Auto Insurance Information And News

One of the biggest worries about being involved in an accident apart from is everyone OK, is the possibility that the other driver is uninsured.  We all know the lengths we have to go to, to get an insurance pay out anyway, that matches the value of our vehicle and the costs involved without any transport to and from work etc.
Imaging how hard it is, if the driver is not insured and there are no premiums associated with the payout.  This can be even more distressing for non motorists that maybe involved in a RTA with an uninsured driver. This can be a hit and run situation, or even when the person involved does not run, can they afford to pay out the compensation.
One way around this is to get extra cover, to cover you for accidents that occur from those who can’t be bothered to get Auto Insurance, but are happy to drive a lethal vehicle around good honest people. This video is not meant to be just an advert, but it is to describe the effects to a family or similar, from uninsured drivers.

“Auto Insurance” can be defined as insurance for the automobile, which, could be used for private or public transport. With almost a quarter increase in the car population between 1990 and 2008, [study printed in the Transport trends edition 2007 by Department of Transport UK], the causalities have also increased. There were a total of 247,780 casualties of all severities reported in the year 2007. Of this number around 2,946 people were killed and 27,774 people were seriously injured. Hence it becomes essential, that we look for security to our lives and also to one of our most prized possession.

Some of us are aware, whilst, others ponder over the importance of insurance of their vehicle. Hence let us turn our attention to this basic question:

How important is an insurance cover for my vehicle?

The answer is - “very important”. UK laws laid down in the year 1930 and then later defined by Road Traffic Act 1988 (modified on 1991) stipulate that every motorist should have a insurance/ security or a deposit of 500,000 pound sterling with the accountant General of Supreme Court, to make good any loss of life and property that might occur due to use of their vehicle. Further, you would be committing an offense under the section 143(1) (a) RTA 1988 (amended in 1991) if you drive on the public highway without at least third party insurance. Thus making auto insurance a must have rather than should have.

The next very important question is what all is covered in an insurance policy?

Fundamentally, the safety net through insurance, on your automobile has the following covered:
a)    Property coverage : Damage to or theft to your car
b)    Liability Coverage : Damage, your vehicle causes to another vehicle or person,
c)    Medical coverage  : Injuries sustained, loss of work days and rehabilitation

Usually, the law of the land stipulates, that you should have the minimum insurance to cover the liability that arises when you hit another person or his car. However insurance goes beyond this basic need and through a variety of offerings which ensure that the financial loss to your vehicle from fire, accident and theft is zilch.

Thus armed with such financial safety instruments and your safety belt, you can surely drive your loved possession, with a smile and of course a valid driving license!

Filing an insurance claim can be confusing, even under the most ideal circumstances. Understanding the claims process will ensure you get the compensation you deserve. Here’s what you should know before you file a claim:

1. Understand your policy. Before an accident even happens it’s important that you read and understand your policy. Be aware of your policy deductibles–the portion of any claim that you are responsible for paying. If there’s anything in your policy you don’t understand, ask your agent or representative.

2. Know what to do after an accident. Stay calm and remain at the scene after an accident. Make sure the accident has been reported to the police and then exchange insurance information with the other driver. If the accident was the other driver’s fault you will need to notify their insurer. Most insurers have claim hot-lines available. Report the accident as soon as possible; most policies state that claims must be reported within a short time following the accident.

3. Provide correct information. Your claim processing may be delayed if you give any incorrect or incomplete information. The insurer must be provided with any and all information relevant to the claim.

4. Document contacts. Keep a log of all phone calls, e-mails and in-person contacts with everyone who is involved in the claim. Make sure you record the name of the other person, the date and time the conversation occurred as well as a detailed summary of what was discussed.

5. Document all losses. Time lost from work and/or any other expenses which are a direct result of the accident need to be documented and reported to the insurer.

Auto insurance is essential for every vehicle owner as it tends to cut costs greatly which is incurred due to damages to a new vehicle. Most state laws mandate that each vehicle should be sufficiently covered under auto insurance. A person violating the law is eligible to be fined.

The roads of the nation being not so gregarious these days for smooth driving, a new driver is even more susceptible to be part of an accident, more so because of his inability to predict the attitude of other people rather than his own mistake.

