Post Tagged with: "insurance"

4 Easy Ways to Keep Your Auto Insurance Cover Valid

man in suit drivingAfter buying auto insurance, it’s your responsibility to ensure that you stick to the terms and conditions and keep your insurance cover valid at all times. While reading the fine print can tell you exactly what to avoid, it always pays to know the basics at a glance.

Most vehicle auto insurance agencies in Cicero, IL will subscribe to these standard auto insurance rules. Keeping on their good side will ensure that they legally got your back when things go south.

Always Disclose All Information Accurately

Telling half-truths or keeping some information from your insurance provider to keep your premiums low could be catastrophic. Tell them even the slightest information, like:

  • “I use my car to deliver pizza.”
  • “I am part of a ride-sharing network.”
  • “My wife and son also drive this car.”

Report Any Car Modification

Everyone wants to improve their car at one point. Improvements can make your car an increased risk from an insurer’s point of view. Some aesthetic modifications might make it more susceptible to theft while performance upgrades could push the car into a different insurance group. Your insurer can legally argue that the car is different from what it was at the date of insurance if you don’t report adjustments as they happen.

Don’t Use Your Vehicle as a Taxi

Downloading the Uber app or other taxi-hailing apps and using your car to make money on the side without alerting your insurer could land you in trouble.

Report All Accidents

Report all accidents, even the smallest encounters you believe you can take care of on your own. You wouldn’t want the other party pushing for compensation if you didn’t alert your insurer within the agreed upon time.

These are the basic yet easy to break regulations that apply across the board. Learning the details of these clauses and the rest of the fine print will ensure that you keep your cover valid at all times.

August 10, 2018 at 7:29 amStudy Section

How Does the Tax Reforms Affect Obamacare?

Judge gavel, stethoscope, and calculatorObamacare insurance providers will raise premiums in 2019 after the U.S. government implemented tax reforms, which repealed a mandate of the Affordable Care Act (ACA).

The mandate refers to the requirements that every American should have health insurance. DECO noted that it remains uncertain how this will affect ACA assistance, as insurers remain divided on renewing their participation in Obamacare’s exchanges next year.

Individual Insurance

Obama insurers will need to reach a decision by spring at the earliest whether to renew its involvement in the insurance exchanges. As for the insurance premiums, it will increase as the mandate’s repeal will cause four million Americans to skip coverage next year, according to the Congressional Budget Office (CBO). Standard & Poor predicts that between three to five million people will not apply for insurance in the next 10 years due to the repeal.

By 2027, the CBO expects 13 million people to forego insurance. This will trigger an annual rate hike of 10% every year beginning in 2019. CBO based its forecast on the fewer number of insured healthier individuals, as they will no longer need to pay penalties if they fail to sign up for insurance.

Obamacare Enrollment

The number of people who signed up for Obamacare under the 2018 enrollment period reached around 8.8 million people, down from 9.2 million Americans year over year. However, this could be because of a shorter enrollment period.

The deadline for applications on the 2017 period lasted until January 31, while the open enrollment period for this year ended by the end of 2017. The deadline for 2018 originally fell on December 15, although publicity for the extended period became ineffective as even insurance brokers were unaware of it.

Hospitals and medical providers need to prepare for the tax reforms’ impact on ACA assistance. On the other hand, more Americans will have to find ways on how to pay for potentially higher insurance premiums in the future.

January 25, 2018 at 4:04 amMind of Money