You Can Get Your Auto Insurance Deductible Back from an At-Fault Driver

You Can Get Your Auto Insurance Deductible Back from an At-Fault Driver

Your auto insurance deductible is the amount of money you have to pay out-of-pocket when you file a claim with your insurer. However, when you’re in an auto collision and you aren’t at fault, it isn’t your insurance company you’re filing the claim with; it’s theirs. The liability insurance of the at-fault driver should be paying for your repairs, including the deductible. However, there are certain instances where filing a claim with your insurance company – even if you’re not the at-fault driver – can be beneficial. One of the biggest benefits of dealing with your own insurance company is that you’ll receive your compensation much faster than you otherwise would working with the other driver’s insurance company. If your busy life requires the use of your vehicle immediately, it may be worthwhile to file an auto insurance claim with your insurance carrier. The down side to dealing with your own auto insurance company is that you’ll have to pay your own deductible, however, it’s possible to have your deductible reimbursed from the at-fault driver’s insurance company. Once you file a claim and the payout is made, your auto insurance company will begin the process of subrogation to recoup the funds from the at-fault driver’s insurance company. Subrogation is the legal right for party one (your auto insurance company) to pay party two’s (the at-fault driver’s insurance company) debt to party three (you), then seek reimbursement back from party two. When your auto insurance company enters into the subrogation process, they’re legally obligated to not only inform you, but to try to recover your deductible in the process and then...
Reduce Your Workers Comp Costs With an EWP

Reduce Your Workers Comp Costs With an EWP

An EWP, or Employee Wellness Program, is a series of well-defined activities and policies designed to encourage health and wellness in your employees. The goal of the program isn’t to force your employees into an unwanted exercise or diet program, but to provide them with information about health they may not be aware of, allowing them to make better-informed choices regarding their own lifestyles, health, and safety. For an EWP to be effective, it should include the following three things: An overall health risk assessment questionnaire given to individual employees Biometric testing (blood pressure, glucose, BMI, etc.) should be provided to identify any existing or early warning signs of potentially dangerous diseases Behavior modification programs offered once testing is complete to assist those who are at higher risk The difference between healthy and unhealthy employees is significant. For example, employees who are at high risk of depression often cost a company 70% more than those who are not, while those at risk for high stress can cost a company 46% more than other employees. The greater expense doesn’t necessarily come from treating depression or stress but from production losses associated with these problems. Employees in these situations tend to lose focus often, have lower response times, and may exhibit risky behavior. When it comes to physical injuries, obese employees have an average recovery time 13 times longer than non-obese employees, and 11 times the indemnity cost. An effective EWP that helps employees live healthier, happier lives can seriously reduce your workmans compensation insurance costs due to the simple fact that they’re less likely to get injured or suffer from...
Do I Need Life Insurance After I Retire?

Do I Need Life Insurance After I Retire?

It’s true that life insurance is highly recommended for those who are still working and want to ensure their family’s financial stability in the event of their unforeseen death. However, being retired doesn’t always coincide with the luxury of sound financial footing and some folks may be able to benefit from a life insurance policy after they retire. Those who could benefit from post-retirement life insurance include anyone who wasn’t able to secure as large of a nest-egg as they’d have liked while they were still working. Individuals forced to retire early due to injury or poor health, for example, can miss out on years’ worth of earning potential and may not receive 100% of their pension plan. Then there are those who retire at the typical age, but whose investments may not have yielded the return they were looking for, leaving them with significantly tightened purse strings in their retirement. A common misconception when it comes to life insurance is that once a person gets too old, they’re unable to obtain a policy. The truth is actually quite the opposite; regardless of their age, many people are still insurable. A life insurance policy post-retirement can be particularly beneficial to those who have no survivorship provision on their pension plan. If someone without a survivorship provision in their pension plan passes away, their surviving spouse receives nothing and will be on the hook for funeral expenses and any leftover debt in the deceased spouse’s name. A life insurance policy can provide ample financial protection for any dependents of the person on the policy. If you have any additional questions...
It pays to keep track of what your insurance policy covers

It pays to keep track of what your insurance policy covers

If you’re like most consumers, your eyes glaze over when someone asks you what your insurance policy covers. And we’re not just talking homeowners insurance – we’re talking auto policies, renter policies … virtually any kind of insurance policy you might have that’s currently in effect. Let’s take auto insurance as an example: Most of us know about the many benefits of having auto insurance and how it will help protect our assets. But sometimes we learn too late that we’re under-insured when a major situation comes up. 4AutoInsuranceQuote.com offered up a horror story about a 20-year-old lady from Richmond, Va. named Kathy. She was sideswiped by another motorist on her way home from work. The collision drove her into a light post on the side of the road and left her with a severely wrenched neck. She went to the hospital to have it checked out and reported the incident to her insurance company the next morning. She assumed she would be reimbursed for her medical bills. But since the other guy didn’t have insurance and her policy didn’t have under-insured motorist bodily injury coverage, she was out of luck. She ended up having to pay $800 out of pocket. Another policyholder made an ever sillier mistake. He switched his auto coverage to another company. But six months down the road he received two bills, one from his old company and another from the new one. Seems he forget to cancel his previous policy, figuring it would automatically cancel. Wrong! You always have to cancel your old policy once you’ve switched companies. Otherwise, you may be paying for coverage you...
How Much Does Driving Experience Influence Auto Insurance Rates?

How Much Does Driving Experience Influence Auto Insurance Rates?

Insurance is all about risk. Two people can buy the same auto insurance policy from the same insurer and pay very different premiums if one of them appears to be a riskier driver than the other. One of the factors that insurance companies consider when quoting someone a price on an auto insurance policy is their driving experience. Generally speaking, younger drivers with fewer years behind the wheel will pay more for auto insurance than older drivers who have long records of safe driving. However, a lack of experience is only one of the reasons that a younger driver will pay more for their auto insurance premium than a more experienced driver, all things being equal. Younger drivers tend to show increased rates of impaired driving and other dangerous driving habits – particularly young men. There are twice as many collision-related deaths among 16 to 17-year-old drivers than there are between 18 and 19-year-old drivers, and 3 times as many collision-related deaths of drivers between 18 and 19 than there are for drivers who are 20. It’s a sad statistic and, unfortunately, the jury is out as to whether or not the major factor in these collisions is a lack of driving experience or if it’s age-related. An experienced driver’s lower insurance premium will only be enjoyed temporarily. As people age, their risk of getting into a traffic collision increases, and people will have to pay larger premiums for their auto insurance once again. No matter how old you are, or how much driving experience you have, the best way to keep your premiums down is to drive safely...