This is a great relief to many, especially those who may not otherwise have health insurance. Auto insurance is a necessity, whether your state mandates it or not. The risk of not having it is far more expensive than the monthly premium involved. Auto insurance will help to cover the cost of replacing your vehicle as well as any medical bills associated with the incident. If you live in a state that has mandatory auto insurance laws, you will be fined for driving without insurance. You can also be sued by other parties should you be involved in an accident. To get the very best deals on auto insurance, you should ask around for several different quotes from various agencies. You will need to give them your personal information including your name, address, and driver’s license number. They will conduct a check with the Department of Motor Vehicles. Keep in mind that you will need to give them the same information on any other licensed drivers in your home who operate your vehicles. It can be quite daunting, giving the same information over and over again.
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If money is left over at the end of the policy period because of good claims experience, you get a refund, or your next term’s premium is cheaper. You never have to pay more than your premium, even if losses are bad because of a stoploss. It works because insuring with friends reduces fraud, results in better risk selection, small claims are paid from the pool without the expensive process at the carrier and grows virally without having to pay a sales force. We really hope this works, and somebody tries it out in the US soon. After all, if you think about it, this would be a natural 21st century extension to the age old idea of mutual insurance. Getting credit history, driving history and other background information to underwrite personal lines accounts is expensive. What if we could underwrite equally effectively by analyzing a person’s social media posts?It’s kind of a crazy idea, but that’s what SocialIntel. com is selling, and if it works, that could be a game changer for our industry. They aim to help carrier underwriters without using expensive data from the usual databases. Our guess is that it wouldn’t work too well for the over 40 crowd, but it probably works great on my generation who have a tendency of posting everything on social media. The coolest part of it is that they continually re evaluate the risk, not just at underwriting, claim, and renewal time.