What is the difference between Commercial Vehicle Insurance and Private Insurance?
Apr 09, 2007 by bunka24 | Posted in Insurance & Registration
Q: What is the transformation 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 "change" 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 luck involving a company owned vehicle with commercial insurance?
A: Whether a PAP (bosom auto) or BAP (commercial auto), the same rules & laws applies when resolving auto claims. The only idiosyncrasy is the amount of liability carried by each...BAP's are generally much higher than PAP. So to answer your question, NO a commercial carrier will not "succeed" your totaled out vehicle. Both carriers have a duty to settle claims completely & do their best to keep their insured out of court.
As for the settlement of a total loss....the law states if it's cheaper to come to the car than repair it because the repairs exceed the value of the car, then the car must be totaled. Financially it doesn't go-ahead sense, whether it's your neighbor paying or some company with deeper pockets than your neighbor. You do have the alternative to "retain salvage," where you keep the car & you receive the value of your vehicle less the deliver 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 repair process to pay it b/c you have been compensated...you do not get to advance from both.
My professional experience with commercial carriers has been they penny pinch right down to the last penny, and hardly ever ever do they directly pay a claim without it going thru subrogation first. On the rare chance they have stepped up and enchanted the repairs on first hand they have been slow to respond, slow to issue payments.
If your car is a add up to loss, have BOTH carriers provide you with a t/l offer 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
Q: I well-founded got started in commercial insurance, property & casualty, risk management, workers comp, etc. I have been told I requisite to find a niche to specialize in and go after it. My goal obviously is to find a market that will compensate extremely well. Thanks
A: Commissions are all about the same, except for workers comp which stinks for the exertion 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 touch a tourist house/motel. Many won't do gas stations. Pizza shops are too small, manufacturers can be high danger. Printers are high fire hazard. Governmental entities are hard to district, and there's extreme competition, plus they get shopped out every year.
It's hard for someone ELSE to suggest a alcove market that you can work in. What has worked for ME, is the video/televison production area. LOL DON'T ask me to partition my markets with you!! You'll have to dig up your own, and build your OWN relationships with the underwriters.
mbrcatz | May 02, 2007
What type of income can you make selling commercial group insurance?
Apr 03, 2009 by memi | Posted in Insurance
Q: I am bearing in mind a career change into commercial insurance sales. I am wondering what the job is like and how well it pays.
By commercial the company sales insurance companies buy to counterbalance their assets. They also sell group health, but that is only one area they work. They have about 10 types of coverage they step, and the group health for employees is only one of those. Sounds like a slightly better case. Anyone familiar with this bigger picture?
A: It pays commission - so if you don't carry, you don't make anything.
New agents, well, 95% wash out. They can't make $1,000 over six months. The other 5%, they quite average about $50,000 the first year. But it's HARD work, and lots of hours.
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J.D. Power and Associates Reports: Perceptions of Greater Ways Value Crusade Guy Pleasure With Homeowners … (PR Newswire via Yahoo! Resources) I recently totaled my Lexus LX470 (other driver at in the extreme) and am waiting for insurance to make sure of out the carrier (not declared totaled yet, but very innocent that it is). My car had an agreed upon value of $26,000 and I am successful to in the last buy a new car. When I buy the new car, will I have to pay sales tax, tag fees, etc? Is the sales tax that I have to pay affected to be included in my $26000 agreement or will I have to later essay reimbursement for my ownership, tax, and licensing? I survive in Pennsylvania, insurance is Chubb.
