“Universal” claims in space-related insurance

The insurance industry is getting with the program of space exploration. With space tourism also banked on the horizon, a wave of actuarial analysis over space operations notifies insurance companies of an emerging market.

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This market is neither confined to state-sponsored research, exploration, and satellite operations, nor is it as narrow as that. Private space programs are multiplying, as are future customers of space tourism packages. But while technology and confidence are still lumbering toward space exploration’s postponed promises, insurance discussions are on the fly. Risks, real or imagined, are chiming in with commercialization, and they are more explosive in this business than in any in terms of potential financial loss, casualties, and equipment destruction.

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The insurance industry segments overall risk at every link in the chain, and the resulting distribution channel is a complex network of satellite operators, investors, potential customers, and high-technology suppliers, among others. This foresight, however, also outruns the overall potential scope of the space industry before it is actualized. It’s bound to branch out into different sectors apart from tourism and research in the future, as other industries, such as mining and pharmaceuticals, are likely to hitch into the space wagon.

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Some of the biggest insurance companies have already structured claims around existing modus operandi and supply chains. Yet, despite the reassuring presence of insurance companies, the future of space commercialization has to hold down the biggest risk of all — whether the fruits of such discussions could attain new orbits of reality.

While Freeway Insurance has earned a reputation for brokering diverse types of insurance coverage, such as automotive and life insurance packages, its general wisdom on new directions for the insurance industry is well-cited. Pick up a few pointers in determining reliable coverage from the company website.

Pay and drive: $94,000 is your lifetime car insurance bill

A study by the U.S Bureau of Census noted that “over a work-life, individuals who have a bachelor’s degree would earn on average $2.1 million.” It may seem a lot at first, but with deductibles, such as groceries and utility bills, the amount may not be that big.

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And that earning may even shrink further when the $94,000car insurance bill is deducted. Data gathered by CarInsurance.com show that over a lifetime of driving—from ages 16 to 78—the average person will spend about $94,000 on insurance.

This amount may seem hefty for some consumers, but when compared with other “life expenses,” it is actually quite “reasonable.” CarInsurance.com cites the following examples:

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• An iPhone. Using a 32GB iPhone from ages 21 to 75 (including buying a new phone every six years) will cost consumers about $72,000. Consumers who are compulsive upgraders and heavy data users would pay even more.
• A caffeine habit. Sixty years of going to Starbucks every morning for its $4 latte means $88,000 worth of consumed java.
• A nicotine habit. A $5.25 pack a day for the next 60 years will cost smokers $115,000. The amount does not include the additional costs that a smoker needs to pay for life insurance and health coverage.

Many consumers think that shelling out $94,000 for a lifetime car insurance bill is too much, especially with today’s wobbly economy. Some may even risk driving without insurance. However, driving uninsured does not only carry legal penalties, but it can also lead to serious financial consequences.

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Chat with a Freeway Insurance representative here for a more detailed explanation about the importance of car insurance.

On avoiding disaster-related scams

The destruction Hurricane Sandy has brought is grueling, but what happened after the damages have been fixed seems to be more hideous: the resurgence of the con artists.

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Identity theft

Days after the tragedy, people posing as employees of FEMA and other different organizations have flocked to the affected sites and asked for the victims’ identity. FEMA has already spoken about this, informing the public that it does not conduct such scheme, for its SOP entails that its workers will not ask for any personal information until the victim first contacts them.

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Fake victims and pseudo-charities and fake emails

The most saddening part after a disaster is when someone pretends to be a victim just to get disaster benefits from the government. Seasoned con artists have become so ubiquitous and prevalent during the Sandy aftermath, a thing that is still rampant today. They use different social media sites efficiently and pose themselves as victims. Unbelievably, many kindhearted netizens around the globe fall for this kind of ruse, since con artists embellish their social media sites with touching photographs and heartrending write-ups. They even put logos of credible charity groups on their blogs to ask for donations and make their trick appear more credible.

