Find the Best Insurance for You

Insurance Glossory

2008-08-17T05:37:00.001-07:00

Every Been Confused about some of the terminology in the Insurance Industry? Here is a list of terms and the way that they are used.

Accident - An unplanned and unexpected event which occurs suddenly and at a definite place.

Accident rental car (AAMI car Insurance) - Accident rental car service can provide you with a rental car at a low daily rate while your car is being repaired. (See AAMI car policy for more details)

Actuary - A specialist in risk analysis, especially as it relates to insurance calculations such as premiums, reserves, dividends, and insurance and annuity rates. They usually work for insurance companies, particularly Life companies, to evaluate applications based on risk.

Additional Excess - This excess may be imposed in special circumstances, for example on high performance cars. It is payable in addition to any other excesses.

Adjuster - Also known as an assessor, is a representative of the insurer who seeks to determine the extent of the company's liability for loss when a claim is submitted.

Age Excess (AAMI car insurance) - This excess is additional to the standard excess if the insured car is being driven by a person in the age ranges specified on the insurance schedule and renewal notice.

Agreed Value (AAMI car insurance) - A car's agreed value is set at the beginning of each period of cover. It is based on the fair value given then for the cars make and model in the motor trade's most commonly accepted price handbook. The value doesn't change for the period of cover.

Annuity - A contract sold by an insurance company designed to provide payments to the holder at specified intervals, usually after retirement.

Arson - Any unlawful setting fire to property.

Assessor - See adjuster

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B

Body Corporate - A group consisting of the owners of each strata property, established to maintain the common areas of flats or units and to take out insurance for the common areas.

Broker - An intermediary, who acts on behalf of a person who is applying for insurance. They earn a commission from the insurer, however, they have a responsibility to obtain the best cover for the best price possible. In certain circumstances a broker can also act as an agent for the insurer in terms of issuing a policy or collecting a premium. AAMI does not conduct business through brokers.

Building Insurance - See Home Building Insurance.

Bullion - Precious metals, such as gold, in the form of ingots or bars.

Business use (AAMI car insurance) - See Use.
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C

CLERP - Corporate Law Economic Reform Program

CTP Insurance - Compulsory Third Party insurance (CTP Green slip in NSW) is the insurance that is needed when registering a vehicle. CTP insurance is intended for the situation where another person is injured or killed in an accident, which is caused by the driver of the insured vehicle.

Cancellation - The termination of a policy before the expiry date.

Carrier - Sometimes used to describe the insurer. Not generally used because of confusion with carriers of freight.

Catastrophe - See disaster

Certificate of Insurance - A certificate that acts as proof that a policy has been issued. Usually requested by a financial institution.

Certificate of Rating or No Claim Bonus - A certificate that acts as proof that a person has earned an insurance rating or no claim bonus entitlement.

Claims Ratio - The ratio of the cost of claims to earned premiums.

Collection or Set - A group of items of sufficiently common type, appearance or nature that they reasonably belong together and that is devalued if one or more of the group is lost or damaged.

Combined Ratio - A combination of the claims ratio and the expense ratio.

Common Law - The principles of law arising from court decisions.

Comprehensive Insurance - Provides specified cover for damage to the insured car as well as damage the insured car may cause to the property of others.

Commission - A fee charged by a broker or agent for services in the sale of an insurance contract.

Common property - See site.

Consequential Loss - A subsequent loss that results from the direct damage e.g. public transport costs incurred when a car is off the road due to and accident.

Contents Insurance - See Home Contents Insurance.

Cooling off period - Federal law provides that you can cancel your policy within 14 days of its purchase date.

Cover and covers - Means the protection provided by the policy.

Cover note - A Cover Note informs the insured that coverage is active - often interim cover

Coverage - The scope of the protection provided under a contract of insurance.
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D

Depreciation - A decrease in the value of any type of property over a period of time resulting from use, wear and tear, or obsolescence.

Direct insurer - Is an insurer which deals direct with the consumer rather than through an intermediary or agent. AAMI is a direct insurer.

Disaster - A disaster is said to have occurred when the normal community and organisational arrangements cannot cope with a hazard impact.

Due date - The date a policy is in force to and by when a renewal premium must be paid.
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E

Earned Premium - The amount of the premium that has been "used" during the term of a policy. For example, if a twelve month policy has been active for six months, half of the total premium has been earned.

Effective date - The date on which the cover of an insurance policy commences.

Endorsement - Means a special condition that applies to a policy. For example, an endorsement may state that drivers under a nominated age are not covered under the policy.

Excess - An excess on a policy is the first amount that must be contributed by the insured towards each claim. When one or more excesses apply to an AAMI policy, they will be shown on the insurance schedule and updated on the renewal notice.

Standard Excess This is the basic excess you must contribute towards each claim.
Age Excess This excess is additional to the standard excess if your car was being driven by a person in the age ranges specified on the most recent of your insurance schedule and renewal notice. (applies to AAMI car and motorcycle polices).
Additional Excess This excess may be imposed in special circumstances, for example on high performance cars. It is payable in addition to any other excesses.
Flexi-Premium Excess This is additional to the standard excess, and is optional. When you choose an additional Flexi-Premium Excess, your premium will be lower. The higher the additional excess you choose, the bigger the discount on your premium.
Inexperienced Driver Excess This excess is additional to the standard excess if your car was being driven by a person to whom an age excess does not apply, but who has held a driving licence for less than two years. (applies to AAMI car and motorcycle policies).
Unoccupied Excess If you claim for damage or loss to your insured property which occurs after your building has not been occupied for 60 continuous days, an additional compulsory excess is payable. (applies to AAMI Home Building, Contents, Fire & Theft Contents, Landlord, & Strata Title Landlord policies).
Extra Cover Excess This excess ordinarily applies when you claim for loss or damage to portable valuables that we have agreed to insure under the Extra Cover extension of AAMI™s Home Contents Insurance Policy. Whether an Extra Cover excess will be applied depends on the circumstances of each claim, see our Home Contents Insurance Policy Product Disclosure Statement for full details

Expense ratio - A measure of an insurers expenses in operating its business.

Expired policy - See lapsed policy.

Expiry date - The date coverage ceases.

Extra Cover for personal valuables (AAMI home contents insurance) - For most people, their home contents include portable valuables which they often wear or take with them when they are away from their home (see AAMI's Home Contents Insurance Policy for full details). Additional cover for accidental loss or damage to items such as jewellery, spectacles, clothing and certain personal vision and sound equipment (not mobile phones) is available be extending your AAMI contents insurance to include 'Extra Cover' , which is available by payment of an additional premium.
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F

FSRA - Financial Services Reform Act

Family (AAMI car insurance) - Means your spouse or partner living with you and your children who ordinarily live with you.

