Insurance Premium – Car Insurance In Memphis http://carinsuranceinmemphis.net/ Fri, 17 Sep 2021 19:20:08 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://carinsuranceinmemphis.net/wp-content/uploads/2021/06/icon-1.png Insurance Premium – Car Insurance In Memphis http://carinsuranceinmemphis.net/ 32 32 Does home insurance cover asbestos removal? https://carinsuranceinmemphis.net/does-home-insurance-cover-asbestos-removal/ https://carinsuranceinmemphis.net/does-home-insurance-cover-asbestos-removal/#respond Fri, 17 Sep 2021 17:00:22 +0000 https://carinsuranceinmemphis.net/does-home-insurance-cover-asbestos-removal/ Asbestos is a fibrous mineral that was once used in the construction of buildings due to its flame retardant qualities. However, the material has proven to be a health hazard and has been used infrequently since the 1970s. If your home was built before 1980, there could be asbestos that should be removed to protect […]]]>

Asbestos is a fibrous mineral that was once used in the construction of buildings due to its flame retardant qualities. However, the material has proven to be a health hazard and has been used infrequently since the 1970s. If your home was built before 1980, there could be asbestos that should be removed to protect your health. The process requires professional help, and unfortunately the cost is rarely covered by home insurance.

Does home insurance cover asbestos removal?

Asbestos can pose a major health risk adults and children alike. Exposure could potentially lead to the development of lung cancer, mesothelioma, or a separate lung disease called asbestosis. These problems can be caused by inhaling asbestos particles that have been disturbed.

You can choose to have asbestos removed by a professional on your own or in the natural course of repairs, for example if you are already renovating the area of ​​your home where it is located. Check your state and local guidelines for finding a properly certified asbestos contractor so you can be sure the removal is done correctly and safely.

You may not be able to claim reimbursement through your home insurance for this service. Instead, you usually have to pay the full amount out of pocket. Most home insurance companies have a pollution exclusion, which means that the mitigation of a pollutant (including asbestos) is not covered. The exception is if a covered risk reveals or disrupts existing asbestos. For example, if a storm damages your home and displaces any existing asbestos, you could be covered. You will need to check your policy language or speak to a licensed agent to be sure.

Is Asbestos Dangerous?

Asbestos is dangerous when it is damaged or disturbed, which allows particles to enter the air and be inhaled. If asbestos is in good condition and is not chipped or exposed in any way, then it is less likely to harm your health. When you see any part of your home covered with asbestos, you may want to look for cracks, chips, or other signs of damage that could indicate fibers being released into the air.

Where to find asbestos?

Older homes may contain asbestos in several different places. Here is some common places to check asbestos:

  • Boiler, steam pipe or furnace: asbestos blanket or tape
  • Floor tile: backing or adhesive
  • Door seals on stoves
  • Decorative sprays for walls and ceilings, including textured paints
  • Insulation of houses built between 1930 and 1950

How to check for the presence of asbestos?

It is not always easy to find asbestos in your home. It may be easier to hire a professional to take samples if you suspect you have asbestos in your home. This is especially important if your home was built before 1980 and you are about to undertake a home improvement project. Since demolition can cause asbestos fibers to be released into the air, it’s best to mitigate the risk before it happens.

A professional asbestos contractor may take samples for verification. In the event that the presence of asbestos is confirmed, you usually have two options. The first is simply to contain asbestos, especially if you don’t plan to disturb the area where it is located. The second option is to hire a qualified asbestos professional to remove it completely.

How to get rid of asbestos?

It is generally not recommended to carry out your own asbestos removal project. The The EPA warns against even touch, dust or sweep anything you suspect is asbestos. An asbestos professional can repair the area either by sealing the material to prevent it from spreading into the environment, or by enclosing it for the same purpose.

Removing it can inadvertently release more asbestos into the air, which involves sealing off the area from the rest of the house and meticulously treating the area as a hazardous area. The asbestos contractor should continuously spray asbestos to keep it moist and prevent dry fibers from being released. He or she will then seal the removed asbestos and safely remove it from your home.

Frequently Asked Questions

What is the difference between an asbestos inspector and an asbestos contractor?

a inspector does not remedy a problematic asbestos situation, but rather helps you confirm whether or not asbestos is present in the home and to what extent. In addition to a visual examination, the inspector can also safely take samples and provide you with laboratory analysis. They will let you know the extent of the asbestos and usually recommend the safest way to handle the situation.

An asbestos contractor, on the other hand, actually performs the job. Each state has its own regulations regarding how asbestos should be treated and disposed of. It is important to make sure that your contractor has a good reputation and meets all local certification requirements.

How much does asbestos removal cost?

It is important to know the cost of asbestos removal since most home insurance policies do not cover it except in rare circumstances. Some reports put the US average cost for asbestos removal at $ 1,994, with the majority of that being spent on labor and materials involved in sealing the contaminated area.

Of course, the cost varies greatly depending on the size of the area and how much to remove versus encapsulation. Your total cost for asbestos removal also depends on your state’s specific fees for disposal permits. In Virginia, for example, permit fees can range from $ 50 to $ 470 depending on the size of the area. In Oregon, fees start at $ 100 and can go up to $ 3,500 for large-scale projects.

Is the use of asbestos illegal today?

The EPA banned the use of asbestos in 1989, but this law was rescinded in 1991. This means that asbestos is still legally permitted in most materials in the United States. However, it is prohibited in the following materials:

  • Corrugated paper
  • Skateboard
  • Commercial paper
  • Specialty paper
  • Floor felt

However, even though asbestos is technically permitted, it is rarely used and production has declined significantly over the past decades.


