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Ebene Kagan : Does an auto insurance claim affect my auto insurance premium since when I did compare auto insurnace quotes my auto insurance quote was higher?
I live in New York city.

Compare auto insurance quotes or review car insurance if invloved in auto accident.

Response : Auto accidents are unfortunate events and this is the main reason why one goes for an auto insurance policy. It is a fact that in case you are involved in an auto accident and the accident falls within the perview of the insurance company they would settle your claim and reimburse you. In cases where someone is hurt or a fatal accident the financial loss can be much higher for the insurance company.

Insurance companies have their own underwriting guidelines which they follow, however the reality is that if you are involved in an auto accident the insurance premium would increase in the subsequent year on account of the claim. The quantum of increase in the auto insurance premium is not directly proportionate to the claim paid, however there is an increase in the premium.

Now as per the recent news in New York and Florida the number of staged claims are on the rise and those staging the claims involve incoent drivers in tha accidents.

Suspicious insurance claims from staged accidents are on the rise— and nowhere more than in New York and Florida, two states with no-fault statutes.

Overall, the number of questionable claims from staged accidents increased by 46.3 percent from 2007 to 2009, according to the National Insurance Crime Bureau (NICB)

Additionally, the ratio of staged accident claims to overall bodily injury (BI) and personal injury protection (PIP) claims has increased over this period while the total number of BI and PIP claims has declined.

You will be suprised to know that Florida and New York are ranked first and second, respectively, in the top 10 loss states and five of the top 10 loss cities.

The top five states that generated the most staged accident questionable claims are: (1) Florida, 3,006; (2) New York, 1,680; (3) California, 1,619; (4) Texas, 792; and (5) Illinois, 433.

The five cities that generated the most staged accident questionable claims are: (1) New York City, 1,304; (2) Tampa, 562; (3) Miami, 511; (4) Orlando, 422; and (5) Houston, 376.

Staged accidents target innocent drivers with schemes aimed at defrauding the insurance company. This would mean that you need to be more aware on the road when you are driving. Avoid tailgating at all cost and also note down all the details of the oppoiste driver and details of the claim in case you get involved in an auto insurance accident. Unfortunately, there is nothing which can be given to distingush between a genuine claim and a fraud and hence you need to be careful.

It would be best to compare auto insurance quotes online here or at any other web-site of your choice review car insurance coverage to get low auto insurance rates.

Thanks.
Kamlesh

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Kim Roach :I am looking for low auto insurance rates online but I do not know how to compare my auto insurance policy, can you please help me?

Response : I agree with you Kim, you need to know what is it that you are going to compare when you compare auto insurance rates online. Please see my earlier post on review auto insurance coverage. In order to compare car insurance quotes or to review car insurance coverages. you first need to know what your own auto insurance policy is providing. For this it is necessary to read your own auto insurance policy.

Your car insurance policy is a legal contract, so at first glance it can seem confusing. But, if you know what to look for and where to find it, your policy becomes a lot easier to understand. Each auto and homeowners insurance policy has three standard parts:
Declarations Page. This is where you’ll find your name, a statement of the policy period during which you are covered and the amount of premium you pay. The “dec” page also includes a description of the insurance coverage provided and gives the maximum dollar limit the insurer will pay for a claim under each coverage.
You need to see the coverages mentioned here and the lmits of each of them . For eg Liability coverage will be mentioned showing you a bifurcation for Bodily injury and Property damage coverage.
Insuring Agreement. This is the main part of the policy. It describes what the insurance company will do in exchange for the premium you’re paying. The insuring agreement will also say who is covered: The persons named as insureds on the declarations page, residents of the same household and persons using the car with the permission of the insured. Everything is spelled out specifically in an attempt to avoid misunderstanding. Read the definitions section and the list of exclusions that apply to each coverage. Its vital that you know what you are covered for and what you are not covered for when you need to use your coverage!

Conditions of the policy. This last section describes your responsibilities when you have a claim, for example how much time you have to report it and what documentation you must give to the insurance company. It also explains the terms for canceling your policy—both for you and the insurer. You can cancel your policy at any time, however your insurance provider may only cancel under certain conditions and with advance notice to you.
Exclusions of the auto insurance policy : Some auto insurance policy will have specific exclusions that will tell you what is excluded from scope of the policy. If the exclusions are not mentioned than the scope of the coverage needs to be re-read again so that you understand what is excatly covered. Once you know and have reviewed what you have you will find it easy to understand how to compare auto insurance quotes online.
Thanks.
Have a great day.
Kamlesh

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Taylor Swift: What is underinsured motorist coverage? How would taking all the auto insurance coverage of underinsured motorist help me.

Response: Taylor, we discussed this already but let me tell you this again that you need to compare auto insurance quote and coverages before you buy auto insurance. Each of the coverage has its own  risk which is covered, in short you are paid a claim only if you have the coverage for the same. The underinsured motorist protection pays you for damages that exceed the amount of coverage carried by a driver who is considered underinsured. Remember that UIM will only pay up to the limits of your policy after subtracting the amount paid by the other driver’s insurance. This means that the amount listed as your UIM limit is the total amount paid by both insurance companies, not the additional amount your insurance company will pay after the other driver’s insurance pays. Both UM and UIM apply to you and any passengers in your car, and to you and others listed on your insurance policy (including family members) when in other cars.