Family (AAMI home insurance) - Means the following people who normally live with you: your spouse or partner, your children, parents, grandparents, grandchildren, brothers and sisters, the children, parents, grandparents, grandchildren, brothers and sisters of your spouse or partner.

Family Rating (AAMI car insurance) - When your children insure their cars for comprehensive cover with AAMI, we give them a no claim discount for each year they've been driving claim free. Our normal insurance acceptance conditions apply to the driver and the car. See also the AAMI Skilled Drivers course section on the website.

Fine Print - A reference to imaginary small type in a policy document purportedly containing exclusions, reductions, exemptions, and limitations of coverage. It is now a requirement for policy documents to comply with minimum type size.

Fire - Means burning with flames.

Flood - Means the inundation or covering of normally dry land by water which: escapes or overflows from, or cannot enter, because it is full or has overflowed, or is prevented from entering, because other water has already escaped or been released from it, the normal confines of any watercourse or lake, including any that may have been modified by human intervention, or reservoir, canal, dam or storm water channel. Flood does not mean storm water run off from areas surrounding the site or water escaping from any water main, pipe, street gutter, guttering or surface. AAMI Home Insurance does not cover flood.

Fraud - The term "fraud or dishonesty" encompasses all those risks of loss that might arise through dishonest acts or omissions.
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G

GST - Goods and Services Tax.

General Insurance Code of Practice - The General Insurance Code of Practice is a commitment by the general insurance industry to aim for the best standards of service possible, and to promote better relations between customers and insurers. The Code describes standards in the areas of employee training, plain language policy documentation, claims handling and dispute resolution. It was introduced in 1995 with the backing of consumer groups, the federal government, insurers and the Insurance Council of Australia. More information on the Code can be obtained from AAMI or the Insurance Ombudsman Service. You can contact the Insurance Ombudsman Service on 1300 780 808.

Green Slip - See CTP insurance.

Gross Premium - The net premium plus operating expenses, commissions and other expenses.
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H

Hazard - A situation that increases the probability of the happening of loss arising from a peril, or that may influence the extent of the loss. For example, accident, fire, flood, liability, burglary, and explosion are perils. Slippery floors, flammable liquids, unsanitary conditions, unlocked and unguarded premises and poor roads are hazards.

Home buildings insurance (AAMI home insurance) - Is insurance for the buildings at the site used for domestic and residential purposes. (see Policy Disclosure Statement for full description)

Home contents insurance (AAMI home insurance) - Is insurance for certain items used primarily for domestic purposes. (see Policy Disclosure Statement for full description)
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I

IBNR - Incurred but not reported, is the liability that an insurer has for losses that have happened but not yet reported as claims.

ICA - The Insurance Council of Australia represents the interests of the Australian general insurance industry.

Incurred claims ratio - The percentage of claims costs incurred to premiums earned (see earned premiums).

Indemnity insurance - Type of insurance that restores the individual as close as possible to the financial position that they enjoyed before the loss.

Inexperienced Driver Excess - See excess

Insurance - A device for transferring specified risks of individual persons to an insurer. The insurer agrees, for consideration (usually payment of a premium), to assume, to a specified extent, certain losses that may be suffered by the insured.

Insurance Ombudsman Service - Any AAMI policyholder who is dissatisfied with the outcome of his or her dealings with AAMI can contact the Insurance Ombudsman Service on 1300 780 808. See General Insurance Code of Practice.

Insurance schedule - Sets out the information given to an insurer upon which the decision to offer cover is made. It also displays the individual details of a policy.

Insured event - Occurrences which cause loss and damage which are listed in the relevant policy.

Insured - The party to an insurance arrangement to whom the insurer agrees to provide cover against specified losses, or to render services, subject to the terms of the insurance contract.

Insurer - The party to an insurance arrangement who undertakes to provide cover or to render services, on the happening of specified events.

Investment Income - The return received by insurers from their investment portfolios.

Item (AAMI home insurance) - Means an individual piece of home contents, such as an item of jewellery.
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J

Just car insurance - is a specialist car insurance business of AAMI. It provides insurance for:

* Drivers of high performance and modified cars
* Drivers of privately imported second-hand cars
* Drivers with no insurance history
* Drivers with previous license suspensions
* Drivers with less-than-perfect insurance history

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K
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L

Lapsed Policy - A policy which has been allowed to expire because of non payment of premiums.

Leasehold - An agreement which gives a person the right to exclusive possession of a property.

Living with you (AAMI home insurance) - means any person normally living or staying in your home or at the site.

Loss - Generally refers to the amount of reduction in the value of an insured's property caused by an insured peril. In an insurance sense it usually does not mean "misplacing" an item.

Lifetime Award (AAMI car insurance) - When you have been an AAMI Rating One or an AAMI Maximum No Claim Bonus policyholder for three consecutive years, we recognise your good driving record with our AAMI Lifetime Award. Your AAMI Lifetime status and your maximum discount level are protected for life, regardless of who was at fault in any claim you may make on your AAMI Lifetime policy.

Lifetime Repair Guarantee (AAMI car insurance) - Because AAMI takes total responsibility for the car repairs, AAMI guarantee them for the life of the car. Even if it is sold.

Limited cover specified items (AAMI home contents insurance) - Are home contents with limited cover under our contents policy which you have described to us, told us their current replacement value, we have agreed in writing to cover and you have paid us any additional premium we requested to insure them.
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M

Maximum No Claim Bonus for Life (AAMI car insurance) - Recognition of a good driving record. Once you've held an AAMI Maximum No Claim Bonus for three consecutive years with any insurer, we'll give it to you for life, at no extra cost. No matter how many accidents you have in the future.

Maximum No Claim Bonus Protection (AAMI car insurance) - Protection of maximum discount level for one at-fault claim during the period of cover when you have been an AAMI Maximum No Claim Bonus policyholder for less than three years, and pay an extra amount on your premium when you renew your policy.

Market Value - The fair price for which something can be sold in its current condition.

Moral Hazard - A condition of morals or habits that increases the probability of loss from a peril. An example would be an individual who had previously arranged for the theft of his own car to collect the insurance.

Mortgagee - The lender in a mortgage contract.

Mortgagor - The borrower in a mortgage contract.
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N

Negligence - Failure to use a degree of care which an ordinary reasonable person would use under the given or similar circumstances. A person may be negligent by acts of omission or commission or both.

New for Old (Home Insurance) - Replacing your existing old damaged items or equipment with new ones.

No Claim Bonuses - see rating
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O

OEM - Original equipment manufacturer. Means the original manufacturer of the car or part.

Overinsured - A term used to describe the condition that exists when an insured has purchased coverage for more than the actual value or replacement cost of a subject of insurance. It is also used to describe a situation where so much insurance has been obtained it constitutes a moral hazard.
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P

PIN - Personal Identification Number

Peril - The cause of a possible loss. Not to be confused with hazard.

