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Funny Insurance Claims and Stories

FinanceGuy — Thu, 26 Aug 2010 14:42:53 +0000

Is Insurance Funny?

Specialty Insurance - Tom Jones?

Most of the time, when we need to make an insurance claim, it is not an amusing event. However, as Jimmy Buffet sings, If we could’t laugh, we would all go insane! So let’s take a couple of minutes out of our very serious day to consider some funny insurance claims and stories. Our criteria here is simply to present some stories that are weird or amusing, and we hope to generate a few smiles.

Methods To Our Madness (Mwahhhh)

Believe it or not, there is actually some educational value to this post. You may not know that you can purchase specialty insurance for many unique events. This is actually a common type of business insurance policy. For example, let us say you are running a charity hole in one golf event. You can purchase a policy to cover your event against the rare chance of one of your participants actualy sinking that putt!

Funny Insurance Claims Forms

Here are some funny quotes from insurance claims forms. I’ll warn you that some of this is grim humor, but I’ll bet you’ll crack a smile all the same!

A pedestrian hit me and went under my car.
The telephone pole was approaching and I was attempting to swerve out of its way when it struck the front end of my car.
The guy was all over the road, I had to swerve several times before I hit him.
Coming home I drove into the wrong house and collided with a tree I haven’t got.
An invisible car came out of nowhere, struck my car and vanished.

OK, these claims made me laugh in spite of myself.

Weird Insurance

These may be funny, extravagant, hard to believe, or just weird!

Alien Abduction Insurance – By the way, the same London insurance company also writes a policy in case you are eaten by alience, and not just kidnapped. Goodfellow Rebecca Ingrams Pearson (GRIP) is the British brokerage that has this market covered!

The best part of this story is that the company has actually paid out a 1 million pound claim, but that claim was made by a business partner.

The same company will also issue policies against other calamaties from other dimensions. If you are concerned about turning into a Werewolf (of London?), they can insure you!

Celebrity Insurance

It actually does not sound that odd that Bruce Springsteen may have insured his voice for $6 million dollars. After all, that voice is his business and a lot of people depend upon it But it does seem a bit odder that Tom Jones insured, not his singing voice, but his chest hair for $7!

If you have some more normal insurance needs, you may want to get a fast online insurance quote!

Do you have any funny insurance stories to add? Register for free and comment away!

Condo Insurance Policies vs. Homeowners Insurance

FinanceGuy — Sun, 08 Aug 2010 18:13:46 +0000

Condo Owners Insurance vs. Traditional Homeowners Insurance

Look At Condo Owners Policies

Yes, you own your condominium

, but the nature of that unit is a bit different than a traditional free standing home. So your condo owners insurance will be a bit different than traditional homeowners insurance. And this will also be a bit different than a renters policy if that is what you were used to before.

You own your unit, but it is within a buidling that shares some common structures with the whole building. That building is probably managed by some type of conominium association. This association will have a policy that covers common areas.

So, your policy will not cover the common areas or building that are covered by the association policy. This answer may seem sort of evasive, but that is because this may differ in different states or, even, in different condominium buildings. A common roof or swimming pool may be covered by the building association policy, while your own internal fixtures or personal property would be covered by your owner’s policy.

There may also be other exclusions to your policy, but these will be determined by the particular insurer you use and how you structure your policy. For example, and ordinary policy may not cover floods or any activities associated with running a home business.

Condo Owner Insurance Costs

We cannot begin to give cost estimates either. An Arizona or California condo policy will be different than a Florida Condo Insurancce policy. And of course, the value of the unit, where it is located, and your own insurer will affect the premiums. Even if you use the same insurer and have an identical unit to your next door neighbor, your premiums could be different because of your credit rating, personal property, etc.

You, or your neighbor, may also be entitled to homeowners insurance discounts. For example, insuring a vehicle and a home with the same company is a common way to earn a discount.

If your condo is a second home, and you lease it out sometimes, be sure to let your insurer know this. You may also need landlord coverage, in addition to your condo owner’s policy.

