WinsurTech Blog | Insurance Concepts and Practical Solutions

What is PASSIVE SEAT BELT (and its types) of the Vehicle in Auto insurance?

Author - Webner
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4:53 am
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Introduction

Car safety plays a crucial role to diminish the occurrence of a vehicle accident and its consequences. Safety devices that protect passengers in the event of an accident were introduced about 50 years ago. Automobile safety features such as seat belts, harnesses, airbags, headrests, and other devices are meant to protect occupants of vehicle from injury in case of an accident.

Nowadays, Safety system devices are divided into the following two types in standard automobile models:

Active safety system: These are also called the Primary Safety system. Active safety devices reduce the chances of an […]

What is PROPERTY DAMAGE LIABILITY in Auto Insurance?

Author - Webner
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4:38 am
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Property Damage Liability

Among many types of coverages, Property Damage Liability coverage is quite common and popular. Damage caused to somebody’s property by an insured person is covered under Property Damage Liability. This liability coverage is present in many types of insurance like Homeowners Insurance, vehicle insurance, etc. In this blog, we will discuss the role of Property Damage Liability in Auto Insurance.

Property Damage Liability in Auto Insurance

Drivers are required to have Property Damage liability coverage by law. It covers the cost of damage caused to others whether it is their car, house […]

What is the difference between Comprehensive and No Depreciation insurance?

Author - Webner
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4:34 am
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Introduction

Auto insurance is defined as a contract between the insured and the insurance company that protects the insured against financial loss in the event of an accident or theft of the auto. In exchange for paying a premium by the insured, the insurance company agrees to pay the losses as outlined in the insurance policy.

Basic personal auto insurance is compulsory by most U.S. states, and laws vary. Auto insurance coverages are priced individually to let you customize coverage amounts to suit your exact needs and budget. Here we will discuss the difference between comprehensive and […]

What does Gap Insurance mean?

Author - Webner
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4:40 am
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Introduction

Suppose your insured car is totally wrecked and unrecoverable after a major accident or stolen. Your auto insurance may give settlement based on the car’s actual cash value, but this is not the amount you paid for the car at the time of purchasing. Since automobiles depreciate quickly, your settlement may not cover what you still owe on your car loan or lease. That will leave you with no car and a big bill that you have to pay. The gap insurance can help in this kind of unhappy scenario.

What is gap insurance?

What is the rate class of the Vehicle in Auto insurance?

Author - Webner
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4:45 am
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Rate Class

Rate class is a categorization that is used to indicate the way in which a vehicle is being used by a driver. It is one of the many factors (territory, crash history, etc) that determines the premium needs to be paid for vehicle insurance. If a vehicle is bought and used in a location where the traffic is less, the premium to be paid is relatively less than the locations where the number of vehicles or traffic issues is more. Similarly, the rate class helps the insurance companies to decide different premiums for vehicles being used […]

Exclusions: How do they affect the Insurance policy

Author - Webner
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4:47 am
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Insurance is a term that usually means protection from financial loss. It is basically risk management, which is used to hedge against the risk of a contingent loss. Different types of insurance plans consist of different coverage in them. Along with this coverage, there may be some exclusion found which depends upon policy terms and conditions.

An Exclusion is a policy provision that eliminates the coverage for some type of risk. Mainly Exclusion narrows the scope of coverage provided by the insurance agreement.
As a whole, Exclusions are those cases for which the Insurance Company does […]

What is a COMPREHENSIVE DEDUCTION under Coverages and Limits in Auto Insurance?

Author - Webner
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4:47 am
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Introduction

Comprehensive coverage in an auto insurance policy is also referred to as OTC(other than collision) coverage. The name of this coverage policy makes its definition more clear because it covers almost all other physical damage that can occur to a vehicle other than collision. This coverage is the most superior kind of protection you can provide your car with. Collision refers to the damage suffered by the vehicle when the vehicle is in motion. This damage may be caused by an object or other vehicle in a road accident. It does not matter who is at […]

Individual Retirement Account (IRA) in insurance

Author - Webner
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4:49 am
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The Individual Retirement Accounts ( IRA’s ) are tax-advantaged accounts that individuals can establish to accumulate funds for retirement. It is depending on the types of IRAs, contributions may be made on a pre-tax or post-tax basis and investment earnings are either tax-deferred or tax-free.

In other words, we can say that:

An individual retirement account is a tax benefitted tool through which individuals can reserve their funds for retirement savings But its major drawback is that it imposed a penalty when an individual withdraws before the age of 59 ½.

There are different […]

Face amount in the insurance

Author - Webner
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5:03 am
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The face value/amount of insurance is how much your policy is worth. It means the amount of coverage you bought in the policy. The face amount is the primary factor in determining the monthly premiums that will be owed. The higher the face amount, the higher the premiums will be.

Face value can be found in the statement of benefits. Face Amount can also be called Amount of Insurance, Coverage Amount, or Sum Insured. There are several things that can cause it to change.

What is the face amount in life insurance?

The face amount of life […]

What are different types of coverages in Personal Auto Application and their purpose?

Author - Webner
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4:40 am
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Personal auto insurance application helps in providing financial protection to you, your family, other passengers, and your vehicle. You can choose the amount of protection by Selection of coverages and limits.

Six common auto coverages are:

Auto Liability coverage
Uninsured and Underinsured Motor coverage
Comprehensive coverage
Collision coverage
Medical Payments coverage
Bodily Injury Protection

Depending on the state where you live, some of these coverages are mandatory and some are optional.

Liability coverage: Liability coverage is mandatory in most US states as a legal requirement to drive a car. Liability coverage has two components:

Bodily […]

What are TOWING & LABOR limits under Coverages and Limits in Auto Insurance?

Author - Webner
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4:40 am
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0 Comments
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Introduction

Insurance is all about just in case. Liability insurance is purchased just in case you have an at-fault accident and someone gets hurt or property gets damaged. Collision and comprehensive coverages provide help to the insured just in case the vehicle of the policyholder gets damage in a crash. Some other types of insurance coverages also protect the policyholder—just in case—such as uninsured/under-insured insurance helps the insured to pay the extra expenses, if the liability insurance of other drivers is not sufficient to pay the bills. Similarly, just in case the insured […]

What are MEDICAL PAYMENTS under Coverages and Limits in Auto Insurance?

Author - Webner
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4:21 am
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0 Comments
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Introduction

Auto insurance is defined as a contract between the insured and insurance carrier that protects the insured against financial loss in the case of an accident or theft. The insured person or the policyholder has to pay premiums for the coverage set forth in the insurance policy.

All states have regulations that set the minimum amounts of insurance or other financial security the vehicle owners have to pay for the loss caused by their negligence behind the wheel if an accident occurs. All vehicle owners are legally bounded to buy at least the minimum amount of liability […]

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