Auto Insurance Policy Challenge

Hi friends, how has your day been, hope it's been wonderful?

Last week, I ran into an auto accident scene and I felt I should find out the situation of things there.

Now, for one of the automobiles involved in the accicent, the owner had third party auto insurance policy but incidentally, what he had was fake. Actually, he subscribed for third party auto insurance policy from an insurance broker but when it expired, instead of renewing it, he forged it by himself. So when he drove roughly and hit someone's vehicle, he had no one to help him since he had no auto insurance policy. He had to bear the cost of repairs of the other vehicle all by himself. Can you imagine?

If he had active third party auto insurance policy, he would have just repaired his own while the insurance company where his own was insured will take care of the other vehicle to a good level if not total.

His co-accident victim had his papers in order and was not worried that much if not that it had prevented him from getting to his destination on time.

Many people believe that auto insurance policy is just a formality. May be because they have not been involved in an auto accident before. In situations like this, it does help a great deal, if not for anything, it lessens the burden you have when your car is involved in auto accident.

Not too long ago, another auto accident happened and in this case, both vehicles had comprehensive auto insurance policies. One vehicle belongs to a company and the other (new vehicle) to an individual but actually the one owned by a company caused the auto accident because being a heavy duty vehicle, he could not control his speed.

For the kind of policy undertaken by both parties, a new vehicle was provided for the individual by the insurance companies involved and whatever that may have happened to the wrackage of his former car was no longer his business.

I hope that somebody will learn from these situations.

Have a great day.

Auto Insurance: How To Lower Your Premium

A lot of people are turning to insurance cuts in order to save money. There are a lot of things that you can do to save money on Auto insurance. Many of these things are simple changes to your policy or even just asking questions to an insurance broker. Overall, they can result in significant reductions to the price of your insurance premium.

It may surprise you that many insurance companies do not freely provide you with discounts and savings. Oftentimes, they will require that you ask for your discounts before they make adjustments your policy. Most of these changes are fairly routine and easy, but they can result in large savings.

One thing to consider when purchasing a vehicle is safety. Not only will better safety devices in a vehicle potentially save your life, but they also result in decreases in premium prices. Simply put, the less likely you are to be injured or killed in an accident, a less likely that your insurance company will have to pay large amounts of money. As a result, your premium goes down. Additionally, any vehicle can have anti-theft device installed on them which decreases the risk of your vehicle been stolen and also decreases your insurance premium rate.

Making an inquiry with your insurance broker, you should ask them about savings and discounts that you are qualified for. Many insurance companies will not provide this information to you so you will have to ask them. A quick phone call can result in saving a lot of money. Things that you can ask him about our discounts that they provide for having multiple vehicles or other discounts for having multiple policies such as home insurance, renters insurance, health insurance, or life insurance.

Some insurance companies also offer discounts for members who are affiliated with specific groups or organizations. You can ask your insurance broker for a list of organizations that they provide discounts for. Oftentimes, the list will include organizations like banks, colleges, and other popular clubs. Another good way to save money if you are a longtime customer is to ask for loyalty discounts.

Most people decide to make policy changes to save money. Common changes include increasing the deductible as well as lowering the amount of liability, comprehensive, collision, and medical coverage. All of these things can result in significant reductions in the policy premium. However, they also impact the amount of money that the insurance company will pay in the event of an accident and you should be completely comfortable prior to making any of these adjustments in your policy.

Another simple step in reducing your Auto insurance premium is to take professional driving courses. It is recommended that everyone in your family that drives takes some form of driver education, particularly teenage drivers. You can also reduce your premium by driving less. The less you drive, the less likely you will be involved in accident. This is also a great way to save money in gas.

There is wide variety of things that you can do to decrease your Auto insurance premiums. Many of our simple things that you can do is by just picking up your phone and calling your insurance broker. It may come as a shock to how much money you can actually save by giving a short call to your insurance company and simply asking for savings and discounts.

Written by Adriana Noton

5 Basic Insurance Categories for Your Insurance Needs

Auto insurance, homeowners insurance, life insurance, health insurance, and umbrella insurance are the basic insurance categories that you need to get covered.