Personal lines - This term is used to refer to insurance for individuals and families, such as private car insurance and home insurance. Contrast with business insurance and commercial lines. AAMI is a personal line insurer and also sells business insurance.

Period of cover - means the current period for which we have agreed to provide you with insurance cover. The current period is shown on the most recent of your insurance schedule and renewal notice and any receipt we may send to you. When we make a write-off payment, the period of cover comes to an end.

Policy - means the Product Disclosure Statement and the policy schedule.

Policyholder - Generally use to describe the policy owner and/or insured. See Insured.

Policy schedule - a notice showing the particular details of a policy.

Premium - The price of insurance cover for a specified risk for a specified period of time

Private use - see Use

Proximate cause - The direct, real, or operative cause of loss or damage, as determined by applying common sense standards.
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Q
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R

Rate - The cost of a given unit of insurance.

Rating, no claim bonuses and no claim discounts all describe essentially the same thing - a discount off your car insurance premium. The discount increases each year providing no claim that reduces your rating/discount is made on your policy. It keeps on increasing until it reaches the maximum discount level, called 'rating one' or 'maximum no claim bonus'.

Rating One for Life (AAMI car insurance) - Recognition of a good driving record. Once you've held an AAMI Rating One for three consecutive years with any insurer, we'll give it to you for life, at no extra cost. No matter how many accidents you have in the future.

Rating One Protection (AAMI car insurance) - Protection of maximum discount level for one at-fault claim during the period of cover when you have been an AAMI Rating One policyholder for less than three years, and pay an extra amount on your premium when you renew your policy.

Refund of emergency costs (AAMI car insurance) - Benefit under the AAMI car policy. If you're in trouble over 100 km from home, AAMI can help with the refund of emergency costs (within the limits of your AAMI policy).

Reinsurance - A position whereby one insurer transfers all or part of its risk of loss to another insurer. The other insurer is called the "reinsurer" or reinsurance company.

Renewal Certificate - A certificate which is used to renew a policy. It refers to the original policy, keeping all of its provisions, without restraining all of the insuring agreements, exclusions, and conditions.

Renewal Premium - The premium paid for a renewed policy.

Retaining Wall - Means a wall that supports or confines a mass of earth or water.

Risk - General meaning is a thing or person insured.

Risk management - Management of the risks to which a company might be exposed. It involves analysing all exposures to the possibility of loss and determining how to handle these exposures through such practices as avoidance, reducing the risk, retaining the risk, or transferring the risk e.g. see reinsurance.
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S

SES - The State Emergency Service is an emergency and rescue service dedicated to assisting the community.

Salvage - Property taken over by an insurer to lower its loss.

Skilled Drivers course - A free one-day driving course designed to improve young drivers road skills. On completion they receive discounts on AAMI comprehensive insurance until they're 25 (available in Adelaide, Brisbane, Canberra, Hobart, Melbourne, and Sydney).

Site (AAMI home insurance) - Those parts of the land at the insured address which are used solely for domestic purposes but not 'common property' which is land or areas that others are entitled to use, for example common property in a strata development, retirement village or any other type of residential property development.

Standard Excess - See excess

Statute of Limitations - A law that specifies a time limit for which a person can bring a legal action for a claim.

Strata Title - A system of title that allows the owner of a unit, in a block of units, to have a separate title for that unit.

Storm - Means violent wind (including a cyclone or tornado), thunderstorm or a heavy fall of rain, snow or hail

Suncorp - The Suncorp Group is one of Australia's leaders in banking, insurance, investment and superannuation. The Group focuses on retail consumers and small to medium business. AAMI is a member of the Suncorp Group.
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T

Term - Under insurance law it means the period of time for which a policy is issued.

Theft rental car (AAMI car insurance benefit) - Provides a rental car for up to 14 days if the insured car is stolen. (subject to the terms and conditions described in the AAMI car policy)

Third Party Property Damage Insurance - Provides specified cover in respect of damage a vehicle causes to another person's property.

Total loss (AAMI Home Insurance) - A loss of sufficient size so that the property cannot be economically repaired or it can be said there is nothing left of value. The complete destruction of the property. The term is also used to mean a loss requiring the maximum amount a policy will pay. (For car see write off).
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U

Underinsurance - A condition in which not enough insurance is held to cover the value of the insured property. This is particularly common with home contents insurance.

Underwriter - A technical person trained to evaluate risks and determine premium rates.

Unearned Premium - General meaning is the premium that is owed to the insured if the policy is cancelled

Uninsured motorist extension (AAMI third party property insurance) - The amount covered for the uninsured motorist extension is the current market value of your car up to $3000.

Unoccupied (AAMI home insurance) - means not lived in by you or any other person with your consent.

Use ( AAMI car insurance) - means the private or business use of your car.

Private use: Use of your car for social, domestic and pleasure purposes and incidental business use where you are not using your car during your full-time, part-time or casual working period as an integral means of earning your income.
Business use: Use of your car during your full-time, part-time or casual working period as an integral means of earning your income that you have told us about and we have agreed to cover. Business use also includes social, domestic and pleasure use.

Private use and business use both cover the private use of your car in conjunction with repairing, servicing, testing, free driving lessons, private car-pooling and demonstration for sale provided you are the driver or a passenger during the demonstration.
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V

VIN - Vehicle identification number

Valuation - Estimation of the value of an item, usually by appraisal eg. Jewellery appraisal.
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W

Write-off (AAMI car insurance) - Your car is declared a write-off when in our opinion, it is so badly damaged that it would not be either safe or economical to repair or when it has not been found within 14 days of you reporting its theft to us.

Write - To underwrite, or to accept an application for insurance.

Written premiums - The total premiums on all policies written by an insurer during a specified period of time, regardless of what proportion has been earned. See earned premiums.

Life Insurance Settlements

2008-08-14T03:45:00.000-07:00

What is a Life Insurance Settlement?

Life Insurance Settlements allow a life insurance policy owner to sell an existing policy to a financial institution, called a provider, in exchange for a lump sum cash settlement. The amount paid for the policy is a discounted percentage of the policy's net death benefit and represents the present day value of the policy. This purchase price is determined by considering the insured's estimated mortality (life expectancy) and the associated cost of premiums to keep the policy in force for that timeframe.

There are two (2) types of life insurance settlement transactions:

1. Life Settlements create immediate liquidity from a non-performing asset, allowing policy owners to cash out of unwanted, unaffordable or obsolete life insurance policies insuring a senior generally over age sixty five (65).