The auto insurance coverage premium depends on a number of factors, which include but are not restricted to the state laws, driver’s history, make and model of the vehicle. All the members of the family, which owns the vehicle, having driver’s license must be mentioned in the insurance application. This means that getting insurance would be a tough task even if one member of the house has a bad driving record. Also an insurance company will consider your driver’s history, credit rating and bank balance to decide whether your policy should be renewed or cancelled.

A few people tend to ask, whether anyone who drives the vehicle is also insured. In most cases the answer would be yes, unless of course, the insurance lender denies the claim due to some reason. Most insurance lenders are on a consensus that a 100,000 is the norm for person with bodily injury, 300,000 per accident with bodily injury.

Only a few weeks ago we did no know what accident management was, that is we know how it worked within the corporate sector but not private individuals and their own car insurance policies. Then after a trip to Ireland to see a local firm in place we learned that if in accident that is not you fault, you should first consider contacting an accident management company. They will then arrange for you car to be repaired all solicitors work done and get you car back to you asap. They then claim all their expenses from the party at fault through their auto insurance company.

The real benefits of using this service are the speed of transaction. Insurance companies are notorious of paying out as little as possible, but with a solicitor fighting your case, you will have a better chance of receiving your claim, especially when both parties are insured with same company and with so many brands belonging to large organisations, this happens more regularly than you may think.

The first company accident management Northern Ireland was an indication for what was to come; little did we know that wins solicitors would employ some Fifth Gear presenter to advertise that fact. The key here is to ring the accident management company before the car insurance company and let them do the work on your behalf. It will only be a matter of time before all car insurance claims will be settled this way in the UK.

Lets here about myths that apparently occur within the Auto industry in America, regarding personally injury. Listening to what is being discussed seems to only apply in America; this does not seem to an issue in the UK as medical treatment in the UK is free due to the national health system and so all insurance claims are based on information from your general practitioner or professional health expert. As you pay for advice on the USA, there seems to be issue with a pay out of an auto insurance claim following a road traffic accident.

This presentation give the impression that most auto insurance companies in the States avoid payouts, unless legal representation proves that an injury is more complicated that the insurance guidelines they work to.

The presentation is from a Chiropractor who obviously has had experience with auto insurance companies trying to get away with quick claims. There are many other expenses that could be claimed from an auto accident, so the downside to this presentation is hat it only talks about your health, albeit the most important factor. It does not talk about repairing your car or replacing it and even though this presentation talks about avoiding quick claims, in order to get from A to B and get on with our lives we need quick insurance claims, so there may be conflict should an accident occur with your expenses and transport needs versus your health.

With many press releases that car insurance becoming more expensive for various reasons we wonder if this is a reality or not. There are good reasons why financial organisations may want to put up their insurance premiums, not least is the economical climate, with many insurance companies effectively a bank being financed by the government, either here in the UK or across the pond in the states.
These banks need to get profits (or losses down) to ensure they get back on their own steam not the government’s or tax payers. A good reason to add a little to all insurance premiums to speed up the process.

The current rise in used car prices and the decline in the new car parts market may also play a part. After any accident, these cars need repairing and if it costs more to put these back on the road, then it should cost more for the insurance premium. Some good news is when a car is not deemed cost effective to repair and finds its way to an auto salvage auction and then it is possible the insurance company could get a bigger return than from 6 months ago.

Then there is reports of a huge rise in false insurance claims and those affected by the credit crunch are chancing their arm to get some money into their accounts. Certainly in the UK, insurance claims have risen dramatically and so a need to investigate every claim has now become harder.

If you believe the adverts on TV, there is still the ever promise of delivering cheaper car insurance, you would think it was a cheap as ever. Certainly in my case, my premiums have only risen because I now drive a faster car. So maybe any rise is just in proportion to all other prices (excluding home prices) and it is only scare mongering or the need to deliver a news story. In this current climate i am not sure anyone really knows where we are going with anything financial.

Well another blog about that insurance stuff as if we didn’t have enough of them out there. The truth is, this has been put together just as a sound board to anyone out there who wishes to read and unpolished personal opinions of insurance roadside assistance and anything financial to be honest.

Of course it would be great of many visited and read the views but realistically that is unlikely with so many other blogs out there and a far more educated view of the financials available. It is unlikely to be posts everyday, but heh you never know, it all depends on what news is available on which day and if I have time to write about it.

Until the first post or next post take care and see you soon.

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