Almost everyone understands the basic concept of insurance and the needs it is used to fill such as protection and risk coverage on property, health and life itself. Auto insurance is probably the most familiar to everyone since most people start driving at an age before they need to understand such insurance coverage as health and homeowners. However, there are lesser known types of insurance policy provided by your local Memphis insurance agent like the umbrella policy.
Umbrella policies are utilized for a variety of reasons but most often, umbrella policies are used as a way to fill gaps in insurance coverage and extend the limits of standard policies once their maximums are reached. A small business owner is an excellent example of someone that would benefit from having this type of policy in place. Most business owners are required to have certain levels of general liability insurance in place to comply with local laws and requirements for operation a business. I fact, most municipalities will not issue a business license until general liability insurance has been purchased and in force.
In many cases, having a standard general liability policy is not enough coverage to protect the interest of the business. In order to extend coverage, business owners often purchase an umbrella policy to fill the gaps often left by general liability policies. Memphis insurance agents council clients on the benefit of owning an umbrella policy and how it can protect them in the event an unfortunate event occurs that could result in devastating effects on their business. In today’s society, litigation ties up the courts and is big business for lawyers and law firms. An umbrella policy in place over and above a general liability insurance can provide the peace of mind a small business owner needs.
Parents of teenage drivers are also excellent candidates for umbrella insurance. Teenage drives are more susceptible to car accidents and place their parents assets at risk should they become involved in an auto accident. Automobile insurance polices have per occurrence minimums which can place parents at risk should liability resulting from a car accident exceed policy maximums. An umbrella policy will takeover once basic automobile insurance ends, giving parents added protection and out of pocket losses.
As with anything financial and involving assets, evaluation of current risk and needs should be considered. A meeting with a financial advisor should be sought first as they are qualified to evaluate financial matters. Once a meeting with a financial advisor is completed, a meeting with you local Memphis insurance provider can determine how to best protect your assets. Standard homeowners, auto insurance and life insurance policies may be enough. However, in the event standard polices do provide enough protection for potential risk incurred, an umbrella policy may be needed to cover the short fall in basic coverage.
Umbrella insurance policies cover claims for accidents or damages that were caused by you or members of your family. An umbrella policy is unique in the sense that benefits will not be paid until the limits of standard liability policies such as homeowners and auto insurance policies max out. We will use an example of a homeowners policy to illustrate how a umbrella policy would be beneficial and provide needed protection. If your homeowners policy with liability provisions of $350,000 and a claim or judgment by the courts for liability exceeded $350,000, the umbrella policy would pay claims once the $350,000 general homeowners policy is exceeded. The umbrella coverage would pay claims up to the amount of the policy limits selected when the policy was purchased, for example,$1,000,000. If a claim were to be made for $750,000 against the insured, the homeowners policy would pay up it’s limits of $350,000 and the umbrella policy would payout the remaining $400,000 of the claim.
When a umbrella policy is purchased, the insured is increasing higher liability limits that they would otherwise receive from their standard coverage. Having an umbrella insurance policy in force can provide the added protection needed to fill gaps over and above your standard insurance coverage providing the security you need. By visiting your local Memphis insurance agent or broker, you can learn more about liability insurance and specifically, umbrella insurance.
Sunday
Uninsured Motorist And Auto Insurance Memphis
Driving the streets of Memphis many citizens have often found themselves wondering about whether or not other Memphians are insured. In this article we will discuss uninsured motorist and understanding how this part of your Memphis insurance policy works by answering questions such as will you be covered if the other driver doesn’t carry auto insurance Memphis.
If you currently carry uninsured motorist insurance as part of your total auto coverage, the chances are very good that you will be covered for the accident. If you were to ask any local Memphis insurance agent if you should carry uninsured motorist, the answer would be a resounding yes, especially in this city since there are so many uninsured motorist. This is especially true with the current economic situation with most people looking for ways to trim expenses and save money. Unfortunately, insurance is one area where many people look first to cut expenses.
In the state of Tennessee, as a tort state, residents are required to carry a minimum amount of insurance. However, in many states, uninsured motorist within each state have been statically proven to be as high as twenty five percent making it even more important that Memphis area drives carry uninsured motorist coverage.
What Is Uninsured Motorist Coverage?
Generally speaking, uninsured motorist is that part of your policy which will pay for medical expenses for injuries received to both you and your passengers if you are in an accident where the other driver is legally responsible for the crash and is uninsured and in some cases even if they have coverage, they could be underinsured.
A uninsured driver is defined as someone involved in an accident and is responsible for the accident who is not insured; did not meet minimum state requirements for liability insurance. Hit and run drivers, drivers that leave the scene of an accident are consider by most states as uninsured drivers which usually falls under bodily injury.
We should discuss underinsured drivers. Memphis insurance professionals know what the legal limits and requirements for the state of Tennessee so your agent will be able to answer any questions about state minimums. Underinsured drivers are those drivers that meet state requirements but do not have their limits within their policy high enough to pay for damages caused by an accident. It should be noted that most insurance companies consider uninsured motorist and underinsured motorist as two different areas of coverage.
Some states have mandated uninsured motorist as a requirement, however most states do not require uninsured motorist coverage and only require liability coverage. If you as Memphis insurance policy owner, purchase uninsured motorist coverage, your coverage must comply with state mandates but cannot exceed the policy limits outlined by your insurance company.