That is why we urge you to take a few minutes to get fast insurance quotes with competitive, name brand companies. You can find information online, and you can also find qualified local agents to help you get comprehensive coverage at an affordable price.

Best Auto and Home Insurance Discounts

David — Sat, 31 Jul 2010 15:41:37 +0000

Maximize Your Insurance Discounts For The Best Auto and Home Insurance!

Sure, you probably knew that the larger insurers would give you a good auto and home insurance discount, but did you know this could be maximized for the largest savings from the top companies? And, did you know that you do not have to be a homeowner, in the traditional sense, to take advantage of these savings? Renters, condo owners, and landlords can also benefit! If you have another type of home, you may be more interested in reading about mobile home insurance discounts here.

How Much Are Auto and Home Discounts?

Look at some typical figures from major insurers. Keep in mind that insurers are different, and your rates and discounts will surely vary. That’s why it pays to shop around!

For a home owner (house), condo owner, or a renter who also places an auto insurance policy, savings should be about 15%.
Protective devices (burglar, fire alarms, etc.) can save an additional 15%.
Renovations or New Construction – You may save another 15% for renovations or construction that is fire resistant.
55+ Discounts – Some insurers will shave off 10 – 15 percent for customers who are over 55!

Does 15% sound like a lot? Well, actually if you consider your yearly premium amount it can start to add up! But if you start collecting one of more of these discounts, they really start to add up. How would you like to save 15%, 30%, or more?

Again, insurers offer different discounts. For example, some large car insurance discounters do not offer home policies at all, so you have no opportunity to take advantage of these discounts. It pays to shop around for a good quality company who give you the best deal on home insurnace and auto insurance!

We certainly provide quote forms with the opportunity to take advantage of this!

Best Term Life Insurance Rates (Really!)

FinanceGuy — Sun, 25 Jul 2010 20:16:24 +0000

Beware of The Best Term Life Insurance Rates!

Beware The Best Term Life Insurance Rates!

That may sound like a severe warning, to ask people to be careful of the best quote they got for a term life insurance policy. But policies and pricing schemes different. What looks like the best rate today may not look so good in 5 years. And yes, we have said before that insurers are different, and you can save money by comparing rates. But just be sure you are – as they say – comparing apples to apples.

Note: Take Advantage of Our Life Insurance Rate Quotes

Does The Term Policy Have a Conversion Option?

Some cheaper term policies do not have an option to convert, before the policy expires, to a permanent policy without having to resubmit to health underwriting. That cheap 10 year or 30 year term policy may be great now, but it is also prudent to keep your options open the future.

Many peope don’t even consider the value of an option to covert later. If you are healthy today, that’s great. But it is hard to know what will happen in a few decades, and it is nice to know you have left the door open to buy permanent coverage at standard rates, even if you do happen to get sick or old (as we all must).

Sure, rates for whole life will be higher, per amount of coverage. Most people solve this by settling for a much smaller death benefit to cover retirement needs. They an also use the permanent coverage in a senior life settlement, and actually sell that permanent policy for a percentage of the death benefit while they are still alive.

Are The Best Term Rates Guaranteed To Be Level Through The Whole Term?

Most of the time, the rates you are quoted in year one of your policy, will also be the rates you get in year 20. But sometimes, we have seen cheaper quotes because the quote was only guaranteed for 5 years! That means the price could go up in year 6, go up again in year 11, etc. Over the whole term of the contract, the policy owner would actually pay more.

Are You Really Qualified for That Super-Preferred Rate?

We have seen a lot of ads for cheap term life insurance that promoted the very best rate that only 6 people in the whole state would every qualify for. Once people applied, the actual price came back quite a bit higher, and those applicants were unhappy. But those best rates could be reserved for people who had no bad health habits, no family history of disease, great credit, and the perfect height and weight. Can you control all of this? We do not think that most people can.

