Daily Archives2017 April 30

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“Your vehicle is a Total Loss.” These words, more often than not, spark immediate controversy between an insured and their insurance company. The main cause of controversy between an insurance company and an insured as it relates to total loss is that most people feel their vehicle is worth more than it really is.

A vehicle, though historically not a good investment, is very personal to us. Many of us spend a great deal of time in our vehicles each day and grow attached to our car. Many others ”trick out” their cars and inherently feel that their modifications enhance the value of the car.

I thought it might help some folks if they heard exactly how an insurance company views this and how they go about compensating you for your car should it be determined to be a totaled. There are typically two main things involved in understanding this process: What exactly is a Total Loss and how is the value of a car determined. In this article I am going to discuss and define a Total Loss from an insurance companies perspective.

So, what exactly does it mean when your insurance company deems your vehicle a total loss? In general, there are two types or measurements if you will when it comes to making this determination: Financial or Economic Total Loss and an Obvious Total Loss.

Financial or Economic Total Loss

A vehicle is often declared an Economic Total Loss when the cost of repairs exceeds the value of the vehicle, plus sales tax, less your deductible. I am sure you have heard that there is a percentage used to determine if a car is an Economic Total Loss. You have probably heard numbers from 50% to 70%, or more. This is true, however, it is important to know that not all states set an actual percentage and that for the states that do not set percentages, it is up to the insurance company to determine what that will be.

Although all insurance companies that are free to set this number themselves are all different, a common number you will hear is 70%. What exactly does that mean? I thought a quick illustration might help:

Market Value $15,000

Plus tax $ 1,050 (7% used as example)

Sub-total $16,050

Less Deductible $ 500

Total Loss Value $15,550

Cost of Repairs $11,662

Repairs are 75% of the value

In the example above, your insurance company would likely determine your vehicle to be an Economic Total Loss. One thing to remember is that if you are paid the value of your vehicle, the insurance company will retain the salvage or damaged vehicle and then sell it to a vendor. Most insurance companies have negotiated contracts with salvage buyers and will use that avenue to recoup some of the money paid out for the total loss. In the example above, your insurance provider would know that your car had a salvage value of $3,000 (example). So, when making their total loss decision, they would factor in this amount and subtract it from the total amount paid of $15,550, bringing their net cost to $12,550.

One other brief point to make that is worth noting is that your insurance carrier will also factor in estimated supplemental damages were your car to be repaired. From my experience as an adjuster and claims manager, there are often supplemental or additional damages/repairs identified once a car begins the repair process. These damages are often discovered on “tear down” or after parts of the vehicle are removed and additional damages are more visible. In many cases it is almost certain that there will be additional damages based on the visible damages, however, an adjuster will only write for what they can see and note that additional damages are likely.

Obvious Total Loss

An Obvious Total Loss or OTL is in which the damages to a vehicle are so extensive in terms of repair and/or putting the structural integrity of the vehicle at risk with a repair, that the car is determined to be an OTL. Some examples of an OTL are:

• Fire Damage
• Rollover
• A theft
• Extensive Water Damage
• High impact front-end collision
• T-Bone or hard hit to the side of a vehicle at the center-point

In most cases, a claims adjuster will not have the direct authority to determine a vehicle to be an OTL. The two insurance companies I worked for required a manager approval to make this call. With today’s technology, that can be done easily in the field by simply sending some detailed photos to a Claims Manager or Property Damage Manager. In this case, there isn’t a cost of repairs necessarily but the valuation process is the same.

Hopefully this helps you understand what is meant when you are told that your car is a total loss. Your insurance claims adjuster should explain all of this to you, however, having a basis understanding will certainly help should you find yourself in this situation.

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Source by Marc R Berry

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Springtime lends itself to appreciating all that nature has to offer. Celebrating Arbor Day is just one of the many ways we can do that.

As you sow, seed, plant and lift your eyes to enjoy the vibrant beauty of all things green, it would be ridiculous to ignore the other side to it: namely, the possibility of severe damages incurred to property as a result of weather induced tree-falling.

The other side of the story, in fact, is precisely where your standard homeowner’s insurance policy comes in. You see, home insurance is designed to include protection from trees that fall and hit your home or other structure included within your plan. This includes property such as:

• Your detached garage

• Your gazebo

• Your storage shed

Your home policy will come up to bat by providing coverage for losses incurred when a tree – even a tree that does not belong to you – strikes your home or property as a result of a:

• Hailstorm

• Thunderstorm

• Windstorm

• Hurricane

• Lightening

Bear in mind, however, that not all natural disasters and occurrences warrant protection under your standard house plan. For instance, if an earthquake or flood causes a tree to fall and wreak havoc on your home, you will not be covered unless you have separate coverage for the devastating event.

