone gets injured at your place and blames you. Finally, on the off chance you’d ever have to vacate your apartment for serious repairs, renters insurance can help cover <strong>additional living expenses</strong> you wouldn’t normally have had to pay for, like a hotel room, transportation, storage space, or increased food and beverage expenses.</span></p>\n<p><span style=\"color: #000000;\">Something to note: Some policies will pay for what is costs to replace lost or damaged items (aka replacement cost coverage), while others will only pay as much as the original market value of those items (aka cash value)—even if the item has increased in value by the time it\'s ruined and the price to replace it has gone up. While it’s often more expensive to pay for replacement cost coverage, it could end up covering your possessions at a higher amount down the line.</span></p>\n<h2 dir=\"ltr\"></h2>\n<h2 dir=\"ltr\"><span style=\"color: #000000;\"><strong>What <em>Won’t</em> Standard Renters Insurance Cover?</strong> </span></h2>\n<p><span style=\"color: #000000;\">Many policies specify they won’t cover losses from natural disasters like earthquakes, tornadoes floods, or hurricanes—especially if you live in an area prone to them. If you have water damage from above, (the upstairs neighbor’s kitchen sink pipe bursts and overflows into your unit), you’ll be covered; however, if the water damage comes from the ground level, like storm surge or ground flooding, and has nothing to do with the integrity of the building, you might not be not covered by standard renters insurance. For additional flood coverage, consider purchasing flood insurance (you can do at </span><a href=\"https://www.floodsmart.gov/\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">FloodSmart.gov</a><span style=\"color: #000000;\">).</span></p>\n<p><span style=\"color: #000000;\">Another time to consider opting for addition coverage or a special policy rider is if you work from a home office. Most policies don’t offer much coverage for business equipment—the upper limit for home business equipment is often around $2,500. So if you have expensive computers, scanners, or other devices in your home office, or keep inventory lying around at home, it\'s smart to add a supplemental policy rider.</span></p>\n<p><span style=\"color: #000000;\">Do you have a ton of cash at your place? Unfortunately if you get robbed, most renters insurance policies will only cover a small portion of whatever’s taken. Sometimes the maximum insurance limit is as low as $250, while some policies generally won’t cover more than $500.</span></p>\n<p><span style=\"color: #000000;\">Extra coverage might be order too for high-value property. Do you have a diamond engagement ring or priceless watch from your grandparents? Get a rider or floater on your current insurance policy to cover it. Same goes for other expensive jewelry (usually over $1,000) and valuable artwork, for which you might even need an additional policy rather than just a policy add-on.</span></p>\n<h2 dir=\"ltr\"></h2>\n<h2 dir=\"ltr\"><span style=\"color: #000000;\"><strong>How Much Is Renters Insurance?</strong> </span></h2>\n<p><span style=\"color: #000000;\">We know what you’re thinking: <em>Another</em> monthly expense to deal with? But this will be money well spent, guaranteed. What you pay for rental insurance coverage depends on what you’re willing to pay and the type of coverage plan you go with. (And remember, the higher your deductible, the lower your premium, and vice versa.) It’s smart to take </span><a href=\"https://www.iii.org/article/how-create-home-inventory\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">inventory of your stuff</a><span style=\"color: #000000;\"> to see how much personal property coverage you should pay for. In other words: About how much would it cost to repair or replace everything you own?</span></p>\n<p><span style=\"color: #000000;\">According to the National Association of Insurance Commissioners, the average renters insurance policy costs between $15 and $30 per month (or between $180 and $360 per year). Worried that’s too much on top of everything else? Imagine how much more expensive it would be to replace all your stuff after an accident without it. Think about it: You’re not just paying for your stuff, you’re paying for peace of mind.</span></p>\n<p><span style=\"color: #000000; font-size: 26px;\"></span></p>\n<p><span style=\"color: #000000;\"><span style=\"font-size: 26px;\"><strong>How to Get Renters Insurance</strong></span><span style=\"font-size: 14px;\"> </span></span></p>\n<p><span style=\"color: #000000;\">It’s much easier than you think—in fact, you’ll wonder why you haven’t already done it. After you’ve taken stock of your belongings—from coats to computers—figure out what your landlord’s insurance covers, research different types of insurance policies, and compare insurance companies before taking the plunge. Many companies let you apply for a free quote online, in person, or over the phone, and will talk you through the best coverage plan for your situation.</span></p>\n<p><span style=\"color: #000000;\">You can see the full article</span> <a href=\"https://www.realsimple.com/work-life/money/renters-insurance\">here</a>.</p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive','','inherit','closed','closed','','245-revision-v1','','','2020-03-25 19:17:52','2020-03-25 19:17:52','',245,'http://smartinsurance.tips/245-revision-v1/',0,'revision','',0),(298,1,'2020-03-25 19:17:36','2020-03-25 19:17:36','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"headline heading-content\" style=\"text-align: center;\"><strong>Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div class=\"main-header article-main-header\" data-path=\"work-life/money/renters-insurance\" data-social-href-pinterest=\"https://www.pinterest.com/pin/create/link/?url=https%3A%2F%2Fwww.realsimple.com%2Fwork-life%2Fmoney%2Frenters-insurance%3Futm_source%3Dpinterest.com%26utm_medium%3Dsocial%26utm_campaign%3Drealsimple%26utm_content%3D20200323%26utm_term%3D659657&amp;media=https%3A%2F%2Fimagesvc.meredithcorp.io%2Fv3%2Fmm%2Fimage%3Furl%3Dhttps%253A%252F%252Fcdn-image.realsimple.com%252Fsites%252Fdefault%252Ffiles%252Fstyles%252Flarge%252Fpublic%252Frenters-insurance.jpg%253Fitok%253DfEJa-A_Y&amp;description=Yes%2C%20You%20Need%20Renters%20Insurance%20Even%20if%20Your%20Place%20Is%20Small%20and%20Inexpensive\" data-social-href-facebook=\"https://www.facebook.com/sharer/sharer.php?u=https://www.realsimple.com/work-life/money/renters-insurance%3Futm_source=facebook.com%26utm_medium=social%26utm_campaign=social-share-article%26utm_content=20200323%26utm_term=659657\">\n<div class=\"author scale-12 padded margin-24-tb clearfix\">\n<div class=\"author-text\" data-tracking-zone=\"author\"></div>\n</div>\n</div>\n<div class=\"two-col-content-wrapper\">\n<div class=\"article-content-container two-col-content-container\" data-tracking-zone=\"content\">\n<div class=\"partial lead-image align-right\">\n<div class=\"image-and-burst\">\n<div class=\"component lazy-image lead-media no-upscale rendered image-loaded\" data-high-density=\"true\" data-src=\"https://cdn-image.realsimple.com/sites/default/files/styles/medium_2x/public/renters-insurance.jpg?itok=R4HO9F_g&amp;1557512466\" data-alt=\"renters-insurance\" data-title=\"renters-insurance\" data-shop-image=\"false\" data-tracking-zone=\"image\">\n<div class=\"image-background-container\">\n<div class=\"inner-container js-inner-container  image-overlay\"><img src=\"https://imagesvc.meredithcorp.io/v3/mm/image?url=https%3A%2F%2Fcdn-image.realsimple.com%2Fsites%2Fdefault%2Ffiles%2Fstyles%2Fmedium_2x%2Fpublic%2Frenters-insurance.jpg%3Fitok%3DR4HO9F_g%261557512466&amp;w=650&amp;c=sc&amp;poi=face&amp;q=85\" alt=\"renters-insurance\" title=\"renters-insurance\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></div>\n<div class=\"inner-container js-inner-container  image-overlay\"></div>\n<div class=\"inner-container js-inner-container  image-overlay\"></div>\n</div>\n</div>\n</div>\n</div>\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">It doesn’t really matter how small your apartment is or how fancy your kitchen chairs are—everyone should invest in renters insurance, because the ROI is pretty priceless: protection and peace of mind. It’s okay if you don’t know where to start (few people do). We’re breaking down the who, what, why, and how of rental insurance, from coverage options to costs and everything in between.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2 dir=\"ltr\"><span style=\"color: #000000;\"><strong>What Is Renters Insurance?</strong> </span></h2>\n<p><span style=\"color: #000000;\">Simply put, renters insurance (sometimes called tenant insurance) is an insurance policy you pay for to help cover you and your belongings in the event of an incident, including anything from fire to theft. Usually your landlord’s insurance will cover repairs to the property itself—say, if there’s a leaking ceiling—but will not protect your own belongings (the TV and rug that were damaged because of the leak) or the cost of having to live elsewhere if you need to move out during repairs. (Legally, landlords are only responsible to their tenants if they were aware of unsafe conditions and didn’t repair them within a reasonable time frame.).</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<div class=\"div-sm-highImpact \"></div>\n<h2 dir=\"ltr\"><span style=\"color: #000000;\"><strong>What Does Renters Insurance Cover?</strong> </span></h2>\n<p><span style=\"color: #000000;\">A renters insurance policy helps protect you and your stuff from a wide range of possibly damaging scenarios. And remember, not every event for which you’d potentially need coverage is an obvious catastrophe. Yes, the big ones include theft, fire and water damage, but unexpected incidents—like your dog uncharacteristically biting a visitor or your child accidentally throwing a baseball and breaking your neighbor’s window—can happen too. In these cases, renters insurance will soften the blow of any charges you might be held responsible for.</span></p>\n<p><span style=\"color: #000000;\">There are typically three types of coverage included in a renters insurance policy. <strong>Personal property coverage</strong> will pay the cost to repair or replace any damaged or stolen clothing, furniture, valuables, electronics, and so on. <strong>Renters liability insurance</strong> helps you pay for repairs if you accidentally damage someone else’s property, or if someone gets injured at your place and blames you. Finally, on the off chance you’d ever have to vacate your apartment for serious repairs, renters insurance can help cover <strong>additional living expenses</strong> you wouldn’t normally have had to pay for, like a hotel room, transportation, storage space, or increased food and beverage expenses.</span></p>\n<p><span style=\"color: #000000;\">Something to note: Some policies will pay for what is costs to replace lost or damaged items (aka replacement cost coverage), while others will only pay as much as the original market value of those items (aka cash value)—even if the item has increased in value by the time it\'s ruined and the price to replace it has gone up. While it’s often more expensive to pay for replacement cost coverage, it could end up covering your possessions at a higher amount down the line.</span></p>\n<h2 dir=\"ltr\"></h2>\n<h2 dir=\"ltr\"><span style=\"color: #000000;\"><strong>What <em>Won’t</em> Standard Renters Insurance Cover?</strong> </span></h2>\n<p><span style=\"color: #000000;\">Many policies specify they won’t cover losses from natural disasters like earthquakes, tornadoes floods, or hurricanes—especially if you live in an area prone to them. If you have water damage from above, (the upstairs neighbor’s kitchen sink pipe bursts and overflows into your unit), you’ll be covered; however, if the water damage comes from the ground level, like storm surge or ground flooding, and has nothing to do with the integrity of the building, you might not be not covered by standard renters insurance. For additional flood coverage, consider purchasing flood insurance (you can do at </span><a href=\"https://www.floodsmart.gov/\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">FloodSmart.gov</a><span style=\"color: #000000;\">).</span></p>\n<p><span style=\"color: #000000;\">Another time to consider opting for addition coverage or a special policy rider is if you work from a home office. Most policies don’t offer much coverage for business equipment—the upper limit for home business equipment is often around $2,500. So if you have expensive computers, scanners, or other devices in your home office, or keep inventory lying around at home, it\'s smart to add a supplemental policy rider.</span></p>\n<p><span style=\"color: #000000;\">Do you have a ton of cash at your place? Unfortunately if you get robbed, most renters insurance policies will only cover a small portion of whatever’s taken. Sometimes the maximum insurance limit is as low as $250, while some policies generally won’t cover more than $500.</span></p>\n<p><span style=\"color: #000000;\">Extra coverage might be order too for high-value property. Do you have a diamond engagement ring or priceless watch from your grandparents? Get a rider or floater on your current insurance policy to cover it. Same goes for other expensive jewelry (usually over $1,000) and valuable artwork, for which you might even need an additional policy rather than just a policy add-on.</span></p>\n<h2 dir=\"ltr\"></h2>\n<h2 dir=\"ltr\"><span style=\"color: #000000;\"><strong>How Much Is Renters Insurance?</strong> </span></h2>\n<p><span style=\"color: #000000;\">We know what you’re thinking: <em>Another</em> monthly expense to deal with? But this will be money well spent, guaranteed. What you pay for rental insurance coverage depends on what you’re willing to pay and the type of coverage plan you go with. (And remember, the higher your deductible, the lower your premium, and vice versa.) It’s smart to take </span><a href=\"https://www.iii.org/article/how-create-home-inventory\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">inventory of your stuff</a><span style=\"color: #000000;\"> to see how much personal property coverage you should pay for. In other words: About how much would it cost to repair or replace everything you own?</span></p>\n<p><span style=\"color: #000000;\">According to the National Association of Insurance Commissioners, the average renters insurance policy costs between $15 and $30 per month (or between $180 and $360 per year). Worried that’s too much on top of everything else? Imagine how much more expensive it would be to replace all your stuff after an accident without it. Think about it: You’re not just paying for your stuff, you’re paying for peace of mind.</span></p>\n<p><span style=\"color: #000000; font-size: 26px;\"></span></p>\n<p><span style=\"color: #000000;\"><span style=\"font-size: 26px;\"><strong>How to Get Renters Insurance</strong></span><span style=\"font-size: 14px;\"> </span></span></p>\n<p><span style=\"color: #000000;\">It’s much easier than you think—in fact, you’ll wonder why you haven’t already done it. After you’ve taken stock of your belongings—from coats to computers—figure out what your landlord’s insurance covers, research different types of insurance policies, and compare insurance companies before taking the plunge. Many companies let you apply for a free quote online, in person, or over the phone, and will talk you through the best coverage plan for your situation.</span></p>\n<p><span style=\"color: #000000;\">You can see the full article</span> <a href=\"https://www.realsimple.com/work-life/money/renters-insurance\">here</a>.</p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive','','inherit','closed','closed','','245-revision-v1','','','2020-03-25 19:17:36','2020-03-25 19:17:36','',245,'http://smartinsurance.tips/245-revision-v1/',0,'revision','',0),(303,1,'2020-03-25 19:24:27','2020-03-25 19:24:27','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>How To Make A Claim Against Someone Else’s Car Insurance</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\" hover_enabled=\"0\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" min_height=\"3573px\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img src=\"https://thumbor.forbes.com/thumbor/fit-in/900x510/https://www.forbes.com/advisor/wp-content/uploads/2020/02/insurance-adjuster-e1582088495272.jpg\" alt=\"How To Make A Claim Against Someone Else’s Car Insurance\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">Christin Walker of Burlington, New Jersey, is a safe driver. She proved it by navigating a school bus full of noisy and, occasionally, boisterous children on country roads and city streets for 22 years.</span></p>\n<p><span style=\"color: #000000;\">But even good drivers can have bad accidents. Little more than a week after she purchased her used 2006 Honda Civic, it was smashed and totaled by a hit-and-run driver who – according to the police report – zoomed through a red light. Walker considers herself lucky she wasn’t hurt. That same driver was involved in another accident less than a month later which killed a pedestrian.</span></p>\n<p><span style=\"color: #000000;\">Among the problems: She hasn’t yet received a settlement from any insurance company, she has no car and she still has to make loan payments on the Honda that’s now rusting in a recycling center. She’s frustrated enough to file a claim against the insurer of the car that hit her.</span></p>\n<p><span style=\"color: #000000;\">If Walker does make an insurance claim, she’s not alone. There are about 6 million crashes reported by police every year in the U.S., according to the National Highway Traffic Safety Administration. About three million people are injured or killed in these car accidents, so there are a huge number of lawsuits and insurance claims every year.</span></p>\n<p>&nbsp;</p>\n<h2><span style=\"color: #000000;\"><strong>Making an Insurance Claim Against Someone Else</strong></span></h2>\n<p><span style=\"color: #000000;\">If someone else crashes into you, in the simplest scenario you’ll make a claim against their liability insurance. This is called a third-party claim: You’re the third party to the other driver and their insurance company.</span></p>\n<p><span style=\"color: #000000;\">The other person’s insurer will process the claim, but don’t count on a quick payment. The insurer might want to investigate the accident to determine that their customer truly was at fault.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>Using Your Own Insurance to Fix the Problem</strong></span></h2>\n<p><span style=\"color: #000000;\">But if insurance claims were simple, we could all feel like insurance experts. And when someone else has caused an accident, it’s natural to feel that they should pay for what they did. But in some cases you might need to turn to your own auto insurance, even when someone else crashed into you. Here’s how that could happen.</span></p>\n<p><span style=\"color: #000000;\"><strong>Using your own insurance situation No. 1, the no-fault states: </strong>In states with no-fault insurance laws, you always make injury claims on your own insurance first. These states require personal injury protection (PIP insurance) for this purpose. You can sue another driver only when you meet certain qualifications, which each state defines. In many cases there needs to be serious injury or death before you sue someone else for a car crash in a no-fault state. (Property damage claims can still usually be made on the other person’s liability insurance.)</span></p>\n<p><span style=\"color: #000000;\">In states without no-fault laws, PIP and a similar coverage called medical payments (MedPay) are often available. These can be used for injury claims for you and your passengers,</span></p>\n<p><span style=\"color: #000000;\"><strong>Using your own insurance situation No. 2, an underinsured driver:</strong> What if the driver doesn’t have enough insurance to cover accident injuries? You could still sue them for the remainder, but if they don’t have any assets it may not be worth it. One option is to turn to your own underinsured motorist coverage, if you have it. It can cover medical bills when the other driver doesn’t have enough insurance.</span></p>\n<p><span style=\"color: #000000;\"><strong>Using your own insurance situation No. 3, not dealing with it</strong>: You could decide to use your own insurance for car damage, rather than dealing with the other person’s insurance company. If you have </span><u><a href=\"https://www.forbes.com/advisor/insurance/collision-and-comprehensive-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/collision-and-comprehensive-insurance/\">collision insurance</a></u><span style=\"color: #000000;\">, you can use it for car damage caused by someone else.</span></p>\n<p><span style=\"color: #000000;\">The downside is that your insurance check will be reduced by your collision deductible amount. You might get that deductible amount back later if your insurance company goes after reimbursement from the other person’s insurer.</span></p>\n<p><span style=\"color: #000000;\">If you have rental reimbursement coverage, you could tap that was well for a rental while your vehicle is in the repair shop for a collision claim.</span></p>\n<p><span style=\"color: #000000;\"><strong>Using your own insurance situation No. 4, getting stuck with a car loan balance:</strong> If your vehicle was totaled in the accident, insurance should compensate you for the value of the car at the time of the accident — whether you’re making a liability claim against someone else or using your own collision insurance.</span></p>\n<p><span style=\"color: #000000;\">But that doesn’t mean the problem is solved. In some cases you could owe more on a car loan or lease than what the car was worth. This can happen, for example, if you financed most of the cost of the car, or you have a vehicle that has lost value quickly. In any case, having </span><u><a href=\"https://www.forbes.com/advisor/insurance/gap-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/gap-insurance/\">gap insurance</a></u><span style=\"color: #000000;\"> can provide the difference between the insurance payment and the loan/lease balance.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>Or You Could Sue</strong></span></h2>\n<p><span style=\"color: #000000;\">Another way to get compensation is to hire a lawyer and sue the other driver.</span></p>\n<p><span style=\"color: #000000;\">You may need to help establish that the other person was indeed at fault, especially if they start finger-pointing at you. Items such as a police report, photos from the scene, and the contact information for any witnesses will help prove you weren’t to blame.</span></p>\n<p><span style=\"color: #000000;\">If the likely settlement for a car accident is small – around $3,000 and you have a provable case – you could opt to take the other driver to small claims court.</span></p>\n<p><span style=\"color: #000000;\">While each state has different rules, most local governments have some version of small claims court. Filing fees are usually reasonable, and the wait time for a hearing is generally about a month or two. You also have the right to subpoena witnesses, including the other driver, the insurer’s claims adjuster, and anyone else who may have been involved with the accident. Have all your information available, as well as certified estimates for the cost of repairs.</span></p>\n<p><span style=\"color: #000000;\">The upside to this process is that it forces the other person’s insurance company to send a lawyer and any witnesses needed to prove its case – or to dispute the amount of the lawsuit – to court. This could lead to settlement talks.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>At the Scene of an Accident</strong></span></h2>\n<p><span style=\"color: #000000;\">Protecting your ability to sue someone else starts at the scene of the accident. It’s good to have an accident checklist to help you gather the right information.</span></p>\n<p><span style=\"color: #000000;\">If you’re involved in a car accident, the first thing to do is step back, catch your breath and make sure you and your passengers haven’t been injured. Soft tissue injuries are a concern even in a bumper-bump, and injuries raise the stakes for an insurance claim.</span></p>\n<p><span style=\"color: #000000;\">Assuming there are no injuries, it will still be stressful for both (or all) parties to the accident. Try to minimize road rage (yours and theirs) in the inevitable exchange of driver information. Pull your car over to a safe spot if possible. Don’t stand on a crowded or high-speed road unless you have to. And if possible, stay inside the car, dial 911 and wait for the police.</span></p>\n<p><span style=\"color: #000000;\">If the parties are reasonable, make sure they get what they need to file a claim, and that you do as well. Someone else really only needs your insurance information from your insurance ID card. Many insurers provide a car accident checklist in their mobile apps, or print one out and keep it in the glove compartment.</span></p>\n<p><span style=\"color: #000000;\">But the most valuable tool after a car accident is your cell phone. Take pictures of the damage to your car and the other vehicles involved, license plates, road conditions like ice, rain or snow, and any other contributing factors such as nearby intersections and road signs. Take a photo of other drivers’ insurance ID cards. Note the names and phone numbers of any witnesses. Your phone should date stamp and record the time the photos were taken.</span></p>\n<p><span style=\"color: #000000;\">Make sure to verify the responding police officer’s name and badge number, which could be scrawled illegibly on any document you receive. Obtain a copy of the police report as soon as it is filed, and check for accuracy.</span></p>\n<p><span style=\"color: #000000;\">Don’t waste any time in contacting <i>your</i> insurer, no matter who was at fault. Here too technology could come to your rescue, as many insurers let you file claims from their mobile apps.</span></p>\n<p><span style=\"color: #000000;\">“Make sure to submit the claim within your insurer’s time limit,” advises Loretta Worters, vice president of the Insurance Information Institute, an industry group. “Deadlines for filing vehicle damage claims are typically 30 days so ask your insurer if your policy has a time limit for submitting bills, resolving claims disputes and submitting additional information.”</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>Understanding Basic Car Insurance Types for Claims</strong></span></h2>\n<p><span style=\"color: #000000;\">After a car accident, it’s a good idea to read your auto insurance policy. This will help refresh your memory on what coverage you have. Your insurance agent may have already told you what you are – and aren’t – entitled to, but check for yourself. This is when having a reputable insurer with a good reputation will pay off.</span></p>\n<p><span style=\"color: #000000;\">Every car insurance company offers the same basic coverage types. The required ones vary by state and the rest are optional — and some optional coverage types are a wise buy.</span></p>\n<p><span style=\"color: #000000;\"><strong>Liability</strong> is the most basic coverage for all vehicles. You must have this in case you’re guilty of hitting a person, car, or even running over a garden gnome in someone’s yard. Liability insurance pays for a victim’s claims for damages such as medical expenses, property damage, lost wages and pain and suffering.</span></p>\n<p><span style=\"color: #000000;\">Almost every state requires minimal liability coverage, but amounts vary. California, for example, requires only $15,000 in injury coverage for one person in an accident. That amount may prove to be woefully inadequate with medical costs and today’s litigious society.</span></p>\n<p><span style=\"color: #000000;\">You can be sued for amounts that exceed your auto insurance. For those with assets and savings, a high amount of auto insurance is a way to protect what you’ve worked for.</span></p>\n<p><span style=\"color: #000000;\">Liability insurance also pays for your legal defense if you’re sued over something covered by your policy, like a car accident.</span></p>\n<p><span style=\"color: #000000;\"><strong>Collision insurance </strong>is optional unless it’s required for your car loan or lease. This insurance covers your car damage in the event that you hit an object such as a pole or another car. About 73% of drivers with auto insurance have collision insurance, according to the Insurance Information Institute.</span></p>\n<p><u><a href=\"https://www.forbes.com/advisor/insurance/comprehensive-vs-collision-auto-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/comprehensive-vs-collision-auto-insurance/\">Collision insurance</a></u><span style=\"color: #000000;\"> is usually packaged with comprehensive coverage, so expect to buy them together. Comprehensive coverage<strong> </strong>is also optional unless it’s required for a car loan or lease. It covers theft, fire, hail, vandalism and other miscellaneous hazards such as hitting a deer or driving through water that is camouflaging an overflowing creek.</span></p>\n<p><span style=\"color: #000000;\"><strong>No-fault</strong> auto insurance laws in some states mean that there’s no need to determine who’s at fault in order to receive payment for smaller injury claims. Each party is paid by their own insurer instead of bringing a lawsuit. Personal injury protection is the coverage for these claims.</span></p>\n<p><span style=\"color: #000000;\"><strong>Personal injury protection</strong> (PIP) is usually coupled with a no-fault law. It covers medical expenses from a car accident regardless of who’s at fault. But no-fault laws don’t eliminate the risk of being sued, particularly if serious injuries or death resulted from the accident.</span></p>\n<p><span style=\"color: #000000;\">“True ‘no-fault’ accidents are very rare,” says spokesperson Sandra Watts of the non-profit United Policyholders, which provides information on insurance. “Unless an accident occurs in a no-fault state, some percentage [of blame] will be attributed to each of the parties involved, which usually results in one of these parties being predominantly at fault.”</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>Keeping Patience</strong></span></h2>\n<p><span style=\"color: #000000;\">Whether you’re winding your way through an insurance claim or a lawsuit, being patient is crucial. Understanding your coverage will be helpful in knowing what you’re entitled to. But the starting point is buying the right coverage in the first place.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">You can read the full article </span><a href=\"https://www.forbes.com/advisor/car-insurance/car-accident-insurance-claim/\">here</a>.</p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','','','inherit','closed','closed','','278-autosave-v1','','','2020-03-25 19:24:27','2020-03-25 19:24:27','',278,'http://smartinsurance.tips/278-autosave-v1/',0,'revision','',0),(302,1,'2020-03-25 19:24:24','2020-03-25 19:24:24','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>How To Make A Claim Against Someone Else’s Car Insurance</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\" hover_enabled=\"0\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" min_height=\"3573px\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img src=\"https://thumbor.forbes.com/thumbor/fit-in/900x510/https://www.forbes.com/advisor/wp-content/uploads/2020/02/insurance-adjuster-e1582088495272.jpg\" alt=\"How To Make A Claim Against Someone Else’s Car Insurance\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">Christin Walker of Burlington, New Jersey, is a safe driver. She proved it by navigating a school bus full of noisy and, occasionally, boisterous children on country roads and city streets for 22 years.</span></p>\n<p><span style=\"color: #000000;\">But even good drivers can have bad accidents. Little more than a week after she purchased her used 2006 Honda Civic, it was smashed and totaled by a hit-and-run driver who – according to the police report – zoomed through a red light. Walker considers herself lucky she wasn’t hurt. That same driver was involved in another accident less than a month later which killed a pedestrian.</span></p>\n<p><span style=\"color: #000000;\">Among the problems: She hasn’t yet received a settlement from any insurance company, she has no car and she still has to make loan payments on the Honda that’s now rusting in a recycling center. She’s frustrated enough to file a claim against the insurer of the car that hit her.</span></p>\n<p><span style=\"color: #000000;\">If Walker does make an insurance claim, she’s not alone. There are about 6 million crashes reported by police every year in the U.S., according to the National Highway Traffic Safety Administration. About three million people are injured or killed in these car accidents, so there are a huge number of lawsuits and insurance claims every year.</span></p>\n<p>&nbsp;</p>\n<h2><span style=\"color: #000000;\"><strong>Making an Insurance Claim Against Someone Else</strong></span></h2>\n<p><span style=\"color: #000000;\">If someone else crashes into you, in the simplest scenario you’ll make a claim against their liability insurance. This is called a third-party claim: You’re the third party to the other driver and their insurance company.</span></p>\n<p><span style=\"color: #000000;\">The other person’s insurer will process the claim, but don’t count on a quick payment. The insurer might want to investigate the accident to determine that their customer truly was at fault.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>Using Your Own Insurance to Fix the Problem</strong></span></h2>\n<p><span style=\"color: #000000;\">But if insurance claims were simple, we could all feel like insurance experts. And when someone else has caused an accident, it’s natural to feel that they should pay for what they did. But in some cases you might need to turn to your own auto insurance, even when someone else crashed into you. Here’s how that could happen.</span></p>\n<p><span style=\"color: #000000;\"><strong>Using your own insurance situation No. 1, the no-fault states: </strong>In states with no-fault insurance laws, you always make injury claims on your own insurance first. These states require personal injury protection (PIP insurance) for this purpose. You can sue another driver only when you meet certain qualifications, which each state defines. In many cases there needs to be serious injury or death before you sue someone else for a car crash in a no-fault state. (Property damage claims can still usually be made on the other person’s liability insurance.)</span></p>\n<p><span style=\"color: #000000;\">In states without no-fault laws, PIP and a similar coverage called medical payments (MedPay) are often available. These can be used for injury claims for you and your passengers,</span></p>\n<p><span style=\"color: #000000;\"><strong>Using your own insurance situation No. 2, an underinsured driver:</strong> What if the driver doesn’t have enough insurance to cover accident injuries? You could still sue them for the remainder, but if they don’t have any assets it may not be worth it. One option is to turn to your own underinsured motorist coverage, if you have it. It can cover medical bills when the other driver doesn’t have enough insurance.</span></p>\n<p><span style=\"color: #000000;\"><strong>Using your own insurance situation No. 3, not dealing with it</strong>: You could decide to use your own insurance for car damage, rather than dealing with the other person’s insurance company. If you have </span><u><a href=\"https://www.forbes.com/advisor/insurance/collision-and-comprehensive-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/collision-and-comprehensive-insurance/\">collision insurance</a></u><span style=\"color: #000000;\">, you can use it for car damage caused by someone else.</span></p>\n<p><span style=\"color: #000000;\">The downside is that your insurance check will be reduced by your collision deductible amount. You might get that deductible amount back later if your insurance company goes after reimbursement from the other person’s insurer.</span></p>\n<p><span style=\"color: #000000;\">If you have rental reimbursement coverage, you could tap that was well for a rental while your vehicle is in the repair shop for a collision claim.</span></p>\n<p><span style=\"color: #000000;\"><strong>Using your own insurance situation No. 4, getting stuck with a car loan balance:</strong> If your vehicle was totaled in the accident, insurance should compensate you for the value of the car at the time of the accident — whether you’re making a liability claim against someone else or using your own collision insurance.</span></p>\n<p><span style=\"color: #000000;\">But that doesn’t mean the problem is solved. In some cases you could owe more on a car loan or lease than what the car was worth. This can happen, for example, if you financed most of the cost of the car, or you have a vehicle that has lost value quickly. In any case, having </span><u><a href=\"https://www.forbes.com/advisor/insurance/gap-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/gap-insurance/\">gap insurance</a></u><span style=\"color: #000000;\"> can provide the difference between the insurance payment and the loan/lease balance.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>Or You Could Sue</strong></span></h2>\n<p><span style=\"color: #000000;\">Another way to get compensation is to hire a lawyer and sue the other driver.</span></p>\n<p><span style=\"color: #000000;\">You may need to help establish that the other person was indeed at fault, especially if they start finger-pointing at you. Items such as a police report, photos from the scene, and the contact information for any witnesses will help prove you weren’t to blame.</span></p>\n<p><span style=\"color: #000000;\">If the likely settlement for a car accident is small – around $3,000 and you have a provable case – you could opt to take the other driver to small claims court.</span></p>\n<p><span style=\"color: #000000;\">While each state has different rules, most local governments have some version of small claims court. Filing fees are usually reasonable, and the wait time for a hearing is generally about a month or two. You also have the right to subpoena witnesses, including the other driver, the insurer’s claims adjuster, and anyone else who may have been involved with the accident. Have all your information available, as well as certified estimates for the cost of repairs.</span></p>\n<p><span style=\"color: #000000;\">The upside to this process is that it forces the other person’s insurance company to send a lawyer and any witnesses needed to prove its case – or to dispute the amount of the lawsuit – to court. This could lead to settlement talks.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>At the Scene of an Accident</strong></span></h2>\n<p><span style=\"color: #000000;\">Protecting your ability to sue someone else starts at the scene of the accident. It’s good to have an accident checklist to help you gather the right information.</span></p>\n<p><span style=\"color: #000000;\">If you’re involved in a car accident, the first thing to do is step back, catch your breath and make sure you and your passengers haven’t been injured. Soft tissue injuries are a concern even in a bumper-bump, and injuries raise the stakes for an insurance claim.</span></p>\n<p><span style=\"color: #000000;\">Assuming there are no injuries, it will still be stressful for both (or all) parties to the accident. Try to minimize road rage (yours and theirs) in the inevitable exchange of driver information. Pull your car over to a safe spot if possible. Don’t stand on a crowded or high-speed road unless you have to. And if possible, stay inside the car, dial 911 and wait for the police.</span></p>\n<p><span style=\"color: #000000;\">If the parties are reasonable, make sure they get what they need to file a claim, and that you do as well. Someone else really only needs your insurance information from your insurance ID card. Many insurers provide a car accident checklist in their mobile apps, or print one out and keep it in the glove compartment.</span></p>\n<p><span style=\"color: #000000;\">But the most valuable tool after a car accident is your cell phone. Take pictures of the damage to your car and the other vehicles involved, license plates, road conditions like ice, rain or snow, and any other contributing factors such as nearby intersections and road signs. Take a photo of other drivers’ insurance ID cards. Note the names and phone numbers of any witnesses. Your phone should date stamp and record the time the photos were taken.</span></p>\n<p><span style=\"color: #000000;\">Make sure to verify the responding police officer’s name and badge number, which could be scrawled illegibly on any document you receive. Obtain a copy of the police report as soon as it is filed, and check for accuracy.</span></p>\n<p><span style=\"color: #000000;\">Don’t waste any time in contacting <i>your</i> insurer, no matter who was at fault. Here too technology could come to your rescue, as many insurers let you file claims from their mobile apps.</span></p>\n<p><span style=\"color: #000000;\">“Make sure to submit the claim within your insurer’s time limit,” advises Loretta Worters, vice president of the Insurance Information Institute, an industry group. “Deadlines for filing vehicle damage claims are typically 30 days so ask your insurer if your policy has a time limit for submitting bills, resolving claims disputes and submitting additional information.”</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>Understanding Basic Car Insurance Types for Claims</strong></span></h2>\n<p><span style=\"color: #000000;\">After a car accident, it’s a good idea to read your auto insurance policy. This will help refresh your memory on what coverage you have. Your insurance agent may have already told you what you are – and aren’t – entitled to, but check for yourself. This is when having a reputable insurer with a good reputation will pay off.</span></p>\n<p><span style=\"color: #000000;\">Every car insurance company offers the same basic coverage types. The required ones vary by state and the rest are optional — and some optional coverage types are a wise buy.</span></p>\n<p><span style=\"color: #000000;\"><strong>Liability</strong> is the most basic coverage for all vehicles. You must have this in case you’re guilty of hitting a person, car, or even running over a garden gnome in someone’s yard. Liability insurance pays for a victim’s claims for damages such as medical expenses, property damage, lost wages and pain and suffering.</span></p>\n<p><span style=\"color: #000000;\">Almost every state requires minimal liability coverage, but amounts vary. California, for example, requires only $15,000 in injury coverage for one person in an accident. That amount may prove to be woefully inadequate with medical costs and today’s litigious society.