Facts About Insurance For The Trucker

November 2018 ยท 3 minute read

Having insurance should provide you with peace of mind. Unfortunately, some insurance firms try to exploit you, avoid their responsibilities, and bring your money without supplying you with your due benefits.

Knowing these under-handed tactics will prepare you to better navigate the insurance coverage field and choose a provider you are able to rely on when unforeseen circumstances arise.

To help you in your search, here’s a very important guide on five common ways insurance providers try to swindle you.

#1. Unexpected Renewal Price Hikes

Some insurance providers try to catch you off-guard, raising the buying price of your plan at renewal time without you noticing.

These insurers make sure to hook you along with a too-good-to-be-true offer, as well as a sneaky price hike without having explanation of the you’ve completed to deserve a better premium.

#2. Low Deductibles, but High Rates

Some providers try and persuade you to decide a low-deductible policy, assuring you you’ll pay less out-of-pocket in the eventuality of a major accident.

What you don’t tell you will be the math. Deciding on a lower deductible over lower premiums means you have to pay more from the long-run-unless you’re a very accident-prone driver.

Let’s say an agent sells that you simply $100/month policy because that you’ll just pay $250 for starters accident.

But if you would decide on a $50/month policy and pay a $1,000 deductible, you’d save $450, assuming you merely have one accident a year.

So unless your driving skills leave much to get desired, you’re better off using a higher deductible/lower premium plan.

#3. Understating Your Vehicle’s Value within a Total Loss

In case your car’s an overall loss, your policy may cover a replacement or even the cash worth of a similar car.

Some companies try to sell you short by understating your vehicle’s value, pointing to trivial details like paint chips and dings.

Maybe, insurers low-ball you simply by using a “comparable” vehicle-one that has thousands more miles about the clock.

Although low mileage is a vital element in your vehicle’s value, some insurance firms intentionally read this fact to allow them to short-change you in the eventuality of an accident.

#4. Flood vs. Wind Damages

Having coverage for hurricanes is important for homeowners in Florida as well as other storm-sensitive states.

Unfortunately, some companies try to benefit from affected homeowners by planning to mischaracterize wind damage as flood damage.

Always be conscious of what your insurance does and doesn’t cover, and thoroughly document the character and extent of damage to your dwelling.

#5. Inadequate Coverage of Out-of-Network Visits

For visits to out-of-network doctors, insurers generally pay a proportion products they consider a “reasonable and customary rate” for healthcare providers within the area-rather compared to a proportion from the bill.

The problem is when some insurance agencies manipulate the data where they assess “reasonable and customary” rates as a way to pass more of the cost onto consumers.

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