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Archive for July, 2010

Ways To Get The Most Use Out Of An Auto Insurance Policy

Friday, July 30th, 2010

Most people realize the importance of their auto policy to protect themselves, their vehicle and other people involved in the event of an auto accident. What most people don’t realize is that your auto policy can be worth so much more to you if you know what to use and how to use it. You may not even be using some of the things that affect your auto insurance quotes when the time comes. Be aware of what is included in your insurance policy and use it to the extent of its worth.

One of the first things that you must realize about any auto insurance quotes that you get online is that they include all of the possible coverage you elected for your policy. These different coverage options will all represent something different in your potential auto policy. The most impacting coverage to the premium you will be asked to pay is bodily injury/property damage liability coverage. This is what pays for injuries to persons or damage to properties that you were at fault for in the case of an accident.

This is important to know because if you or the other party report a claim to your insurance about an accident it will affect your policy. Regardless of what happens you have basically flagged your policy for review by the underwriting department. At this point if the claim is filed stop thinking about paying for the damage out of your pocket. You have already paid a lot out of pocket to get the coverage, don’t pay even more. Let your auto policy work for you, not the other way around.

Another coverage that will allow you to get the most out of your auto insurance policy is the roadside assistance coverage. Many insurance companies will simply provide this in every policy while others allow you to select or decline the coverage. This comes in to play when you have a blowout on the side of the road or have any other mechanical malfunction and need to be towed.

If you have rental coverage on your auto insurance policy you are definitely getting the most out of your policy. If you happen to be in an accident and your car is towed you will need something to drive and this coverage will be priceless.

Remember that with the auto insurance quotes you get online you are accepting or declining coverage that will change your auto policy. Make sure that you will use the coverage you elect to pay for and if you have the situation arise, take full advantage of the benefits you have paid for.

Two Types Of Auto Insurance Coverage That Are Not Always Necessary

Friday, July 30th, 2010

State statutes mandate auto insurance coverage for all licensed drivers operating a motor vehicle. Insurance brokers and agents typically include a variety of coverage and benefits in the auto insurance quote; they include many extraneous and expensive coverage elements. Prospective clients, in an effort to be indemnified against all conceivable accidents and occurrences, accept the quote without consideration. Policyholders inadvertently increase their auto insurance invoice with nonessential rudiments that basically have little utility over the life of the policy. It is critical to be informed, aware, and well versed in auto insurance terminology in order to display sapience and profundity when analyzing the auto insurance quote.

First, unless the vehicle is new, comprehensive and collision insurance should be carefully evaluated to determine whether it is a sagacious investment. Collision coverage indemnifies against vehicular damages in an accident; comprehensive coverage provides liability protection against losses due to theft, natural disasters, or vandalism. However, the policyholder must ponder the cost of this auto insurance against its value. If the car is stolen, or damaged in an accident, comprehensive and collision insurance will not unequivocally replace the car. One reason insured maintain this coverage is based on a belief that the policy minimally will provide the down payment on a replacement vehicle; this is conjecture. Comprehensive and collision insurance will pay only “Blue Book” value rather than the owner’s perceived value of the vehicle. It does not consider the amount still owed on a loan, or inflates the value based on improvements unless stipulated on the policy data page. Compensation will be disbursed in accordance with the specific market value, less deductible, to the titleholder. If a vehicle is more than five years old, comprehensive and collision coverage is a fundamentally unnecessary, disposable entity that can constitute up to 40% of the premium. Therefore, in the event the car is destroyed, damaged, or stolen and the estimated compensation equals only a few premium payments or is minimal, this coverage is not an equitable expense.

Another unessential but costly auto insurance coverage is roadside assistance and towing. Many insured are not aware that although this benefit is included in the auto insurance quote, there is usually a “per incident” cost, and there are restrictions for member service providers or the service may not be covered. However, it substantially increases the auto insurance premium. There are travel associations specializing in roadside assistance and towing that are more reliable, accessible, and considerably less expensive.

Finally, auto insurance is required, necessary and provides immeasurable security and peace of mind. But insured should use sapience and knowledge by refusing inessential, expensive coverage.

How The Recession Has Affected Auto Insurers

Friday, July 30th, 2010

In the second half of 2007, the world was hit by an economic recession. All businesses were threatened by this. The auto insurance industry was one industry that was hit hard. The current state of the economy has many people in search of an affordable auto insurance quote. The economic recession has affected auto insurers so much that they have no choice but to raise their premiums.

One reason why premiums are rising is because many people are reducing their coverage. Ironically, they are doing this to lower their premiums. A recent study indicated that in 2010, 17% of American drivers will be driving uninsured. Much of this is at the expense of insurance companies that could have covered them. In response to this loss, insurance companies are compensating by raising the premiums of all their policyholders.

Auto insurance companies have to raise premiums for other reasons as well. They are not only losing money to people that are switching or dropping policies. They are losing money from people who are staging accidents so that they can claim money in these hard economic times. This is at the expense of auto insurance companies.

Another issue has affected the auto insurance industry as well. Since we are in a recession, people are generally less willing to spend money. As a result, people are less willing to buy cars. Naturally, there is less demand to purchase auto insurance policies. Once again, auto insurance companies must compensate by charging higher premiums.

Americans are now trying hard to bargain for better deals with their auto insurance companies. In some cases, they’re doing this just to save a few dollars a month. Many people have chosen to go online to find a decent auto insurance quote.

There is a large effort to keep many Americans from switching their auto insurance policy. Insurance companies desperately need their business. However, the practices of certain insurance companies may only make the situation worse. Some insurance companies are firing agents lacking in sales performance. This increases the unemployment rate, making the economic recessions worse. It’s a vicious cycle.