</span></p>\n<p><span style=\"color: #000000;\">You can be sued for amounts that exceed your auto insurance. For those with assets and savings, a high amount of auto insurance is a way to protect what you’ve worked for.</span></p>\n<p><span style=\"color: #000000;\">Liability insurance also pays for your legal defense if you’re sued over something covered by your policy, like a car accident.</span></p>\n<p><span style=\"color: #000000;\"><strong>Collision insurance </strong>is optional unless it’s required for your car loan or lease. This insurance covers your car damage in the event that you hit an object such as a pole or another car. About 73% of drivers with auto insurance have collision insurance, according to the Insurance Information Institute.</span></p>\n<p><u><a href=\"https://www.forbes.com/advisor/insurance/comprehensive-vs-collision-auto-insurance/\" ga-data-track=\"ExternalLink:https://www.forbes.com/advisor/insurance/comprehensive-vs-collision-auto-insurance/\">Collision insurance</a></u><span style=\"color: #000000;\"> is usually packaged with comprehensive coverage, so expect to buy them together. Comprehensive coverage<strong> </strong>is also optional unless it’s required for a car loan or lease. It covers theft, fire, hail, vandalism and other miscellaneous hazards such as hitting a deer or driving through water that is camouflaging an overflowing creek.</span></p>\n<p><span style=\"color: #000000;\"><strong>No-fault</strong> auto insurance laws in some states mean that there’s no need to determine who’s at fault in order to receive payment for smaller injury claims. Each party is paid by their own insurer instead of bringing a lawsuit. Personal injury protection is the coverage for these claims.</span></p>\n<p><span style=\"color: #000000;\"><strong>Personal injury protection</strong> (PIP) is usually coupled with a no-fault law. It covers medical expenses from a car accident regardless of who’s at fault. But no-fault laws don’t eliminate the risk of being sued, particularly if serious injuries or death resulted from the accident.</span></p>\n<p><span style=\"color: #000000;\">“True ‘no-fault’ accidents are very rare,” says spokesperson Sandra Watts of the non-profit United Policyholders, which provides information on insurance. “Unless an accident occurs in a no-fault state, some percentage [of blame] will be attributed to each of the parties involved, which usually results in one of these parties being predominantly at fault.”</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>Keeping Patience</strong></span></h2>\n<p><span style=\"color: #000000;\">Whether you’re winding your way through an insurance claim or a lawsuit, being patient is crucial. Understanding your coverage will be helpful in knowing what you’re entitled to. But the starting point is buying the right coverage in the first place.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">You can read the full article </span><a href=\"https://www.forbes.com/advisor/car-insurance/car-accident-insurance-claim/\">here</a>.</p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How To Make A Claim Against Someone Else\' Car Insurance','','inherit','closed','closed','','278-revision-v1','','','2020-03-25 19:24:24','2020-03-25 19:24:24','',278,'http://smartinsurance.tips/278-revision-v1/',0,'revision','',0),(308,1,'2020-03-25 19:30:33','2020-03-25 19:30:33','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>7 Most Common Driving Hazards &amp; How To Avoid Them</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img alt=\"Pothole filled with water\" title=\"Road Hazard Pothole\" sizes=\"(max-width: 768px) 100vw, 1600px\" class=\"alignnone lazyload loaded\" src=\"https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole.jpg\" data-src=\"https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole.jpg\" data-srcset=\"https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole.jpg 1600w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-300x169.jpg 300w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-1024x576.jpg 1024w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-150x150.jpg 150w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-768x432.jpg 768w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-1536x864.jpg 1536w\" srcset=\"https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole.jpg 1600w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-300x169.jpg 300w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-1024x576.jpg 1024w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-150x150.jpg 150w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-768x432.jpg 768w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-1536x864.jpg 1536w\" data-was-processed=\"true\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">It can be hazardous to set out on the roadways today. Heavy traffic, dangerous driving behaviors, and other factors can turn our streets and highways into an obstacle course for motorists. The following are some of the most common driving hazards and what you can do to avoid them.</span></p>\n<p><span style=\"color: #000000; font-size: 18px;\"><strong></strong></span></p>\n<p><span style=\"color: #000000; font-size: 18px;\"><strong>Congested Traffic</strong></span></p>\n<p><span style=\"color: #000000;\">Traffic jams and congestion can lead to accidents. When you are driving in heavy traffic, keep more distance between your car and the vehicle in front. Be prepared to stop suddenly and stay alert for vehicles that may cut in front of you.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h4><span style=\"color: #000000;\"><strong>Reckless Drivers</strong></span></h4>\n<p><span style=\"color: #000000;\">Reckless driving behavior can occur in different ways. It may involve:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Driving distracted (texting or talking on the phone)</span></li>\n<li><span style=\"color: #000000;\">Driving under the influence of alcohol or drugs</span></li>\n<li><span style=\"color: #000000;\">Speeding</span></li>\n<li><span style=\"color: #000000;\">Weaving in and out of traffic</span></li>\n<li><span style=\"color: #000000;\">Disregarding traffic signs and signals</span></li>\n<li><span style=\"color: #000000;\">Following too closely</span></li>\n<li><span style=\"color: #000000;\">Driving much slower than the flow of traffic</span></li>\n</ul>\n<p><span style=\"color: #000000;\">If you encounter someone who is driving recklessly, the best thing to do is to maintain a safe distance from that vehicle. Slow down and let drivers who are speeding or driving aggressively pass you by. Maneuver around anyone who is driving too slowly and impeding the flow of traffic.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h4><span style=\"color: #000000;\"><strong>Malfunctioning Traffic Lights</strong></span></h4>\n<p><span style=\"color: #000000;\">We are accustomed to relying on traffic lights to tell us when to stop or go. There are rules about how to proceed when a traffic light malfunctions, but some drivers may not know the rules, or they simply disregard them and blast through the intersection without stopping. Make sure all other drivers are stopped before you proceed.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h4><span style=\"color: #000000;\"><strong>Careless Pedestrians &amp; Bicyclists</strong></span></h4>\n<p><span style=\"color: #000000;\">Pedestrians and bicyclists have a right to share the road with motorists. When they act carelessly or recklessly, however, they can create hazards for themselves and for motorists. As a driver, it is your responsibility to stay alert and do all you can to avoid hitting them. A collision with a 3,000 pound motor vehicle can be fatal for a pedestrian or bicyclist.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h4><span style=\"color: #000000;\"><strong>Children Playing Or Walking</strong></span></h4>\n<p><span style=\"color: #000000;\">Children lack the judgment to keep themselves safe around moving motor vehicles, and many will run out into the street suddenly. If you are driving in an area where children are playing or walking, slow down, stay alert, and be prepared to stop.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h4><span style=\"color: #000000;\"><strong>Poor Weather Conditions</strong></span></h4>\n<p><span style=\"color: #000000;\">Rain, snow, and sleet can cause poor visibility and make the roads treacherous. If you are driving in poor weather conditions:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Slow down to a safe speed that goes with the flow of traffic.</span></li>\n<li><span style=\"color: #000000;\">Maintain more distance between your vehicle and the one in front.</span></li>\n<li><span style=\"color: #000000;\">Keep your windshield and windows as clear as possible.</span></li>\n<li><span style=\"color: #000000;\">Use your headlights (dim and bright) as appropriate.</span></li>\n</ul>\n<p><span style=\"color: #000000;\"> </span></p>\n<h4><span style=\"color: #000000;\"><strong>Potholes &amp; Road Debris</strong></span></h4>\n<p><span style=\"color: #000000;\">Some drivers tend to swerve around potholes and debris in the road, causing accidents. If you see a pothole or debris in the road ahead, keep a firm grip on the steering wheel, slow down, and change lanes if you can do so safely.</span></p>\n<p><span style=\"color: #000000;\">In case road hazards lead to an accident, it is important to have the auto insurance coverage you need.</span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','7 Most Common Driving Hazards & How To Avoid Them','','inherit','closed','closed','','263-revision-v1','','','2020-03-25 19:30:33','2020-03-25 19:30:33','',263,'http://smartinsurance.tips/263-revision-v1/',0,'revision','',0),(709,1,'2020-08-21 21:43:45','2020-08-21 21:43:45','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>What type of insurance do you need for your classic car?</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img src=\"http://smartinsurance.tips/wp-content/uploads/2020/03/Untitled_Clipping_032520_023011_AM.jpg\" width=\"360\" height=\"240\" alt=\"\" class=\"wp-image-274 alignleft size-full\" /><span style=\"color: #000000;\">There\'s a reason you call that hunk of metal in your garage your baby. Whether it\'s a cream-colored \'37 Buick, a turquoise \'57 Chevy or a cherry red \'77 Camaro Z-28, you treat it like one of the family -- maybe a little better. But no matter how protective you are of your kid-on-wheels, you\'ll still need to insure it. Driving a</span><span> </span>classic car<span> </span><span style=\"color: #000000;\">even short distances on the road without</span><span> </span>auto insurance<span> </span><span style=\"color: #000000;\">is both risky and illegal.</span></p>\n<p><span style=\"color: #000000;\">About half the owners of antique and classic cars put them on their regular auto insurance policies [source: </span>Kristof<span style=\"color: #000000;\">]. Not a good idea. Ordinary insurance is for ordinary cars. The </span>book value<span> </span><span style=\"color: #000000;\">of an ordinary car goes down every year, and so does the total amount the insurance company will pay if it\'s damaged. Well-maintained classic cars, on the other hand, hold their value and often appreciate in price. You definitely want insurance that recognizes the real market value of your car.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">The special, classic car insurance that you should look for will do that, and also includes standard </span>liability<span style=\"color: #000000;\">, collision and</span><span> </span>comprehensive coverage<span style=\"color: #000000;\">. In the event of an accident or other loss, the insurer pays to repair or replace your car as a valuable classic, not an old junker.</span></p>\n<p><span style=\"color: #000000;\">And here\'s the bonus: Even though it offers this higher coverage, classic car insurance usually costs less than regular auto insurance. Insurers know that you drive your cream puff carefully, don\'t rack up the miles and polish it to a shine every Saturday. That means you\'re less likely to have an accident, and the company is willing to give you a break on your premiums, typically anywhere from 20 to 40 percent less than a regular policy [source: </span>Krisof<span style=\"color: #000000;\">].</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">A specialty insurer will sit down with you and negotiate an \"agreed value\" policy based on your car\'s appraised market value or on auction prices for similar cars. Some policies even include a clause that bumps that value up a certain percentage every year. This is the opposite of regular policies, which pay out only the \"actual cash value\" of the car -- a value that goes down over time [source: </span>Drivesteady.com<span style=\"color: #000000;\">].</span></p>\n<p><span style=\"color: #000000;\">To qualify for classic car insurance, your roadster has to be collectible or antique. Different companies have different criteria for determining what they consider to be classic. Car models older than 20 years used to be considered classics, but today, some older cars are not seen as collectible because of high production runs in the 1970s and 1980s and lack of interest in the designs of cars of that era. At the same time, a later model might be called a classic if it\'s a limited edition or an exotic vehicle, like a </span>Ferrari F40<span style=\"color: #000000;\"> or a </span>Corvette ZR1<span style=\"color: #000000;\">. Street rods, </span>muscle cars<span> </span><span style=\"color: #000000;\">and</span><span> </span>low riders<span> </span><span style=\"color: #000000;\">may also be eligible for classic car insurance [source: </span>Hagerty.com<span style=\"color: #000000;\">].</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">The policies do come with restrictions. For example, the amount you can drive will be limited -- typically to no more than 5,000 miles (8,046 kilometers) a year [source: </span>Kristof<span style=\"color: #000000;\">]. You must own another vehicle for daily use, and you\'ll have to store your classic in a secure garage. Additionally, you may not be eligible for classic car insurance if you\'re younger than 30, and even if you meet the age requirement, the insurer may require you to have a clean driving record [source: </span>Drivesteady.com<span style=\"color: #000000;\">].</span></p>\n<p><span style=\"color: #000000;\">There are a number of companies that specialize in classic auto insurance. You can find them online or by asking members of your local car club. Buying a classic car policy is a win-win proposition: You get the coverage you need and save money in the bargain.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">You can read the full article </span><a href=\"https://money.howstuffworks.com/personal-finance/auto-insurance/insurance-for-classic-cars.htm\">here</a><span style=\"color: #000000;\">.</span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','What type of insurance do you need for your classic car?','','inherit','closed','closed','','270-revision-v1','','','2020-08-21 21:43:45','2020-08-21 21:43:45','',270,'http://smartinsurance.tips/270-revision-v1/',0,'revision','',0),(305,1,'2020-03-25 19:27:19','2020-03-25 19:27:19','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>What type of insurance do you need for your classic car?</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img src=\"http://smartinsurance.tips/wp-content/uploads/2020/03/Untitled_Clipping_032520_023011_AM.jpg\" width=\"360\" height=\"240\" alt=\"\" class=\"wp-image-274 alignleft size-full\" /><span style=\"color: #000000;\">There\'s a reason you call that hunk of metal in your garage your baby. Whether it\'s a cream-colored \'37 Buick, a turquoise \'57 Chevy or a cherry red \'77 Camaro Z-28, you treat it like one of the family -- maybe a little better. But no matter how protective you are of your kid-on-wheels, you\'ll still need to insure it. Driving a</span><span> </span><a href=\"https://auto.howstuffworks.com/classic-cars.htm\">classic car</a><span> </span><span style=\"color: #000000;\">even short distances on the road without</span><span> </span><a href=\"https://auto.howstuffworks.com/buying-selling/car-insurance.htm\">auto insurance</a><span> </span><span style=\"color: #000000;\">is both risky and illegal.</span></p>\n<p><span style=\"color: #000000;\">About half the owners of antique and classic cars put them on their regular auto insurance policies [source: </span><a href=\"http://articles.chicagotribune.com/2009-09-27/news/0909240629_1_collectible-cars-state-farm-classic-car-insurance\" class=\"ext-link\">Kristof</a><span style=\"color: #000000;\">]. Not a good idea. Ordinary insurance is for ordinary cars. The </span><a href=\"https://auto.howstuffworks.com/buying-selling/kelley-blue-book.htm\">book value</a><span> </span><span style=\"color: #000000;\">of an ordinary car goes down every year, and so does the total amount the insurance company will pay if it\'s damaged. Well-maintained classic cars, on the other hand, hold their value and often appreciate in price. You definitely want insurance that recognizes the real market value of your car.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">The special, classic car insurance that you should look for will do that, and also includes standard </span><a href=\"https://money.howstuffworks.com/personal-finance/auto-insurance/liability-insurance.htm\">liability</a><span style=\"color: #000000;\">, collision and</span><span> </span><a href=\"https://money.howstuffworks.com/personal-finance/auto-insurance/comprehensive-auto-insurance-cover.htm\">comprehensive coverage</a><span style=\"color: #000000;\">. In the event of an accident or other loss, the insurer pays to repair or replace your car as a valuable classic, not an old junker.</span></p>\n<p><span style=\"color: #000000;\">And here\'s the bonus: Even though it offers this higher coverage, classic car insurance usually costs less than regular auto insurance. Insurers know that you drive your cream puff carefully, don\'t rack up the miles and polish it to a shine every Saturday. That means you\'re less likely to have an accident, and the company is willing to give you a break on your premiums, typically anywhere from 20 to 40 percent less than a regular policy [source: </span><a href=\"http://articles.chicagotribune.com/2009-09-27/news/0909240629_1_collectible-cars-state-farm-classic-car-insurance\" class=\"ext-link\">Krisof</a><span style=\"color: #000000;\">].</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">A specialty insurer will sit down with you and negotiate an \"agreed value\" policy based on your car\'s appraised market value or on auction prices for similar cars. Some policies even include a clause that bumps that value up a certain percentage every year. This is the opposite of regular policies, which pay out only the \"actual cash value\" of the car -- a value that goes down over time [source: </span><a href=\"http://drivesteady.com/antique-car-insurance-101\" class=\"ext-link\">Drivesteady.com</a><span style=\"color: #000000;\">].</span></p>\n<p><span style=\"color: #000000;\">To qualify for classic car insurance, your roadster has to be collectible or antique. Different companies have different criteria for determining what they consider to be classic. Car models older than 20 years used to be considered classics, but today, some older cars are not seen as collectible because of high production runs in the 1970s and 1980s and lack of interest in the designs of cars of that era. At the same time, a later model might be called a classic if it\'s a limited edition or an exotic vehicle, like a </span><a href=\"https://auto.howstuffworks.com/ferrari-f40.htm\">Ferrari F40</a><span style=\"color: #000000;\"> or a </span><a href=\"https://auto.howstuffworks.com/corvette-zr1.htm\">Corvette ZR1</a><span style=\"color: #000000;\">. Street rods, </span><a href=\"https://musclecars.howstuffworks.com/\">muscle cars</a><span> </span><span style=\"color: #000000;\">and</span><span> </span><a href=\"https://auto.howstuffworks.com/under-the-hood/trends-innovations/lowrider.htm\">low riders</a><span> </span><span style=\"color: #000000;\">may also be eligible for classic car insurance [source: </span><a href=\"http://www.hagerty.com/Collector-car-insurance/Does-my-vehicle-qualify/Antique-and-classic-cars\" class=\"ext-link\">Hagerty.com</a><span style=\"color: #000000;\">].</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">The policies do come with restrictions. For example, the amount you can drive will be limited -- typically to no more than 5,000 miles (8,046 kilometers) a year [source: </span><a href=\"http://articles.chicagotribune.com/2009-09-27/news/0909240629_1_collectible-cars-state-farm-classic-car-insurance\" class=\"ext-link\">Kristof</a><span style=\"color: #000000;\">]. You must own another vehicle for daily use, and you\'ll have to store your classic in a secure garage. Additionally, you may not be eligible for classic car insurance if you\'re younger than 30, and even if you meet the age requirement, the insurer may require you to have a clean driving record [source: </span><a href=\"http://drivesteady.com/antique-car-insurance-101\" class=\"ext-link\">Drivesteady.com</a><span style=\"color: #000000;\">].</span></p>\n<p><span style=\"color: #000000;\">There are a number of companies that specialize in classic auto insurance. You can find them online or by asking members of your local car club. Buying a classic car policy is a win-win proposition: You get the coverage you need and save money in the bargain.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">You can read the full article </span><a href=\"https://money.howstuffworks.com/personal-finance/auto-insurance/insurance-for-classic-cars.htm\">here</a><span style=\"color: #000000;\">.</span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','What type of insurance do you need for your classic car?','','inherit','closed','closed','','270-revision-v1','','','2020-03-25 19:27:19','2020-03-25 19:27:19','',270,'http://smartinsurance.tips/270-revision-v1/',0,'revision','',0),(309,1,'2020-03-26 22:07:10','2020-03-26 22:07:10','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"|0px|0px|0px|false|false\" hover_enabled=\"0\" custom_margin=\"auto|||auto|false|false\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" inline_fonts=\"Roboto\"]<h1 style=\"text-align: center;\"><span style=\"font-size: xx-large; font-family: Roboto; font-weight: normal;\"><strong>Employers Beware: Working from Home Creates New Cyber Risks</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px|0px|||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" inline_fonts=\"Roboto\" custom_padding=\"|0px||||\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><span style=\"font-family: Roboto;\"><img src=\"https://www.insurancejournal.com/app/uploads/2015/07/cyber-security-580x565.jpg\" style=\"float: left;\" /><span style=\"color: #000000; font-weight: normal;\">As companies and government agencies send their employees home to avoid contact with the coronavirus, many cyber-security teams are facing the unenviable challenge of securing sprawling, vulnerable networks.</span></span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">Every time an employee connects to their corporate network from home, they’re creating possible access points for hackers to exploit. When this happens 1,000 times on a single network almost overnight, as it has amid orders for regional lockdowns, it’s increasingly difficult to ensure every connection is secure.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">The specific security challenges are wide ranging. While those using company-provided laptops are likely protected by internal safety measures, they could still be vulnerable if their security software isn’t updated or their remote network connection isn’t perfectly configured. The bigger problem is employees using their own equipment that security teams can’t monitor for malicious traffic. For all they know, these devices may already be infected with malware.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">The challenge can overwhelm security personnel, especially for those companies that have previously discouraged employees from working from home. Pivoting from office desktops to laptops at home are projects that security teams at large companies execute over months.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">Instead, the shift to working at home has happened in days. And with so much emphasis placed on simply making sure company operations don’t come to a grinding halt, network security can be an afterthought.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">“Everyone’s attention is drawn away from cyber-security right now, with the first priority being safety and continued operations,” said Lesley Carhart, principal threat analyst at Dragos Inc., an industrial controls security company. “That’s certainly forced some companies to rush into allowing remote access to critical operations.”</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">A major power utility in southern Europe, for instance, sent home hundreds of employees last week. In a matter of three days, the company increased remote accessibility from just 9% of their machines to 53%, said Andrea Carcano, founder and chief product officer at Nozomi Networks Inc., an industrial security company in San Francisco.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">“There’s a risk of opening access to all of those plants,” said Carcano, whose company provides network security tools to some of those power systems. He declined to name the utility. “That customer has some visibly. But it is a fact, you’re opening a new door that used to be closed. If it’s an opening for you, it could be an opening for an attacker.”</span></p>\n<div class=\"bzn bzn-intext-2\">\n<p><span style=\"font-family: Roboto; font-weight: normal;\"><ins data-revive-zoneid=\"162\" data-revive-topic=\"cyber\" data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\" data-revive-seq=\"2\" id=\"revive-0-2\" data-revive-loaded=\"1\"></ins></span></p>\n<p><span style=\"font-family: Roboto; font-weight: normal;\"> </span></p>\n</div>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">The huge influx of people working at home has expanded the places hackers can exploit. As companies across Europe and the Americas come to grips with this new normal, hackers are tweaking their attacks — sending phishing emails that claim to be about the coronavirus or purport to be from a trusted health agency — to leverage fear of the global pandemic.</span></p>\n<p><span style=\"font-family: Roboto; font-weight: normal;\"> </span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">There has been a “flood” of cyber-scams and hacking attempts related to the virus, according to Michael Daniel, president and chief executive officer of the Cyber Threat Alliance, an intelligence sharing nonprofit organization. “It’s really quite amazing how rapidly the bad guys have moved into that area.”</span></p>\n<p><span style=\"font-family: Roboto; font-weight: normal;\"><span style=\"color: #000000;\">Hackers appear to be targeting the most vulnerable. Data analysis from Italy indicates that companies that have quarantined workers or instructed them to work from home are prime targets for attackers, according to</span> <a href=\"https://www.cynet.com/\">Cynet</a><span style=\"color: #000000;\">, a New York-based cyber-security company.</span></span></p>\n<p><span style=\"font-family: Roboto; font-weight: normal;\"><span style=\"color: #000000;\">“This shows the propensity for hackers to shift their focus to remote work environments in order to capitalize on the virus while thwarting corporate security measures,” according to a Cynet</span> <a href=\"https://www.cynet.com/blog/recent-escalation-in-cyberattacks-in-italy-prove-the-coronavirus-impact-on-cybersecurity-acting-as-a-warning-for-cisos-worldwide/\">blog</a><span style=\"color: #000000;\"> published Wednesday.</span></span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">With a daily onslaught of scary news about the virus, people who are working at home may be more likely to click on bogus misinformation links spread on social networks, cyber-security experts said. And because they expect to get out-of-the-ordinary emails from their IT staff, they may be more likely to click on phishing messages.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">Employees can do their part at home. Updating passwords and using paid virtual private networks and multi-factor authentication are a good start, experts said. Keeping kids off your personal computer, if you use it for work, is a good idea, too, because they could download games or other material infected with malware.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">If you want to go the extra mile, buy a home router kit that lets users segregate their networks, said Aaron Zander, head of IT for San Francisco-based HackerOne Inc., a vulnerability detection and coordination platform. He warned that allowing “internet of things” devices — such as Amazon’s Echo speakers and security cameras — to live on the same network as corporate data further expands the attack surface.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">“Everyone needs to be more diligent,” Zander said. “If you get an email asking you to make payment, it’s important to verify who that message is coming from.”</span></p>\n<p><span style=\"font-family: Roboto; font-weight: normal;\"><span style=\"color: #000000;\">You can read the full article </span><a href=\"https://www.insurancejournal.com/news/national/2020/03/19/561702.htm?fbclid=IwAR3a7vlCmJOWmsbRMuMc2VOBWL7lyg_C_BRlQgapTxldPSRW6C-ocF3t6kc\">here</a>.</span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Employers Beware: Working from Home Creates New Cyber Risks','','publish','closed','closed','','employers-beware-working-from-home-creates-new-cyber-risks','','','2020-03-26 22:20:09','2020-03-26 22:20:09','',0,'http://smartinsurance.tips/?page_id=309',0,'page','',0),(310,1,'2020-03-26 22:07:10','2020-03-26 22:07:10','<!-- wp:divi/placeholder /-->','Employers Beware: Working from Home Creates New Cyber Risks','','inherit','closed','closed','','309-revision-v1','','','2020-03-26 22:07:10','2020-03-26 22:07:10','',309,'http://smartinsurance.tips/309-revision-v1/',0,'revision','',0),(351,1,'2020-04-27 22:59:09','2020-04-27 22:59:09','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Auto insurance isn\'t one-size-fits-all. The right amount for you depends on your state, your loans, and your finances.</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<p><img src=\"https://i.insider.com/5ea1e6056985250dc74ea714?width=1300&amp;format=jpeg&amp;auto=webp\" alt=\"car insurance adjuster\" /><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Car insurance isn\'t one-size-fits-all: There are a lot of things to consider when you\'re trying to figure out what you need in a policy. </span></p>\n<p><span style=\"color: #000000;\">Each state has different requirements, and factors like who owns your car and your overall financial health will also come into play. Every person has different insurance needs, but you\'ll need to understand what\'s available before you decide. </span></p>\n<p><span style=\"color: #000000;\">There are many different types of coverage you could see on your policy. What\'s required and available will vary by state. There are 7 major types of insurance coverage: </span></p>\n<ol>\n<li><span style=\"color: #000000;\"><strong>Liability coverage: </strong>Generally required, this coverage covers bodily injury and property damage. It\'s most commonly referred to as state minimum coverage. </span></li>\n<li><span style=\"color: #000000;\"><strong>Collision coverage: </strong>If you hit another car or an object, this coverage repairs or replaces the car. It\'s often required by financing and leasing companies.</span></li>\n<li><span style=\"color: #000000;\"><strong>Uninsured and underinsured motorist coverage: </strong>Required in some states, this coverage will help if you\'re hit by an uninsured driver, or cover damages if their coverage isn\'t sufficient. </span></li>\n<li><span style=\"color: #000000;\"><strong>Medical payments coverage: </strong>Not required in all states, this coverage helps pay for medical bills.</span></li>\n<li><span style=\"color: #000000;\"><strong>Comprehensive coverage: </strong>While not often required, this coverage will help repair or replace a car damaged by an outside force, like a storm, theft, or vandalism.</span></li>\n<li><span style=\"color: #000000;\"><strong>Personal Injury Protection (PIP): </strong>Required in no-fault states, this coverage helps with medical bills, and expenses incurred related to injury, like lost wages. </span></li>\n<li><span style=\"color: #000000;\"><strong>Gap coverage: </strong>Typically required for leased or financed cars, this coverage covers the difference between the car\'s original price and the value after depreciation. </span></li>\n</ol>\n<p><span style=\"color: #000000;\">Other types of coverage, like rental reimbursement, travel coverage, rental car insurance, and towing and labor cost coverage could also be optional, depending on your insurer. </span></p>\n<p><span style=\"color: #000000;\">If you\'re looking for car insurance coverage and are trying to determine how much you need, consider these three factors to make the right choice for you. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2>Car insurance requirements vary by state </h2>\n<p>&nbsp;</p>\n<p><a href=\"https://www.iii.org/automobile-financial-responsibility-laws-by-state\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\">Each state</a><span> </span><span style=\"color: #000000;\">sets its own rules on car insurance, including the minimum coverage you need to have. In most states, the minimum coverage is a liability policy, which only covers damage you do to another person, their car, or their property. </span></p>\n<p><span style=\"color: #000000;\">Some states have higher minimum coverage, however. In Michigan, a state minimum policy would include not only the basic liability coverage, but also</span><span> </span><a href=\"https://www.michigan.gov/documents/difs/Auto_Insurance_Guide_448003_7.pdf\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\">no-fault coverage</a><span style=\"color: #000000;\">, including personal injury protection, property protection insurance, and residual liability insurance coverages. But, a few states don\'t require any insurance at all — in</span><span> </span><a href=\"https://www.nh.gov/insurance/consumers/documents/nh_auto_guide.pdf\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\">New Hampshire</a><span style=\"color: #000000;\">, for example, there\'s no minimum requirement for insurance. </span></p>\n<p><span style=\"color: #000000;\">Your requirements for meeting the state minimum varies widely across the US. Check with your state\'s motor vehicle department to find requirements. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\">If you have a car loan or lease your car, you\'ll need more than state minimum coverage</span></h2>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If you don\'t own your car outright, you\'ll need to maintain more coverage than the state minimum. Financing companies, including leasing companies, require more than the state minimum insurance. You\'ll typically need five types of coverage on your financed or leased car:  </span></p>\n<ul>\n<li><span style=\"color: #000000;\">The required liability coverage</span></li>\n<li><span style=\"color: #000000;\">Uninsured/underinsured motorist coverage</span></li>\n<li><span style=\"color: #000000;\">Collision insurance</span></li>\n<li><span style=\"color: #000000;\">Comprehensive insurance</span></li>\n<li><span style=\"color: #000000;\">Gap coverage (not always required)</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Since liability coverage only covers another person\'s injuries and damage, financing companies require coverage to repair the car or reimburse it after an accident. You\'ll need to maintain this coverage to stay within the terms of your lease or finance contract. Your financing company can provide information on what coverage is needed. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\">Your finances should factor into your coverage decisions</span></h2>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If you\'re considering </span><a href=\"https://www.businessinsider.com/personal-finance/should-i-cancel-car-insurance-coronavirus-2020-4\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"80\">dropping some coverage</a><span style=\"color: #000000;\"> to make insurance cheaper, it might be worth evaluating not just what you can afford every month, but also what you could afford if something went wrong. </span></p>\n<p><span style=\"color: #000000;\">Think about it in terms of optional comprehensive insurance, which covers damage when you\'re not driving. If a tree fell on your car tomorrow, would you be able to cover the cost of repairing or replacing it without insurance? If the answer is no, keeping comprehensive coverage and adding a few extra dollars to your monthly car insurance bill may not sound so bad anymore. </span></p>\n<p><span style=\"color: #000000;\">This philosophy should extend into all parts of your coverage. If you know that you won\'t be able to cover a $1,000 deductible if you get into an accident, pay more for coverage each month and keep a lower deductible. The less ability you have to cover yourself financially should something go wrong, the more insurance coverage you\'ll need. </span></p>\n<p><span style=\"font-size: 14px;\"> </span></p>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article,</span> <a href=\"https://www.businessinsider.com/personal-finance/how-much-auto-insurance-do-i-need\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Auto insurance isn\'t one-size-fits-all. The right amount for you depends on your state, your loans, and your finances.','','inherit','closed','closed','','319-revision-v1','','','2020-04-27 22:59:09','2020-04-27 22:59:09','',319,'http://smartinsurance.tips/319-revision-v1/',0,'revision','',0),(324,1,'2020-04-24 23:51:02','2020-04-24 23:51:02','<!-- wp:divi/placeholder -->\n[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Auto insurance isn\'t one-size-fits-all. The right amount for you depends on your state, your loans, and your finances.</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: left;\">\n<p><img src=\"https://i.insider.com/5ea1e6056985250dc74ea714?width=1300&amp;format=jpeg&amp;auto=webp\" alt=\"car insurance adjuster\" /><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Car insurance isn\'t one-size-fits-all: There are a lot of things to consider when you\'re trying to figure out what you need in a policy. </span></p>\n<p><span style=\"color: #000000;\">Each state has different requirements, and factors like who owns your car and your overall financial health will also come into play. Every person has different insurance needs, but you\'ll need to understand what\'s available before you decide. </span></p>\n<p><span style=\"color: #000000;\">There are many different types of coverage you could see on your policy. What\'s required and available will vary by state. There are 7 major types of insurance coverage: </span></p>\n<ol>\n<li><span style=\"color: #000000;\"><strong>Liability coverage: </strong>Generally required, this coverage covers bodily injury and property damage. It\'s most commonly referred to as state minimum coverage. </span></li>\n<li><span style=\"color: #000000;\"><strong>Collision coverage: </strong>If you hit another car or an object, this coverage repairs or replaces the car. It\'s often required by financing and leasing companies.</span></li>\n<li><span style=\"color: #000000;\"><strong>Uninsured and underinsured motorist coverage: </strong>Required in some states, this coverage will help if you\'re hit by an uninsured driver, or cover damages if their coverage isn\'t sufficient. </span></li>\n<li><span style=\"color: #000000;\"><strong>Medical payments coverage: </strong>Not required in all states, this coverage helps pay for medical bills.</span></li>\n<li><span style=\"color: #000000;\"><strong>Comprehensive coverage: </strong>While not often required, this coverage will help repair or replace a car damaged by an outside force, like a storm, theft, or vandalism.</span></li>\n<li><span style=\"color: #000000;\"><strong>Personal Injury Protection (PIP): </strong>Required in no-fault states, this coverage helps with medical bills, and expenses incurred related to injury, like lost wages. </span></li>\n<li><span style=\"color: #000000;\"><strong>Gap coverage: </strong>Typically required for leased or financed cars, this coverage covers the difference between the car\'s original price and the value after depreciation. </span></li>\n</ol>\n<p><span style=\"color: #000000;\">Other types of coverage, like rental reimbursement, travel coverage, rental car insurance, and towing and labor cost coverage could also be optional, depending on your insurer. </span></p>\n<p><span style=\"color: #000000;\">If you\'re looking for car insurance coverage and are trying to determine how much you need, consider these three factors to make the right choice for you. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2>Car insurance requirements vary by state </h2>\n<p>&nbsp;</p>\n<p><a href=\"https://www.iii.org/automobile-financial-responsibility-laws-by-state\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\">Each state</a><span> </span><span style=\"color: #000000;\">sets its own rules on car insurance, including the minimum coverage you need to have. In most states, the minimum coverage is a liability policy, which only covers damage you do to another person, their car, or their property. </span></p>\n<p><span style=\"color: #000000;\">Some states have higher minimum coverage, however. In Michigan, a state minimum policy would include not only the basic liability coverage, but also</span><span> </span><a href=\"https://www.michigan.gov/documents/difs/Auto_Insurance_Guide_448003_7.pdf\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\">no-fault coverage</a><span style=\"color: #000000;\">, including personal injury protection, property protection insurance, and residual liability insurance coverages. But, a few states don\'t require any insurance at all — in</span><span> </span><a href=\"https://www.nh.gov/insurance/consumers/documents/nh_auto_guide.pdf\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\">New Hampshire</a><span style=\"color: #000000;\">, for example, there\'s no minimum requirement for insurance. </span></p>\n<p><span style=\"color: #000000;\">Your requirements for meeting the state minimum varies widely across the US. Check with your state\'s motor vehicle department to find requirements. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\">If you have a car loan or lease your car, you\'ll need more than state minimum coverage</span></h2>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If you don\'t own your car outright, you\'ll need to maintain more coverage than the state minimum. Financing companies, including leasing companies, require more than the state minimum insurance. You\'ll typically need five types of coverage on your financed or leased car:  </span></p>\n<ul>\n<li><span style=\"color: #000000;\">The required liability coverage</span></li>\n<li><span style=\"color: #000000;\">Uninsured/underinsured motorist coverage</span></li>\n<li><span style=\"color: #000000;\">Collision insurance</span></li>\n<li><span style=\"color: #000000;\">Comprehensive insurance</span></li>\n<li><span style=\"color: #000000;\">Gap coverage (not always required)</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Since liability coverage only covers another person\'s injuries and damage, financing companies require coverage to repair the car or reimburse it after an accident. You\'ll need to maintain this coverage to stay within the terms of your lease or finance contract. Your financing company can provide information on what coverage is needed. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\">Your finances should factor into your coverage decisions</span></h2>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If you\'re considering </span><a href=\"https://www.businessinsider.com/personal-finance/should-i-cancel-car-insurance-coronavirus-2020-4\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"80\">dropping some coverage</a><span style=\"color: #000000;\"> to make insurance cheaper, it might be worth evaluating not just what you can afford every month, but also what you could afford if something went wrong. </span></p>\n<p><span style=\"color: #000000;\">Think about it in terms of optional comprehensive insurance, which covers damage when you\'re not driving. If a tree fell on your car tomorrow, would you be able to cover the cost of repairing or replacing it without insurance? If the answer is no, keeping comprehensive coverage and adding a few extra dollars to your monthly car insurance bill may not sound so bad anymore. </span></p>\n<p><span style=\"color: #000000;\">This philosophy should extend into all parts of your coverage. If you know that you won\'t be able to cover a $1,000 deductible if you get into an accident, pay more for coverage each month and keep a lower deductible. The less ability you have to cover yourself financially should something go wrong, the more insurance coverage you\'ll need. </span></p>\n<p><span style=\"font-size: 14px;\"> </span></p>\n</div>\n<div align=\"center\" style=\"text-align: left;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: left;\"><span><span style=\"color: #000000;\">To read the full article,</span> <a href=\"https://www.businessinsider.com/personal-finance/how-much-auto-insurance-do-i-need\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]\n<!-- /wp:divi/placeholder -->','Auto insurance isn\'t one-size-fits-all. The right amount for you depends on your state, your loans, and your finances.','','inherit','closed','closed','','319-revision-v1','','','2020-04-24 23:51:02','2020-04-24 23:51:02','',319,'http://smartinsurance.tips/319-revision-v1/',0,'revision','',0),(312,1,'2020-03-26 22:19:12','2020-03-26 22:19:12','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"|0px|0px|0px|false|false\" hover_enabled=\"0\" custom_margin=\"auto|||auto|false|false\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" inline_fonts=\"Roboto\"]<h1 style=\"text-align: center;\"><span style=\"font-size: xx-large; font-family: Roboto; font-weight: normal;\"><strong>Employers Beware: Working from Home Creates New Cyber Risks</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px|0px|||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" inline_fonts=\"Roboto\" custom_padding=\"|0px||||\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><span style=\"font-family: Roboto;\"><img src=\"https://www.insurancejournal.com/app/uploads/2015/07/cyber-security-580x565.jpg\" style=\"float: left;\" /><span style=\"color: #000000; font-weight: normal;\">As companies and government agencies send their employees home to avoid contact with the coronavirus, many cyber-security teams are facing the unenviable challenge of securing sprawling, vulnerable networks.</span></span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">Every time an employee connects to their corporate network from home, they’re creating possible access points for hackers to exploit. When this happens 1,000 times on a single network almost overnight, as it has amid orders for regional lockdowns, it’s increasingly difficult to ensure every connection is secure.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">The specific security challenges are wide ranging. While those using company-provided laptops are likely protected by internal safety measures, they could still be vulnerable if their security software isn’t updated or their remote network connection isn’t perfectly configured. The bigger problem is employees using their own equipment that security teams can’t monitor for malicious traffic. For all they know, these devices may already be infected with malware.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">The challenge can overwhelm security personnel, especially for those companies that have previously discouraged employees from working from home. Pivoting from office desktops to laptops at home are projects that security teams at large companies execute over months.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">Instead, the shift to working at home has happened in days. And with so much emphasis placed on simply making sure company operations don’t come to a grinding halt, network security can be an afterthought.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">“Everyone’s attention is drawn away from cyber-security right now, with the first priority being safety and continued operations,” said Lesley Carhart, principal threat analyst at Dragos Inc., an industrial controls security company. “That’s certainly forced some companies to rush into allowing remote access to critical operations.”</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">A major power utility in southern Europe, for instance, sent home hundreds of employees last week. In a matter of three days, the company increased remote accessibility from just 9% of their machines to 53%, said Andrea Carcano, founder and chief product officer at Nozomi Networks Inc., an industrial security company in San Francisco.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">“There’s a risk of opening access to all of those plants,” said Carcano, whose company provides network security tools to some of those power systems. He declined to name the utility. “That customer has some visibly. But it is a fact, you’re opening a new door that used to be closed. If it’s an opening for you, it could be an opening for an attacker.”</span></p>\n<div class=\"bzn bzn-intext-2\">\n<p><span style=\"font-family: Roboto; font-weight: normal;\"><ins data-revive-zoneid=\"162\" data-revive-topic=\"cyber\" data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\" data-revive-seq=\"2\" id=\"revive-0-2\" data-revive-loaded=\"1\"></ins></span></p>\n<p><span style=\"font-family: Roboto; font-weight: normal;\"> </span></p>\n</div>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">The huge influx of people working at home has expanded the places hackers can exploit. As companies across Europe and the Americas come to grips with this new normal, hackers are tweaking their attacks — sending phishing emails that claim to be about the coronavirus or purport to be from a trusted health agency — to leverage fear of the global pandemic.</span></p>\n<p><span style=\"font-family: Roboto; font-weight: normal;\"> </span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">There has been a “flood” of cyber-scams and hacking attempts related to the virus, according to Michael Daniel, president and chief executive officer of the Cyber Threat Alliance, an intelligence sharing nonprofit organization. “It’s really quite amazing how rapidly the bad guys have moved into that area.”</span></p>\n<p><span style=\"font-family: Roboto; font-weight: normal;\"><span style=\"color: #000000;\">Hackers appear to be targeting the most vulnerable. Data analysis from Italy indicates that companies that have quarantined workers or instructed them to work from home are prime targets for attackers, according to</span> <a href=\"https://www.cynet.com/\">Cynet</a><span style=\"color: #000000;\">, a New York-based cyber-security company.</span></span></p>\n<p><span style=\"font-family: Roboto; font-weight: normal;\"><span style=\"color: #000000;\">“This shows the propensity for hackers to shift their focus to remote work environments in order to capitalize on the virus while thwarting corporate security measures,” according to a Cynet</span> <a href=\"https://www.cynet.com/blog/recent-escalation-in-cyberattacks-in-italy-prove-the-coronavirus-impact-on-cybersecurity-acting-as-a-warning-for-cisos-worldwide/\">blog</a><span style=\"color: #000000;\"> published Wednesday.</span></span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">With a daily onslaught of scary news about the virus, people who are working at home may be more likely to click on bogus misinformation links spread on social networks, cyber-security experts said. And because they expect to get out-of-the-ordinary emails from their IT staff, they may be more likely to click on phishing messages.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">Employees can do their part at home. Updating passwords and using paid virtual private networks and multi-factor authentication are a good start, experts said. Keeping kids off your personal computer, if you use it for work, is a good idea, too, because they could download games or other material infected with malware.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">If you want to go the extra mile, buy a home router kit that lets users segregate their networks, said Aaron Zander, head of IT for San Francisco-based HackerOne Inc., a vulnerability detection and coordination platform. He warned that allowing “internet of things” devices — such as Amazon’s Echo speakers and security cameras — to live on the same network as corporate data further expands the attack surface.</span></p>\n<p><span style=\"color: #000000; font-family: Roboto; font-weight: normal;\">“Everyone needs to be more diligent,” Zander said. “If you get an email asking you to make payment, it’s important to verify who that message is coming from.”</span></p>\n<p><span style=\"font-family: Roboto; font-weight: normal;\"><span style=\"color: #000000;\">You can read the full article </span><a href=\"https://www.insurancejournal.com/news/national/2020/03/19/561702.htm?fbclid=IwAR3a7vlCmJOWmsbRMuMc2VOBWL7lyg_C_BRlQgapTxldPSRW6C-ocF3t6kc\">here</a>.</span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Employers Beware: Working from Home Creates New Cyber Risks','','inherit','closed','closed','','309-revision-v1','','','2020-03-26 22:19:12','2020-03-26 22:19:12','',309,'http://smartinsurance.tips/309-revision-v1/',0,'revision','',0),(325,1,'2020-04-24 23:52:31','2020-04-24 23:52:31','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"2px|auto||auto||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"headline heading-content\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Here\'s How to Figure out the Amount of Homeowners Insurance You Should Actually Buy</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<p style=\"text-align: right;\"><img src=\"https://external.fceb2-1.fna.fbcdn.net/safe_image.php?d=AQDhE9CZTU6dOsjN&amp;w=500&amp;h=261&amp;url=http%3A%2F%2Fawesomesocialposts.myinsurancevideos.com%2Fpublic%2F25487%2F202009%2F25487_1599778107880.png&amp;cfs=1&amp;ext=jpg&amp;_nc_cb=1&amp;_nc_hash=AQDvV9jNgaBgEOdW\" alt=\"Here\'s How to Figure out the Amount of Homeowners Insurance You Should Actually Buy | Smart Insurance Tips\" style=\"float: left;\" /><span style=\"color: #000000;\">Here’s some advice for new homeowners figuring out how much insurance coverage to buy: Think back to the popular childhood fable, and keep the Goldilocks Principle in mind: Not too much, not too little, but just right.</span></p>\n<p style=\"text-align: right;\"><span style=\"color: #000000;\">Too much – either in total amounts, or areas of coverage you don’t really need – and you could be looking at punishing premiums on an annual basis. Too little, and when disaster strikes, your costs for repairing and rebuilding could be far beyond what your policy covers.</span></p>\n<p style=\"text-align: right;\"><span style=\"color: #000000;\">“The biggest danger we see arise most frequently is underinsurance,” says Carmen Balber, executive director of the Los Angeles-based group Consumer Watchdog. “That is by far the biggest problem homeowners run into, when an unfortunate event occurs and they have to file a claim.”</span></p>\n<p><span style=\"color: #000000;\">The statistics bear her out. Around 60% of U.S. homes are underinsured, by an average of 20%, according to data firm CoreLogic.</span></p>\n<p><span style=\"color: #000000;\">That’s not necessarily due to cheap homeowners who are trying to skimp. It might be because they haven’t really thought about the policy since they first took it out, or because they don’t fully grasp the ins and outs of proper coverage in the first place. In fact, a whopping 52% of policy owners don’t have a complete understanding of their insurance, according to a survey by J.D. Power.</span></p>\n<p><span style=\"color: #000000;\">It’s hard to blame them, because home insurance is tricky business – and in this era of climate change, it’s hard to tell what kind of calamity might befall us. But if there is any positive side, it is that people are being much more thoughtful about protecting themselves.</span></p>\n<p><span style=\"color: #000000;\">“Catastrophes seem to be occurring on a regular basis: Hurricanes, floods, wildfires, earthquakes,” says Janet Ruiz, a spokesperson for the Insurance Information Institute. “So people are paying more attention to insurance these days. And that’s a very smart thing, because your financial stability depends on it.”</span></p>\n<p><span style=\"color: #000000;\">And now, of course, we have to contend with the coronavirus and its fallout. While the pandemic won’t affect the basic principles of home coverage, many insurers — <a href=\"https://secure.money.com/pr/u8b6db69498a?apxa2=&amp;apxa3=&amp;apxa1=%2Fheres-how-to-figure-out-the-amount-of-homeowners-insurance-you-should-actually-buy%2F&amp;ca_referer=money.com%2Fheres-how-to-figure-out-the-amount-of-homeowners-insurance-you-should-actually-buy%2F%3A%3A:Allstate&amp;apxp1=Allstate\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\" style=\"color: #000000;\">Allstate</a>, for example — are taking economic hardship into consideration, and allowing customers to temporarily pause or reduce premiums without penalty or cancellation (although the difference will have to be made up down the line). And if you have moved your work into your home for the foreseeable future, you might want to look into what’s called a home business endorsement, or raising coverage limits for the business property you’re using.</span></p>\n<p><span style=\"color: #000000;\">Here are a few tips from the experts to put that Goldilocks Principle into action, and get the coverage amount that’s just right for you.</span></p>\n<p><span style=\"color: #000000;\"><i>-Focus on replacement costs.</i> You’re not really aiming to insure the full market value of your property, because that includes the land, and the land isn’t going anywhere. And you should probably look to insure more than just the actual cash value of the structure, because – thanks to factors like inflation and depreciation and rising construction costs — that may not turn out to be enough to rebuild after a disaster.</span></p>\n<p><span style=\"color: #000000;\">The elegant solution: Insure the replacement cost, or the rough estimate of how much it would take in labor and materials to repair and rebuild. Premiums might be 10-15% more than if you were just insuring the cash value, but it will be well worth it if you ever to have file a claim. Even better, advises Balber: Get “extended replacement cost” coverage, which covers you even if local building costs skyrocket in the wake of disaster (which often happens).</span></p>\n<p><span style=\"color: #000000;\"><i>-Know your coverage areas.</i> Standard homeowner policies cover some areas of damage, but not others. In this era of climate change and rising tides, research what your area is prone to, whether you are covered for it – and if not, to look into additional riders with your existing company, or securing that coverage through a separate insurer.</span></p>\n<p><span style=\"color: #000000;\">Flooding, for instance, is generally not covered. The National Flood Insurance Program (FloodSmart.gov) can hook you up with participating local brokers. The program covers dwellings up to $250,000, and contents up to $100,000, with an average annual premium of around $700, although coverage in lower-risk areas won’t cost as much.</span></p>\n<p><span style=\"color: #000000;\">Other areas that are typically not covered, but could be: Things like sewer backup, and personal collectibles like jewelry and artwork.</span></p>\n<p><span style=\"color: #000000;\"><i>-Liability coverage is critical.</i> You may think of home insurance as just relating to the structure, but really it’s much more than that. If someone falls and injures themselves seriously on your property, they could theoretically sue for some, or even all, of your assets.</span></p>\n<p><span style=\"color: #000000;\">That’s where liability coverage is your best friend. Typical homeowner policies offer at least $100,000, but you can certainly go higher and take out $300,000 or even $500,000. If you have more assets to protect, get a so-called “umbrella” policy over and above that amount. A million bucks of coverage costs a few hundred bucks a year, and is well worth the peace of mind.</span></p>\n<p><span style=\"color: #000000;\">–<i>Circumstances change over time.</i> Let’s say that your home insurance amount was perfect for when you first took out the policy. That doesn’t mean it is still appropriate today.</span></p>\n<p><span style=\"color: #000000;\">Perhaps in the meantime, you undertook various home-improvement projects, like bathroom and kitchen remodels, that boosted total replacement costs. So your home is now worth $400,000, but your coverage is only for $300,000 – and that’s a problem.</span></p>\n<p><span style=\"color: #000000;\">Or maybe your town has become a popular location, homebuilders are in high demand, and their costs have gone up. Make sure your coverage takes that into account. (Multiply square footage by current local per-square-foot building costs, which the local builders’ or realtors’ association should be able to tell you.) In a similar way, locking in an “inflation guard” rider can help protect you for increased building costs 10 or 20 years down the road.</span></p>\n<p><span style=\"color: #000000;\"><i>-Cover the contents</i>. It’s not just four walls and a roof that make a home valuable, it’s what’s inside. Generally speaking, contents can be insured up to a percentage of the structure’s overall value – roughly between 50-75%, says Ruiz.</span></p>\n<p><span style=\"color: #000000;\">It’s important to document those contents, though, so that there isn’t haggling with your insurance company when you have to file a claim. So perform a video inventory – there are plenty of apps to help these days, like Sortly and Nest Egg – and then upload the results off-site.</span></p>\n<p><span style=\"color: #000000;\"><i>-Keep costs under control</i>. It’s easy to instruct you to get as much insurance coverage as you possibly can. But that can be pricey, so take thoughtful steps to keep those premiums under control. Bundling homeowner policies with other areas of coverage, like your auto, could save 30%. Raising your deductible – to $1,000 from $500, say – could save you 25%. Avoid filing multiple minor claims if you don’t have to, which could make insurers nervous and lead them to not renew your policy.</span></p>\n<div>\n<div class=\"ca-widget-wrapper\">\n<div class=\"ca-widget-indicator\">\n<p><span style=\"color: #000000;\">If your rates are being hiked, check whether better or more affordable coverage could be had with another insurer. Insure.com is one useful site for that, says Ruiz. Independent brokers – those not beholden to a single company – are often savvy shoppers (<a href=\"https://www.independentagent.com/\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\" style=\"color: #000000;\">https://www.independentagent.com/</a>). And state insurance departments often have rate-comparison tools of their own.</span></p>\n<p><span style=\"color: #000000;\">Most important, don’t just let your policy gather dust in a drawer for years, but actively review whether you have the coverage amounts you need. “When renewals come in the mail every year, take some time, look it over, and call your agent,” says Ruiz. “It’s worth every second of your time.”</span></p>\n<p>&nbsp;</p>\n</div>\n<div class=\"ca-widget-indicator\"></div>\n</div>\n</div>\n<p><span style=\"font-size: 14px;\"></span></p>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article,</span> <a href=\"https://money.com/heres-how-to-figure-out-the-amount-of-homeowners-insurance-you-should-actually-buy/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Here\'s How to Figure out the Amount of Homeowners Insurance You Should Actually Buy','','publish','closed','closed','','heres-how-to-figure-out-the-amount-of-homeowners-insurance-you-should-actually-buy','','','2020-09-11 18:46:12','2020-09-11 18:46:12','',0,'http://smartinsurance.tips/?page_id=325',0,'page','',0),(326,1,'2020-04-24 23:52:31','2020-04-24 23:52:31','<!-- wp:divi/placeholder /-->','','','inherit','closed','closed','','325-revision-v1','','','2020-04-24 23:52:31','2020-04-24 23:52:31','',325,'http://smartinsurance.tips/325-revision-v1/',0,'revision','',0),(327,1,'2020-04-24 23:52:52','2020-04-24 23:52:52','<!-- wp:divi/placeholder /-->','Here\'s How to Figure out the Amount of Homeowners Insurance You Should Actually Buy','','inherit','closed','closed','','325-revision-v1','','','2020-04-24 23:52:52','2020-04-24 23:52:52','',325,'http://smartinsurance.tips/325-revision-v1/',0,'revision','',0),(338,1,'2020-04-27 21:37:07','2020-04-27 21:37:07','<!-- wp:divi/placeholder /-->','Struggling Financially? Pulling Your Credit Report Can Help','','inherit','closed','closed','','337-revision-v1','','','2020-04-27 21:37:07','2020-04-27 21:37:07','',337,'http://smartinsurance.tips/337-revision-v1/',0,'revision','',0),(343,1,'2020-04-27 22:22:34','2020-04-27 22:22:34','<!-- wp:divi/placeholder /-->','Surge in working from home raises cyber exposure issues','','inherit','closed','closed','','342-revision-v1','','','2020-04-27 22:22:34','2020-04-27 22:22:34','',342,'http://smartinsurance.tips/342-revision-v1/',0,'revision','',0),(330,1,'2020-04-27 21:10:16','2020-04-27 21:10:16','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"gnt_ar_hl\" elementtiming=\"ar-headline\" style=\"text-align: center;\"><strong>Coronavirus auto insurance refunds: Here\'s what you need to know</strong></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_padding=\"20px|||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"magnify-wrapper\">\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"><em><img src=\"https://www.gannett-cdn.com/-mm-/890f9c2eac4c1ded7cb080cf9e6706a048e636a4/c=0-188-3599-2212/local/-/media/2020/04/03/USATODAY/usatsports/cars-on-a-dealership-lot.jpg?width=660&amp;height=372&amp;fit=crop&amp;format=pjpg&amp;auto=webp\" alt=\"Cars on a dealership lot.\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></em></span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"><em>Corrections &amp; Clarifications: An earlier version of this story misstated the $50 one-time payments per policy from Nationwide.</em></span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">Coronavirus stay-at-home orders have led to fewer people on the road and many cars sitting in driveways. Now, more than 82% of auto insurance companies like State Farm, Geico and Liberty Mutual are offering policyholders refunds and credits to save money, totaling more than $6.5 billion over the next two months, according to the</span><span> </span><a href=\"https://consumerfed.org/press_release/report-card-to-date-on-the-6-5-billion-promised-to-auto-insurance-customers-as-people-drive-less-due-to-covid-19/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Consumer Federation of America</a><span style=\"color: #000000;\">. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">\"We applaud the many insurance companies that have recognized that they cannot sit on policyholder premium while their customers sit at home,\" said J. Robert Hunter, director of insurance for CFA and former Texas insurance commissioner, in a statement.</span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">Relief programs offered by auto insurers include refunds, credits or one-time payments. Most of these forms of relief require no action from the consumer and will be applied automatically through the policyholder\'s recent payment method on file. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">Here\'s what you need to know about coronavirus car insurance refunds.</span></p>\n<h2 class=\"gnt_ar_b_h2\"><span style=\"color: #000000;\">Which car insurance companies are offering relief?</span></h2>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://newsroom.farmers.com/2020-04-08-Farmers-R-and-21st-Century-R-Branded-Automobile-Customers-Will-Receive-a-25-Reduction-in-Their-April-Premium\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">21st Century</a>:</strong><span> </span><span style=\"color: #000000;\">25% discount on premiums in April</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://csaa-insurance.aaa.com/content/aaa-ie/b2c/en/misc/recovery.html\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">AAA</a></strong><span style=\"color: #000000;\">: 20% refund between for policyholders with insurance in effect from March 16 to May 15 </span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.allstate.com/covid.aspx?intcid=/home/home.aspx%7Chero%7CLearnMore%7CCovid19200406\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Allstate</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% discount on premiums in April and May</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.amfam.com/about/coronavirus/relief-payment\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">American Family Insurance</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> $50 one-time payment for each car insured</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.amica.com/en/about-us/media-center/news-release-archive/2020/covid-19-auto-relief-announcement.html\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Amica</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 20% credit on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.auto-owners.com/special-message1\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Auto-Owners Insurance</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% refund on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://news.chubb.com/2020-04-13-Chubb-Announces-Premium-Credit-for-U-S-Auto-Policyholders-to-Reflect-Changing-Driving-Habits-Due-to-the-COVID-19-Pandemic\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Chubb</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 35% discount on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://cincinnatifinancialcorporation.gcs-web.com/news-releases/news-release-details/cincinnati-insurance-company-offers-stay-home-discount-personal\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Cincinnati Insurance and Casualty</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 15% credit on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://csaa-insurance.aaa.com/content/aaa-ie/b2c/en/primary-nav/press-room/press-release-apr-10.html\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">CSAA</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 20% refund on two months’ premium</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.encova.com/news/encova-insurance-to-issue-policy-credit-for-personal-auto-insurance/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Encova</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% discount on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://newsroom.farmers.com/2020-04-08-Farmers-R-and-21st-Century-R-Branded-Automobile-Customers-Will-Receive-a-25-Reduction-in-Their-April-Premium\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Farmers Insurance</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 25% credit on premiums in April</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.geico.com/about/coronavirus/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Geico</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 15% percent credit for auto and motorcycle customers whose policies renew between April 8 and Oct. 7 and new policy purchases between that time frame.</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://investors.hanover.com/news/news-details/2020/The-Hanover-Responds-to-Coronavirus-Pandemic-with-Initiatives-to-Support-Policyholders-and-Local-Communities/default.aspx\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Hanover Insurance Group</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% discount on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://newsroom.thehartford.com/newsroom-home/news-releases/news-releases-details/2020/The-Hartfords-COVID-19-Personal-Auto-Payback-Plan-To-Provide-Customers-With-Relief-During-Pandemic/default.aspx\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">The Hartford</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% refund on April and May premiums, only for policies in effect as of April 1</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.libertymutualgroup.com/about-lm/news/articles/liberty-mutual-insurance-announces-personal-auto-customer-relief-refund-help-customers-during-pandemic\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Liberty Mutual</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 15% refund on two months of premiums, refunds begin starting April 7</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"http://investors.kemper.com/file/Index?KeyFile=403578537\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Kemper</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% credit on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.metlife.com/about-us/newsroom/2020/april/metlife-provides-relief-to-auto-insurance-customers/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">MetLife</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% credit on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://newsroom.mercuryinsurance.com/2020-04-09-Mercury-Insurance-Announces-Giveback-Program\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Mercury Insurance</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 15% credit on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://blog.nationwide.com/news/nationwide-covid-19-refund/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Nationwide</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">$50 one-time refund per policy as of March 31; refunds will be credited automatically within 30 days to the current payment method on file</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.next-insurance.com/blog/a-message-from-our-ceo-the-insurance-industry-needs-to-take-action-now/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Next Insurance</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">25% discount on April premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://progressive.mediaroom.com/2020-04-08-Progressive-provides-1-billion-to-customers\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Progressive Insurance</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 20% credit for April premiums for each car insured as of April 30; 20% reduction on May premiums for cars insured as of May 31; credits will be applied automatically in May and June</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.libertymutualgroup.com/about-lm/news/articles/liberty-mutual-insurance-commits-15-million-crisis-grants-community-partners\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Safeco</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 15% refund on April and May premiums starting April 7</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://newsroom.statefarm.com/covid-19/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">State Farm</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> Most customers will receive, on average, a 25% credit between March 20 through May 31; exact percentages vary by state; credits will be applied automatically as early as June</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"http://investor.travelers.com/file/Index?KeyFile=403557655\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Travelers</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% credit for April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://communities.usaa.com/t5/Press-Releases/USAA-to-Return-520-Million-to-Members/ba-p/228150\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">USAA</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 20% credit on two months\' premiums; credits will be applied automatically</span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"></span></p>\n<h2 class=\"gnt_ar_b_h2\"><span style=\"color: #000000;\">When will I receive my car insurance relief?</span></h2>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">It depends. Based on the type of refund program offered by your auto insurer, which can include refunds, credits or a one-time payment, drivers can expect to receive relief anywhere between April and June. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">\"Most consumers can expect to see refunds arriving from late April/early May to June, depending on their insurer. Those who are receiving a one-time check will likely see refunds by the end of April, while those receiving credits toward April and May policies will see credits in May and June,\" said Michelle Megna, editorial director of </span><a href=\"https://carinsurance.com/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">carinsurance.com</a><span style=\"color: #000000;\">. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">For insurance companies sending a one-time check, refunds could arrive before the end of April, Megna says, as state regulators have to sign-off before checks can be mailed. </span></p>\n<p class=\"gnt_ar_b_p\"><strong class=\"gnt_ar_b_al\"><span style=\"color: #000000;\">Coronavirus relief:</span> </strong><a href=\"https://www.usatoday.com/story/money/2020/04/10/state-farm-progressive-latest-auto-insurers-return-money/5128875002/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">State Farm, Progressive latest auto insurers to return money to policyholders</a></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"><strong class=\"gnt_ar_b_al\">Coronavirus impact:</strong></span><a href=\"https://www.usatoday.com/story/money/cars/2020/04/12/coronavirus-covid-19-online-car-sales/5129667002/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Coronavirus has dealerships moving to online sales — and car buying may never be the same</a></p>\n<p class=\"gnt_ar_b_p\"></p>\n<h2 class=\"gnt_ar_b_h2\"><span style=\"color: #000000;\">How can I request a refund if I’ve prepaid my premium months in advance?</span></h2>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">Typically, policyholders who have prepaid premiums will more than likely receive credits for the same months\' that are being issued to policyholders with monthly premiums. </span></p>\n<p class=\"gnt_ar_b_p\"></p>\n<h2 class=\"gnt_ar_b_h2\"><span style=\"color: #000000;\">What are other ways I can save money on my auto insurance right now?</span></h2>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">Relief programs aren\'t the only ways that drivers can cut their auto insurance costs down during these unprecedented times. Experts suggest that policyholders looking for more ways to save can shop around for other insurers offering better rates, review their coverage levels, inquire about eligible discounts and change their driving status. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"><strong>Shop around: </strong>Policyholders who are up-to-date on premium payments may be able to save hundreds of dollars by shopping around for companies offering better rates for certain rating factors. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">\"If you\'re waiting for a refund, then you may want to hold off on switching until that comes through,\" said Megna. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"><strong>Review your coverage levels: </strong>Reassess if coverages and deductibles that accompany your comprehension and collision coverage still fit your needs. For example, if you have a policy with liability, comprehensive and collision on an old car with low value, you could drop both the optional comprehensive and collision coverages. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"><strong>Check for eligible discounts: </strong>Auto insurers may offer discounts ranging from driver history, training, affiliations and demographics. You may even be able to reduce your rates by bundling both your home and auto insurance with the same company. Policyholders should ask an insurance agent about eligible discounts and opportunities to save.</span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"><strong>Change your driving status: </strong>\"Besides getting this relief, you can call your insurance company and ask them to change your status,\" said Hunter. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">There are two ways drivers can do this. If you were driving to work and no longer are, you can change your driving status from commuter to non-commuter for lower rates. Drivers can also reduce their monthly mileage. Typically, the fewer miles you drive annually, the lower your rate. Policyholders should contact their insurer directly to do this.  </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.usatoday.com/story/money/cars/2020/04/16/coronavirus-relief-how-get-your-car-insurance-refunds/2990448001/\">click here</a>.</span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Coronavirus auto insurance refunds: Here\'s what you need to know','','publish','closed','closed','','coronavirus-auto-insurance-refunds-heres-what-you-need-to-know','','','2020-04-27 22:56:00','2020-04-27 22:56:00','',0,'http://smartinsurance.tips/?page_id=330',0,'page','',0),(331,1,'2020-04-27 21:10:16','2020-04-27 21:10:16','<!-- wp:divi/placeholder /-->','Coronavirus auto insurance refunds: Here\'s what you need to know','','inherit','closed','closed','','330-revision-v1','','','2020-04-27 21:10:16','2020-04-27 21:10:16','',330,'http://smartinsurance.tips/330-revision-v1/',0,'revision','',0),(329,1,'2020-04-24 23:57:29','2020-04-24 23:57:29','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"2px|auto||auto||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"headline heading-content\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Here\'s How to Figure out the Amount of Homeowners Insurance You Should Actually Buy</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<p><img src=\"https://moneydotcomvip.files.wordpress.com/2020/03/final-yellow.jpg?quality=85&amp;w=1600\" style=\"display: block; margin-left: auto; margin-right: auto;\" /><span style=\"font-size: 14px;\"></span></p>\n<p><span style=\"color: #000000;\">Here’s some advice for new homeowners figuring out how much insurance coverage to buy: Think back to the popular childhood fable, and keep the Goldilocks Principle in mind: Not too much, not too little, but just right.</span></p>\n<p><span style=\"color: #000000;\">Too much – either in total amounts, or areas of coverage you don’t really need – and you could be looking at punishing premiums on an annual basis. Too little, and when disaster strikes, your costs for repairing and rebuilding could be far beyond what your policy covers.</span></p>\n<p><span style=\"color: #000000;\">“The biggest danger we see arise most frequently is underinsurance,” says Carmen Balber, executive director of the Los Angeles-based group Consumer Watchdog. “That is by far the biggest problem homeowners run into, when an unfortunate event occurs and they have to file a claim.”</span></p>\n<p><span style=\"color: #000000;\">The statistics bear her out. Around 60% of U.S. homes are underinsured, by an average of 20%, according to data firm CoreLogic.</span></p>\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">That’s not necessarily due to cheap homeowners who are trying to skimp. It might be because they haven’t really thought about the policy since they first took it out, or because they don’t fully grasp the ins and outs of proper coverage in the first place. In fact, a whopping 52% of policy owners don’t have a complete understanding of their insurance, according to a survey by J.D. Power.</span></p>\n<p><span style=\"color: #000000;\">It’s hard to blame them, because home insurance is tricky business – and in this era of climate change, it’s hard to tell what kind of calamity might befall us. But if there is any positive side, it is that people are being much more thoughtful about protecting themselves.</span></p>\n<p><span style=\"color: #000000;\">“Catastrophes seem to be occurring on a regular basis: Hurricanes, floods, wildfires, earthquakes,” says Janet Ruiz, a spokesperson for the Insurance Information Institute. “So people are paying more attention to insurance these days. And that’s a very smart thing, because your financial stability depends on it.”</span></p>\n<p><span style=\"color: #000000;\">And now, of course, we have to contend with the coronavirus and its fallout. While the pandemic won’t affect the basic principles of home coverage, many insurers — <a href=\"https://secure.money.com/pr/u8b6db69498a?apxa2=&amp;apxa3=&amp;apxa1=%2Fheres-how-to-figure-out-the-amount-of-homeowners-insurance-you-should-actually-buy%2F&amp;ca_referer=money.com%2Fheres-how-to-figure-out-the-amount-of-homeowners-insurance-you-should-actually-buy%2F%3A%3A:Allstate&amp;apxp1=Allstate\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\" style=\"color: #000000;\">Allstate</a>, for example — are taking economic hardship into consideration, and allowing customers to temporarily pause or reduce premiums without penalty or cancellation (although the difference will have to be made up down the line). And if you have moved your work into your home for the foreseeable future, you might want to look into what’s called a home business endorsement, or raising coverage limits for the business property you’re using.</span></p>\n<p><span style=\"color: #000000;\">Here are a few tips from the experts to put that Goldilocks Principle into action, and get the coverage amount that’s just right for you.