Why Pay-As-You-Drive Insurance Could Be the Future of Car Insurance

 Pay-as-you-drive (PAYD) insurance is a type of auto insurance where drivers pay premiums based on how much they drive. In contrast to traditional insurance policies, which charge a flat rate regardless of how much you drive, PAYD policies are based on the number of miles driven or the amount of time spent on the road. PAYD insurance is becoming more popular as drivers look for ways to save money and reduce their environmental impact. Here are some reasons why PAYD insurance could be the future of car insurance.

1. Cost Savings

PAYD insurance offers cost savings for drivers who don't drive frequently or for those who use alternative forms of transportation such as public transit or biking. PAYD policies are typically less expensive than traditional policies, as they charge a lower premium based on the amount of time or miles driven. For drivers who only use their car for short trips or occasional weekend outings, PAYD insurance can be a cost-effective option.

2. Environmental Benefits

By encouraging drivers to reduce their time on the road, PAYD insurance policies can also have environmental benefits. Fewer cars on the road mean reduced carbon emissions and a smaller carbon footprint for drivers. By incentivizing drivers to use alternative forms of transportation or to reduce their driving altogether, PAYD insurance can contribute to a more sustainable transportation system.

3. Fairness

PAYD insurance is also fairer than traditional insurance policies, as it takes into account the amount of time or miles driven. Traditional policies charge a flat rate, regardless of how much you drive. This means that drivers who use their cars less frequently are subsidizing those who drive more. With PAYD insurance, drivers who use their cars less frequently pay less in premiums, while those who drive more pay more.

4. Technology Advancements

Advances in technology, such as telematics, have made PAYD insurance more feasible and attractive to both insurance companies and consumers. Telematics devices, such as GPS and accelerometers, can track a driver's mileage, speed, and driving habits, allowing insurance companies to provide more accurate pricing and discounts. Many insurance companies now offer telematics-based PAYD policies, which allow drivers to pay based on their actual driving behavior, rather than estimates.

5. Customization

PAYD insurance policies also offer greater customization and flexibility than traditional policies. Drivers can choose policies based on their individual driving habits, such as miles driven per year or time spent on the road. This allows drivers to tailor their insurance policies to their specific needs and preferences, rather than being locked into a one-size-fits-all policy.

6. Safety Benefits

Finally, PAYD insurance policies can also have safety benefits. By incentivizing drivers to drive less, PAYD policies can reduce the risk of accidents and improve road safety. Telematics devices can also track driving behavior, such as hard braking and speeding, and provide feedback to drivers, encouraging them to adopt safer driving habits.

In conclusion, PAYD insurance policies offer a number of benefits over traditional insurance policies, including cost savings, environmental benefits, fairness, technology advancements, customization, and safety benefits. As more drivers seek out ways to reduce their costs and environmental impact, PAYD insurance is likely to become a more popular and mainstream option for car insurance. Insurance companies will need to adapt to these changing consumer preferences and invest in new technologies to provide more accurate pricing and discounts.

What Happens When You Get in a Car Accident

 Getting into a car accident can be a scary and overwhelming experience. It's important to know what to do in such a situation, as it can impact your safety, financial stability, and legal obligations. Here's what happens when you get into a car accident.

1. Check for Injuries and Call for Help

The first thing you should do after a car accident is to check yourself and your passengers for injuries. If anyone is hurt, call for medical assistance immediately. If there are no injuries, move to a safe location to avoid further collisions. Then, call the police to report the accident and provide them with the necessary information, such as your location and the number of vehicles involved.

2. Exchange Information with the Other Driver

After the accident, exchange information with the other driver involved. This includes their name, contact information, driver's license number, license plate number, insurance information, and the make and model of their car. It's important to get this information to ensure that you can file an insurance claim and cover the damages.

3. Document the Accident

Take pictures of the accident scene, including the damage to your car, the other driver's car, and any other property involved. This can help you provide evidence to your insurance company and support your claim. Also, make sure to get the contact information of any witnesses, as their testimony can help support your case.

4. Contact Your Insurance Company

Contact your insurance company as soon as possible to report the accident and provide them with the necessary information. This includes the date and time of the accident, the location, the police report number, and the contact information of the other driver and witnesses. Your insurance company will then start the claims process and assign an adjuster to evaluate the damage to your car and determine the coverage.

5. File an Accident Report with the DMV

In some states, you're required to file an accident report with the Department of Motor Vehicles (DMV) if the damage to your car exceeds a certain threshold. This report documents the details of the accident and is used by the DMV to track accident statistics and identify potential safety issues on the road.

