Cheap Car Insurance: Insurance
Showing posts with label Insurance. Show all posts
Showing posts with label Insurance. Show all posts

Tuesday, December 13, 2022

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Common Car Insurance Questions

What information should I give my agent or company? Most likely your agent will want to know the make and model of the cars you own. They will want to know around how many miles you drive each year and the type of liability coverage you desire. The agent may also ask how many people drive the cars, their ages, where you live, and the driving records of each household member. Have your VIN, or Vehicle Identification Number handy. The agent will want to know whether your car has passive restraint systems or air bags, anti-lock breaks or anti-theft devices. Before making your purchase mention of you or other drivers in your household have completed safe-driving courses, is you have another insurance policy with the company for home or life insurance, and if student drivers in your home are getting good grades. You may qualify for discount on your car policy. Once the information is assembled, the agent will give you a quote on your premium. The amount will depend on the above factors and the deductibles you choose.
What can I do if I cannot find coverage? Chances are, if you are unable to find coverage you have a poor driving record, you own a special, high performance car, you have not driven long enough, you have not owned your car very long and therefore have no insurance record, or you live in an area where theft and vandalism losses are high. In such cases you can either join a state assigned risk pool or get a policy from a private insurance company that specializes in “high-risk” drivers. How do I insure my teenage driver? Immediately notify your insurance agent when your teenager begins to drive. Your policy can go up fifty to one hundred percent if you put your son or daughter on your policy. Insurance companies charge more because inexperienced drivers tend to get in more accidents. You may want to consider raising liability limits or buy an umbrella liability policy for extra protection. How do I minimize the increased cost? Insure your son or daughter on your own policy. Let your insurer know if your teenager is going away to school. Shop around. Let the insurer know if your teenager is getting at least a “B” average in school. Pick a safe car. How do I file a claim? Immediately call your insurance agent regardless of who is at fault. Find out if you are covered for this loss. Inform your insurance company no matter how minor the accident appears. Find out what documents or forms are needed to support your claim. You may need a copy of the policy report (if there is one) and a “proof of claim”. Many companies allow you to monitor progress of your claim on their web site. Provide your insurer with requested information. Carefully fill out the claim form. Have detailed records, names and phone numbers of everyone you speak to, and copies of any bills related to the accident. Ask your insurance company or agent the following questions. Does my policy contain a time limit for filing claims and submitting bills? Is there a time limit for resolving claims disputes? If I need to submit additional information, is there a time limit? When can I expect the insurance company to contact me? Do I need to get repair estimates for the damage to my car? Will my policy pay for a rental car while my car is being repaired? If so, how much?
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Saving Money on Car Insurance

