Sunday, April 19, 2015

Stay on the safety track by insuring your off-road vehicle

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Off-road vehicles are slowly becoming popular as a means of recreation and excitement. While there are some arguments on the safety of such a sport or the necessity of buying such a vehicle, most health and legal advisors recommend taking an insurance policy in response to the risks.

Most individuals remain unaware that there are many different types of insurance coverage, particularly those involving recreational activities. These policies cover a wide range of topics, from watercraft to trailers to off-road vehicles. has called on much attention.

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Some states require off-road vehicles to be insured for legal purposes. Any claim for damaged or lost vehicle will not be accepted by any attorney without a pre-existing liability coverage. It is encouraged that individuals check with their local authorities on the legal requirements for recreational insurance before they actually purchase an off-road vehicle. Nevertheless, even if the state does not require a recreational insurance, it is still a wise decision to apply for a liability coverage.

Insurance providers will ask the applicant for information regarding their off-road vehicle, including the make, model, and age of the vehicle being registered. Another important piece of data the provider will ask is to what extent the vehicle will be used. It is assumed that the vehicle will be used in areas that are somewhat dangerous, but the provider will want to know just how risky these areas are, and how often the vehicle will be subjected to this level of damage.

Applying for this type of coverage may take longer than the usual procedure, but many individuals have benefited from such safeguards.

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Louis Campisano of Farmer’s Insurance has helped hundreds of clients get the best recreational policy that suits their needs and lifestyle. Learn more about insurance by following this Twitter account.

Saturday, March 21, 2015

REPOST: N.Y. Regulator Studying How Car, Other Insurance Rates Are Set

It is important to understand how your policy works whether you are currently shopping around for auto insurance or you’re looking to save money on your current policy. In the following article,a top financial watchdog is questioning the industry on how it sets rates to consumers.

New York Department of Financial Services head Benjamin Lawsky is ‘concerned that insurers are charging higher premiums based on whether a consumer is less likely to notice, shop around or object.’
New York Department of Financial Services head Benjamin Lawsky is ‘concerned that insurers are charging higher premiums based on whether a consumer is less likely to notice, shop around or object.’ | Image Source:

New York’s top financial watchdog warned insurers this week about charging higher prices to customers least likely to shop around, the latest state to raise questions about how the industry uses data when setting rates.

Department of Financial Services Superintendent Benjamin Lawsky sent a letter to hundreds of car and property insurers asking for any details on math-driven models that seek to predict how customers react to various price levels, according to a copy reviewed by The Wall Street Journal. The practice, according to the letter, could violate a state law that prohibits “unfairly discriminatory” rates.

New York’s regulator “is concerned that insurers are charging higher premiums based on whether a consumer is less likely to notice, shop around or object,” according to the letter from Mr. Lawsky, which went to companies including Allstate Corp. and American International Group Inc. Those insurers didn’t have immediate comment.

The analysis of customer behavior—known within the industry as “price optimization”—is under increasing scrutiny around the U.S. as consumer advocates argue lower-income individuals lack the means to compare rates and could be charged more. Since October, California, Maryland and Ohio have banned the pricing technique. Vehicle owners are required to buy car insurance in most states.

Insurance-industry trade groups said regulators have an oversimplified view of how price optimization works, and they maintain that the math-driven analysis isn’t applied at the moment an individual purchases a policy.

An informal version of price optimization long has been part of the rate-setting process for car insurance—and in other industries such as airlines. Actuaries typically work up a range of estimated prices they believe would cover the financial risk of insuring pools of customers. They consider driving history, age, gender, vehicle type, credit score and other factors that affect claims costs. It is also common for insurers to take into account market-related factors, such as rivals’ prices, before deciding on a final rate that is filed with state insurance departments, according to industry executives and consultants.

But now more powerful computers are allowing insurers to apply more precision to the process. Insurers can crunch large sets of data—including how customers respond to price quotes—to predict how their business will perform when the policies are priced at different amounts.

Exactly how many U.S. car insurers are using price optimization more aggressively isn’t clear. California’s insurance regulator, in banning the technique, said the department didn’t have specific evidence that any insurers were using it. A spokeswoman said the state took “pre-emptive action.”