6. Determine Fault and Liability

Determining who is at fault in a car accident can be a complicated process. The insurance company and the police report will examine the evidence, such as the damage to the cars and the testimony of witnesses, to determine who is liable for the accident. The driver who is found at fault may be responsible for paying for the damages and any medical expenses incurred by the other driver or passengers.

7. Repair Your Car

Once the insurance company has evaluated the damage to your car, they will provide you with an estimate of the repair costs and the coverage you're eligible for. You can then choose a repair shop and get your car fixed. If the cost of repair exceeds the value of your car, the insurance company may declare it a total loss and offer you a settlement to replace your car.

In conclusion, getting into a car accident can be a stressful and complex experience. It's important to stay calm, follow the necessary steps, and ensure that everyone involved is safe. By exchanging information with the other driver, documenting the accident, contacting your insurance company, filing an accident report with the DMV, determining fault and liability, and repairing your car, you can recover from the accident and move on with your life.

7 Tips for Lowering Your Car Insurance Premiums

 Car insurance is an essential requirement for every car owner. However, the cost of premiums can vary depending on various factors, such as age, driving history, location, and the type of car you own. If you're looking to reduce your car insurance premiums, here are some tips that can help you save money.

1. Compare Insurance Rates

The first step in reducing your car insurance premiums is to shop around and compare rates from different insurance providers. You can use online comparison tools to get quotes from multiple insurance companies and compare their rates, coverage, and deductibles. This can help you find the best deal that suits your budget and requirements.

2. Increase Your Deductible

Another way to lower your car insurance premiums is to increase your deductible. The deductible is the amount you pay out of pocket before the insurance company starts covering your expenses. Increasing your deductible can reduce your premiums, but it also means you'll have to pay more in case of an accident or claim.

3. Maintain a Good Credit Score

Your credit score can also impact your car insurance premiums. Insurance companies use credit scores to determine the risk level of their customers. A good credit score can help you get lower premiums, while a poor credit score can result in higher premiums. To maintain a good credit score, pay your bills on time, avoid maxing out your credit cards, and keep your credit utilization ratio low.

4. Drive Safely

Your driving history can also affect your car insurance premiums. If you have a history of accidents or traffic violations, your premiums are likely to be higher. On the other hand, if you maintain a clean driving record, you may be eligible for lower premiums. To improve your driving habits, follow traffic rules, avoid distractions while driving, and enroll in defensive driving courses.

5. Choose the Right Car

The type of car you own can also impact your car insurance premiums. High-end luxury cars, sports cars, and vehicles with a high theft rate or expensive repair costs usually have higher insurance premiums. If you're looking to save money on car insurance, consider purchasing a car with a good safety rating, lower repair costs, and a low theft rate.

6. Bundle Your Insurance Policies

Bundling your car insurance policy with other insurance policies, such as home or life insurance, can also help you save money on premiums. Many insurance companies offer discounts for bundling policies, so make sure to check with your provider to see if you're eligible for any discounts.

7. Ask for Discounts

Finally, don't hesitate to ask your insurance provider about discounts that you may be eligible for. Many insurance companies offer discounts for various reasons, such as being a safe driver, having a good credit score, or being a student. Make sure to ask your provider about any discounts that you may be eligible for, as they can significantly reduce your premiums.

In conclusion, lowering your car insurance premiums requires some effort and research, but it's worth it in the long run. By comparing rates, increasing your deductible, maintaining a good credit score, driving safely, choosing the right car, bundling policies, and asking for discounts, you can save money on your car insurance premiums and still maintain adequate coverage for your car.

The Role of Big Data in Car Insurance

 In recent years, the use of big data and machine learning algorithms has become increasingly common in the car insurance industry. Insurance companies are using data analytics to better understand their customers, improve the customer experience, and manage risk more effectively. In this article, we will explore some of the ways that big data is being used in the car insurance industry and its potential benefits.

What is Big Data?

Big data refers to the vast amounts of data that are generated by various sources, including social media, sensors, mobile devices, and more. In the car insurance industry, big data can include information on a driver's behavior, vehicle performance, road conditions, weather, and more. This data can be used to gain insights into customer behavior and preferences, improve risk management, and develop more personalized insurance products and services.

How is Big Data Being Used in the Car Insurance Industry?