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Bodybuilders continue to protest against labor rates https://carinsuranceinmemphis.net/bodybuilders-continue-to-protest-against-labor-rates/ https://carinsuranceinmemphis.net/bodybuilders-continue-to-protest-against-labor-rates/#respond Fri, 17 Sep 2021 05:55:18 +0000 https://carinsuranceinmemphis.net/bodybuilders-continue-to-protest-against-labor-rates/ BOSTON – Representatives and Senators at Joint Committee on Financial Services got a preview on Wednesday of the debate over labor rates paid by insurers to auto body repair shops which is expected to take place ahead of a new special commission by the end of this year. The problem persists Beacon Hill for more […]]]>

BOSTON – Representatives and Senators at Joint Committee on Financial Services got a preview on Wednesday of the debate over labor rates paid by insurers to auto body repair shops which is expected to take place ahead of a new special commission by the end of this year.

The problem persists Beacon Hill for more than a decade, and a previous special commission conducted its own in-depth study of the matter in 2008. Nonetheless, owners of auto body repair shops told lawmakers on Wednesday that they were being reimbursed by insurers at a rate. average of about 40 $ per hour – which they say is the lowest in the country – and pushed for legislation regulating minimum labor rates.

“In 2010, when I opened my business, insurers reimbursed consumers a labor rate of 40 $ one o’clock. Eleven years later, the same insurers reimburse consumers the same labor rate of 40 $ one o’clock,” Brian bernard, owner of Total Care Accident Repair at Raynham, told the committee. “Eleven years with a zero percent increase in that rate. Over the same period, your insurance premiums have increased 48 percent.”

Bernard, the Massachusetts Alliance of Automotive Service Providers and others have backed a handful of bills dealing with auto body labor rates, including Rep. H 1111. James hawkins which would require insurers to reimburse bodybuilders at a minimum rate equal to the rate in effect when the Insurance Reform Act was passed in 1988, adjusted for inflation. Thereafter, the rate would be adjusted according to the consumer price index.

According to US Bureau of Labor Statistics, $ 1 in 1988 is equal to $ 2.36 purchasing power in 2021.

Hawkins said he ran a body shop before he became a teacher and was “very involved” as a member of the Rhode Island Auto Body Shop Association. Back then, which he said about 25 years ago, the labor rates that insurance companies paid to stores were about the same as they are today.

“I just had my truck serviced at the Chevrolet dealership, it is $ 125 an hour for work. I dropped off my motorhome for maintenance this week and it’s $ 175 one o’clock. And we only pay the bodybuilders 40 $ an hour, “he said.” And it’s not what the employees get, it’s what the store gets. “

Several people testifying also told lawmakers that the low rates make it difficult to recruit young technicians in the field.

Christophe stark, executive director of the Massachusetts Insurance Federation, said the problem is a supply and demand issue, arguing that as the need for auto repairs has declined, the number of stores has mostly remained stable.

“Basically it’s an excess of repair shops and fewer physical damage claims,” he said, adding, “In 2003, there were 606,000 physical damage claims. . In 2019, there were only 472,647. That was a decrease of over 22%. the number of physical damage claims as cars became safer. In 2000, there were 797 registered repair shops in the Commonwealth. Today, there are 698. That’s only a drop of 5.5%.

Stark also urged lawmakers not to revert to “government pricing” more than a decade after Massachusetts the authorities deregulated the auto insurance market from a “fixed and established system” to a “managed competition” framework to invite more options for consumers.

“We have learned our lesson… Massachusetts, throughout that period of fixation and establishment, was consistently the fifth, seventh, highest premium in the country, ”Stark said. “But after making these reforms and ending this kind of government pricing, we have fallen to 15th and we are still 14th.”

Wednesday Joint Committee on Financial Services the hearing will likely not be the last time the subject of collision repair labor rates will be debated Beacon Hill this session.

In the fiscal year 2022 budget, the Legislature created a special commission to study auto body tariffs, made up of lawmakers from the two major parties, three people appointed by the Office of Automobile Insurers, three people appointed by the Massachusetts Alliance of Automotive Service Providers, a representative of a school or a professional-technical program and a car dealership.

House Minority Leader Bradley jones named Seekonk Rep. Steve howitt, car enthusiast, as a member of the special committee.

“His interests and years of experience in these areas make him the ideal choice to serve on this special committee which will ensure that bodywork labor rates are fair and reasonable,” Jones said.

The panel is tasked with producing a study which includes “(i) an analysis of labor rates of auto bodies in the Commonwealth, including a comparison of labor rates in neighboring states; (ii) an analysis of the impact of managed competition in the motor insurance market on labor rates; (iii) an assessment of the reasonableness of current labor rates and, if not, an assessment of potential methods of calculating a reasonable labor rate; (iv) the number of auto body shops in the Commonwealth each year from 2008 to date, including the number of shops that have closed during this period; and (v) an analysis of the impact of labor rates on body shop labor. “

The group is expected to hold at least two public hearings “in geographically diverse areas” of the state and is expected to file a report with its findings and recommendations for possible legislative or regulatory action by December 31st.

representing James murphy, who, as co-chair of the Financial Services Committee, will co-chair the special commission on labor rates with Sen. Brendan Crighton, said he expects the special commission to be operational shortly.

“We’ll have a process in place – that we’ll decide as a committee what that process will be, whether it’s hearings or visits around the Commonwealth or whatever – we’ll look at past commissions to see. how they were presented and what were the conclusions, although we know some of the conclusions anyway, ”he said.


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How To Get an SR-22 Without a Car | The bank rate https://carinsuranceinmemphis.net/how-to-get-an-sr-22-without-a-car-the-bank-rate/ https://carinsuranceinmemphis.net/how-to-get-an-sr-22-without-a-car-the-bank-rate/#respond Thu, 16 Sep 2021 17:03:43 +0000 https://carinsuranceinmemphis.net/how-to-get-an-sr-22-without-a-car-the-bank-rate/ An SR-22 is an insurance check form that many states require from drivers who have committed serious traffic violations, including offenses such as DUIs and hit and run. If you need to get an SR-22, understanding how these forms work and how to get them is essential. Fortunately, your auto insurance company will usually take […]]]>

An SR-22 is an insurance check form that many states require from drivers who have committed serious traffic violations, including offenses such as DUIs and hit and run. If you need to get an SR-22, understanding how these forms work and how to get them is essential. Fortunately, your auto insurance company will usually take care of most of the process. But not until you meet the conditions. While it might seem counterintuitive, you may need to get an SR-22 without a car. In these cases, you will need what is called a non-proprietary SR-22.

