Currently, car loans may last as long as four to six years and leases are becoming more expensive. Whether your vehicle is a coupe, sedan, van, sports utility vehicle, hybrid, or truck, your vehicle's value will depreciate very quickly. A rapid loss of actual value accompanied by a longer loan obligation spells trouble.
It isn't unusual for the amount of the unpaid loan and lease balance to become much larger than the vehicle's value. This disparity exists over much of the loan or lease period. Making matters worse is that this gap is usually only discovered after a total loss. After the insurer pays its obligation, you may have to pay the bank or leasing company thousands of dollars out of your own pocket. The situation is an unfortunate side effect of the need to extend financing to accommodate extremely expensive vehicles. However, there are a couple of solutions to the dilemma.
The Auto Loan/Lease Coverage Endorsement
This optional coverage is available from a variety of insurance companies. The form provides coverage for the following:
Generally, this optional coverage excludes items such as overdue lease payments, penalties (for excessive use, abnormal wear and tear, or high mileage), security deposits, costs of warranties or various types of credit insurance, or carryover balances from a previous lease.
Auto Replacement Cost Coverage
For an additional premium, a new car owner may buy coverage to settle major losses based on the vehicle's replacement cost rather than its depreciated value. There are some limitations, such as:
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Normally when you allow someone to borrow your car, they are covered under your auto insurance policy. The exception is when there is a signed driver exclusion notice.
The case of Mills v. Wayne Mutual Insurance Company Mills thought her son would be covered under her insurance policy but according to the appeal filed by Progressive, her son was excluded. Her son did have his own insurance policy, but was not the owner of the car that was involved in an accident it was his mother's car. This case explains one critical component that is often not addressed when shopping for insurance coverage.
At the conclusion of the appeals trial neither insurance company paid for damages, so Mills son was on the hook for damages. Would this case have been different if the mom and son had a knowledgeable independent agent? Independent agents works with multiple insurance companies providing broad coverage options for its clients. Insurance Group of Nevada we carefully analyze all possible gaps in our clients insurance policies and we work to fill those gaps at affordable prices.
Wayne Mutual Insurance Company v. Mills et al., Appellees; Progressive Preferred Insurance Company, Appellant--No. 95CA0091--Court of Appeals of Ohio, Ninth District, Wayne County--July 31, 1996--692 North Eastern Reporter 2d 213.
America waste more things especially food than any other country. April 22nd is Earth Day this day is a day that we can come together as a community to protect our environment.
We all want to live in an environment with clean air, and water. Let's work together protect our environment.
Insurance Group of Nevada is celebrating Earth day by protecting our environment by recycling our old equipment, and excess paper. We're essentially aiming to "go green" for a day.
In the recent Federal court ruling, a Federal judge rejected Trump's attempts to expand access to health insurance plans through associations. In Nevada associations like the Las Vegas Chamber of Commerce include a large amount of self-employed business owners who would not otherwise qualify for a group health insurance plan to finally having the opportunity to purchase a large group health insurance plans for themselves or there employees.
Association health insurance plans in Nevada brings value and quality healthcare to self employed Nevadans. However the ruling cited issues that the ruling violated the authority under the ERISA act (Employee Retirement Income Security Act).
Under the Department of Labor's final rule employers can form associations for the sole purpose of creating health insurance plans.
Insurance Group of Nevada is currently working with our carrier partner Anthem Blue Cross Blue Shield in regards to additional updates on how the ruling will effect current health plan members. Currently existing health plan members are able to continue coverage, however new members may not be eligible for coverage under the association health plan.
How do you decide on the level of liability insurance limits? Car accidents happen and can at times become very complex. The cost of medical expenses, loss wages, damage to someone's property can become extremely costly. Some attorney's use creative approaches to gain the maximum compensation for its clients. One attorney used an approach that gained a $2M payment for its client.