1. Risk Management: Insurance companies are using big data to more accurately assess risk and price policies accordingly. By analyzing large volumes of data on driving behavior, accident rates, and other risk factors, insurers can better understand the likelihood of certain events occurring and adjust their pricing models accordingly. This can result in more accurate and fair pricing for customers, as well as reduced losses for insurers.

2. Personalized Insurance Products: Big data can also be used to develop more personalized insurance products and services. By analyzing data on a customer's driving behavior, preferences, and history, insurers can offer customized policies that meet the specific needs and preferences of each individual. For example, an insurer might offer a policy with lower premiums for drivers who exhibit safe driving behaviors or for those who only drive short distances.

3. Claims Management: Big data can also be used to improve the claims management process. By analyzing data on customer claims, insurers can identify patterns and trends that can help them streamline and optimize their claims handling procedures. For example, if an insurer notices that claims for a particular type of damage are frequently denied or take a long time to process, they can investigate the underlying causes and take steps to address them.

4. Fraud Detection: Big data can also be used to detect and prevent insurance fraud. By analyzing large volumes of data on claims and customer behavior, insurers can identify suspicious patterns or anomalies that may indicate fraudulent activity. This can help insurers reduce losses from fraudulent claims and keep premiums lower for honest customers.

5. Customer Experience: Big data can also be used to improve the customer experience. By analyzing data on customer behavior and preferences, insurers can develop more personalized products and services that meet the specific needs and preferences of each individual. For example, an insurer might use data to offer personalized policy recommendations or to develop a mobile app that allows customers to manage their policies and file claims more easily.

What Are the Potential Benefits of Big Data in Car Insurance?

The use of big data in the car insurance industry has several potential benefits, including:

1. Improved Risk Management: By analyzing vast amounts of data on driving behavior, accident rates, and other risk factors, insurers can more accurately assess risk and price policies accordingly. This can result in more accurate and fair pricing for customers, as well as reduced losses for insurers.

2. More Personalized Products and Services: Big data can be used to develop more personalized insurance products and services that meet the specific needs and preferences of each individual customer. This can result in better customer satisfaction and loyalty.

3. Better Claims Management: By analyzing data on customer claims, insurers can identify patterns and trends that can help them optimize their claims handling procedures. This can result in faster and more efficient claims processing, leading to higher customer satisfaction

The Future of Car Insurance: How Technology is Changing the Game

 Advancements in technology are transforming the car insurance industry in several ways. Some of the key ways that technology is changing the game include:

1. Telematics: Telematics technology is becoming increasingly common in the car insurance industry. It involves the use of sensors and other devices to collect data on a driver's behavior and vehicle performance. This data can then be used to adjust insurance premiums based on how a driver actually behaves behind the wheel, rather than relying on traditional demographic factors like age or gender. This can lead to more personalized coverage and lower premiums for safe drivers.

2. Autonomous Vehicles: The rise of self-driving cars is also poised to have a major impact on the car insurance industry. As more self-driving cars hit the roads, traditional car insurance policies may become obsolete. Instead, insurers may need to shift their focus to insuring the technology itself, since accidents involving autonomous vehicles may be caused by factors outside of the driver's control. This could result in a significant shift in how insurance policies are structured and priced.

3. Big Data: Insurance companies are increasingly using big data and machine learning algorithms to analyze vast amounts of data on drivers and driving behavior. This data can be used to identify patterns and trends that are predictive of risk, allowing insurers to more accurately price policies and minimize their losses. For example, if an insurer notices that drivers who own a particular make and model of car are more likely to file claims, they may adjust premiums for drivers with that car accordingly.

4. Mobile Apps: Many car insurance companies now offer mobile apps that allow drivers to manage their policies, file claims, and even receive personalized driving tips and coaching. These apps can also collect data on a driver's behavior, which can be used to adjust premiums. For example, an insurer may offer discounts to drivers who use their mobile app to track their driving behavior and demonstrate safe driving habits.

By exploring these and other ways that technology is changing the car insurance industry, this article could provide readers with a comprehensive understanding of how the industry is evolving and what they can expect in the coming years.

5 Surprising Factors That Affect Your Car Insurance Rates

 When you purchase car insurance, your insurer considers a variety of factors to determine your rates. Some of these factors are well-known, such as your driving record, age, and location. However, there are also several lesser-known factors that can affect how much you pay for car insurance.

This article would explore five of these surprising factors in more detail. For example:

• Credit score: Many car insurance companies use credit scores to help determine rates, as research has shown that drivers with lower credit scores are more likely to file claims. This might come as a surprise to some drivers, who may not realize that their credit score affects their car insurance premiums.