What is an SR-22?

These forms can cause some confusion due to the language surrounding them. SR-22 insurance is not insurance at all. Rather, it is an insurance verification form that may be required when you commit certain traffic violations. These forms prove to the state that you maintain the legally mandated amount of auto insurance coverage. The idea behind it is that some drivers present a higher level of risk on the road and therefore need to be monitored more closely. Specifically, the state uses the SR-22 to ensure that high-risk drivers maintain an adequate level of auto insurance coverage.

Why would I need an SR-22?

If you’ve been convicted of a DUI, hit-and-run, or even many less serious offenses, the state may order you to obtain an SR-22 form. This is required of drivers who have proven to be particularly high risk. Suppose your driving record shows that you are more likely to cause financial damage with a vehicle or less likely to maintain the level of auto insurance required by law. In these situations, the state may consider you a high risk driver and then ask you to file an SR-22, proving that you maintain the required amount of auto insurance.

What is a non-proprietary SR-22?

The SR-22 auto insurance forms for non-owners work the same way as a regular SR-22, except that they are associated with auto insurance policies for non-owners. Like non-owner auto insurance, a non-owner SR-22 is designed for those who drive but do not own their own vehicle. In these cases, the form shows that the driver maintains sufficient basic liability coverage for non-owners to meet state insurance laws. The state does not require that you have your own vehicle, only that you be sufficiently insured while driving.

When would I need an SR-22 without a car?

The same cases that can lead to an SR-22 can lead to needing SR-22 insurance without a vehicle. In essence, committing these traffic violations while driving a car that doesn’t belong to you may cause you to need a non-owned SR-22. Many drivers do not own a vehicle but borrow one. Auto insurance for non-owners and SR-22s for non-owners are designed for these situations.

How to get an SR-22 without a car?

Before you can purchase SR22 car-free insurance, you must meet your state’s auto insurance requirements. In most states, this is called basic liability or minimum coverage. When you don’t have a car, you need to find an insurance company that will sell you car insurance with minimum coverage for non-owners. Once you have purchased this policy, you can inform the insurance company that you need a non-owner SR-22. After a filing fee and processing time, they will provide you with one.

Here’s how to get an SR-22 without a car.

  1. First, the state must require or request that you obtain one.
  2. If you don’t have auto insurance for non-owners, find an insurance company that does.
  3. Purchase an auto insurance policy for non-owners if you don’t already have one.
  4. Inform your insurance agent that you need to file a non-owner SR-22.
  5. Pay the administrative fees and wait for the form.

What does a non-proprietary SR-22 cover?

These forms usually state basic liability or minimum coverage. The SR-22 verifies that you meet the state’s minimum auto insurance requirements and does not process coverages that exceed this requirement. For example, the SR-22 deals with basic liability coverage, but no collision or comprehensive. Most states only require basic liability, which can cover the costs of others if you are at fault in a car accident. The SR-22s verify that you meet these minimum auto insurance requirements.

Frequently Asked Questions

Who has the best auto insurance?

The best auto insurance varies among customers. Not only are rates determined by many personal variables, policies often have nuanced differences depending on the driver and the insurance company. For a good start when shopping for auto insurance, check out Bankrate’s guide to the best auto insurance companies for 2021.

Who has the cheapest auto insurance?

Insurance rates can vary widely between clients depending on many variables. Factors like age (except in HI), location, company, vehicle, driving record and more are all taken into account when insurance companies determine rates. Because the rates are so personalized, it can be difficult to select a single company as having the cheapest auto insurance. Consider comparing the insurers in the Bankrate guide to the cheapest auto insurance companies for 2021.

How Much Car Insurance Do I Need?

Every state has its auto insurance requirements. In most states, these limits are called minimum coverage or basic liability. You need at least as much auto insurance as your state requires to legally drive, but some drivers choose to purchase more. While it is not legally mandatory to buy more, the minimum coverage is not always enough to cover the costs of a car accident. One of the main reasons people develop this coverage is that your basic liability cannot cover your own medical bills or the costs of repairing or replacing the vehicle.

What are the alternatives to an SR-22?

While many states use the SR-22 insurance form, some states use different forms and others do not use any of these forms. The SR-22 is the most popular, but there are also the FR-44, SR-21, SR-22a and SR-50. Each of these forms is used for state-mandated insurance verification in specific circumstances and in certain states. A licensed insurance agent in your area should know your state’s requirements and can walk you through the process.


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Understanding Your Auto Insurance Deductible https://carinsuranceinmemphis.net/understanding-your-auto-insurance-deductible/ https://carinsuranceinmemphis.net/understanding-your-auto-insurance-deductible/#respond Tue, 14 Sep 2021 19:49:31 +0000 https://carinsuranceinmemphis.net/understanding-your-auto-insurance-deductible/ You might think your auto insurance is just another bill to pay, but it’s actually an essential part of your financial planning. Auto insurance can protect you from financial devastation if you cause an accident. Comprehensive coverage, which adds both comprehensive coverage and collision coverage to your policy, can also help protect you against repair […]]]>

You might think your auto insurance is just another bill to pay, but it’s actually an essential part of your financial planning. Auto insurance can protect you from financial devastation if you cause an accident. Comprehensive coverage, which adds both comprehensive coverage and collision coverage to your policy, can also help protect you against repair and replacement costs if your car is damaged. If you have a loan or lease for your vehicle, you will likely need to purchase comprehensive coverage, but you may want to consider it even if you own your car.

When you purchase comprehensive coverage, you must select a deductible for your comprehensive and collision insurance. Your auto insurance deductibles are the amount you will pay out of pocket if you file a claim for damage to your vehicle. In terms of insurance, your deductible is the amount of risk you are willing to take. The average cost of full coverage auto insurance with $ 500 full and collision deductibles is $ 1,674 per year. Understanding auto insurance deductibles could help you better decide what amounts to choose for your policy.