Getting covered and having basic insurance categories will prepare you with life's unexpected possibilities. Be informed and know your basic insurance needs. Knowing the basic insurance categories will adequately inform you which affordable and practical insurance you need to have. Below are the informative definitions of the most common insurance basics that you need to get:

Auto Insurance

Always know the appropriate way of cutting down your insurance budget for your car. Get the best car insurance coverage to maximize practicality in insuring your vehicles. If you are planning of getting your vehicles insured always know the minimum auto coverage according to your state. Know and understand the limits of the Auto Minimum Requirements of your state through the state's insurance commissioner's website. This will greatly inform you the range of coverage in any property damages and liabilities.

An auto savings checklist will also help you evaluate and compare the savings that you have gained from your current auto insurance policy. It will remind you and will help site the coverage scope that you are entitled to. In relation to your auto insurance policy, purchasing a new car is always advice to have a Guarantee Auto Protection insurance coverage. This is to insure a full insurance coverage incase your new vehicle gets an accident.

Homeowners Insurance

Securing your home with homeowners insurance is reasonable enough protect all the efforts and responsibilities that you invested for the home. Know the limits and coverage of various homeowners insurance policy to be able to assess your budget and which policy will work for you. Check the company profile of the homeowner's insurance provider. Consider the insurance company's financial strength with the lowest premium cost possible. A renter's insurance is also as necessary with a home insurance for those who are renting a home space. This is because renter's insurance is the security that you can depend in order to protect your personal belongings placed on your rented and temporary housing.

Life Insurance

Getting a life insurance is securing the future of your love ones and yourself incase anything happens to you. You will greatly need a life insurance policy if you have dependent children, starting a family, single adults, working couples, or is an elderly. It is important that you understand the coverage of the life insurance policy that you will choose. Also evaluate the kind of life insurance policy that you will need to be able to appropriately choose an adequate life insurance company.

Health Insurance

Consider having an affordable health insurance. This will always come in helpful in times of health crisis especially if you are self-employed, not working, or in college. Also consider the financial strength of a health insurance company that will provide you your insurance health plans. A personal medical log is helpful in making your health insurance claims convenient.

Umbrella Insurance

Personal liability umbrella insurance is helpful in adding liability protection from your current insurance policies despite being a personal liability cause by negligence. It is a low cost additional insurance that will surely come in handy in most unexpected situations.

Get yourself covered and always be prepared by getting your very own insurance policy today.

Written by Jacob Schiffer

Auto Insurance Right Choice

Every vehicle or automobile owner knows the importance of insuring his or her vehicle or automobile but the funny thing is that many think they can side track it or that sometimes, you can do with it and other times, you do without it.

All automobile owners know as well that there are two mojor types of auto insurance underwritten by all registered insurance firms, insurance brokers, banks that undertake some insurance activities, etc. The two majors are third party and comprehensive auto insurance.

When you take up third party auto insurance, this means that for any reason your automobile is involved in an accident, either by fire or you are driving alone and had an auto crash, you stand to get nothing from the insurance firm where you automobile is insured. The only time something may come your way is when you hit someone's automobile. In this case, the automobile of the person you hit will be repaired by the insurance firm where you automobile is insured only. Many people prefer this because of the small amount of money involved but I cannot condemn them because they have their reason for doing that.

The next one is the comprehensive auto insurance, which is a complete auto insurance package. This package takes five percent (5%) of the cost of the automobile but the good thing is that if your automobile is involved in any accident - fire or auto crash, you will not loose much. If your automobile is burnt by fire, it will be replaced for you. If it is accidented and the damage is not much, it will be repaired but if it is damaged beyond repair, it will be replaced and if any other vehicle is involved, that will be repaired.

You need to bear in mind that whenever two automobiles are involved in an accident, the insurance firms that registered them would first determine who is at fault or who caused the accident. Determining this will help them to know their levels of involvement in salvaging the situation.

One good thing the insurance firms now do is that when you insure your automobile the comprehensive way, they install auto track in it free of charge. This helps them track the automobile in case of theft because normally, when an automobile is stolen and cannot be recovered, the insurance firm that did the underwriting replaces it.

For third party, when an automobile is stolen, there is no replacement. Everything in third party auto insurance is for the next automobile involved in an accident.

Bearing all this in mind, I advice that whenever you buy an automobile and wants to insure it, please make a right choice and avoid making a mistake you will regret later.

Do have a great day.

Niger Insurance - Auto Insurance Policies

Check out this for yourself. It is very explanatory.

