Thursday, September 23, 2010
Stop Paying Too Much for Your Auto Insurance
Stop Paying Too Much for Car Insurance: 5 Common Mistakes You Can Easily Avoid
Reviewing your car insurance policy probably isn't at the top of your to-do list. But how about saving money? Take a look at these 5 common mistakes most drivers make when insuring their vehicles—you might be surprised at how easy they are to avoid and how much money you could save every month.
Mistake #1: Keeping Your Car Insurance Deductible Too Low
Simply put, the lower your deductible, the higher your auto insurance rates. Consider raising your deductible from $250 to $500 or even $1,000. The cost of an accident will be that much more expensive, but you could save up to 40% on the comprehensive and collision portion of your policy.
Mistake #2: Not Combining Your Car and Home or Renters Policy with the Same Insurer
With a multi-line insurance policy, you purchase both your auto and homeowners or renters insurance from the same carrier. According to the Insurance Information Institute, a multi-line policy can save you up to 15% on both premiums.
Mistake #3: Not Taking Advantage of Discounts
Most insurance companies provide discounts for a variety of things, including:
•Having a good driving record
•Being a long-time customer (loyalty discount)
•Driving a vehicle with specific safety features (e.g. Vehicle Stability Control (VSC))
•Driving a vehicle with specific security features (e.g. audible alarm, Lojack)
•Driving a low number of miles per year
It's up to you to make sure you're getting all the discounts you're eligible for, so make sure you ask your company or agent.
Mistake #4: Paying Your Car Insurance Premium in Installments
Extra "convenience" fees are often applied to payments when you split your premium into installments (e.g. monthly, quarterly, etc.). A monthly fee of even $7 can add up to almost $100 a year! So if you can afford it, pay your premium in one lump sum.
Mistake #5: Not Shopping Around for Car Insurance Once a Year
If you don't shop around for coverage at least once a year, you simply won't know if you're getting a good deal. According to an independent study, drivers who compare rates and switch carriers at Diversified Insurance Services save an average of $301* on a six-month policy.
Compare Your Personal / Commerical Auto Insurance For Free & Find Out How Much You Can $ave With Jason Shroot By Calling Today At 714-988-3325.
Mistake #1: Keeping Your Car Insurance Deductible Too Low
Simply put, the lower your deductible, the higher your auto insurance rates. Consider raising your deductible from $250 to $500 or even $1,000. The cost of an accident will be that much more expensive, but you could save up to 40% on the comprehensive and collision portion of your policy.
Mistake #2: Not Combining Your Car and Home or Renters Policy with the Same Insurer
With a multi-line insurance policy, you purchase both your auto and homeowners or renters insurance from the same carrier. According to the Insurance Information Institute, a multi-line policy can save you up to 15% on both premiums.
Mistake #3: Not Taking Advantage of Discounts
Most insurance companies provide discounts for a variety of things, including:
•Having a good driving record
•Being a long-time customer (loyalty discount)
•Driving a vehicle with specific safety features (e.g. Vehicle Stability Control (VSC))
•Driving a vehicle with specific security features (e.g. audible alarm, Lojack)
•Driving a low number of miles per year
It's up to you to make sure you're getting all the discounts you're eligible for, so make sure you ask your company or agent.
Mistake #4: Paying Your Car Insurance Premium in Installments
Mistake #5: Not Shopping Around for Car Insurance Once a Year
If you don't shop around for coverage at least once a year, you simply won't know if you're getting a good deal. According to an independent study, drivers who compare rates and switch carriers at Diversified Insurance Services save an average of $301* on a six-month policy.
Compare Your Personal / Commerical Auto Insurance For Free & Find Out How Much You Can $ave With Jason Shroot By Calling Today At 714-988-3325.
Wednesday, September 22, 2010
Classifying a Business Properly
The Importance of Correctly Classifying a Business
Print Classifying a business correctly is an important step in providing coverage for a risk because proper classification supports the rating structure and allows an insurance carrier to charge a rate that is commensurate with business exposures. If a business is not classified correctly, then a consumer will not be treated fairly.