Whether you call it a Senior Settlement, Lifetime Settlement, or High Net Worth Transaction, Life Settlements have become a very important factor in the estate planning process for seniors. Prior to the Life Settlement Industry, if a senior owned a policy that was no longer wanted, needed or affordable, there was no option but to lapse, cancel, or surrender the policy back to the carrier for the cash surrender value. Life Settlements allow qualified policy owners to liquidate a policy for an amount much higher than the cash surrender value. Then, these seniors can take advantage of important financial opportunities using the proceeds of an unwanted, unaffordable or obsolete life insurance policy.

Today, with the advancement of Life Settlements as a mainstream financial product, life insurance companies now face competition for the surrendered policies that they once monopolized. The Life Settlement Industry has created a competitive secondary market for life insurance policies. Consumers are now in the driver's seat, free to sell their policies in an open market for the highest available price, well above the cash surrender value offered by insurance companies.
Benefits to policy owners

* Relief of monthly premium expenses
* Additional funds to supplement retirement income
* Higher cash payout than the cash surrender value
* Funds to seek treatments not covered by health insurance
* Generate profit from a non-performing & often worthless asset
* Alternative funding for LTC policies, annuities or other investments

2. Viatical Settlements someone facing a terminal illness to utilize the present day value of his or her life insurance policy to ease the financial burdens that can be caused by the high costs of medical care.

Viatical Settlements

"People with limited life expectancies often face significant financial difficulties brought on by the rising medical costs and loss of income. Viatical Settlements enable them to sell their life insurance policy and use the proceeds to preserve their financial security."

- Trusts & Estates

Individuals have been selling or trading their ownership of life insurance policies since the very beginning of the insurance industry. This, however, was a relatively unknown practice until the AIDS epidemic heightened in the late 1980's. As insured's stricken with the disease learned that there was a living value to life insurance, the Viatical Settlement Industry was born.

After a decade of industry growth, legislation and regulation, viaticals have become an important financial option to many terminally-ill individuals. By selling a policy, many of these policy owners can ease the financial burdens brought on by increased medical costs and compensate for a loss of income due to illness.
Benefits to policy owners/insureds

* Relief of monthly premium expenses.
* Settlement income may Be tax-free.
* Immediate cash to ease financial burdens.
* Additional money to compensate for loss of income.
* Funds to seek treatments not covered by health insurance.
* Funds to pay off debts now, instead of burdening family members in the future.

Contact Us Here at Fast Insurance Deals!

2008-08-03T08:06:00.001-07:00

Sell Your Life Insurance Policy

2008-08-03T07:46:00.000-07:00

Investor groups and financial Institutions are now paying cash to buy unwanted life insurance policies. Whole life, universal life, term life, joint-life, last-to-die and key-man life may qualify.

You might own an unwanted and unneeded life insurance policy that is eligible to be sold for cash and not even know it!

Rising premiums or changed family circumstances can create a situation where you've decided that a life insurance policy is no longer wanted or needed.
For example, many people with unwanted cash value insurance mistakenly believe that the policy value is worth no more than the actual cash value. Even worse, many people mistakenly believe that their unwanted term life insurance can only expire worthless or be lapsed for zero value.

If you are at least 65 years of age and have at least $100,000 of life insurance coverage in force for 2 years, please complete the following Life Insurance Policy Valuation Request and we will have a licensed life settlement broker contact you to let you know if your policy is eligible for resale ad, if so, what your policy might be worth if you were to sell it for a one-time lump sum of cash.

Are you paying too much for Home Insurance?

2008-08-03T07:33:00.000-07:00

Average home insurance premiums by state

The National Association of Insurance Commissioners tracks premiums for HO-3 (protects your home from all perils except those that are specifically excluded) and HO-4 (renters) policies. When comparing your rates to other states, remember that factors driving premiums vary greatly across the country, such as the cost to rebuild a house (and the value of personal property inside), the types of perils covered (such as forest fires, hail and snow storms) and the policy limits and deductibles chosen by homeowners. In addition:

Texas premiums should not be compared to any other state because of Texas's unique insurance policy forms. Florida premiums are underestimated because data did not include rates from Citizens Property Insurance, Florida's insurer of last resort, which has the highest rates in the state. Also, the average includes Florida policies that include windstorm coverage and those that don't, so the average cost of a comprehensive Florida home insurance policy will be higher than the number shown.

Average home insurance premiums

State Average Premium (home insurance) Average Premium (renters insurance)

Alabama $847 $225
Alaska $837 $184
Arizona $635 $219
Arkansas $775 $218
California $895 $157
Colorado $807 $174
Connecticut $823 $199
Delaware $498 $158
Dist. of Columbia $963 $188
Florida $1,083 $202
Georgia $672 $214
Hawaii $837 $215
Idaho $457 $157
Illinois $660 $174
Indiana $639 $177
Iowa $594 $139
Kansas $836 $173
Kentucky $628 $163
Louisiana $1,144 $244
Maine $553 $147
Maryland $696 $163
Massachusetts $827 $220
Michigan $734 $173
Minnesota $790 $150
Mississippi $939 $253
Missouri $688 $173
Montana $663 $163
Nebraska $767 $157
Nevada $671 $211
New Hampshire $636 $157
New Jersey $682 $179
New Mexico $605 $203
New York $842 $223
North Carolina $644 $153
North Dakota $736 $128
Ohio $531 $166
Oklahoma $996 $242
Oregon $491 $168
Pennsylvania $624
South Carolina $817 $189
South Dakota $622 $124
Tennessee $692 $209
Texas $1,372 $269
Utah $477 $146
Vermont $646 $159
Virginia $641 $149
Washington $589 $173
West Virginia $640 $177
Wisconsin $495 $126
Wyoming $649 $158
Countrywide $764 $193

Financial life insurance

2008-07-29T01:28:00.000-07:00

Financial life insurance, financial life insurance company, insurance agents & brokers,life insurance income, life of insurance, income protection insurance, are you confused about the products that are on offer which give you income protection insurance?

Income protection insurance is a product that is that is also sometimes called financial life insurance. For many it offers a great deal of peace of mind that if you or your family are for some reason incapacitated or left without a viable source of income, then you will have an insurance policy which guarantees a certain level of income for a defined period. Often this type of insurance is comparatively cheap and can offer a great deal of benefits.

AFLAC is a leading provider of insurance sold on a voluntary basis at the worksite in the United States and the largest foreign insurer in Japan. Insuring more than 40 million people worldwide, AFLAC is the principal subsidiary of AFLAC Incorporated, an international holding company based in Georgia. At year-end 2002, the corporation's total assets were more than $45 billion, with annual revenues of more than $10.2 billion.

