5 Types of Car Insurance Claims

Got into an accident or an emergency involving your car? Either you pay for vehicle repair and medical expenses out of your pocket or make a car insurance claim.

If you have your car insurance policy, you can request your provider to pay for, or reimburse the expenses according to the terms of your policy.

When making a claim, the insurer will ask you to specify your claim type before proceeding with the claims processing. 

So before you contact your insurance provider or broker, familiarize yourself first with the different types of claims in the Philippines.

For more finance tips, visit Moneymax.

source: news.abs-cbn.com

Protect your home: 5 tips in checking home insurance

MANILA - When Tropical Storm Ondoy caused huge floods across Metro Manila in 2010, many homes were submerged underwater, resulting in untold damage. Amid the destruction, some of the affected owners found comfort in the knowledge that they had taken out insurance on their property--only to find out a few weeks later that their insurance did not cover such an incident.

And why not? Because their insurance policies did not include damage resulting from floods.

Until this happened, majority of consumers were not aware that flood insurance was not included in their policies. Most home insurance policies contain an exclusion case for damage caused by “acts of God.” This term pertains to any act of nature that may not be controlled, including earthquakes, war, mobs, and many others.

To ensure that you do not encounter any problems when claiming insurance, here are some tips to guide you:

1. Educate yourself about your current insurance coverage.

Read your homeowner’s insurance policy carefully, and be aware of what exactly it covers. It is important to know if your policy contains an exclusion. If you find out that your policy excludes damage resulting from storms and floods, ask how you can have additional coverage for this risk. Think of possible scenarios and ask all sorts of questions: If your roof leaks as a result of a storm, and water seeps in, damaging your appliances, will this be covered by your policy? It is essential to know these things before they happen, rather than argue about them after the fact.

2. Carefully assess your needs.

The need for specific coverage varies per individual—those living on the 30th floor of a high-rise would most likely not be concerned about flood insurance, but those in subdivisions near creeks or known flood-prone areas might find this extremely useful. Based on your assessment, ask your insurance agent about what products they may have that specifically address your need.

3. Shop for riders that you think will be useful or will give you greater peace of mind.

Some that may be of interest include:

a. Personal property: This covers expensive items such as jewelry, art, and the like inside your house.

b. Flood insurance: This will cover damage resulting from floods.

c. Replacement cost (contents): This rider ensures that there will be no depreciation for the personal property you must replace due to theft or damage.

d. Guaranteed replacement cost : With this rider, the insurance company will replace your home or car with another of the same value, even if the cost is higher than that listed in your policy.

4. Adjust the amount of your coverage to reflect your current needs.

Look at the amount of coverage you have to ensure that there are no so-called protection gaps. It is possible that you have automatically renewed your policy without adjusting the amount of coverage in the past ten years. If you took out a home insurance for P1 million ten years ago, and you find yourself claiming for damages, you might be surprised to see how little your existing policy can cover. Consider engaging the services of an appraiser to know how much coverage you should get.

5. Keep your policy updated.

The only thing worse than not having enough coverage is to find out you cannot file for insurance because your policy has lapsed. This is a really a rudimentary thing, but it is quite surprising how people frequently forget about keeping their insurance policies active, only discovering too late that it has lapsed. Use reminder functions on your calendar or use apps to remind you of upcoming deadlines.

Be proactive in ensuring that you have adequate protection by looking into the details which can spell all the difference for you when you need it most.

source: www.abs-cbnnews.com

Can you claim from two car insurance companies?

Car troubles are expensive. But with insurance companies covering the damages in fender benders, owners can get a relief with his or her own claim.

Yet, if a car owner at fault is willing to cover the other's damages, can one still claim his or her own car insurance over the same incident?

Find it out in this advice, as well as the requirements and other terms in claiming a car insurance.

- ANC, On The Money, October 11, 2015

source: www.abs-cbnnews.com

When and Why to Sell Structured Settlement Payments

 

For most people, this sounds like a pretty abstract concept. Lots of people aren’t even totally sure what a structured settlement is. If this is you, don’t worry. Why would you need to know this? For those who are interested, a structured settlement is an arrangement that settles a lawsuit, made out of the courtroom. Let’s say you’re the plaintiff. You’ve been hurt or wronged in some way. You sue the person or entity which has hurt or wronged you, and the matter gets scheduled to go to court.

 

Your opponent, the defendant, knows that your case is very strong. Their lawyers also know this. They know that they won’t have a chance in hell in a courtroom, in front of a real live judge and jury. So they pivot. Instead of getting the matter drawn out for months or years in a courtroom, kicking up high costs and damaging reputations, they opt to make a deal with you outside of the courtroom.