After you have completed your health insurance application and selected a health insurance plan for 2019, you should have received your first invoice. It is imperative the first invoice is paid prior to December 31, 2018. If the invoice is late or not paid prior December 31, 2018 your medical insurance policy may cancel leaving you with no medical insurance for 2019 unless you qualify for a special enrollment period (SEP).
Health insurance plans purchased through the Health insurance Marketplace or State exchange does have a 90 day grace period however this grace period does not apply for the first payment.
Contact your health insurance carrier today to schedule your first payment. Some health insurance companies would even offer auto-payment options to insure that your protected for 2019.
Need help contacting your health insurance company? Contact Insurance Group of Nevada or your local independent insurance broker today.
So You Need (or Want) to Take a Defensive Driving Course
Whether you were caught speeding (or worse), you’re looking for a discount on your car insurance, or you simply want to be a better driver, there are a wide range of defensive driving and driver improvement courses available in Las Vegas these days.
But, which is right for you? Here are five tips to help you decide:
1. Check with your state or municipality. If you’re taking training to avoid a traffic infraction, not just any course will do. You’ll need to take an approved course – ask for a list before signing up.
2. Check with your insurer. The same goes if you’d like to potentially save on your car insurance. Your carrier may only offer a car insurance discount for completing certain courses. Also ask how much your discount will be — this will help when it comes time to choose a course.
3. Choose the type of course. There are online and classroom options, typically ranging from 4-12 hours depending on the course material. And, there are advantages to each. Online courses offer convenience (and sometimes a lower cost), while in-person settings can provide more interaction.
4. Determine how much you want to spend. If you’re trying to avoid a ticket (and a potential increase in your insurance premiums), the cost might not be much of an issue. If you’re taking a course to receive an insurance discount, however, make sure the total discount you’ll receive is greater than the cost of the course.
5. Check out the reviews. Online review sites, such as Yelp, can show you what others thought of a course. Keep in mind, people who felt “forced” to take a course might have a biased opinion, especially compared to someone who took the course willingly.
No matter why you’re considering a defensive driving course, we’re happy to help you weigh the pros and cons. The biggest pro being, once you complete your training, you’re likely to be a little more careful the next time you get behind the wheel. And, that always pays off!
Did you know the cost of home healthcare continues to rise each year. In fact in Las Vegas the average cost of home healthcare services is $22,000 annually. This is based on the cost of group homes or rehabilitative medical care and personal care attendants who provide assisted living services to customers in the customers home.
The average cost of home healthcare insurance policy cost as little as $20 per month
The Department of Labor released a final ruling regulating association health plans (AHPs) as part of the Trump Administration strategy to revise regulations governing AHP's, short term medical insurance, and health reimbursement accounts to promote healthcare competition of choice.
An association is able to form a specific group for the purpose of offering health insurance. Association can include realtors, trade contractors, or self employed individuals.
There are few things to consider when choosing an association health plan, one being essential health benefits, availability of medical doctors and facilities accepting the health insurance.
The essential health benefit include hospitalization care, maternity care, mental and substance use and prescription drugs. These benefits are included automatically under qualified health insurance plans.
Cost Sharing Limits for 2019
Cost sharing includes a consumers expected out of pocket medical expenses for the health plan year. The new cost sharing limits are increasing to $7,900 for single individuals and $15,800 for families. In 2018 the cost sharing limits for individuals is $7,350 and $14,700 for families. This is an increase of approximately 10% in additional medical expenses.
Why the change according to The Balance healthcare costs consistently is increasing. The cost of hospitalization, doctor office charges, medical procedures are increasing approximately 5% each year.
What can consumer do about the rising costs? Consumers has many options available to them to help reduce or control medical expenses. Examples include minimizing unnecessary trips to emergency rooms or urgent care facilities. Instead obtain medical care for your primary care doctor. Many health insurance plans offer tele-health services and 24/7 nurse hotline. Tele-health medical services greatly reduces unnecessary trips to the urgent care or emergency rooms.
Lastly, it is important to speak with your local independent insurance broker every year to review all of the health plans available.