And while the weather may be directly responsible for a tree falling and subsequent damage, it is not necessarily always the case. Notwithstanding meteorological conditions, your standard policy should cover damage incurred from the following as well:

• A fire

• An explosion

• A burglary or theft

• Airplane or aircraft movement

• Car, truck, motorcycle, ATV, or any other motor vehicle that does not belong to you

• Vandalism or malicious mischief

• A riot and civil commotion

Policyholders must remember that coverage reflects the related limits and prerequisite deductibles. Nonetheless, should a neighbor’s tree fall and damage your property, the insurance company representing your interests may investigate to see if the tree was in poor health or in need of better maintenance. Should either of these conditions be met, your company is likely to try to collect compensation from the neighbor’s policy. In that case, your deductible costs may be reimbursed.

So much for the structure damage! Now, what about removal of the fallen tree? Does the typical home insurance policy cover this? If the tree removal is in regard to property damage, most insurance policies will include tree removal. Not so for a tree that has fallen without incurring damage. There are companies, though, that cover a scenario in which the tree blocks a driveway or ramp that is specifically created for handicapped access.

Of course, it’s best to review your homeowners or landlord’s policy with an experienced independent agency to ensure there is coverage for all your specific needs!

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Source by M Wyzanski

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Before you decide to close the door on the idea of your teen driving a Jeep, let’s explore some of the arguments, and some would say myths, about the safety of a Jeep. The biggest concern seems to be with rollover accidents. Jeeps, like most SUV’s, have a high center of gravity and oftentimes a narrower bottom half, making them more “tippy” than other vehicles. While vans, trucks and cars get a much better rap than SUV’s typically do, there are several factors that need to be considered when determining the safety of driving a Jeep.

Jeeps come off the assembly line in a form called “stock”. This essentially means “as is”. A stock Jeep is a Jeep that has not been altered in any way from the the design of the maufacturer. Many people add extra wide or tall tires, lifts and other alterations to their Jeep. This adds to the fun of off-roading, which is also a main reason for purchasing a Jeep. But here seems to be the crux of the matter; every vehicle has it’s own capacities and it’s own limitations. These need to be respected if we expect them to be safe. Keep in mind that a Jeep will not drive the same way a sports car drives or even a 4 door sedan. Jeeps are not meant to be driven at 50 miles per hour around a corner and they don’t zip in and out of traffic. The way you can drive a sports car would not be safe in a Jeep under any circumstances. The driver of the vehicle has the ultimate power in how safe a vehicle is. Most adults have the driving experience and common sense to know not to drive an SUV like a sports car.

Many concerned parents have said the roll bars on a Jeep don’t do much for protecting the occupants if that is all that surrounds them in a crash. When a vehicle goes through the safety crash test, generally this is done by ramming the vehicle into a concrete wall. How many accidents happen this way? Small cars that are hit head on or that are side-swiped tend to be totaled. If you were in a small car, or even a van or truck and were in a rollover accident there would likely be major damage to your vehicle. If you were in the same accident in a Jeep, those roll bars are in place for just that scenario.

In the end, Jeeps are not more dangerous than any other vehicle, as long as they are driven with respect to the purposes they were intended for. If you want to drive like a race car driver, than a Jeep is not the vehicle for you.

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Source by Samuel Crasnick

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In life, everything must have a beginning and ending and this holds true in the business world. Each company starts as a small business at some point and throughout time they will either succeed, be forced to change a business model or fail. Therefore, being flexible is essential to meeting the needs of consumers, along with conducting necessary changes to the market conditions. According to Kotler and Keller (2012), “Companies can’t win by standing still” (p. 622). In any market condition, there are four mainstays businesses must adopt to sustain or eventually become market leaders in their respective industries: innovation, service quality, continuous improvement and knowing the competition.

Innovation of technology has greatly changed the world, especially in all categories of business and our personal lives. Looking back over the last decade, technological updates to the cellular phone has changed the way we communicate, entertain, and retain information throughout our daily lives. Electronic messaging has become the norm of society rather than communicating through phone conversations. This idea of nonverbal exchange between two or more parties has increased efficiencies for everyone. For example, Apple is the market leader for electronic technology and through their mobile division they strive to increase productivity of their consumers from business acquisitions to groundbreaking applications. As Steve Jobs the co-founder of Apple states, “Innovation distinguishes between a leader and a follower” (Griggs, 2016). Apples’ business model remains innovative as the company stays ahead of competition by creating modern technology while finding solutions to problems, as seen through their product launches.

Service quality is crucial for every business no matter their strategy or rank from the leader, challenger or follower. As Kotler and Keller (2012) state, “Product and service quality, customer satisfaction, and company profitability are intimately connected” (p.131). Therefore, it is imperative for service quality to be the backbone of a company’s strategy in creating and retaining business relationships with their clients. The ability to deliver products and/or services on a consistent basis can and will cause challenges, however learning from mistakes that occur will make the business stronger. Acquiring and maintaining this element in business must be adopted from the top of the organization and delivered to all employees. Looking at the Toyota Corporation, they have hit highs and lows, from the multi-billion-dollar accelerator recall to maintaining a status of best-selling cars in the world. Reliability has been the primary driver of this company-although their vehicles are not the most stylish, they continue to have a large returning customer base that keeps them on the top of the automotive industry.

