Posts Tagged ‘business;finance’
Friday, August 7th, 2009
by Amy Nutt
Car insurance companies are very strict on their insurance packages and most times, they look at your details to be able to award you the necessary insurance. Therefore, it is not uncommon to find car insurance buyers looking for ways to falsify their details in the bid to reduce their premium price and get cheaper auto insurance quotes. In fact, research has shown that in the UK alone, over 10% of all drivers have lied at a point in time about their details or records while in the US, it is estimated at a whopping 27%. Details that are mostly lied about include the age and address of the driver. In some cases, drivers have been known to leave out speeding tickets, drunken driving records and bans on driving they may have received.
Sadly, many drivers seem to think this is the norm and therefore lie about all these when they are applying for an insurance policy. And this is further influenced by the thinking that the companies are mandated to pay and reward them. Most informed drivers know that falsifying your records is seen as fraud while the uninformed drivers think it is ok to lie about their records. The truth is insurance companies are beginning to catch up with this trend and are taking steps against the frequent occurrence of such acts. One of these steps is in the installation of software that will function as a lie detector and will compare all the different data for traces of irregularities. Besides this, insurance companies now have penalties that are meted out on culprits of this act. These include:
1. Cancellation of the Insurance Policy. All culprits will lose their rights to any form of insurance with the company of they are caught. This means that all the monies paid prior to that time will not be retrieved or paid back and the driver will forfeit all attendant benefits.
2. All Claims will be lost and denied. All drivers caught in the act of falsification will be denied all claims. During accidents, most drivers and car owners resort to the insurance company to offer some form of relief. Even if the claims are genuine, the insurance company will desist from making the required payment if it detects false information.
3. Blacklisting in all car insurance companies Depending on the severity of the false information, most insurance companies will willingly blacklist the driver thus making it really hard for him to drive his car.
4. May pay Fines If the driver is found guilty of severe falsification or under the insurance act, he would be required to pay the sum of one hundred thousand dollars and another two hundred thousand dollars if there are other offences discovered. 5. Jail Terms.
In Canada, all offenders could face up to ten years in prison and may be forced to pay a sum greater than five thousand dollars if found guilty. So whatever the case may be, it is in your best interest to tell the truth at all times.
About the Author:
Full service insurance brokerage offers corporate and personal solutions. When looking for the best protection and information on Personal Insurance,
Car insurance in Ajax,
Health Insurance in Ajax, Commercial Insurance, Life Insurance options.
Tags: a, Ajax, b, business, business;finance, c, car, car insurance, f, family, Finance, financial, h, health, health insurance, home, i, insurance, j, l, liability, life, n, o, ontario, s, society
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Thursday, July 30th, 2009
by Amy Nutt
Home insurance provides coverage for homeowners against the risk of loss that may occur from damage, fire or theft. Home insurance rates look at the probability that a loss will occur based on the claims experience of the insured, who is the homeowner.
Home insurance uses individual underwriting standards to assess risk. Risk is the potential for a reduction in value that may occur. When a number of these occurrences happen for a particular insured, the insurance company either raises the rate or drops coverage. It is the hope of the insurance company to not have to pay claims and employ assessment factors to understand better the likelihood that a homeowner is exposed to loss and rates it accordingly.
Certain factors beyond the individual homeowners claim experience include zip code ratings, type of home owned, whether any commercial activity takes place in the home, and the home’s overall value in comparison to similar homes within the area. These factors give the insurer the information needed to calculate the probability off loss and adjust rates accordingly.
Hazards are factors that can lead to a loss. There are three hazards, physical or tangible hazard, moral which is character and morale or indifference. For example homeowner A who buys home insurance policy for a home that is rented out to tenants will pay a higher rate than homeowner B buying home insurance on a similar home in which she resides. That is because homeowner A has a higher morale and physical hazard present in the home than homeowner B does. The tenants are not the owner and may not hold the same regard for the home as the homeowner does. This could lead to physical damage, deterioration or even theft.
A census or zip code assessment looks at the instances of crime and vandalism that occurs in a given area. Homeowners purchasing home insurance in high crime areas face higher premiums than homeowners who live in outlying suburbs. There is some controversy over this type of practice and was the basis of a group action lawsuit in Milwaukee in the late 1980s against American Family Insurance Company. The results of the suit led to changes in the underwriting practices in certain minority communities in the City of Milwaukee.
