What America’s Young Insurance Agents Like Most About Being Agents

Insurance agency is a very good way to enjoy the flexibility of entrepreneurship and financial independence.   If you are interested, visit the Department of Insurance in your state.  They will help direct you in the right direction for your state.

http://www.insurancejournal.com/news/national/2008/04/04/88797.htm

National Association of Insurance Commissioners post consumer complaints

“The National Association of Insurance Commissioners will begin regularly monitoring and summarizing consumers’ top complaints against insurance companies, beginning this month”

The top insurance complaint by consumers is claims delays. This has been the higest mark in years and is getting worse according to the report.

http://www.naic.org/documents/cis_aggregate_complaints_by_reason_codes.pdf

Is my damage comprehensive or collision?

How many of us have found damage on our car and asked ourselves how did that happen? Thousands of auto claims and car accidents are occurring everyday through the US.  Auto collisions centers stay very busy repairing cars. Auto insurers stay busy evaluating claims and concluding what “probably” happened. To understand what happened requires analization and some good old fashion claims experience. It’s definitely a science balanced with physical evidence. I’ve included some things to remember when trying to help the insurance company conclude if the damage is comprehensive or collision. First, when you find the damage, document what the damage looks like. Is it a deep scrape or shallow scrape? Does it have any paint transfer or material transfer? Is the damage up and down, straight? If possible, take photos and don’t wash the vehicle before documenting the damage. Allow the insurance company to review this damage with you. The insurance companies will conclude the type of damage and take care of the claim if you have the appropriate coverage. I experienced many claims that the conclusion wasn’t that simple. There was no one piece of evidence that could help conclude comp or collision. And at times, disputes occurred where the policyholder was pushing for one thing, the insurance company for the other. Typically, the deductibles are different between comp and collision and the fear is that if the claim is concluded under collision, the insurance rates would increase. Insurance companies handle these scenarios differently depending on their polices and procedures. The experience of the claim handler has some influence in these types of outcomes as well as we all look at things differently. It’s important to know your facts, document your facts, and present your facts to the insurer of how you think the claim occurred. Be certain in your presentation and ask plenty of questions of how the insurer has concluded the claim. Your own investigation may decide the type of claim and could mean the difference in lots of money and higher deductible costs.

Steven Gross

Auto accident–frustrating and emotional

I handled auto claims for over 6 years. In that period of time, I handled thousands of auto claims. In my experience handling claims, most people at the time of the accident are so emotional that they can’t articulate the facts of the loss clearly to the police department or the claims representative. Well, this is expected, right? Who wouldn’t get emotional when your vehicle is damaged by another party or when you strike a stationary object? Your first thought is anger and frustration. However, this is the most critical time to gather the evidence to argue your case. If you are involved with another party , contain your emotion and put on your private eye hat. Seek to understand what happened. Gather any witnesses that may have viewed the loss. Contact the proper authority–police department and paramedics as needed. You are your best witness, so always organize your thoughts and make some fair conclusions to what happened. This will be very helpful when the time comes to contact the insurance companies to get resolution to your claim. Articulate your case fairly and clearly. Research the laws in your state to understand the liability that pertains to the accident. Educate yourself as to your rights and responsibilities and you’ll do just fine.

Steven Gross

Car accident responsibilities

If you are in a car accident, remember to always protect yourself at the accident scene. You do this in a couple of different ways. 1st, physical protection–be aware of your surroundings. I saw on the news last week that a person stopped to help another person after a small car accident and was struck and killed by another vehicle that didn’t see him. 2nd, protect your vehicle. Pull over to the side of the road if the accident is not major. It’s okay to do this unlike what some may tell you and by the way, if an accident response truck or police officer stops by, they will ask you to move your vehicle to the side to allow traffic to pass. 3rd- find any witness that are available to speak with. You never know if a rear end accident turns into a disputed liability claim where the witness will be your saving grace.Steven Gross

Does your claims representative serve you?

I have had many conversations with people who my company insured, yet those individuals questioned strongly whether I was serving their best interests or that of the company who employed me. I heard it over and over again– insurance companies don’t care about their insureds or people they insure, they only care about making money. The policy I always followed was the state policy that bound both the company and the person being insured. Within that policy lays the “discretion”. Claim representatives are given that discretion (authority) to make decisions on behalf of the insurer. Although my first interests were of the customers, I’m sure there existed those that wanted to show the boss that they could “reduce costs” through tight claim management. The fiduciary responsibility is to the company that employs them. The customer doesn’t directly pay the claim representative, the insurance company does. With that said, take the time to review your auto policy and the laws of your state. Contact your agent to advise him/her of the handling of the claim. It’s not recommended as a means to get claims resolution, however, the agent’s contact with the claims department to discuss the handling of a claim does help. Make sure you educate yourself and know your policy rights before making any decision. Always ask additional questions to the claims handler and follow up with your own claims research as well. This will save you time, hassle, and probably some money. Steven Gross