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Insurance is a term used to refer to an action, system, or business where financial protection (or financial compensation) for the soul, property, health and so forth get a replacement from unpredictable events that can occur such as death, loss , damage or illness, which involves paying premiums regularly within a certain period of time instead of a policy that guarantees such protection.




The term “insured” usually refers to everything that gets protection.

Basic Insurance Principles

In the insurance world there are 6 basic principles that must be met, namely:

• Insurable interest, namely the right to insure, arising from a financial relationship, between the insured and the insured and legally recognized.

• Utmost good faith, which is an action to disclose accurately and completely, all material (material fact) facts about something that will be insured whether requested or not. The meaning is: the insurer must honestly explain clearly everything about the extent of the terms / conditions of insurance and the insured must also provide clear and correct information on the object or interest insured.

• Proximate cause, which is an active, efficient cause that causes a chain of events that results in an effect without the intervention of one who starts and actively from new and independent sources.

• Indemnity, which is a mechanism by which the insurer provides financial compensation in an effort to place the insured in the financial position he had just before the loss occurred (KUHD article 252, 253 and affirmed in article 278).

• Subrogation, namely the transfer of claim rights from the insured to the insurer after the claim is paid.

• Contribution, which is the right of the guarantor to invite other guarantor who both bear, but do not have the same obligation to the insured to participate in providing indemnity.

Type of Insurance

1. Life Insurance

This type of insurance is known to provide financial benefits to the insured for his death. The payment system for this type of life insurance varies. There are insurance companies that provide payment after death and others can allow the insured to claim funds before his death.

Life insurance can be purchased for self-interest and on behalf of the insured alone or purchased for the benefit of a third person. Even life insurance is also known to be bought in other people’s lives. As an illustration, suppose a husband can buy life insurance that will provide benefits to him after the wife’s death. Parents can also insure themselves against the child’s death.

2. Health Insurance

This type of insurance is also quite well known by the people of Indonesia. Health insurance is an insurance product that handles the health problems of the insured because of an illness and covers the cost of the treatment process. Generally, the cause of the insured’s illness which can be borne by the insurance company is injury, disability, illness, until death due to accident.

Health insurance is also known to be bought for the benefit of the insured or the interests of a third person. Private health insurance companies such as Prudential, Allianz, AIA, Cigna, and Manulife are among the big names that provide a variety of insurance products to suit the needs of the Indonesian people and are widespread throughout the world.

3. Vehicle Insurance

The most popular vehicle insurance in Indonesia is a type of car insurance that focuses on injury coverage to other people or against damage to other people’s vehicles caused by the insured. This insurance can also pay for the loss or damage to the insured motor vehicle.

Vehicle insurance is one of the general insurance products. This type of insurance had become a boom when the riots broke out in May 1998 because the incident made people’s interest in protection ownership for private vehicles increase dramatically.

The financial site Cermati.com has partnered with well-known insurance companies in Indonesia so you as a customer can compare the best car insurance products with low rates.



4. Education insurance

Dizziness with children’s education costs? This type of insurance will help you overcome. Education insurance is the best alternative and a solution to ensure a better life, especially in children’s education assets. The cost of the premium that must be paid by the insured to the insurance company varies according to the level of education to be obtained later. Understanding the importance of using education insurance for children is now a matter of concern for parents. The high cost of education and other conditions that exacerbate the economy such as the weakening of our currency against the US dollar affect the cost of education for children later. Realizing that this clearly will burden parents, it is not uncommon for parents now to choose to have education insurance. So, education insurance can be classified as the types of priority insurance too, right? You will certainly be helped in taking care of the child’s future.

5. Travel insurance

Maybe for those of you who often travel or travel are familiar with this type of insurance. The various types of insurance also create a variety of protection for travelers. Overall, the function of travel insurance is not much different from the ordinary insurance function as a form of protection for customers with a short period of time that is for the premium buyer to travel until returning home. Benefits and protection that will be gained from having travel insurance include obtaining protection and coverage for accidents that affect premium buyers, personal accident benefits, dependents for emergency medical expenses, repatriation of bodies, medical evacuation, to protection of luggage that has a risk of being lost. or damaged.

6. Business insurance

For those of you who have a business field, this type of insurance is important to consider. In addition to the types of insurance that involve individual protection, insurance that protects businesses is also needed. Business insurance is a protection service against damage, loss and loss in a large amount that may occur in one’s business. This insurance provides compensation for damage caused by fire, explosion, earthquake, lightning, flood, hurricane, rain, collision, until riots. Insurance companies usually offer a variety of benefits from business insurance such as protection of employees as business assets, investment and business protection, comprehensive life insurance for all employees, to health insurance protection packages for employees.

