On Jan. 1, outgoing California Insurance Commissioner Dave Jones banned the  use of gender  in setting insurance rates for private passenge...

On Jan. 1, outgoing California Insurance Commissioner Dave Jones banned the use of gender in setting insurance rates for private passenger cars throughout the largest state. While California isn't the first state to do so, insurers and critics alike said the move puts one of America's biggest industries on notice that it might not be able to use such discriminatory practices in the future.
"These regulations ensure that auto insurance rates are based on factorswithin a driver's control, rather than personal characteristics over which drivers have no control," Jones said in a statement. Auto insurers collected premiums of about $27.3 billion in 2017 in California in 2017, according to the California Department of Insurance.
Several other states already prohibit gender discrimination in pricing auto insurance, according to the Consumer Federation of America (CFA), a Washington, D.C., watchdog group. These include Hawaii, Massachusetts, Montana, North Carolina, Pennsylvania and some parts of Michigan.


But California stands out because it also bans accepting, rejecting or raising rates on applicants due to their educational status, job or credit score. The state has also eliminated gender-based pricing in health insurance.

Higher rates for some drivers?

Ending an insurance scoring system based on gender was probably a foregone conclusion because under a new law, California residents are no longer required to state their gender and can have it identified as "non-binary," according to the CFA.
Auto insurers reacted by saying "some consumers will have to start paying higher rates" because insurers are being denied the most accurate data to "help safe drivers pay less," according to Vice President Armand Feliciano of the American Property Casualty Insurance Association.
For example, men typically drive more than women and "often engage in risky driving practices including not using seat belts, driving while impaired and speeding," he added.
The CFA claimed that recent studies show "despite widespread misconceptions to the contrary," women actually pay more for car insurance than men -- particularly after age 25 -- which is surprising to most statisticians, as well as many insurers. But this could be based on factors other than driving skill, such as finances or a car insurer's target group of customers.
"Nobody has explained why many insurers charge women more these days, but it is definitely happening," said Doug Heller, a CFA insurance consultant. "It fits with the larger pattern of insurance pricing based more on marketing and profit goals than risk assessment, which is a violation of law in most states but rarely addressed by regulators."

40 states allow it

Insurers could fight back by limiting or denying coverage in states that don't allow the use of gender and other factors in setting premiums. "When a state's insurance regulator insists that auto insurers be given less actuarially relevant information about a motorist, auto insurers may choose either to limit or hold off on conducting business in that state," said Vice President Michael Barry of the Insurance Information Institute, which represents auto insurers. He noted that the use of gender as a rating factor has the approval of at least 40 state regulators.
Eric Poe, who heads Princeton, New Jersey-based Cure Auto Insurance, said an applicant's gender was only a small factor in whether he or she was likely to have a car accident. Both younger men and women were likely to get into one, with men somewhat more accident-prone.
But Poe, a long-time advocate of not using discriminatory factors in pricing, said his real complaint concerns the use of occupation, having a four-year college degree and credit score to decide who gets a policy and for how much. These factors aren't based on drivers' ability but categorize them by their wealth because richer people generally file fewer claims than poorer ones, he said.
Poe also pointed to the growing movements in California and in New York, which has also banned education and occupation as determinants of auto insurance premiums, as steps in the right direction.

For all those looking to buy a health insurance plan that will meet their requirement under most events, this plan may be worth considering....

For all those looking to buy a health insurance plan that will meet their requirement under most events, this plan may be worth considering.

Health Insurance Comprehensive Cover: With rising medical costs, the need to get a health insurance cover for a higher amount is also rising. Also, not all health insurance plans come with comprehensive coverage to address hospitalization needs under varying circumstances. For all those looking to buy a health insurance plan that will meet their requirement under most events, ‘Health Premia’ from Max Bupa, a standalone health insurance company may be worth considering. In ‘Health Premia’ one has the option to buy a health cover of up to Rs 3 crore. The plan also addresses the daily health needs of people including in-patient hospitalization, OPD, diagnostics, personalized health coaching, 2nd medical opinion, pharmacy and diagnostic services and many more. Further, as against the industry norm of about 24-48 months of a waiting period, Health Premia has a one-year waiting period for specified diseases which is one of the lowest in the industry.