When purchasing auto insurance Memphis area residents should seriously consider adding uninsured motorist and underinsured motorist coverage. Memphis is a high accident and uninsured motorist city so you want to have the assurance if you were unfortunate enough to have a accident that is the fault of another driver, that you are made whole, just as you were before the accident occurred. By providing yourself with the coverage, you are being both physically and fiscally responsible in lower you risk. What’s more is both uninsured and underinsured motorist protection is realativily inexpensive for the enormous advantage of having the coverage.
If you were unfortunate enough to be in a car accident and you have uninsured coverage, your medical bills will be paid, wages that may have been lost can be replaced and compensation can be given for pain and suffering. Most importantly, if you are involved in an accident with an uninsured motorist, you are covered since many times the responsible party and uninsured motorist seldom has the money to pay out to injured parties.
Memphis area residents know the ongoing joke we hear daily on local Memphis radio stations about Memphis drivers. Unfortunately, there is an element of truth to the joke and should be considered sage advice in areas of Memphis insurance. Having the minimum liability limits if you are a driver is mandated by state law in Tennessee. However, you should give yourself added piece of mind by adding uninsured motorist and underinsured motorist to your auto insurance Memphis policy.
If you currently carry uninsured motorist insurance as part of your total auto coverage, the chances are very good that you will be covered for the accident. If you were to ask any local Memphis insurance agent if you should carry uninsured motorist, the answer would be a resounding yes, especially in this city since there are so many uninsured motorist. This is especially true with the current economic situation with most people looking for ways to trim expenses and save money. Unfortunately, insurance is one area where many people look first to cut expenses.
In the state of Tennessee, as a tort state, residents are required to carry a minimum amount of insurance. However, in many states, uninsured motorist within each state have been statically proven to be as high as twenty five percent making it even more important that Memphis area drives carry uninsured motorist coverage.
What Is Uninsured Motorist Coverage?
Generally speaking, uninsured motorist is that part of your policy which will pay for medical expenses for injuries received to both you and your passengers if you are in an accident where the other driver is legally responsible for the crash and is uninsured and in some cases even if they have coverage, they could be underinsured.
A uninsured driver is defined as someone involved in an accident and is responsible for the accident who is not insured; did not meet minimum state requirements for liability insurance. Hit and run drivers, drivers that leave the scene of an accident are consider by most states as uninsured drivers which usually falls under bodily injury.
We should discuss underinsured drivers. Memphis insurance professionals know what the legal limits and requirements for the state of Tennessee so your agent will be able to answer any questions about state minimums. Underinsured drivers are those drivers that meet state requirements but do not have their limits within their policy high enough to pay for damages caused by an accident. It should be noted that most insurance companies consider uninsured motorist and underinsured motorist as two different areas of coverage.
Some states have mandated uninsured motorist as a requirement, however most states do not require uninsured motorist coverage and only require liability coverage. If you as Memphis insurance policy owner, purchase uninsured motorist coverage, your coverage must comply with state mandates but cannot exceed the policy limits outlined by your insurance company.
When purchasing auto insurance Memphis area residents should seriously consider adding uninsured motorist and underinsured motorist coverage. Memphis is a high accident and uninsured motorist city so you want to have the assurance if you were unfortunate enough to have a accident that is the fault of another driver, that you are made whole, just as you were before the accident occurred. By providing yourself with the coverage, you are being both physically and fiscally responsible in lower you risk. What’s more is both uninsured and underinsured motorist protection is realativily inexpensive for the enormous advantage of having the coverage.
If you were unfortunate enough to be in a car accident and you have uninsured coverage, your medical bills will be paid, wages that may have been lost can be replaced and compensation can be given for pain and suffering. Most importantly, if you are involved in an accident with an uninsured motorist, you are covered since many times the responsible party and uninsured motorist seldom has the money to pay out to injured parties.
Memphis area residents know the ongoing joke we hear daily on local Memphis radio stations about Memphis drivers. Unfortunately, there is an element of truth to the joke and should be considered sage advice in areas of Memphis insurance. Having the minimum liability limits if you are a driver is mandated by state law in Tennessee. However, you should give yourself added piece of mind by adding uninsured motorist and underinsured motorist to your auto insurance Memphis policy.
Friday
Memphis Insurance And Understanding Your Declaration Page
The insurance industry is a mystery to many and most insurance consumers don’t really understand what they own. They get the concept of insurance, but the real nuts and bolts are rarely understood. This is the reason the Memphis Insurance blog was created as a source of easily understood articles which explain how insurance works. In this article, we are going to explain what a declaration page is and what purpose it serves.
The declaration page is usually found on the front of a policy and defines in summary form the terms of the policy and what coverage is included in the policy. The first thing found on the declaration page is the name of the insurance company that is responsible for issuing the policy. Usually this is the name of a nationally recognized company, however, if you are dealing with a local Memphis Insurance company, their name may be in place of the national company.
The next item found on the declaration page is the type of policy. This part of the declaration page tells if the policy is a life, auto, homeowners or some type of health insurance policy such a disability policy. Then the name and address of the policyholder will follow and when the policy will become effective and coverage begins. Because the insured’s name is on the policy, it identifies the policyholder to whom the policy has been issued. It is also very important to know when you policy is in effect in order to avoid a lapse in coverage.
Your declaration page will also indicate the amount of coverage issued by the company. There are a wide variety of policies available and depending on what type the insured has been issued will determine what is in this section of the declaration page. For illustration purposes we will use a Memphis car insurance policy as an example. This kind of policy will reflect the different types of coverage and the amounts. Liability and it’s maximum coverage, property damage, uninsured motorist and comprehensive will all be broken down into their on section outlining type and coverage amounts. Each type of coverage will have it’s own section providing the above details.
