REFUSING TO RENEW A POLICY AND POLICY CANCELLATION

Insurance companies agree to insure clients against unexpected occurrences in return for a sum of money called a premium.

Occasionally, insurance companies divest themselves of current clients by either:

      a.  refusing to renew the current insurance policy, or

      b.  cancelling the current insurance coverage for a client. 

Such actions are normally taken against clients an insurance company deems “bad risks.”  A bad risk client is usually a client who has either submitted too many claims in a given time period or who has submitted a very large claim (in comparison to the premium that has been collected by the insurance company).  Of course, fraudulent claims made by a client, if discovered, will lead to an immediate cancellation of an insurance policy followed by legal action against the client. 

If an insurance company refuses to renew its insurance coverage for a client, normally your insurance agent can find another insurance carrier to insure you.   However, when a client is “cancelled” by an insurance carrier, it is more difficult to find a new insurance carrier.

For more detail regarding an insurance policy non renewal or an insurance policy cancellation, contact either Andrea Shearer, Tessa Everman, or Burton Heginger at Triplett Companies at phone number 515/232-5240. 

Insurance Premiums

The cost of personal home and auto insurance is on the rise.  For the past several years, many insurance companies have collected less money from the insurance premiums being paid by clients than they have paid out in client claims.

Insurance premium rates are a function of both the individual and group costs and claims environment.

A portion of the insurance premiums collected by an insurance company are set aside and invested.   When a claim is incurred by an insured, monies are removed from the pool to pay the claim.  If an insurance company incurs more claims than the insurance premium funds it has collected and invested, it will be forced to raise the rates it charges for its insurance.

Of course, insurance premium increases must be approved in advance by the state regulatory body overseeing insurance companies.   But, in the past few years (2010-2012), many national insurance companies have incurred losses in excess of their set aside, invested premium funds.  Hence, many insurance companies are asking their state regulatory body for increased insurance premiums.

If you have experienced an increase in insurance premiums, please do call 515/232-5240 and ask for Andrea Shearer, Tessa Everman, or Burton Heginger at Triplett Companies for advice and help reducing your current premium.

FRIVOLOUS INSURANCE CLAIMS

Insurance companies agree to insure clients against their monetary losses incurred due to unexpected occurrences.

Any claims for unexpected occurrences that trigger an insurance claim should be carefully considered in an effort to determine whether such an insurance claim might be considered “frivolous” by an insurance company.

An insurance company may consider an insurance claim to be frivolous if the insured claim is not much more than the estimated cost to either repair or replace the insured damage. 

For example a $600 dollar insurance claim for which the client will only receive $100 in insurance benefits because of a $500 deductible might not be in the best, long run interests of the insured. 

When submitting any insurance claim, be certain to consider the long run impact such a claim will have on future insurability. 

As soon as a client is involved in an unexpected, insured occurrence, it is wise to discuss that occurrence in detail with your insurance agent.

For more information, contact either Andrea Shearer, Tessa Everman, or Burton Heginger at Triplett Companies at phone number 515/232-5240. 

VEHICLE "VANISHING" DEDUCTIBLES

Lately, several insurance companies (carriers) have offered “vanishing deductibles” for vehicles they insure.

Be certain to compare the price of a “vanishing deductible” insurance policy to another similar policy that is without the “vanishing deductible.”

National data indicates that the price of a one-vehicle “vanishing deductible” insurance policy may be $60 more than a similar one-vehicle “non vanishing deductible” insurance policy.

Contact your favorite insurance agent (Andrea Shearer, Tessa Everman, Burton Heginger, or Ryan Edgington) at the Triplett Companies (515/232-5240) for more information and price quotes. 

Being Truthful About Vehicle Issues

A recent article in the Wall Street Journal entitled “Hubby say car ding wasn’t his bad?  Don’t believe him” suggested that spouses are often not truthful about traffic violation tickets they may receive, paying the vehicle insurance bill, putting a scratch or “ding” in the car, etc.

The actual statistics for such non truthful items follow.

1.  The percent of spouses who reported they did put a “ding’ in the car, yet did not report that fact to their spouse, but blamed it on someone else was 35 per cent!

2.  One fourth (24 per cent) of those surveyed reported that they did not report a traffic violation ticket to their spouses.

