Auto Insurance Terms You Should Know

In order to be successful and proficient in all business it is very important that one familiarize himself with the terms of that particular field of interest or business he intend establishing. That is why knowing such terms will undoubtedly build you basic knowledge of your field of interest and eventually lead to you success in it.

Take a moment to review some of the terms associated with auto insurance and quotes before going into it as this will be very much helpful to you in your auto insurance policy success.

Adjuster

Also known as claim adjuster, this is an insurance company worker who is primarily responsible for investigating and settling all claims brought by claimants or insurance carriers resulting from a specific casualty. His responsibilities also include the evaluation and payment of the available or each claim to the policyholder.

Payment of claims is usually carried out only after all proceedings are verified. The claim may as well depend on the active insurance or coverage policy available of the item.

Accident

This is an unplanned, unforeseen or unintended event beyond the control of an insured, resulting in the loss of property e.g. car. The incurred loss can be compensated as a claim to the claimant by the carrier. The claim is based on what is observed and the actual cash value of the car or items involved.

Auto insurance companies try in the best of their abilities to supply sustainable, efficient, quality, and affordable policy coverage to their policyholders. They also aim at increasing the savings of their insured to meet specific needs e.g. building a big collection of policyholders.

Actuary

This is a specialist who computes premiums and risks of insurance. They are duly involved in the calculation of loss reserving, life expectancy and determining accident frequency. They serve as one of the key ingredients in an insurance company.

They also primarily help in making profit and financial stability of carriers (insurance companies) which they serve and involved in trends assessment as well as determining insurance prices.

These specialists also have a share in managing the carrier’s expenditure and the giving of claims to claimant on any needed basis. They help in ensuring that neither the carrier nor the insured suffer unnecessary loss.

Accident Frequency

This refers to the number of times there occur an accident. The frequency is calculated during the time of the insurance policy. The actuary normally computes the frequency of accidents to help determine possible losses.

It should be noted that the phrase may not actually mean the number of times or frequency an accident really does occur but the number of times an accident may occur due to the prediction of the actuary. Premiums can also be accurately and appropriately paid using this principle.

Appraisal

It is a formally written document of the estimation of the value of property of the insured. This is done as against any future casualty resulting in the loss of property.

When an appraisal is eventually damaged, it can be completed or replaced by the adjuster of the insurance company or sometimes a vehicle repair expert.

Additional Insured

It is an individual or organization who also has an auto insurance protection under the primary name insured auto policy. The protection may be extended form an auto leasing company to an individual who lends a car (s) to the primary insured.

In the event of an accident, damage or collision, the leasing person or company has protection against the specific casualty caused by the name insured.

Agent

He is a licensed insurance representative who sells insurance for an insurance company, negotiating and/or effecting insurance contracts. He serves as the middle man in providing quality insurance service to the policyholder.

Insurance agents usually carry out their work on a commission basis and in most cases they are non-exclusive or perhaps exclusive agents.

Agreed Price

This is the cost of repairs of damage to property as agreed upon by the adjuster and the corresponding representative of the body shop. Whenever an incurred loss occurs resulting in an accident to a car, the cost of repair agreed on will be used as a claim to the claimant.

The cost neither increase nor decrease as the price for any resulting damage for the car has already been agreed upon.

Agreed Value

This is the value of the vehicle agreed on by the insured and the insurer which will be paid out on the event of an accident or any other form of unforeseen damage.

It is a policy available mainly for custom vehicles or collectible which actual value remains the same over time without depreciating.

Assigned Risk Plan

Auto insurance plan managed by the state and mostly for individuals and car owners who cannot afford to obtain or qualify for auto insurance or conventional liability coverage due to financial insufficiency or poor insurance record.

They may be placed in residual market in order to get an insurance policy with carriers or insurer but for a higher price. Their coverage is through the state.

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Article Source: http://EzineArticles.com/expert/Manson_Samson_Obakpororo/1313330

 

Glossary of Auto Insurance

Do you want to get the auto insurance coverage you desire? One basic way of accomplishing this is by learning the terms of auto insurance. Knowing the terms of auto insurance can not be over-emphasized. It is a key factor to your choosing the right insurance policy for your car.

Take a fresh look at some of the interesting terms of auto insurance to better equip you for the booming industry. Here are some of them:

Binder

Temporary agreement stating that the auto insurance policy is under effect but may not necessary is. This agreement is based on the contract both of the policyholder and the insurance company which may not have taken into effect.

When a policy cannot be endorsed immediately, the binder is used to protect the policyholder until the insurance policy has fully gone into effect.

Bodily Injury

This is an unexpected damage or injury to the body of the car driver and/or passengers, pedestrians etc resulting from an accident, storm, wind, or any other form of casualty.

Sometimes, this could be due to negligence on the part of the car driver. Proper care should be taken by car drivers when they are driving on the road.

It could also be the result of negligence on the part of other drivers on the road. Having bodily injury liability coverage should be expected on the part of drivers.

Bodily Injury Liability Coverage

This is also auto insurance policy coverage for the policyholder in the event of car accidents causing bodily injuries for the driver and others involved e.g. passengers and/or pedestrians.