• Age of car: The age of your car can also impact your car insurance rates. Older cars may be cheaper to insure, as they typically have lower values and may be less expensive to repair or replace. On the other hand, newer cars with advanced safety features may qualify for discounts.

• Occupation: Your occupation can also play a role in how much you pay for car insurance. Some jobs are considered riskier than others, and insurance companies may charge higher rates for drivers in these occupations. For example, someone who drives for a living may pay more for car insurance than someone who works in an office.

• Commute distance: How far you drive to work each day can also impact your car insurance rates. Drivers with longer commutes may pay more, as they are more likely to be on the road during peak traffic hours, when accidents are more common.

• Education level: Some studies have shown that drivers with higher levels of education may be less likely to file insurance claims. As a result, some insurance companies may offer lower rates to drivers with college degrees or higher.

By exploring these lesser-known factors that can impact car insurance rates, this article would provide drivers with a more comprehensive understanding of how car insurance premiums are calculated and what they can do to potentially lower their rates.

Vehicle Protection

 Vehicle protection is a fundamental type of monetary security for vehicle proprietors. With vehicle protection, you can shield yourself from monetary dangers emerging from harm to your vehicle, mishaps, and robbery. In this article, we will examine different parts of vehicle insurance, including its advantages, types, and how to pick the right contract.

Advantages of Vehicle Protection

Vehicle protection gives many advantages, both for vehicle proprietors and different gatherings who might be associated with a mishap. Here are a portion of the advantages of vehicle protection:

Monetary security: Vehicle protection gives monetary insurance against harm or loss of your vehicle because of burglary or mishaps.

Lawful risk: In the event that you are associated with a mishap including your vehicle and another party, you will be expected to pay remuneration. Vehicle protection can assist you with bearing the expenses.

Crisis support: An insurance agency offer 24-hour crisis types of assistance to help you in crises like mishaps or vehicle breakdowns.

Gives a substitution vehicle: On the off chance that your vehicle is seriously harmed because of a mishap, some insurance agency give a substitution vehicle to you to briefly utilize.

Kinds of Vehicle Protection

Vehicle protection comprises of a few kinds, each offering different inclusion. Here are a few well known sorts of vehicle protection:

All-Hazard Vehicle Protection

All-risk protection offers far reaching inclusion, including harm to vehicles because of mishaps, burglary, and catastrophic events. In any case, charges for all-risk protection will generally be higher than different kinds of vehicle protection.

All out Misfortune Just (TLO) Vehicle Protection

TLO (Complete Misfortune Just) is a kind of protection that gives security against vehicle harm arriving at 75% or a greater amount of the safeguarded esteem. Assuming your vehicle harm is under 75%, you won't get installment from the insurance agency.

Extensive Vehicle Protection

Extensive vehicle protection offers expansive inclusion, including harm to vehicles because of mishaps, burglary, and catastrophic events. Notwithstanding, charges for thorough protection will generally be higher than different sorts of vehicle protection.

Outsider Just (TPO) Vehicle Protection

Outsider just protection gives insurance against vehicle harm brought about by outsiders, for example, mishaps with different vehicles or property harm. This sort of protection is typically less expensive than different kinds of vehicle protection.

Step by step instructions to Pick the Right Vehicle Insurance Contract

Picking the right vehicle insurance contract can be overpowering, yet safeguarding yourself from monetary risks is fundamental. Here are a few ways to pick the right vehicle insurance contract:

Decide your inclusion needs: Survey the dangers you face and the degree of inclusion you really want. Think about elements like the age and state of your vehicle, the driving circumstances in your space, and your financial plan.

Analyze arrangements: Think about the inclusion, charges, and terms of various insurance contracts to find one that suits your necessities and financial plan.

Check the insurance agency's standing: Exploration the insurance agency's standing, monetary dependability, and client assistance. Really look at online surveys and evaluations to get a superior comprehension of the organization's history.

Comprehend the strategy terms: Read the arrangement terms cautiously, including the inclusion, rejections, and deductibles. Ensure you comprehend the agreements of the strategy prior to joining.

Request limits: Get some information about any limits you might be qualified for, for example, safe driver limits, multi-vehicle limits, or dedication limits.

