Overview For MAIF Insurance Agent

By Ida Dorsey

There are instances when an application for an automobile insurance would be rejected. This can cause a lot of frustration and further hassle to find another private company that would accept the application. But there are companies that are organized and accredited by the government that can save these unsuccessful applications.

In the State of Maryland, a company there may provide you with insurance even though other companies were not able to accept it, they would also give you this even when you have not had it before the liability came up. MAIF insurance agent, or the Maryland Automobile Insurance Fund. This is relatively under the Uninsured Division where this division takes care of these liabilities.

This program is available to all the residents of Maryland who either does not own a vehicle which provides them with the coverage or those who are not living with relatives with that policy for them to be covered. This is also for cases where both vehicles in the incident do not have coverage. It would be investigated and they should be negligent free or they should have not contributed to any of the damage for them to acquire this.

The source for the funding of this division comes from the penalty fines that came from motorists who violated rules. Then this means that no other company is giving out the funds and no other types of individuals as well aside from this. So the collection is solely based on the fined motorists.

There is a legal minimum requirement for the vehicles. The penalties include loss of plate, one hundred fifty dollars fee for uninsured motorists during the first month then seven dollars for the following days during the lapse. There is also a twenty five dollar restoration fee for the registration privilege, and many others.

In 1972, the Legislature in the State of Maryland has created this for the exact purpose. This agency is not dependent on any other company and they report to the Governor directly. They hold the responsibility for anything towards the legislature. Their funds for them to operate does not come from anywhere else except for the premiums of the insurers.

They are advised by the Board of Trustees which comprises of ten appointed people by the Governor and then five from the overall industry. Basically, their Executive Director is a part of the Board and monitors the daily operations. The operating units contains the Underwriting Department, the Claims Department, the Human Resources Department, the Fiscal Department, the Information Systems Department, and the Administration Department.

Of course, there are simple ways that the costs could be lowered or prevent it from raising higher. You should be able to maintain a good record for driving. Avoid penalties and other traffic violations since this may raise the premium you have and would make it cost more.

Try to look at higher deductibles that you can get. This is through eliminating any covers for unnecessary or small losses. This means that with a higher deductible, you can have a lower premium for the physical damage. Also, you need to consider the status of your car and its condition and age.

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