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Auto Insurance Article

In just a few days, retailers everywhere will joyfully tally up their earnings from people who have invested in New Year resolutions. Each year about 45% of Americans make resolutions, according to the University of Scranton’s Journal of Clinical Psychology. The No. 1 resolution this year is to lose weight, with “staying fit and healthy” taking the No. 5 spot. Whether it’s committing to exercise regimens, eating healthier, or even making less-than-healthy weight loss decisions, losing weight obviously weighs heavily on people’s minds.

According to FitStudio, one of the most popular fitness trends expected in 2013 to aid in that goal is using technology. However, another oldie-but-goodie trend continues to become more popular each year — bicycling. With increasing popularity of customized, chic bicycles from retailers like Urban Outfitters and resolutions, bicycles are no longer “too tired” fitness activities.

If this trend continues and is compounded by people sticking to resolutions, many accommodations will need to be made by everyone on the road. However, that requires more than just common courtesy.

Learning to Share
Based on information gathered by the National Highway Traffic Safety Administration (NHTSA), federal safety officials reported in early December that while total traffic fatalities have dropped to the lowest level since 1949, bicyclist deaths have risen by 8.7%.

Jonathan Adkins, deputy executive director of the Governors Highway Safety Association, has addressed the growing trend and its effect on roadways repeatedly with new efforts. He thinks the increased deaths of cyclists are due to the higher number of drivers and cyclists on the roads. He also believes a cycling transportation trend will continue and that the problem isn’t going to go away.

“Our culture is beginning to move away from driving and toward healthier and greener modes of transportations. We need to be able to accommodate all these forms of transportation safely,” said Adkins.

According to the American Community Survey and U.S. Census figures, 55 major cities revealed an increase of bicycle commuters by 70% between 2000 and 2009. The Northwest had the highest increase with 83% and the Northeast has seen a 127% increase.

Improving the driver/biker relationship is important to maintain a high level of safety on the roads. Both parties must remain aware of each other and give each other the respect they deserve. Another important aspect for rider and driver is to make sure you’re covered by an insurance policy that can protect you, because contrary to popular belief, insurance can actually cover drivers and cyclists.

The Driver

When it comes to the road, cars rule. In 2007, the Department of Transportation (DOT) estimated there were more than 250 million vehicles registered in the U.S. Yet with the rising price of gas and growing concern over car emissions, the bike has also grown in popularity. Now, the two modes of transportation share the road, but many drivers still take a bully stance when it comes to giving bikers the right of way. Quite simply, cars bogart the roads.

Many claim that motorists don’t view bicycles the same way they see a car on the road. This doesn’t excuse such behavior, but maybe helps provide reasoning. It’s not likely that the presence of bikes is going to decrease any time soon, so being aware and reacting appropriately is increasingly important.

The Driver’s Insurance

If you hit a cyclist, regardless of fault, it’s likely your car won’t be damaged. As in all accidents, never leave the scene, and call the authorities. You should exchange insurance information if the cyclist carries any that could be used for the incident. If you hit a cyclist, this can be covered under your liability insurance up to the amount of coverage that you elected. All states except New Hampshire require a minimum account, and that may help out with smaller accidents like those with bicyclists, but is never really sufficient. That’s true for bicycle accidents too.

You may think not much damage can be done by having an accident with a bicycle, but consider this. Assume you live in a state with state minimum liability limits of $10K and hit a bicyclist, seriously injuring the cyclist, or even worse. Your car is still involved, so you can be sued for damages and injuries just as easily as you can from a car accident. Usually $10K doesn’t begin to cover simple accident claims with cars. According to the NHTSA, the average auto accident costs $26K. If you hit another car, injure someone, and they sue you, you’re responsible for anything above your chosen liability limits. Now consider the costs of medical care and the likelihood of being sued for pain and suffering. $10K doesn’t cover the average car accident — particularly when injuries are involved — and that injured driver is in a hunk of steel serving as a pretty good shield. If injuries can result in high medical bills from a car accident, imagine how high medical bills could be if you hit someone who doesn’t have any shield except (hopefully) a helmet.

If you’re at fault, your insurance company will repair or replace the bike and other protective gear damaged. This likely won’t raise premiums significantly, but remember that sometimes a bicyclist can be directly or indirectly involved in an accident. I’ll admit it — whenever there’s a bicyclist ahead, I sometimes dangerously circumvent the bicyclist since they seem so close to me. I’m fearful of hitting a bicyclist. Sometimes that could cause an accident with a vehicle, even if the bicycle isn’t involved and continues riding along Wicked Witch of the West style. That would usually mean a pretty bad accident, like a head-on collision. If a cyclist is involved, another car nearby can get caught up in the spokes too since cars have a tendency to do completely random things in accidents. If you hit both, you’re looking at two likely claims and/or lawsuits, and neither your insurer nor authorities care that you were “just trying to avoid hitting the cyclist.”

The Cyclist
It used to be that cycling on the road was for enthusiasts. Now, many people use bicycles as their main or secondary mode of transportation. With many large cities becoming overpopulated and in gridlock, the rise of bicycles has begun and is already very prevalent in places like Portland, Seattle, and San Francisco.

Bicycling is an effective mode of transportation for several reasons. It’s much smaller than the average vehicle and costs less to repair and buy. Also, it has zero emissions, while a car’s fumes create pollution and smog. With the “green movement,” bicycles are doubling as exercise and transportation.