End

Vehicle protection is a pivotal type of monetary insurance for vehicle proprietors. It gives monetary insurance against dangers like mishaps, robbery, and harm to your vehicle. By picking the right insurance contract, you can shield yourself from monetary dangers and drive with inner serenity. Make sure to analyze arrangements, check the insurance agency's standing, and comprehend the approach terms prior to pursuing vehicle protection.

How to Choose the Right Mobile Insurance Policy ?

 Choosing the right mobile insurance policy can be a daunting task, but here are some tips to help you find the policy that works best for you:

1.Evaluate your device's needs: Consider the value of your device and the likelihood of different types of damage occurring. For example, if you have a new and expensive device, you might want a policy that covers accidental damage, water damage, and theft. However, if your device is older and not worth as much, you may be more interested in a policy that covers only a few types of damage.

2.Compare pricing and deductibles: Look for policies that have a monthly premium that fits your budget, but also pay attention to the deductible. The deductible is the amount of money you will have to pay out of pocket before the insurance company covers the rest of the claim. A policy with a lower monthly premium may have a higher deductible, which means you'll pay more out of pocket if you need to file a claim.

3.Research the insurance provider: Make sure to research the insurance provider and read reviews from other policyholders. Look for an insurance company with a reputation for reliability and prompt claims processing. You want an insurance provider that will be easy to work with and will be there for you when you need them.

4.Check for any exclusions: Look for any exclusions in the policy that may prevent you from filing a claim in certain circumstances. For example, some policies may exclude coverage for damage caused by intentional acts, or they may require you to have a police report if your device is stolen.

5.Read the fine print: Make sure you read and understand the terms and conditions of the policy before you sign up. Look for any hidden fees or limitations that may not be immediately apparent. If you have any questions, don't hesitate to contact the insurance company for clarification.

By following these tips, you can choose a mobile insurance policy that fits your needs and budget and gives you peace of mind knowing that your device is protected.

List of the Best Car Insurance Options in Indonesia

The list below is the best insurance with affordable premiums and maximum benefits. Come on, let's find out more

1. Tugu Insurance 

Tugu Insurance, also known as Tugu Pratama Indonesia, is car insurance with very affordable premiums. Premiums for Total Loss Only (TLO) insurance policies start at IDR 35,000 per month, while for All Risk insurance policies starting at IDR 175,000 per month.

2. Sinar Mas Car Insurance 

Sinar Mas car insurance is often the choice of old car owners. The reason is, this insurance covers the age of the car up to 12 years. The premiums are also very affordable, starting from IDR 35,000 for TLO insurance and IDR 175,000 per month for All Risk insurance. The insurance managed by PT Asuransi Sinar Mas (ASM) also has 584 partner workshops.

3. ACA insurance 

ACA car insurance has more than 400 partner workshops and offers two policy options, namely TLO and All Risk. This insurance can be used to cover damage to cars that are a maximum of seven years old. Premiums start from IDR 48,000 per month for TLO car insurance and IDR 218,000 for All Risk car insurance.

4. Adira Autocillin 

Adira Autocilin Insurance is a car insurance managed by PT Zurich Asuransi Indonesia Tbk (Zurich Insurance). This insurance offers the advantage of 24-hour service for customers who need it. To get this service, you can pay a premium of IDR 71,000 per month for TLO insurance and IDR 281,000 per month for All Risk insurance services.

5. AXA Mandiri Insurance 

AXA Mandiri Insurance managed by Mandiri AXA General Insurance (MAGI) also offers affordable premiums for the best service. Premiums start from IDR 45,000 per month for TLO and IDR 194,000 per month for All Risk. Very affordable, right? With affordable premiums, AXA Mandiri provides partners for more than 150 workshops.

7 mistakes people make when purchasing car insurance

I spent about 10 or 11 years helping people purchase insurance for home auto umbrellas all the main things for what we call personal lines and i've learned a lot of things that people do in some habits that almost everybody does that are just the wrong ways to go about purchasing a policy so in today's video we're going to talk about these seven ways or seven mistakes that people typically make when purchasing car insurance now this kind of pertains to a home and renters and all the other stuff as well but it's more geared towards the auto portion so let's dive right into it number one is everybody wants a better price that's pretty common even when i teach sales people when you're talking to customers what's the one thing that they want they always want a better deal but they don't think about all of the benefits that they can get on top of that so when you have an 

