What Is The Difference Between Commercial Vehicle Insurance And Private Insurance?
Apr 09, 2007 by bunka24 | Posted in Insurance & Registration
What is the modification between the two when it comes to hitting someone's car and totalling it? Is it true that companies with commercial insurance are most likely to "renew" a totalled car versus private insurance to keep from being sued. Also what is the practicality with settlements after the car has been totalled? Anyone ever get in an disaster involving a company owned vehicle with commercial insurance?
Whether a PAP (derogatory auto) or BAP (commercial auto), the same rules & laws applies when resolving auto claims. The only rest is the amount of liability carried by each...BAP's are generally much higher than PAP. So to answer your question, NO a commercial Immunology vector will not "replace" your totaled out vehicle. Both carriers have a tariff to settle claims fairly & do their best to keep their insured out of court.
As for the quittance of a total loss....the law states if it's cheaper to total the car than renewal it because the repairs exceed the value of the car, then the car must be totaled. Financially it doesn't indulge sense, whether it's your neighbor paying or some company with deeper pockets than your neighbor. You do have the way out to "retain salvage," where you keep the car & you receive the value of your agency less the salvage amount. At that point you can pay to have it repaired if you want but the insurance won't give you additional money during the servicing process to pay it b/c you have been compensated...you do not get to benefit from both.
My professional experience with commercial carriers has been they penny cramp right down to the last penny, and rarely ever do they directly pay a claim without it going thru subrogation first. On the rare fate they have stepped up and taken the repairs on first hand they have been slow to respond, lollygagging to issue payments.
If your car is a total loss, have BOTH carriers provide you with a t/l make and go with who ever gives you the higher amount.
If you are using your conduit in a commercial venture, or for hire, you must have commercial insurance. There is no practical difference between commercial and private insurance policies, they both take under one's wing you financially from liability in the case of an accident.
oklatom | Apr 09, 2007
Whether a PAP (close auto) or BAP (commercial auto), the same rules & laws applies when resolving auto claims. The only distinction is the amount of liability carried by each...BAP's are generally much higher than PAP. So to answer your question, NO a commercial shipper will not "replace" your totaled out vehicle. Both carriers have a customs to settle claims fairly & do their best to keep their insured out of court.
As for the accommodation of a total loss....the law states if it's cheaper to total the car than fix up it because the repairs exceed the value of the car, then the car must be totaled. Financially it doesn't set up sense, whether it's your neighbor paying or some company with deeper pockets than your neighbor. You do have the way out to "retain salvage," where you keep the car & you receive the value of your carrier less the salvage amount. At that point you can pay to have it repaired if you want but the insurance won't give you additional money during the put process to pay it b/c you have been compensated...you do not get to benefit from both.
My professional experience with commercial carriers has been they penny purloin right down to the last penny, and rarely ever do they directly pay a claim without it going thru subrogation first. On the rare unlooked-for they have stepped up and taken the repairs on first hand they have been slow to respond, slow-moving to issue payments.
If your car is a total loss, have BOTH carriers provide you with a t/l bid and go with who ever gives you the higher amount.
bundysmom | Apr 09, 2007
I Am A Commercial Insurance Producer. What Are The Most Profitable Industries To Go After?
May 02, 2007 by chitownj12 | Posted in Insurance
I solely got started in commercial insurance, property & casualty, risk management, workers comp, etc. I have been told I essential to find a niche to specialize in and go after it. My goal obviously is to find a market that will compensate outrageously well. Thanks
Commissions are all about the same, except for workers comp which stinks for the toil you have to put into it.
The big key is, finding a niche where you ALSO have a market happy to write it. Many carriers won't come up to a hotel/motel. Many won't do gas stations. Pizza shops are too small, manufacturers can be lofty hazard. Printers are high fire hazard. Governmental entities are solid to place, and there's extreme competition, plus they get shopped out every year.
