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How Does Insurance Work?

Apr 29, 2013

For many people, the insurance they carry is a wise investment and a comfort to them and their families. You may not think about it much, but around the clock your policies are protecting you. Whether you are an insurance novice or a long-time policy holder, it might be a good idea to understand just how insurance works. With greater insurance knowledge you may have a better understanding of how much coverage you need and how to lower your insurance costs.

 

The central concept of insurance is that it revolves around risk. The less risk you present, the less it costs to insure you. Some get through life without ever filing a claim, but the vast majority of the population does not.

 

But, without risk there would be no need for insurance.

 

If the risk is too high, it is unlikely that the insurance carrier will cover you. However, if risk is perceived as almost non-existent the potential client will probably decide to forgo purchasing insurance.

 

This brings up the question, how is risk calculated?

The short answer is by computers and very well educated and rational actuaries who crunch the numbers of a complicated equation that tells them how much coverage each risk requires.

 

The long answer involves understand what increases and decreases risk.

 

Take auto insurance for example: when you get a speeding ticket, your insurance rates increase.  Why?  Because this signifies that you are an unsafe driver and unsafe drivers are more likely to get into an accident that the insurance company will have to pay for.

 

Conversely, there are signs that show that you are probably a safe driver. For example, drivers who work in certain professions, such as teachers and engineers, are considered to be safer drivers.

 

But risk is not just based on personality type and the number of moving violations you have received. Another major concern for insurance companies, at least in terms of auto insurance, is how much the car itself costs. Obviously, more expensive cars cost more to fix.

 

Risk is a critical factor in all kinds of insurance. So no matter what you are insuring, the greater the risk and the costlier the property, the more you will be paying.

 

So, the safer you are, the better it is for your wallet — and probably your well-being, too.


How to Lower Car Insurance Rates

Apr 29, 2013

If there is one common denominator when it comes to buying car insurance, it is that everyone wants to get the best coverage for the lowest possible price.

 

So how do you save money on your auto insurance, work with a top-quality company and keep all the coverage that you need?

 

It takes a bit of research to find the insurance coverage that is right for you and that offers a great deal, as well.

 

  1. Shop around – Don’t get complacent with the company that you are insured with. You can either shop around and do research on your own or you can use an agency like BMCC to do this for you. Sometimes agents have resources that are unavailable to you, but even more important, they likely have a good deal more experience with car insurance than you do. After all, it is their job to study the newest developments in the products that they sell.
  2. Consult with an agent – Even if you decide to shop around on your own, talk to an agent before making any big purchases on your own.  An agent will understand the fine print and be able to spot gaps in coverage that you might only notice when you make a claim.
  3. Get the right amount and type of coverage – A new car needs more coverage than an old car. Get the amount of insurance that is right for the vehicle that you drive.

 

The three most common types of auto insurance are liability, collision and comprehensive:

Liability – If you hit someone, this pays for the damage done to their car and their medical bills if there was any bodily harm done.

Collision – This pays for damage to your car if you were to get into an accident.

Comprehensive – This covers “Acts of God” like hail storm damage or a boulder falling on your car. Simply put, comprehensive insurance covers almost every loss associated with you car except accidents.

 

  1. Ask about discounts – Many people are unaware of some discounts that are available, such as the one you can get if you work in a “safe profession.” A safe profession means that statistically, workers in a particular field, such as education and engineering, tend to present lower risks to insurers than do others. Some insurers offer a discount for driving a hybrid.
  2. Combine different types of insurance – Usually, if you buy your auto insurance from the same carrier that you buy another kind of insurance from, such as homeowners, you will save money on both policies.

 

For more information on saving money on insurance, call our agents at 1(855)855-BMCC.


How do insurance companies make money?

Apr 29, 2013

Insurance is a billion dollar industry, and despite the fact that not all the money insurance carriers collect can be considered liquid profit, insurance companies can hold trillions of dollars in assets.

An important distinction to make is the difference between insurance agencies and insurance companies.  Chances are, the people who sell you insurance (including BMCC) are an agency and not an insurance carrier.  Agencies, and more importantly, agents, sell insurance. Sometimes they will be bound to one insurance company so they can sell only that company’s insurance, but usually agents sell all kinds of insurance. They become powerful allies when you are shopping for coverage, and they are not beholden to just one insurance carrier. The agent’s allegiance is, in fact, to you, the customer.

Insurance companies simply fund and underwrite policies, but they are where your payments are sent. They are also the people who write you a check when you file a claim.

But back to the question, how do insurance companies turn a profit and keep themselves afloat?

Using the science of probability, insurance companies employ actuaries and statisticians to understand the risk involved in insuring its clients.

When you send in a check for your monthly or semiannual premium, it goes to the insurance company. The company in turn provides services to you. A company’s actuaries and statisticians are employed to ensure that a sufficient amount of money is available to pay all claims. In addition, they must ensure that insurance rates not only cover damages, but also earn a profit for the company.