For instance, when a business is classed incorrectly, the insurance carrier may use rates that are not commensurate with exposures, losses may be reported incorrectly which will skew the rating structure, or the policyholder may unnecessarily under pay or over pay their premium. Additionally, classification errors usually get caught at time of a premium audit which can lead to an unwelcomed surprise for the policyholder.
Some reasons why classifying a business can be challenging are outlined below.
Limited Number of Classifications
There are thousands of different businesses, but only a limited number of classification codes. Workers' compensation has approximately 700 and general liability has about 1,200. This means that a single classification code typically describes more than one specific business type.
For example, the classification of "STORE: RETAIL NOC" is a kind of generic store classification that can probably be applied to about 30 different kinds of store operations ranging from cigar stores to computer stores. Also, there are classifications that are very specific and only apply to one type of business and nothing else such as "ARCHITECTS & ENGINEERS – CONSULTING" which is restricted to businesses that only perform that particular type of work.
Unique Differences between Workers' Compensation and General Liability Classifications
Workers' Compensation
The first Workers' Compensation Rule for Classification Procedures states that we should assign the ONE basic classification that best describes the business of the employer within a state. With some exceptions, Workers' Compensation basic classifications include all of the various types of labor found in that business. The one exception as mentioned above is standard exceptions such as clerical office employees, outside salespersons, drivers, etc. Standard exceptions are named as such as they are standard for most businesses and exceptions to all the Rules that apply to BASIC classifications.
General Liability
There is no such thing as a basic class for general liability A rule does not exist stating that you have to find the one classification that best describes the business. Also, there is no rule about the classification within a state. Adding a classification is much easier with general liability than it is with workers' compensation. The rules for general liability state that you assign classifications based on the policyholder's business operations, or enterprises. Instead, you simply choose the classification(s) which best describes the operation or operations. More than one classification assignment may be necessary because one business may have multiple business operations or enterprises. A business may only have one legal entity, but may have several classifications based on their exposures to the general public.
What does this mean? A business may have only one classification for workers' compensation, but have several classifications for general liability.
Classifying a business correctly does take lost of insurance experience and knowledge. To ensure you have a commerical insurance policy that is properly set up please contact Jason Shroot @ 714-998-3325 or jason@diversifiedinsurancequtoes.com
Print Classifying a business correctly is an important step in providing coverage for a risk because proper classification supports the rating structure and allows an insurance carrier to charge a rate that is commensurate with business exposures. If a business is not classified correctly, then a consumer will not be treated fairly.
For instance, when a business is classed incorrectly, the insurance carrier may use rates that are not commensurate with exposures, losses may be reported incorrectly which will skew the rating structure, or the policyholder may unnecessarily under pay or over pay their premium. Additionally, classification errors usually get caught at time of a premium audit which can lead to an unwelcomed surprise for the policyholder.
Some reasons why classifying a business can be challenging are outlined below.
Limited Number of Classifications
There are thousands of different businesses, but only a limited number of classification codes. Workers' compensation has approximately 700 and general liability has about 1,200. This means that a single classification code typically describes more than one specific business type.
For example, the classification of "STORE: RETAIL NOC" is a kind of generic store classification that can probably be applied to about 30 different kinds of store operations ranging from cigar stores to computer stores. Also, there are classifications that are very specific and only apply to one type of business and nothing else such as "ARCHITECTS & ENGINEERS – CONSULTING" which is restricted to businesses that only perform that particular type of work.
Unique Differences between Workers' Compensation and General Liability Classifications
Workers' Compensation
The first Workers' Compensation Rule for Classification Procedures states that we should assign the ONE basic classification that best describes the business of the employer within a state. With some exceptions, Workers' Compensation basic classifications include all of the various types of labor found in that business. The one exception as mentioned above is standard exceptions such as clerical office employees, outside salespersons, drivers, etc. Standard exceptions are named as such as they are standard for most businesses and exceptions to all the Rules that apply to BASIC classifications.