As per the company, the Health Premia is a one-of-its-kind product in the industry with features such as health checkup for adults as well as children from the very first day, worldwide maternity cover and newborn cover without any additional premium from the day baby is born till policy year-end. This product also provides coverage for up-to 19 relationships with an individual sum insured for everyone and a floater cover which is common to all.


After buying this plan, for those who travel abroad, buying medial insurance or travel cover separately may not be required. The plan offers international coverage for specified illnesses and medical emergencies, along with in-built travel insurance coverage. The plan also covers advanced treatment methods such as Cyber knife and Robotic surgeries, Laser treatment and Bariatric surgery.

Health Premia offers features such as Premium Waiver which allows the premium for next year to be waived off, if the proposer of policy is diagnosed with a specified illness during the policy period. Health Premia also brings loyalty additions which gives a 10 per cent increase in the base sum insured annually even if the person has claimed in the previous year.


Key features of Max Bupa Health Premia

Higher Coverage Options: Based in the city of residence, one’s medical history etc, one can keep a sum insured up to Rs 3 crore.

International Coverage Extension: In case of travel abroad, one gets an option to double the international sum insured to Rs. 60 lakh (Gold plan) or Rs. 2 Crore (platinum plan) to cover all the international travel needs. In case one is travelling to USA or Canada, you can opt for enhanced geographical coverage.

Worldwide Maternity Benefit Cover: One gets a maternity benefit worldwide post serving a waiting period under platinum plan. In addition to this, the newly born gets covered under Newborn Baby benefit from the very first day, which includes defined vaccinations as well.

Re-fill Benefit: There are times when one may fall ill and get hospitalized for more than once a year. In such unfortunate times, when the same or different illness strikes in a policy year, the base sum insured is refilled and made available again.

Weight Loss (Bariatric) Surgery: The plan covers the expenses for medically prescribed Bariatric surgery post serving a waiting period, considering the BMI is over 35.

Laser surgery cover and CyberKnife/Robotic surgery: The plan covers expenses incurred, post serving a the waiting period while undergoing a laser-assisted surgery, or procedures using cyberknife and robotic surgeries with a specified co-payment.

Premium Waiver: If an insured policyholder is diagnosed with a specified illness during the policy period, then the premium for next year will be waived off.

Loyalty Additions: Even if a policyholder has claimed in the previous year, there is a 10 per cent increase in the base sum insured annually, subject to a maximum of 100 per cent of the base sum insured.

Critical Illness Cover: The plan provides an optional coverage against 20 major critical illnesses like Cancer, Open Heart surgery, Kidney Failure, Strokes etc. Upon the first diagnosis of any of these illnesses, one gets an additional coverage as a one-time lump sum payout. This payment will be over and above your hospitalization expenses which are catered through the base policy.

Hospital Cash: Some hospital expenses may not be a part of the coverage. The plan has the option to add Daily Hospitalization Cover to cover all such expenses including that your attendants may incur at the hospital.

To Sum Up
Making a comparison of such comprehensive health insurance plans, in terms of premium, may be a futile exercise as different plans will offer varying benefits and have different features. See, the different versions the plans offer and check the possibility of occurrence of medical events in your life. For example, if you are not a frequent traveller abroad, the features provided may not be of much help. Choose a health insurance plan based on your specific requirements and do not merely go by the premium.

Do you know What is ? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.



What is Insurance with Example ? What does Insurance mean ? Having won the Australia Bowling Competition, Ali was now $15,000 richer, so ...

What is Insurance with Example ? What does Insurance mean ?

Having won the Australia Bowling Competition,
Ali was now $15,000 richer, so he bought himself a car.

The car dealer said Ali would be crazy not to have car insurance.
So he went to find out what insurance is all about.
John from the insurance company let Ali know


What is Insurance with Example ?


There are two Types of Insurance

1. Third party Insurance

2. Full Insurance

1. Third party insurance 

Third party insurance offers you financial protection
in case you cause damage to someone else's vehicle or property, but your car is not covered.
It's pretty affordable, and it's the minimum Hayley recommended.

2. Full insurance

Full insurance is the full package.
It covers you for damage to your own vehicle, plus what you do to others, as well as the stuff that third-party insurance covers you for.

It's more expensive, but it provides you with a lot more protection.

What type of insurance should Ali get?

ABCs of Auto Insurance: Auto insurance quotes are generally free to order out, not just before an auto insurance policy get auto insurance ...