The likelihood that a loss occurs and the probability associated with it results in the rating factor. The rating factor may be set based on community experience or standards and may be reduced over time where individual claims experience results in better a rating.
All insurance provides an indemnity benefit to reimburse an individual for the value of their loss. An insured who believes that the purpose of insurance is to profit or get more than the fair market value of their property do not have the appropriate understanding of what insurance is for. Insurance is not for making a person rich but rather to keep them from becoming poor. To provide piece of mind risk ratings reflect experience, probability and the presence of other measurable variables that can be statistically tested.
About the Author:
Canada’s largest independent insurance brokerage firms delivering
car insurance in London, and
home insurance in London, home insurance solutions in your community and around the world for over 70 years and offices in Cambridge, Waterloo and Toronto
Tags: a, auto, b, business, business;finance, c, car, car insurance, consulting, e, f, family, Finance, financial, h, health, health insurance, home, i, insurance, investment counseling, l, life, o, q, quota, r, rate, u, v, vehicule
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Friday, July 24th, 2009
by Richard Cantu, President of GoMedigap
There are many different reasons that people do the things. However, people generally get Medigap insurance because they need it. Its often challenging for many people to understand this need and figure out how to get the right coverage at the best rate.
They may feel like it is a little complicated to understand and that it’s an additional expense they cannot afford to fit in the budget. However, Medicare supplement insurance actually makes life MORE affordable. Especially for those who live on a fixed income. The comfort of knowing that you have fewer or no outright medical expenses can be a huge relief and can help in budgeting monthly expenses.
So why would a Medicare recipient get a Medigap plan? Here are a few reasons that one shouldn’t go without this great coverage.
1. Medicare parts A & B coverage was not designed to cover all medical expenses. Having Medigap insurance can allow one to cover almost all, if not all, of your medical expenses and never have to fear being unable to pay ever again.
2. Medicare supplement insurance can be affordable if you know how to shop for the best rate. It is definitely cheaper than risking the burden of uncovered medical expenses that Medicare can leave behind. There are more and more resources on the Internet to help you shop. Think about the future, and remember that might not be able to get Medicare supplements after you have been diagnosed as being chronically ill.
3. Medigap plans are for everyone, and can be purchased from a large number of insurance companies. It doesn’t matter if you have a preferred insurance company or if you just want a particular plan. You can find many private insurance companies that will sell the Medicare supplement coverage that you need. Between the dozens of companies that you can get coverage from and the 12 different plans that you can choose from, getting the right coverage has never been simpler.
Keep these things in mind when you are considering applying for or learning more about Medigap insurance. It is definitely helpful to those who use it, and you can enjoy more peace of mind and spend more time having fun and less time worrying about your insurance coverage.
About the Author:
Determining the lowest price on a Medicare supplement can be a daunting task. A good website for Determining
Medicare Supplement Quotes and information is www.gomedigap.com.
Tags: b, business;finance, e, f, Finance, h, health, health insurance, i, insurance, m, medicare insurance medigap, medicare supplement, medicare supplement insurance, medicare supplements, n, p, personal finance, senior health insurance
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Thursday, July 9th, 2009
by John Fagan
If you do not feel grateful for your current home insurance policy, it is natural to feel you are being cheated out of a value-for-money proposition. In such a situation, the first step to determine whether or not your feelings are justified is to discuss with a knowledgeable person, such as a trusted neighbor (if they have a good home insurance policy – low cost, wide coverage, they can advise you about the benefits of their chosen insurance company since you share the same locality and should be eligible for similar benefits, other factors remaining constant).
Firstly, you haven’t looked at their reputation of customer service, financial strength or even how their competitors stack up against them in terms of features and benefits offered in their home insurance plan. Secondly, in your hurry to get some form of home insurance, you may overlook certain vital aspects of your home that can be fixed in order to enable you to negotiate and obtain lower costs and wider coverage on your home insurance policy, such as basic home repairs and renovations that could put your home at lower risk for coverage associated with disasters, quality of building materials that add to the condition of the home, e.g. security features or amenities.
