auto insurance - Insurance Software development

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 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 are MEDICAL PAYMENTS under Coverages and Limits in Auto Insurance?

Author - Webner
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4:21 am
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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 […]

What are credits and surcharge in Auto Insurance?

Author - Webner
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4:39 am
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Introduction

While offering auto insurance to vehicle owners, insurance company’s credits consider many aspects to calculate and present premium. Obviously, these companies do not want to go into loss but still want to provide insurance. So, they want to find out if the insured person is more likely to cause an accident for which the company will have to provide an insurance claim. If it is so, a higher premium will be offered to adjust the risks. Some of the factors that affect the premium amount are:

Driving experience
Nature of vehicle use
Driving and claims history […]

Uninsured or Underinsured Motorists Coverages in Auto insurance

Author - Webner
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4:39 am
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Introduction

As a responsible driver, it is required to have auto insurance to protect yourself in case of an accident. But not everyone is so scrupulous. The Insurance Information Institute states that 13 percent or one in eight drivers is uninsured. Getting into an accident with one of those drivers can be an expensive mistake, especially if you rely on the insurance of other drivers to cover your costs. To resolve these circumstances, uninsured and underinsured motorist insurances are there. Most of the time these two types of insurances are bundled together. In this blog, we will discuss […]

What kind of MEDICAL STATEMENT is required in Auto insurance?

Author - Webner
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5:59 am
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Introduction

When anybody wants to purchase any health-related policy from an insurance company, the insurance company needs to know how healthy the person is at the time he/she signs the policy. The insurance companies figure this out through a process called underwriting, during which the customer has to take a medical exam and submit a medical statement about the current health and medical history.

The higher risk pose, the higher the premiums are being compared to a healthier person receiving the same amount of coverage. In some cases, the health may indicate too high of risk […]

What does BILL OF SALE mean in Auto insurance?

Author - Webner
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6:24 am
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Introduction

A bill of sale is a document that signifies a person or organization has sold goods to another person or customer. It is regarded as a legal document and can be used as valid proof in all legal matters. It also signifies that the ownership of goods has been transferred to another party.

In simple terms, the bill of sale is like a receipt that can be used as proof to signify a sale. It is required that the party who is purchasing a car or any other asset should make sure that the bill of sale […]

What is the SYMBOL Age Group in Auto Insurance?

Author - Webner
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5:44 am
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Introduction

SYMBOL are the age groups that Insurance agencies use to assess the premium they will be charging from their consumers. This is mainly done for comprehensive insurance policies where the insurance company typically pays for the cost of repairing or replacing a vehicle if anything happens (stolen or damaged or any natural force ending up damaging the vehicle). However, we should note here that insurance companies suggest that typically comprehensive insurance is required in addition to the Collision Insurance when financing a vehicle. Because Collision insurance covers the damage in the incident of colliding with any other […]

What does GOOD STUDENT CERTIFICATE mean in Auto insurance?

Author - Webner
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6:00 am
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Introduction

Car insurance costs tend to be higher for teenage drivers. This is because young drivers are calculated to be at a higher risk in the first few years they’re driving. Both high-school and even college students between the ages of 16 and 24 are considered as risky drivers. But what about a magical auto insurance discount that can help to save money on a student’s or young adult’s auto insurance?

Many insurance companies provide a discount to young drivers on auto insurance policies who earn good grades in school or college. The good […]

What is the rating territory code (TERR) in Auto Insurance?

Author - Webner
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6:58 am
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Introduction

Insurance companies run on the predictions made by the actuaries and data-backed information. They make profits only if they get more premiums than the insurance claims filed by the public. They are allowed to use certain criteria based on what they think would be suitable for them. So, if any particular area in a given territory is forcing them to incur losses, they are free to charge more in terms of premiums and be profitable again. However, this has been the bone of contention between insurance policymakers and law but they seem to have won the […]

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