3.  Almost one fourth (24 per cent)of those surveyed confirmed that they did not report an accident to their spouses.

4.  Almost one fifth (19 per cent) of those surveyed admitted they did not tell their spouse when they forgot to pay a vehicle insurance bill.

5.  Almost one fifth (19 per cent) of those surveyed revealed they had knowingly driven a vehicle without a valid driver’s license but not shared that information with their spouses.

These above results were determined from a survey of 1,000 married couples completed by an insurance shopping and information site found at  >Insure.com<.        

Contact Andrea Shearer, Burton Heginger, Tessa Everman, or Ryan Edgington at Triplett Companies  (515/232-5240) for your insurance needs!  However, be sure to tell your spouse!     

TRAFFIC VIOLATIONS AND PREMIUM COST

Individuals seeking vehicle insurance coverage with numerous traffic violation (not parking tickets!), at-fault accidents, driving while intoxicated, etc. will find it difficult and costly to obtain adequate insurance coverage.

Most states maintain such records for at least three years, and even up to five years.

Check with your state vehicle licensing facility to ensure that the information on your driving record is accurate.

If your rate does rise, check for competitive pricing with alternative insurance companies.

If you receive a “cancellation” notice or a “refuse to renew” notice, take action immediately to ensure you have adequate vehicle insurance coverage by calling your insurance agent.     

Contact your favorite insurance agent (Ryan Edgington, Burton Heginger, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) to obtain more information and several price quotes if you find yourself in this situation. 

The "Best Price" for Vehicle Insurance

Many insurance companies are touting vehicle insurance coverage savings that can be received by “switching” from your current insurance carrier to another insurance carrier.

The Insurance Information Institute confirms that most vehicle insurance rates have risen 10 per cent for the years 2008, 2009, and 2010.  Further, it is expected that vehicle insurance rates will raise at least 4 per cent for the year 2011.

Insurance company costs of doing business are rising.  Insurance premiums are rising.

Why not contact your favorite insurance agent (Ryan Edgington, Burton Heginger, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) to provide you with several vehicle insurance quotes to see what the “real” savings can be? 

Teenage Drivers

Adding a teenage driver to a family vehicle insurance policy will often increase the insurance premium by over 30 per cent.

It is usually less costly to keep the teenage drive on the family vehicle insurance policy. 

Additionally, avoiding a ratio of the same number of vehicles and drivers often helps to offset the cost of teenage drivers.

To offset the increase in the insurance premium, ask about multi-car discounts, multi-policy discounts, good student discounts, teenage driver education credit discounts, etc.     

The best way to ensure you obtain the least costly insurance policy with adequate coverage is to contact your insurance agent.

Why not contact your favorite insurance agent (Ryan Edgington, Burton Heginger, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) to help ensure you have adequate coverage for your teenage drivers at the best price?  Call or e-mail today.

     

Reasons for "Shopping" Your Vehicle Insurance

Triplett Companies insurance agents will review your vehicle insurance policy with you in person at least one time per year.    

 

However there may be other reasons than the annual renewal review for “shopping” and “reviewing” your vehicle insurance policy.

 

1.  If the cost of the vehicle insurance is not in the budget, consider higher deductibles,
    alternative insurance carrier price quotes, etc.

 

2.  If you have recently been involved in an accident or received one or more moving
    traffic violations (tickets).

 

3.  If you are considering the purchase of another vehicle (replacement or additional)     and need to determine how this vehicle will impact your insurance premium.

 

4.  If a teenage member of the household becomes eligible for a driver’s license.      

     

Contact your favorite insurance agent (Ryan Edgington, Burton Heginger, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) for further help ensuring you are receiving the best price for your insurance needs.

New Vehicle Insurance

Before you consummate the purchase of that “new” car, obtain three vehicle insurance quotes.

New vehicle insurance premiums depend on the safety record and safety features of the car, the past theft history of the car, repair costs, engine size and power, etc. 

Normally, it is best to obtain several competitive quotes prior to purchasing that new vehicle. 

Call or e-mail your favorite insurance agent (Ryan Edgington, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) for more information and price several price quotes. 