</span></p>\n<p><span style=\"color: #000000;\"><i>-Focus on replacement costs.</i> You’re not really aiming to insure the full market value of your property, because that includes the land, and the land isn’t going anywhere. And you should probably look to insure more than just the actual cash value of the structure, because – thanks to factors like inflation and depreciation and rising construction costs — that may not turn out to be enough to rebuild after a disaster.</span></p>\n<p><span style=\"color: #000000;\">The elegant solution: Insure the replacement cost, or the rough estimate of how much it would take in labor and materials to repair and rebuild. Premiums might be 10-15% more than if you were just insuring the cash value, but it will be well worth it if you ever to have file a claim. Even better, advises Balber: Get “extended replacement cost” coverage, which covers you even if local building costs skyrocket in the wake of disaster (which often happens).</span></p>\n<p><span style=\"color: #000000;\"><i>-Know your coverage areas.</i> Standard homeowner policies cover some areas of damage, but not others. In this era of climate change and rising tides, research what your area is prone to, whether you are covered for it – and if not, to look into additional riders with your existing company, or securing that coverage through a separate insurer.</span></p>\n<p><span style=\"color: #000000;\">Flooding, for instance, is generally not covered. The National Flood Insurance Program (FloodSmart.gov) can hook you up with participating local brokers. The program covers dwellings up to $250,000, and contents up to $100,000, with an average annual premium of around $700, although coverage in lower-risk areas won’t cost as much.</span></p>\n<p><span style=\"color: #000000;\">Other areas that are typically not covered, but could be: Things like sewer backup, and personal collectibles like jewelry and artwork.</span></p>\n<p><span style=\"color: #000000;\"><i>-Liability coverage is critical.</i> You may think of home insurance as just relating to the structure, but really it’s much more than that. If someone falls and injures themselves seriously on your property, they could theoretically sue for some, or even all, of your assets.</span></p>\n<p><span style=\"color: #000000;\">That’s where liability coverage is your best friend. Typical homeowner policies offer at least $100,000, but you can certainly go higher and take out $300,000 or even $500,000. If you have more assets to protect, get a so-called “umbrella” policy over and above that amount. A million bucks of coverage costs a few hundred bucks a year, and is well worth the peace of mind.</span></p>\n<p><span style=\"color: #000000;\">–<i>Circumstances change over time.</i> Let’s say that your home insurance amount was perfect for when you first took out the policy. That doesn’t mean it is still appropriate today.</span></p>\n<p><span style=\"color: #000000;\">Perhaps in the meantime, you undertook various home-improvement projects, like bathroom and kitchen remodels, that boosted total replacement costs. So your home is now worth $400,000, but your coverage is only for $300,000 – and that’s a problem.</span></p>\n<p><span style=\"color: #000000;\">Or maybe your town has become a popular location, homebuilders are in high demand, and their costs have gone up. Make sure your coverage takes that into account. (Multiply square footage by current local per-square-foot building costs, which the local builders’ or realtors’ association should be able to tell you.) In a similar way, locking in an “inflation guard” rider can help protect you for increased building costs 10 or 20 years down the road.</span></p>\n<p><span style=\"color: #000000;\"><i>-Cover the contents</i>. It’s not just four walls and a roof that make a home valuable, it’s what’s inside. Generally speaking, contents can be insured up to a percentage of the structure’s overall value – roughly between 50-75%, says Ruiz.</span></p>\n<p><span style=\"color: #000000;\">It’s important to document those contents, though, so that there isn’t haggling with your insurance company when you have to file a claim. So perform a video inventory – there are plenty of apps to help these days, like Sortly and Nest Egg – and then upload the results off-site.</span></p>\n<p><span style=\"color: #000000;\"><i>-Keep costs under control</i>. It’s easy to instruct you to get as much insurance coverage as you possibly can. But that can be pricey, so take thoughtful steps to keep those premiums under control. Bundling homeowner policies with other areas of coverage, like your auto, could save 30%. Raising your deductible – to $1,000 from $500, say – could save you 25%. Avoid filing multiple minor claims if you don’t have to, which could make insurers nervous and lead them to not renew your policy.</span></p>\n<div>\n<div class=\"ca-widget-wrapper\">\n<div class=\"ca-widget-indicator\">\n<p><span style=\"color: #000000;\">If your rates are being hiked, check whether better or more affordable coverage could be had with another insurer. Insure.com is one useful site for that, says Ruiz. Independent brokers – those not beholden to a single company – are often savvy shoppers (<a href=\"https://www.independentagent.com/\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\" style=\"color: #000000;\">https://www.independentagent.com/</a>). And state insurance departments often have rate-comparison tools of their own.</span></p>\n<p><span style=\"color: #000000;\">Most important, don’t just let your policy gather dust in a drawer for years, but actively review whether you have the coverage amounts you need. “When renewals come in the mail every year, take some time, look it over, and call your agent,” says Ruiz. “It’s worth every second of your time.”</span></p>\n<p>&nbsp;</p>\n</div>\n<div class=\"ca-widget-indicator\"></div>\n</div>\n</div>\n<p><span style=\"font-size: 14px;\"></span></p>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article,</span> <a href=\"https://www.businessinsider.com/personal-finance/how-much-auto-insurance-do-i-need\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Here\'s How to Figure out the Amount of Homeowners Insurance You Should Actually Buy','','inherit','closed','closed','','325-revision-v1','','','2020-04-24 23:57:29','2020-04-24 23:57:29','',325,'http://smartinsurance.tips/325-revision-v1/',0,'revision','',0),(333,1,'2020-04-27 21:25:08','2020-04-27 21:25:08','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"h1 nolinks\" itemprop=\"name\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>7 Questions That Could Help You Keep Your Employees</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: left;\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"></span></p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Everyone in an organization plays a key role in employee retention.</span></li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">It is more expensive to hire new employees than it is to retain existing ones.</span></li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Employee retention is directly related to employee satisfaction.</span></li>\n</ul>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">Smart employers know that retaining their top talent means making them feel valued and giving them opportunities to advance. You may think you\'re doing a pretty good job of this, but research has found that your message may not be getting through to your employees.</span></p>\n<p><span style=\"color: #000000;\">According to an Employee Development Survey by talent management solutions provider <a placement=\"content\" href=\"https://www.saba.com/press/news/one-third-of-the-us-workforce-to-change-jobs-within-the-next-six-months-preventable-pitfalls-for-employee-retention\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #000000;\">Saba Software</a> and WorkplaceTrends.com, 60% of U.S. and U.K. human resources leaders said they believe their companies provide employees with a clear career advancement path. Workers, on the other hand, felt differently: Just 36% agreed that their companies provide an advancement path. Moreover, one-third of those surveyed felt their skills and talents were not being recognized in the workplace, and 41% said they would leave their current company for a better opportunity.</span></p>\n<h2 class=\"nolinks\"><span style=\"color: #000000;\">Employee retention</span></h2>\n<p><span style=\"color: #000000;\">Employee retention is the ability of a company to keep the employees it has. A retention rate is usually stated as a percentage, so a company may have a 90% retention rate, for example. Turnover, or when companies lose employees, costs businesses a lot of money. Employee retention is the way to fight turnover.</span></p>\n<h2 class=\"nolinks\"><span style=\"color: #000000;\">What steps do you need to take to develop an employee?</span></h2>\n<p><span style=\"color: #000000;\">When you want to develop employees, you must show that you trust and respect them. When you give them responsibility, you are showing them that you trust them and are giving them an opportunity to grow. Employees want to feel satisfied at work and know that they have room to advance in the company. Encourage your employees to gain new skills, and provide training and programs to help them do that. Give your employees a place to talk and be heard. Everyone wants to be treated with respect. When you treat your employees with respect, they return the respect and loyalty to your company.</span></p>\n<p><span style=\"color: #000000;\">But employee retention isn\'t just the responsibility of upper management; everyone in an organization is responsible for retaining employees. The overall culture of a company affects every single person within that company, and it\'s the driving force behind how people are treated. Leaders and management directly interact with employees and can gain an understanding of what employees want from the company. They can listen and make changes that affect the employee directly. For larger-scale changes, human resources staff can listen to the feedback and add incentives for employees to help retain employees.</span></p>\n<p><span style=\"color: #000000;\">So, where is the disconnect between HR and employees? It all comes down to communication. The research found that HR leaders want to know what inspires and motivates their workers, and more than 30% of employees would be happy to share this information. But HR doesn\'t seem to be asking the staff the right questions to find out, said Adrienne Whitten, vice president of product marketing at Saba at the time of the study. </span><strong><span style=\"color: #000000;\">[Read related article:</span><a placement=\"content\" href=\"https://www.businessnewsdaily.com/6084-employee-happiness-without-raise.html\"><span style=\"color: #000000;\"> </span>12 Secrets to Keeping Employees Happy Without a Raise</a>]</strong></p>\n<p><span style=\"color: #000000;\">\"When we asked HR folks what data they would most like to have on their employees, the No. 1 cited answer was \'what motivates them,\'\" Whitten told Business News Daily. \"This shows that employers are still struggling with the employee engagement challenge. [In other words], how do you create some kind of loyalty to the company when companies can no longer offer the promise of stability and lifetime employment?\"</span></p>\n<p><span style=\"color: #000000;\">\"Companies need to survey their employees to understand their needs so that they can better serve each one individually and as a group,\" added Dan Schawbel, founder of WorkplaceTrends.</span></p>\n<p><span style=\"color: #000000;\">Whitten and Schawbel said that employers can start gaining the workforce insights they need – and thus, encourage retention – by asking employees the following questions:</span></p>\n<ol>\n<li><span style=\"color: #000000;\">What motivates you and keeps you coming to work every day?</span></li>\n<li><span style=\"color: #000000;\">What do you love about your job?</span></li>\n<li><span style=\"color: #000000;\">What are your personal development goals in your current position?</span></li>\n<li><span style=\"color: #000000;\">What type of career support will be most beneficial to you?</span></li>\n<li><span style=\"color: #000000;\">What type of skills do you feel like you\'re currently lacking?</span></li>\n<li><span style=\"color: #000000;\">How do you learn best, and what\'s the best vehicle we should use to support your development?</span></li>\n<li><span style=\"color: #000000;\">What are your personal goals and values?</span></li>\n</ol>\n<p><span style=\"color: #000000;\">The mistake most HR departments make is assuming that all managers are having these types of conversations with their employees, Whitten said. But these questions can be tricky to ask, and managers need to be prepared to address the resulting answers.</span></p>\n<p><span style=\"color: #000000;\">\"If an employee tells you that their personal goal is to have more time to attend their children\'s events, the manager needs to be prepared with whether they can offer flex time and what the company policies are,\" Whitten said. \"This is where HR can help by partnering more closely with the managers.\"</span></p>\n<p><span style=\"color: #000000;\">While there are many other things employers can and should do to build workforce loyalty – such as offering flexible work options and other great benefits – just initiating conversations about what\'s important to an employee\'s personal and professional life is an excellent start.</span></p>\n<p><span style=\"color: #000000;\">\"We all know the old adage that everyone is replaceable,\" Whitten said. \"Sometimes, simply communicating to your employees that they have individual value to the company will go a long way towards engaging them and instilling loyalty.\"</span></p>\n<h2 class=\"nolinks\"><span style=\"color: #000000;\">How much does it cost to develop an employee versus hiring a new one?</span></h2>\n<p><span style=\"color: #000000;\">While the exact cost of keeping an existing employee versus hiring a new one varies among industries, data indicates that hiring a new employee is more expensive than retaining an existing one. According to the </span><a placement=\"content\" href=\"https://www.shrm.org/about-shrm/press-room/press-releases/pages/human-capital-benchmarking-report.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Society for Human Resources Management</a><span style=\"color: #000000;\">, the average cost per hire is $4,129.</span></p>\n<p><span style=\"color: #000000;\">The Saba/WorkplaceTrends Employee Development Survey polled 2,000 U.S. and U.K. employees and HR professionals.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div align=\"center\" style=\"text-align: left;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: left;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: left;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.businessnewsdaily.com/8435-employee-career-questions.html\">click here</a>.</span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Coronavirus auto insurance refunds: Here\'s what you need to know','','inherit','closed','closed','','330-revision-v1','','','2020-04-27 21:25:08','2020-04-27 21:25:08','',330,'http://smartinsurance.tips/330-revision-v1/',0,'revision','',0),(337,1,'2020-04-27 21:37:07','2020-04-27 21:37:07','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"headline heading-content\" style=\"text-align: center;\"><strong>Struggling Financially? Pulling Your Credit Report Can Help</strong></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: justify;\">\n<p><img src=\"https://moneydotcomvip.files.wordpress.com/2020/04/final1-1.gif?quality=85&amp;w=1600\" /></p>\n<p><span style=\"color: #000000;\">Just lost your job or got your work hours reduced? Stressed out about your bills and what could happen if you can’t pay for it all? You’ve got lots of company.</span></p>\n<p><span style=\"color: #000000;\">In a recent</span><a href=\"https://content.transunion.com/v/financial-hardship-infographic-us-week-three\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\"><span style=\"color: #0a0a0a;\"> </span>study</a><span> </span><span style=\"color: #000000;\">by </span><a href=\"https://secure.money.com/pr/uffb33a10190?apxa2=&amp;apxa3=&amp;apxa1=%2Fstruggling-financially-pulling-your-credit-report-can-help%2F&amp;ca_referer=money.com%2Fstruggling-financially-pulling-your-credit-report-can-help%2F%3A%3A:TransUnion&amp;apxp1=TransUnion\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">TransUnion</a><span style=\"color: #000000;\">, 58% of those surveyed said they’ve been financially impacted by the coronavirus crisis and expect to be unable to pay their bills or loans in approximately six weeks. This comes as no surprise, since on April 4th, the</span><a href=\"https://www.dol.gov/ui/data.pdf\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\"><span style=\"color: #000000;\"> </span>U.S. Department of Labor</a><span> </span><span style=\"color: #000000;\">reported that over 6.6 million Americans had filed for unemployment, bringing the total number of unemployment claims to close to 17 million in just three weeks—levels that have experts drawing comparisons to the </span><a href=\"https://www.bloomberg.com/news/articles/2020-04-03/jobs-destroyed-worldwide-as-coronavirus-sparks-recession\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">Great Depression</a>.</p>\n<p><span style=\"color: #000000;\">So, if your current situation has you imagining all sorts of terrible scenarios of what could happen if you can’t pay your bills, know that there are steps you can take to get ahead of the situation. One good place to start is getting a copy of your credit report, especially if you’ve been good with your finances throughout the years.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\">\n<h2><span style=\"color: #000000;\"><b>How Your Credit Report Can Help You Now</b></span></h2>\n<p><span style=\"color: #000000;\">Your credit report is basically your financial calling card. It contains information, such as the accounts under your name, original and current balances, the duration of those accounts, payment history, whether you’ve filed for bankruptcy or if you’ve had anything sent to collections. In other words, it shows how responsible or risky of a borrower you are.</span></p>\n<p><span style=\"color: #000000;\">According to experts, understanding what’s in your credit report can help you in two different ways: knowing where you stand with your creditors and renegotiating your current payment agreement.</span></p>\n<p><span style=\"color: #000000;\">“Looking at your credit report and looking at the information that’s reporting on all three credit bureaus gives you the most complete picture of where you are in terms of your financial obligations,” says Bruce McClary, Vice President of Communications at the</span><a href=\"https://www.nfcc.org/\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\"><span> </span>National Foundation for Credit Counseling (NFCC)<span style=\"color: #000000;\">.</span></a></p>\n<p><span style=\"color: #000000;\">McClary explains that having this report on hand can help you analyze and better understand which debts you should prioritize, and which lenders you should contact to evaluate your options.</span></p>\n<p><span style=\"color: #000000;\">Additionally, your credit report can be a powerful tool when trying to negotiate a new payment agreement with unwilling creditors, particularly if your accounts are still in good standing.</span><span> </span><a href=\"https://money.com/credit-card-covid-19-help/\" target=\"_blank\" rel=\"noopener noreferrer\">Credit card companies are working with borrowers</a><span> </span><span style=\"color: #000000;\">affected by the pandemic.</span></p>\n<p><span style=\"color: #000000;\">“If you are forced to be late on some bills and your creditors are not willing to work with you, that copy can serve as actual proof that you are a strong consumer, and that you represent a low risk,” says Dara Duguay, CEO of the</span><a href=\"https://creditbuildersalliance.org/\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\"><span style=\"color: #000000;\"> </span>Credit Builders Alliance</a><span style=\"color: #000000;\">.</span></p>\n<p><span style=\"color: #000000;\">Creditors have access to your credit report too, of course. But you’re in a better bargaining position if you’re familiar with it yourself, experts say.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\"><b>How It Can Help You Moving Forward</b></span></h2>\n<p><span style=\"color: #000000;\">Understanding your credit report not only comes in handy to know which creditors you should contact, or to negotiate a temporary payment agreement, it can also help you down the line if you need to take out a loan.</span></p>\n<p><span style=\"color: #000000;\">While each lender has its own criteria, most will consider your credit history as part of their application process, and will give you the chance to explain any irregularities before making a decision.</span></p>\n<p><span style=\"color: #000000;\">“Many lenders who have direct interaction with you, like an auto loan at the dealer, will look at your credit report, and you can have the opportunity to explain the situation,” says Duguay. “You can actually say, ‘Hey, look at this great credit report that I had in March.’ So, when they see the difference between March, and maybe June, it’ll show that it was really disaster-related and had nothing to do with you being a risky individual.”</span></p>\n<p><span style=\"color: #000000;\">“If up until that point, you were making timely payments for that particular account and all of your other accounts, then clearly it’s not something that is problematic for a lender,” says McClary.</span></p>\n<p><span style=\"color: #000000;\">This will potentially increase your chances of getting approved and securing a reasonable interest rate.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\"><b>How to Get a Free Credit Report</b></span></h2>\n<p><span style=\"color: #000000;\">You can request a free copy of your credit report from each of the three main credit bureaus (Experian, TransUnion and Equifax) in the U.S. once a year. You can do so by visiting their jointly operated website,</span><a href=\"https://www.annualcreditreport.com/index.action\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\"><span style=\"color: #000000;\"> </span>AnnualCreditReport.com</a><span style=\"color: #000000;\">.</span></p>\n<p><span style=\"color: #000000;\">To get your free credit report, you’ll need to provide your name, address, Social Security number and date of birth. Once you submit this information, you should be able to access your report immediately. However, it should be noted that this copy does not include your credit score, but you can review all of your information and make sure that everything is correct.</span></p>\n<p><span style=\"color: #000000;\">You can also request a free copy of your credit report by calling this</span><a href=\"https://www.consumer.ftc.gov/articles/0155-free-credit-reports\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\"><span> </span>toll free number</a><span style=\"color: #000000;\">, although it may take up to 15 business days to process your request.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\"><b>Protecting Your Credit During The Crisis</b></span></h2>\n<p><span style=\"color: #000000;\">Although most lenders are extending some sort of economic relief thanks to the</span><span> </span><a href=\"https://www.congress.gov/bill/116th-congress/senate-bill/3548/text?q=product+update\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">CARES Act</a><span style=\"color: #000000;\">, there are still a few other steps you can take to protect your credit if you are struggling financially:</span></p>\n<h3><span style=\"color: #000000;\"><b>Request an AW</b></span></h3>\n<p><span style=\"color: #000000;\">“You can put a special code called ‘AW’,” says Duguay. The AW is a code lenders and credit reporting agencies use to mark an account as being affected by a natural or declared disaster, or in this case, the COVID-19 crisis.</span></p>\n<p><span style=\"color: #000000;\">According to Duguay, having this code next to any open account is a simple way to protect your credit score while you get back on your feet. While this won’t necessarily stop your credit score from dropping, it does protect your VantageScore, which is another type of credit score model that combines the information found on all three main bureaus. This is not something you can do on your own. In order to get this noted on your accounts, you must contact the lender or the credit reporting agency directly, so they do it for you.</span></p>\n<h3><span style=\"color: #000000;\"><b>Add a 100-Word Explanation</b></span></h3>\n<p><span style=\"color: #000000;\">Another easy way of protecting your credit, and it’s something overlooked by many consumers, is adding a 100-word statement next to your credit report explaining any financial hardships you may have faced that led to any negative activity, like a late or missed payment.</span></p>\n<p><span style=\"color: #000000;\">“All consumers have the right to put up to a 100-word explanation next to anything that’s negative on their credit report. If there’s something that’s not good, like for example, if you couldn’t pay a bill because you were laid off or if it was related to COVID-19, you should put an explanation there. This won’t necessarily affect your credit score, but a lot of individuals look at your credit report and not your score. So that’s where it would make a difference,” says Duguay.</span></p>\n<p><span style=\"color: #000000;\">You can add this statement by contacting each of the credit bureaus directly.</span></p>\n<h3><span style=\"color: #000000;\"><b>Call Them before They Call You</b></span></h3>\n<p><span style=\"color: #000000;\">Finally, don’t be afraid to contact your creditors. “Even if it’s uncomfortable, I always tell people that it’s much better to call your creditors before they have to call you,” Duguay says. “If you call them before you’re having a problem, they’re much more willing to work with you than if you avoid them.”</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span><span style=\"color: #000000;\"></span></span></p>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://money.com/struggling-financially-pulling-your-credit-report-can-help/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Struggling Financially? Pulling Your Credit Report Can Help','','publish','closed','closed','','struggling-financially-pulling-your-credit-report-can-help','','','2020-04-27 22:07:32','2020-04-27 22:07:32','',0,'http://smartinsurance.tips/?page_id=337',0,'page','',0),(336,1,'2020-04-27 21:28:15','2020-04-27 21:28:15','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"h1 nolinks\" itemprop=\"name\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>7 Questions That Could Help You Keep Your Employees</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\" custom_padding=\"20px|||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"magnify-wrapper\"><img src=\"https://img.business.com/rc/300x200/aHR0cHM6Ly93d3cuYnVzaW5lc3MuY29tL2ltYWdlcy9jb250ZW50LzVlNy8yMjQ2ZDVhMjE1ZTc3NDc4YjQ1NzMvMC04MDAt\" alt=\"image for nortonrsx / Getty Images\" style=\"float: right;\" /></div>\n<p style=\"text-align: right;\"><span style=\"color: #000000;\"></span></p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Everyone in an organization plays a key role in employee retention.</span></li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">It is more expensive to hire new employees than it is to retain existing ones.</span></li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Employee retention is directly related to employee satisfaction.</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Smart employers know that retaining their top talent means making them feel valued and giving them opportunities to advance. You may think you\'re doing a pretty good job of this, but research has found that your message may not be getting through to your employees.</span></p>\n<p><span style=\"color: #000000;\">According to an Employee Development Survey by talent management solutions provider <a placement=\"content\" href=\"https://www.saba.com/press/news/one-third-of-the-us-workforce-to-change-jobs-within-the-next-six-months-preventable-pitfalls-for-employee-retention\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #000000;\">Saba Software</a> and WorkplaceTrends.com, 60% of U.S. and U.K. human resources leaders said they believe their companies provide employees with a clear career advancement path. Workers, on the other hand, felt differently: Just 36% agreed that their companies provide an advancement path. Moreover, one-third of those surveyed felt their skills and talents were not being recognized in the workplace, and 41% said they would leave their current company for a better opportunity.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 class=\"nolinks\"><span style=\"color: #000000;\">Employee retention</span></h2>\n<p><span style=\"color: #000000;\">Employee retention is the ability of a company to keep the employees it has. A retention rate is usually stated as a percentage, so a company may have a 90% retention rate, for example. Turnover, or when companies lose employees, costs businesses a lot of money. Employee retention is the way to fight turnover.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 class=\"nolinks\"><span style=\"color: #000000;\">What steps do you need to take to develop an employee?</span></h2>\n<p><span style=\"color: #000000;\">When you want to develop employees, you must show that you trust and respect them. When you give them responsibility, you are showing them that you trust them and are giving them an opportunity to grow. Employees want to feel satisfied at work and know that they have room to advance in the company. Encourage your employees to gain new skills, and provide training and programs to help them do that. Give your employees a place to talk and be heard. Everyone wants to be treated with respect. When you treat your employees with respect, they return the respect and loyalty to your company.</span></p>\n<p><span style=\"color: #000000;\">But employee retention isn\'t just the responsibility of upper management; everyone in an organization is responsible for retaining employees. The overall culture of a company affects every single person within that company, and it\'s the driving force behind how people are treated. Leaders and management directly interact with employees and can gain an understanding of what employees want from the company. They can listen and make changes that affect the employee directly. For larger-scale changes, human resources staff can listen to the feedback and add incentives for employees to help retain employees.</span></p>\n<p><span style=\"color: #000000;\">So, where is the disconnect between HR and employees? It all comes down to communication. The research found that HR leaders want to know what inspires and motivates their workers, and more than 30% of employees would be happy to share this information. But HR doesn\'t seem to be asking the staff the right questions to find out, said Adrienne Whitten, vice president of product marketing at Saba at the time of the study. </span><strong><span style=\"color: #000000;\">[Read related article:</span><a placement=\"content\" href=\"https://www.businessnewsdaily.com/6084-employee-happiness-without-raise.html\"><span style=\"color: #000000;\"> </span>12 Secrets to Keeping Employees Happy Without a Raise</a>]</strong></p>\n<p><span style=\"color: #000000;\">\"When we asked HR folks what data they would most like to have on their employees, the No. 1 cited answer was \'what motivates them,\'\" Whitten told Business News Daily. \"This shows that employers are still struggling with the employee engagement challenge. [In other words], how do you create some kind of loyalty to the company when companies can no longer offer the promise of stability and lifetime employment?\"</span></p>\n<p><span style=\"color: #000000;\">\"Companies need to survey their employees to understand their needs so that they can better serve each one individually and as a group,\" added Dan Schawbel, founder of WorkplaceTrends.</span></p>\n<p><span style=\"color: #000000;\">Whitten and Schawbel said that employers can start gaining the workforce insights they need – and thus, encourage retention – by asking employees the following questions:</span></p>\n<ol>\n<li><span style=\"color: #000000;\">What motivates you and keeps you coming to work every day?</span></li>\n<li><span style=\"color: #000000;\">What do you love about your job?</span></li>\n<li><span style=\"color: #000000;\">What are your personal development goals in your current position?</span></li>\n<li><span style=\"color: #000000;\">What type of career support will be most beneficial to you?</span></li>\n<li><span style=\"color: #000000;\">What type of skills do you feel like you\'re currently lacking?</span></li>\n<li><span style=\"color: #000000;\">How do you learn best, and what\'s the best vehicle we should use to support your development?</span></li>\n<li><span style=\"color: #000000;\">What are your personal goals and values?</span></li>\n</ol>\n<p><span style=\"color: #000000;\">The mistake most HR departments make is assuming that all managers are having these types of conversations with their employees, Whitten said. But these questions can be tricky to ask, and managers need to be prepared to address the resulting answers.</span></p>\n<p><span style=\"color: #000000;\">\"If an employee tells you that their personal goal is to have more time to attend their children\'s events, the manager needs to be prepared with whether they can offer flex time and what the company policies are,\" Whitten said. \"This is where HR can help by partnering more closely with the managers.\"</span></p>\n<p><span style=\"color: #000000;\">While there are many other things employers can and should do to build workforce loyalty – such as offering flexible work options and other great benefits – just initiating conversations about what\'s important to an employee\'s personal and professional life is an excellent start.</span></p>\n<p><span style=\"color: #000000;\">\"We all know the old adage that everyone is replaceable,\" Whitten said. \"Sometimes, simply communicating to your employees that they have individual value to the company will go a long way towards engaging them and instilling loyalty.\"</span></p>\n<h2 class=\"nolinks\"><span style=\"color: #000000;\">How much does it cost to develop an employee versus hiring a new one?</span></h2>\n<p><span style=\"color: #000000;\">While the exact cost of keeping an existing employee versus hiring a new one varies among industries, data indicates that hiring a new employee is more expensive than retaining an existing one. According to the </span><a placement=\"content\" href=\"https://www.shrm.org/about-shrm/press-room/press-releases/pages/human-capital-benchmarking-report.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Society for Human Resources Management</a><span style=\"color: #000000;\">, the average cost per hire is $4,129.</span></p>\n<p><span style=\"color: #000000;\">The Saba/WorkplaceTrends Employee Development Survey polled 2,000 U.S. and U.K. employees and HR professionals.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.businessnewsdaily.com/8435-employee-career-questions.html\">click here</a>.</span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Coronavirus auto insurance refunds: Here\'s what you need to know','','inherit','closed','closed','','330-revision-v1','','','2020-04-27 21:28:15','2020-04-27 21:28:15','',330,'http://smartinsurance.tips/330-revision-v1/',0,'revision','',0),(340,1,'2020-04-27 22:07:32','2020-04-27 22:07:32','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"headline heading-content\" style=\"text-align: center;\"><strong>Struggling Financially? Pulling Your Credit Report Can Help</strong></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: justify;\">\n<p><img src=\"https://moneydotcomvip.files.wordpress.com/2020/04/final1-1.gif?quality=85&amp;w=1600\" /></p>\n<p><span style=\"color: #000000;\">Just lost your job or got your work hours reduced? Stressed out about your bills and what could happen if you can’t pay for it all? You’ve got lots of company.</span></p>\n<p><span style=\"color: #000000;\">In a recent</span><a href=\"https://content.transunion.com/v/financial-hardship-infographic-us-week-three\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\"><span style=\"color: #0a0a0a;\"> </span>study</a><span> </span><span style=\"color: #000000;\">by </span><a href=\"https://secure.money.com/pr/uffb33a10190?apxa2=&amp;apxa3=&amp;apxa1=%2Fstruggling-financially-pulling-your-credit-report-can-help%2F&amp;ca_referer=money.com%2Fstruggling-financially-pulling-your-credit-report-can-help%2F%3A%3A:TransUnion&amp;apxp1=TransUnion\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">TransUnion</a><span style=\"color: #000000;\">, 58% of those surveyed said they’ve been financially impacted by the coronavirus crisis and expect to be unable to pay their bills or loans in approximately six weeks. This comes as no surprise, since on April 4th, the</span><a href=\"https://www.dol.gov/ui/data.pdf\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\"><span style=\"color: #000000;\"> </span>U.S. Department of Labor</a><span> </span><span style=\"color: #000000;\">reported that over 6.6 million Americans had filed for unemployment, bringing the total number of unemployment claims to close to 17 million in just three weeks—levels that have experts drawing comparisons to the </span><a href=\"https://www.bloomberg.com/news/articles/2020-04-03/jobs-destroyed-worldwide-as-coronavirus-sparks-recession\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">Great Depression</a>.</p>\n<p><span style=\"color: #000000;\">So, if your current situation has you imagining all sorts of terrible scenarios of what could happen if you can’t pay your bills, know that there are steps you can take to get ahead of the situation. One good place to start is getting a copy of your credit report, especially if you’ve been good with your finances throughout the years.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\">\n<h2><span style=\"color: #000000;\"><b>How Your Credit Report Can Help You Now</b></span></h2>\n<p><span style=\"color: #000000;\">Your credit report is basically your financial calling card. It contains information, such as the accounts under your name, original and current balances, the duration of those accounts, payment history, whether you’ve filed for bankruptcy or if you’ve had anything sent to collections. In other words, it shows how responsible or risky of a borrower you are.</span></p>\n<p><span style=\"color: #000000;\">According to experts, understanding what’s in your credit report can help you in two different ways: knowing where you stand with your creditors and renegotiating your current payment agreement.</span></p>\n<p><span style=\"color: #000000;\">“Looking at your credit report and looking at the information that’s reporting on all three credit bureaus gives you the most complete picture of where you are in terms of your financial obligations,” says Bruce McClary, Vice President of Communications at the</span><a href=\"https://www.nfcc.org/\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\"><span> </span>National Foundation for Credit Counseling (NFCC)<span style=\"color: #000000;\">.</span></a></p>\n<p><span style=\"color: #000000;\">McClary explains that having this report on hand can help you analyze and better understand which debts you should prioritize, and which lenders you should contact to evaluate your options.</span></p>\n<p><span style=\"color: #000000;\">Additionally, your credit report can be a powerful tool when trying to negotiate a new payment agreement with unwilling creditors, particularly if your accounts are still in good standing.</span><span> </span><a href=\"https://money.com/credit-card-covid-19-help/\" target=\"_blank\" rel=\"noopener noreferrer\">Credit card companies are working with borrowers</a><span> </span><span style=\"color: #000000;\">affected by the pandemic.</span></p>\n<p><span style=\"color: #000000;\">“If you are forced to be late on some bills and your creditors are not willing to work with you, that copy can serve as actual proof that you are a strong consumer, and that you represent a low risk,” says Dara Duguay, CEO of the</span><a href=\"https://creditbuildersalliance.org/\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\"><span style=\"color: #000000;\"> </span>Credit Builders Alliance</a><span style=\"color: #000000;\">.</span></p>\n<p><span style=\"color: #000000;\">Creditors have access to your credit report too, of course. But you’re in a better bargaining position if you’re familiar with it yourself, experts say.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\"><b>How It Can Help You Moving Forward</b></span></h2>\n<p><span style=\"color: #000000;\">Understanding your credit report not only comes in handy to know which creditors you should contact, or to negotiate a temporary payment agreement, it can also help you down the line if you need to take out a loan.</span></p>\n<p><span style=\"color: #000000;\">While each lender has its own criteria, most will consider your credit history as part of their application process, and will give you the chance to explain any irregularities before making a decision.</span></p>\n<p><span style=\"color: #000000;\">“Many lenders who have direct interaction with you, like an auto loan at the dealer, will look at your credit report, and you can have the opportunity to explain the situation,” says Duguay. “You can actually say, ‘Hey, look at this great credit report that I had in March.’ So, when they see the difference between March, and maybe June, it’ll show that it was really disaster-related and had nothing to do with you being a risky individual.”</span></p>\n<p><span style=\"color: #000000;\">“If up until that point, you were making timely payments for that particular account and all of your other accounts, then clearly it’s not something that is problematic for a lender,” says McClary.</span></p>\n<p><span style=\"color: #000000;\">This will potentially increase your chances of getting approved and securing a reasonable interest rate.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\"><b>How to Get a Free Credit Report</b></span></h2>\n<p><span style=\"color: #000000;\">You can request a free copy of your credit report from each of the three main credit bureaus (Experian, TransUnion and Equifax) in the U.S. once a year. You can do so by visiting their jointly operated website,</span><a href=\"https://www.annualcreditreport.com/index.action\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\"><span style=\"color: #000000;\"> </span>AnnualCreditReport.com</a><span style=\"color: #000000;\">.