There will also be other very important information on the declaration page and we will use a Memphis car insurance policy again as an example. The declaration page will identify individual cars that will be covered by the policy. If it were a Memphis homeowners insurance policy, the address for the property would be shown along with coverage maximums, the deductible if there is one, it’s total amount and the amount of the premium and payment mode.
It should be noted, there is one thing which will not appear on the declarations page and this is exclusions. Exclusions are things that are specifically not covered by the issued policy and it is very important that you, as the insured, should not stop once you have read the declaration page in order to understand your policy and what you have purchased.
There will also be another section in the declaration page which covers endorsements and riders. Many times we already have an insurance policy in force and choose to increase the amount of coverage or add additional protection. Of course these increases in coverage and protection will increase the amount of dollars we pay for coverage, but our lives change as do our needs. In the property and casualty part of the insurance industry, these additional changes or increases in coverage are called endorsements and are referred to as riders in the health and life sections of the industry. All riders and endorsements will be outlined and listed on you declaration page of your insurance policy.
At the bottom of your declaration page you find the signature of the authorized company representative. All insurance policies are contracts and the nature of contract law states that no contract is valid unless signed by someone that is authorized. The declaration page will usually have the signature of a company officer along with your signature making the insurance policy a binding contract.
The declaration page of your insurance policy provides a wealth of information which outlines what you have purchased. It is important however, that you look further into your policy to completely understand your coverage, protection and it the limitations of the policy. Once you receive your policy, set aside time to read the entire policy and if you have questions, please call your local Memphis insurance representative or national company representative for a precise explanation. Insurance professionals are trained to answer your questions and provide you the information you need to be an informed insurance consumer.
The declaration page is usually found on the front of a policy and defines in summary form the terms of the policy and what coverage is included in the policy. The first thing found on the declaration page is the name of the insurance company that is responsible for issuing the policy. Usually this is the name of a nationally recognized company, however, if you are dealing with a local Memphis Insurance company, their name may be in place of the national company.
The next item found on the declaration page is the type of policy. This part of the declaration page tells if the policy is a life, auto, homeowners or some type of health insurance policy such a disability policy. Then the name and address of the policyholder will follow and when the policy will become effective and coverage begins. Because the insured’s name is on the policy, it identifies the policyholder to whom the policy has been issued. It is also very important to know when you policy is in effect in order to avoid a lapse in coverage.
Your declaration page will also indicate the amount of coverage issued by the company. There are a wide variety of policies available and depending on what type the insured has been issued will determine what is in this section of the declaration page. For illustration purposes we will use a Memphis car insurance policy as an example. This kind of policy will reflect the different types of coverage and the amounts. Liability and it’s maximum coverage, property damage, uninsured motorist and comprehensive will all be broken down into their on section outlining type and coverage amounts. Each type of coverage will have it’s own section providing the above details.
There will also be other very important information on the declaration page and we will use a Memphis car insurance policy again as an example. The declaration page will identify individual cars that will be covered by the policy. If it were a Memphis homeowners insurance policy, the address for the property would be shown along with coverage maximums, the deductible if there is one, it’s total amount and the amount of the premium and payment mode.
It should be noted, there is one thing which will not appear on the declarations page and this is exclusions. Exclusions are things that are specifically not covered by the issued policy and it is very important that you, as the insured, should not stop once you have read the declaration page in order to understand your policy and what you have purchased.
There will also be another section in the declaration page which covers endorsements and riders. Many times we already have an insurance policy in force and choose to increase the amount of coverage or add additional protection. Of course these increases in coverage and protection will increase the amount of dollars we pay for coverage, but our lives change as do our needs. In the property and casualty part of the insurance industry, these additional changes or increases in coverage are called endorsements and are referred to as riders in the health and life sections of the industry. All riders and endorsements will be outlined and listed on you declaration page of your insurance policy.
At the bottom of your declaration page you find the signature of the authorized company representative. All insurance policies are contracts and the nature of contract law states that no contract is valid unless signed by someone that is authorized. The declaration page will usually have the signature of a company officer along with your signature making the insurance policy a binding contract.
The declaration page of your insurance policy provides a wealth of information which outlines what you have purchased. It is important however, that you look further into your policy to completely understand your coverage, protection and it the limitations of the policy. Once you receive your policy, set aside time to read the entire policy and if you have questions, please call your local Memphis insurance representative or national company representative for a precise explanation. Insurance professionals are trained to answer your questions and provide you the information you need to be an informed insurance consumer.
Wednesday
Memphis Insurance - How To Shop For The Policy You Need
We all had to do homework when we were in school and shopping for your Memphis insurance policy is no different. Doing your research and shopping for the least expensive premiums and the most benefits takes work- homework! In order to find the best policy, be it for Memphis car insurance, homeowners or a health insurance policy, you should prepare yourself for the task at hand and learn as much as you can about the product you will be purchasing. Purchasing insurance is not unlike buying anything else such as a car. If you bought a car, you would want to “kick the tires” before spending your hard earned money, so should you kick the tires, so to speak, of an insurance policy.
As stated in a previous article on this blog, Memphis Insurance companies and agents are abundant for no other reason than we all need insurance. Shopping for insurance may seem a bit overwhelming, however, once you roll up your sleeves and get down to work, odds are you will find the policy that is the best fit for you, your family and your budget.