Here is a brief review of some of the American Companies that offer financial life insurance:

AFLAC

A Fortune 500 Company, AFLAC is a leading writer of voluntary insurance coverage marketed at the worksite in the United States, offering policies to employees at more than 300,000 payroll accounts. Fortune magazine named AFLAC to its list of "The 100 Best Companies to Work for in America" for the sixth consecutive year in 2004 and to its list of "America's Most Admired Companies" in the life and health insurance industry in 2004 for its fourth consecutive year.

Metlife

MetLife, Inc. (MetLife) is a provider of insurance and other financial services with operations throughout the United States and the regions of Latin America, Europe, and Asia Pacific. Through its domestic and international subsidiaries and affiliates, MetLife offers life insurance, annuities, automobile and homeowners insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement & savings products, and services to corporations and other institutions. The Company is organized into five operating segments: Institutional, Individual, Auto & Home, International and Reinsurance, as well as Corporate & Other.

Aon Corp.

Aon Corporation (Aon), through its various subsidiaries worldwide, serves its clients through three operating segments: Risk and Insurance Brokerage Services, which acts as an advisor and insurance broker, helping clients manage their risks, as well as negotiating and placing insurance risk with insurance carriers through its global distribution network; Consulting, which provides advice and services to clients for employee benefits, compensation, management consulting, communications, human resource outsourcing, human resource consulting, and financial advisory and litigation consulting, and Insurance Underwriting, which provides specialty insurance products. In January 2007, Aon acquired Footman James from Alchemy Partners (Guernsey) Limited. In November 2006, Aon sold its Aon Warranty Group and Construction Program Group businesses. In March 2007, Aon Consulting’s subsidiary, McLagan Partners, completed the acquisition of Z/Yen Limited, a London-based market intelligence firm.

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Travelex Travel Insurance Review

2008-07-27T04:05:00.000-07:00

Who are travelex and why would I want their insurance?

Travelex plans combine travel insurance with extensive 24-hour emergency assistance services. Travel can mean encountering the unexpected, ranging from the inconvenient to truly serious. Travel protection plans offer comprehensive benefits to meet the challenges of travel and help you enjoy a worry-free trip.

Not sure you need travel protection? We have compiled the "Travelex Top 10" to highlight the importance of purchasing a plan before you depart on your trip:

1. "I’ve become ill and don’t feel well enough to travel"
When you purchase a plan that offers trip cancellation/ interruption coverage within a specified period of your initial trip deposit, you are eligible for waiver of pre-existing medical conditions. That means you can cancel your trip for an unforeseen sickness - and be reimbursed for any non-refundable expenses relating to your trip.

2. "My travel supplier just declared bankruptcy"
Common carriers with financial difficulties are becoming increasingly common. Purchasing trip cancellation/ interruption coverage from a third party like Travelex can protect you and your trip investment against such an occurrence.

3. "I think my son has an ear infection – what’s "ear infection" in Italian?"
Travelex plans offer 24-hour worldwide assistance. Call toll-free to access our 24 hour medical assistance helpline to receive advice or get information on English-speaking doctors in your area.

4. "We were on our way home when the airline went on strike"
The trip delay benefit covers for up to $750 TraveLite/$1000 Travel Plus in non-refundable expenses for strikes that affect public transportation.

5. "I arrived but my luggage didn’t"
Whether your bag is lost or merely delayed, you can be reimbursed for the purchase of clothing and personal articles so you can enjoy your vacation.

6. "My father-in-law fell and injured himself – I normally care for him"
The illness or injury of family members is also included under covered reasons to cancel. It’s important to remember that even if you are fit to travel, other events may make departing on your trip unthinkable.

7. "We missed our connection because of a flight delay"
You arrive in your connecting city but your flight is long gone and the next flight is not until tomorrow morning. The travel delay offers coverage for accommodations and meals.

8. "We were traveling when I suddenly developed chest pains"
When a medical emergency happens far away from home and from proper medical facilities, you want to ensure you receive adequate care. Our medical evacuation benefit will cover emergency transportation for you to the nearest facility or back home.

9. "A terrorist act has occurred in a city through which my flight will be connecting"
Both domestic and international terrorist acts are covered reasons to cancel your trip provided the act occurs in the insured’s city of destination and you must be scheduled to arrive in that city within 30 days following the terrorist incident.

10. "My wallet – with my cards and passport – has been stolen"
Emergency assistance services will assist you in reporting your lost documents and make arrangements for an emergency cash transfer should that be required. As well, the baggage benefit provides coverage for loss due to the unauthorized use of your card.

WHo are travelsafe insurance?

2008-07-24T21:04:00.000-07:00

We review Travelsafe Insurance

TravelSafe Insurance, a division of the Chester Perfetto Agency, Inc. has become the gold standard in travel insurance products through innovation, experience and excellent customer service. The company has been around since 1971, marketiing and administered the most comprehensive policies available in the industry and are leading the way in developing new solutions for the insurance needs of individuals and families throughout the United States and Canada.

What do they offer?

* Cancel For Any Reason, exclusive option which allows you to cancel your trip up to two days prior to departure for any reason and receive a refund of up to 100% your total prepaid non-refundable trip cost.
* A 24-hour emergency assistance number

For reliability and soundness, Travelsafe gets a two thumbs up.

Over Insurance and Under Insurance

2008-07-24T01:16:00.000-07:00

Have you ever wondered what it means to be over insured? This is basically where you are insured significantly above the levels of risk it is reasonable for you to accept. Usually it means you need to get the asset you are insuring. Underinsurance of your house or building means you may have to raise additional finance or sell your property for whatever you can get, to rebuild or replace your house in the event of its total loss. You may not be able to afford to rebuild in the same location/suburb.

Over insurance means you will be paying for more in annual premiums than you need to and will still only receive from your insurer the amount it actually costs to rebuild/replace your house. Under or over insurance results from the property owner failing to accurately estimate the total cost of replacing/rebuilding their house/premises.

How to estimate the total cost of replacing your house for insurance purposes?
Simple “Ready Reckoners’ are provided by insurers to allow clients to determine their house replacement costs. Unfortunately, a September 2005 report by the Australian Securities and Investments Commission (ASIC) called “Getting Home Insurance Right” found that despite help by insurers and use of the ready reckoners, owners frequently continued to either under insure or over insure to a significant level. However, the same ASIC report correctly identified a properly qualified Quantity Surveyor as the best professional to accurately estimate a replacement cost for insurance purposes.

A Replacement Cost Estimate (RCE) for insurance purposes provides the cost of rebuilding a property in the event of partial or total destruction. It includes the costs of demolition, site clearance, rubbish removal, professional fees, compliance costs etc as well as the costs of reconstruction and can be adjusted for inflation. In a partial loss, careful demolition is required to save the remainder of the building and this can result in more complex and costly procedures.

A Quantity Surveyor has access to a construction cost data base and estimating techniques necessary to determine the cost of construction which is the cost required for your insurance purpose. A market valuation as provided by a Valuer is not the same as the cost of construction and can vary considerably over or under the actual cost of construction.