</span></p>\n<p><span style=\"color: #000000;\">To get your free credit report, you’ll need to provide your name, address, Social Security number and date of birth. Once you submit this information, you should be able to access your report immediately. However, it should be noted that this copy does not include your credit score, but you can review all of your information and make sure that everything is correct.</span></p>\n<p><span style=\"color: #000000;\">You can also request a free copy of your credit report by calling this</span><a href=\"https://www.consumer.ftc.gov/articles/0155-free-credit-reports\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\"><span> </span>toll free number</a><span style=\"color: #000000;\">, although it may take up to 15 business days to process your request.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\"><b>Protecting Your Credit During The Crisis</b></span></h2>\n<p><span style=\"color: #000000;\">Although most lenders are extending some sort of economic relief thanks to the</span><span> </span><a href=\"https://www.congress.gov/bill/116th-congress/senate-bill/3548/text?q=product+update\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">CARES Act</a><span style=\"color: #000000;\">, there are still a few other steps you can take to protect your credit if you are struggling financially:</span></p>\n<h3><span style=\"color: #000000;\"><b>Request an AW</b></span></h3>\n<p><span style=\"color: #000000;\">“You can put a special code called ‘AW’,” says Duguay. The AW is a code lenders and credit reporting agencies use to mark an account as being affected by a natural or declared disaster, or in this case, the COVID-19 crisis.</span></p>\n<p><span style=\"color: #000000;\">According to Duguay, having this code next to any open account is a simple way to protect your credit score while you get back on your feet. While this won’t necessarily stop your credit score from dropping, it does protect your VantageScore, which is another type of credit score model that combines the information found on all three main bureaus. This is not something you can do on your own. In order to get this noted on your accounts, you must contact the lender or the credit reporting agency directly, so they do it for you.</span></p>\n<h3><span style=\"color: #000000;\"><b>Add a 100-Word Explanation</b></span></h3>\n<p><span style=\"color: #000000;\">Another easy way of protecting your credit, and it’s something overlooked by many consumers, is adding a 100-word statement next to your credit report explaining any financial hardships you may have faced that led to any negative activity, like a late or missed payment.</span></p>\n<p><span style=\"color: #000000;\">“All consumers have the right to put up to a 100-word explanation next to anything that’s negative on their credit report. If there’s something that’s not good, like for example, if you couldn’t pay a bill because you were laid off or if it was related to COVID-19, you should put an explanation there. This won’t necessarily affect your credit score, but a lot of individuals look at your credit report and not your score. So that’s where it would make a difference,” says Duguay.</span></p>\n<p><span style=\"color: #000000;\">You can add this statement by contacting each of the credit bureaus directly.</span></p>\n<h3><span style=\"color: #000000;\"><b>Call Them before They Call You</b></span></h3>\n<p><span style=\"color: #000000;\">Finally, don’t be afraid to contact your creditors. “Even if it’s uncomfortable, I always tell people that it’s much better to call your creditors before they have to call you,” Duguay says. “If you call them before you’re having a problem, they’re much more willing to work with you than if you avoid them.”</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span><span style=\"color: #000000;\"></span></span></p>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://money.com/struggling-financially-pulling-your-credit-report-can-help/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Struggling Financially? Pulling Your Credit Report Can Help','','inherit','closed','closed','','337-revision-v1','','','2020-04-27 22:07:32','2020-04-27 22:07:32','',337,'http://smartinsurance.tips/337-revision-v1/',0,'revision','',0),(342,1,'2020-04-27 22:22:34','2020-04-27 22:22:34','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"headArticle\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Surge in working from home raises cyber exposure issues</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<div class=\"smallmugshot\"><img src=\"https://bicontent.businessinsurance.com/0cccd928-c00a-481c-a7ce-4c174afdd455.jpg\" alt=\"cyberattack\" /></div>\n<p class=\"pricingbox\"></p>\n<div id=\"dvContent\">\n<p><span style=\"color: #000000;\">Companies directing large numbers of employees to work from home for the first time because of the coronavirus pandemic face a host of cybersecurity issues, including concerns over the security of workers’ personal computers and vulnerability to phishing attacks.</span></p>\n<p><span style=\"color: #000000;\">In addition, data lines may be strained as the number of staffing corporate systems remotely surges.</span></p>\n<p><span style=\"color: #000000;\">While it’s likely that many problems would be covered by cyber insurance or other policies, now is a good time for firms to review their policies, experts say.</span></p>\n<p><span style=\"color: #000000;\">Meanwhile, employers should reinforce the need for employees working from home to follow best “cyber hygiene” practices, including using two-party authentication; being sure their systems have the latest security updates and patches; that employees back up their data; and that they are warned about the proliferation of phishing scams as cyber criminals try to turn the crisis to their advantage, they say.</span></p>\n<p><span style=\"color: #000000;\">“The problem is, we’re suddenly pushing out a very large contingent of the folks who work for you, and not all of them may be sophisticated telecommuters,” said Robert Parisi, New York-based managing director and cyber product leader for Marsh LLC.</span></p>\n<p><span style=\"color: #000000;\">Those who work from home on a regular basis “already know the drill,” but people who are not used to telecommuting are in an environment “that’s emotionally stressful and that’s going to create problems,” Mr. Parisi said.</span></p>\n<p><span style=\"color: #000000;\">Small- to medium-sized firms that may have not previously addressed remote access and telecommuting may see the most acute problems, he said.</span></p>\n<p><span style=\"color: #000000;\">Thomas Srail, executive vice president, cyber risk team, for Willis Towers Watson PLC in Cleveland, said over the past week many employers had a test day for working remotely, keeping staff home for a day and testing remote connections.</span></p>\n<p><span style=\"color: #000000;\">The results have been “kind of a mixed bag,” with professional services organizations that have many travelers “probably finding it easier vs. more traditional employers who don’t have a lot of traveling,” Mr. Srail said.</span></p>\n<p><span style=\"color: #000000;\">Companies should ensure they have procedures in place, Mr. Parisi said.</span></p>\n<p><span style=\"color: #000000;\">Employers must have a secure way for employees to access systems, which usually means a virtual private network, or VPN, said Tedrick A. Housh III, a partner with Lathrop GPM LLP in Kansas City, Missouri, who focuses on data security and privacy. </span></p>\n<p><span style=\"color: #000000;\">“If you have a lot of people working off of their own computer devices, you’re of course counting on the fact that they have practiced good cyber hygiene at home, meaning do they patch and update their systems regularly and do they have high-quality protection on their computers,” said policyholder attorney Joshua Gold, a shareholder with Anderson Kill P.C. in New York.</span></p>\n<p><span style=\"color: #000000;\">“And, of course, you have to hope that people, when they’re at home, are doing the smart things” by logging out of their computer systems, using strong passwords and keeping their computers in secure places in their homes, even “where obviously the employer is not going to be able to do too much quality control checking,” Mr. Gold said.</span></p>\n<p><span style=\"color: #000000;\">Employees should be trained that any sensitive data that is on the network is behind a VPN that is using multifactor authentication, said Stephanie Snyder, Chicago-based senior vice president and commercial strategy leader for cyber solutions with Aon PLC.</span></p>\n<p><span style=\"color: #000000;\">Another concern is many people have internet of things devices in their homes, from nanny cams to appliance-based software or hardware, that “can provide an opportunity for someone to overhear, or see, things that the person’s doing at work,” Mr. Housh said.</span></p>\n<p><span style=\"color: #000000;\">Mr. Gold said some employers issue company laptops to employees, which is the safest way to address the computer security issue, but that accounts for a just a fraction of organizations. </span></p>\n<p><span style=\"color: #000000;\">He said the issue evokes the concerns of several years ago, when “bring your own device” to work was a major issue, though it’s now largely permitted. </span></p>\n<p><span style=\"color: #000000;\">Employees may also work out of coffee shops, in cities and states where they remain open, which use insecure public Wi-Fi, said Dan Burke, San Francisco-based national cyber practice leader for Woodruff Sawyer &amp; Co. </span></p>\n<p><span style=\"color: #000000;\">Lindsey Nelson, London-based cyber development leader for CFC Underwriting Ltd., said 80% of cyber incidents, including ransomware, last year were initiated through remote desk protocols and logins. </span></p>\n<p><span style=\"color: #000000;\">“Many cyber criminals are now capitalizing on the opportunity” presented by the coronavirus outbreak with phishing campaigns, sending out emails inviting employees to click on links to malicious software that purportedly presents health  safety measures, Ms. Nelson said.</span></p>\n<p><span style=\"color: #000000;\">Employees may also be misled by emails appearing to be from their own information technology departments requesting credentials, Ms. Snyder said.</span></p>\n<p><span style=\"color: #000000;\">John Farley, New York-based managing director of cyber for Arthur J. Gallagher &amp; Co., said people working from home may be more likely to receive emails purportedly from company officials but actually from cyber criminals requesting fund transfers, where normally this would be handled person-to-person. </span></p>\n<p><span style=\"color: #000000;\">Experts say cyber-related events are likely to be covered by corporate cyber policies, even if they stem from an employee working at home. “If it’s going to be a pure cyber incident, such as a breach, or something driven by cyber, working from home wouldn’t change that. That’s typically not excluded,” said Anthony Dagostino, New York-based global cyber and technology practice leader for Lockton Cos. LLC, although firms should check their policies to confirm the definition of computer system is broad enough to include employees working from home.</span></p>\n<p><span style=\"color: #000000;\">Scott N. Godes, partner with Barnes &amp; Thornburg LLP in Washington said, “I’m not aware of insurance carriers that have denied coverage under cyber insurance policies for cyber events that happened” while employees were using their own computer, he said.</span></p>\n<p><span style=\"color: #000000;\">However, Mr. Srail said if a claim is tied to a home computer, “a forensic investigation may involve people’s home network,” which could add “some complicating factors to the claim,” and “increase the expense and the time it takes to figure out some of the factors involved in a particular incident.”</span></p>\n<p><span style=\"color: #000000;\">Mr. Gold said one possible issue is when employees bring unencrypted data home on thumb drives. “I’ve seen some insurance companies have exclusions in their policy where, if storage devices have unencrypted data, they will not pay those claims.” Any sensitive data taken outside of the office on a thumb drive should be encrypted, he said.</span></p>\n<p><span style=\"color: #000000;\">Mr. Dagostino said also that the insurance market is in transition with insurers moving to explicitly include or exclude cyber coverage in traditional policies. Because not all these policies have renewed “there’s the potential there are going to be different responses” in the event of an incident, he said.</span></p>\n<p><span style=\"color: #000000;\">Employers should review their coverage and make sure their work-from-home policies are designed to ensure that coverage exists should something happen, said Daniel S. Marvin, a partner with Morrison Mahoney LLP in New York, who is co-leader of the firm’s cybersecurity, privacy and data protection  practice.</span></p>\n<p><span style=\"color: #000000;\">“I don’t know if it’s the time to implement a lot of new processes and procedures, but I do think (companies) should be re-enforcing the ones they have,” Mr. Dagostino said.</span></p>\n<p><span style=\"color: #000000;\">As to how many cyber-related claims the coronavirus crisis is expected to create, “it depends on how sophisticated the social engineering schemes are, and how well educated the workforce is to recognize those threats,” Mr. Farley said.</span></p>\n<p><span style=\"color: #000000;\">The expansion of telecommuting also heightens the risk of  business interruption losses as businesses’ systems, which do not normally deal with a significant number of employees signing in from home, become overwhelmed.</span></p>\n<p><span style=\"color: #000000;\">Many organizations have only so much capacity available for VPNs, and it is incumbent upon them “to ensure there is adequate security” for any type of alternative network access, Ms. Snyder said.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">You can see the original post</span> <a href=\"https://www.businessinsurance.com/article/20200317/NEWS06/912333556/Surge-in-working-from-home-raises-cyber-exposure-issues\">here</a>.</p>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Surge in working from home raises cyber exposure issues','','publish','closed','closed','','surge-in-working-from-home-raises-cyber-exposure-issues','','','2020-04-27 22:26:31','2020-04-27 22:26:31','',0,'http://smartinsurance.tips/?page_id=342',0,'page','',0),(347,1,'2020-04-27 22:26:31','2020-04-27 22:26:31','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"headArticle\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Surge in working from home raises cyber exposure issues</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<div class=\"smallmugshot\"><img src=\"https://bicontent.businessinsurance.com/0cccd928-c00a-481c-a7ce-4c174afdd455.jpg\" alt=\"cyberattack\" /></div>\n<p class=\"pricingbox\"></p>\n<div id=\"dvContent\">\n<p><span style=\"color: #000000;\">Companies directing large numbers of employees to work from home for the first time because of the coronavirus pandemic face a host of cybersecurity issues, including concerns over the security of workers’ personal computers and vulnerability to phishing attacks.</span></p>\n<p><span style=\"color: #000000;\">In addition, data lines may be strained as the number of staffing corporate systems remotely surges.</span></p>\n<p><span style=\"color: #000000;\">While it’s likely that many problems would be covered by cyber insurance or other policies, now is a good time for firms to review their policies, experts say.</span></p>\n<p><span style=\"color: #000000;\">Meanwhile, employers should reinforce the need for employees working from home to follow best “cyber hygiene” practices, including using two-party authentication; being sure their systems have the latest security updates and patches; that employees back up their data; and that they are warned about the proliferation of phishing scams as cyber criminals try to turn the crisis to their advantage, they say.</span></p>\n<p><span style=\"color: #000000;\">“The problem is, we’re suddenly pushing out a very large contingent of the folks who work for you, and not all of them may be sophisticated telecommuters,” said Robert Parisi, New York-based managing director and cyber product leader for Marsh LLC.</span></p>\n<p><span style=\"color: #000000;\">Those who work from home on a regular basis “already know the drill,” but people who are not used to telecommuting are in an environment “that’s emotionally stressful and that’s going to create problems,” Mr. Parisi said.</span></p>\n<p><span style=\"color: #000000;\">Small- to medium-sized firms that may have not previously addressed remote access and telecommuting may see the most acute problems, he said.</span></p>\n<p><span style=\"color: #000000;\">Thomas Srail, executive vice president, cyber risk team, for Willis Towers Watson PLC in Cleveland, said over the past week many employers had a test day for working remotely, keeping staff home for a day and testing remote connections.</span></p>\n<p><span style=\"color: #000000;\">The results have been “kind of a mixed bag,” with professional services organizations that have many travelers “probably finding it easier vs. more traditional employers who don’t have a lot of traveling,” Mr. Srail said.</span></p>\n<p><span style=\"color: #000000;\">Companies should ensure they have procedures in place, Mr. Parisi said.</span></p>\n<p><span style=\"color: #000000;\">Employers must have a secure way for employees to access systems, which usually means a virtual private network, or VPN, said Tedrick A. Housh III, a partner with Lathrop GPM LLP in Kansas City, Missouri, who focuses on data security and privacy. </span></p>\n<p><span style=\"color: #000000;\">“If you have a lot of people working off of their own computer devices, you’re of course counting on the fact that they have practiced good cyber hygiene at home, meaning do they patch and update their systems regularly and do they have high-quality protection on their computers,” said policyholder attorney Joshua Gold, a shareholder with Anderson Kill P.C. in New York.</span></p>\n<p><span style=\"color: #000000;\">“And, of course, you have to hope that people, when they’re at home, are doing the smart things” by logging out of their computer systems, using strong passwords and keeping their computers in secure places in their homes, even “where obviously the employer is not going to be able to do too much quality control checking,” Mr. Gold said.</span></p>\n<p><span style=\"color: #000000;\">Employees should be trained that any sensitive data that is on the network is behind a VPN that is using multifactor authentication, said Stephanie Snyder, Chicago-based senior vice president and commercial strategy leader for cyber solutions with Aon PLC.</span></p>\n<p><span style=\"color: #000000;\">Another concern is many people have internet of things devices in their homes, from nanny cams to appliance-based software or hardware, that “can provide an opportunity for someone to overhear, or see, things that the person’s doing at work,” Mr. Housh said.</span></p>\n<p><span style=\"color: #000000;\">Mr. Gold said some employers issue company laptops to employees, which is the safest way to address the computer security issue, but that accounts for a just a fraction of organizations. </span></p>\n<p><span style=\"color: #000000;\">He said the issue evokes the concerns of several years ago, when “bring your own device” to work was a major issue, though it’s now largely permitted. </span></p>\n<p><span style=\"color: #000000;\">Employees may also work out of coffee shops, in cities and states where they remain open, which use insecure public Wi-Fi, said Dan Burke, San Francisco-based national cyber practice leader for Woodruff Sawyer &amp; Co. </span></p>\n<p><span style=\"color: #000000;\">Lindsey Nelson, London-based cyber development leader for CFC Underwriting Ltd., said 80% of cyber incidents, including ransomware, last year were initiated through remote desk protocols and logins. </span></p>\n<p><span style=\"color: #000000;\">“Many cyber criminals are now capitalizing on the opportunity” presented by the coronavirus outbreak with phishing campaigns, sending out emails inviting employees to click on links to malicious software that purportedly presents health  safety measures, Ms. Nelson said.</span></p>\n<p><span style=\"color: #000000;\">Employees may also be misled by emails appearing to be from their own information technology departments requesting credentials, Ms. Snyder said.</span></p>\n<p><span style=\"color: #000000;\">John Farley, New York-based managing director of cyber for Arthur J. Gallagher &amp; Co., said people working from home may be more likely to receive emails purportedly from company officials but actually from cyber criminals requesting fund transfers, where normally this would be handled person-to-person. </span></p>\n<p><span style=\"color: #000000;\">Experts say cyber-related events are likely to be covered by corporate cyber policies, even if they stem from an employee working at home. “If it’s going to be a pure cyber incident, such as a breach, or something driven by cyber, working from home wouldn’t change that. That’s typically not excluded,” said Anthony Dagostino, New York-based global cyber and technology practice leader for Lockton Cos. LLC, although firms should check their policies to confirm the definition of computer system is broad enough to include employees working from home.</span></p>\n<p><span style=\"color: #000000;\">Scott N. Godes, partner with Barnes &amp; Thornburg LLP in Washington said, “I’m not aware of insurance carriers that have denied coverage under cyber insurance policies for cyber events that happened” while employees were using their own computer, he said.</span></p>\n<p><span style=\"color: #000000;\">However, Mr. Srail said if a claim is tied to a home computer, “a forensic investigation may involve people’s home network,” which could add “some complicating factors to the claim,” and “increase the expense and the time it takes to figure out some of the factors involved in a particular incident.”</span></p>\n<p><span style=\"color: #000000;\">Mr. Gold said one possible issue is when employees bring unencrypted data home on thumb drives. “I’ve seen some insurance companies have exclusions in their policy where, if storage devices have unencrypted data, they will not pay those claims.” Any sensitive data taken outside of the office on a thumb drive should be encrypted, he said.</span></p>\n<p><span style=\"color: #000000;\">Mr. Dagostino said also that the insurance market is in transition with insurers moving to explicitly include or exclude cyber coverage in traditional policies. Because not all these policies have renewed “there’s the potential there are going to be different responses” in the event of an incident, he said.</span></p>\n<p><span style=\"color: #000000;\">Employers should review their coverage and make sure their work-from-home policies are designed to ensure that coverage exists should something happen, said Daniel S. Marvin, a partner with Morrison Mahoney LLP in New York, who is co-leader of the firm’s cybersecurity, privacy and data protection  practice.</span></p>\n<p><span style=\"color: #000000;\">“I don’t know if it’s the time to implement a lot of new processes and procedures, but I do think (companies) should be re-enforcing the ones they have,” Mr. Dagostino said.</span></p>\n<p><span style=\"color: #000000;\">As to how many cyber-related claims the coronavirus crisis is expected to create, “it depends on how sophisticated the social engineering schemes are, and how well educated the workforce is to recognize those threats,” Mr. Farley said.</span></p>\n<p><span style=\"color: #000000;\">The expansion of telecommuting also heightens the risk of  business interruption losses as businesses’ systems, which do not normally deal with a significant number of employees signing in from home, become overwhelmed.</span></p>\n<p><span style=\"color: #000000;\">Many organizations have only so much capacity available for VPNs, and it is incumbent upon them “to ensure there is adequate security” for any type of alternative network access, Ms. Snyder said.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">You can see the original post</span> <a href=\"https://www.businessinsurance.com/article/20200317/NEWS06/912333556/Surge-in-working-from-home-raises-cyber-exposure-issues\">here</a>.</p>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Surge in working from home raises cyber exposure issues','','inherit','closed','closed','','342-revision-v1','','','2020-04-27 22:26:31','2020-04-27 22:26:31','',342,'http://smartinsurance.tips/342-revision-v1/',0,'revision','',0),(345,1,'2020-04-27 22:24:25','2020-04-27 22:24:25','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"headArticle\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Surge in working from home raises cyber exposure issues</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_image src=\"http://smartinsurance.tips/wp-content/uploads/2020/01/Untitled_Clipping_012520_084035_AM.jpg\" align=\"center\" _builder_version=\"4.0.9\"][/et_pb_image][et_pb_text _builder_version=\"4.0.9\"]<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p><span style=\"font-size: 14px;\">Before buying a home, you should ideally save enough money for a 20% down payment. If you can’t, it’s a safe bet that your lender will force you to secure</span><span style=\"font-size: 14px;\"> </span><a href=\"https://www.investopedia.com/mortgage/insurance/\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px;\">private mortgage insurance</a><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">(PMI) prior to signing off on the loan, if you\'re taking out a conventional mortgage. The purpose of the insurance is to protect the mortgage company if you default on the note.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-1\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_3-0\" class=\"comp mntl-block\">\n<div id=\"billboard1-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard1-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"1050\">\n<div class=\"spacer\">\n<div id=\"billboard1-dynamic_1-0\" class=\"comp billboard1-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"160\" data-ad-height=\"600\">\n<div id=\"billboard\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"atf\" data-priority=\"2\" data-sizes=\"[[300, 1050], [300, 600], [160, 600], [300, 250], [1, 2], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"936a2a7676134afc94bc1e7e0fea1dea\" data-auction-floor-value=\"50\" data-google-query-id=\"CLGxm-3AnecCFdUrvQod1H0BzA\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_home-ownership/billboard_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The<span> </span><a href=\"https://www.investopedia.com/terms/f/fhaloan.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">FHA</a><span> </span>has a similar mortgage insurance premium requirement for those taking out FHA mortgages, with somewhat different rules. This article is about PMI, but the reasons to avoid it apply to both types of loans. </p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_4-0\" class=\"comp mntl-block\">\n<div id=\"billboard2-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard2-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard2-dynamic_1-0\" class=\"comp billboard2-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard2\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf1\" data-priority=\"3\" data-sizes=\"[[300, 250], [300, 600], [300, 601], [160, 600], [300, 251], [2, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"ff63cf85cb0b40178ce780fb466f6939\" data-auction-floor-value=\"25\" data-google-query-id=\"CI-fr-3AnecCFQpTvQodUjoP2A\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_home-ownership/billboard2_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>PMI sounds like a great way to buy a house without having to save as much for a down payment. Sometimes it is the only option for new homebuyers. However, there are good reasons why you should try to avoid needing PMI. Here are six, along with a possible way for those without a 20% down payment to sidestep it altogether.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_5-0\" class=\"comp mntl-block\">\n<div id=\"billboard3-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard3-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard3-dynamic_1-0\" class=\"comp billboard3-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard3\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf2\" data-priority=\"5\" data-sizes=\"[[300, 250], [300, 252], [3, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"493682b635814726ad5df61cdd0824ce\" data-auction-floor-value=\"25\" data-google-query-id=\"CImGj4vBnecCFZSVvQoddwED1Q\">\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div id=\"google_ads_iframe_/479/investopedia/inv_home-ownership/billboard3_0__container__\"><span style=\"color: #333333; font-size: 22px;\">KEY TAKEAWAYS</span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li>The purpose of PMI insurance is to protect the mortgage company if you default on the note.</li>\n<li>There are, nevertheless, good reasons why you should try to avoid needing PMI.</li>\n<li>In some circumstances, PMI can be avoided by using a piggyback mortgage.</li>\n</ul>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp inline-video mntl-sc-block finance-sc-block-inlinevideo mntl-sc-block-inlinevideo mntl-block\">\n<div id=\"mntl-sc-block-inlinevideo__video-container_1-0\" class=\"comp mntl-sc-block-inlinevideo__video-container mntl-block\">\n<div id=\"mntl-sc-block-inlinevideo__duration_1-0\" class=\"comp mntl-sc-block-inlinevideo__duration mntl-block\"></div>\n</div>\n<h4 id=\"mntl-sc-block-inlinevideo__title_1-0\" class=\"comp mntl-sc-block-inlinevideo__title mntl-text-block\"></h4>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"native_1-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\"></div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Six Good Reasons to Avoid Private Mortgage Insurance</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<ol>\n<ol>\n<li><strong>Cost –</strong><span> </span>PMI typically costs between 0.5% to 1% of the entire loan amount on an annual basis. That means you could pay as much as $1,000 a year—or $83.33 per month—on a $100,000 loan, assuming a 1% PMI fee. However, the median listing price of U.S. homes, according to Zillow, is $285,000 (as of December 2019), which means families could be spending more like $3,420 per year on the insurance. That’s as much as a small car payment!</li>\n<li><strong>No Longer Deductible</strong><span> </span><strong>–</strong><span> </span>Up until 2017, PMI was still tax-deductible, but only if a married taxpayer’s adjusted gross income was less than<strong><span> </span></strong>$110,000 per year. This meant that many dual-income families were left out in the cold. The 2017 Tax Cuts and Jobs Act (<a href=\"https://www.investopedia.com/taxes/how-gop-tax-bill-affects-you/\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">TCJA</a>) ended the deduction for<span> </span><a href=\"https://www.investopedia.com/articles/pf/05/030905.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">mortgage</a><span> </span>insurance premiums entirely, effective 2018.</li>\n<li><strong>Your Heirs Get Nothing –<span> </span></strong>Most homeowners hear the word “insurance” and assume that their spouse or kids will receive some sort of monetary compensation if they die, which is not true. The lending institution is the sole beneficiary of any such policy, and the proceeds are paid directly to the lender (not indirectly to the heirs first). If you want to protect your heirs and provide them with money for living expenses upon your death, you’ll need to obtain a separate insurance policy. Don’t be fooled into thinking PMI will help anyone but your<span> </span><a href=\"https://www.investopedia.com/articles/personal-finance/090915/mortgage-broker-vs-direct-lenders-which-best.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">mortgage lender</a>.</li>\n<li><strong style=\"font-size: 14px;\">Giving Money Away</strong><span style=\"font-size: 14px;\"> </span><strong style=\"font-size: 14px;\">–</strong><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">Homebuyers who put down less than 20% of the sale price will have to pay PMI until the total equity of the home reaches 20%. This could take years, and it amounts to a lot of money you are literally giving away. To put the cost into better perspective, if a couple who owns a $250,000 home were to instead take the $208 per month they were spending on PMI and invest it in a mutual fund that earned an 8% annual compounded rate of return, that money would grow to $37,707 (assuming no taxes were taken out) within 10 years.</span></li>\n<li><strong style=\"font-size: 14px;\">Hard to Cancel</strong><span style=\"font-size: 14px;\"> </span><strong style=\"font-size: 14px;\">–</strong><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">As mentioned above, usually when your equity tops 20%, you no longer have to pay PMI. However, eliminating the monthly burden isn’t as easy as just not sending in the payment. Many lenders require you to draft a letter requesting that the PMI be canceled and insist upon a formal appraisal of the home prior to its cancellation. All in all, this could take several months, depending upon the lender, during which PMI still has to be paid.</span></li>\n<li><strong style=\"font-size: 14px;\">Payment Goes On and On –</strong><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">One final issue that deserves mentioning is that some lenders require you to maintain a PMI contract for a designated period. So, even if you have met the 20% threshold, you may still be obligated to keep paying for the mortgage insurance. Read the fine print of your PMI contract to determine if this is the case for you.</span></li>\n</ol>\n</ol>\n</div>\n<h2 id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How to Avoid Paying PMI</span></h2>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>In some circumstances, PMI can be avoided by using a<span> </span><a href=\"https://www.investopedia.com/articles/personal-finance/041415/how-combine-two-mortgages-one.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">piggyback mortgage</a>. It works like this: If you want to purchase a house for $200,000 but only have enough money saved for a 10% down payment, you can enter into what is known as an 80/10/10 agreement. You will take out one loan totaling 80% of the total value of the property, or $160,000, and then a second loan, referred to as a piggyback, for $20,000 (or 10% of the value). Finally, as part of the transaction, you put down the final 10%, or $20,000.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>By splitting up the loans, you may be able to deduct the interest on both of them and avoid PMI altogether. Of course, there is a catch. Very often the terms of a piggyback loan are risky. Many are adjustable-rate loans, contain balloon provisions, or are due in 15 or 20 years (as opposed to the more standard 30-year mortgage). (For related reading, see \"<a href=\"https://www.investopedia.com/ask/answers/071514/how-can-i-avoid-paying-private-mortgage-insurance-pmi.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">How To Avoid Paying Private Mortgage Insurance—PMI</a>\")</p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">The Bottom Line</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>PMI is expensive. Unless you think you’ll be able to attain 20% equity in the home within a couple of years, it probably makes sense to wait until you can make a larger down payment or consider a less expensive home, which will make a 20% down payment more affordable.</p>\n<p>You can see the original post <a href=\"https://www.investopedia.com/mortgage/insurance/avoid-pmi/\">here</a>.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Surge in working from home raises cyber exposure issues','','inherit','closed','closed','','342-revision-v1','','','2020-04-27 22:24:25','2020-04-27 22:24:25','',342,'http://smartinsurance.tips/342-revision-v1/',0,'revision','',0),(352,1,'2020-04-27 23:00:44','2020-04-27 23:00:44','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"2px|auto||auto||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"headline heading-content\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Here\'s How to Figure out the Amount of Homeowners Insurance You Should Actually Buy</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<p><img src=\"https://moneydotcomvip.files.wordpress.com/2020/03/final-yellow.jpg?quality=85&amp;w=1600\" style=\"display: block; margin-left: auto; margin-right: auto;\" /><span style=\"font-size: 14px;\"></span></p>\n<p><span style=\"color: #000000;\">Here’s some advice for new homeowners figuring out how much insurance coverage to buy: Think back to the popular childhood fable, and keep the Goldilocks Principle in mind: Not too much, not too little, but just right.</span></p>\n<p><span style=\"color: #000000;\">Too much – either in total amounts, or areas of coverage you don’t really need – and you could be looking at punishing premiums on an annual basis. Too little, and when disaster strikes, your costs for repairing and rebuilding could be far beyond what your policy covers.</span></p>\n<p><span style=\"color: #000000;\">“The biggest danger we see arise most frequently is underinsurance,” says Carmen Balber, executive director of the Los Angeles-based group Consumer Watchdog. “That is by far the biggest problem homeowners run into, when an unfortunate event occurs and they have to file a claim.”</span></p>\n<p><span style=\"color: #000000;\">The statistics bear her out. Around 60% of U.S. homes are underinsured, by an average of 20%, according to data firm CoreLogic.</span></p>\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">That’s not necessarily due to cheap homeowners who are trying to skimp. It might be because they haven’t really thought about the policy since they first took it out, or because they don’t fully grasp the ins and outs of proper coverage in the first place. In fact, a whopping 52% of policy owners don’t have a complete understanding of their insurance, according to a survey by J.D. Power.</span></p>\n<p><span style=\"color: #000000;\">It’s hard to blame them, because home insurance is tricky business – and in this era of climate change, it’s hard to tell what kind of calamity might befall us. But if there is any positive side, it is that people are being much more thoughtful about protecting themselves.</span></p>\n<p><span style=\"color: #000000;\">“Catastrophes seem to be occurring on a regular basis: Hurricanes, floods, wildfires, earthquakes,” says Janet Ruiz, a spokesperson for the Insurance Information Institute. “So people are paying more attention to insurance these days. And that’s a very smart thing, because your financial stability depends on it.”</span></p>\n<p><span style=\"color: #000000;\">And now, of course, we have to contend with the coronavirus and its fallout. While the pandemic won’t affect the basic principles of home coverage, many insurers — <a href=\"https://secure.money.com/pr/u8b6db69498a?apxa2=&amp;apxa3=&amp;apxa1=%2Fheres-how-to-figure-out-the-amount-of-homeowners-insurance-you-should-actually-buy%2F&amp;ca_referer=money.com%2Fheres-how-to-figure-out-the-amount-of-homeowners-insurance-you-should-actually-buy%2F%3A%3A:Allstate&amp;apxp1=Allstate\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\" style=\"color: #000000;\">Allstate</a>, for example — are taking economic hardship into consideration, and allowing customers to temporarily pause or reduce premiums without penalty or cancellation (although the difference will have to be made up down the line). And if you have moved your work into your home for the foreseeable future, you might want to look into what’s called a home business endorsement, or raising coverage limits for the business property you’re using.</span></p>\n<p><span style=\"color: #000000;\">Here are a few tips from the experts to put that Goldilocks Principle into action, and get the coverage amount that’s just right for you.</span></p>\n<p><span style=\"color: #000000;\"><i>-Focus on replacement costs.</i> You’re not really aiming to insure the full market value of your property, because that includes the land, and the land isn’t going anywhere. And you should probably look to insure more than just the actual cash value of the structure, because – thanks to factors like inflation and depreciation and rising construction costs — that may not turn out to be enough to rebuild after a disaster.</span></p>\n<p><span style=\"color: #000000;\">The elegant solution: Insure the replacement cost, or the rough estimate of how much it would take in labor and materials to repair and rebuild. Premiums might be 10-15% more than if you were just insuring the cash value, but it will be well worth it if you ever to have file a claim. Even better, advises Balber: Get “extended replacement cost” coverage, which covers you even if local building costs skyrocket in the wake of disaster (which often happens).</span></p>\n<p><span style=\"color: #000000;\"><i>-Know your coverage areas.</i> Standard homeowner policies cover some areas of damage, but not others. In this era of climate change and rising tides, research what your area is prone to, whether you are covered for it – and if not, to look into additional riders with your existing company, or securing that coverage through a separate insurer.</span></p>\n<p><span style=\"color: #000000;\">Flooding, for instance, is generally not covered. The National Flood Insurance Program (FloodSmart.gov) can hook you up with participating local brokers. The program covers dwellings up to $250,000, and contents up to $100,000, with an average annual premium of around $700, although coverage in lower-risk areas won’t cost as much.</span></p>\n<p><span style=\"color: #000000;\">Other areas that are typically not covered, but could be: Things like sewer backup, and personal collectibles like jewelry and artwork.</span></p>\n<p><span style=\"color: #000000;\"><i>-Liability coverage is critical.</i> You may think of home insurance as just relating to the structure, but really it’s much more than that. If someone falls and injures themselves seriously on your property, they could theoretically sue for some, or even all, of your assets.</span></p>\n<p><span style=\"color: #000000;\">That’s where liability coverage is your best friend. Typical homeowner policies offer at least $100,000, but you can certainly go higher and take out $300,000 or even $500,000. If you have more assets to protect, get a so-called “umbrella” policy over and above that amount. A million bucks of coverage costs a few hundred bucks a year, and is well worth the peace of mind.</span></p>\n<p><span style=\"color: #000000;\">–<i>Circumstances change over time.</i> Let’s say that your home insurance amount was perfect for when you first took out the policy. That doesn’t mean it is still appropriate today.