It should be noted that there are fifty one different insurance markets across the nation including the District of Columbia. Different geographical areas bring different risk so doing business with a company in another state may not be in your best interest. Although any company doing business within any given state must be licensed by that state’s Department of Insurance and Commerce, doing business locally is probably the best bet since Memphis Insurance agents are familiar with the area and what is required within the borders of the state of Tennessee.
The number one source of information about the many different insurance policies sold within the state is the Tennessee Department of Insurance. They will have available to the public a wealth information about the various policies that are sold under their jurisdictions. Another source of obtaining the information you require when shopping insurance policies is home office representatives. All insurance companies have representatives in states in which they are licensed to sell policies. Visiting the website of a insurance company should direct you to that state of Tennessee’s representative for their company.
Your local Memphis insurance agent is also a source of excellent information but most people have a mental wall built in when dealing directly with the a person that want to sell them something, insurance is no different. Most insurance agents are professional and are well versed in their profession and will provide all the information you will need to make an informed decision, however, our natural bias toward sales people will make us skeptical and it is best to research on your own until such time you can make an informed decision.
Consumer advocate magazines are another source of information such as Consumer reports. Consumer reports is a nonprofit magazine that does not offer advertising within it’s pages and compares companies on their products and services. Best Insurance Reports is a yearly publication that rates the financial stability of insurance companies and buying a policy from a company that has a poor rating within the publication is not a good idea.
There are many different Memphis insurance agents to choose from and determining which one to purchase a policy from may be a daunting task. But shopping and doing your research will not only help you place the best policy but also give you piece of mind knowing you researched and understand all the benefits of your policy upon purchase.
The insurance agent or broker should have certain attributes that are essential with the top three being knowledgeable, courteous and reliable. Take special care to make sure your chosen Memphis insurance agent is additional educational classes in their area of expertise. In most cases, state licensing laws require that agent and brokers take continuing education classes to stay up to date on the ever changing insurance industry and it’s applicable laws.
As an insurance consumer, you should research agents and brokers just as you would individual insurance policies. By interviewing many different agents or brokers, you are exposing yourself to the many different companies that offer varying degrees of policies and their benefits. By comparing many different agents, both independent and exclusive, you open yourself up to finding the best policy with the least expensive premium, although least expensive should not be the underlying reason for purchasing a policy. After all, we are seeking the best coverage we can obtain within our budgets and this does not mean always by the least expensive policy.
By researching the local is insurance market and taking the time to educate ourselves on the insurance industry, we are increasing the odds of obtaining the best policy and meet our Memphis insurance needs.
As stated in a previous article on this blog, Memphis Insurance companies and agents are abundant for no other reason than we all need insurance. Shopping for insurance may seem a bit overwhelming, however, once you roll up your sleeves and get down to work, odds are you will find the policy that is the best fit for you, your family and your budget.
It should be noted that there are fifty one different insurance markets across the nation including the District of Columbia. Different geographical areas bring different risk so doing business with a company in another state may not be in your best interest. Although any company doing business within any given state must be licensed by that state’s Department of Insurance and Commerce, doing business locally is probably the best bet since Memphis Insurance agents are familiar with the area and what is required within the borders of the state of Tennessee.
The number one source of information about the many different insurance policies sold within the state is the Tennessee Department of Insurance. They will have available to the public a wealth information about the various policies that are sold under their jurisdictions. Another source of obtaining the information you require when shopping insurance policies is home office representatives. All insurance companies have representatives in states in which they are licensed to sell policies. Visiting the website of a insurance company should direct you to that state of Tennessee’s representative for their company.
Your local Memphis insurance agent is also a source of excellent information but most people have a mental wall built in when dealing directly with the a person that want to sell them something, insurance is no different. Most insurance agents are professional and are well versed in their profession and will provide all the information you will need to make an informed decision, however, our natural bias toward sales people will make us skeptical and it is best to research on your own until such time you can make an informed decision.
Consumer advocate magazines are another source of information such as Consumer reports. Consumer reports is a nonprofit magazine that does not offer advertising within it’s pages and compares companies on their products and services. Best Insurance Reports is a yearly publication that rates the financial stability of insurance companies and buying a policy from a company that has a poor rating within the publication is not a good idea.
There are many different Memphis insurance agents to choose from and determining which one to purchase a policy from may be a daunting task. But shopping and doing your research will not only help you place the best policy but also give you piece of mind knowing you researched and understand all the benefits of your policy upon purchase.
The insurance agent or broker should have certain attributes that are essential with the top three being knowledgeable, courteous and reliable. Take special care to make sure your chosen Memphis insurance agent is additional educational classes in their area of expertise. In most cases, state licensing laws require that agent and brokers take continuing education classes to stay up to date on the ever changing insurance industry and it’s applicable laws.
As an insurance consumer, you should research agents and brokers just as you would individual insurance policies. By interviewing many different agents or brokers, you are exposing yourself to the many different companies that offer varying degrees of policies and their benefits. By comparing many different agents, both independent and exclusive, you open yourself up to finding the best policy with the least expensive premium, although least expensive should not be the underlying reason for purchasing a policy. After all, we are seeking the best coverage we can obtain within our budgets and this does not mean always by the least expensive policy.
By researching the local is insurance market and taking the time to educate ourselves on the insurance industry, we are increasing the odds of obtaining the best policy and meet our Memphis insurance needs.
