5 Common Auto Insurance Exclusions

One thing that must be purchased at the time of buying, leasing or renting a car is auto insurance.  Oftentimes, the excitement of driving takes over and you may not read your auto insurance policy handbook as closely as you should. This may not cause immediate problems, but it usually does when  there's an accident or you need to claim on your policy and discover that what you're claiming for is excluded from cover.

What is an Auto Insurance Exclusion?
An auto insurance exclusion is something that isn't covered on your policy either without an endorsement (being added on for an extra fee) or it isn't covered at all.  Auto insurance exclusions are not just items, they can also be other drivers or actions.

Auto insurance companies may have several exclusions, and although many companies will recite these exclusions to you at the time of purchase, there are just too many for some companies to make you aware of, so they almost always refer you to the manual for these exclusions.

Common Car Insurance Exclusions
Below is a list of five auto insurance exclusions, which most insurance companies can write into the policy:

• Overlapping insurance policies - Although it isn't a common practice for the average driver to have dual coverage, some drivers do choose to have their car ensured through more than one company. This is usually due one company offering better liability coverage, while the other offers more in the ways of endorsements. Either way, both auto insurance companies will write exclusions into your policy. This will cover how much they will insure you for and what type of insurance they will provide.
• Bodily injury - Although medical is almost always covered in an auto insurance policy, bodily injury caused to yourself while carrying passengers or hauling materials for compensation (such as a limo driver, deliveryman or cabdriver) is normally excluded. This usually falls under the term livery.
• Intentional damage - Part of this exclusion is rather new to most auto insurance policies. This involves acts of rage such as using your car as a weapon. This also includes setting your own car on fire or kicking your car to blow off steam.
• Acts of nature - Hail damage, damage caused by flying degrees or a tree falling on your car are all considered acts of nature.  You may think that all insurance policies cover these acts, but they don't. Unless you have comprehensive cover, your car will not be insured from damage caused by acts of nature.
• Drag racing - Injury caused to yourself or your vehicle while drag racing will be excluded from collision coverage.

Before getting behind the wheel of your car, read your insurance policy closely to look for any specific exclusions from cover. Some things may not written in your policy, so if you don't see it there, don't assume that it's covered.  For additional information on insuring your car and Tampa auto insurance exclusions, call an Adcock-Adcock Insurance agent at 866-933-6691 today.

Understanding Health Insurance Terms - Tampa, Florida

The overall idea of health insurance is easy to comprehend but behind is a complex product that you should understand in order to get the best product for you.

Health Insurance Terminology

Benefit: Health insurance benefits are financial terms and parameters of the services that are covered under your health insurance policy.

COBRA: The Consolidated Omnibus Budget Reconciliation Act (COBRA) ensures group health insurance participants that they can continue receiving coverage under a group policy for a limited period of time after leaving the group. The COBRA act also protects dependents in the event that the group member dies or divorces them. This is exclusively helpful to individuals who are uninsurable or highly rated as a result of pre-existing conditions.

Coinsurance: Coinsurance is a percentage that the insured pays after the deductible has been met and does not generally exceed 20% of the cost of the procedure, treatment or visit.

Copayment: After your deductible has been reached, or in an insurance policy with no deductible, there is a flat fee that you must pay for the services you receive each time you receive them. This is called copayment.

Deductible: The deductible is the amount of money you must pay before your insurance company will begin paying any benefit.

Exclusions: The exclusions are any medical condition, illness or injury whose medical expenses are not included for coverage under the plan and that sometimes are referred to as riders.

Explanation of Benefits (EOB): Your insurance company will send you an accounting of all the procedures you had, the cost of the procedures and the amount the insurer paid for them under your policy. This is called EOB.

Health Insurance Portability and Accountability Act (HIPAA): The HIPAA governs the electronic privacy standards of health insurers and guarantees insurability after COBRA coverage ends as long as there has been continuous creditable coverage without a break of 63 days or longer (this number can vary depending on your state of residence).

Health Maintenance Organization (HMO): Health insurance ‘works’ because there is a network of medical facilities and doctors willing to perform services at the predetermined insurance company’s rate and to bill the insurance company for payment. When you have an HMO plan, you have a restricted network that you can visit for treatment. If you visit anyone outside that network there will be no insurance benefit paid against your claim and any out-of-pocket expenses will not be considered as part of your deductible.

Pre-existing conditions: If you were diagnosed with a chronic illness or injury before you became insured, this is considered a pre-existing condition. In group insurance, pre-existing conditions can be excluded in most states if you had a 63-day or longer gap in creditable coverage. Individual policies can exclude pre-existing conditions in most states whether or not there has been a gap in coverage. Some pre-existing conditions can even render the consumer uninsurable.

Preferred Provider Organization (PPO): A PPO is similar to an HMO, but they offer a minimal benefit if you decide to visit a healthcare provider or facility outside the network of medical facilities and doctors.

To learn more about Health Insurance contact us today (813) 933-6691 or get a quote.