What will it cost and how often do I need a replacement cost estimate?

The expense of a Replacement Cost Estimate (RCE) for a commercial or investment property is tax deductible for the owner. Unfortunately, it is not tax deductible for residential homes occupied by the owner.

The cost of obtaining an RCE from a properly qualified Quantity Surveyor will vary from property to property and depends on many factors e.g. property location, size, age, design, construction method, materials, complexity etc.

However, the RCE expense may be amortised over a number of years as in most cases RCE need only be done every 3 to 5 years or more depending on the type of property and the economic situation or inflation.

Consequently, the cost of an RCE for most suburban/city residential homes could average less than a couple of hundred dollars a year but owners will need to obtain a quote from a properly qualified Quantity Surveyor.

How do you contact an AIQS member?

Visit the AIQS website at http://www.aiqs.com.au and find the Members’ Business Register for contact and location details, or look in the Yellow Pages under Q and find the AIQS logo, or telephone (02) 6282 2222 or email contact@aiqs.com.au

The AIQS is a national professional body recognised internationally for its high
standards and with a large overseas membership. It is the regulatory body for the
quantity surveying profession in Australia and plays a major role in both national
and international peak industry bodies which influence Government and industry
policies and set standards of worlds’ best practice.

Firt Insurance

2008-07-19T02:49:00.000-07:00

Who is first in insurance?

There are many who claim to be the first in insurance. We are taking an ongoing review of who is really the first in insurance. If you have an experience of a company which you want to share. If you thought they were good or bad or indifferent, let me know. I am compiling information on Americas Insurance Companies to help you find the best deal possible.

Today we are reviewing America First Insurance.

One of their products is the Commercial Protector it seems to be a decent product. It is broad commercial insurnace which can be extened to things like loss of refrigeration and back up of sewer, liability can also be extended,

Review of First Insurnace

2008-07-08T18:38:00.000-07:00

Save money on auto insurance

First Insurance Review

Company Information:

First Insurance Company of Hawaii, Ltd. has been providing coverage for Hawaii's families and businesses since 1911. It is the state's largest locally established property and casualty insurance carrier, earning an “A” rating from A.M. Best along the way. It offers a wide variety of personal and commercial insurance products and have a customer service focus.

Products:

First Select Portfolio (FSP)
The only personal insurance package of its kind in Hawaii, and specifically designed with Hawaii homeowners in mind, the First Select Portfolio protects your major assets in a single, comprehensive policy. The FSP combines homeowners, automobile and umbrella insurance (optional) at a great value, and each policy can be tailored to suit your needs and add further protection where you want it. The FSP package policy is flexible, efficient, cost-effective and delivered with First Insurance's commitment to excellent customer service.

First Insurance Products

Personal

Homeowners

Dwelling Fire

Personal Umbrella

First Insurance offers a Personal Umbrella policy to enhance and protect policyholders and their assets in the event of a significant personal liability claim beyond the limits of standard homeowners and automobile coverage. If you have substantial assets to protect, the First Insurance Personal Umbrella policy should be considered a part of your risk management and wealth preservation program.

Auto

Personal automobile coverage is enhanced with FICOH's Direct Repair Program (DRP). With DRP, multiple estimates and a meeting with an appraiser are not necessary. Using a certified DRP auto repair shop means speedier vehicle repairs and a satisfaction guarantee on workmanship for as long as you own your vehicle.

Business

1st Choice Businessowners Policy

A single, convenient package for your property and liability exposures, the 1st Choice policy has coverage for everything from theft to computer equipment failure.

First Advantage Programs

FICOH designed this specially-tailored program to meet the specific needs of businesses within certain industries and professions.

First Safe Restaurant Safety Program

Premium discounts, credits and benefits reserved for restaurants that emphasize safety as a foundation of their business practices.

Risk Control

Controlling risks is a great way for any businesses to lower insurance costs and enhance its bottom line. We offer a number of resources to help you augment your risk-control efforts.

Property

We offer a family of property coverages designed to protect your business's physical assets and the income they produce from loss due to direct physical damage. We focus on prevention, but in the event of a loss we help restore your business operations as quickly and efficiently as possible.

Commercial Automobile

This coverage extends comprehensive protection for bodily injury property damage caused by owned vehicles used for business. Coverages can include auto liability, uninsured motorist coverage, personal injury protection, and physical damage coverage.

Commercial Package

First Insurance CPP (Commercial Package Policy) is the most comprehensive of its type available in Hawaii. It is ideal for larger commercial businesses with large property exposures. CPP can cover general liability, property, umbrella, crime and theft, with additional endorsements available as needed.

Fidelity Bonds

Fidelity bonds guarantee that bonded employees will handle their employer's money and property with "fidelity". Although no one can guarantee an employee's honesty, a First Insurance fidelity bond protects you and your customers from loss incurred by dishonest acts of your employees.

Inland Marine

Inland Marine policies can be written to include property in transit, contractor's equipment, certain warehousing operations and other non-standard property coverages. It can also be applied as additional protection for high-value property.

Surety

First Insurance surety products are designed to serve the middle market and emerging market contractor segments and the small commercial and small contract bond segments. We concentrate our resources on understanding and filling your needs, and we're sensitive to the fast turn-around time required in many bonding situations.

Umbrella

First Insurance offers umbrella coverage for additional levels of protection on First Insurance-issued commercial auto, general liability, and property policies.

Workers' Compensation

Workers' Compensation coverage delivers the necessary and important statutory medical and indemnity benefits to employees for injuries arising from their jobs. Injured workers are provided coverage for required medical treatment and benefits for loss of time from work.

Equipment Maintenance Management

Designed to assist business owners and managers organize their maintenance expenditures and warranty packages into one cost-effective and efficient program. (Underwritten by Specialty Underwriters).

Additional Commercial Protection

First Insurance also offers Temporary Disability Income (TDI), Plate Glass, and a range of additional coverages and endorsements to enhance standard commercial policies.

Risk-management Products.

First Insurance has a number of risk management products available:

Excess & Surplus and Specialty Lines
Flood Insurance
Captives
HSA Home Warranty

So there you have it! A quick review of the services of First Insurance. They are a company with a broad range of personal, commercial and risk management products. Take a look at them today or email us here at david@fastinsurancedeals.com

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Convention Insurance

2008-07-07T06:15:00.001-07:00

It is a little known fact that there is a large amount of risk involved in the operation of large meetings, conventions and conferences. There are any number of things which could go wrong. Accidents can result in public liability to a law suit, there can be fires, or damage to the property of the convention centre, certain key people in the conference may be unable to perform their duties resulting in the need for refunds to conference participants and any number of other problems may result. There are a some companies who now offer products called 'exhibitors insurance', 'covention insurance', 'meeting insurance' and similarly named forms of financial protection against the liaibilities that could be incurred by a large debt. Email us here or check out these companies to enquire about how we can offer you exhibition insurance.