Thursday
Memphis Car Insurance Information And Benefits
Auto insurance is one area of the industry which tends to raise many people’s emotional level. It was not always this way but with the ever increasing premiums, automobile insurance tends to raise levels of frustration, anger and resentment, Memphis car insurance is no different. When policyholders receive their bills and open them to see what they are asked to pay, these feelings of emotion are increased. What makes it increasingly so is the fact that within most states, auto insurance is mandated by state law. Because of these bills and laws making car insurance mandatory, insurance companies are not inclined to keep rates low.
The controversy over automobile insurance and the emotions it generates does not stop with the individual policyholder. The issue provokes strong responses from the insurance companies themselves who are responsible for paying claims. One of the prime targets is what the companies call “greedy lawyers” who they fault with bringing frivolous lawsuits designed to line their pockets rather than obtaining a fair settlement for their clients. The ire of insurance companies do not stop there, continuing on with rants about body shops that charge astronomical fees to repair damaged cars and the large cost of medical fees for injuries suffered in automobile accidents. On the reverse side of the issue, lawyers are equally contemptible about insurance companies and their “unfair practices” that force people to retain the services of lawyers. The argument is a vicious cycle of finger pointing and litigation with the policyholder/victim stuck in the middle.
Since Tennessee requires all residents to obtain and be insured, Memphis car insurance companies have no shortage of potential policyholders, although not everyone adheres to the prevailing laws. We are going to cover some important facts about car insurance and how understand the auto insurance business. Determining fault is often the core of litigation involving car accidents. Car insurance agents can attest to this fact. Every state has different laws governing negligence where a car accident is involved so this article will be in generalizations.
Negligence is defined as when another party causes injury to another party and is handled by the civil court systems. Not to be confused with criminal negligence. Once negligence is thought to have happened, the party accused of the act of negligence is held responsible in a civil court of law for the damages or injuries caused. There are three types of damages that can be awarded in a negligence case: punitive, special and general damages. Punitive damages are usually awarded when the guilty party intentionally engages in wrongful acts. Special damages are generally awarded to compensate injured parties for medical bills, property damage, lost wages and even funeral expenses should some one die from injuries suffered during and automobile accident. Memphis car insurance policyholders know how often this can occur with uninsured motorist driving on our roads.
The fault system is not without criticism however. Insurance companies tell us the number one reason for higher auto insurance premiums is because of the fault system and the expensive time consuming litigation involved and is major source of backed up court cases in the civil court system. The fault system can also delay payment of benefits over an extended time period which causes financial stress on both parties in legal and medical fees. Because of the prolonged litigation process involving “at fault” insurance cases, no fault is used in some cases to settle the issue and reduce the amount of litigation that ties up the court systems. Tennessee is a no-fault insurance state. As insurance premiums continue to increase, no- fault insurance is becoming more and more popular. No fault insurance is designed so that injured parties receive compensation from their own insurance companies for injuries resulting from auto accidents. In a nutshell, you insurance company is responsible for compensating you if you are injured even if it is the other parties fault. You should contact your local Memphis car insurance agent to learn more about your policy and no-fault guidelines.
In this section, we will discuss the different types of coverage. Liability coverage we will cover first since it is the most expensive and what is required by state law. Liability coverage is defined with three very different aspects: property damage, bodily injury and the cost associated with defending a lawsuit. Property damage coverage pays for negligent damage caused to another’s property or vehicle by negligent driving. Usually, the damage done is to a vehicle but this is not always the case. In some cases, a driver may lose control of their vehicle and cause damage to property such as mailboxes, fences or even houses.
Most Memphis car insurance policyholders are aware of what bodily injury coverage is but we will discuss it anyway. If your operation of your car causes someone injury, this provision is used to compensate injured parties for medical bills, lost wages and compensation for pain and suffering. It should also be known that you can be held responsible if someone is killed for replacement of income that would normally be there had the person lived.
Protecting the value of your vehicle is another important part of the insurance policy. Collision and comprehensive coverage cost about one third of what the entire policy cost. Collision is usually defined as the part of the policy that pays to repair and protect your car should you be involved in an accident. The comprehensive provision of the policy covers other damages that result from other sources aside from a moving vehicle accident. These damages could come from wind, malicious mischief, animals crossing a road, riots, hail and many other factors. Anything other than moving vehicle accident is covered by the comprehensive provision in the policy. You should consult your local Memphis car insurance agent for detailed information about your collision and comprehensive coverage.
It should be noted that collision insurance is not mandated by the Tennessee stat legislature and residents of Tennessee are only required to carry liability coverage. This is so innocent people are protected should you be negligent in driving. However, not carrying a full force policy could cause substantial hardship on you and your family should you be in a moving vehicle accident that is your fault.
The uninsured motorist is another benefit provided in insurance policies. The provision is self explanatory by it’s name but covers you in the event you are unfortunate enough to become involved in a moving vehicle accident with a person that does not have Memphis auto insurance. However, the uninsured motorist provision does not cover property damage but is designed to compensate you in the case of medical injury and loss of wages.
There are other benefits available including a rental car reimbursement and towing provisions. It is best to meet with your local insurance agent to discuss these benefits and select which is best for you and your family. Having adequate coverage is very important in today’s society. With the court systems tied up with car accident cases, it is not difficult to understand why it is so important to have and maintain a Memphis car insurance policy.
