Understanding Commercial Insurance for Ride Sharing Drivers and Companies

By John Rothschild

It seems like everyone loves to ride share these days -- except the traditional cab companies, of course. Whether you're the one using an App to request a ride to your destination, you're the driver making some extra cash by participating, or the huge companies who are at the forefront of the movement, many different people are involved and taking part.

One of the biggest issues at hand here though is commercial insurance for these drivers and their vehicles. Does a driver need to purchase his or her own commercial policy? Does the company need to provide him or her with that? Do personal auto policies apply? Do the same regulations which are in place for taxi cabs apply?

This has been difficult for just about everyone to figure out. That includes lawmakers and legislators, the general public, the traditional taxi cab companies, the ride-sharing companies themselves, and the people offering their rides to be shared.

Clearly, a personal auto policy doesn't seem to be an appropriate fit here. But does a full commercial insurance policy make sense? Do the extra costs of that make it worthwhile to be offering ride sharing to begin with? What is the responsibility of the ride sharing company for whom you're working?

Not all of these questions have been solved as of this time. This will continue to be a hot topic of discussion, debate, and even legal entanglement, likely for years.

However, one important development here is that the state of California has a new bill in place that ride-sharing drivers must carry commercial insurance of $50,000 per injury in an accident, up to $100,000 total, and up to $30,000 in property damage coverage. This coverage applies when they are en route to pick up a passenger, which means it kicks in when the driver has received a request and is currently in transit to pick up that passenger.

When the passenger is being driven in the company, some companies, such as Uber, provide additional coverage. Uber currently provides $1 million of liability coverage per incident, $1 million of uninsured motorist coverage, and $50,000 of comprehensive and collision, and $50,000/$100,000/$25,000 of contingent coverage.

This is only one of the very first dominoes which will be falling in this industry though. It's crucial that you stay informed with the latest news, trends and developments if you're a ride sharing driver, thinking about becoming one, or are otherwise involved with a ride sharing company. For any questions, get in touch with an insurance company or broker who is familiar with commercial vehicle insurance, the emergence of ride-sharing companies, and the regulations in place in your local area.

John Rothschild is the owner of ACI Insurance Services, a leading provider of Florida commercial auto insurance for more than 10 years. ACI is known for their customer service, their extensive experience and knowledge of the industry, and their affordable rates, and they'll do everything they can to meet the needs of their clients. They also now serve the Georgia and Louisiana markets.

They have experience with all types of commercial vehicle insurance, including commercial insurance for limousines, specialty trucks, contractors, buses and much more. Visit LowCostFloridaInsurance.com or call John directly at 407.889.2612 with any questions or to receive a free quote.

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The Financial Conduct Authority Gap Insurance Review Will Force Competition

By Jackie Verdier

The Financial Conduct Authority took over from the Financial Services Authority and made no secret of the fact they were not going to be afraid of ruffling the feathers of the financial institutions.

The Financial Conduct Authority's main aim is to increase security and awareness in the financial markets. Also to make sure that when a consumer buys a financial product, the product that they buy is "fit for purpose" and will do the way the consumer anticipates throughout the lifetime of the policy or service.

A review from such a prestigious organisation is good news for the world of gap insurance. The findings however made interesting reading.

The review went into depth and had input from both providers and insurance companies. In brief, the Financial Conduct Authority agreed that their concept of gap insurance was sound and offered a good level of protection.

They however felt that in many circumstances the policy holder was paying far too much for their policy and that this did not represent good value for money.

So does this mean that gap insurance is expensive?

Does this mean that gap insurance is no longer a viable option for the consumer?

Absolutely not. The Financial Conduct Authority agreed that the concept of the cover was worthwhile but found that customers were simply not being offered a fair deal.

This is because in most cases gap insurance is only offered at the point of vehicle sale. This leaves little or no opportunity for consumers to compare levels of cover and price differentials.

At the moment, the review has given guidance and a list of potential reforms. The most wide-reaching is that dealerships and garages will be actively encouraged to offer gap insurance and then recommend that potential policy holders research and compare the market.

This consequently means that garages will potentially no longer have a captive audience. This compare and research mentality will ultimately lead to gap insurance suppliers having to concentrate on policy terms as well as value for money.

We predict that this will cause a massive shift in the market with consumers being able to source ever improving policies at ever improving rates.