NASEP Toluca Lake, California United States
AON Insurance Services Washington DC, District of Columbia United States
Holmes Murphy Dallas, Texas United States
Assurnet Insurance Las Vegas, Nevada United States
TradeShowStore.com Dallas, Texas United States
ExhibitorInsurance.com Latham, New York United States
CSI Entertainment Insurance Dallas, Texas United States
Frankel Insurance Los Angeles, California United States
Buttine Exhibition Insurance New York, New York United States

Car rental insurance

2008-07-07T06:02:00.000-07:00

Many believe that they do not need car rental insurance. Many young people routinely dismissed the sales pitches for collision damage waiver (CDW) and other insurance products. Later on people often find out that in order to protect their family at a later point you will have to pay for insurance at a much higher rate. Sometimes, these people become the victims of rental firms that intentionally wait until the last minute to hard-sell insurance options — or that some rental agents get incentives to push CDW at the counter.

To buy or not to buy

Most drivers are adequately covered for the average rental (assuming it's for pleasure and not business). To assess your own status, here's a rundown of the steps you should take:

•Check your personal auto policy. If you own a car, talk to your insurance agent. The same coverage and deductibles you carry on your car will apply — in most cases — to a vehicle you rent for pleasure. But be careful: If your policy provides skimpy coverage, you may need to compute the value of the loss or damage of a brand-new vehicle and decide if you need to supplement it. For example, many owners of older cars don't always carry comprehensive coverage for accidents, fire and theft.

•Check your coverage by your charge card company. This can be tricky because not only does coverage vary from card to card, but it can vary based on the bank or credit company that issued the card as well. And it's very important that you inquire about exclusions because some exotic or expensive vehicles — such as sports cars, SUVs, motor homes and motorcycles — may not be covered. And vehicles rented outside the U.S. may not be covered, either.

What do you think? Is car rental insurance necessary or a waste of money? Leave a comment at the bottom of this article.

•Check your company's corporate travel policy. If you're on company business, full coverage is probably provided.

There are other factors that may influence you to buy insurance through a car rental company or travel insurance provider. These include driving under unfamiliar circumstances or driving in another country. Or you may want to avoid the hassles of dealing with repair bills and deductibles.

In addition, if you don't own a car or you rent cars very often, you should ask your insurance agent about buying a non-owner liability policy. For a few hundred dollars a year, it can provide ample coverage for multiple rentals and may prove to be a better bargain than CDW.

Here are the four types of optional insurance offered by most major car rental firms:

•CDW (collision damage waiver) and LDW (loss damage waiver). This relieves you of financial responsibility for a rental vehicle damaged by an accident, vandalism or theft. It usually costs between $9 and $20 per day. Note: Although the sale of CDW was formerly prohibited in New York state, recent legislative changes now allow it.

•SLI (supplemental liability insurance). This provides excess liability coverage up to $1 million. It usually costs between $7 and $9 per day.

•PAI (personal accident insurance). This covers you and all passengers in your vehicle for any medical expenses. It's not necessary for most renters already covered by personal health policies or travel policies. It usually costs between $3 and $5 per day.

•PEC (personal effects coverage). This provides coverage for theft of or damage to personal items inside the rental car. Again, it replicates coverage already provided to many renters through their own insurance policies. It usually costs between $2 and $5 per day.

Help on the Web

For further information, check out the car rental company's Web site to examine the insurance options. But be aware that most firms don't post prices on their sites; for that, you'll have to call the toll-free reservations line with the specifics of your rental.

Here are some other sites that could prove useful:

•Risk & Insurance Management, a program sponsored by the University of Utah that includes insurance coverage analysis.

•U.S. Public Interest Research Group is a national advocacy office, with links to individual state PIRGs.

•The Insurance Information Institute, a New York-based organization dedicated to "improving public understanding of insurance."

• Several state governments provide helpful advice via the Internet for consumers buying auto rental insurance. One of the more comprehensive Web sites is maintained by the New York State Insurance Department.

Graduation Insurance

2008-07-07T05:48:00.001-07:00

Graduation from College is a wonderful event because it represents a enormous amount of achievement, experience and training. At this time, many people think about their commencement ceremonies and graduation gifts. However, there are also some practical financial realities which must be faced. Graduation means no more health care coverage under your college health care plan and, once you are no longer a full-time student, no more coverage under most of your parent’s plans.

Hospital stays and doctors fees mean that it is not a good strategy to think you are going to remain healthy or that you can wait until you get your first job for coverage. Not all employers offer health care coverage automatically, and if they do so there may be a waiting period. It could be just too life-damaging to come out of a walk-in care facility for a broken arm or leg with a debt of $30,000 - $50,000.

You have a some options available to you.

1. College Health Plan Extensions

Some colleges are now offering health care plan extensions for graduates for a short period of time at lower group plan costs for the graduation gap. You should check with your college’s business office before graduation. Sometimes, college alumni associations will also offer well-priced health care under a group plan that could cost less.

2. Temporary Short Term Health Care Insurance

It is possible to get health care plans on a month-to-month basis. The premiums are usually minimal. There may be no coverage for pre-existing conditions or payout caps, but many cover most procedures and general care at 80%, although the deductibles may be higher, in the $500 to $1,000 range.

3. Traditional Health Care Plans.

You can also purchase traditional health care plans. These are more expensive but usually more comprehensive. In shopping for traditional health care coverage, you should be sure to ask about drug prescription coverage, whether or not the plan covers pre-existing conditions, and what kinds of notification is necessary prior to having procedures down in hospital or in the emergency room. If you are looking to keep the cost of such plans down, you should consider raising the deductible, making sure you have several quotes from different companies for the best price, and considering an HMO, which may limit your access to specialists but still offers you coverage from a list of many health care professionals.

This site can help you locate providers, even in your local area; will give you free insurance quotes. You can also get free insurance quotes from top notch insurance companies such as Blue Cross-Blue Shield and Well Point at InsureMe.

So what are you waiting for? Get a free quote by clicking to the right today.

5 Tips to Lower Your Auto Insurance

2008-07-02T17:00:00.000-07:00

Are you paying too much for your auto insurance? Find out how to save a few dollars of your insurance by using a bit of common sense. Here are five quick tips to make sure you are paying the lowest possible premium for your car insurance.

1.Drop comprehensive coverage from your auto insurance.

If your car is older and you’ve finished paying it off, do a few calculations to decide if you really need to continue paying for comprehensive coverage. Most experts recommend that if you are paying a premium that is more than 10% of the current market value of your automobile, you really don’t need comprehensive insurance.

