CCC & Insurance Valuation: What it Means for You

Is Your Insurance Carrier Taking Advantage of You? Most people expect to receive accurate and fair compensation from their insurance carrier in the event of an accident. In cases where the vehicle is deemed a total loss, the expectation that insurance carriers seek valuations from reputable and objective sources like Kelley Blue Book isn’t unreasonable. Nevertheless, many insurance companies will rely on a company called CCC to provide a total loss market evaluation on vehicle values. However, unlike well-known and respected sources such as Edmunds or N.A.D.A, CCC is relatively unheard of. CCC (Certified Collateral Corporation) Information Services Inc. is [...]

Injury After an Auto Accident & When to Seek Medical Attention

The unthinkable has just happened--you were involved in a car accident. It’s natural to feel overwhelmed, scared, upset, confused, or even angry. Take a deep breath, we’re here to help you take stock of the situation with the following information. First, assess whether or not you are hurt. Remember, symptoms of a serious injury are not always immediately apparent. Many times, people involved in car accidents don't even know they have been injured. According to an article published on Nolo’s website, one reason for this is that your “body responds to pain signals and the stress of your accident by [...]

To File a Claim or Not to File a Claim?

That is the question you should be prepared to hear--or ask yourself--following an accident. In a typical year, nearly 6 million car accidents are reported to the police (Vallet, 2015). Most of them are categorized as property damage, meaning there were no injuries or fatalities, with compensation and/or repairs being settled outside of the insurance company in order to avoid costly policy increases. While not the recommended course of action, reporting an accident to your insurer is not a legal requirement. However, in the event of an accident resulting in injury or death, an insurance claim (or claims) is absolutely [...]

High Rollers: Insurance CEO Salaries

The recent presidential election drew attention to the fact that America’s middle-class is rapidly disappearing, while those in the 1% are holding steady or increasing their net worth. For example, In 1965, the typical CEO at one of America's 500 largest companies made twenty times the salary of his typical worker. Today, the average Fortune 500 company CEO made 373 times the salary of the average production and nonsupervisory worker in 2014, up from 331 times in 2013, reports the AFL-CIO. So the question is this: why do CEOs receive such high salaries? In the insurance industry, CEOs are primarily [...]

Deductibles: I Owe How Much?

Beware of hidden deductibles when shopping for auto insurance. Chances are you’re comparing rates from online agencies like Esurance and Geico instead of pounding the pavement between brick-and-mortar offices. Perusing websites from the comfort of your own home is convenient, easy, and flexible. But is a do-it-yourself auto insurance policy as accurate--or as understandable--as discussing your options with an insurance agent? Online auto insurance applications usually consist of a series of boxes to check or not check, often with little to no explanation of the risks or benefits involved. For example, Personal Injury Protection (PIP) coverage is mandatory in Massachusetts [...]

The Truth About Insurance

The only way insurance companies make a profit is by collecting more money in premiums than they pay out in benefits. Make no mistake, insurance companies are for-profit businesses and are very good at manufacturing excuses for why they shouldn’t have to honor policyholders’ claims. Every insurance company will put their own best interests ahead of a policyholder’s with the goal of paying as little as possible, and ideally, nothing at all. So where does this leave you? You know, or should know, that you should never lie to your insurance company -- that would be fraud -- but what [...]