Overview of bank rates

  • Your deductible levels affect your premium, but the change is usually not significant.
  • Because comprehensive claims tend to be less expensive than collisions, most insurance agents recommend a lower overall deductible and a higher collision deductible.
  • You want to consider your financial situation and the value of your car when choosing deductibles.

How Do Auto Insurance Deductibles Work?

Comprehensive coverage includes Comprehensive and Collision Coverage, which covers damage to your vehicle. Collision coverage covers damage caused by a collision with another vehicle, object or person. Comprehensive coverage covers other forms of damage, such as theft, vandalism, weather damage, fire, and hitting an animal. Unlike liability coverage, collision coverage and coverage both have deductibles, which are the amount of a claim you agree to pay out of pocket. Although you can choose the same deductible for both, they are independent of each other. For example, you could have an aggregate deductible of $ 100 and a collision deductible of $ 500.

Imagine your car is parked outside when a hailstorm hits. Your car suffers damage of $ 1,000 and you have an aggregate deductible of $ 100. Your auto insurance company will pay $ 900 of the claim and you will pay your $ 100 deductible. If you overturn another vehicle, your liability insurance will cover damage and injury to the other party, while your collision insurance will cover damage to your car. If you have a repair bill of $ 2,500 and a collision deductible of $ 500, you will receive a refund check for $ 2,000. Although it is often misinterpreted, your deductible is subtracted from the payment of your claim; you don’t need to pay your deductible before your insurance company issues you a check.

Collision and Full Coverage pays no-fault. You can use your comprehensive coverage to repair your vehicle, whether you caused an accident or someone else did.

What is the impact of auto insurance deductibles on premiums?

Bankrate’s study of deductible levels in over 35,000 postcodes nationwide confirmed that, generally, the higher your deductible, the lower your premium. Because you’re prepared to pay more in the event of a loss, insurance companies charge you less, although what might be surprising is that the difference isn’t always significant. Also keep in mind that our study focused on drivers with good driving records. If you have an accident or an overload of tickets on your policy, you can realize greater savings by increasing your deductibles. While your deductible level can be a tool to help you control your insurance premiums, it is not always the most effective way to save on your auto insurance.

You might be tempted to choose high deductibles to save on your premium, but you should always consider how easily you will be able to pay the amount after a claim. If you choose a collision deductible of $ 1,000, but you might have a hard time paying $ 1,000 out of pocket if you damage your car, a lower deductible might make more sense. It may also be worth considering that you might be more tempted to file claims if you have lower deductibles, which can increase your rates over time.

The deductible levels you choose will depend heavily on your financial situation. If you can afford to pay a higher amount out of pocket, you can choose higher deductibles to lower your insurance costs. But if you’re having a hard time paying your deductibles, it can be a good sign that you need to choose a lower option, even though it might mean slightly higher premiums.

Average full coverage premium per deductible amount

Full deductible / collision (amount $) Average annual premium for full coverage Impact on annual premiums
100/500 $ 1,806 + $ 132
250/500 $ 1,725 + $ 51
500/500 $ 1,674 $ 0
500/1000 $ 1,523 – $ 151
1000/1000 $ 1,459 -215 $

* The impact on premiums is the adjustment of deductibles based on the amounts of global deductibles and collision of $ 500

Small changes to your deductible levels, such as going from an overall deductible of $ 250 to an overall deductible of $ 500, only moderately change your premium. However, bigger changes can have a bigger impact. If you have an overall deductible of $ 100 and a collision deductible of $ 500, increasing to $ 1,000 for both could save you almost $ 350 per year, on average.

What to consider when choosing your deductibles

Choosing the right deductible levels is an important step in purchasing comprehensive coverage. If you choose levels that are too high, you may not be able to pay your deductibles, which means you will not be able to finalize the claims process. But too low a deductible can mean paying more premiums than you want.

Typically, insurance agents recommend that your overall deductible be between $ 100 and $ 500. Comprehensive claims tend to be filed for less damage than collisions, so it often makes sense to have a lower deductible. Collision deductibles can sometimes go as low as $ 100 or $ 250, but most agents recommend starting at $ 500 and increasing if you can afford it.

When choosing your deductible, you may want to consider:

  • The actual cash surrender value of your vehicle: The value of your vehicle could help you decide on deductible levels. If your car is only worth $ 2,000, a $ 1,000 deductible would cover half of the insurance payment. As your vehicle ages, you may want to consider lowering your deductibles to account for the lower value.
  • Your monthly or annual budget: Since your deductibles affect your premium, your budget can play a role in determining the amounts you choose. For example, if you don’t have any cash in reserve, a lower deductible might make sense. This way you will pay a little more each month instead of having a higher deductible if you make a claim. If you have enough savings to be comfortable paying more out of pocket in a claim, you could opt for a higher deductible to save on your premiums.
  • Deductible supplements: There are optional franchise programs that you could take advantage of. A wiping deductible is a common option offered by auto insurers. This program will generally reduce your deductibles by a set amount for each year you have no claim, although the specifics vary by company. You may also have the option of choosing ‘full glass’ which means that regardless of your full deductible you will not pay anything if the only damage to your car is glass. This can be useful if you drive often and risk cracked or broken windshields and windows from road debris.

It can seem difficult to choose an appropriate deductible level. However, a little thought about your financial situation, researching the value of your car, and requesting quotes with various franchise choices could help you make a decision that you feel comfortable with. Speaking with a licensed agent can also be helpful. An agent can review your situation and help you choose the deductible levels that suit your needs.

