Factors That Affect Your Health Insurance Premium

Posted on December 26, 2016 in Uncategorized

Health insurances are generally designed to protect a person’s health by providing financial assistance for the expenses incurred during medical treatment ranging from routine checkups to more critical surgeries or stays at hospital. People buy the insurance to reduce their risk of having to pay higher fees from their pockets for this care, but in return health insurance companies also gauge their risk of covering a person.

In order to calculate this risk of covering a person, insurance companies look at stored data to create risk profiles to decide whether or not they will provide coverage and at what cost. If the insurance company provides coverage, there are some obvious factors that companies bring into consideration in deciding the premium costs that generally include physical, medical, lifestyle and personal risk factors.

Some of the physical and medical risk factors that can play a role in health covers include:

  • Body mass
  • Tobacco use
  • Gender
  • Age
  • Pre-existing medical conditions
  • Family history

Generally, people those who have high body mass indexes need to bear higher premiums than those who are at normal levels. Obesity can lead to diseases like diabetes, sleep apnea and heart and joint problems. Insurance companies may take not of this and charge a person more for their health insurance because of the increased risk of these diseases and medical problems.

The particular gender and age of the customer also play a significant role. Women usually pay higher medical premiums than men because they typically have more reason to visit the doctor regularly, tend to take more prescription medication and have a higher risk of certain chronic diseases. Younger individuals tend to have lower premiums because they tend to not need to visit the doctor as regularly, have fewer diagnosed conditions and are less likely to develop health problems.

The medical condition which are pre-existing and family history can also play a role in health insurance premium costs. When the insurance company sees a pre-existing condition on a person’s risk factors they know that it can be costly to them. The insurance company may not cover the condition but because the person may be increasingly likely to have additional issues related to the condition, the insurance company may raise premium costs. People who have a family history of cancer or other hereditary illnesses will likely have increased premiums.

Other factors generally considered are lifestyle that impact insurance costs. What the customer does for a living can impact cover. For example if you work in a factory or lab where you are exposed to hazardous chemicals or have an increased risk of injury, your health insurance will be more expensive than if you have an office job that has limited risk to your health.

Insurance companies take into due consideration the statistics on health trends in specific areas, meaning that where you live may impact your cover costs. If their data shows that people are healthier in your area than in others, than your health cover cost may be lower than if you lived in an area that was seen as a high health risk.

If you are buying health insurance coverage for the first time and have previously been uninsured, then your rates will likely be higher. Research shows that people who are married live longer and are healthier people than those who are not married, which is why married couples see a drop in their premiums.

CONCLUSION:

These are some of general factors that can impact your health insurance premiums. When sitting down with your local independent health insurance agent, one should ask about these factors and how they may impact various coverage options. HDFC ERGO’s health insurance policies assure to give more benefits at affordable prices.

Taxi Insurance And How You Can Lower Insurance Premiums

Posted on December 19, 2016 in Uncategorized

To a taxi driver, the car is a livelihood and it therefore is important to put in measures to keep it safeguarded. Insurance is a legal requirement for all motorists, including taxi operators; it does not only protect the vehicle, but also the passengers and other road users. The fact is that taxis operate even during unsociable hours and they also end up driving in areas that are built-up and inner city areas that expose them to accident risks. There is also the higher mileage element compared to others on car insurance policies.

Generally because of the risks that come with cabs, their insurance costs more. Some policies also stipulate a minimum age of the driver and others and you would need to do your homework to find the most suitable taxi insurance for you. But even with the higher premiums, as a wise taxi operator there are a few things you can do to lower the insurance premiums to a more friendly and affordable level.

Be wise with car choice – The size of the car, model and make of the car can determine the kind of premiums you are faced with. This is because some cars are high maintenance and repairs and replacements would cost more compared to others. But when choosing the car with regards to taxi insurance, also remember passenger capacity, fuel efficiency and mileage. Choose a vehicle that does not fall into higher insurance categories to get a fair policy underwritten for you.

Restrict driver number of the policy – When it comes to taxis, additional drivers on the policy are common. But one of the simplest ways of reducing premiums on your taxi insurance is by insuring only you as the driver. The truth is that additional drivers attract higher premium rates, because insurers evaluate each driver separately and base the quotes on the highest rate of each. It therefore helps to limit the registered driver number of the taxi.

Take advantage of no claims bonus – Driving carefully comes with a price in insurance. When you are a safe taxi driver, you can enjoy rewards from the policy. This can be done by transferring existing ‘no claims bonus’ from a different insurer or by accumulating the bonus over time, so you can have rates lowered when you renew your policy. The good things about no claims bonuses is that they can be used in private and public hire taxi policies.

Choose voluntary excess – Most taxi policies have compulsory excess and when you choose to raise this amount, then you stand to enjoy yearly premiums that are much lower. It’s a tricky approach because you could end up paying the extra amount when you make a claim, but if you, trust you are a safe driver then this is a very wise approach to reduce your taxi insurance premiums.

Secure your taxi – The safer the care the lower the premiums you stand to enjoy. For instance, taxis that have secure parking at night, tracking devices and safe spaces to keep valuables from sight can drastically lower premium prices.

[Top]

Reduce Your Car Insurance Premium – Know How They Determine Your Premium

Posted on December 11, 2016 in Uncategorized

Most people are unaware of the facts that determine their car insurance premium. In order to reduce your monthly premium as well as other costs toward your insurance policy, it is essential to understand how does the insurance carriers calculate and set your monthly premium. Though the technicalities and methods used to calculate your premium is different with different companies, the fundamental factor is the chances of risk involved, to the company.

Most insurance companies consider risk involved in availing a policy to the customer and based on that, the company determines a premium for your policy. This means that if the company realizes less risk in offering you the policy then you can expect to pay lower monthly premiums. If you wish to reduce your expenses towards your insurance scheme you may observe the following measures.

Deductibles: Deductibles are something that significantly influences your premium rate causing it to fall or increase. Most companies provide its customers with an opportunity to choose from a range of calculated deductibles. With the desire to save some money most customers select the lowest deductible listed. However, it should be remembered that the lower your deductible is the higher is your monthly premium. Hence, if you choose high deductible it will considerably reduce your monthly installments towards the insurance policy. The best factor that most people fail to notice is that if you don’t claim anything, you need not pay your deductibles. Therefore reducing your present premium will help you save a lot of money for your deductibles which you may not have to pay if you do not file a claim.

Compare Deals:

It is wise to analyze and compare deals offered to the customers by different companies. This will helps you save a lot of money by selecting a competent policy with lowest expenses. Collecting quotes can help you differentiate between deals. It is important to follow this measure as there are numerous insurance carriers in the market providing different policies to the public; therefore there are chances that you may get your best suited policy with lowest cost.

There are certain things that should be known by your insurance carrier. For example if your car is implanted with various safety features then you should inform your insurance company in order to receive some discount on your insurance policy. Also one of the most important things that one should remember is that no event can be covered twice or in simple terms, in two different policies. This means that you do not get paid twice for any damage, even if the cause of damage is included in two separate car insurance policies. If you have events covered under existing policy, provide the information to your insurance company this will help you save some money.

[Top]