5 Myths About Buying Car Insurance Busted

Inderpal ahluwalia | September 20, 2017

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As we hear all the time IDV (Insured Declared Value) is the key to car insurance premium. So, if my car gets older, the IDV will also be reduced which will result in cheaper car insurance. Not always. Your car insurance premiums will depend on many other things including what kind of coverage you have, your driving record, your age, the kilometers your drive every year and the reason you drive, your claim history, No Claim Bonus(NCB). If you have a high number of claims your premium will not reduce and may even be higher in the next year.

Spotlight

Federated Insurance

At Federated Insurance, we take pride in providing American businesses in select industries customized property and casualty, life, disability income, and workers compensation coverage. Beyond merely providing policies, we are committed to face-to-face, local consultation via highly-trained sales, claims, risk management, and underwriting personnel. Additionally, we offer risk management materials designed to help prevent claims and bolster our policyholders bottom lines. Why? Because, as a mutual company, we believe our value is measured by the success of our clients. It’s our business to protect yours.

OTHER ARTICLES

Does Your Firm Need Business Auto Coverage?

Article | February 21, 2020

Does your law firm have a business auto insurance policy? It should, if there are vehicles registered under your law firm’s name. The policy could also cover your firm when you or your employees use a personal or rented vehicle for firm errands, deliveries and other business purposes. In fact, business auto coverage could be your firm’s single most important asset in the event of an accident.

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Covid-19 will make cyber and digital insurance policies more relevant than ever

Article | April 17, 2020

Kennedy's Elizabeth Bardsley discusses the risks brokers need to be aware of as more and more professionals work from home as a result of the coronavirus pandemic. As the insurance industry continues to grapple with the Covid-19 pandemic, many have begun to give thought to what lasting changes will stay with us once the crisis has passed. For example, attitudes towards flexible working are expected to permanently change as more and more professionals work from home. And in a similar vein, we are likely to see a significant impact on the popularity of cyber and digital liability policies.

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Automation for the Future of Insurance: Enabling the Ecosystem

Article | February 17, 2020

During InsurTech Connect 2019, the world’s largest gathering for the insurance industry, I had the opportunity to meet and talk about the future of insurance with executives, thought leaders, analysts, consultants, and tech providers. In an interesting discussion with Seth Rachlin, chief innovation officer of Insurance at Capgemini, he discussed three trends that he envisions driving the “future of insurance.”

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How technology will transform life insurance

Article | April 20, 2020

Do you know what the UK insurance industry is going through? A disruption that calls for complete metamorphosis. Not so different from what the whole world is going through at the moment. Crafting one-size-fits-all products and expecting them to sell like hotcakes is a huge misconception. Customers want products to be as personalised as possible. Pay per mile insurance or lower car insurance premiums for safe drivers are some examples. In the current global crisis, personalised life insurance would look like factoring in the unique health/ living conditions of the person and then providing insurance options.

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Spotlight

Federated Insurance

At Federated Insurance, we take pride in providing American businesses in select industries customized property and casualty, life, disability income, and workers compensation coverage. Beyond merely providing policies, we are committed to face-to-face, local consultation via highly-trained sales, claims, risk management, and underwriting personnel. Additionally, we offer risk management materials designed to help prevent claims and bolster our policyholders bottom lines. Why? Because, as a mutual company, we believe our value is measured by the success of our clients. It’s our business to protect yours.

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