Methodology

Bankrate uses Quadrant Information Services to analyze 2021 rates for all zip codes and carriers in all 50 states and Washington, DC Rates shown are based on a 40 year old male and female driver with a clean driving record, credit and the following comprehensive coverage limits:

  • Liability for bodily injury of $ 100,000 per person
  • $ 300,000 liability for bodily injury per accident
  • Civil liability for property damage of $ 50,000 per accident
  • $ 100,000 in bodily injury caused by an uninsured motorist per person
  • $ 300,000 in uninsured bodily injury per accident to a motorist

Collision deductible: The rates were calculated by evaluating our basic profile with the following deductible amounts applied: 500 and 1000.

Global deductible: The rates were calculated by evaluating our basic profile with the following deductible amounts applied: 100, 250, 500 and 1000.

To determine the minimum coverage limits, Bankrate used a minimum coverage that meets the requirements of each state. Our basic profile drivers own a 2019 Toyota Camry, commute five days a week and cover 12,000 miles a year.

These are sample rates and should only be used for comparison purposes.


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Minister announces increases in health insurance premiums – the Royal Gazette https://carinsuranceinmemphis.net/minister-announces-increases-in-health-insurance-premiums-the-royal-gazette/ https://carinsuranceinmemphis.net/minister-announces-increases-in-health-insurance-premiums-the-royal-gazette/#respond Fri, 10 Sep 2021 20:03:45 +0000 https://carinsuranceinmemphis.net/minister-announces-increases-in-health-insurance-premiums-the-royal-gazette/ Updated: Sep 10, 2021 4:56 PM Kim Wilson, Minister of Health (File photo by Blaire Simmons) Increases are planned for compulsory health insurance premiums in line with “current market realities”, lawmakers heard this morning in the House of Assembly. The higher rates will support additional benefits for prescription drugs and a health program for uninsured […]]]>

Updated: Sep 10, 2021 4:56 PM

Kim Wilson, Minister of Health (File photo by Blaire Simmons)

Increases are planned for compulsory health insurance premiums in line with “current market realities”, lawmakers heard this morning in the House of Assembly.

The higher rates will support additional benefits for prescription drugs and a health program for uninsured women.

Kim Wilson, the Minister of Health, also cited the cost of care for a steady annual increase in the number of dialysis patients on the island.

Bermuda Hospital has been hit by declining revenues on top of the additional costs associated with tackling the coronavirus pandemic.

Ms Wilson said there had been a drastic drop in the number of insured workers enrolled at the standard premium rate, which she attributed to “unemployment or emigration”.

SPR incomes have been pegged at just over 49,000 adults over the past two years, but that number fell to 46,181 in May.

Ms Wilson announced a planned increase of $ 45 to the monthly SPR payment – an increase of 13.6%.

It will cover “a new reduced insured workforce” to ensure the Bermuda Hospitals Board meets its revenue target.

She said it would also support continued treatment for patients with kidney failure, where the number of dialysis patients would increase by 10 to 15 percent per year.

The increase in the SPR will also go towards “a new maternity care benefit for uninsured women that will guarantee more equitable access, regardless of income, insurance or social status”.

There is also a monthly increase of $ 30 for the health insurance plan premium, an increase of 6.9%.

It will be accompanied by a new prescription drug benefit covering 100% of costs up to $ 1,000 per insurance year.

Ms. Wilson announced a monthly $ 30 increase in the FutureCare premium, up 6%.

This decision will be accompanied by a $ 1,000 increase in existing prescription drug coverage from $ 2,000 to $ 3,000.

Both programs saw new customers sign up.

An aging population continues to increase the number of customers using FutureCare.

Ms Wilson said the government’s work on universal health coverage was continuing.

She added: “We expect that before the end of this year, we will define the steps that we have agreed with stakeholders across the system to start this journey again.”


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Life insurers report 3% year-on-year growth in new business premiums in August https://carinsuranceinmemphis.net/life-insurers-report-3-year-on-year-growth-in-new-business-premiums-in-august/ https://carinsuranceinmemphis.net/life-insurers-report-3-year-on-year-growth-in-new-business-premiums-in-august/#respond Tue, 07 Sep 2021 18:35:00 +0000 https://carinsuranceinmemphis.net/life-insurers-report-3-year-on-year-growth-in-new-business-premiums-in-august/ After recording a double-digit contraction in new business premiums (NBP) in July, life insurers are back in the green, with marginal growth of 3% year-on-year (YoY) in August, due to good performance from private insurers. In July, life insurers reported an 11% year-on-year decline in the NBP while in June, they managed to report a […]]]>

After recording a double-digit contraction in new business premiums (NBP) in July, life insurers are back in the green, with marginal growth of 3% year-on-year (YoY) in August, due to good performance from private insurers.

In July, life insurers reported an 11% year-on-year decline in the NBP while in June, they managed to report a 7.53% increase in the NBP, following a decline in May due to the second pandemic wave.

The life insurance industry reported the NBP to the tune of Rs 27,820.74 crore in August, up 2.88% year-on-year, despite a 3.8% year-on-year contraction reported by the state insurance giant – Life Insurance Corporation (LIC) – in the NBP, as published by private insurers. 21% year-on-year growth in the NBP. The NBP is the premium earned from new policies in a given year.

Private insurers, 23, earned Rs 8,859.97 crore in NBP in August 2021, compared to Rs 7,325.58 crore in August 2020 and Rs 6,440.65 crore in August 2019. On the other hand, LIC gained in NBP to the tune of Rs 18,960.77 crore in August 2021 compared to Rs 19,714.21 crore in the same period last year and Rs 17,114.32 crore in August 2019.

Among the major private insurers, with the exception of HDFC Life, which saw its NBP drop 6% year-on-year in August, SBI Life, ICICI Prudential and Max Life saw their NBP increase 23.9%, 43% and 16.5% respectively.

Compared to the pre-pandemic period (August 2019), the life insurance industry’s NBP grew by 18%, with the NBP LIC increasing by 10.8% and the private insurers’ NBP growing by leaps and bounds. by 37.56%.

Since the start of the year (YTD), the life insurance industry has experienced marginal growth of 1.63% year-on-year from the NBP to Rs1 trillion. While LIC’s NBP through August totaled Rs 66,592.38 crore, down 6.6% yoy, private insurers saw their NBP increase 23% yoy to Rs 34,388, 33 crore.