If you hurry into getting a policy without considering every option available then you might overlook certain fine points that you can fix in your house resulting in you being able to further negotiate on the cost. Basic repairs of the house when done can result in lowering the cost coverage of the insurance policy which includes many disasters that the house could face, e.g. loss by fire.
We cover still more methods for you below, so stick around and read through this article – and who knows? You just may strike a bargain with your chosen home insurance service provider after negotiating points like these!
A better way to buy home insurance is to look beyond the established home insurance companies and consult with both independent agents and direct selling company agents, who can save you a physical visit to the company site as they can give you a virtual walk-in of home insurance plans, comparative benefits, competitive quotes and address any doubt you may have regarding good coverage, network, flexi-payment solutions or other issues.
Whether you are choosing a low premium plan or a more expensive home insurance policy, the extent of coverage you get is actually what you bargain for, as today with greater awareness, most homeowners insurance policy buyers have managed to save themselves more than a few hundred dollars annually – just by shopping smart and choosing the right provider and plan.
So, research the various factors determining a good home insurance policy – low premium and good coverage being foremost aspects – and having negotiated properly with the insurer for an affordable, wide coverage home insurance policy, you will see this is a better way to buy home insurance.
Tags: a, auto insurance, b, business;finance, f, Finance, h, health insurance, Home Insurance, i, insurance, Investing, life insurance, o, u
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Thursday, July 9th, 2009
by Amy Nutt
Travel Insurance is a form of limited or special situation insurance that covers loss arising from a specific event. This could be flying in an airplane or riding in a train. The policies are based on the behavior of a group of individuals engaged in an activity and the likelihood that a loss will occur.
Travel Insurance is rated based on the occurrence of a loss as it affects a group of common interest, such as airline passengers. This differs from individual coverage, which rates the risk of loss occurring based on the personal preferences and habits of the insured. It would be difficult to use individual underwriting standards such as age and health status to travel insurance since not everybody flies in an airplane.
Group insurance factors in the community experience of the group as a whole in order to access the probability that loss will occur. Community experience factors can include the number of air disasters in a given region, or in a given year, or by a given carrier. When assessing loss exposure on a group basis it is easy to discern certain trends and patterns regarding the chance of loss. Since air travel is deemed safe with air disasters occur very infrequently (roughly 1 in 2.5 million), the rates for travel insurance is very low.
If you accept that activities such as air travel are safe with a low probability of occurring, why the need to buy travel insurance? Insurance is about something not happening, as oppose to a loss occurring. Insurance provides a way to restore value in the event of a loss and for some, having the piece of mind that some benefit may be available may be important.
Travel insurance policies are typically issued in kiosks at an airport. It may also appear as a rider associated with a credit card or to a person’s property and casualty indemnity coverage. However it is purchase, the benefit provided is a low amount of coverage, maybe no more than $25,000 (although a few higher death benefit policies exist). This is done based on the community experience-rating factor that looks at the incident of death or dismemberment occurring based on the chance of an airline disaster.
How old you are, how physically fit you may be, whether you smoke or not, are all rating factors or variables that are not important to issuing travel insurance. None of those factors has an impact on a plane taking off and landing and the likelihood that a crash will occur. That the instances of plane crashes are so low suggests that very limited factors need to be considered when pricing travel insurance.
Insurance is based on a concept of risk transfer. This means that the individual pays a premium amount that insures that if something were to happen, the insurance will provide a benefit to compensate the policy’s beneficiary. The amount paid in premium is low relative to the potential benefit that is paid. The insurance company rates the potential for loss and prices its policy accordingly so that it is able to pay if that loss occurs. The higher probability that a loss can occur means a higher premium. Applying group underwriting principles to travel insurance helps provide a product that is low cost and pays a uniform benefit.
Tags: a, b, business, business;finance, e, f, family, Finance, h, health, health insurance, i, insurance, l, life, life insurance, o, p, policy, q, quota, r, rates, t, travel, travel insurance
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Tuesday, July 7th, 2009
by Amy Nutt
Life insurance provides a benefit in the form of it policy amount to protect against the loss that arises from premature death. It is based on the insurable interest, or the potential that a direct financial hardship will occur due to the death of the insured. The insured is the individual whose life the death benefit is based on and upon whom we rate the risk.