So you and your lawyers and they and their lawyers meet someplace, and they present you with an offer. Instead of dragging the matter out in a court of law, will you accept $X? If you say yes, the matter is resolved. Well, sort of. Sometimes, things are just getting started on your end of things.

In many cases, the defendant’s lawyers will push for you to receive a structured settlement, not a payment made as one lump sum. Structured settlements were instituted to ensure that plaintiffs get the most “bang for their buck”, so to speak, when they get a resolution to their case. With a structured settlement, a lump sum paid out monthly for many years, the plaintiff won’t be able to “spend it all in one place”, so to speak. It’s a system that can provide long term security for people, particularly after a very trying event.

But this doesn’t work for some people. Some individuals will do a lot better if they’re able to spend their money all at once. They have ideas for starting businesses, buying homes, going to school, and other worthy expenditures which require a lot of money up front. For these sorts of people, a structured settlement would be a life-changer, if only they could get access to the money all at once.

Individuals actually are able to sell structured settlement payments, to a variety of companies around the world. An annuity sold can jumpstart a lot of money-making strategies, or it can help in other ways. Some people have crippling debt, which is accruing interest charges faster than it can be paid off. Getting access to your structured settlement or annuity lump sum is an integral part in getting plans like these off the ground, plans which will benefit your life, and the lives of the ones you love, for many months or years to come.


So if you find yourself with a payment structure like this, for whatever reason, consider whether or not selling the payments would be a good choice for you. It could help you a lot for many years to come. But it’s also important to shop around, to make sure you’re getting the best deal. Whatever you decide, it should be a positive impact on your life.

source: everybodylovesyourmoney.com

PPI Claims Calculator

Many people today are claiming back their PPI (payment protection insurance) from their mortgages, credit cards, and loans. Payment protection insurance is actually an insurance protection plan which is mostly sold with a loan & is there to protect the borrower especially in the event that he or she is not able to make the minimum payments because of illness, injury, unemployment, hospitalization, accident, or even death. The cover is also known as loan protection, credit insurance, account cover, loan repayment insurance, ASU (accident, sickness & unemployment) insurance or payment cover. The insurance should make the minimum payments of the borrower for up to twelve (12) months when he or she is out of work.

Mis-Sold Plans

One of the major problems with payment protection insurance (PPI) is that it has been mis-sold widely to clients. One way it was mis-sold is that most clients paid for PPI without knowing that it had been added on. For instance, the lender may give a price for a loan which is fully protected without informing the borrower that he or she is paying extra for an insurance plan which is costly. Another way in which this insurance was mis-sold was by failing to notify the borrowers that PPI was optional.

How much can you get?

Before you choose to make a claim for your own payment protection insurance payments, you will want to figure out how much money you are owed. With the help of PPI claims calculator, you will be able to get a nice idea of the amount of money to claim. PPI plans are always sold in two ways; as a monthly payment, or as a single premium which is added to the loan`s total cost. You should have an accurate statement of the amount you were paying every month over the life of the insurance policy. This is important because it is the amount of money you will claim back. It is often tricky to figure out the amount you are owed as far as lump sum payment is concerned. This is so since the lump sum is part of the loan`s total cost. You should ensure that you go over the details of your current statements and the original agreement in order to find the correct number you were paying out every month as far as mis-sold plan is concerned. For sure, PPI claims calculator will help you know how much PPI to claim.

Making a claim

In case you have been mis-sold a payment protection insurance (PPI) plan, you are eligible to make a claim. Most lenders usually don’t keep original documents after a 6-year period. Therefore, one of the things that you should do first is to ensure that the insurance is still active, or that the insurance was sold within the last 6 years. Then, write to the person who sold you the insurance policy directly. Don’t write to the insurance Co. itself. This person is the loan officer, credit or banker provider and he or she is responsible for the original sales. In case they reject your claim, consider going to the Financial Ombudsman Service to register your complaint. You can also consider employing a claims company to act on your behalf.

In conclusion, PPI was meant to assist clients who are not able to pay their minimum payments due to reasons such as accidents, sickness or unemployment among others. In case you want to claim back your payments, PPI claims calculator will enable you to know how much PPI to claim.

source: everybodylovesyourmoney.com

Six Scenarios Where Buying Insurance Is A Must

There are some seven billion people on the planet, and it’s safe to say that for each of them, life represents something different. One thing, though, is universally certain: Life is unpredictable. While the vagaries of existence usually don’t veer into emergency territory, there are those times when they do. When that happens, the gambler who skated by without ever giving a thought to insurance may find himself or herself very sad indeed. The following scenarios represent just six of the many situations for which insurance is an absolute necessity.