In the first quarter of FY22, premium collection from the life insurance industry increased nearly 7% to Rs 52,725.26 crore year-on-year, helped by a staggering growth of 33.73 % registered by private insurers. However, LIC’s NBP in the first quarter of fiscal 22 fell 2.5% year-on-year to Rs 35,600.68 crore.

According to Care Ratings, in Q1FY22, premium growth, although moderate, was driven by unit-linked products and protection plans. However, the life insurance industry experienced significant losses in the first quarter of fiscal 22 due to the second wave of the pandemic, and profitability suffered as companies built up provisions / reserves for mitigate the impact of claims.

The main risks such as a delay in economic recovery and the resurgence of covid cases, i.e. a third wave, could have a negative impact on the growth of premiums and the increase in premium rates of companies. plans forward, according to the report.

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Connecticut Officials Look at Insurance Companies’ Demand to Raise Rates | State https://carinsuranceinmemphis.net/connecticut-officials-look-at-insurance-companies-demand-to-raise-rates-state/ https://carinsuranceinmemphis.net/connecticut-officials-look-at-insurance-companies-demand-to-raise-rates-state/#respond Fri, 03 Sep 2021 19:55:00 +0000 https://carinsuranceinmemphis.net/connecticut-officials-look-at-insurance-companies-demand-to-raise-rates-state/ (The Center Square) – The Connecticut Department of Insurance is deciding whether it will approve rate increases for individuals and small groups on the state’s health insurance exchange. Insurance companies demand rate increases from 8.6% for individual policies to 12.9% for group plans, citing growing need for services as COVID-19 and increasing demands for behavioral […]]]>

(The Center Square) – The Connecticut Department of Insurance is deciding whether it will approve rate increases for individuals and small groups on the state’s health insurance exchange.

Insurance companies demand rate increases from 8.6% for individual policies to 12.9% for group plans, citing growing need for services as COVID-19 and increasing demands for behavioral health treatments increased.

State comptroller Kevin Lembo criticized the scale of the requested increases.

“These requested rate hikes also come at a time of historic benefits for insurers where executive compensation and bonuses have skyrocketed,” Lembo said in a statement. “This is further proof of what almost everyone knows to be true: The health care options currently available to individuals, small businesses, and nonprofits aren’t meant to keep people healthy. health. They are only meant to save a few companies and their managers extraordinary sums of money.

Connecticut Attorney General William Tong and health care attorney Ted Doolittle released a joint statement asking the Insurance Department to take a close look at the claims.

“Annual health insurance price increases can wreak havoc on family budgets, but to say that the current proposed increases come at a difficult time is truly an understatement,” Tong and Dolittle said in a joint statement. “Many consumers are grappling with the impacts of COVID-19: they have lost their jobs; they cannot pay their rent and unemployment assistance is dwindling. Small employers also face intense economic hardship as they struggle to regain a foothold in the market. “

Consumers who attended a public hearing on the proposed rate increases said they could not continue paying the high annual premiums.

Dan Pflug, a certified public accountant from Easton, said his annual bonus for his family was $ 33,813 with a deductible of $ 2,500. Diane Keefe of Norwalk said her premiums were $ 43,000 for her family of four and the deductible was $ 5,000.

Senator Saud Anwar, D-South Windsor, said the increases do not coincide with increased wages or increased profits for small businesses.

“The past year and a half has been a nightmare for the average citizen of our state and for most businesses,” Anwar said. “We are not able to survive an increase in this capacity. “

The Insurance Commission has several options, including approving a partial increase or rejecting the application altogether. The decision is expected to be released by the end of the month.


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Wheat higher crop insurance premiums and 2022 crop insurance decision tool • farmdoc daily https://carinsuranceinmemphis.net/wheat-higher-crop-insurance-premiums-and-2022-crop-insurance-decision-tool-farmdoc-daily/ https://carinsuranceinmemphis.net/wheat-higher-crop-insurance-premiums-and-2022-crop-insurance-decision-tool-farmdoc-daily/#respond Tue, 31 Aug 2021 22:42:43 +0000 https://carinsuranceinmemphis.net/wheat-higher-crop-insurance-premiums-and-2022-crop-insurance-decision-tool-farmdoc-daily/ The Decision Tool for Crop Insurance 2022 is now available to quote 2022 wheat policy premiums. In Illinois and much of the Midwest, the deadline for changing wheat policies is September 30. Premiums for wheat will likely be much higher than in 2021 due to a higher projected price and higher volatility. Decision Tool for […]]]>

The Decision Tool for Crop Insurance 2022 is now available to quote 2022 wheat policy premiums. In Illinois and much of the Midwest, the deadline for changing wheat policies is September 30. Premiums for wheat will likely be much higher than in 2021 due to a higher projected price and higher volatility.

Decision Tool for Crop Insurance 2022

Wheat tariffs have been published by the Risk Management Agency (RMA), allowing the generation of quotes for wheat. As a result, the Decision Tool for Crop Insurance 2022 has been published policies. At this point, the rates for corn and soybeans have not been released. A revised tool will be available in December when the rates for corn and soybeans become available.

Figure 1 shows the premium quote page of the Decision Tool for Crop Insurance 2022 for wheat policies in Washington County, Illinois. Three panels containing bonuses are given:

  1. Individual farm level policies are shown in the first panel for COMBO plans: Income Protection (RP), RP with Harvest Price Exclusion (RPhpe) and Yield Protection (YP). These quotes are given for coverage levels ranging from 50% to 85% in five percent increments. Quotes are given for Enterprise, Basic and Optional units.
  2. Additional and enhanced coverage options (SCO and ECO) are available as add-ons for wheat policies this year. A user can choose between RP, RPhpe and YP products as the underlying product, and the quote will give premiums for the optional SCO and ECO policies.
  3. County-level products that include Zone Revenue Plan (ARP), ARP with Harvest Price Exclusion (ARPhpe), and Zone Yield Protection (AYP).