Continuous improvement is required for all businesses to create uniqueness from their competition to prevent being looked over. Kotler and Keller (2012) state, “Continuously improving the product can produce high returns and market share; failing to do so can have negative consequences” (p. 329). Subsequently, to grow this component, consumer feedback is critical, whether it be positive or negative. However, feedback can sometime be difficult to extract out of consumers, therefore a sense of trust must be formed with their consumer. Building trust can be hard between two strangers but finding common grounds will allow for the wall to be removed. The ideology of continuing to improve can easily be seen at the fast food market leader Chick Fila. Through their receipt survey program, they give customers food vouchers for their feedback, unlike competitors who give discounts on future purchases. The atmosphere of their restaurants invites customers to feel free and open to give feedback which allows for them to continually improve their service and food selections. Chick Fila has adopted the serving approach towards their customers, instead of asking “how may I help you?” their employees greet their customer with “how may I serve you?” this attitude along with cleanliness of their restaurants allows for an open door for communication and feedback.

Knowing your competition is vital when you are the market leader. Beginning with the strengths, weaknesses, opportunities and threats (SWOT) analysis as well as up to date business intelligence is also important. SWOT analysis is a necessity to evaluate the market when pursuing a business opportunity, however this process should never cease. Remaining in sequence with business intelligence is significant to maintaining market share leadership. This intelligence can originate from both satisfied and disgruntled consumers, financial statements and former employees. For example, Kotler and Keller (2012) state, “To maintain a market focus, salespeople should know how to analyze sales data, measure market potential, gather market intelligence, and develop marketing strategies and plans” (p. 554). Halliburton displays this example by utilizing Customer Relationship Management (CRM) as their primary tool to maintaining its market leadership status in the Oil and Gas Services sector for US Land. Through won and lost bids as well as sharing intelligence between its sales teams, permits the organization to not only know the market but also dictate pricing moving forward.

In conclusion, to compete and sustain a leadership status, market leaders must operate as a palm tree that bend but do not break. A palm tree can be rooted in sand near the beach or in nutrient soil inland. It can sustain high winds that can cause its limbs to touch the ground, but it maintains a flexible trunk that allows for itself to spring back in place when the atmosphere is still, with no traces of damage. This expression is a primary example of how a business should plan in a competitive market. The four essential strategies presented will develop a small business into a massive organization, which will direct followers in the right direction.

References

Griggs, B. (2016, January 4). 10 great quotes from Steve Jobs. Retrieved from CNN: http://www.cnn.com/2012/10/04/tech/innovation/steve-jobs-quotes/

Kotler, P., & Keller, K. L. (2012). Marketing Management (14th Edition ed.). Upper Saddle River, NJ: Prentice Hall.

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Source by David Rosby

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Are you in need of a great new radio for your semi truck or farm tractor? There are many options and many features available. A new radio can be as simple as AM/FM with clock display, or it can include features such as Bluetooth for hands-free cellular communication, SiriusXM satellite radio, and even weather-band for those who’s work day is affected by the weather.

When it’s time to replace a semi truck radio many people often worry about the wiring. This is an important first step of course. The critical part however is you do not cut the wires. There is no need to cut into factory wiring in any big rig just to replace the radio. What most drivers and or maintenance personnel will quickly realize is that unlike a car stereo, all of the wiring behind the radio in a semi truck are white or gray, or a combination of both colors. This type of wiring is not very intuitive, meaning that it is impossible to identify which wires are speaker wires and which are power wires without using a special tool called a multimeter. Even with this tool it is still not recommended to cut and splice wires.

The next and maybe most important aspect to consider is quality. What’s the point in replacing the radio with an aftermarket radio which performs poorly and is most likely sure to fail in a short period of time? Conditions in a semi truck are not the same as those in cars and other passenger vehicles so using an off the shelf super store aftermarket radio is absolutely not recommended. We’ve all learned that doing a job right the first time means you won’t have to do it a second time.

The best radios for semi trucks are of the heavy-duty variety manufactured by Delphi and Panasonic. Many times these stereos will accept the wiring connector placed in model year 2005 and newer semis by the manufacturer whether it be Freightliner, International, Kenworth, Mack, Peterbilt, Volvo or Western Star. Trucks and tractors who’s model year is 2004 and earlier will likely require a wiring adapter, but still no cutting and splicing will be required. Simply connect the adapter to the truck wire connector and plug the adapter into the new radio. When you purchase one of these heavy-duty Delphi or Panasonic radios it will include a tool to easily remove the existing radio. This tool should be kept in a safe place for future use.

When purchasing one of these Delphi or Panasonic radios from your dealership the cost will be significant. While shopping online means that you won’t have the new radio in your hands today, it also means huge savings on the exact same equipment. There are a few online shops that do a lot with Delphi and Panasonic truck radios so they can save you a pile of cash and can guarantee a proper fit, as well as retention of steering wheel and sleeper controls.

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Source by JJ Martin