Competition will mean that suppliers will have to take a fresh look at policy performance and rate the premiums so. This unfortunately may mean that some suppliers withdraw or are forced from the market, however those more forward thinking and proactive organisations will thrive.

In summary, the review is good news for both consumers and the market place as whole as competition will improve both policy performance as well as value for money. It will also encourage innovation and we for one cannot wait to see the new developments as they unfold.

Jackie Verdier Sales Director at Aequitas Automotive Limited

Aequitas Automotive Limited's aim is simply to be fair and honest in all we do. No gimmicks, no fuss just fantastic service and real market leading prices via our two brands EasyGap Insurance - Gap Insurance 1-2-3.

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Car Insurance - Understanding the Significance of Car Insurance

By Aditya Ram

Any kind of motor vehicle in public places is considered as a potential threat to the life of the driver, the passengers as well as pedestrians. It can also cause damage to your own or third-party properties. Keeping these probabilities in mind, the motor vehicle insurance law, has made it mandatory for every car owner or driver to insure their vehicles as well as themselves.

Car insurance is nothing but a safeguard against the financial risks involved in an accident. Not everyone can afford the unexpected expenses as well as the legal issues that are brought about by an accident and trying to pay all of them by yourself may empty your pocket.

However, car owners who are safe drivers may ask why do they need car insurance if they follow all the safety measures while driving - like wearing seat belts, maintaining enough gap between his car and the one in front and breaking well on time? At the end of the day if he is driving carefully and is confident and comfortable behind the wheel, he need not fear about meeting with an accident.

The question above might sound justifiable, but there is a flip side to it. You might be a careful driver and follow safety measures. But does that really immune you from all dangers? Accidents need not always happen due to a mistake of your own. As one of the famous tire brand commercials rightly says "Roads are full of idiots". Accidents are never pre-planned, it just happens at the flick of a moment. Expenditures due to accidental damages are mostly high and to cover all of them from your pocket can cost you a fortune. It is in these situations that car insurance comes to your financial aid.

There are more reasons that prove car insurance is important? Consider a situation where somebody's rash or uncontrolled driving causes death of a pedestrian or damages the property belonging to somebody else. If the driver is not able to pay for the damage and if the vehicle is not insured, then he will be in a soup. Besides, physical damages and third-party casualties generally involve extensive legal procedures to find the perpetrator, which is also highly expensive. You will be covered for all these expenses if you have a car insurance policy.

The above points thus clearly explain why car insurance is made mandatory and not optional. So if you own a car, do not have any ambiguity about buying car insurance. Just compare all the relevant policies online as per your requirements and get the best one to shield yourself, your car and the co-passengers any unforeseen incident.

For more information on how to Compare Car Insurance, visit http://www.policybachat.com

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How To Get Cheap Auto Insurance - 6 Valuable Tips

By Jovia D'Souza

Auto insurance is a must-have. It not only covers your vehicle, but also secures you financially if ever you damage another's vehicle and a claim is made against you. Most automobile owners don't realize that they are overpaying for their auto insurance and often this happens because they settle for the first one they come across. If you are out on the market to buy cheap auto insurance and you want to make sure that you are not paying one penny more than what you should be paying, here's how you should go about your search.

1. Make comparisons:

I agree it takes a lot of time hopping from one insurance provider to another asking for quotes, but that is the only solution to get automobile insurance at a cheaper rate. Different carriers offer different insurance rates. In order to ease the task, you can contact an independent agent who deals with different carriers. A better option is to use an online comparison site. They give you the entire rate chart from different carriers based on a few details from you. This way you can find the cheapest company in terms of the coverage.

2. Check for discounts:

Auto insurance companies do offer grand discounts on their policies; the only problem is that many don't advertise them upfront. These discounts are clubbed under different categories such as membership discounts, employee discounts, student discounts, homeowner discounts or when you pay in full. So, after you have shortlisted a few auto insurance companies, you can do a search on the varied types of discounts each offers and the one's you are eligible for. This way you will be able to get your auto insurance cheaper.

3. How about some bargaining:

Auto insurance is never up for sale in the literal sense of the term, but then you can always bargain. There are many companies offering insurance services and therefore a few don't mind bringing down their price further to rope in a few additional customers. Call up their support desk and ask about the possibility.