At this point, the projected price in 2022 and volatility in 2022 are not known because the discovery period is not over. The projected price will be the average of the September 2022 wheat contract settlement prices traded on the Chicago Mercantile Exchange (CME) for the trading days August 16 through September 14. The ratings in Figure 1 are given for the average from August 16 to August 27. , or $ 7.25 per bushel. The volatility used in Figure 1 is 0.24, the average volatility for August 23-27. The final volatility will be based on the volatilities of the last five trading days from September 8 to 14.

Higher premiums in 2022

The premiums will be much higher in 2022 compared to 2021, mainly because the projected prices and volatilities will be higher in 2022:

  • The forecast price for 2021 was $ 5.60 from the likely $ 7.25 level for 2022.
  • The volatility for 2021 was 0.15 compared to the likely 0.24 level for 2022.

For RP at 85% coverage level, 2022 settings result in a premium of $ 40.81 per acre compared to a premium of $ 27.73 per acre for 2021 settings, a difference of 13.08 $ per acre (see Table 1). These differences decrease as coverage levels decrease: $ 7.12 per acre for an 80% coverage level, $ 4.16 per acre for a 75% coverage level, and $ 2.90 per acre for an 80% coverage level. 70% coverage (see Table 1).

Choices

Farmers may be shocked by the stickers when first viewing premiums, especially if coverage levels of 75% and above were selected last year. While the premiums are higher, this year’s coverage levels will also provide higher guarantees for the same level of coverage and the same return on guarantee. For a farm with a yield of 70 bushels per acre of trend-adjusted Actual Production History (APH), the minimum warranty last year for an 80% coverage level was $ 313 per acre ( 0.80 coverage level x 70 APH yield x $ 5.60). This year, the minimum guarantee for a projected price of $ 7.25 will be $ 406 per acre (0.80 coverage level x APH 70 yield x $ 7.25), which is almost $ 100 more than last year. Farmers can maintain a similar dollar value hedge until 2021 at a lower hedge level.

Farmers looking to combine an agricultural protection layer with a county-level protection layer may want to consider SCO and ECO. For the Washington County case shown in Figure 1, an OCE offering 90% to 86% coverage has a farmer-paid premium of $ 6.16 while a 95% to 86% premium has a projected premium of $ 15.35 per acre. These quotes are at the highest level of protection. Lowering the level of protection will reduce the premium, as well as the payouts when they occur.

An individual could purchase a combination of individual and supplemental income policies with a 90% coverage level for almost $ 24 an acre if the RP coverage level is below 70%. For example, RP 70% plus SCO plus ECO 90% has a total premium of $ 22.17 per acre (see the middle panel in Figure 1). Lowering the protection level to ECO 90% could further reduce the premium. A 90% county guarantee could be of some value in this year of projected high prices.

Summary

Premiums for wheat will be much higher in 2022 than in 2021. One reason for these higher premiums is a higher projected price, which will result in higher guarantees in 2022. There are few alternatives to lower premiums other than lower coverage levels.


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Do demerit points affect your auto insurance premiums? https://carinsuranceinmemphis.net/do-demerit-points-affect-your-auto-insurance-premiums/ https://carinsuranceinmemphis.net/do-demerit-points-affect-your-auto-insurance-premiums/#respond Mon, 30 Aug 2021 05:40:08 +0000 https://carinsuranceinmemphis.net/do-demerit-points-affect-your-auto-insurance-premiums/ So you got a speeding ticket or a red light and therefore have demerit points – will this affect your insurance? We take a look. Breaking the rules of the road can result in demerit points being penalized. All Australian drivers start with zero demerit points and you earn them for various offenses such as […]]]>


So you got a speeding ticket or a red light and therefore have demerit points – will this affect your insurance? We take a look.




Breaking the rules of the road can result in demerit points being penalized. All Australian drivers start with zero demerit points and you earn them for various offenses such as speeding, red light, not wearing a seat belt or using your phone while driving.




The number of demerit points you get depends on the offense and also varies from state to state. The table below shows the demerit points you can earn in each state for selected traffic violations – this is not a comprehensive list. As you can see, using a phone while driving will earn you between three and five demerit points depending on the condition.




Demerit point by state




← Mobile / tablet users, scroll sideways to view full table →




Traffic offense New South Wales CIV Washington QLD HER
Exceed the speed limit by less than 10 km / h (13 km / h for QLD) 1 1 0 ($ 100 fine) 1 2
Exceeding the speed limit of 10 km / h (13 km / h for QLD) and more 3 3 2 3 3
Exceeding the speed limit by 20 km / h or more 4 3 or 0 (Above 25km / h, license suspended for 3 months and fine of $ 500 instead of demerit points) 3 4 5
Exceeding the speed limit of 30 km / h or more 5 0 (License suspended for 3 months or more and fines of $ 591 or more) 6 6 (up to 40 km / h) 7
Exceeding the speed limit of 45 km / h and more 6 0 (License suspended for 12 months and fine of $ 909) 7 8 9
Don’t stop at a red light 3 3 3 3 3
Using a phone while driving 5 4 3 or 4 4 3




Obtained from www.canstar.com.au from state road authorities.




In most cases, you will also be fined as well as demerit points. Again, this varies between states and territories and depends on what you’ve done. For example, using a mobile phone while driving will cost you $ 545 in Victoria. But what do demerit points mean for your auto insurance premiums?








Image source: Daxiao Productions / Shutterstock.com




Do demerit points affect your auto insurance premiums?




The answer to this question is not simple because it varies from one insurer to another. QBE and Youi, for example, both factor in demerit points. “QBE takes demerit points into account when determining premiums for our auto insurance products sold directly or through selected partners,” a QBE spokesperson told Canstar. And Youi’s PR manager, Belinda Zordan, said, “Good behavior pays off at Youi and as such bonuses can be affected when demerit points are earned. “




Allianz does not calculate bonuses based on demerit points, however, it does take into consideration license suspensions, including those due to loss of demerit points, a spokesperson for Allianz Australia said. “This means that if someone has recently lost their license due to losing all of their demerit points, we would not provide them with coverage or they will be required to pay a higher premium due to the suspension of the license. allowed, “said the spokesperson.