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Moreover, some frauds just pose themselves as a member of a certain charity or a newfound care group and ask people for contributions. And for these people, the power of email marketing is still relevant. They disseminate email messages to random addresses and pose as humanitarian groups asking for donations and personal information.

For more information on legit insurance services and to avoid tragedy-related scams, go to Freeway Insurance’s website.

The seven to ten: How big life insurance policies ought to be

Preparing life insurance should provide peace of mind for people by providing an alternate means to help their families and beneficiaries financially in the event that they die prematurely. Younger adults with young children are in most need of the bulwark that insurance provides. Usually, however, they are not quite aware as to how big their life insurance should be.

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There’s no hard or fast rule in determining how big or small a person’s life insurance ought to be. While a rule of thumb dictates that the person’s insurance must be about 7 to 10 times the amount of a person’s average monthly income, this is by no means a universal rule.

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Variations that influence how big an insurance policy should be include the income that people would want to provide their surviving family members. To make a rough estimate of the ideal size of an insurance policy, people should subtract the other available income sources they would be able to tap such as retirement accounts, pensions, and in the case of spouses, social security. The remainder should make up the minimum amount that the life insurance should cover.

This insurance calculator should help determine the shortfall that life insurance would need to cover.

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The Freeway Insurance website features more information on many kinds of insurance, including life insurance.

Defensive driving and insurance

Those thinking of taking defensive driving classes can find more motivation in terms of insurance benefits. Drivers who have completed a defensive driving course can, depending on their location and insurance provider, be eligible for at least a 10 percent discount in car insurance.

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Defensive driving training helps motorists become more conscious regarding their safety on the road. Defensive drivers must try to recognize potentially hazardous situations before they happen and act accordingly. As the name suggests, they must take the time to analyze other drivers and remains on guard for any possible mistakes they may make.

Courses on defensive driving are available throughout the United States; the US Department of Safety often has a list of approved driving trainer courses. While some options must be completed on the road, others can be accomplished online.

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Depending on their state or insurance provider, defensive drivers can get insurance benefits, such as discounted rates. The eligibility of the defensive driver varies; in most states, younger student drivers receive the defensive driver discounts, whereas in Oregon, the discount goes to elderly drivers.

Understanding the value of road safety can provide motorists with more than just the benefit of being safe. Defensive drivers can save a bit of money on their insurance claims, particularly when combined with discounts for good driving behavior.

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For more information on low insurance rates, go to Freeway Insurance’s website.

The underwriting risk on motorized vehicles

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Vehicle insurance is purchased to cover physical or vehicular damages that result from Road Traffic Collisions (RTC). In the United States, each region has specific regulations for the terms involving vehicle insurance. In many jurisdictions, public policies are imposed to ensure that drivers purchase vehicle insurance before they could use their motor vehicle on public roads.

There are two determinants of the underwriting risk on motorized vehicles: performance capability and retail cost. Majority of auto insurance providers impose restrictions against vehicles that are either designed to be capable of running in higher speeds (having advanced performance levels) or sold at prices beyond the average rates.

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It is common for luxury automobiles to carry more expensive physical damage premiums because they are more costly to replace. High-performance cars also carry higher premiums because there is greater possibility for risky driving behavior. Both types of car are generally given more attention because of their quality, precision, design, and technological value.

Because they bring minimal risk of damage, motorcycles carry lower property-damage premiums than cars, trucks, and other larger vehicles. However, they have higher liability or personal injury premiums because motorcycle riders are more prone to physical risks. These risks accompanying the purchase of automobiles are classified based upon the statistical analysis of reported theft, accidents, and mechanical aberrations on every given year.

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Experts at Freeway Insurance help automobile owners choose the best insurance plans that fit their needs at a price they can afford. For inquiries, visit www.freewayinsurance.com.

SoberTeen: Curbing road accidents caused by teenage drivers

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Got some worries about novice drivers? Or is your newly licensed teenage kid driving faster than what is required? Mark Nowotarski has a simple solution for that: SoberTeen Driving Insurance.