1). LIFE INSURANCE

Nobody likes thinking about their own mortality. Sure, it might inspire some folks to great heights of creativity or world-altering action, but for the vast majority, all it does is make them anxious. Still, death is a part of life, and ignoring that fact is foolish. Leaving one’s survivors behind with a load of debt for no reason is not only foolish, it’s cruel. To that end, the necessity of a comprehensive life insurance policy cannot be overstated. Individual policies differ widely in what they cover, the cost of their associated premiums, the duration of coverage (“term” and “whole life” are the most popular and best known options), so those who would be insured should contact a lawyer, insurance agent, or similar professional to help them negotiate the often labyrinthine process of getting covered.

2). TRAVEL INSURANCE

Are you looking to study abroad? Perhaps you’re the sort of person who’s always looking for a new horizon, bored with the sedentary lifestyle. Maybe your job just requires frequent travel. Whatever the case, a good travel insurance policy is a must-have for anyone whose life involves even infrequent moves. Good policies like those from Travel Guard will usually cover a wide variety of travel related costs, including some you may have overlooked. Covered expenses include protection against unscheduled interruptions or early returns from a trip, reimbursement in the event your luggage is lost, stolen, or damaged/destroyed, certain medical expenses and / or emergency evacuation, and so on. As with any type of insurance, coverage levels and premiums will vary. Nevertheless, travel, especially long-term travel to far off lands, shouldn’t be undertaken without it. It’s one of those things that seem like an annoyance until you get typhoid or find yourself in the middle of a hurricane.

3). RENTER’S INSURANCE

This one’s simple: Do you like the fruits of your labor? Your clothes, your electronics, and even the very apartment you live in? What happens, do you think, if you’re robbed, or your apartment catches fire or floods, or some similar catastrophe befalls you? There are two possible answers to this question: The first is that you’re uninsured, and thus out of luck (and potentially out of money as a result of the aforementioned misfortune). The second, much happier option, is that your prudent investment in rental insurance saves you thousands of dollars and many sleepless nights, giving you the knowledge that whatever happens, you’re covered. Again, all insurance is different, rental insurance included. Choose carefully.

4). HEALTH INSURANCE

The amount of people who go about their lives with little or no health insurance (to include medical, dental, and so forth), is simply staggering. It’s also quite sad, because a health complication can pop up at any time, and whether it’s just braces for the kids or a life-threatening complication like cancer, the bills can often represent an outlay of many thousands of dollars. Bankruptcies as a result of insurmountable medical expenses are not unheard of. While insurance and healthcare costs are politically charged issues, the fact remains that it is the height of folly to go on without it. Beyond those truly unfortunate few who are truly unable to afford even the most basic of coverage, it is imperative that everyone get covered ASAP. The life you save may be your own.

5.) AUTO INSURANCE

Again, auto insurance is a no-brainer. In addition to the fact that auto insurance will protect you should you find yourself in an accident or stranded on the side of the road in the middle of nowhere (Triple A is great for this!), it is worth pointing out that the vast majority of jurisdictions won’t even let you drive without auto insurance!

6). CONTRACTORS’ INSURANCE

Do you work in a construction setting, or own your own contracting firm? Then this is the policy type for you. Worthwhile policies will cover general liability like accidents, damage, loss, or theft of tools and equipment, workers’ compensation claims and benefits, workflow problems (unforeseen delays and such), and so on. Once more, given the wide variation in policy types, coverage levels, price, and so forth, it is necessary to understand and thoroughly examine every available policy to find the one that best fits your needs.

CONCLUSION

Are there times in one’s life that insurance is less necessary than others? Sure. Still, what’s the point in playing roulette when you don’t need to? Insurance is one of those things that you never need until you do, and when that time comes, the chances are good that you’ll really need it. With that in mind, get covered – you’ll thank yourself later. After all, it’s like they say: Better safe than sorry!

source: 20smoney.com

Insurance claims of Yolanda victims may be expedited

MANILA, Philippines - The Insurance Commission is urging insurance industry players to expedite the processing and release of insurance claims of typhoon "Yolanda" survivors.

In a statement, the IC called on industry players to process and release payments to the affected insuring public without the necessity of an actual claim filed before them.

The IC is also mulling the possibility of allowing insurance providers to release insurance proceeds to covered “Yolanda” victims without relying on traditional documentary proofs and notices of loss.

There have been discussions on the use of "satellite imaging” and “crisis mapping” as basis for the payment of property insurance proceeds, in lieu of the traditional and actual documentary proof and professional adjustment. If implemented, the processing and release of property insurance claims would be faster.

In the meantime, the IC and the industry have started the "Agarang Proseso, Benepisyo ay Sigurado" program to address the victims' urgent needs.