The controversy over automobile insurance and the emotions it generates does not stop with the individual policyholder. The issue provokes strong responses from the insurance companies themselves who are responsible for paying claims. One of the prime targets is what the companies call “greedy lawyers” who they fault with bringing frivolous lawsuits designed to line their pockets rather than obtaining a fair settlement for their clients. The ire of insurance companies do not stop there, continuing on with rants about body shops that charge astronomical fees to repair damaged cars and the large cost of medical fees for injuries suffered in automobile accidents. On the reverse side of the issue, lawyers are equally contemptible about insurance companies and their “unfair practices” that force people to retain the services of lawyers. The argument is a vicious cycle of finger pointing and litigation with the policyholder/victim stuck in the middle.
Since Tennessee requires all residents to obtain and be insured, Memphis car insurance companies have no shortage of potential policyholders, although not everyone adheres to the prevailing laws. We are going to cover some important facts about car insurance and how understand the auto insurance business. Determining fault is often the core of litigation involving car accidents. Car insurance agents can attest to this fact. Every state has different laws governing negligence where a car accident is involved so this article will be in generalizations.
Negligence is defined as when another party causes injury to another party and is handled by the civil court systems. Not to be confused with criminal negligence. Once negligence is thought to have happened, the party accused of the act of negligence is held responsible in a civil court of law for the damages or injuries caused. There are three types of damages that can be awarded in a negligence case: punitive, special and general damages. Punitive damages are usually awarded when the guilty party intentionally engages in wrongful acts. Special damages are generally awarded to compensate injured parties for medical bills, property damage, lost wages and even funeral expenses should some one die from injuries suffered during and automobile accident. Memphis car insurance policyholders know how often this can occur with uninsured motorist driving on our roads.
The fault system is not without criticism however. Insurance companies tell us the number one reason for higher auto insurance premiums is because of the fault system and the expensive time consuming litigation involved and is major source of backed up court cases in the civil court system. The fault system can also delay payment of benefits over an extended time period which causes financial stress on both parties in legal and medical fees. Because of the prolonged litigation process involving “at fault” insurance cases, no fault is used in some cases to settle the issue and reduce the amount of litigation that ties up the court systems. Tennessee is a no-fault insurance state. As insurance premiums continue to increase, no- fault insurance is becoming more and more popular. No fault insurance is designed so that injured parties receive compensation from their own insurance companies for injuries resulting from auto accidents. In a nutshell, you insurance company is responsible for compensating you if you are injured even if it is the other parties fault. You should contact your local Memphis car insurance agent to learn more about your policy and no-fault guidelines.
In this section, we will discuss the different types of coverage. Liability coverage we will cover first since it is the most expensive and what is required by state law. Liability coverage is defined with three very different aspects: property damage, bodily injury and the cost associated with defending a lawsuit. Property damage coverage pays for negligent damage caused to another’s property or vehicle by negligent driving. Usually, the damage done is to a vehicle but this is not always the case. In some cases, a driver may lose control of their vehicle and cause damage to property such as mailboxes, fences or even houses.
Most Memphis car insurance policyholders are aware of what bodily injury coverage is but we will discuss it anyway. If your operation of your car causes someone injury, this provision is used to compensate injured parties for medical bills, lost wages and compensation for pain and suffering. It should also be known that you can be held responsible if someone is killed for replacement of income that would normally be there had the person lived.
Protecting the value of your vehicle is another important part of the insurance policy. Collision and comprehensive coverage cost about one third of what the entire policy cost. Collision is usually defined as the part of the policy that pays to repair and protect your car should you be involved in an accident. The comprehensive provision of the policy covers other damages that result from other sources aside from a moving vehicle accident. These damages could come from wind, malicious mischief, animals crossing a road, riots, hail and many other factors. Anything other than moving vehicle accident is covered by the comprehensive provision in the policy. You should consult your local Memphis car insurance agent for detailed information about your collision and comprehensive coverage.
It should be noted that collision insurance is not mandated by the Tennessee stat legislature and residents of Tennessee are only required to carry liability coverage. This is so innocent people are protected should you be negligent in driving. However, not carrying a full force policy could cause substantial hardship on you and your family should you be in a moving vehicle accident that is your fault.
The uninsured motorist is another benefit provided in insurance policies. The provision is self explanatory by it’s name but covers you in the event you are unfortunate enough to become involved in a moving vehicle accident with a person that does not have Memphis auto insurance. However, the uninsured motorist provision does not cover property damage but is designed to compensate you in the case of medical injury and loss of wages.
There are other benefits available including a rental car reimbursement and towing provisions. It is best to meet with your local insurance agent to discuss these benefits and select which is best for you and your family. Having adequate coverage is very important in today’s society. With the court systems tied up with car accident cases, it is not difficult to understand why it is so important to have and maintain a Memphis car insurance policy.
Monday
Memphis Insurance - Choosing The Right Memphis Life Insurance Policy
One thing is certain! No, not death since we all know this event is certain. The other “certain thing” is, most people don’t understand what a universal life insurance policy is and how they work. Unless you take the time to do your research or make an appointment to see your local Memphis insurance agent, odds are you will never understand how a universal life insurance policy works. Universal life insurance is just one of the many life insurance policies available and determining if this type of policy is what you need requires that you first determine what your long term goals are and if this policy will fit into your goals.
Universal life insurance policies are also know as variable life since the premiums will fluctuate over time. There are advocates of universal life insurance and there are people that believe this type of policy to be the worst possible use of money set aside for life insurance. Whatever your opinions, we are going to cover this type of policy and how it works in an ongoing series of Memphis life insurance and the various types available to Memphis area residents.