The road is not absolutely safe for drivers, especially those who just learned the basics of driving. The patent-pending SoberTeen Driving Insurance product was designed to help parents monitor their kids’ driving and may allow them to salt away money on insurance. The product is currently being planned to be sold with a black box feature, similar to the technology used in airplanes to keep an electronic eye on the driver.

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“When you look at the accident rates for young drivers [compared] to mature drivers, it’s high and parents are bearing with high rates for car insurance,” says Nowotarski, who served as a research engineer at Praxair Inc. for 20 years.

Once installed in the vehicle, the SoberTeen with black box could record braking force, speed, and proximity to other cars. In addition, it is able to identify risky behaviors while behind the wheel, such as driving under the influence of alcohol and texting on a mobile phone. Young drivers and their parents get “Safe Driver” reports based on the information the box would record.

Nowotarski has been very keen in promoting his product, and taking advantage of the popularity of social networking was his first attempt to make the product a hot topic in Web discussions. Fortunately, he has been receiving favorable feedback from the online community.

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For more information about vehicle insurance, log on to Freeway Insurance’s official website.

Freeway Insurance: Protecting your home

Freeway Insurance’s home insurance programs provide a safety net for you and your family when unfortunate events like theft or fire happen.

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It took you several years to finally purchase that dream house. You gave it an edgy look, making it stand out in the quaint neighborhood. You are living in the house you always dreamed of owning. One stormy night though, lightning struck and hit the tree in your front yard, crashing into your home. What do you do?

If you have home insurance, you can relax a bit, basking in the knowledge that you have coverage. If you don’t have home insurance, maybe it is time to consider getting one from companies like Freeway Insurance after cleaning up and doing repairs.

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Home insurance, also called hazard insurance or homeowner’s insurance, is the type of property insurance that covers private homes. It provides financial protection against disasters such as fire or lightning.

A standard home insurance policy includes four essential types of coverage. These include:

1. Coverage for the structure of your home;
2. Coverage for your personal belongings;
3. Liability protection, and;
4. Additional living expenses in the event you are temporarily unable to live in your home because of a fire or other insured disaster.

There are also different types of home insurance policies. There is the basic policy that provides protection against 16 disasters like smoke, vandalism, and theft. There is also the special homeowners policy that protects your home from all perils except those specifically excluded.

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Freeway Insurance offers competitive rates for home insurance policies. To know more about the right coverage to protect your home and personal property, visit this website.

Freeway Insurance: A guide to purchasing auto insurance

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Auto insurance provides financial protection to motor vehicle owners whose vehicle is involved in accidents resulting in physical damages. According to insurance companies such as Freeway Insurance, 47 out of the 50 U.S. states require car owners to have their vehicles insured, and each state has different regulations on auto insurance.

Before purchasing auto insurance, owners must first be familiar with their state’s regulations. For instance, some states require vehicle owners to purchase a Personal Injury Protection (PIP) along with auto insurance which would help them pay for medical expenses and lost income in case they are hurt in a vehicular accident. In relation to this, owners must also understand the different types of coverage that insurance companies offer and whether they need it or not. Types of coverage include PIP, liability, and medical coverage, among others.

 

Since 1987, Freeway Insurance has been providing thousands of clients with the best insurance plans that fit their needs.

 

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When vehicle owners are already familiar with the different types of coverage, they must examine their vehicle’s worth before deciding on a particular insurance coverage. Many insurance companies agree that a comprehensive coverage is worth paying for when a person owns an expensive vehicle.

In purchasing auto insurance, companies suggest that owners get an extra coverage even if their state laws don’t require it. Also, vehicle owners must determine how much they want their insurer to cover before deciding on their chosen insurance coverage.

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Freeway Insurance offers a free quote to vehicle owners who want to have a low-cost auto insurance. For more information, visit www.freewayinsurance.com.

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