Insurance companies help protect your home and property, your car and other vehicles, and most important of all, your family. You can always get a quote at BMCC Insurance by calling 1-855-855-BMCC (2622).

 


How to Get Health Insurance

Apr 29, 2013

While health insurance is a necessity, health care costs are rising, and they are one of the foremost causes for bankruptcy in the United States. The most egregious part of this cycle is that it could easily be prevented with a relatively simple purchase of health insurance.

Getting health insurance may seem like a difficult process, but here are a few tricks to simplify your shopping.

Ask your employer

Often, employers have health insurance packages available.  There are plenty of government incentives to promote companywide insurance plans, so it can be profitable (or a hefty tax deduction).  Sometimes companies don’t promote their health insurance plan, so it is always best to ask.

Talk to an agent

Health insurance is hopelessly intricate and confusing, so it always helps to talk to an expert who deals with these topics on a regular basis.  This is especially important if you find the process of obtaining health insurance confusing. An insurance agent has likely been through this process many times before and can offer informed guidance. Also, do some extra research on your own afterwards to learn as much as you can. You will know more about health insurance at the end of the call or visit than you ever did before.

Understand the basics

There are so many key terms to understand before you can fully comprehend the coverage that you are getting for your money. Concepts like “deductibles” and “total out of pocket” payments make it rather difficult to figure out. In addition, depending on what kind of insurance you choose, seeing a specialist can be trickier than just making an appointment.

Set a limit for your monthly premium or deductible

A general rule of thumb is the higher the premium, the lower the deductible and vice versa. This way, you will either spend on health insurance or on visiting your doctor until you hit your deductible. So the key factor here is how often you will need to visit the doctor. That is usually something you cannot  predict, but you can make an educated guess.

Consider the cost of prescription drugs

Prescription drugs are sometimes an unforeseen health care cost. Some plans offer more coverage for prescriptions than others, so if you have expensive prescriptions, it might be worth it to pay a little more every month for your premium and less for prescriptions.

Once you complete these five steps, you will be well on your way to buying health insurance.


How Much Life Insurance Do I Need?

Apr 29, 2013

Figuring out how much life insurance to buy is a puzzle to almost everyone looking for coverage. The answer may seem complicated because everyone is different and everyone’s financial and family needs are complex. But life insurance is a product that was designed to work for all people, no matter what their needs may be.

Life insurance is a flexible product, meaning that each person chooses only what she needs.  It is certainly possible to be over- or under-insured, but there are a few simple questions you can answer that will help you find the right amount of affordable coverage you need.

 

1. Consider is your dependents:

      • How many years will it be before they are independent?

• How much does it cost to retain their standard of living for a year?

 

2. You family’s financial needs may seem impossible to calculate, but there are just a few easy factors to consider.  First of all think about the basic necessities like food and clothing, and calculate approximately how much you spend a year.  Then look at bills: tuition, utilities, and rent or mortgage payments, and other expenses of that nature.  Add those together and you will calculate a large chunk of your annual expenses.

 

3. Loans.  The sum of your student loans, car loans, credit card debt, and mortgages should all be covered in your life insurance policy. This can add up to a sizable amount, and you certainly would want coverage that takes care of these payment for your dependents.

 

4. Future expenses.  For example, if you have children, do you want to provide a college fund for them, or perhaps set some money aside for a wedding?  It may be difficult to think about events that seem to be so far in the future. However, bear in mind that college tuition and weddings are big expenses and most children at least partly depend on their parents for help with these major life events.

 

5. Safety net. Unforeseen events can often occur, such as illness, auto repairs and big-ticket home maintenance, such as heating or air conditioning unit replacement.  So some emergency funds could easily come in handy.

 

There is no exact and universal formula for figuring out just how much life insurance you need, but the guidelines listed above will help find a general number that will keep your dependents protected and financially secure.


Questions & Answers

Apr 23, 2013

insurance-qa2

Q.: What kinds of insurance policies do you offer?
A.: We offer many, such as life, auto, home and health insurance, among others. You can purchase as many kinds of insurance as you need — we work with carriers that provide exceptional coverage. We want to develop life-long relationships with our customers, we’re not just selling policies. We are here to help.

 

Q.: How long does it take to get a quote?
A.: It takes only minutes to get a quote, which you can do online or over the phone. You can fill out an application and sign it electronically. We will need some basic info from you such as name, age, address and the kind of coverage you want. Our insider access allows us to get you the most competitive quotes that you won’t find anywhere else.

 
Q.: How are your prices compared to others?
A.: We offer you the lowest possible prices. We don’t charge service or broker fees. We want our customers to stay with us for a long time; that’s why we spend time understanding what you are looking for in a policy.
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