General Liability
There is no such thing as a basic class for general liability A rule does not exist stating that you have to find the one classification that best describes the business. Also, there is no rule about the classification within a state. Adding a classification is much easier with general liability than it is with workers' compensation. The rules for general liability state that you assign classifications based on the policyholder's business operations, or enterprises. Instead, you simply choose the classification(s) which best describes the operation or operations. More than one classification assignment may be necessary because one business may have multiple business operations or enterprises. A business may only have one legal entity, but may have several classifications based on their exposures to the general public.
What does this mean? A business may have only one classification for workers' compensation, but have several classifications for general liability.
Classifying a business correctly does take lost of insurance experience and knowledge. To ensure you have a commerical insurance policy that is properly set up please contact Jason Shroot @ 714-998-3325 or jason@diversifiedinsurancequtoes.com
Tuesday, September 21, 2010
Flood Insurance Program Set To Expire September 30
Flood Insurance Program Set To Expire September 30
As the Atlantic hurricane season peaks, the National Flood Insurance Program is scheduled to expire again on Sept. 30 -- unless Congress reauthorizes the program.
The program has operated under a series of short-term extensions and has lapsed four times this year alone. During program lapses, new policies cannot be written, which delays thousands of real estate transactions daily.
Standard home insurance does not cover flooding. Homebuyers in flood-prone areas must purchase flood insurance from the national program for mortgage deals to be closed.
"Lawmakers need to make flood insurance a top priority when Congress returns next week," said David Sampson, president and CEO of the property Casualty Insurers Association of America, in a press release.
Insurance trade groups are calling on Congress to reform the program, now $18 billion in the red, and grant a long-term extension. The House of Representatives passed the Flood Insurance Reform and Priorities Act of 2010, which extends the program for five years, but the bill's future is uncertain in the Senate.
Please Remember To Purchase Your FLOOD INSURANCE Prior to the Sept 30th Deadline.
Please Call Jason Shroot @ 714-988-3325 For More Information & A Free Quote
As the Atlantic hurricane season peaks, the National Flood Insurance Program is scheduled to expire again on Sept. 30 -- unless Congress reauthorizes the program.
The program has operated under a series of short-term extensions and has lapsed four times this year alone. During program lapses, new policies cannot be written, which delays thousands of real estate transactions daily.
Standard home insurance does not cover flooding. Homebuyers in flood-prone areas must purchase flood insurance from the national program for mortgage deals to be closed.
"Lawmakers need to make flood insurance a top priority when Congress returns next week," said David Sampson, president and CEO of the property Casualty Insurers Association of America, in a press release.
Insurance trade groups are calling on Congress to reform the program, now $18 billion in the red, and grant a long-term extension. The House of Representatives passed the Flood Insurance Reform and Priorities Act of 2010, which extends the program for five years, but the bill's future is uncertain in the Senate.
Please Remember To Purchase Your FLOOD INSURANCE Prior to the Sept 30th Deadline.
Please Call Jason Shroot @ 714-988-3325 For More Information & A Free Quote
Monday, September 6, 2010
The Surprisingly Fascinating History of (U.S.) Car Insurance
The Surprisingly Fascinating History of (U.S.) Car Insurance ~ By Paul Thompson
Auto Insurance Article ~ Insurance Experts' Forum, September 1, 2010
The world's first car accident occurred in 1891 (arguably) and involved 2 Ohioans and a tree, but the world's first car insurance policy wasn't written until 1897. That means for 6 (doubtlessly crazy) years, people were driving hither and yon in their fancy new horseless carriages without a drop of coverage. Compound that with the fact that safety measures like, oh, stop signs, right-of-way, and driver training had not yet been invented, and you can begin to imagine the chaos of a world sans car insurance.
It's not like the idea of insurance didn't exist. As a concept, insurance had begun long, long before then. But perhaps more than anything, the mass production of the automobile in the early 20th century helped to revolutionize the industry — making it as standard today as that requisite new-car smell.
Legends, Licensing, and Liability
Since cars first started rolling off Ford's legendary assembly line in 1903, we've been driving them, decorating them, sleeping in them, and, yes, crashing them. But while more and more cars were hitting the road, early drivers were hitting trees, wagons, horses, and inevitably, each other as well.