The Term Period Matters Too

Even if you are comparing identical products, you must know that the best 10 year term rates will be lower than the best 20 or 30 year terms. The longer the insurer takes a risk, they more they will charge for that risk. The ten year term policy will be cheaper because the insurer only has to guarantee the price and coverage for one decade, and not for 2 or 3 decades.

Other Term Life Riders

Some policies may also come with other valuable features that make them more expensive, but more useful. Return of premium, waiver of premium, disability, or critical illness riders can add more coverage, but raise the premiums. If you do not want to pay for these options, that is your choice.

We just want you to be sure you understand what you are paying for!

Federal High Risk Pools : Health Reform Updates

David — Wed, 21 Jul 2010 16:01:24 +0000

Federal High Risk Health Pools Are Coming To Your State!

I noticed a note on the Texas High Risk Health Pool website when I was doing some research for a client.

Enrollees in the new federal pool program will pay standard market premium rates and their coverage will not be subject to any preexisting condition exclusion. Funds for the Federal Pool are limited, so eligible applicants should apply as soon as possible.

Federal High Risk Health Plans

What I took away from this is that, for now, the federal plan is being implemented, but will work in conjunction with the state risk pool. I get the idea that the premiums will be a bit lower, but that limited slots are open. I guess it will work on a first come/first served basis.

Now, as you may know if you are interested in health insurance risk pools, is that every state has their own way of handling individuals who have been declined for private major medical insurance. Apparently the federal plan is also being implemented on a state by state basis too. The point of this is that you need to check with your own state’s high risk plan, and the Texas website is just an example. This is the federal high risk health pool website.

What Are High Risk Health Pools?

Individual insurers can decline applicants if they do not meet the plan underwriting criteria. These declines may qualify for a state plan that covered “high risk” underwriting cases. Not everybody qualified, and the premium, in some states, was fairly high.

It is beyond the scope of this article to outline the requirements for every state, but it should be simple for you to find the website for your own state plan. However, let me list of of the federal plan requirements.

You must be lawfully present in the US. This is defined as a US citizen or national. The federal website has a list of documents that you must present in order to prove this.
You must have been uninsured for at least 6 months. I’m not sure why they have this requirement.
You must have had a problem getting private coverage because of a pre-existing condition. This plan is not for fairly healthy people who could qualify for individual health insurance! You can visit the link in the previous statement to find individual health insurance plans in your local area. It only takes a few moments to fill our the quote form, and it can put you in touch with competitive health insurance companies in your local area. They will have the information you need.

There is also a placce on the website to find your state high risk pool. There are some individual state rules too. I know this sounds complicated, but traditionally, most insurance is regulated by states, and not the federal government. That’s why I suggested looking for your own state website.

Advantages of The Federal Health Pool

I think the plan will come in cheaper than many state plans. I cannot really go into more details, because as it says on the federal website, the plans will vary by state! For my own state, it looks like the federal plan has less qualifications and lower premiums.

Good Luck!

Why Bother To Compare Auto Insurance Quotes Today?

David — Sun, 18 Jul 2010 18:53:21 +0000

Why Compare and Review Insurance?

Should You Bother To Check Auto Insurance Quotes Now?

Well, if you have just run some comparisons a week ago, you are probably in good shape. But you really should pay some attention to your current policy every year or so. You should review your coverage to mae sure it is up to date and includes what you think it should. You should also take a little time to do some comparison shopping because the whole market may have changed, and you may not getting the sort of deal you deserve.

Why Compare and Review Insurance Policies?

That, in my opinion, is wht you should compare online insurance quotes, every so often. The insurer who was cheap and friendly to you a couple of years ago may not be the most competittive one for you this week. That could be because of market conditions in the whole insurance business, or it could be because something has changed in your personal situation.

As an example, my son left for college. As a young adult, he was a high risk driver, and he was expensive to cover. Well, I still needed to keep him on my policy, but instead of having him be a named driver, he could be an occaisional driver on my car. This was a lot cheaper, but I would not have thought about it if I had not reviewd my policy with an agent.

