The Benefits of Life Insurance in Charlotte and Matthews, North CarolinaPosted by CraigPrestonInsuranceNC on July 9th, 2022 Car insurance is a necessity for anyone who wishes to drive. Unfortunately, a poor credit score turns out to be a significant roadblock in getting car insurance in Charlotte and Matthews, North Carolina. So, what is the solution? Before finding the answer to this question, let's learn what a credit score is and how it is calculated. A credit score is a three-digit number assigned to each person by credit bureaus to indicate the creditworthiness of that person. In other words, it measures how responsible an individual is for paying their bills on time. While it is true that the credit score is a good indicator of a person's creditworthiness, it does not have to be an ultimate requirement for getting a car insurance policy. Today, many insurance companies offer affordable car insurance policies to those with credit scores as low as 500. So, how to claim car insurance with a poor credit score? First, it is essential to note that there are two types of credit scores: the FICO score and the Vantage Score. The FICO score is the most common type of credit score used by most insurance companies, while the Vantage Score is used to assess the risk of lending money to potential customers. As for the car insurance claim process, there are two types of claims: Car Insurance Cashless Claims: Car insurance cashless claims are when a person buys an insurance policy and then cancels it later. In cashless claims, an insured does not have to pay any money upfront for the repairs at the time of the claim. The insurance company settles the claim with the workshop or the driver and takes care of the repair cost. However, the insurance policy must cover damages from the car accident. Car Insurance Reimbursement Claims:
In claim reimbursement, an insured must pay for the repairs. Later, the insurance company reimburses the insured according to the terms and conditions of the policy. In this type of claim, an insured does not need to get the car repaired at the garage center. However, the insured must submit the bills and receipts for the repair work to the insurance company. Steps to Make Cashless Claims:
Remember, during cashless claims, an insured must take the damaged vehicle to an authorized service center only. The insurance company will not entertain any other repair centers. All the bills and receipts must be submitted to the insurance company. In addition to car insurance, other types of insurance cover cashless claims. One such insurance is life insurance. Life insurance is a form of insurance that covers the life of the insured and any dependents. Shopping around and finding the best life insurance in Charlotte and Matthews, North Carolina, is recommended. Like it? Share it!More by this author |