4. Bundle you policies:

Today, we have insurance for property, automobiles, health and life. If you buy each from a different carrier, you end up paying more. Therefore, you can bundle your policies by buying them all from the same company. This way you can maximize your savings by way of discounts.

5. Avoid paying additional fees:

The first thing you can do is avoid paying monthly payments as they entail higher rates of interest. You should opt for a full payment up front. You can also have the money debited directly from your bank account. This way you will not have to pay additional fees by way of processing and paperwork. Also, make sure you pay in time to avoid penalties.

6. A clean driving record:

Drivers with a clean driving record automatically have better chances of getting cheap auto insurance than others. You can earn this through simple actions such as wearing your seat belt, parking in the right places and not talking on the cell phone whole driving. Not only this, you can think about the number of people you can add on your policy.

However, when trying to get cheap auto insurance make sure you get optimum coverage. Do not compromise on coverage for the sake of cost.

So, these are the different ways in which you can cheap auto insurance. Get more information on companies that offer cheap auto insurance and where to find them by clicking the link give here.

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3 Tips on How to Get the Lowest Premium on Your Car Insurance

By Baloch M

Did you know that there are a number of ways in which you can get the lowest premium rates on your car insurance? Here are some of the ways:

Be Wise before Shopping

Before you shop for an insurance policy you should ensure that you develop a great driving record. This calls for you to always obey the speed limit and other driving laws in your area. When driving always drive defensively.

You should stay on your parents' insurance as long as you can. You should note that your rates will go high when you buy your own insurance.

To show that you are a good driver you should take a defensive-driving course from the National safety council. You should note that while most insurance companies will give you a discount, not all companies will.

Another wise way of doing things is to maintain a good credit score. When you have a good credit score it shows that you are responsible thus eligible for discounts.

Be Wise When Choosing the Insurance Company

Always compare prices from different insurance companies. While you may find that most companies offer the same product, insurance prices tend to vary a lot. As rule of thumb you should go for the cheapest policy.

If you have a life, homeowner's or renter's insurance you should contact the company and request for auto rates. Since you are already a member of the company you will most definitely attract interest.

Maintain Your Policy

When you make the purchase always choose a high deductable. You should keep the money that you save in a savings account and use it to pay the deductable in the event you are involved in an accident.

To avoid penalties and show that you are responsible you should always pay your insurance coverage in advance. For ideal results it's wise that you make annual payments. While monthly rates may appear affordable, they often add significant costs to your overall cost.

Another tip of maintaining the discount is to ensure that you maintain the coverage without lapses. Remember that insurers tend to charge more for reinstatement of insurance. The rates after the reinstatement usually go higher.

Conclusion

These are tips on how to get the lowest premium rates on your car insurance. Even after settling on a given policy, always be looking around. When you find cheaper rates elsewhere, ask your current company for a price decrease.

Are you looking for the lowest premium on your toronto car insurance? We have plenty of information that will help you in finding it. To know more visit us at insurancecartoronto.ca

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Review, Reconsider, Reduce, And More: How to Save on Car Insurance

By Andrew Stratton

You may be leaving money on the table if you haven't examined your car insurance coverage lately. It's typical for people to overpay for this coverage, especially if you haven't analyzed your protection and the options available to you. Different factors will combine to determine what you might pay.

Request a Review

If you've had a clean driving record for some time and haven't had any accidents or traffic citations, you might be eligible for a premium reduction based on your exemplary record. Similarly, people with good credit ratings often receive lower premium quotes because better credit ratings indicate a higher level of responsibility. Ask your agent to review your account to see if you are eligible for a rate reduction based on your driving record or your credit score.

Reconsider Your Deductible

If your current deductible is low, you can protect yourself from out-of-pocket expenses. However, you might decide that you're willing to run the risk of some expenses in exchange for a lower premium. While this can be risky, if you and everyone covered on your policy are experienced and safe drivers with solid driving histories, this can be an effective way to reduce your expenses because of the lower likelihood that you will be involved in accidents.

Reduce Your Driving

Many companies track customers' mileage and base premiums on the number of miles people drive. If you can reduce the number of miles you drive, your car insurance premiums may fall. Carpooling can be one effective way to reduce the number of miles you drive. You may also lower your mileage by using public transportation and other forms of transportation such as biking or walking. Sometimes just combining errands and monitoring how you use your vehicles can lower your driving mileage.