ABCs of Auto Insurance: Auto insurance quotes are generally free to order out, not just before an auto insurance policy get auto insurance quote you get on. The best possible way to save money on your auto insurance to get at least three insurance quotes. Granted, getting several insurance quotes you will take time, but if you work on your auto insurance can save the amount you I think you will agree that having multiple auto insurance quotes an important use of your time Compare your hourly rate. Many of the best ways auto insurance quotes in the shortest period of time as possible to get on the Internet. You trawl through some user unfriendly insurance quote sites, but there are many little gems out there where you go and get multiple auto insurance quotes auto insurance quotes online Most of the main providers simply can not offer but also are providing consumers may discount when they quote insurance online. A decent auto insurance broker is well worth its weight in gold. A way to get your insurance quotes broker means that you only have access to insurance quotes auto insurance broker out a form and then trawl through the load until they get you the best possible insurance package is filled. Nowadays you really clear that even leaving the comfort of your own home, more and more insurance as there are on-line brokers offer their services do not have to.

ABCs of Auto Insurance


I can tell you that the sales pitch that a face to face "or telephone insurance quote online insurance providers to respond to your request accompanies the online approach to hate, love. Wait until you each year that may be available to give better Do not change cars. Just last year you have the best possible auto insurance quotes not to say you beat the renewal notice may come through your door does not make sense. Online insurance, it is easy to spend a little time each evening, getting comparable auto insurance quotes, auto insurance, so many are fighting for your business deals with the providers out there and you cash your load can save you sell. When looking for alternative auto insurance quotes make sure you have the lowest auto insurance quotes Czech those that are more expensive to cover are the same level. Always know what you are buying to leave, not yourself a cheap but relatively useless for auto insurance by paying exposed.

California Auto Insurance – Money Saving Tips for Young Drivers: If you are under the age of 25, you have to pay more money for your Califo...

California Auto Insurance – Money Saving Tips for Young Drivers:
If you are under the age of 25, you have to pay more money for your California auto insurance premiums than other drivers because of your age. This is something that you cannot control, and you have to have car insurance if you want to drive in the Avocado Capital of the World. This is required by law no matter what kind of car you have on the road. Here is a look at some of the ways that you may be able to save money on your car insurance so you can have more money to spend on other parts of your life.

If you want to save money on your California auto insurance, you can start by maintaining a good driving record. Avoid tickets, arrests, and accidents, and try to keep your record as blemish free as possible. This will help you save money because it will show your insurance company that you are being cautious on the road. You will need to keep your good record up for a few years to see a significant savings, but when that happens, you can work to maintain your driving record as long as possible.

You may also want to think about bundling your California auto insurance with a family member to save money. This will give each of you a multi-car discount, and it will help you establish loyalty with an auto insurance company. There are some restrictions as to who can bundle services together, so do not assume you can just get a lower rate by sharing a friend's policy. You will have to explore these details further with your specific insurance company. They may or may not offer a big savings through a bundling service.

If you have to pay for other forms of insurance, you might be able to combine them with your California auto insurance to save money. That means that you can get your health insurance, renter's insurance, life insurance, or other policies through one company and get a discount on each of them. This is the kind of option that you will need to get a quote for just to see if you can save any money at all. If you can, you need to get as much out of that discount as possible. Even young drivers can get low insurance rates if they try hard enough. Find out how low your premiums can be today.

Car Insurance For Teens Top 10 Ways to Get the Best Rates on Auto Insurance for Teenagers You don’t have to be one of those parents doli...

Car Insurance For Teens

Top 10 Ways to Get the Best Rates on Auto Insurance for Teenagers

You don’t have to be one of those parents doling out more than $2,500 each year just so your teen driver can be on the road. Sure, the National Safety Council found that teen car insurance for a girl will cause the family car insurance to double and for a boy it will likely to triple, but there are ways to keep your rates low in spite of those statistics.

Car Insurance For Teens

How? Here are the top 10 tactics to lower insurance for teens:


10. Drive a Used Car. second-hand cars are cheaper to insure than new ones, so hit up the used car lot.

9. Safe Over Sporty. If purchasing a car for your teenage driver, choose a safe sedan over a flashy convertible. Luxury and sports cars are more expensive to insure.

8. Assign a Specific Car. If your teen is going to be driving one of your cars, ask the insurance company if they’ll let you assign them to a specific one. Again, the luxury car would be the more expensive choice because it costs more to insure.