Unlike the traditional form of whole life insurance which requires set premiums to be paid over the “whole” life of the policy, universal policies can fluctuate and even use the value in the policy to pay the premiums in the future. Policyholders can also adjust the amount of the death benefit to paid. The benefits that are available through a universal life insurance policy include the flexibility outlined above as well as a growing account value that builds over the life of the policy.
One of the most appealing aspects of this kind of policy is the investments choices that can be made with the policy. Universal or variable life allows the policy holder to choose different investment instruments which part of the monthly premium is invested. These investments reflect possible gains that can be enjoyed over time, especially when the current financial markets are trending upward. However, the policyholder will also suffer losses if the financial markets are contending with a prevailing downward trend. Not unlike a 401k, the universal life insurance policy long term value is derived from market swings.
Arguments can be made that the universal life policy is not an ideal policy for people. However, it can also be argued that some people know very little about investing in the financial markets and have no other way of investing except through life insurance. This is a poor argument it is a position that holds an element of truth. Many people would rather pick peas than take the time to learn and practice sound investment procedures. Universal life allows these people two benefits. One is a death benefit that is paid out to their family when they die and an investment vehicle, however poor suited, that allows them some form of money coming in when they retire. Only by meeting with both your Memphis insurance agent and your financial advisor can you decide if a universal life insurance policy is for you.
The naysayer’s of universal life prefer term life insurance over whole life and universal policies. Their rezoning and the most sound, is the fact that the policyholder receives the maximum amount of death benefit for the least amount of paid premium. Although we will cover term life insurance and it’s benefits in a later article, simply put, term life is the probably the best type of insurance for anyone that is willing to spend a sufficient amount of time planning and setting goals for their financial well-being. People that utilize term life insurance to meet one need: A death benefit paid out in the event of their death to their family to maintain the families lifestyle and meet their expenses.
Memphis life insurance agents offer a wide variety of insurance policies that can fit the needs of anyone under any circumstance. Only by visiting your Memphis insurance agent can you determine what is the best choice of life protection for you and your family.
Universal life insurance policies are also know as variable life since the premiums will fluctuate over time. There are advocates of universal life insurance and there are people that believe this type of policy to be the worst possible use of money set aside for life insurance. Whatever your opinions, we are going to cover this type of policy and how it works in an ongoing series of Memphis life insurance and the various types available to Memphis area residents.
Unlike the traditional form of whole life insurance which requires set premiums to be paid over the “whole” life of the policy, universal policies can fluctuate and even use the value in the policy to pay the premiums in the future. Policyholders can also adjust the amount of the death benefit to paid. The benefits that are available through a universal life insurance policy include the flexibility outlined above as well as a growing account value that builds over the life of the policy.
One of the most appealing aspects of this kind of policy is the investments choices that can be made with the policy. Universal or variable life allows the policy holder to choose different investment instruments which part of the monthly premium is invested. These investments reflect possible gains that can be enjoyed over time, especially when the current financial markets are trending upward. However, the policyholder will also suffer losses if the financial markets are contending with a prevailing downward trend. Not unlike a 401k, the universal life insurance policy long term value is derived from market swings.
Arguments can be made that the universal life policy is not an ideal policy for people. However, it can also be argued that some people know very little about investing in the financial markets and have no other way of investing except through life insurance. This is a poor argument it is a position that holds an element of truth. Many people would rather pick peas than take the time to learn and practice sound investment procedures. Universal life allows these people two benefits. One is a death benefit that is paid out to their family when they die and an investment vehicle, however poor suited, that allows them some form of money coming in when they retire. Only by meeting with both your Memphis insurance agent and your financial advisor can you decide if a universal life insurance policy is for you.
The naysayer’s of universal life prefer term life insurance over whole life and universal policies. Their rezoning and the most sound, is the fact that the policyholder receives the maximum amount of death benefit for the least amount of paid premium. Although we will cover term life insurance and it’s benefits in a later article, simply put, term life is the probably the best type of insurance for anyone that is willing to spend a sufficient amount of time planning and setting goals for their financial well-being. People that utilize term life insurance to meet one need: A death benefit paid out in the event of their death to their family to maintain the families lifestyle and meet their expenses.
Memphis life insurance agents offer a wide variety of insurance policies that can fit the needs of anyone under any circumstance. Only by visiting your Memphis insurance agent can you determine what is the best choice of life protection for you and your family.
Friday
Memphis Insurance - How To Find The Right Memphis Car Insurance Policy
Did you know there are over fifty national insurance companies and untold independent Memphis insurance agents offering a variety of coverage for everything from renters insurance to comprehensive health plans? It’s no wonder Memphis and Shelby County residents have a difficult time choosing a company with whom to place their insurance. Everyone in the Memphis metropolitan area knows the ongoing joke about the drivers in this city. If you’ve ever driven on the I-240 loop at any given hour of the day, you are familiar with the relevance of the joke.
Fortunately for citizens of Memphis, an over abundance of Memphis insurance agents makes it easy to shop competitive quotes when looking for a auto insurance Memphis. Competition helps to keep rates low and the level of service good which in turn translates into bargains and the assurance we have proper coverage. Let’s look into what we should consider when looking for auto insurance.
First and foremost in people’s mind is the rate or insurance premium they will pay for coverage. Finding the maximum benefits should not be overly expensive. It should be noted that insurance is all about benefits. You should ask yourself first, “what benefit will I receive in return for my paid premiums?” The scope of this article will not get into the details of Memphis car insurance policies and will be covered in a later article.