Cities like Los Angeles have many car owners, responsible for the noticeable haze over the city. Recently they began smog alerts, which are health hazards. Perhaps the most prevalent health hazard is inside Americans though. Obesity is officially an epidemic, and the Trust for America’s Health group released a report claiming that by 2030, more than half of Americans will be obese. That’s a staggering number and an even better reason to pick up a bike instead of car keys. However, despite the great benefits of cycling, it’s still not a smart idea to navigate the highways as an inexperienced rider. Car drivers can be neglectful of cyclists’ safety, and you should know how to protect yourself as well as what the rules of biking are to avoid accidents.

The Cyclist’s Insurance

Don’t let drivers’ general mindset towards cyclists discourage you though, particularly if you’re worried about insurance. Just because you bike instead of drive doesn’t strip you of the responsibility of having insurance. Homeowner and renter’s insurance can protect your bike against things like theft and vandalism, but you need to make sure you’re also protected while on the road. Unfortunately, there isn’t a standard form of insurance for cyclists right now, although with the growing popularity, it’s likely to be available in the near future.

If you’re struck by a vehicle and it’s their fault, their liability insurance should cover you. However, if you’re the one at fault, you’re facing a denied claim. In this case, if you also own a car, the Personal Injury Protection (PIP) portion of your policy can protect you if PIP is available in your state. This can vary state to state, so cyclists, particularly novice ones, need to understand their policies well.

While cars aren’t going anywhere, the number of bikes on the road is growing. Although it’s common knowledge that many who make resolutions end up failing, the bicycling trend still means drivers will have to get used to living in perfect roadway harmony with cyclists. Hopefully that’s a possibility that will come into fruition since the country could definitely benefit more from walking or bicycling than staying behind a steering wheel.

 

 

About Insurance

 

Insurance is one of the largest Bank side in the whole world.The insurance risk transfer is trying to eliminate the negative economic consequences of accidents so that the amount of the loss or damage suffered by a party are distributed among a community of people that the supports together with a much less than if the damage was presented individually. From a mathematical point of view, transforms insurance risks to which people are subjected likely bearable through a organization.1 Insurance is configured as a basic part of the current structure of insurance social.2 The institution has two major events in society:

 Social Security, which is a mandatory coverage, administered by the state, aimed at providing protection and welfare of citizens, usually guarantee a financial benefit upon retirement, disability, death, unemployment etc.
    Private insurance that cover and protect persons or entities that contract, subscription may be mandatory or voluntary. Examples of private insurance is insurance for theft or fire to a building or car insurance accident or people.

History

The emergence and development of insurance is coupled with the evolution of the various forms of social organization. In the beginning there was a non-monetary forms of insurance without legal or technical basis but as a feeling of solidarity against misfortune and as risk-sharing mechanism. Very primitive forms of insurance against crop failure, in antiquity and the Middle Ages, there were by storing grain in barns temples or masters, as one of the social functions that met these surpluses was distribution or sale times of crop failure or hardship. Just as the medieval guild members were among its missions the given mutual aid in case of sickness, disability or death of them.3
The first assurance system itself, known documentary, marine insurance is shown in the Mediterranean during the Middle Ages as a result of the development of maritime trade. It was a manifestation of private insurance, with a profit of insurers. In the seventeenth and eighteenth emerge first insurance companies in England. Modern industrial society based on individualism and the reduction of family environment, forces seeking legal protection formulas against personal and property risks arising from advances tecnológico.3

Macroeconomic

From a macroeconomic perspective, the insurance institution provides two major contributions:

    Stimulating investment. According to Kenneth Arrow, the displacement of the risk insurance is very beneficial from a social point of view because it induces the undertaking of new economic activities and can be stated that in the absence of insurance business, the amount of investment would be smaller and ultimately decrease income and welfare of the population.3 2

    Helps prevent inequalities. The insurance prevents extreme depletions are caused deaths or casualties, contributing to greater economic equity.

Main article: Insurance contract.

The insurance contract is one for which the insurer undertakes, by charging a premium and if the event occurs whose risk is hedged to indemnify, within agreed limits, the damage to the insured or meet a capital, income or other benefits agreed.

The contractor or policyholder, you may agree or disagree with the insured, in turn, agrees to make payment of the premium, in exchange for the coverage provided by the insurer, which prevents him face greater economic damage, in case the accident occurs.

Insurance sector

Main article: Insurance Company.

Insurance companies are financial intermediaries from the standpoint of economic and financial. This sector differs from other economic sectors in which to start business, needs a relatively small fixed capital, since it requires large investments in assets to conduct his business and capital would anticipate their own customers at product account which is to start manufacturing at the time (security), and has billed in advance. So, theoretically, needs financing techniques are very small. Moreover, the product they market, security is guaranteed to all customers, even if delivery is made only to a part of the clientele. Weather plays well in favor of the insurer, as the costs involved (the accident) was postponed and distributes leading meanwhile saving a cluster forming the so-called technical provisions, hence, from a financial point of view, the policyholder of an insurance policy is a lender that provides a loan to the insurer to manufacture the product, (safety), thus becoming the insurer in a mere investor funds not consumidos.2

The insurance business, by its very nature, makes long-term investment which, in general, was not even considered by the contracting savings insurance. However, these savings from the financial point of view is very stable and long term.

Elements of an insurance transaction