Agarang Proseso established on-site Claims Action Centers (CAC) at the CLIMBS General Life and Insurance Cooperative CAC in Tacloban City, CLIMBS CAC in Ormoc City and CLIMBS CAC in Cebu City.

Another CAC will also be set up in Tacloban City which will be operational on December 8.

Traditional non-life insurance providers will be deploying personnel to strategic areas in the Visayas this week to further expedite the processing and release of the insurance proceeds to the covered victims.

A CAC in Tacloban City Hall is expected to be launched on December 13.

Also, microinsurance providers have already released substantial amounts of claims for covered fisherfolks, farmers, vendors and members of the marginalized sector in Tacloban, Ormoc, Samar Southern Leyte and Biliran and in other affected areas in the Visayas:

P83,641,400.00 – for non-life claims
P811,000.00 – for death claims
P680,000.00 – for relief assistance

An industry player facilitated the release of insurance claims of at least 8,000 insurance policyholders amounting to P60 million.

Microinsurance providers have also approved P110 million for release to more than 19,000 beneficiaries and claimants in the affected area. The amount will be released this week.

Affected policyholders, planholders, beneficiaries and other concerned persons are advised to visit the Insurance Commission’s website at www.insurance.gov.ph for updates.

source: www.abs-cbnnews.com

5 Reasons to Sell Your Structured Settlement

If you settle a lawsuit or insurance claim, you might agree to a structured settlement and receive your money in periodic installments. This approach has financial benefits, as the amount received through a structured settlement is often more than a lump sum payout.

But while taking your money in installments may seem like the safe, logical choice, there are sound reasons to sell structured settlement and get your money all at once.

1. Pay Off Debt

If you have a lot of high-interest, outstanding debt, selling a structured settlement can provide cash to completely pay off these balances. With debt no longer hanging over your head, you’ll enjoy peace of mind. Plus, paying off consumer debt can raise your credit score. Use the money from a structured settlement to pay off credit cards, auto loans, personal loans, student loans, back taxes and other debts.

2. Financial Emergencies

Maybe you don’t have a solid financial cushion to weather a financial crisis, such as a job loss or a major illness. The lump sum you receive by selling your structured settlement can help pay bills if you become temporarily or permanently disabled, as well as cover expenses if you develop an illness that prevents work. Then again, maybe your health insurance doesn’t offer the best coverage, leaving you with huge medical bills. Sell your structured settlement and get creditors off your back.

3. Purchase a Home

Buying a home isn’t cheap, as many lenders now require at least 5% down plus closing costs. This creates a financial burden for prospective homebuyers. It can take a year or more to save the cash, but fortunately, you don’t have to delay your plans. Because selling a structured settlement can put cash in your pocket, you can realize your dreams of ownership sooner. And with a lump sum, you can possibly put down a larger down payment, thus lowering how much you need to finance.

4. Start a Business

If you have dreams of being your own boss, selling a structured settlement can be the boost you need to start a business. The payments you receive on a periodic basis may not be enough to get your venture off the ground. However, a lump sum may provide adequate funds for advertising, purchasing equipment, renting a commercial space and handling other business expenses.

5. You Simply Changed Your Mind

After some time passes, you might regret the decision to spread out your settlement payments. No worries. Sell your structured settlement and manage the cash yourself. You can deposit the money into a high-yield savings account, a certificate of deposit or a money market account and grow your personal wealth.

Although there are many smart reasons to sell your structured settlement, make sure you fully comprehend the consequences of this decision. Periodic structured payments are tax-exempted, however, this all changes when you take a lump sum. And if you invest your lump sum, you’ll have to pay taxes on the interest.

 source: everythingfinanceblog.com

PDIC, LandBank team up for insurance claim payment system

MANILA, Philippines - The Philippine Deposit Insurance Corp. and Land Bank of the Philippines have signed a memorandum of agreement for new schemes for the payment of deposit insurance claims.

In a statement, PDIC said depositors may now be paid through the issuance of a LandBank-issued manager's check or by transferring funds to their LandBank accounts.

"[These are] both aimed at providing convenience and security to depositors," PDIC said.

PDIC acts as a receiver and liquidator of shuttered banks. Thus, the agency is the one responsible for the settlement of deposit insurance, the maximum coverage of which is P500,000 per depositor.

The new schemes add to the other means of claiming deposit insurance payments such as through cash cards or cash-over-the-counter.

"The PDIC continues to conduct process and systems reviews to enhance its core operations particularly in implementing convenient deposit insurance payment schemes to better serve depositors of closed banks," the agency said.

source: abs-cbnnews.com