Online Insurance

Have you got any idea how much you pay out on different types of insurance every year. Chances are if you sat down and worked it out you’d be shocked at the amount. It’s not just the amount, but also the contents of the cover that we are discussing in this article. Some elements of insurance are covered in other areas too, which means that you may well be paying for the same type of cover more than once.

Loss of income, legal expenses, theft and death are generally the most common areas that are easy to duplicate. It’s easy enough to make the mistake as some elements of cover are latched on without you really noticing. In other cases, perhaps a financial advisor arranged the cover and you never took the time to read the details properly. Hopefully, this article will help.

This issue recently came to light when the Financial Services Authority (FSA) released survey results showing that extras like breakdown recovery and legal expense cover are often tied to car insurance policies, and rather than being an optional extra, it actually takes the customer to make the phone call to remove the ‘option’. Another common crossover is permanent medical insurance (PMI) and payment protection insurance (PPI). People take out PPI with a loan or credit card, not realising that they are already covered by their PMI. So they end up for the same thing twice, which is pointless as there are no extra benefits to be had.

The Financial Ombudsman knows that this is going on, recognising the fact with the statement: “People often do not realise until they make a claim that they have been paying for a policy that provides very little, if any, benefit”.

A case in point is Amanda Lariviere from West Yorkshire. Aged 42, she developed ovarian cancer and, following a bad reaction to chemotherapy, she was unable to work. She got a large tax bill in the post a few months later and decided to free up some money to pay the bill by re-mortgaging the house. The building society asked her to bring along her life insurance papers to help with the re-mortgage application, and then found that her life insurance policy was actually critical illness insurance instead. Amanda had been paying

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1. No agent needed in most cases because you are dealing directly with the insurance company on its own secure website. Buying insurance online is in many cases a simple do-it-yourself process.
2. Some companies even offer a discount for online applications. Most companies have what is known as a “policy fee” or “application fee”. It’s their way of off-setting some of the expenses incurred when the company begins the underwriting process. Celtic Insurance, for example, has a one time $25 application fee. If you apply online, this fee is waived.
3. You can usually find more plans from which to choose online. Many agents will try to sell you the plan(s) that they would prefer selling as opposed to what may be the best plan of choice for you.
4. Most companies have a page where you can generate your own individual quote for the plans you are most interested in purchasing. As a rule, the quotes you generate are free and you can get quotes for more than one plan.
5. If, after you get your quotes, you can apply online right away. You don’t have to wait for the post office to deliver the materials. Everything you need to apply is immediately available.
6. Your health information is kept private. Since you are applying online, you are (or should be) on the insurance company’s secure website. All information that is entered in the online application is kept private. Many companies will require that you set up a user name and password before beginning the application process.
7. Most insurance companies allow payment for premiums by credit card. You should be able to pay at least the first month premium via credit card. Part of the application will be choosing your method of payment anyhow-usually by monthly bank draft from your checking or savings account.
8. Online shopping for health insurance will allow you a greater number of companies from which to choose your plan. Virtually all of the major insurance companies have an Internet presence and will welcome your request for information, quotes and application.
9. Finally, you may come across some insurance companies that simply don’t want to offer an insurance contract without your having spoken to one of their agents. In this case, simply fill out the “Contact Us” link on their website and the company will forward your request to an agent.

By Louis Neal © 2006

Louis Neal is an independent insurance agent offering online health and life insurance plans through his website http://www.lowhealthinsurance.com He is a member of the National Association of Health Underwriters and the Association of Health Insurance Advisors

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New York State law requires all drivers to carry Bodily Injury/Death Coverage; Property Damage Coverage; Economic Loss/No-Fault Insurance Coverage; and Uninsured and Underinsured Motorist Coverage.

In New York the required minimum coverage for Bodily Injury Liability/Death Coverage is:

$25,000 per person injured in any one accident

$50,000 for death of one person in one accident

$50,000 for two or more persons injured in any one accident

$100,000 for deaths of two or more person in one accident

The required minimum coverage for Property Damage is $10,000 for destruction of or injury to the property of others in any one accident.

Required Economic Loss/No-Fault Coverage will, regardless of fault, primary economic loss benefits up to $50,000 per person. Benefits cover lost wages of up to $2,000 per month up to three years. These benefits will also cover medical and rehabilitation expenses as well as psychiatric and religious healing expenses. The No-Fault Coverage requires a “serious injury” in order for a plaintiff to sue for recovery. “Serious injury” is further defined in the New York statute. As well, New York insurance companies will pay for a policy holder’s claims (again, regardless of fault) up to a certain amount.

In New York the requirements for both Uninsured and Underinsured Motorist Coverage are:

$25,000 per person injured in any one accident

$50,000 for two or more persons injured in any one accident

Lastly, the State of New York requires a minimum of $50,000 in coverage for Personal Injury Protection (PIP) which will help reimburse “reasonable and necessary” medical bills for the policy holder and all occupants of the car involved in an accident.

Options may include Supplementary Uninsured and Underinsured Motorist coverage as well as additional economic loss insurance.

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