</span></p>\n<p><span style=\"color: #000000;\">Perhaps in the meantime, you undertook various home-improvement projects, like bathroom and kitchen remodels, that boosted total replacement costs. So your home is now worth $400,000, but your coverage is only for $300,000 – and that’s a problem.</span></p>\n<p><span style=\"color: #000000;\">Or maybe your town has become a popular location, homebuilders are in high demand, and their costs have gone up. Make sure your coverage takes that into account. (Multiply square footage by current local per-square-foot building costs, which the local builders’ or realtors’ association should be able to tell you.) In a similar way, locking in an “inflation guard” rider can help protect you for increased building costs 10 or 20 years down the road.</span></p>\n<p><span style=\"color: #000000;\"><i>-Cover the contents</i>. It’s not just four walls and a roof that make a home valuable, it’s what’s inside. Generally speaking, contents can be insured up to a percentage of the structure’s overall value – roughly between 50-75%, says Ruiz.</span></p>\n<p><span style=\"color: #000000;\">It’s important to document those contents, though, so that there isn’t haggling with your insurance company when you have to file a claim. So perform a video inventory – there are plenty of apps to help these days, like Sortly and Nest Egg – and then upload the results off-site.</span></p>\n<p><span style=\"color: #000000;\"><i>-Keep costs under control</i>. It’s easy to instruct you to get as much insurance coverage as you possibly can. But that can be pricey, so take thoughtful steps to keep those premiums under control. Bundling homeowner policies with other areas of coverage, like your auto, could save 30%. Raising your deductible – to $1,000 from $500, say – could save you 25%. Avoid filing multiple minor claims if you don’t have to, which could make insurers nervous and lead them to not renew your policy.</span></p>\n<div>\n<div class=\"ca-widget-wrapper\">\n<div class=\"ca-widget-indicator\">\n<p><span style=\"color: #000000;\">If your rates are being hiked, check whether better or more affordable coverage could be had with another insurer. Insure.com is one useful site for that, says Ruiz. Independent brokers – those not beholden to a single company – are often savvy shoppers (<a href=\"https://www.independentagent.com/\" target=\"_blank\" class=\"external-link\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\" style=\"color: #000000;\">https://www.independentagent.com/</a>). And state insurance departments often have rate-comparison tools of their own.</span></p>\n<p><span style=\"color: #000000;\">Most important, don’t just let your policy gather dust in a drawer for years, but actively review whether you have the coverage amounts you need. “When renewals come in the mail every year, take some time, look it over, and call your agent,” says Ruiz. “It’s worth every second of your time.”</span></p>\n<p>&nbsp;</p>\n</div>\n<div class=\"ca-widget-indicator\"></div>\n</div>\n</div>\n<p><span style=\"font-size: 14px;\"></span></p>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article,</span> <a href=\"https://money.com/heres-how-to-figure-out-the-amount-of-homeowners-insurance-you-should-actually-buy/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Here\'s How to Figure out the Amount of Homeowners Insurance You Should Actually Buy','','inherit','closed','closed','','325-revision-v1','','','2020-04-27 23:00:44','2020-04-27 23:00:44','',325,'http://smartinsurance.tips/325-revision-v1/',0,'revision','',0),(349,1,'2020-04-27 22:55:09','2020-04-27 22:55:09','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"gnt_ar_hl\" elementtiming=\"ar-headline\" style=\"text-align: center;\"><strong>Coronavirus auto insurance refunds: Here\'s what you need to know</strong></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_padding=\"20px|||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"magnify-wrapper\">\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"><em><img src=\"https://www.gannett-cdn.com/-mm-/890f9c2eac4c1ded7cb080cf9e6706a048e636a4/c=0-188-3599-2212/local/-/media/2020/04/03/USATODAY/usatsports/cars-on-a-dealership-lot.jpg?width=660&amp;height=372&amp;fit=crop&amp;format=pjpg&amp;auto=webp\" alt=\"Cars on a dealership lot.\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></em></span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"><em>Corrections &amp; Clarifications: An earlier version of this story misstated the $50 one-time payments per policy from Nationwide.</em></span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">Coronavirus stay-at-home orders have led to fewer people on the road and many cars sitting in driveways. Now, more than 82% of auto insurance companies like State Farm, Geico and Liberty Mutual are offering policyholders refunds and credits to save money, totaling more than $6.5 billion over the next two months, according to the</span><span> </span><a href=\"https://consumerfed.org/press_release/report-card-to-date-on-the-6-5-billion-promised-to-auto-insurance-customers-as-people-drive-less-due-to-covid-19/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Consumer Federation of America</a><span style=\"color: #000000;\">. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">\"We applaud the many insurance companies that have recognized that they cannot sit on policyholder premium while their customers sit at home,\" said J. Robert Hunter, director of insurance for CFA and former Texas insurance commissioner, in a statement.</span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">Relief programs offered by auto insurers include refunds, credits or one-time payments. Most of these forms of relief require no action from the consumer and will be applied automatically through the policyholder\'s recent payment method on file. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">Here\'s what you need to know about coronavirus car insurance refunds.</span></p>\n<h2 class=\"gnt_ar_b_h2\"><span style=\"color: #000000;\">Which car insurance companies are offering relief?</span></h2>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://newsroom.farmers.com/2020-04-08-Farmers-R-and-21st-Century-R-Branded-Automobile-Customers-Will-Receive-a-25-Reduction-in-Their-April-Premium\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">21st Century</a>:</strong><span> </span><span style=\"color: #000000;\">25% discount on premiums in April</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://csaa-insurance.aaa.com/content/aaa-ie/b2c/en/misc/recovery.html\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">AAA</a></strong><span style=\"color: #000000;\">: 20% refund between for policyholders with insurance in effect from March 16 to May 15 </span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.allstate.com/covid.aspx?intcid=/home/home.aspx%7Chero%7CLearnMore%7CCovid19200406\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Allstate</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% discount on premiums in April and May</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.amfam.com/about/coronavirus/relief-payment\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">American Family Insurance</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> $50 one-time payment for each car insured</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.amica.com/en/about-us/media-center/news-release-archive/2020/covid-19-auto-relief-announcement.html\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Amica</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 20% credit on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.auto-owners.com/special-message1\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Auto-Owners Insurance</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% refund on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://news.chubb.com/2020-04-13-Chubb-Announces-Premium-Credit-for-U-S-Auto-Policyholders-to-Reflect-Changing-Driving-Habits-Due-to-the-COVID-19-Pandemic\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Chubb</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 35% discount on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://cincinnatifinancialcorporation.gcs-web.com/news-releases/news-release-details/cincinnati-insurance-company-offers-stay-home-discount-personal\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Cincinnati Insurance and Casualty</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 15% credit on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://csaa-insurance.aaa.com/content/aaa-ie/b2c/en/primary-nav/press-room/press-release-apr-10.html\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">CSAA</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 20% refund on two months’ premium</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.encova.com/news/encova-insurance-to-issue-policy-credit-for-personal-auto-insurance/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Encova</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% discount on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://newsroom.farmers.com/2020-04-08-Farmers-R-and-21st-Century-R-Branded-Automobile-Customers-Will-Receive-a-25-Reduction-in-Their-April-Premium\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Farmers Insurance</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 25% credit on premiums in April</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.geico.com/about/coronavirus/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Geico</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 15% percent credit for auto and motorcycle customers whose policies renew between April 8 and Oct. 7 and new policy purchases between that time frame.</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://investors.hanover.com/news/news-details/2020/The-Hanover-Responds-to-Coronavirus-Pandemic-with-Initiatives-to-Support-Policyholders-and-Local-Communities/default.aspx\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Hanover Insurance Group</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% discount on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://newsroom.thehartford.com/newsroom-home/news-releases/news-releases-details/2020/The-Hartfords-COVID-19-Personal-Auto-Payback-Plan-To-Provide-Customers-With-Relief-During-Pandemic/default.aspx\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">The Hartford</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% refund on April and May premiums, only for policies in effect as of April 1</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.libertymutualgroup.com/about-lm/news/articles/liberty-mutual-insurance-announces-personal-auto-customer-relief-refund-help-customers-during-pandemic\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Liberty Mutual</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 15% refund on two months of premiums, refunds begin starting April 7</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"http://investors.kemper.com/file/Index?KeyFile=403578537\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Kemper</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% credit on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.metlife.com/about-us/newsroom/2020/april/metlife-provides-relief-to-auto-insurance-customers/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">MetLife</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% credit on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://newsroom.mercuryinsurance.com/2020-04-09-Mercury-Insurance-Announces-Giveback-Program\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Mercury Insurance</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 15% credit on April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://blog.nationwide.com/news/nationwide-covid-19-refund/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Nationwide</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">$50 one-time refund per policy as of March 31; refunds will be credited automatically within 30 days to the current payment method on file</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.next-insurance.com/blog/a-message-from-our-ceo-the-insurance-industry-needs-to-take-action-now/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Next Insurance</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">25% discount on April premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://progressive.mediaroom.com/2020-04-08-Progressive-provides-1-billion-to-customers\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Progressive Insurance</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 20% credit for April premiums for each car insured as of April 30; 20% reduction on May premiums for cars insured as of May 31; credits will be applied automatically in May and June</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://www.libertymutualgroup.com/about-lm/news/articles/liberty-mutual-insurance-commits-15-million-crisis-grants-community-partners\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Safeco</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 15% refund on April and May premiums starting April 7</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://newsroom.statefarm.com/covid-19/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">State Farm</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> Most customers will receive, on average, a 25% credit between March 20 through May 31; exact percentages vary by state; credits will be applied automatically as early as June</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"http://investor.travelers.com/file/Index?KeyFile=403557655\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Travelers</a><span style=\"color: #000000;\">: </span></strong><span style=\"color: #000000;\">15% credit for April and May premiums</span></p>\n<p class=\"gnt_ar_b_p\"><strong><a href=\"https://communities.usaa.com/t5/Press-Releases/USAA-to-Return-520-Million-to-Members/ba-p/228150\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">USAA</a><span style=\"color: #000000;\">:</span></strong><span style=\"color: #000000;\"> 20% credit on two months\' premiums; credits will be applied automatically</span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"></span></p>\n<h2 class=\"gnt_ar_b_h2\"><span style=\"color: #000000;\">When will I receive my car insurance relief?</span></h2>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">It depends. Based on the type of refund program offered by your auto insurer, which can include refunds, credits or a one-time payment, drivers can expect to receive relief anywhere between April and June. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">\"Most consumers can expect to see refunds arriving from late April/early May to June, depending on their insurer. Those who are receiving a one-time check will likely see refunds by the end of April, while those receiving credits toward April and May policies will see credits in May and June,\" said Michelle Megna, editorial director of </span><a href=\"https://carinsurance.com/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">carinsurance.com</a><span style=\"color: #000000;\">. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">For insurance companies sending a one-time check, refunds could arrive before the end of April, Megna says, as state regulators have to sign-off before checks can be mailed. </span></p>\n<p class=\"gnt_ar_b_p\"><strong class=\"gnt_ar_b_al\"><span style=\"color: #000000;\">Coronavirus relief:</span> </strong><a href=\"https://www.usatoday.com/story/money/2020/04/10/state-farm-progressive-latest-auto-insurers-return-money/5128875002/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">State Farm, Progressive latest auto insurers to return money to policyholders</a></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"><strong class=\"gnt_ar_b_al\">Coronavirus impact:</strong></span><a href=\"https://www.usatoday.com/story/money/cars/2020/04/12/coronavirus-covid-19-online-car-sales/5129667002/\" target=\"_blank\" rel=\"noopener noreferrer\" data-t-l=\"|inline|intext|n/a\" class=\"gnt_ar_b_a\">Coronavirus has dealerships moving to online sales — and car buying may never be the same</a></p>\n<p class=\"gnt_ar_b_p\"></p>\n<h2 class=\"gnt_ar_b_h2\"><span style=\"color: #000000;\">How can I request a refund if I’ve prepaid my premium months in advance?</span></h2>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">Typically, policyholders who have prepaid premiums will more than likely receive credits for the same months\' that are being issued to policyholders with monthly premiums. </span></p>\n<p class=\"gnt_ar_b_p\"></p>\n<h2 class=\"gnt_ar_b_h2\"><span style=\"color: #000000;\">What are other ways I can save money on my auto insurance right now?</span></h2>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">Relief programs aren\'t the only ways that drivers can cut their auto insurance costs down during these unprecedented times. Experts suggest that policyholders looking for more ways to save can shop around for other insurers offering better rates, review their coverage levels, inquire about eligible discounts and change their driving status. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"><strong>Shop around: </strong>Policyholders who are up-to-date on premium payments may be able to save hundreds of dollars by shopping around for companies offering better rates for certain rating factors. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">\"If you\'re waiting for a refund, then you may want to hold off on switching until that comes through,\" said Megna. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"><strong>Review your coverage levels: </strong>Reassess if coverages and deductibles that accompany your comprehension and collision coverage still fit your needs. For example, if you have a policy with liability, comprehensive and collision on an old car with low value, you could drop both the optional comprehensive and collision coverages. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"><strong>Check for eligible discounts: </strong>Auto insurers may offer discounts ranging from driver history, training, affiliations and demographics. You may even be able to reduce your rates by bundling both your home and auto insurance with the same company. Policyholders should ask an insurance agent about eligible discounts and opportunities to save.</span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"><strong>Change your driving status: </strong>\"Besides getting this relief, you can call your insurance company and ask them to change your status,\" said Hunter. </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\">There are two ways drivers can do this. If you were driving to work and no longer are, you can change your driving status from commuter to non-commuter for lower rates. Drivers can also reduce their monthly mileage. Typically, the fewer miles you drive annually, the lower your rate. Policyholders should contact their insurer directly to do this.  </span></p>\n<p class=\"gnt_ar_b_p\"><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.usatoday.com/story/money/cars/2020/04/16/coronavirus-relief-how-get-your-car-insurance-refunds/2990448001/\">click here</a>.</span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Coronavirus auto insurance refunds: Here\'s what you need to know','','inherit','closed','closed','','330-revision-v1','','','2020-04-27 22:55:09','2020-04-27 22:55:09','',330,'http://smartinsurance.tips/330-revision-v1/',0,'revision','',0),(355,1,'2020-05-25 21:23:55','2020-05-25 21:23:55','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" min_height=\"675px\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"post-header-social__headline rare-headline\" style=\"text-align: center;\"><strong>Liability vs. Full Coverage: Which Auto Insurance Do You Need?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><span style=\"color: #000000;\"><img src=\"https://i1.wp.com/clark.com/wp-content/uploads/2020/05/two-angry-men-arguing-over-an-auto-accident.png?resize=875%2C400&amp;ssl=1\" alt=\"two angry men arguing over an auto accident\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></span></p>\n<p><span style=\"color: #000000;\">If you’re looking to save every penny you can on auto insurance, you may be thinking about dropping full coverage and keeping only liability insurance.</span></p>\n<p><span style=\"color: #000000;\">In this article, we’ll explain the difference between liability and full coverage. And we’ll take a look at when you might consider dropping full coverage to save on your monthly insurance premium.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Here’s What You Need to Know About Liability vs. Full Coverage</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop full coverage and keep just liability is a question a lot of people ask. But first, let’s take a look at what each kind of insurance coverage is and what’s offered.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2 id=\"liability\"><span style=\"color: #000000;\"><strong>What Is Liability Insurance?</strong></span></h2>\n<p><span style=\"color: #000000;\">Liability insurance covers those instances in which you’re the responsible party for an accident. It’s comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Bodily injury liability</span></li>\n<li><span style=\"color: #000000;\">Property damage liability</span></li>\n</ul>\n<p><span style=\"color: #000000;\">The first covers medical expenses if you injure someone with your vehicle. The second covers costs if you damage someone else’s vehicle or property while you’re behind the wheel.</span></p>\n<div class=\"code-block code-block-2\"></div>\n<p><span style=\"color: #000000;\">Each state has a required minimum of liability insurance you must carry, often called the state minimum. You can see your state’s minimum </span><a href=\"https://www.carinsurance.com/Articles/minimum-liability-car-insurance-requirements-by-state.aspx\">here</a>.</p>\n<p><span style=\"color: #000000;\">But keep this in mind: State minimums are generally enough to protect you only if you have very few financial assets. For example, maybe you don’t own a home and you have no investments or savings. Then for you, just having state minimum liability coverage might make sense.</span></p>\n<p><span style=\"color: #000000;\">For everyone else, you’ll want additional coverage!</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 id=\"fullcoverage\"><span style=\"color: #000000;\"><strong>What Is Full Coverage?</strong></span></h2>\n<p><span style=\"color: #000000;\">Full coverage is comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Collision insurance</span></li>\n<li><span style=\"color: #000000;\">Comprehensive insurance</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Collision insurance is just what its name suggests: It protects you when you’re behind the wheel and cause damage through a collision with another vehicle.</span></p>\n<div class=\"code-block code-block-33\">\n<div class=\"in-content-ad-container\">\n<div class=\"in-content-ad\">\n<div class=\"full-ad__text\"></div>\n</div>\n</div>\n</div>\n<p><span style=\"color: #000000;\">Comprehensive insurance protects you if your vehicle is damaged when you’re <em>not</em> driving it. For example, a tree could fall on your car while it’s parked, or someone could steal your ride out of your driveway. That’s why it’s called “comprehensive.”</span></p>\n<p>Money expert Clark Howard<span> </span><span style=\"color: #000000;\">says the value of your vehicle often drives the decision of whether or not you want full coverage.</span></p>\n<p><span style=\"color: #000000;\">“If you own a vehicle that’s still worth a significant amount of money, you absolutely want comprehensive coverage,” Clark says.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 id=\"drop\"><span style=\"color: #000000;\"><strong>When Should You Drop Full Coverage on Your Car?</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop comprehensive and collision coverage on your vehicle and just keep liability insurance depends largely on the age of your vehicle.</span></p>\n<blockquote>\n<p><span style=\"color: #000000;\">“When cars get about 8 years old or older, that’s the time to start looking at the math for the collision and comprehensive,” Clark says. “At some point, it becomes wiser to just become your own insurance company.”</span></p>\n</blockquote>\n<p><span style=\"color: #000000;\">The general rule is: If the cost of comprehensive and collision exceeds 10% of your vehicle’s value, that’s the time to dump it and just have liability coverage. You can determine your vehicle’s value at </span>Edmunds.com,<span> </span>KBB.com<span> </span><span style=\"color: #000000;\">or</span><span> </span>NADA.com.</p>\n<p><span style=\"color: #000000;\">Let’s say you have a 10-year-old vehicle that’s worth only $4,000. The minute that you’re paying north of $400 annually — that’s 10% of $4,000 — for collision and comprehensive, it no longer makes financial sense.</span></p>\n<p><span style=\"color: #000000;\">One notable exception to this rule: If there’s no way you could financially cover the loss of your vehicle, forget the math and keep paying for collision and comprehensive.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Final Thought</strong></span></h2>\n<p><span style=\"color: #000000;\">If you have an older vehicle, it often doesn’t make sense to carry full coverage on it. That’s because, if you have an accident, the car has so little value that you’re not going to get a big, fat check to replace it. Depending on the vehicle’s age and condition, you may be lucky to get a few hundred or even a thousand dollars.</span></p>\n<p><span style=\"color: #000000;\">Of course, there’s an exception to every rule. Let’s say you remove your collision and comprehensive and just a few weeks later you total your car.</span></p>\n<div class=\"code-block code-block-5\"></div>\n<p><span style=\"color: #000000;\">“In that scenario, my advice would prove to be rotten, because you’ll be liable for the expenses on your own,” Clark says. “Statistically it’s unlikely, but it happens.”</span></p>\n<p><span style=\"color: #000000;\">You can read the full article <a href=\"https://clark.com/insurance/liability-vs-full-coverage/\">here</a>.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Liability vs. Full Coverage: Which Auto Insurance Do You Need?','','publish','closed','closed','','liability-vs-full-coverage','','','2020-10-26 22:33:01','2020-10-26 22:33:01','',0,'http://smartinsurance.tips/?page_id=355',0,'page','',0),(856,1,'2020-10-26 22:31:38','2020-10-26 22:31:38','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" min_height=\"675px\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"post-header-social__headline rare-headline\" style=\"text-align: center;\"><strong>Liability vs. Full Coverage: Which Auto Insurance Do You Need?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><span style=\"color: #000000;\"><img src=\"https://i1.wp.com/clark.com/wp-content/uploads/2020/05/two-angry-men-arguing-over-an-auto-accident.png?resize=875%2C400&amp;ssl=1\" alt=\"two angry men arguing over an auto accident\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></span></p>\n<p><span style=\"color: #000000;\">If you’re looking to save every penny you can on auto insurance, you may be thinking about dropping full coverage and keeping only liability insurance.</span></p>\n<p><span style=\"color: #000000;\">In this article, we’ll explain the difference between liability and full coverage. And we’ll take a look at when you might consider dropping full coverage to save on your monthly insurance premium.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Here’s What You Need to Know About Liability vs. Full Coverage</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop full coverage and keep just liability is a question a lot of people ask. But first, let’s take a look at what each kind of insurance coverage is and what’s offered.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2 id=\"liability\"><span style=\"color: #000000;\"><strong>What Is Liability Insurance?</strong></span></h2>\n<p><span style=\"color: #000000;\">Liability insurance covers those instances in which you’re the responsible party for an accident. It’s comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Bodily injury liability</span></li>\n<li><span style=\"color: #000000;\">Property damage liability</span></li>\n</ul>\n<p><span style=\"color: #000000;\">The first covers medical expenses if you injure someone with your vehicle. The second covers costs if you damage someone else’s vehicle or property while you’re behind the wheel.</span></p>\n<div class=\"code-block code-block-2\"></div>\n<p><span style=\"color: #000000;\">Each state has a required minimum of liability insurance you must carry, often called the state minimum. You can see your state’s minimum </span><a href=\"https://www.carinsurance.com/Articles/minimum-liability-car-insurance-requirements-by-state.aspx\">here</a>.</p>\n<p><span style=\"color: #000000;\">But keep this in mind: State minimums are generally enough to protect you only if you have very few financial assets. For example, maybe you don’t own a home and you have no investments or savings. Then for you, just having state minimum liability coverage might make sense.</span></p>\n<p><span style=\"color: #000000;\">For everyone else, you’ll want additional coverage!</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 id=\"fullcoverage\"><span style=\"color: #000000;\"><strong>What Is Full Coverage?</strong></span></h2>\n<p><span style=\"color: #000000;\">Full coverage is comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Collision insurance</span></li>\n<li><span style=\"color: #000000;\">Comprehensive insurance</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Collision insurance is just what its name suggests: It protects you when you’re behind the wheel and cause damage through a collision with another vehicle.</span></p>\n<div class=\"code-block code-block-33\">\n<div class=\"in-content-ad-container\">\n<div class=\"in-content-ad\">\n<div class=\"full-ad__text\"></div>\n</div>\n</div>\n</div>\n<p><span style=\"color: #000000;\">Comprehensive insurance protects you if your vehicle is damaged when you’re <em>not</em> driving it. For example, a tree could fall on your car while it’s parked, or someone could steal your ride out of your driveway. That’s why it’s called “comprehensive.”</span></p>\n<p>Money expert Clark Howard<span> </span><span style=\"color: #000000;\">says the value of your vehicle often drives the decision of whether or not you want full coverage.</span></p>\n<p><span style=\"color: #000000;\">“If you own a vehicle that’s still worth a significant amount of money, you absolutely want comprehensive coverage,” Clark says.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 id=\"drop\"><span style=\"color: #000000;\"><strong>When Should You Drop Full Coverage on Your Car?</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop comprehensive and collision coverage on your vehicle and just keep liability insurance depends largely on the age of your vehicle.</span></p>\n<blockquote>\n<p><span style=\"color: #000000;\">“When cars get about 8 years old or older, that’s the time to start looking at the math for the collision and comprehensive,” Clark says. “At some point, it becomes wiser to just become your own insurance company.”</span></p>\n</blockquote>\n<p><span style=\"color: #000000;\">The general rule is: If the cost of comprehensive and collision exceeds 10% of your vehicle’s value, that’s the time to dump it and just have liability coverage. You can determine your vehicle’s value at </span>Edmunds.com,<span> </span>KBB.com<span> </span><span style=\"color: #000000;\">or</span><span> </span>NADA.com.</p>\n<p><span style=\"color: #000000;\">Let’s say you have a 10-year-old vehicle that’s worth only $4,000. The minute that you’re paying north of $400 annually — that’s 10% of $4,000 — for collision and comprehensive, it no longer makes financial sense.</span></p>\n<p><span style=\"color: #000000;\">One notable exception to this rule: If there’s no way you could financially cover the loss of your vehicle, forget the math and keep paying for collision and comprehensive.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Final Thought</strong></span></h2>\n<p><span style=\"color: #000000;\">If you have an older vehicle, it often doesn’t make sense to carry full coverage on it. That’s because, if you have an accident, the car has so little value that you’re not going to get a big, fat check to replace it. Depending on the vehicle’s age and condition, you may be lucky to get a few hundred or even a thousand dollars.</span></p>\n<p><span style=\"color: #000000;\">Of course, there’s an exception to every rule. Let’s say you remove your collision and comprehensive and just a few weeks later you total your car.</span></p>\n<div class=\"code-block code-block-5\"></div>\n<p><span style=\"color: #000000;\">“In that scenario, my advice would prove to be rotten, because you’ll be liable for the expenses on your own,” Clark says. “Statistically it’s unlikely, but it happens.”</span></p>\n<p><span style=\"color: #000000;\">You can read the full article <a href=\"https://clark.com/insurance/liability-vs-full-coverage/\">here</a>.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Liability vs. Full Coverage: Which Auto Insurance Do You Need?','','inherit','closed','closed','','355-revision-v1','','','2020-10-26 22:31:38','2020-10-26 22:31:38','',355,'http://smartinsurance.tips/355-revision-v1/',0,'revision','',0),(356,1,'2020-05-25 21:18:17','2020-05-25 21:18:17','<!-- wp:divi/placeholder /-->','','','inherit','closed','closed','','355-revision-v1','','','2020-05-25 21:18:17','2020-05-25 21:18:17','',355,'http://smartinsurance.tips/355-revision-v1/',0,'revision','',0),(359,1,'2020-05-25 21:24:31','2020-05-25 21:24:31','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" min_height=\"675px\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"post-header-social__headline rare-headline\" style=\"text-align: center;\"><strong>Liability vs. Full Coverage: Which Auto Insurance Do You Need?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><span style=\"color: #000000;\">If you’re looking to save every penny you can on auto insurance, you may be thinking about dropping full coverage and keeping only liability insurance.</span></p>\n<p><span style=\"color: #000000;\">In this article, we’ll explain the difference between liability and full coverage. And we’ll take a look at when you might consider dropping full coverage to save on your monthly insurance premium.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Here’s What You Need to Know About Liability vs. Full Coverage</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop full coverage and keep just liability is a question a lot of people ask. But first, let’s take a look at what each kind of insurance coverage is and what’s offered.</span></p>\n<h3><span style=\"color: #000000;\"><strong></strong></span></h3>\n<h3><span style=\"color: #000000;\"><strong>Table of Contents</strong></span></h3>\n<ul>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#liability\">What Is Liability Insurance?</a></strong></li>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#fullcoverage\">What Is Full Coverage?</a></strong></li>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#drop\">When Should You Drop Full Coverage on Your Car?</a></strong></li>\n</ul>\n<h2><strong></strong></h2>\n<h2 id=\"liability\"><span style=\"color: #000000;\"><strong>What Is Liability Insurance?</strong></span></h2>\n<p><span style=\"color: #000000;\">Liability insurance covers those instances in which you’re the responsible party for an accident. It’s comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Bodily injury liability</span></li>\n<li><span style=\"color: #000000;\">Property damage liability</span></li>\n</ul>\n<p><span style=\"color: #000000;\">The first covers medical expenses if you injure someone with your vehicle. The second covers costs if you damage someone else’s vehicle or property while you’re behind the wheel.</span></p>\n<div class=\"code-block code-block-2\"></div>\n<p><span style=\"color: #000000;\">Each state has a required minimum of liability insurance you must carry, often called the state minimum. You can see your state’s minimum </span><a href=\"https://www.carinsurance.com/Articles/minimum-liability-car-insurance-requirements-by-state.aspx\">here</a>.</p>\n<p><span style=\"color: #000000;\">But keep this in mind: State minimums are generally enough to protect you only if you have very few financial assets. For example, maybe you don’t own a home and you have no investments or savings. Then for you, just having state minimum liability coverage might make sense.</span></p>\n<p><span style=\"color: #000000;\">For everyone else, you’ll want additional coverage!</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 id=\"fullcoverage\"><span style=\"color: #000000;\"><strong>What Is Full Coverage?</strong></span></h2>\n<p><span style=\"color: #000000;\">Full coverage is comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Collision insurance</span></li>\n<li><span style=\"color: #000000;\">Comprehensive insurance</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Collision insurance is just what its name suggests: It protects you when you’re behind the wheel and cause damage through a collision with another vehicle.</span></p>\n<div class=\"code-block code-block-33\">\n<div class=\"in-content-ad-container\">\n<div class=\"in-content-ad\">\n<div class=\"full-ad__text\"></div>\n</div>\n</div>\n</div>\n<p><span style=\"color: #000000;\">Comprehensive insurance protects you if your vehicle is damaged when you’re <em>not</em> driving it. For example, a tree could fall on your car while it’s parked, or someone could steal your ride out of your driveway. That’s why it’s called “comprehensive.”</span></p>\n<p><a href=\"https://clark.com/about-clark/clark-howards-bio/\">Money expert Clark Howard</a><span> </span><span style=\"color: #000000;\">says the value of your vehicle often drives the decision of whether or not you want full coverage.</span></p>\n<p><span style=\"color: #000000;\">“If you own a vehicle that’s still worth a significant amount of money, you absolutely want comprehensive coverage,” Clark says.</span></p>\n<h2 id=\"drop\"><span style=\"color: #000000;\"><strong>When Should You Drop Full Coverage on Your Car?</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop comprehensive and collision coverage on your vehicle and just keep liability insurance depends largely on the age of your vehicle.</span></p>\n<blockquote>\n<p><span style=\"color: #000000;\">“When cars get about 8 years old or older, that’s the time to start looking at the math for the collision and comprehensive,” Clark says. “At some point, it becomes wiser to just become your own insurance company.”</span></p>\n</blockquote>\n<p><span style=\"color: #000000;\">The general rule is: If the cost of comprehensive and collision exceeds 10% of your vehicle’s value, that’s the time to dump it and just have liability coverage. You can determine your vehicle’s value at </span><a class=\"thirstylink\" href=\"https://clark.com/go/cars/edmunds/\" target=\"_blank\" rel=\"noindex noopener noreferrer\" data-linkid=\"126831\" data-nojs=\"false\">Edmunds.com</a>,<span> </span><a href=\"https://www.kbb.com/\" target=\"_blank\" rel=\"noopener noreferrer\">KBB.com</a><span> </span><span style=\"color: #000000;\">or</span><span> </span><a href=\"https://www.nada.com/\" target=\"_blank\" rel=\"noopener noreferrer\">NADA.com.</a></p>\n<p><span style=\"color: #000000;\">Let’s say you have a 10-year-old vehicle that’s worth only $4,000. The minute that you’re paying north of $400 annually — that’s 10% of $4,000 — for collision and comprehensive, it no longer makes financial sense.</span></p>\n<p><span style=\"color: #000000;\">One notable exception to this rule: If there’s no way you could financially cover the loss of your vehicle, forget the math and keep paying for collision and comprehensive.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Final Thought</strong></span></h2>\n<p><span style=\"color: #000000;\">If you have an older vehicle, it often doesn’t make sense to carry full coverage on it. That’s because, if you have an accident, the car has so little value that you’re not going to get a big, fat check to replace it. Depending on the vehicle’s age and condition, you may be lucky to get a few hundred or even a thousand dollars.</span></p>\n<p><span style=\"color: #000000;\">Of course, there’s an exception to every rule. Let’s say you remove your collision and comprehensive and just a few weeks later you total your car.</span></p>\n<div class=\"code-block code-block-5\"></div>\n<p><span style=\"color: #000000;\">“In that scenario, my advice would prove to be rotten, because you’ll be liable for the expenses on your own,” Clark says. “Statistically it’s unlikely, but it happens.”</span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','','','inherit','closed','closed','','355-revision-v1','','','2020-05-25 21:24:31','2020-05-25 21:24:31','',355,'http://smartinsurance.tips/355-revision-v1/',0,'revision','',0),(358,1,'2020-05-25 21:23:34','2020-05-25 21:23:34','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" min_height=\"675px\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"page-title\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Do you need Commercial Auto Insurance?</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><span style=\"color: #000000;\">If you’re looking to save every penny you can on auto insurance, you may be thinking about dropping full coverage and keeping only liability insurance.</span></p>\n<p><span style=\"color: #000000;\">In this article, we’ll explain the difference between liability and full coverage. And we’ll take a look at when you might consider dropping full coverage to save on your monthly insurance premium.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Here’s What You Need to Know About Liability vs. Full Coverage</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop full coverage and keep just liability is a question a lot of people ask. But first, let’s take a look at what each kind of insurance coverage is and what’s offered.</span></p>\n<h3><span style=\"color: #000000;\"><strong></strong></span></h3>\n<h3><span style=\"color: #000000;\"><strong>Table of Contents</strong></span></h3>\n<ul>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#liability\">What Is Liability Insurance?</a></strong></li>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#fullcoverage\">What Is Full Coverage?</a></strong></li>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#drop\">When Should You Drop Full Coverage on Your Car?</a></strong></li>\n</ul>\n<h2><strong></strong></h2>\n<h2 id=\"liability\"><span style=\"color: #000000;\"><strong>What Is Liability Insurance?