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Understanding Car Insurance Excess

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What is an insurance excess?

The excess is an amount of money that will come out of your pocket when you claim against your car insurance. For example, if you have an approved claim of R100,000 and your excess is R5,000, you will pay R5,000 and the insurer will pay R95,000. If your excess is R5,000 and the cost to repair to damage to your car is less than R5,000, you will need to pay the full amount.

Why do insurers charge an excess?

The excess is a way for insurers to ensure that the cost of premiums remains affordable. Without an excess, insurers would need to process high volumes of small claims, which in turn would mean it would be necessary for them to charge higher premiums.

  • Excesses lower the insurer’s administrative costs since customers won’t claim for every small scratch or ding to their car. This is important for traditional insurers, who need to run large back-office teams and infrastructure to handle claims.
  • They give customers a financial incentive to take care of their vehicle, since they will also need to pay towards repairs if they’re involved in an accident.
  • They discourage people from making multiple claims that could reflect badly on their claims history.

Why should you look out for in the fine print about excess payments?

Often, signing up for lower monthly premiums for car insurance will mean that you will need to pay a higher excess in the event you need to claim.

Most insurers are transparent about the basic excess, which may be up to 10% of the value of the damage to your car in an accident or of the total value of the car if it is stolen or written off. However, many insurers also impose extra excesses if any of the following are true:

By CAIRA-LEE
See Full Story at www.womenonwheels.co.za

3 Air Travel Nightmares That Travel Insurance Doesn’t Cover

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Each day millions of travelers are navigating airports, filing through security lines and hoping to board their flight seamlessly. However, not every trip goes as planned. Leading travel insurance comparison site, Squaremouth, reviews three common air travel nightmares that travel insurance doesn’t cover.

The Neverending Security Line
While travelers may aim to arrive early, sometimes security lines can be long, especially during holidays and peak travel times. Missing a flight because of a long security line is not covered by travel insurance.

What can be covered: If a traveler misses their flight due to a traffic accident on the way to the airport there may be travel insurance coverage on some policies. Travel insurance providers will require official documentation of the accident during the claims process.

The Overbooked Flight
Often unbeknown to travelers, airlines overbook flights on a regular basis. If an airline ‘bumps’ a traveler from a flight because it’s full, they will often provide a voucher. However, a voucher for future travel doesn’t always help if a traveler has a connecting flight or cruise that they will miss. Any penalties incurred as a result of being bumped from an overbooked flight aren’t covered by travel insurance.

See Full Story at www.travelerstoday.com

How to save hundreds on your car insurance with these seven simple tricks

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Some of these tips are as easy as making sure your job title is correct when you apply for insurance.

But, the largest savings are reserved for younger drivers as they have larger premiums to begin with and so have more to save.

There are still plenty of tips for older drivers who want to drive down the cost of their car insurance.

Here are Go Compare’s seven easy ways for you to potentially shave hundreds off your car insurance premiums.

1. Save £88 by using the right job title

Insurers look at your job title when you apply for a job to determine how much of a risk you might be.

Some job titles are viewed as more risky than others and can drive up your premiums so it is important to use the right job title.

Go Compare found that there was an £88 difference in your premiums if you described yourself as a chef rather than a kitchen worker.

It is still important that you are as honest as possible with your job title as if you give false information your insurance could be invalidated.

MoneySuperMarket found that students could be paying as much as £677 for their insurance because they listed themselves as unemployed rather than studying full-time.

2. Save £520 by adding a more experienced driver to your policy

Young and inexperienced drivers often have to pay the highest insurance premiums.

But Go Compare found that you could save up to £520 by adding a more experienced driver like a parent to your policy.

This is because an experienced driver will lower the risk on your policy as it won’t be just the inexperienced driver driving the car.

BY William Calvert

See Full Story at www.thesun.co.uk

What to Know About Your Insurance Before Hurricane Damage Strikes

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Individual states regulate insurance companies and even then, policies differ from insurance company to insurance company. When it comes to hurricane season, these are some of the policies and terms insurance agents suggest people look for to make sure they are prepared.

Types of Hurricane Damages

Hurricanes leave destruction and ruin in their wake. Families’ lives are upended, people lose loved ones and personal belongings. But when it comes time to rebuild, insurance companies will look at two specific types of damages caused by hurricanes: Windstorm and flood.

Flood insurance ends up being of the upmost importance for people come hurricane season, and it’s coverage that people need to make sure they have, said Jim Whittle, associate general counsel for the American Insurance Association.

Most windstorm and flood deductibles, or the portion of an insurance claim that people have to pay themselves, will be based on a percentage of the insured value of the home and not a flat rate like most deductibles.

This means that more times than not, it’s a higher out-of-pocket cost for people, said Lynne McChristian, consultant for Insurance Information Institute.