It's laborious for someone ELSE to suggest a niche market that you can work in. What has worked for ME, is the video/televison play area. LOL DON'T ask me to share my markets with you!! You'll have to dig up your own, and build your OWN relationships with the underwriters.
the Gaming biz is boosting. there is a rumor apple is joining the big leagues with nintendo,Microsoft, and sony. you might find something there.
youngdragonrider | May 02, 2007
Motor Traffic Cargo Insurance. Ever notice all those trucks on the road? They need insurance.
van_at_lincoln | May 02, 2007
Commissions are all about the same, except for workers comp which stinks for the business you have to put into it.
The big key is, finding a niche where you ALSO have a market happy to write it. Many carriers won't have to do with a hotel/motel. Many won't do gas stations. Pizza shops are too small, manufacturers can be elated hazard. Printers are high fire hazard. Governmental entities are thick-skinned to place, and there's extreme competition, plus they get shopped out every year.
It's assiduous for someone ELSE to suggest a niche market that you can work in. What has worked for ME, is the video/televison preparation area. LOL DON'T ask me to share my markets with you!! You'll have to dig up your own, and build your OWN relationships with the underwriters.
mbrcatz17 | May 02, 2007
I'd offer aim for wallet share. That is have a portfolio of products that can be cross-sold to the same customer, and which add value to them. For example, if you insure the client's employer's liability, in the light of offering product liability. Perhaps fleet insurance.
And remember the add-on services, such as expeditious management, health and safety training etc, etc, etc.
hall_ra | May 02, 2007
What Type Of Income Can You Make Selling Commercial Group Insurance?
Apr 03, 2009 by memi | Posted in Insurance
I am insomuch as a career change into commercial insurance sales. I am wondering what the job is like and how well it pays.
By commercial the assembly sales insurance companies buy to cover their assets. They also sell group condition, but that is only one area they work. They have about 10 types of coverage they offer, and the assemblage health for employees is only one of those. Sounds like a slightly better place. Anyone familiar with this bigger picture?
It pays commission - so if you don't put across, you don't make anything.
New agents, well, 95% wash out. They can't make $1,000 over six months. The other 5%, they all things considered average about $50,000 the first year. But it's HARD work, and lots of hours.
It pays commission - so if you don't over persuaded, you don't make anything.
New agents, well, 95% wash out. They can't make $1,000 over six months. The other 5%, they very likely average about $50,000 the first year. But it's HARD work, and lots of hours.
mbrcatz | Apr 03, 2009
Judge this: On average only 15% of new agents make it to 5 years in the business.
I'm not firm what you mean by "commercial group", unless you mean place health insurance. If that's what you mean, consider this.
If you make 10% commission, to style $50,000 the first year is to write, issue, and keep $500,000 in annualized prize.
If your average group is 15 employees. (most employers employ 25 or less employees), and the typical monthly rate per employee is $500, including the employee's and company's cost-share, you would have to write, issue and keep 66 cases the first year.
With angelic persistency, and you keep writing the same every year, your pay will increase every year with the renewal gains.
james m | Apr 03, 2009
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Whether a PAP (derogatory auto) or BAP (commercial auto), the same rules & laws applies when resolving auto claims. The only rest is the amount of liability carried by each...BAP's are generally much higher than PAP. So to answer your question, NO a commercial Immunology vector will not "replace" your totaled out vehicle. Both carriers have a tariff to settle claims fairly & do their best to keep their insured out of court.
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MSN Cabbage UKAlthough the initial recommendations relate to consumer 
eCreditDaily.comWASHINGTON (Dow Jones)--The Federal Lay Insurance Corp. is nearly doubling the money in its budget to FDIC Boosts 2010 Budget, Wand as Bank Failures RiseSmall businesses feel banks' painyour bank in discomfit? More report bad loans - -all 104 news articles »
Thrust TV insurance and proprietary trading. Under the legislation, financial firms operating both commercial banks and investment houses will have to earn a Enter the recipients' email addresses, separated by commas:Concern Considers Reinstating Glass-SteagallSenators push Wall Row restructuring with Depression-era ruleall 27 news articles »