7. Don’t be a Statistic. According to the National Safety Council, 16 year olds are three times as likely to wind up in a crash than 19 year olds – and almost six times higher than 20-24 year olds. Stay off your cell phone, wear your seatbelt and drive safely.

6. 6-Month Rule. Every six months, check in with your insurance company and update your policy information to make sure you are getting the best teen car insurance rates.

5. Shop Around. Comparing teen auto insurance prices will save you a ton of dough.

4. Take a defensive driving course. Many insurance companies offer discounts to teens who take (and pass!) an approved defensive driving course.

3. Save by Paying. Sometimes, the method of payment you use can save you money. A simple change to monthly auto pay can make savings when business with auto insurance for teens.

2. Be a good student. Getting a B average (3.0 GPA) or higher will score students under the age of 25 cheaper teen car insurance rates.

1. Keep it in the family. You can save up to 25% on premiums with multi-car, multi-policy and financial responsibility discounts reducing the costs greatly with car insurance for teenager drivers.

6 Best Ways to Invest Your Hard-earned Money Wisely The saying "Always have something for the rainy day" has never been truer t...

6 Best Ways to Invest Your Hard-earned Money Wisely


The saying "Always have something for the rainy day" has never been truer than today. Look around you. Isn't the present too unpredictable? You can have a job right now and none tomorrow. You could be crossing down the street, and suddenly a truck hits you. You then die, leaving your family no one to turn to.


6 Best Ways to Invest Your Hard-earned Money Wisely


But how do you make the most out of your income? Here are 6 ways:

1. Keep aside a portion of your money every month. Begin everything with one small step, they say. You don't need to have a lot of money to save and invest. Make it a point to set aside at least a third or even 5 to 10 percent of your monthly income. To ensure you don't forget to do so, include savings as one of your expenses. You can also set up your savings account that it automatically debits your desired amount from your salary.

2. Create a time deposit account. A time deposit account is close to a savings account. Your money still earns some interest. The only difference is that you cannot withdraw your money until the duration of the time deposit is over. Otherwise, you have to pay the fees. This is one of the brilliant options if you are planning for something big at least a few months or years from now.

3. Open a savings account. You already read it a while ago; now it's time to expound it a little bit. A savings account is called as such since you're allowed to build up interest income out of your savings. However, remember that usually you have to maintain a certain balance if you don't want to pay up some fees.

A savings account has a very small interest rate. It doesn't make you a millionaire 10, even 30, years from this point on. However, it's a good way to start. If you want to teach your kids the value of money and savings, you can help them open their own savings account.

4. Opt for the 401(k) plan. You need to save up for your older years, especially for your retirement. Fortunately, the government has already provided you with one good choice: 401(k) plan. This is a retirement savings program where you, as an employee, contribute to the fund, and your employer will match your contribution. The money is completely tax free until you start withdrawing from it.

5. Start your own business. A lot of people don't want to go into business because they are afraid of the risks. They love the security the 9-to-5 job offers. But creating your own enterprise is one of the best ways to increase your income to several folds. With it, you can dictate how much you'd like to earn, and you are the boss. You can also always pass the business to your kids if you're old or if you're already gone.

6. Buy insurance policies. Do you know that there are still thousands of Americans who are uninsured? This is actually unfortunate because insurance policies are very important. You can use it to avoid draining your savings whenever emergencies occur, such as vehicle collision, house fire, sickness, or even death in the family.

To start cutting costs on premiums, start your search with a Utah insurance quote. Use comparison websites to know which insurance companies are currently offering a good coverage at the lowest possible cost. It doesn't really take you more than 10 seconds to generate a handful of results.

There will always be risks involved when investing and saving money, but it's better to take calculated ones to reduce the chances of losing everything you worked hard for.

Auto Theft and Premium Rates Like certain types of candy always attract children with sticky fingers, so there are makes and models of veh...

Auto Theft and Premium Rates

Like certain types of candy always attract children with sticky fingers, so there are makes and models of vehicle that always seem to attract the thieves. You can find lists of the hot favorites. We have the usual suspects of the cars with the poorest security. These are usually stolen as the free ride home when the money has run out or the last bus has gone. But then come the others which end up in pieces to be sold on as spares, and the smaller percentage stolen to order, retagged and sold on (or exported for sale). It's the difference between the amateurs and the professionals. Curiously, most of us seem to have a rather false sense of security, not bothering to check where the hot spots are for crime. There's a general wariness in the bigger urban areas like LA and Chicago with people driving some of the more desirable models fearing carjacking rather than theft. The truth is slightly different.