Another important aspect to know is that the value the percentage is taken from is based off the cost to rebuild a home, according to McChristian, and not the real estate value. The costs to rebuild a home will be higher than the real estate value.

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See Full Story at www.thestreet.com

After The Storm: Ways To Streamline Your Insurance Claim

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Insurance claims for hail damage are already through the roof, as residents of southeast Saskatchewan begin to sort through the aftermath of Thursday’s storm that left large hail behind, and strong winds caused havoc with the property.

With that said, Tyler McMurchy of Saskatchewan Government Insurance had a few tips for folks to keep in mind as they work to bring things back to normal.

“We do suggest that you clean up as soon as possible, being mindful of your personal safety. You can seek professional advice on how to clean up and take whatever reasonable steps you can to minimize the extent of the damage.”

“(We) recommend not throwing anything out. You want to store those damaged items in a reasonably safe place so the adjuster can see them when they arrive. If you’re disposing of items, take photos and a detailed list of what is being thrown away. You’ll want to have any appliances, including furnaces that have come in contact with water, checked by a qualified electrician or plumber, or an expert in that field before you use them,” he said.

“You want to move damaged or wet belongings to a dry area with good ventilation. One thing people should know is to keep track of their cleaning time and expenses, as some of that may be covered through their insurance claim. We recommend taking photographs and video of damaged property to give to their adjuster.”

by Matt Cinnamon

See Full Story at www.discoverestevan.com

Understanding Insurance Voidance and Cancellation

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Before we enter into such a contract, we need to understand the obligations we’re undertaking and the consequences of dishonesty.

INSURANCE CONTRACTS

Firstly, such a contract is necessary. The insurer undertakes the risk, so it must be able to rely on the information you have provided. It has to be accurate. So, in order for the insurer to be certain of this, you will have to answer a number of questions before the contract can be entered into.

Once the policy is in place, the insured party is then under obligation to inform the insurance company of any changes. This could include:

  • Changing your address (residential or work);
  • Modifying your vehicle;
  • Getting married;
  • Changing your car details, such as a new licence plate number.

If you fail to do this, it’s considered a breach of good faith. As such, it may place your contract at risk. This is pretty simple to understand.

If you live in a nice neighbourhood with a low crime rate and take out an insurance policy for your car, your premium will be lower because your vehicle isn’t at high risk. Now you move to a neighbourhood with a highcrime rate – you don’t let the insurer know and your premium stays the same – and then your car gets stolen. The insurer then finds out that you have failed to inform them of your move. You’ve put your vehicle at greater risk.

This means that for the last while, your premiums have not been calculated accurately.

Not only could the insurer then refuse to pay out your claim, but it could also affect your standing with all other insurers. Either way, there will be consequences and your contract will suffer. Let’s have a look at how that might happen.

See Full Story at www.womenonwheels.co.za

Does Your Insurance Cover The Risks Associated With Loadshedding?

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While loadshedding is not welcome news, especially during cold weather, an insurance expert says it may be an opportune time for South Africans who are insured to check if they’re adequately covered and that their policies include specific risks that are unique to loadshedding.

Loadshedding can cause great damage to electronic equipment, for example, resulting in unfortunate insurance claims. Loss of goods because of theft or burglary may also occur during power cuts, leading consumers to claim from their insurance companies.

“In the case of loadshedding, for example, the battery of the alarm system plays a major role and policyholders should ensure that their alarm-system batteries are tested regularly to ensure that maximum protection is provided. Also, loadshedding can dramatically reduce the lifespan of an alarm battery, and should the battery be older than one year, consumers should make the necessary arrangements to either replace or check the battery,” said Christelle Colman, executive for high net-worth solutions at Old Mutual Insure.

“When the loadshedding period ends and electricity has returned, in most cases a power surge occurs due to a boost in the electrical charge in the power lines, increasing the current flow of electricity to the wall outlet. As a result, appliances and other electronic devices in households might short-circuit or malfunction,” explained Colman.

“It is also important to note that these power surges can lead to electrical fires, with the entire house at risk of burning down. We saw a number of home fires during the previous period of sustained loadshedding,” she added.

This is why it’s important to ensure that you’re adequately covered. When you are underinsured for certain loadshedding risks and have not taken the necessary safety precautions, it could lead to further frustration when an insurance company is unable to settle a claim.

By Zongile Nhlapo

See Full Story at www.huffingtonpost.co.za

Unravelling the mysteries of home contents insurance

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A study by Co-op Insurance discovered nearly half of adults admitted they found this type of insurance ‘confusing’ and nearly three quarters said they wanted insurers to use less jargon.

Meanwhile, 17% confessed to having no idea what their policy actually covered.