Eliminate Forms of Coverage

With a late model vehicle, you will need collision coverage to protect you from loss in connection with an auto accident. Collision coverage will also pay you the value of your automobile if it is a total loss. As a vehicle ages, it depreciates in value. For this reason, this protection may not be worth the expense because the amount paid to you by the company would be nominal due to the reduced value. Comprehensive coverage is protection against loss from incidents unrelated to accidents, such as weather damage. Consider dropping collision and/or comprehensive coverage to reduce your premiums, as long as you are willing to pay for any damage yourself.

Additional Policies

Many companies offer different types of policies to protect customers from loss in a variety of areas, such as renter's, homeowner's, and health insurance. If you need additional coverage for other areas of your life, consider bundling all of your insurance policies from one company. Customers who practice this bundling often receive extra volume discounts, which can save significant money.

Car insurance is a necessary expense, but don't pay more than you need to pay to protect yourself from loss. A little effort might enable you to save money.

West Bloomfield, MI drivers looking for great car insurance turn to Phil Klein Insurance Group. Learn more at http://www.philkleininsurance.com/automobile/default.aspx.

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Get the Right Vehicle Insurance for Your Delivery Work

Get the Right Vehicle Insurance for Your Delivery Work
By Norman Dulwich

Going into delivery work is an excellent job, but one that must be taken seriously. Apart from the competitive industry, there are also many things that you will need to pay attention to in order to guarantee that your operation will run smoothly.

If you plan on employing other drivers, you will need to ensure not only that they are competent enough, but also that you will be able to guarantee their safety while on the job as well. This is where proper vehicle insurance comes in, something that not all start-up owners take into consideration seriously when setting up a courier service. However, getting the vehicles your drivers are going to use insured is not only necessary, it is one of the most crucial steps you need to take before you open for business. Here are a few tips on how to do it properly.

Understanding Why You Need It

Insurance policies don't come in a 'one-size-fits-all' package. Basically, how much you are going to pay for a policy will depend on a range of factors, beginning with just what you will use the vehicle for. When it comes to delivery work, the value of goods you'll transport will also be a factor in determining how much your vehicle insurance will cost. For example, if you are going to be delivering mostly small packages, and the coverage area you plan on servicing doesn't go beyond your own town, you may find a cheaper policy that will cover the essentials. However, if you are going to transport money, fragile goods, or valuable jewellery, you might want to consider upping your level of coverage in case something happens to the goods en route to the destination.

Prioritizing Safety

Having said that, however, it doesn't mean that you can neglect to factor in the safety of your drivers. As a matter of fact, when considering an insurance policy, you need to think about the medical coverage included in it first and foremost, to make sure that in case you or your drivers are involved in a road accident, the burden of medical expenses is adequately covered. Prioritising your drivers' safety doesn't just mean getting them medical insurance, it also means ensuring the vehicles they drive are always in top condition, because delivery work means being exposed to various risks on the road.

Finding the Right Policy

Considering all the abovementioned factors will help you narrow down your choices when you are looking for options for an appropriate insurance policy. As long as you prioritise the safety of both drivers and goods in every aspect of the delivery work, it will be easy for you to identify what policies are potentially good purchases and which ones are not.

The bottom line is that finding the right insurance policy doesn't really have a lot to do with how cheap you can get it! If you buy a cheap policy that won't really benefit you, your drivers, the goods, and the clients in the long run, it will be an utter waste of money. However, if all the important factors are covered, spending a little more than your budget will still be a good decision over buying a cheap, useless policy.

Norman Dulwich is a Correspondent for Haulage Exchange, the leading online trade network for the road transport industry across the UK and Europe. It provides services for matching delivery work and to buy and sell road transport and haulage work in the domestic and international markets. Over 3,000 transport exchange businesses are networked together through their website, trading jobs and capacity in a safe 'wholesale' environment.

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Car Insurance or Vehicle Insurance

Car Insurance or Vehicle Insurance
By Aman Tumukur Khanna

Car Insurance is one of most important policy coverages for automobiles. However this kind of policy may differ from state to state within a country itself and the terms of cover and protection may change in percentages and ratios. A car insurance policy provides protection to vehicle owners in times of accidents involving cars covered by these policies as well as extend cover for damages caused to third parties.

Broadly, car insurance policies cover six high risk categories, the premium payouts are based on the pricing for each of these separately.

