Capehart Blog » Alarms http://www.capehartmusic.com Financial Information For Better Life Thu, 22 Dec 2011 09:28:44 +0000 en hourly 1 Commercial vehicle insurance http://www.capehartmusic.com/commercial-vehicle-insurance http://www.capehartmusic.com/commercial-vehicle-insurance#comments Fri, 05 Feb 2010 18:18:01 +0000 admin http://www.capehartmusic.com/commercial-vehicle-insurance All businesses using commercial vehicles will need commercial car insurance as part of their insurance program. With a wide variety of options available, it is necessary to consult with the insurance agent or company to provide full details of vehicle use and ensure the correct coverage is chosen.

The following points should be considered:

How many vehicles and drivers need to be covered?

Coverage is often determined by the number of vehicles and drivers requiring insurance. Businesses with several vehicles and drivers should opt for fleet insurance. This is likely to be less expensive than insuring by individual and vehicle but there are other factors that vary from insurer to insurer such as the class of vehicle.

How is Commercial Use defined in the Policy?

The terms for commercial use of a vehicle will not be included in your personal policy so it is necessary to establish terms with a dedicated commercial policy. The policy should be determined following a consultation with your insurer. It is important that both parties understand the level of insurance required to guarantee coverage in the event of an accident.

Lowering Premium Costs?

The following can help to lower commercial car insurance premiums:

Business Location. – Premiums will be affected if vehicles are located in high-risk areas for theft.

Driver Records. – Qualified drivers with clean records will mean lower premiums.

Vehicle Type. – The lowest premiums are reserved for mid-sized hatchbacks/saloons.

Excess. – If your company can afford to share the risk by pay a high excess, premiums will be lower. Safety and anti-theft devices. – Premiums are sure to be reduced if vehicles are fitted with devices such as alarms, GPS, air bags and seat belts.

Special Commercial Coverages and Considerations

Things to consider regarding commercial coverage:

If your business is subject to federal and state regulations, insurance coverage can be affected. For example, transporting cargo interstate requires specific terms must be met in line with the Department of Transportation. All such matters must be declared to the car insurance agent or company to ensure a clear understanding. If haulage involves equipment belonging to others, this should be reflected in the policy too.

Who is insured under the car insurance policy?

The structure of the business can lead to confusion over who is covered. Businesses with a large fleet of vehicles often form a separate company with the sole purpose of leasing the vehicles to the main company. In such cases, it is important to clarify this structure to the commercial car insurance company to guarantee the policy covers all vehicles, individuals and companies.

No matter what you do – please consider staying safe. There is nothing more precious than life and realization of it makes you not wise but also caring about others. There are so many people on the road with us everyday and we owe to think about them too. They don’t have to pay for our mistakes. You car and you are one and the same. Make both of you behave well!

]]> http://www.capehartmusic.com/commercial-vehicle-insurance/feed 0 Water Damage and Insurance Claims: Which to submit, which to pay out of pocket http://www.capehartmusic.com/water-damage-and-insurance-claims-which-to-submit-which-to-pay-out-of-pocket http://www.capehartmusic.com/water-damage-and-insurance-claims-which-to-submit-which-to-pay-out-of-pocket#comments Thu, 01 Jan 2009 17:43:41 +0000 admin http://www.capehartmusic.com/water-damage-and-insurance-claims-which-to-submit-which-to-pay-out-of-pocket

Most of us know that insurance premiums often climb after filing insurance claims. After all, the more you cost the insurance company in claims, the higher a risk you become. Homeowners insurance often covers water damage, but which water damage claims will cost you in increased future insurance premiums and which will not? How do you know which water damage claim to file and which one to pay out of pocket?

First, let’s look at one of the reasons why water damage claims raise red flags with insurance companies: the potential for future mold claims. It is conceivable that after the water has been cleaned up and the final bills paid, a mold claim will be next. It is also conceivable that following a water damage claim, the insurance company may expect these future expenses and raise your premiums in anticipation – or worse yet cancel your policy.

Next, let’s look at the total cost for repairs versus the amount of your insurance deductible. A typical homeowners insurance policy has a $500 deductible. If the water damage repairs fall below that amount, definitely pay for repairs out of pocket. If the water damage repairs are only slightly above your deductible amount, consider paying out of pocket anyway because insurance companies often look at frequency of claims. Having a series of small insurance claims on your policy may raise red flags, perhaps even being more likely to raise your premiums than a single large claim. In addition to raising alarms with your existing insurance company, these claims are recorded in a national database which is accessible by all insurance companies. Should you switch insurance companies, the new company will see a history of claims filed and price your premium accordingly.

Some states have introduced legislation prohibiting insurance companies from using certain types of claims, such as weather events, to base insurance ratings upon or impose surcharges on the policy. Each state has its own insurance laws, so make sure to browse your state’s insurance department’s Web site before submitting, or not submitting, a water damage claim. For example, if your roof needs to be replaced after a windstorm, the resulting claim might not result in a premium increase depending on your state’s insurance laws.

Another example illustrates how states restrict certain types of water damage claims. In Texas, an insurance company cannot raise your insurance premiums or deny coverage for an appliance-related water damage claim if the following two conditions have been met:

The water damage was properly repaired and remediated The water damage repair/remediation was inspected and certified

However, if three or more appliance-related water damage claims are filed in three years, then the insurance company can increase your premiums or deny coverage.

So, which water damage claims should you pay out of pocket?

Any water damage claims that fall below your deductible amount Any water damage claims that you can reasonably afford to pay that could potentially raise red flags with your insurance company

Which water damage claims should you submit to your insurance company?

Any water damage claims above your deductible amount that are protected from rate increases under your state’s insurance laws Major water damage claims where extensive repairs are necessary and paying out of pocket isn’t reasonable.

Since it’s advisable to pay many water damage claims out of pocket, consider raising your insurance deductible to $1000 or more and receive the benefit of a large premium decrease. Put these savings into an emergency account for out-of-pocket repairs.

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