accident or have a claim if you just call around and start shopping and you don't figure out what coverage you want ahead of time you're going to compare a whole bunch of different quotes against each other without being accurate to see who's is better and whose is worse because you're doing that you're also not getting a lot of the times towing and road service one company might quote it one company might not other companies might do rental car coverage but how much are they giving you is it fifty dollars a day is it thirty dollars a day personally i like the lower amount because i'm willing to pay extra when i'm renting the car because it's very rare that i have a claim so those are some things that you have to think about do you even want towing or are you going to buy a aaa membership there's a lot of coverages that you need to learn and know about which is what this 

whole channel is about so don't worry you're going to learn it i've got a whole bunch of 101 videos on here if you are interested so that's one of the main things that people forget to do is they don't understand what they're looking for so in this process you really just need to ask yourself what do i want if i were to build the perfect policy do i need towing road service rental car do i want gap insurance do i want a savings bank which is also called a vanishing deductible do i want cash back some companies offer they'll give you two to five two and a half to five percent back every six months to a year depending on your policy when you have no claims by doing that that's gonna save you money long term you're gonna pay an extra portion or piece for that but if you're saving money 

on top of getting those coverages it might be worth it for you to decide because mainly you're going to get that money back at the end what i find is to have a whole package with certain companies you may only pay 100 to 150 more a year but it gives you a hundred to 120 back so essentially you're only paying a couple dollars a month to have accent forgiveness claims free renewals all of these extra benefits the upgraded towing and road service oem equipment parts that's the original manufactured parts instead of the off-brand napa not always the best but that's most people want that especially if you have like a toyota or lexus or mercedes or one of the better cars that need those original equipment parts not all policies are the same so there's huge differences between them i'm not trying to confuse you but it's good to know what options are out there and if 

companies will tick those boxes for you the second way is people buy higher deductibles it's something that i see commonly and i tested a little bit and tried this with a few customers in the past this was back at a fairly not favorable position where we were just trying to sell anything and everything under the sun and we would have long conversations with customers and you could tell they were droning you out because you kind of threw some fun exciting fake stuff into the call so you would talk about something that made no sense at all and they would just be like uh-huh yep yep i got it i got it yeah so we're going to cover you for bodily injury 100 300. the towing is going to come with it you're going to get a muskrat and a mouse mixed into your car and they're going to bite the wires and then we're going to give you a 5 000 deductible yup yup sounds great i love it it sounds good how much is the price let me buy it so be very careful pay attention to the person on the other end what they're really offering that they're not raising your deductibles to make them a cheaper 

deal number four it seems really basic but there's a really in-depth portion to it which is the discounts understanding which discounts you're qualified for and some discounts that you can get in the future if you guys want to get more in depth with the discounts keep watching this video but i will link up here another video that goes over the top 11 discounts i personally am using eight or nine i believe of those today so there's a lot of savings that you can get that will knock the bill 10 20 30 percent down and that leads us to number five which is kind of a combination of everything we've talked about which is asking enough questions i commonly see that people when they get into a five to ten and if you're quoting home with it it can be a 20 to 30 minute conversation because there's a lot of details you know the square footage of your house the type of cars you drive who's 

driving what who are these people that might live in the house what is there's a lot of questions and they tend to drone a lot of that out like we mentioned earlier but the questions start to fall off because they more so just want to get that final number and see what the comparison is through their checkbook and not through what they're getting so don't rush through the call if you're talking with an agent live or if you're doing it online take a little bit of time it's going to take a few more minutes to sink in and completely understand it if you're dealing with an agent that has been seasoned or they know what they're talking about then they're typically going to make sure that 

they teach you something that's the goal on every call i do is to make sure you understand one what you're purchasing two that it gives you enough benefits in three that i'm meeting your expectations as far as the value this channel always is about value-based selling and when we talk about that it's what is important to you or what do you perceive valuable that i can include in the policy that will be something that benefits you either now or in the future and number five is probably one of the most important what is kind of an old-school way to shop for insurance is just calling different companies if you have a list or if you've been on my previous channel i've recommended several companies then sure pick up the phone or go on their website and do the quote because those are likely going to be the best options for you but if you're new and you're just starting to shop it's going to take you days to find the right company and i don't want you to not do that the reason i say that is because 

most companies have been combined into one so what that means for you is there's apps and there's companies or agencies that can quote multiple companies for example i work for an agency that quotes up to 17 different companies in 21 different states we've got a lot of reach in different places we can go i also on this channel have worked with an app that quotes similar in multiple states up to 30 companies and you don't have to talk to a live person so you can do it right on your phone you can fill it out you can even text them and then if you want a phone call you can where ours is more of the phone call portion which is also great for those that want that advice and need 

