Courtesy of iii.org Make sure your car coverage reflects your needs and budget The vehicle you own, your personal priorities and your budget all factor into your unique auto insurance needs. Before comparing policies and insurers, evaluate how you use your car and what risks you face to figure out what options make the best sense for you. 1. How much do you drive? Do you absolutely need your car every day—for instance, to commute to work or drive the kids to school and activities? Do you drive 100 miles a month or closer to 1,000 or more? Make sure your policy reflects how much you use your car. If you don’t drive a lot, you may want to opt for mileage-based insurance. 2. Will you be using your car for work? If you use your car not just to get to work, but to perform tasks for which you get paid, commercial auto insurance is a necessity. A personal auto policy will not provide coverage if you transport paying passengers through a ride-share service, deliver pizzas, drive as a …
Car Insurance Non-Renewed or Cancelled?
Courtesy of iii.org There's a difference between an insurance company cancelling a policy and choosing not to renew it. Learn why your insurance might not be renewed Auto insurance cancellation Insurance companies cannot cancel a policy that has been in force for more than 60 days except when: You fail to pay the premium You have committed fraud or made serious misrepresentations on your application Your drivers license has been revoked or suspended. Auto insurance non-renewal Either you or your insurance company can decide not to renew the policy when it expires. Your insurance company must give you a certain number of days notice and explain the reason for not renewing before it drops your policy (the exact timeframes and rules will depend on the state in which you live). There are a number of reasons an insurance company may choose not to renew a policy, and it may have nothing to do with you personally. For example, your insurer may have decided to drop that …
Severe Weather Events & Your Business
Courtesy of iii.org With predictions of an above-average hurricane season issued by Colorado State University this week, businesses need to take measures to prepare and increase their chance of surviving, according to the Insurance Information Institute (I.I.I.). Forty percent of businesses do not reopen after a disaster and another 25 percent fail within one year, according to the Federal Emergency Management Agency (FEMA). But by taking action now to prepare, businesses can increase their chance of getting back on their feet financially and keeping their doors open. The I.I.I. and the Insurance Institute for Business & Home Safety (IBHS) recommend the following steps: Develop a Business Continuity Plan Having a business continuity plan is vital for companies to prepare for, survive and recover from a hurricane. Use IBHS’ free OFB-EZ® (Open for Business) business continuity planning tool to create a plan that focuses on recovering after the initial emergency …