In 1930, roughly 110 people were killed per day in car accidents. In 2000, with nearly twice the national population, fatalities per day increased by only 4 to 114. That's approximately 10 times more fatalities per registered vehicle back in 1930.
And while this figure is staggering, it's not altogether surprising if you consider that most drivers in the early days were untested and virtually untrained. Back then, they didn't have driving schools, driver tests, or driver licensing laws any more than we have hovercar training today. Massachusetts and Missouri were the first to establish driver licensing laws in 1903, but Missouri had no actual driver exam law until 1952.
In the early days, instead of standing in line for 2 hours at the DMV and taking numerous tests just to wait several weeks for your license to arrive, you could simply walk into your local licensing office, plunk down 50 cents (or so), and walk away the proud owner of a drivers license. Almost as easy as getting one from a Cracker Jack box.
But as we know all too well, simply having a license doesn't necessarily make you a good driver. And imagine what the roads must have been like at the turn of the last century. The combination of amateur drivers and unpaved, unmonitored roads proved tragic and highlighted the rapidly growing need for liability insurance.
Paul Revere XII's Fairly Tame Ride
Sadly, the history of car insurance doesn't have many dramatic revolutionary moments, so we decided to make one up.
After witnessing a devastating pile-up on Route 0 back in 1927, Paul Revere's great-times-twelve-grandson had an idea so revolutionary, so inspirational, he raced (at top speeds of 50 mph!) to the capital building of Massachusetts in his trusty Chrysler Imperial to spread his message. Unable to resist his passionate and eloquent speech on the innumerable merits of car insurance
(and this next part's true), Massachusetts soon became the first state to make liability insurance required by law.
(In an interesting and slightly unrelated twist, Paul Revere and the Raiders produced an album called "Midnight Ride" exactly 40 years later. It was a U.S. top 20 hit in 1967.)
By the 1940s, with the end of WWII and a subsequent surge in automobile production, most states had passed similar laws. Today, New Hampshire is the only state in the union without compulsory liability laws. (The whole "Live Free or Die" thing.)
From the Model T to the Dot-Com
Since Travelers sold the first policy 113 years ago, car insurance has evolved from simple handwritten contracts to the high-tech global industry that it is today. Here at Esurance, we're happy to be included in the car insurance history books (all best sellers, by the way) as one of the very first to offer car insurance online, back in 1999.
And since it first hit the web more than a decade ago, car insurance has continued to innovate and improve (and so have we). Now you can get a quote in just a few minutes, TCOB online, see pics of your car as it's being repaired, and all kinds of other cool stuff that Gilbert J. Loomis, the world's first policyholder, could scarcely have fathomed.
Auto Insurance Article ~ Insurance Experts' Forum, September 1, 2010
The world's first car accident occurred in 1891 (arguably) and involved 2 Ohioans and a tree, but the world's first car insurance policy wasn't written until 1897. That means for 6 (doubtlessly crazy) years, people were driving hither and yon in their fancy new horseless carriages without a drop of coverage. Compound that with the fact that safety measures like, oh, stop signs, right-of-way, and driver training had not yet been invented, and you can begin to imagine the chaos of a world sans car insurance.
It's not like the idea of insurance didn't exist. As a concept, insurance had begun long, long before then. But perhaps more than anything, the mass production of the automobile in the early 20th century helped to revolutionize the industry — making it as standard today as that requisite new-car smell.
Legends, Licensing, and Liability
Since cars first started rolling off Ford's legendary assembly line in 1903, we've been driving them, decorating them, sleeping in them, and, yes, crashing them. But while more and more cars were hitting the road, early drivers were hitting trees, wagons, horses, and inevitably, each other as well.
In 1930, roughly 110 people were killed per day in car accidents. In 2000, with nearly twice the national population, fatalities per day increased by only 4 to 114. That's approximately 10 times more fatalities per registered vehicle back in 1930.
And while this figure is staggering, it's not altogether surprising if you consider that most drivers in the early days were untested and virtually untrained. Back then, they didn't have driving schools, driver tests, or driver licensing laws any more than we have hovercar training today. Massachusetts and Missouri were the first to establish driver licensing laws in 1903, but Missouri had no actual driver exam law until 1952.