The variables or factors used to determine Life Insurance rates are based on the habits of the individual. A risk is the potential for loss or a reduction in value. The loss of life produces a financial hardship for those left behind and can be assigned a value. Loss is the reduction in value that in life insurance can be loss of future earning potential or expenses incurred for funeral, bereavement, readjustment and moving forward.
The extent to which a reduction in value may occur is the loss exposure. This loss exposure is enhanced by perils that are situations, which cause loss, affected by these hazards:
- Physical hazard, which is some physical characteristic in the environment that presents a peril (i.e. a banana peel on the ground in front of where you are walking); – Moral hazard that is based on an individual characteristic such as dishonesty, theft and fraud; and, – Morale hazard, which is blatant disregard for the law such as driving under the influence of alcohol or driving over the posted speed limit.
The extent to which a person manages risk influences their rates. For example, smoking can be considered a morale hazard because we know that cigarette smoking is a major contributor to lung cancer. Knowing this and still engaging in the habit means that the person understands the risk but does not care. Since we also know that cigarette smokers die sooner than non-smokers, smokers pay higher insurance premiums for life insurance than do non-smokers.
Another factor that is considered when rating life insurance is the person’s health. This is a valid risk factor because we know that people who exercise are healthier than those who do not exercise and people who make healthier eating choices live longer than those who eat junk food. These are those morale and physical hazards that are measured by the insurance company and priced, based on the probability of it occurring. The more likely an event occurs, the higher the cost to insure.
Insurance companies are not in the business of paying claims. This statement may seem profound but it is a rational one. It benefits insurers and society as a whole if people live long healthy lives. This helps lowers insurance costs and make it easier to afford. The insurer looks at the rate of death or mortality potential within a classification, such as all 35 year-old males. This is based on the law of large numbers and risk pooling. In order for an insurable risk to be ideal, it must be measurable, produce a financial loss, which is indemnity, be accidental in nature (which is why suicide is excluded), and based on a large group. Lower probabilities occur in larger population groups, such as those ages 25 to 45 and higher probabilities in smaller older populations, age 65 to 85.
About the Author:
Full service insurance brokerage offers corporate and personal solutions. When looking for the best protection and information on Personal Insurance,
Car insurance Ajax,
Health Insurance Ajax, Commercial Insurance, Life Insurance options.
Tags: a, Ajax, b, business, business;finance, c, car, f, family, Finance, financial, h, health, health insurance, home, i, insurance, j, l, liability, life, n, o, s, society
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Wednesday, June 17th, 2009
by A Nutt
Employer’s liability insurance comes in three different types. There is general liability, property insurance and worker’s compensation insurance.
General Liability If you have a policy for general comprehensive liability insurance, it covers you against anyone physically injury themselves or causing damage to property while on your business site.
This type of coverage is often purchased in company with property insurance (see below) for a more complete protection against any type of accident at the place where you usually operate your business or carry out business functions.
Professional Liability For some business such as retail or food services, comprehensive liability coverage is likely enough. However, professional liability coverage is vital for many, including engineers, consultants, medical professionals and accountants.
Professional liability coverage protects a professional against claims of negligence or incompetence.
Sometimes this type of insurances is called ‘errors and omissions’ coverage, since it protects a businessperson in the case of a mistake or incompetence in carrying out his or her professional duties.
This type of coverage is vital for a professional. Claims for negligence or other omissions can be much larger than general liability claims, as evidenced by medial malpractice suits.
Property Insurance Just as a homeowner must have basic property insurance, so too must a business. This kind of coverage is usually very straightforward.
With property insurance, your business is protected against theft or accident or any other loss of your business property. This coverage is in effect even if the equipment is not at your place of business when it is lost, damaged, or stolen.
Again, property insurance is similar to homeowners in that it covers in the case of fire or other disaster. You need to read your policy carefully to determine if it covers any flooding. That type of disaster is often excluded from coverage, as is water damage from sewer backup. Know your policy and add a rider if you think it is important to do so.
Usually property insurance is packaged with general liability insurance in a single package at a basic rate.