"Named Insured Only" Clause

If you desire to ensure all drivers of your vehicles are covered with your insurance, make certain that your insurance company (carrier) does not include a “Named Insured Only” clause in your vehicle insurance policy. 

It is becoming more common today for insurance companies to limit their risk by adding this clause to their driver coverage in the insurance policy. 

Remember however, that if drivers of your vehicle(s) do become involved in an accident, your vehicle insurance premium could increase.  Take time to ensure that those who drive your vehicles are good drivers having good driving records and are properly licensed. 

Contact your favorite insurance agent (Ryan Edgington, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) to ensure your vehicle is insured for “all drivers” and/or “named insured drivers only” as per your choice. 

VEHICLE LIABILITY INSURANCE COVERAGE ONLY

Vehicle liability insurance coverage protects the insured client involved in an accident for damages for which he/she might be liable due to the accident.

For older vehicles, clients may wish to remove both collision (damage to property due to the accident) and comprehensive (damage due to vandalism, fire, flood, etc.) insurance coverage’s to save money.

 This decision to “drop” both collision and comprehensive vehicle insurance coverage may make sense for a client when the depreciated value of the damaged or stolen vehicle may be less than the cost to replace the vehicle. 

Contact your favorite insurance agent (Andrea Shearer or Tessa Everman) at the Triplett Companies (515/232-5240) in order to determine whether or not you might consider dropping comprehensive and collision insurance coverage on your vehicle(s).

VEHICLE INSURANCE DISCOUNTS

It is fashionable for insurance companies (carriers) to offer special discounts on the vehicle insurance premium for various items, such as:

                              

      good students,

      limited driving,

      accident forgiveness,

      minor “moving” traffic violations,

      financial stability,

      air bags,

      longevity with previous or current insurance carrier,

      etc.      

 

Discounts may also be available by purchasing “trade” group and “professional” group plans.

Generally speaking, a client should take advantage of such discounts. 

Contact your favorite insurance agent (Mike Carter, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) and ask for more information on vehicle insurance discounts that may be available to you. 

VEHICLE INSURANCE DEDUCTIBLES

Of course, the question of the “best” level of a deductible on a vehicle insurance policy is a function of several issues; such as what type of insurance coverage one is purchasing, what level of out-of-pocket expenses can be tolerated, how tight is the budget, etc. 

Generally speaking (for vehicle insurance), raising the level of the deductible on both collision (damages due to an accident) and comprehensive (damages due to fire, flood, vandalism, etc.) insurance coverage will reduce the insurance premium.

Practically speaking, many clients feel it is best to pay the $700 damage bill, if they only have a $500 deductible, because of the possibility the insurance company may raise their rates at renewal time.  But there are other alternatives to consider to avoid this dilemma. 

For cost comparisons on various deductible levels and to answer any questions you may have about insurance deductibles, contact your favorite insurance agent (Mike Carter, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240).

VEHICLE LIABILITY, COLLISION, AND COMPREHENSIVE INSURANCE

Vehicle liability insurance covers a person who might be liable for his/her actions that caused an accident.

Collision insurance provides funding for repairs to the insured’s property due to an accident.  Collision insurance may also cover the required repairs to the injured parties in an accident.

Comprehensive insurance provides coverage for incurred damages on property due to vandalism, fire, flood, etc.

Contact your favorite insurance agent (Mike Carter, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) to see if you have adequate coverage in each of these areas and for several competitive price quotes on vehicle liability, collision, and/or comprehensive coverage.

PERSONAL PROPERTY AND CASUALTY INSURANCE PRICES CONTINUE TO RISE IN 2012

Insurance premiums are on the rise.

Insurance companies state that the market has been "soft" the past few years, but that is no longer the case - that is, the cost of insurance for most homeowners and vehicle owners is on the rise! Market Scout reports that personal insurance rates rose as much as 3% in the month of September 2012! (For additional detail, see the 08 October online report from Property Casualty 360 at >propertycasualty360.com<)

What can you do to reduce your cost of insurance and still maintain an adequate level of insurance? Contact your independent insurance agent and ask that he or she seek other quotes for your insurance.

Call Mike Carter or Andrea Shearer at Triplett Companies and ask for their help. Most likely, Mike or Andrea can save you a lot of money!