Author: Cyrus Rose

What Is Insurance and How Does It Work?

Cyrus Rose

Equine Insurance is a way to protect against financial losses resulting from unexpected accidents or events. It reduces risk by transferring it from the policyholder to the insurer.

Insurance

Insurers charge a premium in exchange for the promise to pay a specified amount in the event of a loss. They often invest the premiums to generate income.

The peace of mind that comes with insurance is one of the most valuable assets a person or business can possess. Whether it’s protecting against financial loss or legal troubles, insurance gives us the confidence to navigate life and business with greater ease.

In the midst of uncertain times, it’s essential to protect what matters most with peace of mind coverages like health, life, home, and auto. This allows you to focus on your goals and priorities without the worry of unexpected events derailing your finances.

Insurance is an agreement between a policyholder and an insurer, where the policyholder pays a monthly premium in exchange for transferring certain risks to the insurance company. In the event of covered losses, the insurance company fulfills its promises by paying claims to help policyholders recover or replace their lost assets.

With this reassurance, policyholders can focus on their personal and professional goals without the constant burden of financial uncertainty. This is especially true during turbulent economic conditions, when many individuals are looking to build resilience by increasing savings, developing emergency plans and seeking advice from financial experts.

According to a recent survey, the coronavirus pandemic has shifted consumer’s mindset about insurance protection. More people than ever are considering taking out additional cover to help them cope with unexpected financial challenges.

The Travel Peace of Mind Package is a supplemental coverage included in your vehicle’s insurance policy that offers accidental death and dismemberment benefits for you and your passengers when traveling abroad. This is a great way to feel safe and secure during your next trip, knowing you are protected in the event of an unfortunate accident or natural disaster.

Peace of Mind coverages are available in a variety of forms and plans to meet your specific needs. Whether you are looking for a comprehensive plan to prepare for the unknown or a basic plan to protect against the everyday, Advantage Group can find the perfect insurance plan for you. Contact our agency today to get started! Special enrollment periods are usually open around major qualifying life events, including marriage, divorce, having or adopting a child, a change of address, a job loss, or a move to a new house. Some policies also offer year-round enrollment options.

Reliability

As a business based on risk management, the insurance industry is fundamentally reliant upon being reliable. This is achieved through the actuarial process of ratemaking which tries to understand and predict the probability of future events. This helps determine how much to charge in premiums and takes into account the variance between statistical data and projected outcomes. The resulting pool of money collected from all policies is then invested in order to increase the overall amount available for pay outs when claims arise.

This is known as the profit margin, which is calculated as earned premium + investment income – incurred loss – underwriting expenses. By adjusting their rates regularly, pooling risks with other insurers, investing assets, following state regulations and employing sound underwriting and claims handling practices, insurers are able to provide a reliable service to the people they serve. For many, insurance is a vital part of their financial portfolio that provides peace of mind knowing that should the unexpected happen, they are covered. Qualifying life events (QLEs) may allow you to enroll outside of the standard open enrollment period, depending on your policy and insurance provider.

Assumption of Risk

Many people enjoy participating in dangerous activities to experience the adrenaline rush. This includes activities like riding roller coasters, going to trampoline parks, sky diving and more. However, these activities can be risky and may result in injuries. When a person is injured during these activities, the defendant may use assumption of risk as an affirmative defense to avoid liability for the injury.

Assumption of risk is a legal doctrine that bars a plaintiff from recovering damages if they knew of the dangers of the activity and voluntarily exposed themselves to them. This is an exception to the general rule of comparative negligence, which allows a victim to recover compensation even if they are partially at fault for their own accident.

A defendant may claim assumption of risk when they are trying to escape liability for an injury caused by their negligent actions. In some cases, assumption of risk is expressly stated in writing and can be evidenced by a signed waiver or contract between the plaintiff and defendant. In other cases, it is implied by a plaintiff’s words and conduct. For example, if a person is injured by a foul ball at a baseball game, courts have held that the person assumed the risk of being hit by a ball when they decided to attend the game.