Worker’s Compensation Insurance Worker’s compensation insurance is an employer’s liability insurance that provides coverage for medical or disability claims by employees.
If an employee has an accident or a job related illness, they will file a claim under worker’s compensation.
Each state mandates that businesses with even one employee provide this coverage, and most have pools to help small businesses cope with the expense. It can be expensive to own a policy, particularly if a former employee or employee has a claim.
The amount of a company’s premium is based on a formula calculation. The formula takes into account the services offered by your company and the payroll each pay period.
Requirements vary for each state regarding how much you need to pay into the fund. Make the assumption that you will need to pay for each employee in your business, even though there are times that you as the owner and members of your family are exempted from workers comp insurance.
Depending on your state, you may be able to shop around for the best rates and service.
About the Author:
Full service insurance brokerage offers corporate and personal solutions. When looking for the best protection and information on Home Insurance,
Car insurance in Ajax, Health insurance, Commercial Insurance,
Life Insurance in Ajax options.
Tags: a, Ajax, b, business, business;finance, c, car, car insurance, e, f, family, Finance, h, health, health insurance, home, Home Insurance, i, insurance, j, l, liability, life, life insurance, n, o
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Thursday, May 28th, 2009
by Derrick Johnson
Selecting Medicare Supplement Insurance also known as Medigap Insurance can be a confusing process for many seniors. Medicare and supplemental insurance has been in existence since 1966. This type of insurance was standardized by the Federal Government in 1992.
Plans being offered are indentical regardless of the insurance company. Plans A-L are available which makes a total of 12 Medicare Supplement options.
Regardless of which Medicare supplement medical insurance plan you choose, the plan is the same as the similarly lettered plans of other insurance companies. This makes your medicare supplemental insurance comparison an easy process.
The Internet is the best place to start comparing Medicare supplement insurance policies. You can easily obtain medicare supplement quotes by searching for Medicare, Medigap or supplemental Medicare in Yahoo or Google.
The options for Mdigap insurance are endless since many companies offer these options. Most people entering Medicare and people already on Medigap consider Medicare Supplement Insurance a requirement. Without Medicare insurance many peoplewill be unable to pay the out-of-pocket expenses.
A Medicare supplemental insurance comparison should be conducted annually to insure that you still have the most competitive Medicare suppliment insurance plan. Medicare Supplement Quotes can be easily obtained each year via the Internet or by contacting the current Medigap Insurance agent. Medicare Supplement Insurance Quotes will help keep the existing Medicare supplements insurance company honest.
Tags: b, business;finance, f, Finance, health, health insurance, i, insurance, n
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Saturday, May 23rd, 2009
by A Nutt
When Canadian students travel abroad for either work or education, they need to be aware of the risks associated with visiting another country so they can make the necessary arrangements to ensure that they are protected. Incidents while traveling abroad can include an accident, illness, and lost or stolen items. Most educational institutions require that students have travel insurance before embarking on a trip abroad. A provincial health insurance may not cover students for certain events. In these cases, a student needs to have the right travel insurance.
The most important reason for acquiring Canadian Travel Insurance is to ensure the proper and sufficient medical coverage in the event of an accident or illness. Student medical insurance within a travel insurance policy can cover such events as injury or sickness, requiring an emergency hospital stay, emergency medical treatment, and basic healthcare needs. Policies can vary, but students can obtain up to $5,000,000 (CAD) coverage.
Medical expenses account for the largest proportion of claims made by those who travel abroad. Depending on the providers policy, a students coverage can include: emergency medical and dental treatment, assistance locating a doctor, prescription drug reimbursement, ambulance transport, eye examination, hospital stay and treatment, emergency air transport coverage, accidental death coverage which includes the cost of remains to be transported home, coverage for families who want to visit the student in the hospital, as well as the services of a psychiatrist, rehabilitation facility, and much more.
Other coverage that can be provided in a travel insurance policy can include: trip cancellation reimbursement, trip disruption expenses, vehicle return, baggage insurance, emergency evacuation, rental car protection, lost or stolen items such as travelers checks, credit cards, passport, iPods, digital cameras, adventure sport equipment, and more.