Co-op said that with the average value of home contents insurance currently standing at just under £36,000, a total of £175 billion worth of items were without cover.

Contents cover explained

Nearly all the people questioned for the study said they would welcome moves to make policies more easy to understand, suggesting providers used bullet points, real life examples and cut out the jargon.

Now, in response, Co-op has launched an online tool to help make home insurance policies more understandable to customers.

Caroline Hunter, head of home insurance at Co-op said it was ‘concerning’ that two fifths of adults were confused when it came to contents insurance and that this resulted in many people going without cover.

She added: “With 92% of people feeling insurers need to do more to make policies transparent, it’s evident that the industry needs to look at new ways of effectively communicating policies simply.

By Kate Saines

See Full Story at www.themoneypages.com

Insurance plan networks: 5 things you need to know

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If you choose a narrow-network plan, it may have a lower premium but you will have less choice in care providers. And, if you obtain care outside of the plan’s network, you will pay more. In some cases, you will be responsible for paying the total cost of the services you obtain from out-of-network doctors and hospitals.

To avoid dilemmas, here’s what you need to know:

1.  If you have a choice of health plans, compare the costs and the care provider networks. Set aside some time to read and understand the benefits of each health plan. Make sure you clearly understand whether the plan you’re considering has a narrow network.

2.  Before you choose a plan, check if the hospitals and care providers that you use are included in the plan’s network. Contact the doctor’s office, the customer service or billing department of the hospital, or your health plan to see if the hospital and your care providers are in-network. Remember to check on the care providers used by family members on your plan.

3.  Take steps to protect yourself from surprise billing for out-of-network care.Sometimes consumers receive a “surprise bill” — one that is completely unexpected or far higher than expected. Often these bills relate to emergency care at an out-of-network facility or doctors who work at an in-network facility but are not in-network themselves.

What to do? Learn about your health plan benefits regarding emergency care at an out-of-network facility. If you’re visiting family in another state and need emergency care, what are the out-of-pocket costs? Knowing the costs ahead of time, you might decide to go to an urgent-care center rather than the emergency department of the hospital, if the problem is urgent but not a true emergency.

If you are planning for a non-emergency test or surgery, make sure the doctors and hospital are in-network. Contact the doctor’s office, the customer service or billing department of the hospital, or your health plan to check.

4.  Communicate with family members (your spouse, college-age children) about your plan’s network. Make sure they know which care providers are in-network — and the financial consequences of obtaining care from out-of-network hospitals or care providers.

5.  If you receive a surprise bill or find an error on your bill, take proactive steps immediately. If you find any errors on your bill or receive a surprise bill, contact the hospital or doctor’s office directly as soon as possible. You can correct any errors or try to negotiate a lower price and a payment plan. Contact the care provider as soon as possible to avoid having an unpaid bill turned over to a collection agency.

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See Full Story at www.health.harvard.edu

Classic Car Insurance – What You Need to Know

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With the rise of the electric car industry humming along merrily just beyond the horizon, that love has grown deeper.

You may have devotedly rebuilt your antique auto from the ground up, or even bought it fully restored – it doesn’t matter. It’s a showpiece. It’s your passion. If you’re a classic car collector, you’re part of a club – people who appreciate history, design and good engines. You regard your car as a work of art.

However, owning a classic car comes at a hefty price. Not just buying them but to maintain them. Parts are often expensive and many can only be sourced overseas – and chances are you’ll have to replace them at some point… Because your car is, well, old.

So, how do you protect it? For all these reasons and more, these cars often have unique insurance considerations.

What Makes Your Car A Classic?

People often treat their classic car better than they would their own family. Generally, one could define a car as ‘classic’ when it is more than 20 years old and doesn’t travel more than 10 000 kilometres per year. This, however, has long remained a burning question among car enthusiasts.

A ‘veteran’ car is considered to be one built before World War I and a ‘vintage’ car built before 1930. ‘Post-vintage’ is a classification used for cars built between 1930 and the end of World War II.

There’s an air of indecision surrounding what cars built after this period are considered to be.

Some consider cars made in the 1950’s as ‘classic’, whilst others believe them to be from the 1980’s. Modern classics, however, are generally defined as cars aged between 15 and 25 years old. This includes that lovely 69’ VW Beetle, which I once managed to wheelie through an old lady’s vegetable garden.

Either way, driving a classic car even short distances on the road without auto insurance is incredibly risky.

Many owners of classic cars somehow manage put them onto their regular insurance policies, provided they have actual seatbelts, but this isn’t always a good idea.

Ordinary insurance is for ordinary cars. The book value of an ordinary car goes down every year and so does the total amount the insurance company will pay out if you.

See Full Story at www.womenonwheels.co.za

 

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