This can be classified into the following headings:-

   1. PRIVATE CARS
   2. COMMERCIAL MOTOR VECHILES
          * Own Goods
          * General Cartage
          * Fare paying and Non-Fare paying Passenger Vehicle
   3. MOTOR TRADE
   4. AGRICULTURAL & FORENSIC VEHICLES
   5. SPECIAL TYPES E.G AMBULANCES
   6. MOTOR CYCLES

The fact that this auto insurance business is being underwritten under the tariff regulations makes it an easy task for the underwriters. The underwriters are however required to study the tariff carefully and ensure that they keep within the requirements of the tariff.

TYPE OF COVER

The type of cover granted under this auto insurance heading are: -

   1. Comprehensive
   2. Third Party Fire & Theft
   3. Third Party Only
   4. Act Only

COMPREHENSIVE COVER:-

This is the standard form of cover which include indemnity for loss of or damage to insured vehicles, liability for death and injury to third parties or damage to their property. The rate is 10% of value.

THIRD PARTY FIRE AND THEFT

This cover provides indemnity in respect of legal liability for damage to or death and injury to third parties. It also includes cover for the Insured ‘s vehicles for fire and theft. This policy is not issued by the company. The rate is 60% of comprehensive value.

THIRD PARTY ONLY

This cover provides indemnity for legal liability for damage to third party property plus liability for death or bodily injury to third party. The premium is N5,000 flat for private cars.

DRIVER’S ACCIDENT INSURANCE

The driver’s Accident Insurance Policy provides financial relief to next of kin of any Insured person or driver who is killed as result of motor accident while driving on public roads.

THE INSURED

Any person or persons licensed to drive a vehicle on Road in Nigeria is entitled to purchase the Driver’s Accident Insurance. Professional Driver’s Owner-drivers etc are all eligible to buy the policy against death, permanent or temporary disablement resulting from accident or through settlement of medical bills to an agreed amount.

COVER REQUIRED

The policy shall provide financial relief on the happening of the following events:-

    * Death
    * Permanent or total disablement resulting in total paralysis
    * Injuries causing permanent total disablement
    * Medical expenses incurred in the treatment of bodily injury or illness sustained as a result of accident.

Cornerstone Enhanced Comprehensive Motor Insurance

Hi,

This is the information from Cornerstone Insurance, which indicates that they do not offer third party vehicle insurance except they do it in-house.

Please do read on.

The policy provides cover for loss of damage to the  motor car resulting  from

    * Accidental  collision or overturning
    * Fire  or theft ,
    * Unlimited  liability  for  death / bodily injury to third parties
    * Liability for  damage  to third parties

Features :

    * 10% discount offered when more  than one car is insured .
    * Negotiable  discount for fleet of cars
    * Authorised  repair limit of 5% of  the value of  the  car  insured
    * No claim  discount (NCD) between 20% & 50% allowed
    * Speedy claims settlement .
    * Cornerstone  Ins Plc  to bear  the cost of towing up to N5,000
    * Excess free  cover  is available  by payment  of additional cover
    * Provision of set-back on no claim discount

Benefits :

    * Riot , strike and civil commotion
    * Personal accident benefit for death /permanet disablement  to  the occupants  of the  car  up  to  a limit of N100,000.00
    * Medical expenses for injury sustained  by the occupants of the car  up to N25,000.00
    * Loss of personal clothing  and effects  in the car up  to N10,000.00
    * In the  event of a claim , a replacement  vehicle  will be made  available  for 10 working days  subject  to payment  of  an additional  premium .

This is what they have for now. Once they have any update, you can be rest assured that it will appear on this blog.

More will come shortly.

Do have a nice day and God bless you.

Auto Insurance Policies in Nigeria

Hello,

I welcome you all to Auto Insurance Updates. This is a blog meant to highlight the various auto insurance policies from the numerous insurance companies in Nigeria.


Many vehicle owners are not aware of the various policies available in Nigeria - comprehensive or third party. Most private vehicles go for third party insurance on the grounds that comprehensive insurance is expensive not knowing that it is better for them incase of an accident.


I try to bring into this blog all the auto insurance policies from all the insurance companies in Nigeria to enable my readers know the best they can go for.


My research is on in this and in few days, it will be made public.


Thanks and god bless