Mr. Lawsky also doesn’t know if price optimization is being used by any insurers in the state, he said in an interview. “If it is happening, it is potentially unfair and we would probably want to take some action.”

Alex Hageli, an executive at Chicago trade group Property Casualty Insurers Association of America, said his organization appreciated Mr. Lawsky’s willingness to “survey insurers about this issue before taking any regulatory action.”

Robert Hartwig, president of trade group Insurance Information Institute, said the advanced analytical techniques “bring more sophistication, rigor and precision into the process, which previously relied more heavily on pure judgment.”

Mr. Hartwig also said he disagreed with the argument that lower-income consumers could be hurt because they have fewer choices for insurance coverage. An Insurance Information Institute poll of U.S. consumers last year found that 68% of people with annual income under $35,000 compared prices when buying auto insurance, a higher percentage than any other income group. Sixty-one percent of respondents with income above $100,000 said they shopped around.

Auto insurance is an “intensely competitive business and also one of the most heavily advertised,” Mr. Hartwig said. “Consumers, including lower income policyholders, are savvy and know that shopping for insurance can potentially result in significant savings.”

Follow this Twitter account  for Louis Campisano to know more about insurance.

Saturday, February 28, 2015

Settling disputes with your insurance company

Accidents will always happen no matter how careful we are. When it does occur, there may come a time when your insurance company will not agree with you about the amount due on the bill, the nonpayment of the claim, or whether or not you are covered. Disagreements should best be settled, but when nothing seems to be working, below are some steps to resolve disputes efficiently.

Read about and understand your rights. Review your policy, as insurance laws differ per state. There are some standard laws that are worded or implemented differently but have similar meanings, so make sure to read up.

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Talk to your insurance agent or broker. No one else knows the insurance company’s policies than your broker. Though agents may not be a part of the claims process, the can give insight as to its process. They also know where to go to for help regarding your issue, and sometimes a simple phone call from them to the insurance company can resolve things.

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Get organized and put everything in writing. When calling the company or going through your broker does not help, write a letter to a specific person in the company; if the dispute is about billing, address the letter to the accounting or finance department. It should contain all the necessary information – your name, policy number, and contact number, as well as documentation of correspondence with people from the company including the dates of conversations, names of the people you talked to, written correspondence, cancelled checks, and bank statements.

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Last resort – take legal action. If all else fails, take the company to the court. If the amount due is small, then you can file the case in a small claims court. But beyond that, you are going to have to hire an attorney. It is usually in the insurance company’s best interest to settle claims outside of court.

There are other ways to resolve disputes like getting a third party or the state’s insurance commissioner involved, but the important thing is that you and the insurance company can reach a resolution that is acceptable to both parties.

Follow this Louis Campisano blog for more articles on insurance.

Wednesday, February 11, 2015

The Personal and Professional Safety Net

Anyone with a fair amount of life experience under their belt will tell you that despite the ambiguity that seemingly coats our ongoing schedules, certain situations will take shape that catch us completely off-guard, measuring how much we tend to take things too much in stride. There are always going to be events happening in life that we could never have seen coming, which is why people with some stories to tell will always encourage those less knowledgeable to take preemptive measures in the event the unexpected happens and throws a curve ball at the most unexpected of times.

When the unforeseeable should in fact happen to occur in life, we want to be prepared by whatever means. Whether such an occurrence takes shape either personally or professionally, we want to make sure we are prepared, which is why individuals like Farmers Insurance agent Louis Campisano are available to provide solutions that help us through tougher times in life.

Mr. Campisano is a representative of Farmers Insurance Group, one of the most established insurers that has been helping individuals, families, and businesses through complicated situations for over 85 years. Louis Campisano and his team at Farmers can walk you and yours through the various different coverage options available to you, and figure out which options best suit your personalized needs.

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If you happen to be your own boss then you know the unpredictability that comes with running any kind of organization, no matter the size or structure. A lot of different factors have to be taken into consideration when running a business, and agent Louis Campisano can walk you through the various business life insurance options that can help you and your employees sustain your business and grow without unpredictability jeopardizing your operation.