Uninsured motorist property damage (UMPD) coverage may seem strange, especially considering many people already have collision coverage on their car insurance. However, for careful drivers who don’t have collision coverage, UMPD can be a good way to protect their car from uninsured drivers without raising their premium a lot. In addition, a lower deductible for UMPD is frequently cheaper than collision coverage with the same low deductible. UMPD does not apply in hit-and-run accidents, because UMPD coverage is cheaper than collision coverage—making it very tempting for some drivers to make a “hit-and-run” claim under their UM coverage instead of their collision coverage, or to purchase UM coverage and not have collision coverage at all.

Uninsured motorist bodily injury (UMBI) protection can help you in another way. If you’re a pedestrian and you carry this coverage and you get hit by a car while you’re trying to cross the street, the coverage could pay your medical expenses and lost wages. That could be important, because even if you have medical payments coverage and health insurance, those still won’t pay for lost wages. You could get coverage for your lost wages by purchasing disability insurance, which many people have through their employer, but it would not cover your passengers or family members, and could disappear if you switch jobs. In addition to protecting you as a pedestrian, UM/UIM can also protect you and your family members traveling in other cars.

One thing to remember is that you should first inform the insurance company of the accident before you take action.

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Taylor Swift : If you’re in an accident and the other driver is uninsured motorist  or underinsured motorist , will you be covered? Do you think I should buy this coverage for auto insurance and will the auto insurance rate increase?

Response : If you have bought the uninsured motorist or underinsured motorist coverage you will be covered for this. Let me explain to you what an uninsured motorist or underinsured motorist coverage under car insurance means.

Uninsured or underinsured motorist coverage can pay for injuries to you and your passengers, and in some locations damage to your property, when there is an accident and the other driver is both legally responsible for the accident and considered “uninsured” or “underinsured.”

An uninsured driver is someone who did not have any insurance, had insurance that did not meet state-mandated minimum liability requirements, or whose insurance company denied their claim or was not financially able to pay it. A hit-and-run driver also counts as uninsured as it relates to bodily injury (UMBI).

An underinsured driver is someone who had insurance that met minimum legal requirements, but did not have payment limits high enough to pay for the damage caused by the accident. In these situations, UM or UIM can pay you for your damages. It is important to note that uninsured and underinsured motorist coverages are separate, although in many states they can or must be purchased together.

At this time, I think it is most advisable to go for an auto insurance policy which covers you for uninsured motorist and also underinsured motorist.  The reason for this is because of the present economical scenerio most drivers are cutting on their auto insurance limits to get low auto insurance premium and reduce their expense. Some of them are in fact not buying insurance at all. . As per the Insurance Information Institute one driver out of every seven in the US is believed to have no automobile insurance. This would mean that 14% of the drivers are uninsured and only 86% drivers are insured. As per the Insurance Information Institute one driver out of every seven in the US is believed to have no automobile insurance. This would mean that 14% of the drivers are uninsured and only 86% drivers are insured. Thus those who have insurance will have to bear the brunt and pay higher premiums or make sure that they are properly insured and have all the apprioprate car insurance coverage and limits.

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Rick Howard: Can you expalin to me what are combined limits and split limits under an auto insurance policy? How do I review auto insurance limits for this?

Response: Please see the map attached for the auto insurance liablity limits for each state.
“Liability” is a legal term that refers to responsibility which one owes to another person’s injury or loss. While questions about who is liable for what are typically decided in court through the tort law as it is called. The liability settlements can be anywhere from thousands to millions of dollars. Having an insurance policy to protect you from such things is more than a good idea. In most states it’s the law.
Liability insurance is coverage from your car insurance company that pays the damages when you are in an car accident. Claims will cause an increase in your premiums, but that still far outweighs the alternative, which is a court settlement.

Liability insurance for cars comes in two basic types, based on how the insurance coverage limit is determined. The limit is the maximum your insurance company is required to pay on your behalf if you are in an accident. The different types are split limit and combined single limit policies.

A combined single limit combines property damage liability coverage and bodily injury coverage under one single combined limit. For example, an insured driver with a combine single liability limit strikes another vehicle and injures the driver and the passenger. Payments for the damages to the other driver’s car, as well as payments for injury claims for the driver and passenger, would be paid out under this same coverage.

A split limit liability coverage policy splits the coverages into property damage coverage and bodily injury coverage. In the example given above, payments for the other driver’s vehicle would be paid out under property damage coverage, and payments for the injuries would be paid out under bodily injury coverage.

Bodily injury liability coverage is also usually split as well into a maximum payment per person and a maximum payment per accident.
The split limits and the combined limits are smart ways for insurance companies to minimize their losses.

Now, here is a tip which you must always keep in mind that you must review both your split and combined limits individually and combined in order to decide whether they are optimum since for example if only one person is fataly wounded and that person is the key person if the limit per person (split limit) is only $500,000/- but your accident limit is 1 million you will get only $500,000 from the insurance company.
Review car insurance policy before you buy your insurance and even afterwards with any change.

Have a wonderful day.

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