One should be aware on where they can save and where they should spend on car insurance. The first question you may ask yourself is; How much car insurance do I need? Experts recommend more auto insurance than the state's minimum requirement for the average person. You will be financially protected while it does not cost much more. There is some coverage that might be shaved from your insurance bill, like comprehensive, collision and medical payments.
Experts recommend: Bodily injury liability one hunded thousand dollars per person and three hunded per accident. Property damage liability fifty thousand dollars. Uninsured motorist, bodily injury: one hundred thousand dollars per person and three hundred thousand dollars per accident. Underinsured motorist, bodily injury: one hundred thousand dollars per person and three hundred thousand dollars per accident. Uninsured motorist, property damage: ten thousand dollars per accident, in Virginia. Medical payments may be redundant if you have life and health insurance, (personal injury protection). Comprehensive Limit and collision limit based on car's value; may be not be necessary on old cars that are not worth much. One may feel that they are paying way too much and want to drop everything but liability or switch companies. There are other solutions. You should check your itemized bill, and see if your coverage matches your needs: Bodily injury liability. If you crash your car in West Virginia, a study declares there is a one-in-three chance somebody will say they got hurt and try to get some money from your insurance company. State law requires you to carry bodily injury liability insurance, at a minimum of twenty thousand dollars per person and forty thousand dollars per accident. Experts recommend upping that to one hundred thousand dollars per person and three hundred thousand dollars per accident. Why, because if your insurance falls short, your house and assets might be in danger. If you have a lot of assets, experts recommend you to up your insurance even further to protect them. West Virginia requires ten thousand dollars per accident for property damage liability. Standard advice from consumer groups recommend one carries at least fifty thousand dollars per accident. It stands to reason: Property damage liability pays if you damage somebody else's property, normally their car. If the car is you crashed was worth fifty thousand when the owner purchased it, and the sticker price is currently thirty thousand dollars, your insurance should cover it. It may cost you just a few extra dollars to double your insurance coverage. If your car is more than five years old you may want to drop your collision coverage. Collision pays to fix your car if you run into something, like a telephone pole, your neighbor's fence, another car. But it will never pay more than your car is worth. You must meet your deductible first. If you have a newer car you can still save by raising your deductible Instead if paying one hunded fifty dollars pay two hunded fifty dollars. You should weigh that savings against the extra deductible you'll have to pay if you ever make a claim. If you are planning on fixing your car yourself, out of your pocket or not fixing it at all, you should decide if it is worth the higher premium. Comprehensive insurance fixes or replaces your car if you hit a deer, if it's stolen, dented in a hailstorm, damaged in a flood, catches on fire, and anything similar. Usually, comprehensive pays for your new windshield when a semi truck kicks a rock into your face. Usually comprehensive insurance is not needed or not worth it. Before deciding to drop it, look up your car's retail value on Kelley Blue Book, then add together your collision and comprehensive premiums. If your sum is more than 10 percent of your car's value, you might consider dropping it. Medical payments coverage usually pays for medical bills for you and your passengers if you're hurt in an accident, even if it was your fault. Sometimes it includes "personal injury protection". It covers lost wages and other fringe costs. If you have health and life insurance, you and your family may already be covered. If you do not need medical payments, you could save about fifty dollars a year. If you often carry passengers who may not have their own health insurance, you might want to consider a small, five thousand dollar medical payments policy. Uninsured motorist coverage protects yourself and your passengers if you are hit by an uninsured or hit-and-run driver. Experts believe if you increase the state law bodily injury requirement by ninety percent, you can save money. This usually cost fifty dollars or less a year. Some companies offer discounts or special benefits. Many insurers offer discounts for features that decrease the risk of injuries or theft. These include air bags, anti-lock brakes, daytime running lights and anti-theft devices. Some states require insurers to offer discounts for cars equipped with air bags or anti-lock brakes. Cars that are known to be targeted by thieves cost more to insure. Many insurers will give you a discount if you buy more than one type of insurance from them. You may also get a reduction if you have more than one vehicle insured with the same company. Some insurers decrease premiums for long-time customers. Some companies may offer discounts to motorists who drive a lower than average number of miles per year. Low mileage discounts may also apply to drivers who carpool to work. Some companies offer reductions to drivers who get insurance through a group plan from their employers, or through professional, business and alumni groups and other associations. Ask your employer or any groups or clubs to which you belong. Companies usually offer discounts to policyholders who have not had any accidents or moving violations for a certain number of years. You may also qualify for a cut if you have recently taken a defensive driving course. You may get a break on your insurance if you are over fifty years old or in some cases fifty five years old and retired. If there is a young driver on the policy who is a good student, has taken a drivers education course or is at a college, generally at least 100 miles away, you may get a discount. When you comparison shop, inquire about discounts. Some states offer a five hunded dollar deductible or a one thousand dollar deductible. You can also get discounts for; more than one car, no accidents in three years, no moving violations in three years, drivers over fifty to fifty five years of age, driver training course, defensive driving course, anti-theft device, low annual mileage, air bag, anti-lock brakes, daytime running lights, student drivers with good grades, auto and homeowners coverage with the same company, college students away from home, long-time customer, as well as other discounts
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The Basics of Car Insurance

It is important to know the basic types of car insurance when determining the type of car insurance that suits your requirements. Types of auto insurance vary in each country. In the United States and Canada, car insurance is divided into four categories. The most important category is called third-party liability. This is mandatory in both countries. If you are at fault in an accident, the third-party liability policy covers physical injuries and property damage caused to the other party while still including your legal bills. The second type equally includes collision and comprehensive coverage.
Generally, both collision and comprehensive packages carry deductibles or the portion you have to pay if your car is damaged. If you are involved in an accident, collision insurance will cover the cost of repairing your vehicle up to its cash value. Comprehensive coverage covers damage to your car that was not caused by an accident, such as from fire, vandalism or natural disasters. The other type of car insurance is called medical payment (MedPay); it may provide financial compensation for dependents in the event of the insured person's. It covers the driver's and passenger’s medical expenses. The latest option for car insurance is called uninsured motorists, or (UM) coverage. This ensures coverage in the event that you are the victim of a hit-and-run driver. You will also be covered if the other party does not have auto insurance. The type of car insurance that you choose should depend on the risks that you take the amount you are willing to pay. Comprehensive coverage normally is the most costly, but offers greater protection.
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Rental Car Insurance