that hands-on option i'm actually going to link both of those below so if you are interested in getting a quote from either me or that other company it's perfectly fine whatever fit is best for you if you're the type that is like my dad and you want to call three main companies then feel free to leave me a comment below let me know what state you're in and i'll try to recommend some companies that i can think of that would be a good fit in your area also in that same comment let me know your age because that does play a factor on which profile or which company is typically best for your state 

and number six is doing what's cheapest that kind of goes back to the first piece is where you're just buying based on price it's not always the same there are no apples to apples and insurance sort of you can do apples to apples if you know what coverage you have already and they know that you like the coverage that you have and it's going to be a fit but things change you move you buy a new 

car you get married you have a ticket all of this happens and the company that was great today may not be the company that's great for tomorrow so know that there's different options but when you're going from company a to company b yes make sure the agent isn't taking advantage of you but also make sure it's not just about price the agents understand that that is the number one thing people ask for so they're going to try their best to get you the best price but it doesn't mean that you have to cut the coverage out to get that best deal and that dives right into number seven which is getting advice the advice should come from somebody that's in the industry or has had experience 

typically a parent is going to be really good with advice if they know what they're talking about not everybody was taught insurance it's no different than when you got out of high school and you got out of college and you started budgeting you started making adult money and things started happening and all of a sudden you ended up with a hundred nerf guns and a whole bunch of candy you got a dentist bill that you can't pay that's that's me and you're just like crap no one taught me how to balance a checkbook it's the same thing no one taught me how to shop for insurance i just joined mom and dad's policy because it was easy and now my best friend billy is telling me what i should do because he gets a really good rate with x company and that company does amazing well go ahead and ask billy what coverages he has 8 out of 10 times i can bet you that he doesn't have a 

clue what his liability limits are what his property damage is whether he has a vanishing deductible or any of the key benefits that might be something that you want if he does then great i'll take the advice and and use it but if he doesn't understand what he purchased you may not want to take the advice from him or her or whoever's giving that out advice is pretty freely given there's a lot of it out there just be careful on which pieces you're listening to and the bonus tip that i want to give you is when you find the deal that you want make sure that you know what you're looking for don't wait if you're waiting because it's a money thing or a time thing perfectly fine but if you're waiting because you're just not quite sure it's the right move as long as you've compared and make sure the 

coverages are the way that you like them and you like the price don't be afraid because some companies will knock six to seven to nine hundred dollars off your bill i've flat out cut five grand off of one guy's bill it's amazing how giving somebody the right company the best fit for the person and they're looking for that type of client is gonna get you the best price now i'm not saying you're necessarily gonna save that much most companies save an average anywhere between four to eight hundred dollars depending on who you're with and who you're switching to but once again it falls back on to the other pieces that we talked about if you guys didn't get any of this let me know in the comments below i'm gonna put different sections here so you can go back to each section if you 

didn't quite grasp one piece or if you were taking notes feel free to jump back to that section and re-watch that part happy to answer any questions if you have them don't forget to like subscribe if you want more turn the bell icon on because there's great value we're going to save you time money and teach you what the right insurance coverage is for you and lastly if you guys haven't already go ahead and watch the insurance 101 if you want to learn about insurance otherwise go ahead and watch the 11 discounts that you need to know about that video is a little bit over a year old but it still stands true with the discounts that are offered most of them haven't changed over time and if there are new ones i will definitely make a video for that which is why you want to turn the bell icon on i'm mark with think insurance i'll see you in the next one

How Health Insurance Real Works | What is a Deductible? Coinsurance? Copay? Premium?

 - If you have a health insurance plan, or you're in the market for insurance, you may be feeling a bit overwhelmed, and maybe confused by all the terms being used, copay, deductibles, premiums, co-insurance, individual out-of-pocket maximum. Add the fact that many of these can vary widely based on the coverage or plan, and you've got a lot to wrap your mind around. In this video, we're going to break down and demystify these essential health insurance terms, explain how the costs work for both you and your insurance company, and hopefully make you feel a bit more confident about how your plan works. So let's get started. Sort of the view from 10,000 feet is that there are three levels of healthcare costs, and the higher your costs for the year, the higher up you go, level one, level two, level three. On level one, you pay for everything. When your healthcare expenses get to a certain 