In most cases, the coverage includes the income lost as a result of the accident and even up to medical bills for the victims having the coverage.

There are much benefits of having coverage of bodily injury. One major reason is the reduction of medical expenses.

Normally, all medical expenses of an accident resulting in bodily injury are assumed to be the primary responsibility of the victim or his or her guardian.

Coverage for bodily injury can be accessed based on the severity of injuries sustained during the cause of the accident and the medical bills involved for such injuries.

As already noted, injuries can be sustained by others not in the vehicle e.g. pedestrian which may result in a legal case against the driver.

In this case, the coverage may also be used to cover the costs of any legal defence involved when the driver is actually found guilty for the injuries sustained by the victims other than him.

Blue Book

This refers to the printed book or writing of auto insurance. It is primarily used for the purpose of determining the actual market value of fairly used cars and trucks that have auto insurance coverage.

The value of the automobile or car as determined by the book is the same as that computed and indemnified to the policyholder for an accident resulting in the damage of the car or truck.

The blue book often helps in keeping the right record and value of the insured car or truck. The book is always safely kept for future references in the event of an accident resulting in a car damage.

Broker

In auto insurance terms, a broker simply refers to a marketing professional or consultant who represents one or more insurance companies.

They take appropriate steps and procedures to ensure the insurance customer or policyholder get the best value or auto insurance coverage.

They are primarily there to working hand in hand with companies and agents to give the best value to all active policyholders.

Broker-Agent

This is a licensed insurance specialist who acts as both a representative agent and a broker for one or more insurance companies.

They also ensure that the customers or policyholders get the best value for their insurance policy. They are like the middle man between you and the insurance company they represent.

They may also have to carry your complaint or feedback to the insurance companies in order to satisfy your insurance needs.

In addition, they may have to give or pass some updates of the insurance company to the policyholder during the time of which the policy is in force.

They need to be reasonable and be keenly interested in the affairs and needs of the insured. They need to be very conversant and familiar with the insurance field they represent.

Broker Fee Agreement

In insurance terms, it means the contract agreement between the insured/policyholder and the licensed broker during the period of active insurance coverage.

Sometimes, this agreement may include the actual charges of the services of the broker for the insurance coverage of the policyholder.

All decisions and actions are mostly based on this agreement of the insurance policy. This helps in avoiding unnecessary disagreement and failures during the insurance coverage.

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Article Source: http://EzineArticles.com/expert/Manson_Samson_Obakpororo/1313330

 

Generating Fruitful Leads for Auto Insurance

Auto Insurance Lead generators are in vogue! With an increasing demand in the number of companies looking for reliable lead providers, a great number of service providers have also cropped up and risen to fame on the basis of the quality of their services. This is intricately related to auto lead generation as well. Let’s see exactly how auto finance lead is generated by the websites.

How Auto Insurance Lead providers operate

What happens is that whenever a customer searches for auto insurance or finance, it gets stored in the database of the particular website providing auto finance. Next, the website uses this data to select the potential auto insurance lead or auto finance lead. Thereafter, it either uses the information for its own benefit or sells it to an organization that may require such data. This process of auto lead generation has become extremely popular among the auto dealers and sellers as it is not only efficient but also trustworthy. Moreover, since the data that is generated already points out to potential customers, the insurance providers wouldn’t have to sweat it out to get leads.

The most important reason as to why the insurance providers can act as a good source for auto lead generation is because the customers they attract are from top search engines. Hence, the credibility increases many folds and the effort required for creating auto finance lead lessens to a considerable extent as well. The best auto finance lead generators will definitely pick up data from the search engines like Google and Yahoo, and even Bing, for that matter.

Advantages of Getting Leads from Professionals

So, now, instead of cold calling or doing the marketing yourself, you can also hire the services of a professional auto insurance lead. There are many advantages. Apart from getting a guaranteed customer support, you will also be able to derive the benefits from a high close ratio. If there is a fear lurching in your mind about the website reselling their old leads to you then you can verify from the existing clientele. In some of the websites that offer auto finance lead you can also get customized filters, which make it easier for you to search and get the leads that will be right for your business type.

You will be able to access your account whenever you need to in case you need to check on your data or the number of leads generated. There are a few things that you need to keep in mind before availing their services like the terms of service (if they operate under contract or any minimum lead policy or not), the rate of return for your investment and most importantly, the reputation of the auto finance lead provider in the automotive market.

Stay On-Line!

All said and done, what you definitely need to keep in mind is that the customers will always come from online sources. So, you need to be completely aware of all the internet marketing resources so that not even a single auto finance lead generation opportunity goes amiss!

Matthew Barredo has been in this auto lead generation industry for over a decade, hence he understands how an auto insurance lead provider or an auto finance lead provider operates. His articles will give us an insight of this industry.

Article Source: http://EzineArticles.com/expert/Matthew_Barredo/997397

 

Comprehensive List of Questions to Solve All Your Doubts Regarding Post Bankruptcy Auto Loans

Car financing can benefit you in more than one way. Auto loans are not only an alternative for buying a car but also a means of improving your credit score. Car loans can be a blessing for borrowers because they improve credit scores. One such car loan is post bankruptcy auto loan.