While the law in this area is unclear, a successful assumption of risk defense typically requires clear and direct evidence that the plaintiff understood the inherent risks of the activity and voluntarily exposed themselves to those risks. Generally, such evidence is a written waiver or contract that clearly states the risk of injury.

While assumption of risk is an important part of the law, it does not protect against negligent acts that are unforeseeable. For example, if you are hurt while driving on an unsafe road, assumption of risk may not shield the at-fault driver from liability. For this reason, it is vital to have an experienced personal injury attorney on your side to fight for your rights. An attorney can help ensure that the insurance company is not using assumption of risk as a means to avoid compensating you for your injuries.

New Towing Ideas

New Towing Ideas You’ll Love

Cyrus Rose

Many RVers like to have a light-duty truck, or even a SUV, that they can tow their trailer. This gives them the flexibility to explore and run errands, without breaking camp.

One popular choice is a Smart Car (formerly known as the Fortwo). They’re only about 2,500 pounds, so they tow easily behind most smaller motorhomes.

1. Towing a Hybrid Car

With their instant torque and comparatively clean emissions, you’d expect hybrid and electric cars to be great at towing. But there are a few reasons why that isn’t always the case.

The main issue is that most EVs are not designed with towing in mind. This is because a trailer adds weight and changes the aerodynamics of the car, which can significantly reduce the driving range. Additionally, the power needed to drive the trailer can also drain the batteries quicker.

As a result, you’ll need to check whether an electric or hybrid vehicle can tow before buying one. A good place to start is by visiting a site like Tow Spec. There, you can find information about towing methods by make and model.

While it’s not the most comprehensive source, it’ll give you a good idea of whether an electric or hybrid car can tow a trailer. Additionally, you’ll want to consider the kerbweight of the trailer and how much it will weigh when fully loaded. This is because if the trailer is overloaded, it can lead to increased stress on the suspension and drivetrain.

Fortunately, there are quite a few hybrid and electric vehicles that can tow a trailer. In fact, some have even been engineered to do so, and they’re often capable of towing loads of up to 11,000 pounds or more.

This includes vehicles like the Ford Fusion Hybrid and Honda Clarity Plug-In Hybrid, both of which have maximum towing ratings of up to 3,300 lbs. The 2023 Ram 1500 Hybrid, on the other hand, has a maximum towing capacity of 12,750 lbs, which is enough for most travel trailers and ultra-lite fifth wheels.

If you’re looking for a more affordable way to tow a trailer, there are also plenty of towing-focused plug-in hybrids and electric models to choose from. These models typically have less battery capacity than the high-end EVs, but they can still tow heavy and large loads with ease.

Audi deserves a lot of praise for showing how well some hybrids and electric cars can tow, as demonstrated by their E-Tron pulling a 4,000-pound trailer containing the original GM EV1. Of course, such a test isn’t practical for most people, but it goes to show just how capable these types of vehicles can be when it comes to towing.

2. Towing a Lightweight Car

Despite popular perception, you don’t need a massive full-size SUV or pickup truck to tow a small trailer. In fact, many compact and mid-size cars with solid MPG numbers can do the trick. For example, the older two-door Jeep Wranglers towed by RVers have historically been a fairly lightweight option weighing only 3,200 pounds. These rugged vehicles provide a nice alternative to larger sedans and offer the extra benefit of high ground clearance that makes them forgiving of road imperfections, curbs and other obstructions.

When selecting a passenger car for towing, consider the manufacturer’s vehicle towing guide and other towing-assistance features. Also, look for a model with a manual transmission instead of an automatic. Automatic transmissions have a harder time maintaining proper gearing when towing and can stall. Also, opting for four-wheel drive will help you maintain traction on steep inclines and slippery boat launches.

Another important consideration is your car’s maximum towing weight rating. This number is based on the strength of your vehicle’s frame, suspension, axles and wheels, as well as its fuel economy. It’s important not to exceed this number as it can cause serious damage to your vehicle and its components.