2.Car pool to work.

The more miles your car is driven, the higher is the risk of an auto accident. By reducing the number of miles you drive back and forth to work, you’ll reduce your risk of accident, and your premium will also drop. Consider taking public transport to work at least a few days a week. The idea is to reduce the miles your car is on the road each year.

3.Compare insurance premiums and policies before you buy.

Most people spend weeks researching the car they want to buy, but less than fifteen minutes choosing their auto insurance carrier. Even in states where insurance rates are regulated, you can realize substantial savings by shopping around for the best policy for your needs. A price comparison site that lets you get real time quotes for your auto insurance policy is a great tool to check your policy against other comparable policies.

4.Buy your auto insurance through the same company that insures your home.

It’s not a tried and true fact, but you may get a bargain if you use the same insurer for your home and auto insurance, especially if you work through the same broker or agent. In many cases, your agent may be willing to take a slight cut in commission to keep your business.

5.Review your auto insurance annually, and compare rates again before renewing.

It doesn’t take long to check premiums at a few other insurers once a year, but few people can be bothered. Insurers count on that inertia to keep customers from jumping ship over small rises in premium prices.

So what are you waiting for? Get a free quote now!

Top 10 Tips when buying insurance - health, life, auto and homeowners

2008-07-02T16:55:00.000-07:00

1. Buy life insurance when your young and healthy.

2. Smoking will dramatically raise prices of your life and health insurance premiums.

3. Buy Return of Premium instead of regular term life insurance. (You get all your premium back once the term is done.)

4. Don't let your health insurance lapse. (You may not be eligible if your health is not the same as it was before)

5. Lock into a health insurance policy when your young. (Getting health insurance when your older is much more difficult)

6. Always go with a large known company. (This is true for all your Insurance needs)

7. Always negotiate your claims, especially with auto insurance. (Your auto insurance company will try to give you the least amount they can)

8. Research homeowners insurance prices in the area your considering before you purchase your home. (Some homeowners insurance can be extremely expensive depending on the location. Ocean front property in hurricane spots can run very high premiums).

9. Be sure your Doctor records events accurately. (A misdiagnoses can mean increased health insurance premiums or if your uninsured it can mean uninsurability.)

10. Security alarms, certain siding and roofing materials can dramatically lower homeowners insurance premiums. (Consider these factors when building your dream home.)

Top 10 Car Insurance Traps

2008-07-02T16:40:00.000-07:00

1. Cover - Without it you have not only paid for nothing, but you’ve denied yourself the opportunity to be insured for the collision you have just experienced. Don’t ever pay good money for bad insurance cover.

2. Price - Yes, Cash is King, but consider also flexibility options such as paying by the month, nominated-driver-only cover and increasing your excess to reduce the premium.

3. Communication - Your insurer needs to be contactable by phone (preferably 24/7), online so you can compare the policy cover and have a physical office reasonably close to you, just in case.

4. One-stop assessment - Assessing centres for car insurance claims are now quite common, but alternatives such as one quote only from preferred / nominated panel shops are often just as speedy.

5. Repairs guarantee - As the market competition heats up, ask if the insurer offers a lifetime guarantees for workmanship on collision damage. Check the fine print though, and don’t forget to ask for new parts if it’s a new car.

6. Agreed or market value choice - There are some interesting hybrids around the insurance market which merge these terms, so be sure that your "agreed value" is not actually market value, up to that agreed amount.

7. Lifetime Rating 1 - the days of Ratings 1 to 6 seem to be ever diminishing, to the ultimate point where all policies will be underwritten as "Rating 1", but again, as there are several variations on the lifetime rating theme, it’s important to check the details.

8. Hire Car - complimentary use of a hire car has been around a long time for cars stolen but unrecovered, (where the claim has been admitted). The offering of hire cars has been widened quite significantly however, so don’t forget to ask if one is available.

9. Low Risks - insurers are free to adopt certain "Underwriting Guidelines" to basically target any segment they wish, so if you are considered "low risk" - use it to your advantage and shop around!

10. High Risks - some drivers and / or cars will be "hard to place risks" so far as insurance underwriters are concerned, but as with "low risks",

“Who has the best deals for travel insurance?”

2008-07-02T02:44:00.000-07:00

Many travelers want to know, “Who has the best deals for travel insurance?”

There is no easy answer to this question. It is hard to single out 1 travel insurance company as having the best deals. Each company, and more importantly, each policy, has different coverage and levels of coverage. Therefore, they have different prices.

Cheap is not always the best way to go. The important thing its to get the coverage you need. It will do you no good to buy the cheapest trip insurance plan, but not have coverage for that lost suitcase or missed flight.

Decide what coverage is most important to you, and how much. Every plan varies. If you are going abroad, and want to make sure you have medical coverage, you will want to pay special attention to the travel medical policies. If you are concerned with a last minute cancellation due to the illness of a sick family member, you will focus on trip cancellation insurance, or “cancel for any reason” coverage.

Here are the steps to finding the best deals for travel insurance:

1. Decide what coverage is most important to you and your trip
2. Compare travel insurance using a comparison site, such as Squaremouth.com
3. Find the policies with the coverage you are comfortable with, then look for a price that works for you

It’s that simple.

To give you an idea of how the different the premiums can be, here is a comparison chart of the rates from various companies and plans. This is a quote for a 30 day trip, trip cost of $10,000, medical coverage of $10,000, for 2 32 year-old travelers:

Company Plan Cost

AIG Travel Guard Essential $600
CSA Travel Protection Freestyle $617
AIG Travel Guard My Travel Guard $627
AIG Travel Guard Essential Expanded $682
American Express Global Travel Shield Classic $722
Travel Insured Worldwide Trip Protector $756
AIG Travel Guard Protect Assist $790
Travelex TravelLite $802
CSA Travel Protection Freestyle Luxe $823
Seven Corners RoundTrip $823
Travelsafe Vacation Insurance $838
American Express Global Travel Shield Deluxe $842
M.H. Ross Enhanced $849
Global Alert! Preferred $859
Seven Corners RoundTrip Choice $859
Access America Classic $870
HTH Worldwide Trip Protector $918
M.H. Ross Enhanced Extra! $1,041
Global Alert! Preferred Plus $1,051
HTH Worldwide Trip Protector Preferred $1,114
Travel Insured Worldwide Trip Protector Gold $1,137
RBC Travel Protection Standard $1,146
AIG Travel Guard Cruise, Tour & Travel $1,226
Travelex Travel Plus $1,242
RBC Travel Protection Deluxe $1,259
Access America Deluxe $1,472

As you can see, there is a big gap between the cheapest and the most expensive plan. You can bet there is more coverage for the Deluxe plan from Access America, and less coverage in the AIG Essential plan.