Most people think it is impossible to get auto financing options after filing for bankruptcy. But, the reality is different. One can easily get a post bankruptcy auto loan and can buy the car of his choice. This article will solve all your queries regarding auto financing after bankruptcy and provide you a better understanding of the subject.

What Is The Need For Post Bankruptcy Car Loans?

When you have just come out of bankruptcy, you have a very bad credit score. It becomes extremely difficult for you to get a car loan. So, you need a very specific auto loan option which can help in getting a car and improving your credit score as well. A post bankruptcy car loan can help you in fulfilling both.

Can I Get An Auto Loan After Filing Bankruptcy?

Although you can get an auto finance after filing bankruptcy, it is better to wait till your bankruptcy is over. Once you have a discharged bankruptcy, you can expect reduction in interest rates. This is so because lenders associate high risk with bankruptcy. But, once you get out of it, the risk factor reduces. Also, coming out of bankruptcy is a major success. Lenders think that if you can successfully handle a bankruptcy, car loans would be very easy for you. Keeping this in mind, it’s best to apply after discharging your bankruptcy.

How Long To Wait Before Getting A Post Bankruptcy Auto Loan?

Every lender has separate lending criteria. There are many lenders who offer auto loans to borrowers with open bankruptcy. But, the interest rates will be very high if you apply for an automobile loan with open bankruptcy. So, it’s best to wait until you discharge bankruptcy.

You can submit the car loan application the very next day of discharging your bankruptcy. However, if you are not in urgent need of a car, it’s advisable to wait for two to three months. During this time, you must concentrate on improving your credit score. This will aid in lowering interest rates.

How to Apply for Auto Financing Post Bankruptcy?

There are many options to get an auto loan after coming out of bankruptcy. You can apply with a local dealer, private lender or even choose an online auto financing company.

An online auto financing company can be a better option because they have several lenders in their network. This increases the post bankruptcy car loan approval ratio. When you apply online, you don’t even need to leave your home for submitting the car loan application. Also, your process becomes quick and uncomplicated.

What to Do After Applying for Post Bankruptcy Auto Loans?

After you apply for post bankruptcy car financing, you must analyze every car loan quote. Do not use monthly payments as the only factor for comparing loan quotes. You must consider APR, interest rates, car loan term, others fees and charges, etc. This will give you a more comprehensive result.

A doubt is the root cause of failure. But, now that you know all about post bankruptcy auto loans, it will be very easy to get one.

If you are struggling with the consequences of bankruptcy, it’s time to get a post bankruptcy car finance and build your credit score!

Best of luck!

EZautofinance.net is a pioneer in offering affordable auto financing options to all types of credit borrowers. A bankruptcy is not a problem for us. Apply now for post bankruptcy auto loans and get ready to buy your dream car!

Article Source: http://EzineArticles.com/expert/Rock_Watson/171256

 

Auto Detailing and Auto Service Combo Business

Co-Branding is a topic I am intimately familiar with being a retired franchisor founder. You see, I ran a nationwide franchise chain in the auto services sector, and we surely got more efficiency out of bundling services and co-marketing our teams for customers. Not long ago, I was asked a question that I am often asked; does it make sense to add mobile detailing or on-site detailing to my auto service business? Well, this is a good question because people tend to really like mobile auto services and it helps keep all the co-branding and co-marketing partners’ businesses inside the heads of the car customer.

For instance, advertising an auto insurance business on the back of the flyers, pays for the mobile auto detailing flyers and the name and phone number is omnipresent with the customer as an advertisement or reminder on the back of the menu of services. Should an auto services company hire a mobile auto detailer employee or co-market with an existing company? Well, it might make sense hire someone, perhaps for on-site detailing, and also for a mobile service to go to the customer, each time taking a percentage.

You see, you might be able to make a deal where you can sign people up and they go to the location, or rent an extra space, extra bay if you have one, or tent out back. If you hire someone on the property, pay them per unit detailed, percentage, and make them an independent contractor, renting the space, using their own name, etc.

Further, forming an alliance with local businesses in the auto sector works well too, set up a meeting at your location one morning every week with 5 to 10 other entrepreneurs in the auto sector – audio installation, tire shop, tow company, auto insurance, auto sales company, auto leasing company, car rental manager, marine services, etc. That’s what we did and it works great, your own leads club. Each company sharing leads of their customers and vice versa. By doing this it saves in marketing and it is the ultimate real world networking strategy you see.

Co-branding makes sense, if you own each independent business unit, co-marketing works well if you don’t. You can also form a third strategy, as in branding your “auto services” association, and each business proudly displays they are a member, thus, gaining credibility and synergy for all. In any case, that’s all for now, and I hope you will please consider all this and think on it.

Lance Winslow has launched a new series of eBooks on the Mobile Auto Services Business. Lance Winslow is a retired Founder of a The Oil Change Guys, a Nationwide Franchise Chain, and now runs the Online Think Tank; http://www.worldthinktank.net

Article Source: http://EzineArticles.com/expert/Lance_Winslow/5306