In the early days, instead of standing in line for 2 hours at the DMV and taking numerous tests just to wait several weeks for your license to arrive, you could simply walk into your local licensing office, plunk down 50 cents (or so), and walk away the proud owner of a drivers license. Almost as easy as getting one from a Cracker Jack box.
But as we know all too well, simply having a license doesn't necessarily make you a good driver. And imagine what the roads must have been like at the turn of the last century. The combination of amateur drivers and unpaved, unmonitored roads proved tragic and highlighted the rapidly growing need for liability insurance.
Paul Revere XII's Fairly Tame Ride
Sadly, the history of car insurance doesn't have many dramatic revolutionary moments, so we decided to make one up.
After witnessing a devastating pile-up on Route 0 back in 1927, Paul Revere's great-times-twelve-grandson had an idea so revolutionary, so inspirational, he raced (at top speeds of 50 mph!) to the capital building of Massachusetts in his trusty Chrysler Imperial to spread his message. Unable to resist his passionate and eloquent speech on the innumerable merits of car insurance
(and this next part's true), Massachusetts soon became the first state to make liability insurance required by law.
(In an interesting and slightly unrelated twist, Paul Revere and the Raiders produced an album called "Midnight Ride" exactly 40 years later. It was a U.S. top 20 hit in 1967.)
By the 1940s, with the end of WWII and a subsequent surge in automobile production, most states had passed similar laws. Today, New Hampshire is the only state in the union without compulsory liability laws. (The whole "Live Free or Die" thing.)
From the Model T to the Dot-Com
Since Travelers sold the first policy 113 years ago, car insurance has evolved from simple handwritten contracts to the high-tech global industry that it is today. Here at Esurance, we're happy to be included in the car insurance history books (all best sellers, by the way) as one of the very first to offer car insurance online, back in 1999.
And since it first hit the web more than a decade ago, car insurance has continued to innovate and improve (and so have we). Now you can get a quote in just a few minutes, TCOB online, see pics of your car as it's being repaired, and all kinds of other cool stuff that Gilbert J. Loomis, the world's first policyholder, could scarcely have fathomed.
To Learn More About Auto Insurance In 2010 Please Call Jason @ 714-988-3325
Sunday, September 5, 2010
Let's Celebrate The Triumph of Labor....Happy Labor Day
Good Monday and Happy Labor Day to one and all.
It's time for grand parades, big fun. And time to spare with family and friends, and go beyond the confines of the room. Celebrate the historic holiday that commemorates the huge contributions the workers have made to the strength, prosperity and well-being of our nation. Time to take a break, feel the real spirit and travel to the eventful past of American labor movement and pay a tribute to the great labor force..., and of course,Have A Happy & Safe Labor Day !!!
Diversified Insurance Services
Will Be Open Today Until 3pm PST
Please Call Jason Shroot @ 714-988-3325
jason@diversifiedinsurancequotes.com
Thursday, September 2, 2010
The Top 10 List of Necessary Commercial Insurance Coverages....
10 Important Business Insurance Coverages
I’m not a cookie cutter type of guy. Not personally and especially not professionally.
I have carried this belief into my insurance career and practice it with every client I meet. I don’t believe in one-size fits all. To me “One-Size Fits All” means everyone is exactly the same. And that's not necessarily true...No two businesses are the same which means that no two clients are the same...which means that no two insurance policies should be the same either.
However, there are several coverages which I feel need to be addressed with every single commercial client - no matter how big or small that business is. As all these coverages are fundamental to protecting every business.
- Building and Business Property
- General Liability
- Business Income
- Crime
- Tech Liability
- Business Auto
- Workers Compensation
- Disability
- Professional Liability (Errors and Omission)
- Employment Practices Liability
The are many more possible insurance coverages that your Business may need. As such, it is important to develop a strong working relationship with your local independent insurance agent, Jason Shroot, as he will ask many questions in understand the specifics of your business. To start the analysis of your current business insurance needs, please contact 714-988-3325.
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