Top 5 Craziest Insurance Policies Ever Drafted

by Administrator 21. January 2013 06:09

When most people talk of taking insurance policies, they mean insuring their auto-mobiles  liabilities, health, businesses, homes and other normal things. However, these are not the only policies that insurance companies can draft. Some people are known to seek out ridiculous insurance policies, and below are 5 of the craziest of these policies.

Immaculate Conception Insurance

Three Scottish sisters insured their virginity with British Insurance. The sisters believed that if there was ever going to be an immaculate conception, God would choose one of them to be the mother of the child. As a precaution against that risk, the sisters paid premiums of $150 per year to the insurance company, for a potential pay-off of $1.5 million. Unfortunately, there was a public outcry when people realized what was happening and the insurance firm had to cancel the policy. In fact, the company claimed that it had been donating the money to charity all that time.

Chest Hair Insurance

A celebrity was considered as a sex symbol for many years, so he took out an insurance policy from Lloyd's for his chest hair. He did this to protect his sexiness, which he believed stemmed mainly from the mane of hair on his chest. Although he had kept his chest hair for approximately half a century, he believed that something could go wrong any time with his prized possession (say a spontaneous combustion of his shirt) so he insured it.
Alien Insurance

This one was also offered by British Insurance. Their alien abduction insurance was mainly taken up by Californians, and the company managed to rake in nearly $3 million from this policy. The policy was meant for alien abduction victims who were afraid that the aliens would insert medical objects into their anal regions. Is it funny that the managing director of the insurance company deemed the venture a profitable joke?

Ghost Insurance

There are insurance policies against ghosts and other kinds of spirits. A pub owner in England took one of these policies that promise to pay £1,000,000 (approximately $1,300,000) if a customer or an employee is permanently disabled or injured by a ghost within the premises. The owner of the pub became interested in this policy after he allegedly saw ghost shooting glasses though his bar one night. The premiums are reportedly £500 (approximately $660) a year.

Taste Buds Insurance

A British food critic believes he has one of the most exciting jobs in the world, and many people would agree. In case his precious buds are damaged by extra spicy foods, his career would certainly end. Therefore, he is not leaving anything to chance. He has taken out a $400,000 insurance policy against his taste buds.

The insurance industry is surely strange, but it does not have to be so. If you want to know more about different types of useful Killeen Insurance, call a Shawn Camp Insurance agent today at  (800) 212-2641.

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Killeen Insurance For Seniors to Lower Their Auto Insurance Costs

by Administrator 13. December 2012 05:37

There are many ways for older drivers to save significant dollars on their auto insurance. But, if you buy your policy online or over the phone there is a good chance that you won’t be told about them. Buying insurance through an independent insurance agent is no more expensive than buying a policy online or over the phone, but an independent agent will take the time to talk with you and uncover the discounts you qualify for as well as the discounts you can easily obtain. The following are a few tips you should keep in mind when thinking of acquiring a new Killeen Insurance policy.

1. If you are 50 or older check with your agent to see if you qualify for a mature driver’s discount. Most insurance companies give them, but not all do so automatically. In addition, different carriers may have an age other than 50 when the discount kicks in. The average mature driver discount is 5 to 10 percent, so that can be quite helpful.

2. Defensive Driving Course: These courses are given in a classroom setting or online. They are usually eight hours long and successful completion can earn you a discount of up to 10 percent for as long as three years. The cost is generally $10 to $30.

3. Folks who have retired and no longer commute to and from work often are eligible for a discount due to decreased mileage driven. The fewer miles driven, the lower the risk of having to file an insurance claim. The amount of the discount is determined by your state so check with your agent if you have retired.

4.  Multi-policy discount: When you place your homeowners or renters insurance with the same company that provides your automobile insurance you will usually get a discount, known as a multiple policy discount, on both policies. The discounts vary by insurance carrier, but it is certainly worthwhile to discuss with your insurance agent.

5. Military discounts are frequently available to consumers who are on active duty, have retired from the armed forces or are a member of the National Guard or Reserves. If this applies to you, ask your agent if you are entitled to a discount on your automobile policy.

6. Safe drivers who are accident free for a set period of time may qualify for a safe driver discount. Make sure to ask your agent about this potential money-saving discount.

7. PIP Discount: Some insurance companies offer a discount on Personal Injury Protection (PIP) coverage if a specified amount of miles driven each year is completed by a driver over a certain age.

While you can expect to see your rates fall when you are in your fifties they will start to rise when you hit your sixties. Getting every discount you can as soon as you can will help keep your rates manageable. Contact an agent at Shawn Camp Insurance today for more information.