Advantages of Insurance Companies

Insurance companies also benefit from investment. This is obtained from the investment premium received until they have to pay the claim. This money is called “float”
Insurers can get profit or loss from float price changes and also interest rates or dividends in float. In the United States, property losses and deaths recorded by insurance companies were US $ 142.3 billion in the five years ended 2003. But total profits in the same period were US $ 68.4 billion, as a result of the float.

Insurance Refusal

Some people consider insurance to be a form of betting that applies during the policy period. The insurance company bet that the buyer’s property will not be lost when the buyer pays the money. The difference in fees paid to insurance companies against the amount they can receive if an accident occurs is almost the same as if someone bet on horse racing (for example, 10 to 1). For this reason, some religious groups including the Amish avoid insurance and depend on the support received by their community when disaster occurs. In communities where close and supportive relationships where people can help each other to rebuild lost property, this plan can work. Most people cannot effectively support the system as above and this system will not work for big risks.






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24 Replies to “TOP 10 Tips for CHEAPER Car Insurance – How to get Lower Auto Insurance Rates (2017-2018) | My Insurances Info”

  1. Hi my name is jose and i have geico and they told me that aftet december i wont have insurance any more becauses i had 4 accidents 1 was my fould and on 3 i didnt have the fault how can a get another company or what other company can give me a good price

  2. All countries in the Middle East they don’t have car insurance do you why because they are smart enough to realize that insurance is a scam and it’s made by your politicians and you people can’t do something about it

  3. A lot of great ideas shared on this video. Insurance will always be a concern for car buyers and consumers, and everyone wonders how to get the cheapest car insurance quotes.
    According to Edmunds:
    1. Get more than one rate quote before you commit."Company prices are very different, and it pays to shop around. You can easily wind up paying double from one company to the next," says J. Robert Hunter, director of insurance with the Consumer Federation of America, a national watchdog group.Want to get a sense of who the low-priced carriers are? The National Association of Insurance Commissioners offers a map on its Web site that lists each state's regulators. Click on your state and you're taken to the state's Department of Insurance Web site. Its consumer buying guide compares insurance premiums across a range of companies. You'll also learn how many complaints each company has logged. Surprisingly, you don't have to sacrifice service quality to score a low premium. "A lot of the lower-priced companies have the best service rates," says Hunter.There are a host of independent Web sites, like CarInsurance.com, that allow you to comparison-shop by offering online price quotes.
    2. Evaluate insurance costs before you buy your vehicle.The year, make and model of your vehicle can have a profound impact on your insurance rate. All else being equal, new, expensive or sporty cars will cost more to insure than older, cheaper and more utilitarian vehicles. But you could find a substantial discrepancy even when comparing the cost to insure similar cars. So if you've got a few models on your shortlist, contact your carrier to see what rate each vehicle commands.
    3. Go high on deductibles.If you're willing to give a little with your deductible, you can wind up saving big on your rates. "If you go from a $250 to a $1,000 deductible, you can save between 25 and 40 percent on your policy," says Hunter.
    4. Nix collision and/or comprehensive coverage on older cars.If your older car has comp and collision coverage, you might find yourself paying more in insurance than the car is worth. "Take your comp and collision premium and add it up, then multiply it by 10. If your car is worth less than that, don't buy the coverage," says Hunter.
    5. Mind your credit score. An increasing number of carriers are considering credit scores when making rate calculations. "Your credit score can be very important in determining your rate," says Hunter. "You can wind up paying up to 50 percent more if you have a bad credit score."
    6. Ask about low-mileage discounts.Many carriers offer discounts to policyholders whose annual mileage is lower than the norm. Maybe you have a short commute. Or maybe your participation in the office vanpool results in fewer hours spent in your daily driver.
    7. Ask about group insurance discounts. Oftentimes, insurance companies offer discounts to policyholders who are members of certain organizations or professions, such as veterans, engineers or teachers.
    8. Ask about all other discounts. Some carriers offer discounts to policyholders whose vehicles bear certain safety features, like anti-theft devices or motorized seatbelts. Others give reduced rates to senior citizens, and to students whose grades meet certain requirements. "Many carriers offer discounts. Ask for them when you're shopping," says Hunter.
    9. Avoid lapses in coverage. Even a brief lapse in coverage can disqualify you from receiving discounts. "They use lapses in coverage to increase your premium," says Hunter. Pay your insurance bills on time.
    10. Think twice about paying in installments.Most carriers charge an administration fee to pay in installments. One carrier surveyed levied a $10 charge per installment to those who opted to break up their bill. The solution? Pay your premium up front, if at all possible. Of course, this charge is more significant for those with small premiums.

    If you've seen "The £26 a YEAR car insurance man – Martin Lewis" you're going to enjoy this video.

  4. No wonder insurance rates are skyrocketing.
    Watch Aviva on W5 (Youtube) on auto body shops, WOW! Parts not replaced but charged, overcharged and employees DAMAGING vehicles! These kind of "repairs" can put your life in danger!
    When my car was in a major accident, I used the exact body shop my Nissan dealership used.

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