Tracking Your Driving
Usage-based insurance, also known as telematics, works by tracking driving behavior through devices installed in a vehicle or through smart phones. Wireless devices transmit data in real time back to insurers. The devices can measure miles driven, time of day, where the vehicle is driven, rapid acceleration, hard braking, hard cornering and air bag deployment, among other things. The data collected is then used by the insurer to help determine premiums.
Linking insurance premiums to your driving performance allows insurers to price premiums more accurately. Your premiums may go up or down depending on your driving behavior. Low-risk drivers will receive lower premiums. UBI may help you save money on insurance premiums. Consequently, driving without hard stops and bursts of acceleration will likely improve your fuel economy. Real-time tracking may also accelerate the response time if you’re involved in an accident. Here are a few things to keep in mind if you’re considering UBI:
- Do I think my driving behavior will help my premiums? If not, am I willing to alter my driving behavior for a discount?
- What is the potential savings I’ll receive if I let my insurer monitor my driving behavior?
- What exactly will be monitored? What devices will be used?
For more information on auto insurance, please visit www.ldi.la.gov/autoinsurance .
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Insurance 101: Umbrella Policy
A backyard barbeque or pool party may be a part of your Fourth of July holiday plans. Before you get the grill started, review your insurance policy. Umbrella insurance is extra liability insurance designed to help protect you and your family from major claims or lawsuits. It provides additional liability coverage above and beyond the limits of your homeowners and boat insurance policies. Before you install a pool or trampoline, contact your insurance agent or company.
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Medicare Fraud: What You Need to Know
Medicare beneficiaries will soon receive their new Medicare cards in the mail. Remember your new card will have a Medicare number not your Social Security number. Here are a few things to keep in mind to avoid becoming a victim of Medicare fraud.
- Medicare will not ask for your new Medicare card number.
- Medicare recipients should only give their new Medicare number to doctors, pharmacists, other health care providers, and insurers.
- Doctors, health care facilities, and providers know you will be receiving a new card and will request it when you need care.
For more information or to get your Medicare questions answered, contact our Senior Health Insurance Information Program (SHIIP) staff at 1-800-259-5300.
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Educational Initiatives
Registration is now open for a free Business Building Blocks Workshop. The Division of Diversity and opportunity will host the event at Southern University in Baton Rouge August 10, 2018. Agents will have an opportunity to earn Continuing Education Credits. To reserve your seat, click here.
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