When one is traveling outside of Canada, provincial health insurance will generally cover less than 7% of the total cost if they become gravely sick or injured. This is a very small amount because in most medical emergencies, fees can be quite high. Without student travel insurance that includes a quality health care coverage, a student could find themselves deeply in debt, in the middle of a medical nightmare, or even stranded in a foreign country. Nothing makes things worse than if you suddenly develop food poisoning, a painful cavity, or lost your glasses, while in another country. Some hospitals may not even treat a person who does not have medical coverage or the cash to pay for treatment and services.
If you are a student planning a trip abroad either overseas or even to the United States, not having the appropriate travel insurance can lead to a host of problems. If you are a Canadian student planning to study or work abroad, acquiring travel insurance should be at the top of your list of things to do. The last thing you want to happen is to find yourself in a serious situation far away from home. The right travel insurance will be one less thing you will have to worry about and will help prevent unexpected bad situations from becoming much worse. It will allow you to have a stress free trip and make the most of your time living and learning in a foreign country.
Tags: b, business, business;finance, e, f, family, Finance, h, health, health insurance, i, insurance, l, life, life insurance, r, t, travel insurance, u
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Saturday, May 16th, 2009
by Amy Nutt
Ontario has had a history of problems with people who drive their vehicles faster than the posted speed limit and drivers who participate in illegal street racing. To combat speeding problems and reduce the number of car crashes, the Ontario government implemented a new speeding law.
Ontario’s new speeding law penalizes drivers caught speeding 50 km/h over the posted limit. The law has had a positive effect curbing speeding. In the first month of implementing the new law, more than 1,300 drivers were caught breaking the law.
Ontario’s new law carries the toughest penalties of any speeding ticket in Canada and the United States. Penalties for driving 50 km/h over the speed limit as posted by 50over.ca include:
First Time Offenders – $2,000 – $10,000 Fine – 7 Day License Suspension. You’ will also need to schedule getting a new drivers license. – 7 Day vehicle impoundment. The OPP (Ontario Provincial Police) will likely request a tow truck, and have your vehicle towed from the spot where you are pulled over. – 6 Demerit Points – Towing and 7 day vehicle impound storage fees – Possible driver’s license suspension for a maximum of 2 years
Repeat Offenders The speeding offense stays on your record for 10 years. If you are caught speeding 50 km/h over the speed limit a second time within 10 years of your first offense, you will face a potential driver’s license suspension of up to 10 years.
Demerit Points Convicted drivers will receive 6 demerit points for speeding over 50 km/h over the posted speed limit. New drivers (Class G1, G2, M1 or M2), who have 9 demerit points will be required to attend an interview to explain why their driver’s license should not be suspended. Fully licensed drivers will have to attend an interview to explain why their driver’s license should not be suspended. At 15 or more demerit points, a driver will receive a 30 day license suspension.
Insurance A big cost of being convicted of a speeding offense is the increase in auto insurance rates. If you are convicted, your insurance rate will skyrocket. Some insurance companies may cancel your insurance. If you have to get new insurance, it will be very expensive
If you are caught driving 50 km/h over the speed limit, your vehicle will be impounded right away. You will have to arrange for your own transportation home and you will have to pay for the towing and impound fees. The police state that there is no right of appeal in the case of a suspension or impoundment. Individuals usually convicted of the speeding offense include 80% males and 50% age 27 or under.
50over.ca cites a number of statistics showing that the new speeding law has been effective: – 8,459 charged in first year – 23 charged daily – 41% convicted on the charge – 39% have charges reduced – 36 drivers have been caught twice
A report from Transport Canada found that most drivers don’t recognize their own bad habits, and the unfortunate power they have to kill with their car,- said Paul Boase of the Canadian Association of Road Safety Professionals.
There are about 160,000 road accidents in Canada every year. According to the Transportation Safety Board, -approximately 2800 to 2900 people are killed on Canadian roads each year.- Drivers have to realize that driving is a right and not a privilege. If you do not obey traffic rules, your car can quickly turn into a weapon that can cause great harm. People have to ask the question: Is it worth risking your life just to arrive at your destination on time?
Tags: a, auto, b, business;finance, c, car, car insurance, claims, e, f, family, Finance, h, health, health insurance, home, i, insurance, l, law, legal, life, o, p, personal, r, Reference Education, roadside assistance
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