• Accident or collision cover
• Bodily injury liability
• Comprehensive
• Medical
• Property damage liability
• Uninsured motorists' coverage

Accident cover or collision cover - provides accident and injury coverage for policy holder if he sustains injury while travelling in an insured vehicle, along with damages to the insured vehicle.

Bodily injury liability or third party legal liability - a driver may be legally required to pay compensation if his car causes injury to a third person or results in the death of a third person. Most car insurance policies provide cover against legal liabilities that are caused by accidental damages to third person and property. The coverage limit for injuries or death is not fixed and depends on a case-to-case basis.

Comprehensive - some insurance policies cite this as 'Vehicle Damage' which includes natural calamities. Comprehensive generally excludes accidents but includes theft, and damage to car from natural calamities such as earthquake, explosion, fire, flood, hurricane, landslide, lightning, falling objects etc.

Medical - also known as Personal Injury Protection (PIP), this covers medical treatment of injuries to the occupants of the insurance holder's car at the time of an accident. It can extend to include medical or hospital bills, lost wages and some other clauses which may vary.

Property Damage Liability - provides cover against damage by the policy holder to third party property. The coverage for property damage is mostly defined.

Uninsured motorists' coverage - this covers treatment costs for the insurance policy holder from injuries sustained through accident or collision with an uninsured driver or vehicle. Although not all state insurance rules specify or require that car owners must have insurance to cover all these risks, they recommend minimum liability cover for bodily or personal injury protection and property damage.

Other elements that are included as add-on risks depending on need or request from policy holders are:

• Auto replacement
• Rental car coverage
• Towing coverage

To know more about car insurance, please check our website.

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Will Insurance Pay for Windshield Repair?

Will Insurance Pay for Windshield Repair?
By Jillynn Stevens, Ph.D., MSW
It's good to know if your insurance covers windshield repair before an accident happens. Rarely is it the fault of the driver when a windshield begins to crack. More commonly, small rocks and debris flying through the air after being churned up by other vehicles on the roadways cause the crack in your windshield.
What Caused the Windshield Damage?
Determining the reason for the damage and the extent can help you decide if you should simply repair the windshield, or if a complete replacement is in order. Chips caused by gravel can be easy to repair, but extensive damage after colliding with a large animal or falling branches from a storm may warrant a replacement.
Unless you have comprehensive coverage on your vehicle, insurance companies will not cover costs. Most insurance policies only require the insured to carry liability coverage, so many drivers opt out of comprehensive coverage to save on their monthly bill. If you do have comprehensive coverage, you must find out if auto glass repair is covered under the terms of your policy. Sometimes the policy may only cover the windows, not the windshield, so obtain your policy documents for review.
How High is Your Deductible?
If windshield repair is covered under your policy, find out the total deductible amount. If it is the same as the cost to replace your windshield, it might be beneficial to simply pay for the replacement alone. Even if the windshield damage was not your fault, the insurance claim will go on record. Of course, not every policy counts auto glass claims against you; some companies file it in the "no-fault" category, but contact your insurance agent to be sure before deciding to file a claim.
How Do You File a Claim?
Depending on your insurance company, you may be able to file an auto glass claim over the phone, through the mobile application or in person at their office. You can either choose an auto glass repair shop contracted by the company, or find a network repair provider. Some insurance agencies require the work to be completed at the shop of their choice, while others may allow you to schedule the repair and submit the receipt after the fact, receiving reimbursement at that point.
Know the difference between original engine manufacturer parts (OEM) and aftermarket parts. Your insurance may only cover the repair if it is completed with aftermarket parts, but OEM parts are safer, stronger and more reliable. To upgrade to OEM parts, your insurance may allow you to pay for the difference in price.
Regardless of the status of your insurance policy, each windshield crack should be repaired as quickly as possible to keep you safe while driving your vehicle. Small chips that could have been repaired can quickly splinter into a much larger break if they go unattended. Contact your local auto glass repair shop for an estimate and further advice regarding windshield repair insurance and costs.
Jillynn Stevens is a writer and researcher. She is the Director of Digital Content Marketing for Be Locally SEO where she enjoys helping clients expand and improve their businesses through articles, blogs, website content and more.
Glasshopper Auto Glass offers windshield replacement services in Ogden, Utah.
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