Suncorp, which also includes brands such as AAMI, GIO and Bingle, takes a similar stance. “We use your claim history to determine your insurance premium, not demerit points. In many of our brands, including AAMI, Suncorp and GIO, you get additional rewards and benefits for each consecutive year you drive safely and don’t make a complaint, ”said a Suncorp spokesperson. “However, if your license is suspended due to too many demerit points, it could increase your premium as you could be considered a high risk driver.”




A spokesperson for Poncho said, “Poncho does not ask questions about demerit points or consider them when customers quote us.”




IAG is another insurer that does not take demerit points into account. “In our IAG brands such as NRMA Insurance, CGU, SGIO and SGIC, we do not take into account a customer’s demerit points when calculating auto insurance premiums,” said a spokesperson for IAG in Canstar. The spokesperson added, however, that NRMA Insurance takes demerit points into account when determining CTP insurance premiums. (See next point)




Compulsory third party insurance NSW




One type of insurance that is commonly affected by demerit points is Compulsory Third Party Coverage (CTP) in New South Wales – also known as green slip. It protects you against compensation claims if you kill or injure someone in a traffic accident. CTP insurance is legally required to register a car in Australia. This is an included cost of vehicle registration in most states, but in New South Wales motorists pay it separately.




Canstar has looked at the difference demerit points can have on your CTP bonus. As the table below shows, one demerit point increases the average premium in the hypothetical example by $ 116 – from $ 495 to $ 611.




CTP rewards by demerit points in NSW




← Mobile / tablet users, scroll sideways to view full table →




Demerit points Average premium Difference
0 $ 495
1 $ 611 $ 116
2 $ 629 $ 19
3 $ 668 $ 38
4 $ 689 $ 22




Obtained by www.canstar.com.au on 08/23/2021 via the NSW Government Green Slip Price Check tool. Quote obtained for a Honda Civic with two drivers in their 40s residing in the Parramatta area with a history of no prior insurance claim. Other questions are taken into account in the quote engine that have not been listed here.




Do you have to tell an insurance company how many demerit points you have?




If the insurer asks you how many demerit points you have or if your license has already been suspended when you get a coverage quote, you need to tell them the truth. If you don’t, the insurer may refuse to pay a claim.




How to check your demerit points




If you’re not sure you have demerit points or know you have demerit points, but don’t know how many, you can recheck. Here are the details for each state and territory.




Queensland: You can verify in line via Transport and Main Roads (TMR) or with a Queensland Government account (QGov).








ACT: You will need to request your License history. You will need to complete the appropriate form, provide two pieces of identification and also pay a fee of $ 26.90.




Victoria: You can check online if you have a myVicRoads account. You can also check by calling 1300 728 977 or going to a VicRoads customer service center and bringing some ID.




Tasmania: Call Service Tasmania on 1300 13 55 13 and provide your license details.












North territory: You can check your demerit points in line. You will need your license number, license card number, and MVR customer identification number. You can also call 1300 654 628.




















Cover image source: Jakub Krechowicz / Shutterstock.com








Thank you for visiting Canstar, Australia’s largest financial comparison site *
































































































































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Gavin Grimm: School board to pay ACLU $ 1.3 million in legal fees in case of trans student https://carinsuranceinmemphis.net/gavin-grimm-school-board-to-pay-aclu-1-3-million-in-legal-fees-in-case-of-trans-student/ https://carinsuranceinmemphis.net/gavin-grimm-school-board-to-pay-aclu-1-3-million-in-legal-fees-in-case-of-trans-student/#respond Fri, 27 Aug 2021 23:28:00 +0000 https://carinsuranceinmemphis.net/gavin-grimm-school-board-to-pay-aclu-1-3-million-in-legal-fees-in-case-of-trans-student/ The six-year trial was the result of a “discriminatory toilet policy for transgender students” that “violates Title IX and the Constitution,” the statement said. “Gavin just wanted the same rights, dignity and respect as his classmates, but the school board fought against him every step of the way,” Eden Heilman, chief legal officer for the […]]]>

The six-year trial was the result of a “discriminatory toilet policy for transgender students” that “violates Title IX and the Constitution,” the statement said.

“Gavin just wanted the same rights, dignity and respect as his classmates, but the school board fought against him every step of the way,” Eden Heilman, chief legal officer for the ACLU Virginia told CNN.

“This should serve as a warning to other schools in Virginia and across the country: Discrimination against transgender students comes at a high cost. There is a cost to the safety and well-being of our children, and there is a cost to taxpayers when school boards break the law.

The school board issued This declaration Thursday: “The insurance provider for the Gloucester County School Board responded to the plaintiff’s request regarding attorney’s fees and costs resulting from the Grimm litigation against the Gloucester County School Board. The school board did no further comment on this. “

The United States Supreme Court ruled in June

Grimm sued the school board in 2015, when he was in his second year in high school, arguing that the school’s policy violated Title IX and the equal protection clause.

Grimm, a transgender man, said the school system denied him access to the boys’ washroom.

In August 2020, a federal appeals court ruled in favor of Grimm. Last June, the United States Supreme Court left in place the lower court ruling that allowed Grimm to use the bathroom that matched his gender identity.

The decision was a victory for the LGBTQ community who feared the High Court would take the case and overturn the opinion of a lower court.

Grimm says he won’t get anything from the money

Grimm, now 22, told CNN the money was exclusively for ACLU legal fees.

“I was never going to receive this money, and I did not give it to them: it was only going to them,” he said.

“Financial difficulties can be the biggest deterrent,” he continued. “It sends the message that transphobia is not acceptable and is a costly thing.”

Grimm says the resolution of legal fees marks the end of the trial.

He said, “Normal business is next. Back to the same old, same old.”


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