But what I have also noticed is that a new agent or insurer may be very helpful because they want to get your business. When you sit down and review costs with a potential new agent, they can be very motivated to help you find ways to save money on auto insurance. This helps them earn your trust, and may also get you to pass on the names of your friends or family.

Why Compare Online?

It is just so much easier to use an online quote form than it is to call around and set appointments. The system will match you with top local companies. You will still have choices, as they usually give you 3- 5 quotes to compare. But you will not have to start digging into many dozens of companies.

Long Term Care Health Insurance and Health Reform

FinanceGuy — Fri, 16 Jul 2010 18:10:12 +0000

Health Reform: Long Term Care Insurance

Long Term Care Health Insurance

One thing that really surprises me, with all of the talk and debate about heath reform, is that there has been little discussion about new long term care insurance plans. Planning for nursing care should be considered by anybody who is doing retirement planning these days, and I think that a lot of people do not consider it because they just do not know how much it costs or figure some government plan already exists to take care of that concern.

Find Out How Much Long Term Care Insurance Costs - Compare Local Quotes For Free

Since long term care health insurance is a type of heath insurance, it has been included in the new health reform bill. However, what has been included is NOT comprehensive, and it will not remove the need to plan.

The details are not totally firm yet, but you can search for the CLASS act. It proposes a voluntary long term care insurance program that workers can opt out of. It has been devised to be self supporting, so it will not rely on any federal tax money.

What We Know About The CLASS Act

If the enrolled people pay the premiums, which are scheduled to be adjusted for lower income people, and they are in the program for a waiting period (5 years), it will pay $50 a day for nursing care. This care could be from a nursing home, assisted living facility, or at home health care.

As this plan has not yet been implemented, and as it also will require a waiting period, it will not provide any immediate relief for people who need nursing care. Also note that the plan is not just for senior citizens who are of Medicare age. Disabled people of any age who meet the other qualifications could use the plan benefits.

Do We Need To Worry About Long Term Care Insurance?

This will not totally remove your concerns. Even today, nursing homes can cost over $100 a day or more. So the new plan may pay half to a third of the total price tag. It should help remove some concerns, but it is not a total solution.

Many people assume that some federal program is already in place to take care of the rest. Understand that Medicare, the federal health insurance for disabled people and seniors, only covers SHORT TERM CARE. Medicaid, the US health insurance for low income people, forces people to spend down most of their assets to qualify. So there are some governement programs, but they are hardly perfect either.

Nursing Care Solutions

One common solution is long term care insurance (LTCi). There are even tax qualified plans that can be used as a tax deduction today. There are also LTCi alternatives like savings or annuities and life insurance with nursing care riders. The important thing is to learn about your options, and try to choose one that will provide security for you in the future and work with your budget today!

For more information, you might find this interesting: Pros and Cons of Long Term Care Insurance

Otherwise, we welcome any discussion in the comments!

Not One Best Home and Car Insurance Company For All!

FinanceGuy — Sat, 10 Jul 2010 15:49:00 +0000

How To Find The Best Auto and Home Insurance Deals For You!

No Best Insurer For All!

So many people own homes and cars. They ask this question:

What is the best auto and home insurance company?

In most areas, there are dozens of competitive insurers who are all spending a lot of money competing for your business. If there was one right answer to the question of which one was the best, I am sure there would be less insurers. Each one has their own bottom line, underwriting guidelines, and discounts they can offer to consumers So the question should be, how can you find the right insurer for your family!

Visit This Page: Best Auto Home Insurance Quotes

As you know, your rates are determined by the insurer because of many individual factors that will end up being unique for every family. Your car insurance rates will be affected by your age, driving history, the type of car, and how the car is used (plus quite a few other things). Your home insurance rates will be determined by the age and value of your home, where you live, your policy deductible, etc.

Insurers are not all the same! I found this out the hard way after I had to add a new driver to my policy. The insurer who gave such great rates to me, as a middle aged driver with a fairly clean driving history, tripled those rates when I added my son! And that company did not even offer home policies, so I had to shop elsewhere for that policy!