Consumers can get coverage that will pay for a rental car while their car is in the shop. On average it would cost drivers about eighteen dollars per year. Many people wonder what sort of insurance they need when renting a car. You may have a collision damage waiver offered by your auto rental company, but you must decide if it is worth the cost? A rental company’s collision damage waiver can be expensive, there are other alternatives. The collision damage waiver, also referred to as loss damage waiver, may possibly add fifteen to twenty dollars a day or more to your rental cost. It often comes with exclusions. For example, it may not provide protection while you drive on unpaved roads. Your alternative options are as followed; you can go through your credit card company or your own car insurance policy. They may cover damage to a rented vehicle. Most credit card companies offer this benefit. To be qualified, you must charge the whole amount of the rental to your card while declining the collision damage waiver offered by the rental company. This option does have exclusions. Some credit card companies may deny coverage if the rental period is longer than forty eight days and/or you rent to vehicles at the same time. Only one of the vehicles may be covered. Some vehicles may not be covered, such as; trucks, trailers or vehicles towing trailers and anything with a retail price of sixty five thousand dollars or more.
If you would like to use your insurance policy, check to see if you have an endorsement that covers damage to rented vehicles. Some companies offer this at no extra charge, though others offer it as an alternative for twenty five to fifty dollars a year. Ask your broker, agent or insurance provider whether you currently have it already or see if you can add it to your policy. The endorsement covers you every time you drive a rented car in Canada and the United States. If you are planning on driving internationally, you will have to purchase coverage elsewhere. The car rental agreement must be in your name. People who may drive the rented car who are not listed as being insured on your policy are not covered. If you get into an accident where you are at fault, it may be counted against you if you rely on your insurance policy. Your insurance company may also take action if you rely on the rental company's or credit-card company's coverage for damage. Your rates may go up and you must disclose any accidents when renewing your insurance policy or changing insurers. It may become part of the public record and available to your insurance company if you are charged. If you cause damage to another vehicle or cause injuries to other while driving a rented car, your car rental company’s third-party liability insurance may pay. They cover damage to other cars and injuries to you or other people. The protection is built into the rental agreement and cannot be waived or denied. Still, the rental company's liability coverage may not be enough. For example, say you are at fault and the other driver wants to sue you for two million dollars. First, the driver must sue the legal owner of the vehicle, (the car rental company).If the company has only one million dollars in liability coverage, the driver can go after you for the rest. This is where your car insurance policy comes into play. If you have two million dollars in liability coverage, the amount will be fully covered in a successful lawsuit. If you do not have the full amount in your liability coverage, you will be responsible to pay the difference. If you do not own a vehicle or have car insurance, the rental company will pay up to its liability limit if you have an accident while driving a rented vehicle and there is damage or injuries to others. Even if you were driving your own car, you would still be personally liable for the amount that exceeds the liability coverage under your insurance policy. Liability coverage is important, especially if there is a lawsuit. Find out how much coverage the car rental agency has under its insurance policy and how much you have under your own policy. Unless you know exactly what you're covered for under your credit card or your own car insurance policy, never turn down the car rental company's damage waiver.
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Comparison Shopping Advice