point, you enter level two, where you and your insurance company share the costs. And if the money you're paying out of pocket hits your plans cap, then you enter a level three, where your insurance will cover everything further. We'll circle back to this at the end. It'll all make a little more sense. Now, whether your health insurance is provided through your employer plan, through somebody else's employer plan, or a government-issued plan like Medicare or Medicaid, they all have a set amount for premiums, deductibles, copay, and co-insurance. These are all terms that represent your out-of-pocket costs. If you don't know what those figures are for your policy, contact your insurance company to request a copy of your policy. Now, I just throw a bunch of terms at you. Let's define these suckers. Premium, think of your premium like a monthly subscription fee, like your Netflix subscription. This is how much you pay each month to keep your insurance active. And you 

pay this even if you never go to the doctor. Just like with Netflix, even if you don't watch anything, you're still paying your subscription, right? Deductible, your deductible is amount specified by your plan that you have to pay in a given year before your insurance pays a dime. For example, if your deductible is set at $4,000, and the bill for your visit to the hospital was $2,000, you have to pay a 100% of that bill, bummer. But if your deductible is set at $4,000 and the hospital bill is $8,000, insurance would kick in to help cover half of that bill. Notice that I said it will help. More on that later. The good news is that this is an annual deductible, meaning that once you've paid that amount towards covered medical expenses, you don't have to pay it again until your plan resets. Often, this 

is on January 1st, but that's not always the case. You should check with your insurance provider. When shopping for health insurance, it's great to look for a plan with a low deductible. However, there is of course a trade-off. Plans that feature a low deductible come with higher monthly premiums, while plans with lower monthly premiums have high deductibles. So why choose one over the other? Well, it comes down to what you anticipate your usage will be. If you usually go for one, maybe two doctor's visits per year, you probably want it high deductible with low premiums. These are often referred to as catastrophic coverage plans, because they aren't going to kick in until something really significant, or catastrophic happens. On the other hand, if you visit the hospital a lot, or you have some upcoming procedures, then you probably wanna go with a high premium, low deductible plan. If you have a health insurance usage history, you can use that to help determine 

which kind of plan is gonna be best for you. Copay, your copay is a set cost that you pay for a covered healthcare service, such as visiting an in-network doctor, a specialist, or buying drugs. Let's say you go to see your doctor who charges $250 for an office visit. But your insurance has a copay of $50 for doctor's visits. You pay $50, and your insurance picks up the rest. Well, hold on a second. How do copays work if I haven't met my deductible yet? Because copays are paying for some of your medical expenses. Doesn't that not kick in until after you hit your deductible? Well, confusingly, it depends on your policy. So that's something you really wanna check on. Here's a tip, your insurance will likely have a list of preventative care benefits that they'll cover at 100%, no copay, no deductible, no co-insurance. These often include vaccines and many types of screenings, so take advantage of those. Co-insurance, remember when I said that insurance would help cover costs that exceed your deductible? That's where co-insurance comes in. Co-insurance is a shared cost between you and the insurance company. So depending on your policy, it may say that after your deductible, you pay 20% and your insurance company pays 80%. That's called an 80/20 policy. Now, for the ease of math, let's say you have a 50/50 policy with a $4,000 deductible, and you just had an $8,000 ER 

visit. You pay the first $4,000 to meet your deductible, and then the second $4,000 would be split 50/50, meaning you'd pay 2,000 of that. So for that $8,000 ER visit, you'd be out $6,000. Individual out-of-pocket maximum, out of pocket is the amount of money that you pay. This includes your copays, doctor's visits, co-insurance, deductibles, drugs, and the out-of-pocket maximum is your plan's cap on how much you have to personally pay towards your healthcare costs. After you hit that maximum, 100% is covered by your insurance. Family out-of-pocket max, based on what individual yearly out-of-pocket is, you can probably guess this one. It's the cap on the medical costs for a whole family. Now, let's bring back the three levels example from the beginning. Now, you start in level one, paying basically everything out of pocket, that is, until you reach your deductible, and that's when you go to level two, and that's where you're splitting the cost with your insurance company 

through co-insurance. If your medical expenses get so high that the total of what you paid reaches your yearly out-of-pocket maximum, you move to level three, where all further healthcare expenses for the rest of the year are 100% covered by your insurance plan. When your plan resets for the year, you start back at the beginning. Usually, this happens on January 1st, but some plans differ on their reset date. If you're still feeling unsure about what this all means, or about your financial responsibility for your covered services, your local healthcare facility can often help you obtain and understand this information, especially when considering an upcoming service or appointment. Hopefully, this video has helped you feel a little more comfortable with the costs involved in your health insurance. Thanks for watching. (bright music)