I did shop around a bit, and then I ended up with a larger company that was willing to work harder to absorb the risk of the new driver in order to get all of my other business which included auto, home, and business policies! I ended up saving about two hundred bucks a month which was quite signifigant to me!

The trick here is to find an easy way to compare quotes and get the best homeowners insurance company for a family like yours. These days, internet quote forms make this pretty easy. And be sure to take advantage of car and home discounts that large insurers will offer because it helps them save money on marketing and administration too!

You can start here – Compare Insurance Rates with our safe and free online forms!

Can Elderly Peope Still Buy Life Insurance?

David — Fri, 09 Jul 2010 03:22:37 +0000

Do Elderly People Need Life Insurance?

Even though we tend to associate life insurance policies with young and growing families, there may still be some good reasons why older people seek policies. The reasons vary with the situation and needs of the families that are involved. They range from simple reasons like funding a funeral to complex estate or business transfers. Learn some more reasons that seniors buy life insurance policies.

Older People Can Find Life Insurance

Either way, people from about 65 to 85 may be able to find a policy. There are even brokers that specialize in handling these types of cases for older people or people with health issues that may not get accepted in the usual types of policies that we see advertised on TV or the Internet.

Find senior life insurance brokers ==> Life Insurance For The Elderly

Younger seniors, in their 60’s or 70’s should be able to find ten year term policies if they are fairly healthy. Less healthy seniors, or older seniors, may have to purchase whole life insurance in a smaller amount. I have found term policies that accept applicants up to about age 75, and whole life insurance policies that accept applicants up to about age 85.

How Much Does Senior Life Insurance Cost?

Rates will depend upon many factors, and these include the size and type of policy, the age and health of the applicant, and the particular insurer that the policy is purchased from. In order to find the best deal for you, it is important to compare quotes and policies. But before you go shopping, make sure you understand why you want to buy a policy and examine any alternatives that may suit your needs. Some seniors may find a policy that suits their needs at a very affordable rate, while others will have a harder time.

Used Cars May Mean Cheaper Car Insurance

David — Tue, 29 Jun 2010 17:41:33 +0000

Are Used Cars Cheaper To Insure?

This is a very natural question. Yet, it is still a little like asking if chocolate ice cream is better than vanilla! Is cake better than pie?

The only real answer would, be that it just depends on a lot of different factors. A used custom sports car which retails new for $50,000 or more will probably be more expensive to insure than a new hybrid.

But, comparing apples to apples, you can probably save some money on your insurance premiums by buying a pre-owned vehicle.

Paid Off Autos Can Save Insurance Money

Can you pay cash for the car without needing a loan? If so, you may want to just keep your minimum required liability insurance and drop full coverage. That will be cheaper for sure! Your risk will be having to pay for damages to your auto if you are judged to be at fault in an accident.

If you do not need GAP insurance to cover the difference between the book value of your vehicle and the loan balance, you can also save some more money.

So if you cannot totally pay cash for the whole amount of your used vehicle, it will help if you can put down enough money so your car is worth more than the loan balance. This may seem obvious, but plenty of people are upside down on their vehicle loans today.

Other Factors Insurers Look At To Set Rates

Insurers also base the premium upon how cheaply a vehicle can be repaired and how common of a theft target a particular vehicle may be. A common used car model, with lots of available replacement parts can be a good choice. Choosing a vehicle that is not a common theft target can also be a good idea Another good idea may be investing in an anti-theft device if is not already installed. Many newer vehicles come with these, but a used car may lack one. Insurers will usually offer a discount for anti-theft devices, and it will make your own vehicle more secure!

How to Compare Used vs. New Insurance Prices

If you are car shopping, it is simple enough to figure out what your premiums will be. You can use an internet auto insurance quote form to compare rates from the comfort of your home or office computer. Since your final premiums will depend upon many factors, including the type and age of car, age of driver, zip code, and the driver’s claims history, it is the only way to be sure.

Try this >>> Online Car Insurance Comparisons