Latest news with #policyholders
Yahoo
5 days ago
- Automotive
- Yahoo
Does car insurance cover hail damage?
If hail strikes your car during a storm, it could result in minor scratches or dings or a serious problem like a cracked window, windshield, or major body damage. Your auto policy may help cover the costs of hail damage, but you'll need a type of coverage called comprehensive insurance. In this article, we'll cover the basics of car insurance and hail damage, including how coverage works and the basics of filing a claim. This embedded content is not available in your region. Learn more: How does car insurance work? The basics explained. What type of car insurance covers hail damage? Comprehensive coverage is the type of car insurance that covers you against hail damage. According to 2022 data from the Insurance Information Institute, 80 percent of insured drivers purchase comprehensive coverage in addition to liability insurance, and 77 percent buy collision coverage. Here's a bit more about each of those coverages: Liability insurance: Helps pay for medical bills and legal expenses if you cause a crash that injures someone else or damages their property. Liability insurance is required by nearly every state. Collision insurance: Covers some costs of repairing or replacing your vehicle if it's damaged in a crash. Collision insurance isn't a legal requirement in any state, but most lenders require it as a condition of leasing or financing a vehicle. Comprehensive insurance: Kicks in if your vehicle is stolen or vandalized, or is damaged by a severe weather event (like hail, storms, hurricanes, floods, or earthquakes), a falling tree or object, or a collision with an animal. Like collision insurance, comprehensive insurance isn't state-mandated but is a common auto-lender requirement. Is there a deductible for comprehensive insurance? Yes, both comprehensive insurance and collision insurance typically have a deductible, which is an amount you'll have to pay out of pocket before coverage kicks in. (However, depending on your state and insurer, a deductible might not apply if you need your windshield replaced.) Choosing higher auto insurance deductibles often lowers your car insurance premiums, whereas lower deductibles usually come with higher premiums. Does liability cover hail damage? No, liability insurance doesn't cover hail damage. Liability coverage is required in most states and kicks in when you're legally responsible for a crash that injures someone or damages their property, while collision insurance (which isn't required in any state) covers hail damage. If you only carry state-mandated auto insurance, you'll have to foot the bill for hail damage on your own. How to file a car insurance claim for hail damage If your car sustains hail damage, you'll need to file an auto insurance claim for reimbursement. You can do so by following these steps: Check your policy and deductibles. Before starting a claim, check your policy to confirm that you have comprehensive coverage and make note of your deductibles. If the damage is fairly minor, repair costs could be lower than your deductible, in which case you wouldn't bother filing a claim. Contact your insurer. You can often initiate your claim by phone, online, or through a mobile app, depending on your insurer. Document the damage. Take photos or videos as evidence after your car is damaged by hail. You can send the images or video to your carrier or insurance adjuster after you've filed the claim. Get an estimate. Your insurance company will likely send an adjuster to assess the damage. However, some insurers require you to get an estimate on your own. Your insurance company will use the estimate to determine your payout. Have your car repaired or replaced. Once your claim is approved, you can take your car to whatever repair shop you choose. Your insurer will send the payment directly to the mechanic. If your insurer determines your car is totaled or damaged beyond repair, they'll cut a check for the value of the vehicle to you. Your insurer will subtract your deductible from any payout it makes. Up Next Up Next What is the average insurance payout for a hail-damaged car? According to State Farm data, the average insurance payout for a hail-damaged car was around $5,000 in 2021. Your exact payout will depend on repair costs (if the car is salvageable) or the car's actual cash value (if the car is totaled), and your deductible. Your payout will be capped at your policy's limit. Will my insurance go up if I file a claim for hail damage? Filing a comprehensive insurance claim for hail damage typically won't increase your premium, as you're not at fault. However, you could still see your rates rise after a major hailstorm or another severe weather event as insurers attempt to recover their losses. Insurers also adjust their risk models to estimate the likelihood of similar events following a major disaster, which can lead to higher rates. Learn more: How much does car insurance increase after an accident? How is hail damage repaired? If your vehicle has minor cosmetic hail damage, a body shop may be able to repair it using a technique called paintless dent repair. The repair shop will repair dents using tools to gently apply pressure to the backside and stretch the metal until the dent disappears without repainting or refinishing the surface. However, if hail causes the paint to chip away, more extensive repairs are usually needed. Your car will also require substantial repairs in some circumstances, like if the windshield shattered or your car doors or trunk won't open due to the hail damage. Can hail total my car? Yes, hail can total your car, particularly after a major storm. Your insurer will compare the estimated repair costs against your vehicle's cash value. If repair costs exceed the car's market value immediately before the damage, your insurance company will total the vehicle. You'll receive a check for the car's actual value minus the deductible, up to your policy's limits. Do I have to fix hail damage with insurance money? Your lender may require you to use insurance proceeds to repair hail damage if your car is financed or leased, since the lender has a financial stake in your vehicle's condition. If your car is totaled and you still owe money on it, your insurer will pay the lender first to satisfy the lien and send you any remaining funds. Your payout will go directly to the leasing company if you lease your vehicle. You have a lot more leeway in deciding how to use insurance money for hail damage if you own your car outright. If your car's hail damage is only cosmetic, you can usually pocket the check instead of using it for repairs as long as your policy doesn't prohibit it. Keep in mind, though, that even minor dents and dings will affect the car's resale value. If the damage poses a safety hazard (for example, if the windshield cracked) or affects how the vehicle operates, it's essential to get it repaired. Learn more: Does insurance cover windshield replacement? Is a hail damage claim worth it? To decide if a hail damage claim is worth it, you'll need to look at the extent of the damage and your deductible. If the damage is fairly minor and will cost less than your deductible to repair, filing a hail damage claim isn't worth it. But if the repair bill will significantly exceed your deductible, it's worth filing a claim with your insurance company. Tim Manni edited this article.
