New York has a high cost of living compared with most other states, and auto insurance is no exception. Costs are even higher for individuals with bad driving records. Other factors can also boost rates, such as living in a high-crime zip code. However, taking an accredited course in defensive driving can help lower auto insurance rates in New York.
You can save money on insurance costs by enrolling in and completing a New York defensive driving course, but savings depend on certain factors. Savings on insurance can be as much as 10 percent once you pass the course.
The New York State Insurance Commissioner requires by law for all auto insurance companies that operate in the state to offer a 10 percent reduction for New York drivers who pass the specific course. This reduction, which is subtracted from the base rate of existing liability, collision, and no-fault premiums, must remain in effect for three years once it’s awarded to the driver.
New York’s approved defensive driving course is called the “Point and Insurance Reduction Program (PIRP).” Other names for the class include “NY Defensive Driving Course” and “NY 3-Year Renewal Course.” Some people call it the “Accident Prevention Course” as well. Make sure the state DMV approves the course provider.
The auto insurance rate reduction expires after three years, so if you want to continue enjoying the same rate, you’ll need to take and pass the course again. The course is available online 24/7, making it easier to do at your convenience. It’s also available in a physical classroom.
If you drive multiple vehicles, the course will apply to each vehicle listed on your policy. However, if you have multiple drivers on the same policy, the discount will only apply to those who take the course. Once you pass the class, you’ll be awarded a certificate you can submit to your insurer for a discount. The course also reduces the impact of as much as four points on your license, although the points will remain on your driving record. This information will be reported electronically to the NY DMV.
The class is simple. If you enroll in an online course, you can study the material at your own pace. The online course lasts a total of 320 minutes. Experienced drivers will likely have an easier time with it, whereas inexperienced drivers may need to put more time into studying the material. Once you sign up for the course, you have 30 days to complete it.
Whether you take the course or not, it’s important to understand the main concepts of defensive driving. A major key is to stay focused on the road while driving. The main causes of accidents are distractions that can be manual, visual, or cognitive.
All is not lost if you’ve racked up marks on your driving record, as a NY defensive driving course can reduce your insurance costs. Contact us at Abatelli Group Inc. for more information on getting the best auto insurance coverage and rates in New York. We will help create the best and most affordable coverage plan for you.
Due to the rising costs of group health insurance plans, employers are looking for more affordable solutions to offer employees health benefits. Many are turning to Health Reimbursement Arrangements (HRAs), which allow your company to provide tax-free reimbursements to workers for healthcare expenses. Here’s a look at five advantages of HRAs for businesses and their employees.
Group health insurance plans have become consistently more expensive over the years, and annual rate hikes when it’s time to renew. Consequently, it’s becoming increasingly difficult for small businesses to adopt group plans. Offering each employee an individual health policy, though, is more affordable. The HRA model allows employers to provide workers with a fixed monthly allowance to spend on healthcare expenses.
HRAs come with health insurance subsidies, also known as premium tax credits, for low-income individuals through health insurance marketplaces. Group insurance plans, by contrast, are more expensive to begin with and don’t offer subsidies. Providing employees with a stipend, which is a fixed allowance and isn’t tax-free, makes HRAs the more attractive option.
The main problem with offering a one-size-fits-all group plan is that it doesn’t give individual employees choices in which doctors they see, coinsurance, or monthly costs. Reimbursing employees for their healthcare expenses at least allows them to choose their own doctor, plan, and budget. Without this flexibility, some employees may decide to look for other work since customized healthcare is more appealing.
Due to the complexity of requirements and lack of flexibility, many small and medium businesses are finding it hard to embrace group insurance plans. A group plan typically requires a minimum number of employees to be listed, which isn’t going to work for teams comprised of workers who want control over their healthcare coverage. If several workers are already enrolled in Medicare and family plans or don’t want to opt-in, your company may not even be able to offer a group plan. Your company will be free of such restrictions through HRAs.
Insurance portability means employees can take their health plans with them if they switch to a new employer. Many workers want this flexibility since it’s becoming more common for people to reassess their careers. Providing the HRA option shows you care about the health and wellbeing of your employees while allowing them to have flexibility in planning their future careers.
Health Reimbursement Arrangements are more attractive than group plans for a growing number of small businesses these days. HRAs create less friction for both employers and employees while providing more flexible coverage. Letting workers choose their own health networks and doctors gives your company an edge in attracting new talent. Contact us at Abatelli Group Inc. for more information on securing the right healthcare plan for your business.