WinsurTech Blog | Insurance Concepts and Practical Solutions

Parking or Garage locations and effect on Premium in insurance

Author - Webner
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3:50 am
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Parking –

Parking is the primary parking location for the vehicle. It is the main parking area where vehicles are parked when not in use. Usually, it’s the house address or where the car is parked for a maximum number of hours.
For example –
It can be home or it can be office parking.

Garaging Location-

Garaging locations are the locations where vehicles are parked but occasionally or less frequently or in some cases an equal number of hours.
For example –
Apart from home parking, If someone used to park their vehicle […]

What is MVR and what kind of data is there in it?

Author - Webner
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4:07 am
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MVR Stands for Motor Vehicle Record/Report. In a Motor Vehicle Report a summary of a person’s driving records like past accidents, traffic violations are noted. The MVR is used for background checks of the driver’s driving history. A motor vehicle report (MVR) is used by the insurer to determine the risk level of providing coverage to the person by assessing his/her MVR and determining the amount of premium on it.

If the person applying for the policy has a clean record then chances of getting approved for a policy are high and may get a better […]

What is ACV (ACTUAL CASH VALUE OF THE VEHICLE) in Auto Insurance?

Author - Webner
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3:43 am
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Introduction

Whether you have a car, a motorcycle, or an RV(Recreational vehicle), all these modes of transportation need Auto Insurance most of the time almost in all states. In order to protect your vehicle with an insurance policy, it is required to know what the term actual cash value (ACV) means.

Actual cash value (ACV) plays a significant role in the Insurance Industry. Actual cash value is used by all insurance companies to assure policyholders receive reasonable compensation for damaged or destroyed property.

But how do insurance companies decide on the value of your vehicle […]

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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0 Comments
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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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0 Comments
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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 […]

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