Auto Theft and Premium Rates


If you look at the national picture, carjacking is relatively uncommon, representing only about 3% of all vehicles taken in any given year. Everyone else just waits for the vehicle to be parked somewhere quiet and then opens the door and drives it away. Where the security system is reasonably sophisticated, the better organized go for a suspended tow. But the real surprise is that the vast majority of vehicles are stolen in smaller cities and towns. The larger urban areas are relatively safe. It's one of the classic urban myths that you should chain the wheels to street lights when in New York or somewhere densely populated.

The National Insurance Crime Bureau monitors the level of crime both by make and model, place of theft, time of day, and so on. The information is mainly collected from law enforcement agencies and the insurers who are asked to pay out as claims. The national trend over the first decade of this century has been a slow but steady decline in the number of vehicles stolen. The most dangerous state is California with Modesto, San Diego, Bakersfield and a host of other areas leading the way in this crime spree. Just to keep Californian thieves encouraged, there's good competition from Laredo, Texas and Yakima, Washington. Taking the top ten as a whole, it's clear they all share certain characteristics. There's easy access to good quality highways so escape is always easy. The local police forces also tend to be under pressure and make auto theft a lower priority. It's all about the chances of being caught. Go to the other end of the scale and you find Virginia Beach, New York and Austin, Texas with the lowest rates. This is a testament to more effective law enforcement. With higher levels of tax income to pay for better protection and local communities offering some self-policing, auto theft is deterred.

You can always tell something about your neighborhood from the car insurance quotes. Those on the high side suggest higher levels of theft. These claims drive up the losses to be shared by the local policyholders. Try a different ZIP code for another free run through the search engine. The car insurance quotes for the "better" areas come back depressingly lower.

Simple ways to cut your insurance costs There's a lot of hassle surrounding money saving in the recent couple of years. Sure, the rece...

Simple ways to cut your insurance costs

There's a lot of hassle surrounding money saving in the recent couple of years. Sure, the recession got everyone thinking about their wallets and you can now see money saving tips on virtually any kind f activity. Starting with grocery shopping to buying pills online, millions of Americans are very cost-conscious these days and are always looking for a way to optimize their budgets effectively. It's evident that such a domain like car insurance has also become the object of numerous how-to's, tips and savings strategies. There are many drivers out there who feel like their insurance is just too costly so there's no surprise about the popularity of all these tips. But if you don't want to spend time browsing through tons of such articles and guides, here's a short and comprehensive overview of the most effective money saving strategies you can employ for reducing your car insurance costs.

Simple ways to cut your insurance costs


1. Analyze your coverage

Quite often drivers buy the first policy they come across and don't bother looking what's actually covered. Either because they don't have the time or simply don't understand different coverage types, still the result is pretty much the same - people overpay for things they don't actually need. If you feel you're in a similar situation the first thing you should do is review your policy and analyze your coverage needs. For example, if your car is quite old you don't need collision and comprehensive coverage since it won't pay much money after an accident. You may also exclude rental car insurance if driving a car isn't so crucial for your everyday activities. Also try modifying the deductibles in order to lower the premiums. The higher you set it the lower are the premiums, however make sure to keep things within the limits you can afford. Otherwise you may end up with a deductible you won't be able to meet in order to get covered.

2. Shop around

Shopping around is a must when looking for a new policy. Every insurance company has its own method of calculating rates, which results in a fluctuation between rates offered by different companies. Use this fluctuation to own advantage by comparing auto insurance quotes from different providers. These days it's even easier to do since there are so many quote comparison sites you can compare auto insurance quotes within minutes. Just make sure you're comparing identical policies and read through the details in every policy that looks interesting. The devil is frequently in the details and you don't want to pay for it later, right?

3. Get all the discounts you can

Discounts are offered by nearly all insurance companies, even if you don't suspect them in doing it. They simply don't advertise them much. Discounts are used to encourage low risk drivers and you might be just one of them. There are many different discounts and every company has its set of discounts as well as the amount each discount offers. Just make sure to ask your insurance company representative about all the discounts they have and see if you can apply for any of them.