Yahoo
6 days ago
- Business
- Yahoo
IRDAI panel reportedly opposes insurance, non-insurance company mergers
A panel set up by the Indian insurance regulator has advised against mergers between insurance companies and non-insurance entities, CNBC-TV18 reported. This advice was given following consideration of potential risks to policyholders that such mergers could entail, the report said, citing sources. The committee, headed by Dinesh Khara, former chairman of the State Bank of India, submitted a confidential report to the Insurance Regulatory and Development Authority of India (IRDAI). The report was part of the panel's remit to propose amendments to the Insurance Act, 1938, which also included discussions on increasing the foreign direct investment limit to 100% and the introduction of composite licences, the report added. The panel's recommendation comes against the backdrop of the Indian Government's consideration of the Insurance Amendment Bill, which had proposed allowing such mergers. If the IRDAI adopts the panel's advice, it could impact ongoing merger plans such as the one between Max Financial Services and Max Life Insurance. Furthermore, the IRDAI has formed panels of whole-time members to ensure adherence to regulatory norms by insurers and intermediaries, reported PTI. "As part of enforcement function, to decide on the violations observed as regards the provisions of Insurance Act and Regulations issued thereunder, with respect to certain Insurers/Insurance Intermediaries, panels of Whole-Time Members were formed." Recently, reports emerged that the Indian Government is planning to place the health insurance claims portal under the Finance Ministry and IRDAI to tackle hospital overcharging. This is to address findings from government and IRDAI analysis that show hospitals are inflating treatment costs, especially for patients with higher insurance coverage. "IRDAI panel reportedly opposes insurance, non-insurance company mergers " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Argaam
6 days ago
- Business
- Argaam
IA seeks public feedback on draft insurance law
The Insurance Authority (IA) put forth the draft insurance law for public consultation via the Istitlaa platform until July 22. The draft bill aims to achieve the stability and growth of the insurance sector, as well as stimulate investment therein, and contribute to financial stability. This is in addition to protecting the rights of policyholders, insured persons, and beneficiaries, according to the authority. It also seeks to promote, regulate, and ensure fair competition among industry players, while strengthening stakeholders' confidence in the local insurance sector. This is besides establishing and upholding the principles and pillars of the contractual insurance ties, in addition to exercising effective supervision and oversight to ensure justice and transparency within the insurance sector. Moreover, it aspires to support the sector's innovation and digital transformation, including training and localization initiatives, the authority added. IA indicated that the provision of the law will apply to all insurance and reinsurance operations, and any individual exercising any of the insurance or reinsurance activities within the Kingdom.
South China Morning Post
08-07-2025
- Business
- South China Morning Post
Do Singapore's insurers and private hospitals need a rethink as costs surge?
A major insurer in Singapore has suspended pre-treatment approval for policyholders seeking treatment in two private hospitals due to high costs, in a case that has prompted scrutiny of the city state's reputable healthcare industry. Great Eastern's move has spurred industry experts to call for calibrated adjustments to the healthcare insurance system involving the key stakeholders instead of an overhaul, and greater data transparency to help policyholders make informed decisions as expenses continue to rise across the industry. Last month, Great Eastern announced it would stop issuing pre-authorisation certificates for policyholders admitted to Mount Elizabeth hospitals in Novena and Orchard owing to what it said were high costs at the two facilities. Pre-authorisation refers to the insurer's approval of coverage for medical costs before treatment. The certificates minimise the upfront cash deposit needed for certain costs such as hospitalisation and surgical expenses, doctors' fees, tests conducted in hospital and some outpatient treatments by having the insurer settle these pre-approved expenses directly with the hospital. Without the certificates, patients may have to foot the bill for their treatments first before filing a claim with the insurer for assessment. Great Eastern told local media it observed that over the past few years 'certain private hospitals have been charging significantly more for similar treatment' and that the move was part of 'ongoing efforts to manage rising healthcare costs and ensure long-term affordability for all policyholders'.
Yahoo
01-07-2025
- Business
- Yahoo
Mountain Life Announces Maryland Expansion
LEXINGTON, Ky., July 1, 2025 /PRNewswire/ -- Mountain Life Insurance Company is pleased to announce that it is now operational in the state of Maryland. With the awarding of its latest license by the state of Maryland, the company now offers its range of products to customers in 15 states. Mountain Life looks forward to welcoming its first agents and customers in the state of Maryland. Mountain Life is… Open For It! About Mountain Life Insurance: Established in 1972, Mountain Life remains committed to serving its policyholders from its Home Office in Lexington, Kentucky. The company offers life insurance and annuity policies across 15 states. With a reputation for customer service for over 50 years, Mountain Life is dedicated to creating value for its policy holders through operational excellence, strategic investments, and sustainable business practices. For more information please visit or contact Michael Noyes, Sales Vice-President at minoyes@ View original content to download multimedia: SOURCE Mountain Life Insurance Company