Be sure to use a quality towing hitch and mounting system. You will also need a towing bar, which looks like a wishbone made of steel square tubing. Its single section fits the ball mount on your motorhome’s receiver, and its rear arms connect to the front chassis of the towed vehicle.

You may also want to invest in a set of towing mirrors for your towing vehicle. These are larger than your factory-installed mirrors and give you a much wider viewing angle so that you can better see what’s behind the trailer.

Remember, if you’re towing your vehicle without the proper equipment, it could void its warranty and damage the driveline. Replacing these parts can be extremely expensive, so tow safely and with caution.

3. Towing a Boat

After years of saving, fretting and self-justifying, you finally purchased your dream boat. Whether it’s a ski boat to tow your kids around the lake or a bass boat for spending weekends chasing devious fish, you’ll need to know how to safely tow your boat to and from the water.

Start by assessing your vehicle’s towing capacity. Not every truck is capable of towing a boat, so you’ll need to match the size and class of your boat with the capabilities of your towing vehicle. If you need to, purchase a trailer weight distribution hitch and stabilizer bars for a safer and more controlled towing experience.

If you’re new to towing, consider taking a trailering class. This will help you become familiar with the towing process and give you confidence in handling your boat. Invest in a pair of towing mirrors for your vehicle, too. These will allow you to see more of your trailer as you back it up. This will reduce your risk of making mistakes such as turning the wrong way.

One of the biggest errors people make when backing up is moving the steering wheel too far to one side or another. To avoid this, place your hand on the bottom of the steering wheel. If you move your hand to the left, the trailer will go left, and if you move it to the right, the trailer will go right. This will help you keep the vehicle and trailer properly aligned as you drive into a dock or ramp.

The most important thing to remember when towing a boat is to pay attention. You’ll need to slow down and take corners at a slower speed, and you’ll also need to give vehicles behind you more space. Make sure you have wired tow lights on your trailer, too. These will help other drivers see your boat and trailer better, especially if it’s dark out.

Some roads that lead to back inlets are narrow and difficult to navigate with a large 2-ton truck. If this is the case where you live, it might be wise to get a smaller SUV with plenty of towing power, such as a Jeep Wrangler or Ford Escape.

4. Towing a Trailer

It doesn’t matter what type of trailer you choose, or how big it is, towing a trailer will change the way you drive. You’ll need to plan your route carefully, account for extra space when parking, and remember that you will have reduced maneuverability at stops like gas stations.

If you’re new to towing, it’s a good idea to practice in an empty parking lot before heading out on the road. This will give you a chance to get used to how your vehicle responds when pulling a trailer, and will also help you figure out what the truck or SUV’s response time is like with just the trailer attached.

Another important factor to consider is the towing capacity of your truck or SUV. This is determined by the vehicle’s weight, its cargo and passengers, as well as the total load of the trailer. You’ll need to be sure your vehicle can handle both the rated and unrated weight of your trailer, and that it’s properly equipped with a hitch, a brake controller, and a breakaway switch.

You should also be familiar with the trailer’s overall height. Knowing this can help you avoid damaging your vehicle or trailer by driving under low bridges or overpasses. It may also help you determine what type of hitch and jack are needed to secure your trailer.

Some trucks and SUVs come with a towing system built in, but if yours doesn’t, you can buy additional accessories to make it easier to tow a trailer. Ford’s Pro Trailer Backup Assist, for example, uses a knob on the dashboard to steer your trailer when backing up, making it much easier than using just a regular steering wheel. GM’s new Silverado HD and Sierra HD vehicles also include a “transparent trailer view” that stitches together camera views to let you see the rear of your truck and trailer.

It’s always a good idea to check your vehicle and trailer brakes frequently, and to use a spotter when backing up. It’s also wise to slow down when traveling up or down hills, as excessive speed can cause trailer sway and make it harder for you to react to sudden situations on the road.