</strong></span></h2>\n<p><span style=\"color: #000000;\">Liability insurance covers those instances in which you’re the responsible party for an accident. It’s comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Bodily injury liability</span></li>\n<li><span style=\"color: #000000;\">Property damage liability</span></li>\n</ul>\n<p><span style=\"color: #000000;\">The first covers medical expenses if you injure someone with your vehicle. The second covers costs if you damage someone else’s vehicle or property while you’re behind the wheel.</span></p>\n<div class=\"code-block code-block-2\"></div>\n<p><span style=\"color: #000000;\">Each state has a required minimum of liability insurance you must carry, often called the state minimum. You can see your state’s minimum </span><a href=\"https://www.carinsurance.com/Articles/minimum-liability-car-insurance-requirements-by-state.aspx\">here</a>.</p>\n<p><span style=\"color: #000000;\">But keep this in mind: State minimums are generally enough to protect you only if you have very few financial assets. For example, maybe you don’t own a home and you have no investments or savings. Then for you, just having state minimum liability coverage might make sense.</span></p>\n<p><span style=\"color: #000000;\">For everyone else, you’ll want additional coverage!</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 id=\"fullcoverage\"><span style=\"color: #000000;\"><strong>What Is Full Coverage?</strong></span></h2>\n<p><span style=\"color: #000000;\">Full coverage is comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Collision insurance</span></li>\n<li><span style=\"color: #000000;\">Comprehensive insurance</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Collision insurance is just what its name suggests: It protects you when you’re behind the wheel and cause damage through a collision with another vehicle.</span></p>\n<div class=\"code-block code-block-33\">\n<div class=\"in-content-ad-container\">\n<div class=\"in-content-ad\">\n<div class=\"full-ad__text\"></div>\n</div>\n</div>\n</div>\n<p><span style=\"color: #000000;\">Comprehensive insurance protects you if your vehicle is damaged when you’re <em>not</em> driving it. For example, a tree could fall on your car while it’s parked, or someone could steal your ride out of your driveway. That’s why it’s called “comprehensive.”</span></p>\n<p><a href=\"https://clark.com/about-clark/clark-howards-bio/\">Money expert Clark Howard</a><span> </span><span style=\"color: #000000;\">says the value of your vehicle often drives the decision of whether or not you want full coverage.</span></p>\n<p><span style=\"color: #000000;\">“If you own a vehicle that’s still worth a significant amount of money, you absolutely want comprehensive coverage,” Clark says.</span></p>\n<h2 id=\"drop\"><span style=\"color: #000000;\"><strong>When Should You Drop Full Coverage on Your Car?</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop comprehensive and collision coverage on your vehicle and just keep liability insurance depends largely on the age of your vehicle.</span></p>\n<blockquote>\n<p><span style=\"color: #000000;\">“When cars get about 8 years old or older, that’s the time to start looking at the math for the collision and comprehensive,” Clark says. “At some point, it becomes wiser to just become your own insurance company.”</span></p>\n</blockquote>\n<p><span style=\"color: #000000;\">The general rule is: If the cost of comprehensive and collision exceeds 10% of your vehicle’s value, that’s the time to dump it and just have liability coverage. You can determine your vehicle’s value at </span><a class=\"thirstylink\" href=\"https://clark.com/go/cars/edmunds/\" target=\"_blank\" rel=\"noindex noopener noreferrer\" data-linkid=\"126831\" data-nojs=\"false\">Edmunds.com</a>,<span> </span><a href=\"https://www.kbb.com/\" target=\"_blank\" rel=\"noopener noreferrer\">KBB.com</a><span> </span><span style=\"color: #000000;\">or</span><span> </span><a href=\"https://www.nada.com/\" target=\"_blank\" rel=\"noopener noreferrer\">NADA.com.</a></p>\n<p><span style=\"color: #000000;\">Let’s say you have a 10-year-old vehicle that’s worth only $4,000. The minute that you’re paying north of $400 annually — that’s 10% of $4,000 — for collision and comprehensive, it no longer makes financial sense.</span></p>\n<p><span style=\"color: #000000;\">One notable exception to this rule: If there’s no way you could financially cover the loss of your vehicle, forget the math and keep paying for collision and comprehensive.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Final Thought</strong></span></h2>\n<p><span style=\"color: #000000;\">If you have an older vehicle, it often doesn’t make sense to carry full coverage on it. That’s because, if you have an accident, the car has so little value that you’re not going to get a big, fat check to replace it. Depending on the vehicle’s age and condition, you may be lucky to get a few hundred or even a thousand dollars.</span></p>\n<p><span style=\"color: #000000;\">Of course, there’s an exception to every rule. Let’s say you remove your collision and comprehensive and just a few weeks later you total your car.</span></p>\n<div class=\"code-block code-block-5\"></div>\n<p><span style=\"color: #000000;\">“In that scenario, my advice would prove to be rotten, because you’ll be liable for the expenses on your own,” Clark says. “Statistically it’s unlikely, but it happens.”</span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','','','inherit','closed','closed','','355-revision-v1','','','2020-05-25 21:23:34','2020-05-25 21:23:34','',355,'http://smartinsurance.tips/355-revision-v1/',0,'revision','',0),(361,1,'2020-05-25 21:26:16','2020-05-25 21:26:16','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" min_height=\"675px\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"post-header-social__headline rare-headline\" style=\"text-align: center;\"><strong>Liability vs. Full Coverage: Which Auto Insurance Do You Need?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><span style=\"color: #000000;\">If you’re looking to save every penny you can on auto insurance, you may be thinking about dropping full coverage and keeping only liability insurance.</span></p>\n<p><span style=\"color: #000000;\">In this article, we’ll explain the difference between liability and full coverage. And we’ll take a look at when you might consider dropping full coverage to save on your monthly insurance premium.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Here’s What You Need to Know About Liability vs. Full Coverage</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop full coverage and keep just liability is a question a lot of people ask. But first, let’s take a look at what each kind of insurance coverage is and what’s offered.</span></p>\n<h3><span style=\"color: #000000;\"><strong></strong></span></h3>\n<h3><span style=\"color: #000000;\"><strong>Table of Contents</strong></span></h3>\n<ul>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#liability\">What Is Liability Insurance?</a></strong></li>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#fullcoverage\">What Is Full Coverage?</a></strong></li>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#drop\">When Should You Drop Full Coverage on Your Car?</a></strong><strong></strong></li>\n</ul>\n<h2><strong></strong></h2>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2 id=\"liability\"><span style=\"color: #000000;\"><strong>What Is Liability Insurance?</strong></span></h2>\n<p><span style=\"color: #000000;\">Liability insurance covers those instances in which you’re the responsible party for an accident. It’s comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Bodily injury liability</span></li>\n<li><span style=\"color: #000000;\">Property damage liability</span></li>\n</ul>\n<p><span style=\"color: #000000;\">The first covers medical expenses if you injure someone with your vehicle. The second covers costs if you damage someone else’s vehicle or property while you’re behind the wheel.</span></p>\n<div class=\"code-block code-block-2\"></div>\n<p><span style=\"color: #000000;\">Each state has a required minimum of liability insurance you must carry, often called the state minimum. You can see your state’s minimum </span><a href=\"https://www.carinsurance.com/Articles/minimum-liability-car-insurance-requirements-by-state.aspx\">here</a>.</p>\n<p><span style=\"color: #000000;\">But keep this in mind: State minimums are generally enough to protect you only if you have very few financial assets. For example, maybe you don’t own a home and you have no investments or savings. Then for you, just having state minimum liability coverage might make sense.</span></p>\n<p><span style=\"color: #000000;\">For everyone else, you’ll want additional coverage!</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 id=\"fullcoverage\"><span style=\"color: #000000;\"><strong>What Is Full Coverage?</strong></span></h2>\n<p><span style=\"color: #000000;\">Full coverage is comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Collision insurance</span></li>\n<li><span style=\"color: #000000;\">Comprehensive insurance</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Collision insurance is just what its name suggests: It protects you when you’re behind the wheel and cause damage through a collision with another vehicle.</span></p>\n<div class=\"code-block code-block-33\">\n<div class=\"in-content-ad-container\">\n<div class=\"in-content-ad\">\n<div class=\"full-ad__text\"></div>\n</div>\n</div>\n</div>\n<p><span style=\"color: #000000;\">Comprehensive insurance protects you if your vehicle is damaged when you’re <em>not</em> driving it. For example, a tree could fall on your car while it’s parked, or someone could steal your ride out of your driveway. That’s why it’s called “comprehensive.”</span></p>\n<p><a href=\"https://clark.com/about-clark/clark-howards-bio/\">Money expert Clark Howard</a><span> </span><span style=\"color: #000000;\">says the value of your vehicle often drives the decision of whether or not you want full coverage.</span></p>\n<p><span style=\"color: #000000;\">“If you own a vehicle that’s still worth a significant amount of money, you absolutely want comprehensive coverage,” Clark says.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 id=\"drop\"><span style=\"color: #000000;\"><strong>When Should You Drop Full Coverage on Your Car?</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop comprehensive and collision coverage on your vehicle and just keep liability insurance depends largely on the age of your vehicle.</span></p>\n<blockquote>\n<p><span style=\"color: #000000;\">“When cars get about 8 years old or older, that’s the time to start looking at the math for the collision and comprehensive,” Clark says. “At some point, it becomes wiser to just become your own insurance company.”</span></p>\n</blockquote>\n<p><span style=\"color: #000000;\">The general rule is: If the cost of comprehensive and collision exceeds 10% of your vehicle’s value, that’s the time to dump it and just have liability coverage. You can determine your vehicle’s value at </span><a class=\"thirstylink\" href=\"https://clark.com/go/cars/edmunds/\" target=\"_blank\" rel=\"noindex noopener noreferrer\" data-linkid=\"126831\" data-nojs=\"false\">Edmunds.com</a>,<span> </span><a href=\"https://www.kbb.com/\" target=\"_blank\" rel=\"noopener noreferrer\">KBB.com</a><span> </span><span style=\"color: #000000;\">or</span><span> </span><a href=\"https://www.nada.com/\" target=\"_blank\" rel=\"noopener noreferrer\">NADA.com.</a></p>\n<p><span style=\"color: #000000;\">Let’s say you have a 10-year-old vehicle that’s worth only $4,000. The minute that you’re paying north of $400 annually — that’s 10% of $4,000 — for collision and comprehensive, it no longer makes financial sense.</span></p>\n<p><span style=\"color: #000000;\">One notable exception to this rule: If there’s no way you could financially cover the loss of your vehicle, forget the math and keep paying for collision and comprehensive.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Final Thought</strong></span></h2>\n<p><span style=\"color: #000000;\">If you have an older vehicle, it often doesn’t make sense to carry full coverage on it. That’s because, if you have an accident, the car has so little value that you’re not going to get a big, fat check to replace it. Depending on the vehicle’s age and condition, you may be lucky to get a few hundred or even a thousand dollars.</span></p>\n<p><span style=\"color: #000000;\">Of course, there’s an exception to every rule. Let’s say you remove your collision and comprehensive and just a few weeks later you total your car.</span></p>\n<div class=\"code-block code-block-5\"></div>\n<p><span style=\"color: #000000;\">“In that scenario, my advice would prove to be rotten, because you’ll be liable for the expenses on your own,” Clark says. “Statistically it’s unlikely, but it happens.”</span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','','','inherit','closed','closed','','355-revision-v1','','','2020-05-25 21:26:16','2020-05-25 21:26:16','',355,'http://smartinsurance.tips/355-revision-v1/',0,'revision','',0),(362,1,'2020-05-25 21:26:32','2020-05-25 21:26:32','<!-- wp:divi/placeholder -->\n[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" min_height=\"675px\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"post-header-social__headline rare-headline\" style=\"text-align: center;\"><strong>Liability vs. Full Coverage: Which Auto Insurance Do You Need?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><span style=\"color: #000000;\">If you’re looking to save every penny you can on auto insurance, you may be thinking about dropping full coverage and keeping only liability insurance.</span></p>\n<p><span style=\"color: #000000;\">In this article, we’ll explain the difference between liability and full coverage. And we’ll take a look at when you might consider dropping full coverage to save on your monthly insurance premium.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Here’s What You Need to Know About Liability vs. Full Coverage</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop full coverage and keep just liability is a question a lot of people ask. But first, let’s take a look at what each kind of insurance coverage is and what’s offered.</span></p>\n<h3><span style=\"color: #000000;\"><strong></strong></span></h3>\n<h3><span style=\"color: #000000;\"><strong>Table of Contents</strong></span></h3>\n<ul>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#liability\">What Is Liability Insurance?</a></strong></li>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#fullcoverage\">What Is Full Coverage?</a></strong></li>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#drop\">When Should You Drop Full Coverage on Your Car?</a></strong><strong></strong></li>\n</ul>\n<h2><strong></strong></h2>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2 id=\"liability\"><span style=\"color: #000000;\"><strong>What Is Liability Insurance?</strong></span></h2>\n<p><span style=\"color: #000000;\">Liability insurance covers those instances in which you’re the responsible party for an accident. It’s comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Bodily injury liability</span></li>\n<li><span style=\"color: #000000;\">Property damage liability</span></li>\n</ul>\n<p><span style=\"color: #000000;\">The first covers medical expenses if you injure someone with your vehicle. The second covers costs if you damage someone else’s vehicle or property while you’re behind the wheel.</span></p>\n<div class=\"code-block code-block-2\"></div>\n<p><span style=\"color: #000000;\">Each state has a required minimum of liability insurance you must carry, often called the state minimum. You can see your state’s minimum </span><a href=\"https://www.carinsurance.com/Articles/minimum-liability-car-insurance-requirements-by-state.aspx\">here</a>.</p>\n<p><span style=\"color: #000000;\">But keep this in mind: State minimums are generally enough to protect you only if you have very few financial assets. For example, maybe you don’t own a home and you have no investments or savings. Then for you, just having state minimum liability coverage might make sense.</span></p>\n<p><span style=\"color: #000000;\">For everyone else, you’ll want additional coverage!</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 id=\"fullcoverage\"><span style=\"color: #000000;\"><strong>What Is Full Coverage?</strong></span></h2>\n<p><span style=\"color: #000000;\">Full coverage is comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Collision insurance</span></li>\n<li><span style=\"color: #000000;\">Comprehensive insurance</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Collision insurance is just what its name suggests: It protects you when you’re behind the wheel and cause damage through a collision with another vehicle.</span></p>\n<div class=\"code-block code-block-33\">\n<div class=\"in-content-ad-container\">\n<div class=\"in-content-ad\">\n<div class=\"full-ad__text\"></div>\n</div>\n</div>\n</div>\n<p><span style=\"color: #000000;\">Comprehensive insurance protects you if your vehicle is damaged when you’re <em>not</em> driving it. For example, a tree could fall on your car while it’s parked, or someone could steal your ride out of your driveway. That’s why it’s called “comprehensive.”</span></p>\n<p><a href=\"https://clark.com/about-clark/clark-howards-bio/\">Money expert Clark Howard</a><span> </span><span style=\"color: #000000;\">says the value of your vehicle often drives the decision of whether or not you want full coverage.</span></p>\n<p><span style=\"color: #000000;\">“If you own a vehicle that’s still worth a significant amount of money, you absolutely want comprehensive coverage,” Clark says.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 id=\"drop\"><span style=\"color: #000000;\"><strong>When Should You Drop Full Coverage on Your Car?</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop comprehensive and collision coverage on your vehicle and just keep liability insurance depends largely on the age of your vehicle.</span></p>\n<blockquote>\n<p><span style=\"color: #000000;\">“When cars get about 8 years old or older, that’s the time to start looking at the math for the collision and comprehensive,” Clark says. “At some point, it becomes wiser to just become your own insurance company.”</span></p>\n</blockquote>\n<p><span style=\"color: #000000;\">The general rule is: If the cost of comprehensive and collision exceeds 10% of your vehicle’s value, that’s the time to dump it and just have liability coverage. You can determine your vehicle’s value at </span><a class=\"thirstylink\" href=\"https://clark.com/go/cars/edmunds/\" target=\"_blank\" rel=\"noindex noopener noreferrer\" data-linkid=\"126831\" data-nojs=\"false\">Edmunds.com</a>,<span> </span><a href=\"https://www.kbb.com/\" target=\"_blank\" rel=\"noopener noreferrer\">KBB.com</a><span> </span><span style=\"color: #000000;\">or</span><span> </span><a href=\"https://www.nada.com/\" target=\"_blank\" rel=\"noopener noreferrer\">NADA.com.</a></p>\n<p><span style=\"color: #000000;\">Let’s say you have a 10-year-old vehicle that’s worth only $4,000. The minute that you’re paying north of $400 annually — that’s 10% of $4,000 — for collision and comprehensive, it no longer makes financial sense.</span></p>\n<p><span style=\"color: #000000;\">One notable exception to this rule: If there’s no way you could financially cover the loss of your vehicle, forget the math and keep paying for collision and comprehensive.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Final Thought</strong></span></h2>\n<p><span style=\"color: #000000;\">If you have an older vehicle, it often doesn’t make sense to carry full coverage on it. That’s because, if you have an accident, the car has so little value that you’re not going to get a big, fat check to replace it. Depending on the vehicle’s age and condition, you may be lucky to get a few hundred or even a thousand dollars.</span></p>\n<p><span style=\"color: #000000;\">Of course, there’s an exception to every rule. Let’s say you remove your collision and comprehensive and just a few weeks later you total your car.</span></p>\n<div class=\"code-block code-block-5\"></div>\n<p><span style=\"color: #000000;\">“In that scenario, my advice would prove to be rotten, because you’ll be liable for the expenses on your own,” Clark says. “Statistically it’s unlikely, but it happens.”</span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]\n<!-- /wp:divi/placeholder -->','','','inherit','closed','closed','','355-revision-v1','','','2020-05-25 21:26:32','2020-05-25 21:26:32','',355,'http://smartinsurance.tips/355-revision-v1/',0,'revision','',0),(363,1,'2020-05-25 21:26:38','2020-05-25 21:26:38','<!-- wp:divi/placeholder -->\n[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" min_height=\"675px\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"post-header-social__headline rare-headline\" style=\"text-align: center;\"><strong>Liability vs. Full Coverage: Which Auto Insurance Do You Need?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><span style=\"color: #000000;\">If you’re looking to save every penny you can on auto insurance, you may be thinking about dropping full coverage and keeping only liability insurance.</span></p>\n<p><span style=\"color: #000000;\">In this article, we’ll explain the difference between liability and full coverage. And we’ll take a look at when you might consider dropping full coverage to save on your monthly insurance premium.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Here’s What You Need to Know About Liability vs. Full Coverage</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop full coverage and keep just liability is a question a lot of people ask. But first, let’s take a look at what each kind of insurance coverage is and what’s offered.</span></p>\n<h3><span style=\"color: #000000;\"><strong></strong></span></h3>\n<h3><span style=\"color: #000000;\"><strong>Table of Contents</strong></span></h3>\n<ul>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#liability\">What Is Liability Insurance?</a></strong></li>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#fullcoverage\">What Is Full Coverage?</a></strong></li>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#drop\">When Should You Drop Full Coverage on Your Car?</a></strong><strong></strong></li>\n</ul>\n<h2><strong></strong></h2>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2 id=\"liability\"><span style=\"color: #000000;\"><strong>What Is Liability Insurance?</strong></span></h2>\n<p><span style=\"color: #000000;\">Liability insurance covers those instances in which you’re the responsible party for an accident. It’s comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Bodily injury liability</span></li>\n<li><span style=\"color: #000000;\">Property damage liability</span></li>\n</ul>\n<p><span style=\"color: #000000;\">The first covers medical expenses if you injure someone with your vehicle. The second covers costs if you damage someone else’s vehicle or property while you’re behind the wheel.</span></p>\n<div class=\"code-block code-block-2\"></div>\n<p><span style=\"color: #000000;\">Each state has a required minimum of liability insurance you must carry, often called the state minimum. You can see your state’s minimum </span><a href=\"https://www.carinsurance.com/Articles/minimum-liability-car-insurance-requirements-by-state.aspx\">here</a>.</p>\n<p><span style=\"color: #000000;\">But keep this in mind: State minimums are generally enough to protect you only if you have very few financial assets. For example, maybe you don’t own a home and you have no investments or savings. Then for you, just having state minimum liability coverage might make sense.</span></p>\n<p><span style=\"color: #000000;\">For everyone else, you’ll want additional coverage!</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 id=\"fullcoverage\"><span style=\"color: #000000;\"><strong>What Is Full Coverage?</strong></span></h2>\n<p><span style=\"color: #000000;\">Full coverage is comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Collision insurance</span></li>\n<li><span style=\"color: #000000;\">Comprehensive insurance</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Collision insurance is just what its name suggests: It protects you when you’re behind the wheel and cause damage through a collision with another vehicle.</span></p>\n<div class=\"code-block code-block-33\">\n<div class=\"in-content-ad-container\">\n<div class=\"in-content-ad\">\n<div class=\"full-ad__text\"></div>\n</div>\n</div>\n</div>\n<p><span style=\"color: #000000;\">Comprehensive insurance protects you if your vehicle is damaged when you’re <em>not</em> driving it. For example, a tree could fall on your car while it’s parked, or someone could steal your ride out of your driveway. That’s why it’s called “comprehensive.”</span></p>\n<p><a href=\"https://clark.com/about-clark/clark-howards-bio/\">Money expert Clark Howard</a><span> </span><span style=\"color: #000000;\">says the value of your vehicle often drives the decision of whether or not you want full coverage.</span></p>\n<p><span style=\"color: #000000;\">“If you own a vehicle that’s still worth a significant amount of money, you absolutely want comprehensive coverage,” Clark says.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 id=\"drop\"><span style=\"color: #000000;\"><strong>When Should You Drop Full Coverage on Your Car?</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop comprehensive and collision coverage on your vehicle and just keep liability insurance depends largely on the age of your vehicle.</span></p>\n<blockquote>\n<p><span style=\"color: #000000;\">“When cars get about 8 years old or older, that’s the time to start looking at the math for the collision and comprehensive,” Clark says. “At some point, it becomes wiser to just become your own insurance company.”</span></p>\n</blockquote>\n<p><span style=\"color: #000000;\">The general rule is: If the cost of comprehensive and collision exceeds 10% of your vehicle’s value, that’s the time to dump it and just have liability coverage. You can determine your vehicle’s value at </span><a class=\"thirstylink\" href=\"https://clark.com/go/cars/edmunds/\" target=\"_blank\" rel=\"noindex noopener noreferrer\" data-linkid=\"126831\" data-nojs=\"false\">Edmunds.com</a>,<span> </span><a href=\"https://www.kbb.com/\" target=\"_blank\" rel=\"noopener noreferrer\">KBB.com</a><span> </span><span style=\"color: #000000;\">or</span><span> </span><a href=\"https://www.nada.com/\" target=\"_blank\" rel=\"noopener noreferrer\">NADA.com.</a></p>\n<p><span style=\"color: #000000;\">Let’s say you have a 10-year-old vehicle that’s worth only $4,000. The minute that you’re paying north of $400 annually — that’s 10% of $4,000 — for collision and comprehensive, it no longer makes financial sense.</span></p>\n<p><span style=\"color: #000000;\">One notable exception to this rule: If there’s no way you could financially cover the loss of your vehicle, forget the math and keep paying for collision and comprehensive.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Final Thought</strong></span></h2>\n<p><span style=\"color: #000000;\">If you have an older vehicle, it often doesn’t make sense to carry full coverage on it. That’s because, if you have an accident, the car has so little value that you’re not going to get a big, fat check to replace it. Depending on the vehicle’s age and condition, you may be lucky to get a few hundred or even a thousand dollars.</span></p>\n<p><span style=\"color: #000000;\">Of course, there’s an exception to every rule. Let’s say you remove your collision and comprehensive and just a few weeks later you total your car.</span></p>\n<div class=\"code-block code-block-5\"></div>\n<p><span style=\"color: #000000;\">“In that scenario, my advice would prove to be rotten, because you’ll be liable for the expenses on your own,” Clark says. “Statistically it’s unlikely, but it happens.”</span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]\n<!-- /wp:divi/placeholder -->','Liability vs. Full Coverage: Which Auto Insurance Do You Need?','','inherit','closed','closed','','355-revision-v1','','','2020-05-25 21:26:38','2020-05-25 21:26:38','',355,'http://smartinsurance.tips/355-revision-v1/',0,'revision','',0),(366,1,'2020-05-25 21:33:26','2020-05-25 21:33:26','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>How an Insurance Company Determines Your Premiums</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2020/05/My-Post-1024x536.png\" width=\"1024\" height=\"536\" alt=\"\" class=\"wp-image-374 aligncenter size-large\" /></span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><span style=\"font-size: 14px;\">Do you know your insurance score? Most people don\'t even realize they have one until they receive an adverse action notice in the mail notifying them that, based on their </span>insurance score<span style=\"font-size: 14px;\">, they don\'t qualify for the lowest pricing available from their insurance provider.</span></span></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">To help you decipher what all this means, we\'ll go over what the insurance score is, how it\'s calculated, and some things you can do to improve it.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Insurance Adverse Action Notice</span></h2>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">If you receive an insurance adverse action notice there are some steps you will need to take to find out why you received a low insurance score. First follow your letter\'s instructions to call a 1-800 number to receive a free copy of your credit report, which affects your insurance score. Typically within a few weeks, you will be sent a consent form that requests a detailed proof of identification, including photocopies of your driver\'s license, your Social Security number, and your insurance information.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<h3 id=\"mntl-sc-block-callout-heading_1-0\" class=\"comp mntl-sc-block-callout-heading mntl-text-block\"><span style=\"color: #000000;\">KEY TAKEAWAYS</span></h3>\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li><span style=\"color: #000000;\">Insurance companies use credit scores and history to determine your premium on insurance. </span></li>\n<li><span style=\"color: #000000;\">It is very difficult to pinpoint exactly how to get the best insurance score but it is possible to improve it. </span></li>\n<li><span style=\"color: #000000;\">Adverse action notices are sent by insurance companies to notify buyers of why they don\'t qualify for a lower price on their insurance. </span></li>\n</ul>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">You send this back to the insurance company, which will normally summarize your credit rating and how it is used to calculate your insurance score. If you contact your insurance company, it will likely tell you that 99% of its clients do not qualify for the company\'s lowest rate, and to qualify, your credit must be absolutely perfect.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">In other words, even if you carry no balances on your credit cards, own your home, are completely debt-free, and have a credit rating in the high 700s, you\'re still unlikely to have an insurance score that qualifies you for the lowest available insurance rate.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"native_1-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">So what exactly is this insurance score, and what is its purpose?</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">What Your Insurance Score Is and How It Is Calculated</span></h2>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">An insurance score is a rating used to predict the likelihood a customer will file an insurance claim. This score, as noted above, is based on an analysis of a consumer\'s credit rating, and the method for calculating it varies from insurer to insurer. While many companies use proprietary formulas to calculate the scores, the factors used in the calculation include the customer\'s outstanding debt, length of credit history, payment history, amount of revolving credit versus the amount of credit in the form of loans, available credit, and monthly account balance.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\"></div>\n</div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">Unlike a credit rating, which uses personal financial information to determine your ability to repay debts, insurance scores do not factor in your income. This omission means it is very possible for you to be penalized for taking out a large loan or charging a large amount on your credit cards each month even if your income is more than enough to cover the expenses. (For related reading, see: <em>12 Car Insurance Cost-Cutters</em>.)</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Why Insurance Scores Are Used</span></h2>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Insurance companies justify the use of insurance scores by citing studies showing a positive correlation between credit scores and insurance claims. At some level, this may seem to make sense. At the level of minor traffic accidents, for example, it is reasonable to argue that individuals with poor credit are more likely to file claims, if for no other reason than because they lack the funds to make repairs on their own.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">Of course, if we look at the logic behind insurance scores we might want to look at it also from a business perspective: insurance scoring is quite profitable, especially since almost nobody qualifies for the lowest pricing tier.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left; color: #000000;\"> </span></div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0-26\" class=\"comp theme-important mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p><span style=\"color: #000000;\">Keep in mind insurance premiums are a recurring revenue stream for insurance companies, and the scores help justify higher premiums.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">How to Minimize the Impact on Your Wallet</span></h2>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">A perfect insurance score, in the eyes of an insurance company, represents a client with the lowest possible risk of filing a claim, so since the probability of filing a claim is based on credit, good credit is the key to a high score.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">A good credit report can have such a large impact on your insurance premium that you can, for example, have a flawed driving record but good credit and pay less for your car insurance than a driver who has a perfect driving record but bad credit. Keep in mind, however, that your insurance score is not the only factor that determines your premium (you can ask your insurer for more details on what the other factors are).</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">While it is unlikely your insurance score will ever be perfect, there are a few relatively painless steps you can take to improve your score. To keep your insurance score high, be sure to pay all of your bills on time and limit the number of credit cards that you apply for and open. (Read: <em>The Importance Of Your Credit Rating.</em>)</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">But, paying your bills on time isn\'t enough. As mentioned above, your insurance score is adversely impacted by large monthly credit card expenditures, even if you pay off your entire balance each month. To help your insurance score, you can minimize your credit card use. While it can prove unreasonably inconvenient to stop using your credit card entirely, most of us can find ways to cut down. You may find the effort needed to perfect your spending is not worth what may amount to relatively small savings in premiums.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">The Bottom Line</span></h2>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">The use of credit history to determine insurance premiums is quite alarming to many consumers, particularly to those who have never filed an insurance claim but still don\'t qualify for the lowest available pricing.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Unfortunately, insurance scoring is a standard practice among the nation\'s largest insurers. With that in mind, the best way to help keep your insurance premium low is to keep your credit score high. Take the same amount of caution with your credit score as you would with your driving—being responsible with both can save you serious amounts of money in insurance premiums.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">You can read the full article <a href=\"https://www.investopedia.com/articles/pf/05/insurescore.asp\">here</a>.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How an Insurance Company Determines Your Premiums','','publish','closed','closed','','how-an-insurance-company-determines-your-premiums','','','2020-05-26 23:59:45','2020-05-26 23:59:45','',0,'http://smartinsurance.tips/?page_id=366',0,'page','',0),(367,1,'2020-05-25 21:33:26','2020-05-25 21:33:26','<!-- wp:divi/placeholder /-->','How an Insurance Company Determines Your Premiums','','inherit','closed','closed','','366-revision-v1','','','2020-05-25 21:33:26','2020-05-25 21:33:26','',366,'http://smartinsurance.tips/366-revision-v1/',0,'revision','',0),(365,1,'2020-05-25 21:30:08','2020-05-25 21:30:08','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" min_height=\"675px\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"post-header-social__headline rare-headline\" style=\"text-align: center;\"><strong>Liability vs. Full Coverage: Which Auto Insurance Do You Need?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><span style=\"color: #000000;\"><img src=\"https://i1.wp.com/clark.com/wp-content/uploads/2020/05/two-angry-men-arguing-over-an-auto-accident.png?resize=875%2C400&amp;ssl=1\" alt=\"two angry men arguing over an auto accident\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></span></p>\n<p><span style=\"color: #000000;\">If you’re looking to save every penny you can on auto insurance, you may be thinking about dropping full coverage and keeping only liability insurance.</span></p>\n<p><span style=\"color: #000000;\">In this article, we’ll explain the difference between liability and full coverage. And we’ll take a look at when you might consider dropping full coverage to save on your monthly insurance premium.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Here’s What You Need to Know About Liability vs. Full Coverage</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop full coverage and keep just liability is a question a lot of people ask. But first, let’s take a look at what each kind of insurance coverage is and what’s offered.</span></p>\n<h3><span style=\"color: #000000;\"><strong></strong></span></h3>\n<h3><span style=\"color: #000000;\"><strong>Table of Contents</strong></span></h3>\n<ul>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#liability\">What Is Liability Insurance?</a></strong></li>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#fullcoverage\">What Is Full Coverage?</a></strong></li>\n<li><strong><a href=\"https://clark.com/insurance/liability-vs-full-coverage/#drop\">When Should You Drop Full Coverage on Your Car?</a></strong><strong></strong></li>\n</ul>\n<h2><strong></strong></h2>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2 id=\"liability\"><span style=\"color: #000000;\"><strong>What Is Liability Insurance?</strong></span></h2>\n<p><span style=\"color: #000000;\">Liability insurance covers those instances in which you’re the responsible party for an accident. It’s comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Bodily injury liability</span></li>\n<li><span style=\"color: #000000;\">Property damage liability</span></li>\n</ul>\n<p><span style=\"color: #000000;\">The first covers medical expenses if you injure someone with your vehicle. The second covers costs if you damage someone else’s vehicle or property while you’re behind the wheel.</span></p>\n<div class=\"code-block code-block-2\"></div>\n<p><span style=\"color: #000000;\">Each state has a required minimum of liability insurance you must carry, often called the state minimum. You can see your state’s minimum </span><a href=\"https://www.carinsurance.com/Articles/minimum-liability-car-insurance-requirements-by-state.aspx\">here</a>.</p>\n<p><span style=\"color: #000000;\">But keep this in mind: State minimums are generally enough to protect you only if you have very few financial assets. For example, maybe you don’t own a home and you have no investments or savings. Then for you, just having state minimum liability coverage might make sense.</span></p>\n<p><span style=\"color: #000000;\">For everyone else, you’ll want additional coverage!</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 id=\"fullcoverage\"><span style=\"color: #000000;\"><strong>What Is Full Coverage?</strong></span></h2>\n<p><span style=\"color: #000000;\">Full coverage is comprised of two types of coverage:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Collision insurance</span></li>\n<li><span style=\"color: #000000;\">Comprehensive insurance</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Collision insurance is just what its name suggests: It protects you when you’re behind the wheel and cause damage through a collision with another vehicle.</span></p>\n<div class=\"code-block code-block-33\">\n<div class=\"in-content-ad-container\">\n<div class=\"in-content-ad\">\n<div class=\"full-ad__text\"></div>\n</div>\n</div>\n</div>\n<p><span style=\"color: #000000;\">Comprehensive insurance protects you if your vehicle is damaged when you’re <em>not</em> driving it. For example, a tree could fall on your car while it’s parked, or someone could steal your ride out of your driveway. That’s why it’s called “comprehensive.”</span></p>\n<p><a href=\"https://clark.com/about-clark/clark-howards-bio/\">Money expert Clark Howard</a><span> </span><span style=\"color: #000000;\">says the value of your vehicle often drives the decision of whether or not you want full coverage.</span></p>\n<p><span style=\"color: #000000;\">“If you own a vehicle that’s still worth a significant amount of money, you absolutely want comprehensive coverage,” Clark says.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2 id=\"drop\"><span style=\"color: #000000;\"><strong>When Should You Drop Full Coverage on Your Car?</strong></span></h2>\n<p><span style=\"color: #000000;\">When to drop comprehensive and collision coverage on your vehicle and just keep liability insurance depends largely on the age of your vehicle.</span></p>\n<blockquote>\n<p><span style=\"color: #000000;\">“When cars get about 8 years old or older, that’s the time to start looking at the math for the collision and comprehensive,” Clark says. “At some point, it becomes wiser to just become your own insurance company.”</span></p>\n</blockquote>\n<p><span style=\"color: #000000;\">The general rule is: If the cost of comprehensive and collision exceeds 10% of your vehicle’s value, that’s the time to dump it and just have liability coverage. You can determine your vehicle’s value at </span><a class=\"thirstylink\" href=\"https://clark.com/go/cars/edmunds/\" target=\"_blank\" rel=\"noindex noopener noreferrer\" data-linkid=\"126831\" data-nojs=\"false\">Edmunds.com</a>,<span> </span><a href=\"https://www.kbb.com/\" target=\"_blank\" rel=\"noopener noreferrer\">KBB.com</a><span> </span><span style=\"color: #000000;\">or</span><span> </span><a href=\"https://www.nada.com/\" target=\"_blank\" rel=\"noopener noreferrer\">NADA.com.