To determine a customer's premium, an insurance company may look at the customer's loss history, the frequency of claims and projected future losses. It is extremely important to get plenty of quotes when shopping around for car insurance. Each company’s rates may vary astoundingly. If you do not shop around you may end up paying too much. One company may charge you three thousand dollars while another company can sane you one thousand two hundred by switching companies. Companies can also charge different rates depending on the neighborhood.
The first thing you should do is decide how much coverage you need. Missouri requires twenty five thousand dollars per person and fifty thousand dollars per accident in bodily injury coverage, along with ten thousand dollars for property damage. Illinois requires twenty thousand dollars per person and forty thousand dollars per accident for bodily injury and fifteen thousand dollars for property. You can choose to purchase a lot more for heavier coverage, two hundred fifty thousand dollars, five hundred thousand dollars and one hunded thousand dollars. The extra insurance is fairly cheap; it is wise to have a big insurance wall between personal assets and a plaintiff's lawyer in case of an accident. Think, if you hit a brand new Cadillac, is fifty thousand dollars enough. It is recommended to purchase at least enough insurance to equal your assets, even better double your assets. You may also want to consider raising your deductible to lower your premium. A two hundred fifty dollar deductible could save you twenty percent on your premiums while a five hundred dollar deductible could save you fifty percent. If you can afford the five hunded dollars, you can save money by bearing a limited risk yourself. If you have an older car, check the replacement value in the “Blue Book” at your local library; next compare it with what you are paying for collision. Many people drop collision coverage on older cars with low replacement fees. Request discounts. Some companies give discounts for students with “B” averages or better on the theory that intelligent people crash less. Married people crash less also, so tell them you are marries. You can also mention your anti-lock brakes, airbag and safe-driving record. If you do not smoke, you may get a discount figuring drivers are safer with two hands on the wheel. Some companies give discounts for people who insure vote car and house with them, or more than one car. The key is to ask. Once you have obtained a decent price, check out the company’s complaint record. The average complaint score in many states is one hundred. A higher number means more complaints, a lower number means fewer. If there are a lot of complaints there must be a reason. You may also want to check the company’s financial strength from a big rating agency. Before arriving at the rental counter, check with your car insurance agency or credit card company to review your coverage. There is some coverage that may be useless to you or just not worth it. Rental car insurance or a collision damage waiver is often a waste because many drivers are already covered for damages to a rental car through their credit card company or regular auto insurance policy. In this instance, duplicating coverage can be an expensive mistake. Typically, car insurance agencies charge ten to fifteen dollars a day for the CDW, while twenty five dollars is common in big cities and tourist areas. On an annual basis, fifteen dollars is equal to a five thousand five hunded dollar premium. Do you really need collision insurance? Collision coverage is usually the most expensive portion of auto insurance; it pays for the repair of your vehicle. If your car is not worth much consider dumping this coverage, especially if your car is ten times less than what you are paying to insure it. For example, if your premium is one hundred dollars and your car is worth one thousand or less, you should cancel the coverage.
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Car Insurance Myths

The myth that red cars cost more to insure than green cars is not true. Car insurance companies do not factor vehicle color for rates; instead, insurers decide the rate based upon vehicle's year, make, model, body type, and engine size. The myth that rates will enormously drop by the time you turn twenty five is true since crash frequency lowers when drivers reach their mid to late twenties, still many factors other than age come into consideration when it comes to lower rates. Vehicle info and claims history can make those rates sink or skyrocket by the age of twenty five. The myth that insurance companies can charge whatever they want is false. Every state has regulators whom review insurer rates and information.
The myth that car insurance companies check your credit rating is true. Your credit rating may affect what you pay for insurance. Credit makes insurance rates accurate, fair and objective. Insurance scoring varies in every sate and company. It is has been proven that drivers with long, stable credit records have fewer accidents than drivers who do not. There are many Internet services which provide you with the ability to check your credit rating and provide tips on how to improve your score.
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Why Markets Will Lead To Lower Premiums

Many people believe auto insurance would be cheaper because it doesn't have to make a profit. A new study from the United States by Conning Research & Consulting notes that while U.S. drivers may be overpaying for insurance by ten to fifteen per cent, the situation cannot and will not continue due to the need to make a profit. Many insurance companies have naively assumed that, when two vehicles collide, the same amount of damage will be done to one another. Overall, they wanted to avoid the higher administrative costs of creating a new pool of insured drivers and they didn't want to annoy their more affluent customers. The equal damage theory is hardly true. However, as more drivers choose significantly larger passenger vehicles, such as light trucks and SUVs, insurance companies have been forced to adjust to this new reality. Studies note that companies covering about thirty per cent of the personal car insurance market do now make a distinction between smaller and bigger vehicles. Other companies are considering it, though they feel that certain car makes less likely to be in accidents. Still, the math will be decisive.
United State premiums average between eight hundred and nine hundred dollars. Half of that amount for liability insurance. If companies believe that cars, such as SUV’s carry more risk, car drivers could save up to one hundred dollars by switching to a firm which differentiates between bigger and smaller cars. If a company fails to do so, it will lose customers and suffer lower profits. Shareholders may promptly file suit in order to win back customers. Governments can attempt to legislate to lower premiums without doing anything about the payments, but this could drive private companies away, leaving the public sector to take over. Governments would be forced to hide the real, (high) cost of premiums by subsidizing the state insurer from tax dollars, (including those from non-drivers) or let the state insurer do a cheaper, careless repair job which would drive away consumers with other choices. Ultimately, it is the market, not government, which will find an efficient solution that is most reasonable to consumers
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Accident Forgiveness

Before you decide to switch companies, find out if your present insurance company will give you something called "accident forgiveness." In many cases, an accident can cause your car insurance to go up about twenty five percent, however, with accident forgiveness your company premium does not raise.
This benefit is often provided once you have been with an insurance company four to seven years. If you currently have this benefit, it may be wise to stay with your insurance company unless you are able to save twenty five percent or more.

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