Your insurance rate is very important since the money you spend on insurance premiums can have a major impact on the family budget, especially in the current economy. Since the Memphis insurance market is highly competitive, it should be difficult to locate a rate that does not have a negative impact on your budget and still provides all the benefits needed for proper coverage.
Customer service is another important factor when considering a company. Memphis car insurance providers and their actuaries are very aware of the “Memphis reputation” and are very skilled in customer claims. It is important to locate a company that is dedicated to a high degree of professional customer service. Search out companies that employ professional and courteous representatives and local agents.
Talking to friends and family is a great source for locating Memphis insurance agents that provide quality service since they have probably experienced situations where benefits have been utilized. Ask how their claims adjusters interacted with them. Did they provide the level of service equal to the amount of premiums paid? Were they courtesy and timely in claim status and explanation? Was the agent readily available when services were needed? These are all important questions that should be asked before settling on a Memphis car insurance policy.
Reputation is another consideration that should be given when choosing a car insurance provider. Logging onto your computer and searching the Internet about the parent company of a local Memphis insurance agent can help answer many questions and establish what kind of reputation the company carries across the nation.
Also, many insurance companies offer discounts for multi-policies for other family members that need coverage as well as discounts when other lines of insurance such as homeowners or umbrella policies are held at the same insurance agency.
A Word About Dropping Your Memphis Car Insurance Due To The Current Economy
With the current economic crisis, many families are under financial strain with ever increasing pressure on the family budget. Some people have went as far as to stop paying their insurance premiums in order to make ends meet which makes it even more important for you to have minimum requirements of insurance. A few years ago, we didn’t need to worry as much about uninsured drivers on the streets. However, this fact is changing. Memphis insurance agents are seeing an increased number of policyholders letting their insurance lapse because of the current economic situation and this does not bode well for the public at large.
An increase in claims across the nation because of uninsured motorist will no doubt cause the insurance companies to increase rates to absorb the cost of these claims. If you are considering letting your car insurance lapse, first talk to your insurance agent to see if there are solutions to the problem. Memphis car insurance agents will be willing to find ways to reduce your premium through a reduction in benefits to the minimums required by Tennessee stat law rather than letting your insurance policy lapse completely.
Although times are increasingly difficult financially for families, losing your auto insurance should be not be considered lightly. Memphis insurance agents are willing to help you and your family through these tough financial times in order to keep you Memphis car insurance in force and protecting your family.
Fortunately for citizens of Memphis, an over abundance of Memphis insurance agents makes it easy to shop competitive quotes when looking for a auto insurance Memphis. Competition helps to keep rates low and the level of service good which in turn translates into bargains and the assurance we have proper coverage. Let’s look into what we should consider when looking for auto insurance.
First and foremost in people’s mind is the rate or insurance premium they will pay for coverage. Finding the maximum benefits should not be overly expensive. It should be noted that insurance is all about benefits. You should ask yourself first, “what benefit will I receive in return for my paid premiums?” The scope of this article will not get into the details of Memphis car insurance policies and will be covered in a later article.
Your insurance rate is very important since the money you spend on insurance premiums can have a major impact on the family budget, especially in the current economy. Since the Memphis insurance market is highly competitive, it should be difficult to locate a rate that does not have a negative impact on your budget and still provides all the benefits needed for proper coverage.
Customer service is another important factor when considering a company. Memphis car insurance providers and their actuaries are very aware of the “Memphis reputation” and are very skilled in customer claims. It is important to locate a company that is dedicated to a high degree of professional customer service. Search out companies that employ professional and courteous representatives and local agents.
Talking to friends and family is a great source for locating Memphis insurance agents that provide quality service since they have probably experienced situations where benefits have been utilized. Ask how their claims adjusters interacted with them. Did they provide the level of service equal to the amount of premiums paid? Were they courtesy and timely in claim status and explanation? Was the agent readily available when services were needed? These are all important questions that should be asked before settling on a Memphis car insurance policy.
Reputation is another consideration that should be given when choosing a car insurance provider. Logging onto your computer and searching the Internet about the parent company of a local Memphis insurance agent can help answer many questions and establish what kind of reputation the company carries across the nation.
Also, many insurance companies offer discounts for multi-policies for other family members that need coverage as well as discounts when other lines of insurance such as homeowners or umbrella policies are held at the same insurance agency.
A Word About Dropping Your Memphis Car Insurance Due To The Current Economy
With the current economic crisis, many families are under financial strain with ever increasing pressure on the family budget. Some people have went as far as to stop paying their insurance premiums in order to make ends meet which makes it even more important for you to have minimum requirements of insurance. A few years ago, we didn’t need to worry as much about uninsured drivers on the streets. However, this fact is changing. Memphis insurance agents are seeing an increased number of policyholders letting their insurance lapse because of the current economic situation and this does not bode well for the public at large.
An increase in claims across the nation because of uninsured motorist will no doubt cause the insurance companies to increase rates to absorb the cost of these claims. If you are considering letting your car insurance lapse, first talk to your insurance agent to see if there are solutions to the problem. Memphis car insurance agents will be willing to find ways to reduce your premium through a reduction in benefits to the minimums required by Tennessee stat law rather than letting your insurance policy lapse completely.
Although times are increasingly difficult financially for families, losing your auto insurance should be not be considered lightly. Memphis insurance agents are willing to help you and your family through these tough financial times in order to keep you Memphis car insurance in force and protecting your family.
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