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Insuring Luxury Items and Collectibles

by Administrator 4. November 2012 12:42

There is no question that renter’s insurance is a smart investment for anyone who doesn’t own his own place, be it an apartment, townhouse, or single-family home. However, renter’s insurance is geared toward typical household contents, such as clothing, furniture, personal goods, and appliances.

Three categories of property may or may not be covered, depending on the policy: antiques, collectibles, and fine art. After a loss is not the time to find out the scope of your Texas Renters insurance.

Antiques and Vintage Furniture and Decor:

Typically, antiques are furniture or decorative objects over a century old. Vintage is more subjective, but typically includes items between 40 and 100 years old. If you have vintage or antique furniture in your rental, you should look into expanded coverage. Your agent will likely require photos and an appraisal. Again, after a fire or flood is not the time to find out the bedroom set you got from your grandmother’s garage was Depression-era Heywood-Wakefield and worth several thousand dollars.

Collectibles:

Collectibles can range from first-edition books and stamps, to comic books and plastic action figures. Before you talk to your insurance agent, take a thorough inventory, with photos, and have estimated replacement costs. Your vintage red-handled egg beater collection may be priceless to you, but you need to have an idea of fair market value.

Professional grade price guides are a good place to start. Otherwise, the 30-year-old $2.99 price sticker on the package may be the extent of your potential recovery. Depending on the size of the collection and the claimed value, a professional appraisal may be required to ensure full coverage.

Fine Art:

In general, fine art encompasses paintings, prints, sculpture, and other decorative objects that are either one-of-a-kind or produced in limited editions. A thorough inventory accompanied by good photographs is essential. Gallery receipts, appraisal letters, and comparable sales by professionals are some good ways to determine the replacement value of your fine art pieces.

Once you have determined the scope and replacement value of your luxury items, it is time to sit down with your insurance agent and decide what is the best coverage for you. Typically, there are two choices: specialized policies and riders to existing policies.

The Internet is rife with companies claiming they will insure your collection for low rates. Depending on what you collect, a separate specialty policy may be a good choice. However,  luxury items can usually be handled with specialized clauses called riders to regular renter’s policies.  A licensed insurance agent can help you make the best choice. Contact an agent at Shawn Camp Insurance Agency for more information about renter’s insurance and how to protect your antiques and collectibles. 

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Dos and Don’ts of Auto Insurance Planning

by Administrator 12. June 2012 11:47

As with every financial planning endeavor, there is a right way and a wrong way to approach auto insurance planning. Understanding both the dos and don'ts of auto insurance planning will help you get the best policy for your money and avoid creating a plan that crashes and burns.

  • Do get multiple auto quotes in order to find the best rates. Every insurance company has its own formula for developing auto insurance rates. While some may look upon certain risks generously, others may overcompensate for them. By getting a wide range of quotes you can ensure that you've explored every possibility and gotten the best value for your money.
  • Don't buy insurance based on price alone. Insurance policies are not always created equal. The cheapest quote you get may not offer the kind of protection you need. Evaluate your auto insurance options by comparing the protections that each policy offers and weighing the cost against those benefits.
  • Do ask for discounts. Discuss with your insurance agent all the different factors that could go into qualifying you for auto insurance discounts. Talk about any driver’s training courses you've taken, any policies you can bundle, any payment options that offer discounts, any safety gadgets built into your car, and so on.
  • Don't misrepresent the facts. Telling little white lies, misrepresenting the truth on your insurance application and leaving out important facts could score you a cheaper insurance quote, but at the end of the day when the insurance company finds that you were not completely honest, your policy could be rescinded and you may be left uninsured.
  • Do comply with the auto insurance regulations of your state. Make sure that you get all the required coverages so that you are in complete compliance and face no penalties.
  • Don't allow the state to dictate how much coverage you have. While you must, at minimum, comply with the regulations of your state, don't assume that those minimums are actually enough protection for you and your family. Instead, discuss with your agent the financial risks you face after an auto accident and buy sufficient insurance coverage to protect against them.
  • Do consider a deductible. An auto insurance deductible is the amount that you are required to pay out-of-pocket after an incident occurs. Auto insurance deductibles offer a great opportunity to help create a manageable premium balanced with insurance benefits that are legitimately helpful.
  • Don't take on too much deductible. Auto insurance deductibles are per incident, which means that you must pay them each time you have damages rather than on a cumulative annual schedule. If you agree to very high deductibles and have multiple incidents each year, you could easily find your savings depleted.

There are many things to consider when designing your Killeen auto insurance policy and at Shawn Camp Insurance, we’re here to help you work through the difficult decisions.

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