Mr. Campisano is also well aware of those personal policies that everyone should take into consideration, including automobile, motorcycle, recreational, home, renters, and life insurance coverage to give you the kind of safety need you need to acquire some much-needed peace of mind.

To learn more about Louis Campisano and the many insurance options he can make available to you through Farmers Insurance Group, visit his website for more detailed information and insight on how best to weather those unforeseen storms yet to hit the foreseeable forecast.

Wednesday, February 4, 2015

Proactive Measures for Unforeseen Events in Life

We are an unpredictable whirlwind of activity throughout our ongoing personal and professional lives. No one can make any kinds of predictions whatsoever when and where our lives will take us next, which is why so many people stress how important it is to have the necessary safety nets in place in the event life throws us out of the loop and into unfamiliar territory.

To make sure we are prepared when the unforeseen comes out of leftfield and rips the rug out from under us, insurance policies are made available in the event our everyday lives take a turn for the unexpected. The best way to make sure we have policies that reflect our lifestyle is to turn to experts who know the ins and outs of the insurance industry to get us covered in areas that could affect our overall well-being. This is where a knowledgeable and practiced agent like Louis Campisano enters the picture. Mr. Campisano can get you all of the peace of mind you need as a representative of Farmers Insurance, an insurance group that offers automobile, home, life, business, motorcycle, recreational, and renters insurance policies to its clients.

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The history of Farmers Insurance dates all the way back to 1922, when two associates with strong links to local farmers and ranchers recognized the necessity to help rural citizens with coverage on equipment they used far more frequently than their urbanite neighbors. By 1928, the two co-founders landed their first client. Today, the company is one of the most respected in the insurance industry, with more than 50,000 exclusive and independent agents, and approximately 22,000 employees.

Louis Campisano is a Farmers Insurance agent based out of Florham Park, NJ, and continually helps individuals, families, and businesses discover the different kinds of policies that are available to help guide them towards coverage that will prove most beneficial when the least of expected scenarios comes uninvited into your life.

To learn more about Louis Campisano and/or Farmers insurance policies, visit his website for detailed information and insight on how to get an upper hand on life.

Friday, January 23, 2015

A primer on all-terrain vehicle insurance

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All-terrain vehicles (ATVs) can take their riders places where ordinary cars can't go: on dirt trails, over desert sands and gravelly ground, through woods, and across streams. However, although off-road vehicles are built for speed and durability in the harshest terrain, riding them poses certain risks. Minor ATV accidents can cause bruises, contusions, burns, fractures, and whiplash. ATVs can also be prone to rolling over, and unlike cars, they do not have roofs to protect their passengers from crush injuries. A collision with another vehicle or with an object, like a tree or a boulder, can result in expensive repairs or even replacement.

To provide a buffer against these risks, some insurance providers provide insurance policy packages specifically for ATV riders. When purchasing ATV insurance, riders should make sure that the following policies are included:

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Bodily injury liability

If a rider is involved in an accident that results in injury to another party and is found to be legally at fault, he or she could be deemed responsible for the other person's medical expenses. Bodily injury liability insurance helps cover these expenses.

ATV collision insurance

In the event that an ATV rider collides with another vehicle or an object, collision insurance will help pay for the repairs of the rider's own vehicle. In many cases, if the ATV is deemed too damaged to be repaired, the insurance provider may opt to replace the vehicle instead.

ATV comprehensive coverage

This type of insurance provides coverage for damages that did not result from an accident. This includes damage from falling tree limbs, floods, and fires. Like collision insurance, comprehensive coverage can pay up to the actual cash value of the ATV if it's deemed a total loss, i.e. stolen or damaged beyond repair.

Medical payments coverage
If injured in an accident, an ATV rider can count on medical payments coverage to help pay for medical expenses. Some policies extend coverage to other passengers of the ATV involved, if any.

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There are other optional insurance types that help fill in any gaps in coverage, such as aftermarket parts and equipment insurance. Interested riders should consider an ATV safety course in order to gain a discount on ATV insurance.

Like this Louis Campisano Facebook page for discussions on ATV insurance.