</a></p>\n<p><span style=\"color: #000000;\">Let’s say you have a 10-year-old vehicle that’s worth only $4,000. The minute that you’re paying north of $400 annually — that’s 10% of $4,000 — for collision and comprehensive, it no longer makes financial sense.</span></p>\n<p><span style=\"color: #000000;\">One notable exception to this rule: If there’s no way you could financially cover the loss of your vehicle, forget the math and keep paying for collision and comprehensive.</span></p>\n<h2><span style=\"color: #000000;\"><strong></strong></span></h2>\n<h2><span style=\"color: #000000;\"><strong>Final Thought</strong></span></h2>\n<p><span style=\"color: #000000;\">If you have an older vehicle, it often doesn’t make sense to carry full coverage on it. That’s because, if you have an accident, the car has so little value that you’re not going to get a big, fat check to replace it. Depending on the vehicle’s age and condition, you may be lucky to get a few hundred or even a thousand dollars.</span></p>\n<p><span style=\"color: #000000;\">Of course, there’s an exception to every rule. Let’s say you remove your collision and comprehensive and just a few weeks later you total your car.</span></p>\n<div class=\"code-block code-block-5\"></div>\n<p><span style=\"color: #000000;\">“In that scenario, my advice would prove to be rotten, because you’ll be liable for the expenses on your own,” Clark says. “Statistically it’s unlikely, but it happens.”</span></p>\n<p><span style=\"color: #000000;\">You can read the full article <a href=\"https://clark.com/insurance/liability-vs-full-coverage/\">here</a>.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Liability vs. Full Coverage: Which Auto Insurance Do You Need?','','inherit','closed','closed','','355-revision-v1','','','2020-05-25 21:30:08','2020-05-25 21:30:08','',355,'http://smartinsurance.tips/355-revision-v1/',0,'revision','',0),(369,1,'2020-05-25 21:55:42','2020-05-25 21:55:42','','My_Post_052620_055540_AM','','inherit','open','closed','','my_post_052620_055540_am','','','2020-05-25 21:55:42','2020-05-25 21:55:42','',366,'http://smartinsurance.tips/wp-content/uploads/2020/05/My_Post_052620_055540_AM.jpg',0,'attachment','image/jpeg',0),(370,1,'2020-05-25 21:56:50','2020-05-25 21:56:50','','My_Post_052620_055540_AM','','inherit','open','closed','','my_post_052620_055540_am-2','','','2020-05-25 21:56:50','2020-05-25 21:56:50','',366,'http://smartinsurance.tips/wp-content/uploads/2020/05/My_Post_052620_055540_AM-1.jpg',0,'attachment','image/jpeg',0),(371,1,'2020-05-25 21:58:14','2020-05-25 21:58:14','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>How an Insurance Company Determines Your Premiums</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Do you know your insurance score? Most people don\'t even realize they have one until they receive an adverse action notice in the mail notifying them that, based on their </span><a href=\"https://www.investopedia.com/terms/i/insurancescore.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\"><span style=\"color: #000000;\">i</span>nsurance score</a><span style=\"color: #000000;\">, they don\'t qualify for the lowest pricing available from their insurance provider.</span></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">To help you decipher what all this means, we\'ll go over what the insurance score is, how it\'s calculated, and some things you can do to improve it.</span></p>\n<p>&nbsp;</p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Insurance Adverse Action Notice</span></h2>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">If you receive an insurance adverse action notice there are some steps you will need to take to find out why you received a low insurance score. First follow your letter\'s instructions to call a 1-800 number to receive a free copy of your </span><a href=\"https://www.investopedia.com/terms/c/creditreport.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">credit report</a><span style=\"color: #000000;\">, which affects your insurance score. Typically withIn a few weeks, you will be sent a consent form that requests a detailed proof of identification, including photocopies of your driver\'s license, your Social Security number, and your insurance information.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<h3 id=\"mntl-sc-block-callout-heading_1-0\" class=\"comp mntl-sc-block-callout-heading mntl-text-block\"><span style=\"color: #000000;\">KEY TAKEAWAYS</span></h3>\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li><span style=\"color: #000000;\">Insurance companies use credit scores and history to determine your premium on insurance. </span></li>\n<li><span style=\"color: #000000;\">It is very difficult to pinpoint exactly how to get the best insurance score but it is possible to improve it. </span></li>\n<li><span style=\"color: #000000;\">Adverse action notices are sent by insurance companies to notify buyers of why they don\'t qualify for a lower price on their insurance. </span><span style=\"color: #000000;\"></span></li>\n</ul>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">You send this back to the insurance company, which will normally summarize your credit rating and how it is used to calculate your insurance score. If you contact your insurance company, it will likely tell you that 99% of its clients do not qualify for the company\'s lowest rate, and to qualify, your credit must be absolutely perfect.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">In other words, even if you carry no balances on your credit cards, own your home, are completely debt-free, and have a credit rating in the high 700s, you\'re still unlikely to have an insurance score that qualifies you for the lowest available insurance rate.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"native_1-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">So what exactly is this insurance score, and what is its purpose?</span></p>\n<p>&nbsp;</p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">What Your Insurance Score Is and How It Is Calculated</span></h2>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">An insurance score is a rating used to predict the likelihood a customer will file an </span><a href=\"https://www.investopedia.com/terms/i/insurance_claim.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">insurance claim</a><span style=\"color: #000000;\">. This score, as noted above, is based on an analysis of a consumer\'s credit rating, and the method for calculating it varies from insurer to insurer. While many companies use proprietary formulas to calculate the scores, the factors used in the calculation include the customer\'s outstanding debt, length of </span><a href=\"https://www.investopedia.com/terms/c/credit-history.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">credit history</a><span style=\"color: #000000;\">, payment history, amount of revolving credit versus the amount of credit in the form of loans, available credit, and monthly account balance.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\"></div>\n</div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Unlike a credit rating, which uses personal financial information to determine your ability to repay debts, insurance scores do not factor in your income. This omission means it is very possible for you to be penalized for taking out a large loan or charging a large amount on your credit cards each month even if your income is more than enough to cover the expenses. (For related reading, see: </span><a href=\"https://www.investopedia.com/articles/pf/08/car-insurance-costs.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\"><em>12 Car Insurance Cost-Cutters</em></a><span style=\"color: #000000;\">.)</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Why Insurance Scores Are Used</span></h2>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Insurance companies justify the use of insurance scores by citing studies showing a</span><span> </span><a href=\"https://www.investopedia.com/terms/p/positive-correlation.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">positive correlation</a><span style=\"color: #000000;\"> between credit scores and insurance claims. At some level, this may seem to make sense. At the level of minor traffic accidents, for example, it is reasonable to argue that individuals with poor credit are more likely to file claims, if for no other reason than because they lack the funds to make repairs on their own.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Of course, if we look at the logic behind insurance scores we might want to look at it also from a business perspective: insurance scoring is quite profitable, especially since almost nobody qualifies for the lowest pricing tier.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left; color: #000000;\"> </span></div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0-26\" class=\"comp theme-important mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p><span style=\"color: #000000;\">Keep in mind insurance premiums are a</span><span> </span><a href=\"https://www.investopedia.com/terms/r/recurringrevenue.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">recurring revenue</a><span style=\"color: #000000;\"> stream for insurance companies, and the scores help justify higher premiums.</span></p>\n<p>&nbsp;</p>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">How to Minimize the Impact on Your Wallet</span></h2>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">A perfect insurance score, in the eyes of an insurance company, represents a client with the lowest possible risk of filing a claim, so since the probability of filing a claim is based on credit, good credit is the key to a high score.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">A good credit report can have such a large impact on your</span><span> </span><a href=\"https://www.investopedia.com/terms/i/insurance-premium.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">insurance premium</a><span> </span><span style=\"color: #000000;\">that you can, for example, have a flawed driving record but good credit and pay less for your car insurance than a driver who has a perfect driving record but bad credit. Keep in mind, however, that your insurance score is not the only factor that determines your premium (you can ask your insurer for more details on what the other factors are).</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">While it is unlikely your insurance score will ever be perfect, there are a few relatively painless steps you can take to improve your score. To keep your insurance score high, be sure to pay all of your bills on time and limit the number of credit cards that you apply for and open. (Read: </span><em><a href=\"https://www.investopedia.com/articles/00/091800.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">The Importance Of Your Credit Rating</a><span style=\"color: #000000;\">.</span></em><span style=\"color: #000000;\">)</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">But, paying your bills on time isn\'t enough. As mentioned above, your insurance score is adversely impacted by large monthly credit card expenditures, even if you pay off your entire balance each month. To help your insurance score, you can minimize your credit card use. While it can prove unreasonably inconvenient to stop using your credit card entirely, most of us can find ways to cut down. You may find the effort needed to perfect your spending is not worth what may amount to relatively small savings in premiums.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">The Bottom Line</span></h2>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">The use of credit history to determine insurance premiums is quite alarming to many consumers, particularly to those who have never filed an insurance claim but still don\'t qualify for the lowest available pricing.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Unfortunately, insurance scoring is a standard practice among the nation\'s largest insurers. With that in mind, the best way to help keep your insurance premium low is to keep your</span><span> </span><a href=\"https://www.investopedia.com/terms/c/credit_score.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">credit score</a><span style=\"color: #000000;\"> high. Take the same amount of caution with your credit score as you would with your driving—being responsible with both can save you serious amounts of money in insurance premiums.</span></p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How an Insurance Company Determines Your Premiums','','inherit','closed','closed','','366-revision-v1','','','2020-05-25 21:58:14','2020-05-25 21:58:14','',366,'http://smartinsurance.tips/366-revision-v1/',0,'revision','',0),(374,1,'2020-05-25 22:00:07','2020-05-25 22:00:07','','My Post','','inherit','open','closed','','my-post','','','2020-05-25 22:00:07','2020-05-25 22:00:07','',0,'http://smartinsurance.tips/wp-content/uploads/2020/05/My-Post.png',0,'attachment','image/png',0),(373,1,'2020-05-25 21:59:26','2020-05-25 21:59:26','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>How an Insurance Company Determines Your Premiums</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; color: #000000;\">Do you know your insurance score? Most people don\'t even realize they have one until they receive an adverse action notice in the mail notifying them that, based on their </span><a href=\"https://www.investopedia.com/terms/i/insurancescore.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px;\"><span style=\"color: #000000;\">i</span>nsurance score</a><span style=\"font-size: 14px; color: #000000;\">, they don\'t qualify for the lowest pricing available from their insurance provider.</span><span style=\"color: #000000;\"></span></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">To help you decipher what all this means, we\'ll go over what the insurance score is, how it\'s calculated, and some things you can do to improve it.</span></p>\n<p>&nbsp;</p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Insurance Adverse Action Notice</span></h2>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">If you receive an insurance adverse action notice there are some steps you will need to take to find out why you received a low insurance score. First follow your letter\'s instructions to call a 1-800 number to receive a free copy of your </span><a href=\"https://www.investopedia.com/terms/c/creditreport.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">credit report</a><span style=\"color: #000000;\">, which affects your insurance score. Typically within a few weeks, you will be sent a consent form that requests a detailed proof of identification, including photocopies of your driver\'s license, your Social Security number, and your insurance information.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<h3 id=\"mntl-sc-block-callout-heading_1-0\" class=\"comp mntl-sc-block-callout-heading mntl-text-block\"><span style=\"color: #000000;\">KEY TAKEAWAYS</span></h3>\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li><span style=\"color: #000000;\">Insurance companies use credit scores and history to determine your premium on insurance. </span></li>\n<li><span style=\"color: #000000;\">It is very difficult to pinpoint exactly how to get the best insurance score but it is possible to improve it. </span></li>\n<li><span style=\"color: #000000;\">Adverse action notices are sent by insurance companies to notify buyers of why they don\'t qualify for a lower price on their insurance. </span><span style=\"color: #000000;\"></span></li>\n</ul>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">You send this back to the insurance company, which will normally summarize your credit rating and how it is used to calculate your insurance score. If you contact your insurance company, it will likely tell you that 99% of its clients do not qualify for the company\'s lowest rate, and to qualify, your credit must be absolutely perfect.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">In other words, even if you carry no balances on your credit cards, own your home, are completely debt-free, and have a credit rating in the high 700s, you\'re still unlikely to have an insurance score that qualifies you for the lowest available insurance rate.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"native_1-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">So what exactly is this insurance score, and what is its purpose?</span></p>\n<p>&nbsp;</p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">What Your Insurance Score Is and How It Is Calculated</span></h2>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">An insurance score is a rating used to predict the likelihood a customer will file an </span><a href=\"https://www.investopedia.com/terms/i/insurance_claim.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">insurance claim</a><span style=\"color: #000000;\">. This score, as noted above, is based on an analysis of a consumer\'s credit rating, and the method for calculating it varies from insurer to insurer. While many companies use proprietary formulas to calculate the scores, the factors used in the calculation include the customer\'s outstanding debt, length of </span><a href=\"https://www.investopedia.com/terms/c/credit-history.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">credit history</a><span style=\"color: #000000;\">, payment history, amount of revolving credit versus the amount of credit in the form of loans, available credit, and monthly account balance.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\"></div>\n</div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Unlike a credit rating, which uses personal financial information to determine your ability to repay debts, insurance scores do not factor in your income. This omission means it is very possible for you to be penalized for taking out a large loan or charging a large amount on your credit cards each month even if your income is more than enough to cover the expenses. (For related reading, see: </span><a href=\"https://www.investopedia.com/articles/pf/08/car-insurance-costs.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\"><em>12 Car Insurance Cost-Cutters</em></a><span style=\"color: #000000;\">.)</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Why Insurance Scores Are Used</span></h2>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Insurance companies justify the use of insurance scores by citing studies showing a</span><span> </span><a href=\"https://www.investopedia.com/terms/p/positive-correlation.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">positive correlation</a><span style=\"color: #000000;\"> between credit scores and insurance claims. At some level, this may seem to make sense. At the level of minor traffic accidents, for example, it is reasonable to argue that individuals with poor credit are more likely to file claims, if for no other reason than because they lack the funds to make repairs on their own.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Of course, if we look at the logic behind insurance scores we might want to look at it also from a business perspective: insurance scoring is quite profitable, especially since almost nobody qualifies for the lowest pricing tier.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left; color: #000000;\"> </span></div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0-26\" class=\"comp theme-important mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p><span style=\"color: #000000;\">Keep in mind insurance premiums are a</span><span> </span><a href=\"https://www.investopedia.com/terms/r/recurringrevenue.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">recurring revenue</a><span style=\"color: #000000;\"> stream for insurance companies, and the scores help justify higher premiums.</span></p>\n<p>&nbsp;</p>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">How to Minimize the Impact on Your Wallet</span></h2>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">A perfect insurance score, in the eyes of an insurance company, represents a client with the lowest possible risk of filing a claim, so since the probability of filing a claim is based on credit, good credit is the key to a high score.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">A good credit report can have such a large impact on your</span><span> </span><a href=\"https://www.investopedia.com/terms/i/insurance-premium.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">insurance premium</a><span> </span><span style=\"color: #000000;\">that you can, for example, have a flawed driving record but good credit and pay less for your car insurance than a driver who has a perfect driving record but bad credit. Keep in mind, however, that your insurance score is not the only factor that determines your premium (you can ask your insurer for more details on what the other factors are).</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">While it is unlikely your insurance score will ever be perfect, there are a few relatively painless steps you can take to improve your score. To keep your insurance score high, be sure to pay all of your bills on time and limit the number of credit cards that you apply for and open. (Read: </span><em><a href=\"https://www.investopedia.com/articles/00/091800.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">The Importance Of Your Credit Rating</a><span style=\"color: #000000;\">.</span></em><span style=\"color: #000000;\">)</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">But, paying your bills on time isn\'t enough. As mentioned above, your insurance score is adversely impacted by large monthly credit card expenditures, even if you pay off your entire balance each month. To help your insurance score, you can minimize your credit card use. While it can prove unreasonably inconvenient to stop using your credit card entirely, most of us can find ways to cut down. You may find the effort needed to perfect your spending is not worth what may amount to relatively small savings in premiums.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">The Bottom Line</span></h2>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">The use of credit history to determine insurance premiums is quite alarming to many consumers, particularly to those who have never filed an insurance claim but still don\'t qualify for the lowest available pricing.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Unfortunately, insurance scoring is a standard practice among the nation\'s largest insurers. With that in mind, the best way to help keep your insurance premium low is to keep your</span><span> </span><a href=\"https://www.investopedia.com/terms/c/credit_score.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">credit score</a><span style=\"color: #000000;\"> high. Take the same amount of caution with your credit score as you would with your driving—being responsible with both can save you serious amounts of money in insurance premiums.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">You can read the full article <a href=\"https://www.investopedia.com/articles/pf/05/insurescore.asp\">here</a>.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How an Insurance Company Determines Your Premiums','','inherit','closed','closed','','366-revision-v1','','','2020-05-25 21:59:26','2020-05-25 21:59:26','',366,'http://smartinsurance.tips/366-revision-v1/',0,'revision','',0),(463,1,'2020-05-26 23:59:45','2020-05-26 23:59:45','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>How an Insurance Company Determines Your Premiums</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2020/05/My-Post-1024x536.png\" width=\"1024\" height=\"536\" alt=\"\" class=\"wp-image-374 aligncenter size-large\" /></span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><span style=\"font-size: 14px;\">Do you know your insurance score? Most people don\'t even realize they have one until they receive an adverse action notice in the mail notifying them that, based on their </span>insurance score<span style=\"font-size: 14px;\">, they don\'t qualify for the lowest pricing available from their insurance provider.</span></span></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">To help you decipher what all this means, we\'ll go over what the insurance score is, how it\'s calculated, and some things you can do to improve it.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Insurance Adverse Action Notice</span></h2>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">If you receive an insurance adverse action notice there are some steps you will need to take to find out why you received a low insurance score. First follow your letter\'s instructions to call a 1-800 number to receive a free copy of your credit report, which affects your insurance score. Typically within a few weeks, you will be sent a consent form that requests a detailed proof of identification, including photocopies of your driver\'s license, your Social Security number, and your insurance information.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<h3 id=\"mntl-sc-block-callout-heading_1-0\" class=\"comp mntl-sc-block-callout-heading mntl-text-block\"><span style=\"color: #000000;\">KEY TAKEAWAYS</span></h3>\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li><span style=\"color: #000000;\">Insurance companies use credit scores and history to determine your premium on insurance. </span></li>\n<li><span style=\"color: #000000;\">It is very difficult to pinpoint exactly how to get the best insurance score but it is possible to improve it. </span></li>\n<li><span style=\"color: #000000;\">Adverse action notices are sent by insurance companies to notify buyers of why they don\'t qualify for a lower price on their insurance. </span></li>\n</ul>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">You send this back to the insurance company, which will normally summarize your credit rating and how it is used to calculate your insurance score. If you contact your insurance company, it will likely tell you that 99% of its clients do not qualify for the company\'s lowest rate, and to qualify, your credit must be absolutely perfect.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">In other words, even if you carry no balances on your credit cards, own your home, are completely debt-free, and have a credit rating in the high 700s, you\'re still unlikely to have an insurance score that qualifies you for the lowest available insurance rate.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"native_1-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">So what exactly is this insurance score, and what is its purpose?</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">What Your Insurance Score Is and How It Is Calculated</span></h2>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">An insurance score is a rating used to predict the likelihood a customer will file an insurance claim. This score, as noted above, is based on an analysis of a consumer\'s credit rating, and the method for calculating it varies from insurer to insurer. While many companies use proprietary formulas to calculate the scores, the factors used in the calculation include the customer\'s outstanding debt, length of credit history, payment history, amount of revolving credit versus the amount of credit in the form of loans, available credit, and monthly account balance.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\"></div>\n</div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">Unlike a credit rating, which uses personal financial information to determine your ability to repay debts, insurance scores do not factor in your income. This omission means it is very possible for you to be penalized for taking out a large loan or charging a large amount on your credit cards each month even if your income is more than enough to cover the expenses. (For related reading, see: <em>12 Car Insurance Cost-Cutters</em>.)</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Why Insurance Scores Are Used</span></h2>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Insurance companies justify the use of insurance scores by citing studies showing a positive correlation between credit scores and insurance claims. At some level, this may seem to make sense. At the level of minor traffic accidents, for example, it is reasonable to argue that individuals with poor credit are more likely to file claims, if for no other reason than because they lack the funds to make repairs on their own.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">Of course, if we look at the logic behind insurance scores we might want to look at it also from a business perspective: insurance scoring is quite profitable, especially since almost nobody qualifies for the lowest pricing tier.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left; color: #000000;\"> </span></div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0-26\" class=\"comp theme-important mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p><span style=\"color: #000000;\">Keep in mind insurance premiums are a recurring revenue stream for insurance companies, and the scores help justify higher premiums.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">How to Minimize the Impact on Your Wallet</span></h2>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">A perfect insurance score, in the eyes of an insurance company, represents a client with the lowest possible risk of filing a claim, so since the probability of filing a claim is based on credit, good credit is the key to a high score.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">A good credit report can have such a large impact on your insurance premium that you can, for example, have a flawed driving record but good credit and pay less for your car insurance than a driver who has a perfect driving record but bad credit. Keep in mind, however, that your insurance score is not the only factor that determines your premium (you can ask your insurer for more details on what the other factors are).</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">While it is unlikely your insurance score will ever be perfect, there are a few relatively painless steps you can take to improve your score. To keep your insurance score high, be sure to pay all of your bills on time and limit the number of credit cards that you apply for and open. (Read: <em>The Importance Of Your Credit Rating.</em>)</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">But, paying your bills on time isn\'t enough. As mentioned above, your insurance score is adversely impacted by large monthly credit card expenditures, even if you pay off your entire balance each month. To help your insurance score, you can minimize your credit card use. While it can prove unreasonably inconvenient to stop using your credit card entirely, most of us can find ways to cut down. You may find the effort needed to perfect your spending is not worth what may amount to relatively small savings in premiums.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">The Bottom Line</span></h2>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">The use of credit history to determine insurance premiums is quite alarming to many consumers, particularly to those who have never filed an insurance claim but still don\'t qualify for the lowest available pricing.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Unfortunately, insurance scoring is a standard practice among the nation\'s largest insurers. With that in mind, the best way to help keep your insurance premium low is to keep your credit score high. Take the same amount of caution with your credit score as you would with your driving—being responsible with both can save you serious amounts of money in insurance premiums.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">You can read the full article <a href=\"https://www.investopedia.com/articles/pf/05/insurescore.asp\">here</a>.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How an Insurance Company Determines Your Premiums','','inherit','closed','closed','','366-revision-v1','','','2020-05-26 23:59:45','2020-05-26 23:59:45','',366,'http://smartinsurance.tips/366-revision-v1/',0,'revision','',0),(377,1,'2020-05-25 22:15:55','2020-05-25 22:15:55','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>How an Insurance Company Determines Your Premiums</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2020/05/My-Post-1024x536.png\" width=\"1024\" height=\"536\" alt=\"\" class=\"wp-image-374 aligncenter size-large\" /></span></p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; color: #000000;\">Do you know your insurance score? Most people don\'t even realize they have one until they receive an adverse action notice in the mail notifying them that, based on their </span><a href=\"https://www.investopedia.com/terms/i/insurancescore.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px;\"><span style=\"color: #000000;\">i</span>nsurance score</a><span style=\"font-size: 14px; color: #000000;\">, they don\'t qualify for the lowest pricing available from their insurance provider.</span><span style=\"color: #000000;\"></span></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">To help you decipher what all this means, we\'ll go over what the insurance score is, how it\'s calculated, and some things you can do to improve it.</span></p>\n<p>&nbsp;</p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Insurance Adverse Action Notice</span></h2>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">If you receive an insurance adverse action notice there are some steps you will need to take to find out why you received a low insurance score. First follow your letter\'s instructions to call a 1-800 number to receive a free copy of your </span><a href=\"https://www.investopedia.com/terms/c/creditreport.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">credit report</a><span style=\"color: #000000;\">, which affects your insurance score. Typically within a few weeks, you will be sent a consent form that requests a detailed proof of identification, including photocopies of your driver\'s license, your Social Security number, and your insurance information.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<h3 id=\"mntl-sc-block-callout-heading_1-0\" class=\"comp mntl-sc-block-callout-heading mntl-text-block\"><span style=\"color: #000000;\">KEY TAKEAWAYS</span></h3>\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li><span style=\"color: #000000;\">Insurance companies use credit scores and history to determine your premium on insurance. </span></li>\n<li><span style=\"color: #000000;\">It is very difficult to pinpoint exactly how to get the best insurance score but it is possible to improve it. </span></li>\n<li><span style=\"color: #000000;\">Adverse action notices are sent by insurance companies to notify buyers of why they don\'t qualify for a lower price on their insurance. </span><span style=\"color: #000000;\"></span></li>\n</ul>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">You send this back to the insurance company, which will normally summarize your credit rating and how it is used to calculate your insurance score. If you contact your insurance company, it will likely tell you that 99% of its clients do not qualify for the company\'s lowest rate, and to qualify, your credit must be absolutely perfect.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">In other words, even if you carry no balances on your credit cards, own your home, are completely debt-free, and have a credit rating in the high 700s, you\'re still unlikely to have an insurance score that qualifies you for the lowest available insurance rate.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"native_1-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">So what exactly is this insurance score, and what is its purpose?</span></p>\n<p>&nbsp;</p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">What Your Insurance Score Is and How It Is Calculated</span></h2>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">An insurance score is a rating used to predict the likelihood a customer will file an </span><a href=\"https://www.investopedia.com/terms/i/insurance_claim.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">insurance claim</a><span style=\"color: #000000;\">. This score, as noted above, is based on an analysis of a consumer\'s credit rating, and the method for calculating it varies from insurer to insurer. While many companies use proprietary formulas to calculate the scores, the factors used in the calculation include the customer\'s outstanding debt, length of </span><a href=\"https://www.investopedia.com/terms/c/credit-history.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">credit history</a><span style=\"color: #000000;\">, payment history, amount of revolving credit versus the amount of credit in the form of loans, available credit, and monthly account balance.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\"></div>\n</div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Unlike a credit rating, which uses personal financial information to determine your ability to repay debts, insurance scores do not factor in your income. This omission means it is very possible for you to be penalized for taking out a large loan or charging a large amount on your credit cards each month even if your income is more than enough to cover the expenses. (For related reading, see: </span><a href=\"https://www.investopedia.com/articles/pf/08/car-insurance-costs.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\"><em>12 Car Insurance Cost-Cutters</em></a><span style=\"color: #000000;\">.)</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Why Insurance Scores Are Used</span></h2>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Insurance companies justify the use of insurance scores by citing studies showing a</span><span> </span><a href=\"https://www.investopedia.com/terms/p/positive-correlation.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">positive correlation</a><span style=\"color: #000000;\"> between credit scores and insurance claims. At some level, this may seem to make sense. At the level of minor traffic accidents, for example, it is reasonable to argue that individuals with poor credit are more likely to file claims, if for no other reason than because they lack the funds to make repairs on their own.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Of course, if we look at the logic behind insurance scores we might want to look at it also from a business perspective: insurance scoring is quite profitable, especially since almost nobody qualifies for the lowest pricing tier.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left; color: #000000;\"> </span></div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0-26\" class=\"comp theme-important mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p><span style=\"color: #000000;\">Keep in mind insurance premiums are a</span><span> </span><a href=\"https://www.investopedia.com/terms/r/recurringrevenue.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">recurring revenue</a><span style=\"color: #000000;\"> stream for insurance companies, and the scores help justify higher premiums.</span></p>\n<p>&nbsp;</p>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">How to Minimize the Impact on Your Wallet</span></h2>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">A perfect insurance score, in the eyes of an insurance company, represents a client with the lowest possible risk of filing a claim, so since the probability of filing a claim is based on credit, good credit is the key to a high score.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">A good credit report can have such a large impact on your</span><span> </span><a href=\"https://www.investopedia.com/terms/i/insurance-premium.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">insurance premium</a><span> </span><span style=\"color: #000000;\">that you can, for example, have a flawed driving record but good credit and pay less for your car insurance than a driver who has a perfect driving record but bad credit. Keep in mind, however, that your insurance score is not the only factor that determines your premium (you can ask your insurer for more details on what the other factors are).</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">While it is unlikely your insurance score will ever be perfect, there are a few relatively painless steps you can take to improve your score. To keep your insurance score high, be sure to pay all of your bills on time and limit the number of credit cards that you apply for and open. (Read: </span><em><a href=\"https://www.investopedia.com/articles/00/091800.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">The Importance Of Your Credit Rating</a><span style=\"color: #000000;\">.</span></em><span style=\"color: #000000;\">)</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">But, paying your bills on time isn\'t enough. As mentioned above, your insurance score is adversely impacted by large monthly credit card expenditures, even if you pay off your entire balance each month. To help your insurance score, you can minimize your credit card use. While it can prove unreasonably inconvenient to stop using your credit card entirely, most of us can find ways to cut down. You may find the effort needed to perfect your spending is not worth what may amount to relatively small savings in premiums.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">The Bottom Line</span></h2>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">The use of credit history to determine insurance premiums is quite alarming to many consumers, particularly to those who have never filed an insurance claim but still don\'t qualify for the lowest available pricing.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Unfortunately, insurance scoring is a standard practice among the nation\'s largest insurers. With that in mind, the best way to help keep your insurance premium low is to keep your</span><span> </span><a href=\"https://www.investopedia.com/terms/c/credit_score.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">credit score</a><span style=\"color: #000000;\"> high. Take the same amount of caution with your credit score as you would with your driving—being responsible with both can save you serious amounts of money in insurance premiums.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">You can read the full article <a href=\"https://www.investopedia.com/articles/pf/05/insurescore.asp\">here</a>.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How an Insurance Company Determines Your Premiums','','inherit','closed','closed','','366-revision-v1','','','2020-05-25 22:15:55','2020-05-25 22:15:55','',366,'http://smartinsurance.tips/366-revision-v1/',0,'revision','',0),