Always remember: insurance is important. This is true whether we’re in an economic recession or not. The money you spend on insurances guarantees the safety of you and your family. Money spent on your loved ones is money well spent. In addition, spending money on insurance helps stimulate the economy in these hard times. Don’t let the economic recession keep you from having auto insurance. If you don’t have insurance, like many Americans, it’s not too late to find a good auto insurance quote today.

Finding Great Auto Insurance Quotes On A Budget

Friday, July 30th, 2010

In these tough economic times everyone has to find ways to pinch every penny. Recycling, cutting back and doing without are standards in these tough times. It may seem as if finding auto insurance quotes is not within your budget. What do you need car insurance for? Why is it important? Why waste the money? You may question what you need budget quotes for when you could simply go without. Well, it is the law! Many people might be doing without car insurance if it weren’t for the fact that it is absolutely necessary.

Your car is one of the single biggest investments you are likely to have. Why wouldn’t you take steps to protect your single biggest investment? It would be foolish not to. Driving without insurance can get your car impounded and towed, which could certainly be a lot more expensive than purchasing insurance in the first place. The biggest reason to purchase insurance is liability and collision. In the unfortunate event of an accident knowing that your car is protected is a relief. Being covered if you get hurt is great but what about the other person involved? Hurting someone else can be devastating to you financially as well as emotionally. If you think you have problems with money now, wait until you try and dig your way out of a $200,000 debt, which is not unreasonable for an accident. Hopefully you can see after all of this that car insurance is not an option, it is a necessity. Now it is just a matter of getting the best auto insurance quotes possible.

There are many ways of getting car insurance quotes that fit in your budget. People will spend a lot of time finding the correct car for them to drive and put little thought or effort into getting a proper auto insurance quote. This thinking is confused. There is just as much to learn about car insurance quotes as there is to learn about cars. You wouldn’t walk onto a car lot and point at the one with the lowest priced sticker and say, “I will take that one.” Finding budget quotes are just a part of the process, you also need to make sure you are getting quality auto insurance quotes that cover all of your needs. In this age of the Internet it is easy to shop around and compare prices on different insurance companies and the policies they offer. With a little time and research you are sure to find the auto insurance quotes that fit within your budget.

Finding Auto Insurance Quotes For A Used Vehicle

Friday, July 30th, 2010

Finding auto insurance quotes for a used vehicle is not really any harder than finding an auto insurance quote for a new vehicle. You still go to the same sites and try to get the same information, but there are certain aspects of coverage that you don’t need or you might reconsider. The reason for these considerations is that it may be cost prohibitive to spend more money on a car’s insurance if the insurance is worth more than the car. Don’t pay for coverage you don’t need on a used vehicle.

The first coverage to consider when you get an auto insurance quote on a used vehicle is the collision coverage. If the vehicle you have purchased is five years old or newer definitely get the collision coverage. This is also true if you have purchased a used vehicle and are financing it. Until the loan is completely paid off you do not want to drop this coverage or you may be in violation of the terms of your loan. Keep the coverage if it is under five years old or your loan is still standing.

If the vehicle is over five years old and you are not paying a loan you should consider a few things in reference to collision coverage. First, if the collision coverage for one year totals more than 10% of the car’s value you should consider dropping the coverage. You can determine the value of the vehicle by using Kelly Blue Book and you can get the cost of your collision coverage by checking the declarations page of your auto insurance policy. Remember, most policies renew every six months so you may have to double the collision amount.

This previous example of when to drop collision coverage, however, is completely based on if you have the financial means to replace the vehicle should it be rendered not drivable. If you think the collision coverage costs more than the vehicle you should consider dropping it, but if you were to total your vehicle and financially would not be able to get a new one you should consider covering the vehicle. The insurance company wouldn’t be able to completely cover it, but you would get something to help you start over.

There are other considerations to make when getting an auto insurance quote on a used vehicle, but really collision coverage is the biggest decision to make. Your liability coverage should remain the same as your liability doesn’t change based on the age of your vehicle. Follow these tips and you will get the best auto insurance quote for your used vehicle.

Why Drivers Should Reevaluate Their Insurance After Buying New Vehicles

Friday, July 30th, 2010

The ideal time to examine your car insurance coverage is when you purchase a new vehicle. You will need to buy car insurance for the new vehicle anyway. This offers the prefect way to implement auto insurance quotes that better fit your needs. There are several factors that directly impact the amount of money you pay for car insurance. Purchasing a new vehicle may qualify you for better rates than you were paying for your old vehicle.

Car Value Impacts Insurance Premiums

Your car insurance coverage should reflect the value of the vehicle that you drive. The insurance agency will calculate your premium, based on the potential costs of repairing the car if it gets damaged. Some vehicle types cost more to insure than others. When you buy a new car, do some research to see if your new vehicle will cost more or less to insure. When you purchase a more expensive car, you may choose to increase your coverage to secure protection in the case of an accident. If you buy an older car, you may choose to reduce the amount of coverage that you carry, because it will be less expensive to repair.

Life Changes can Save you Money

Getting new auto insurance quotes periodically; ensures that you are always paying competitive rates for your car insurance coverage. There are also several discounts that you can tap into. These are based on your age, the distance you regularly drive, your credit score, and the size of your family. Since many of these things change over time, it can be easy to miss out on discounts you are entitled to. Even if you don’t review your car insurance policy every year, reevaluating it when buying a new car makes sense.

Coverage Types Change Over Time

Insurance policies can also change over time. You may have signed up for a policy, which offers specific coverage no longer carried by the insurance firm. In its place is new coverage designed to facilitate your needs. Taking advantage of the transition from one vehicle to another, is the perfect time to fully examine what your policy covers, and whether or not it is still the coverage that you require. You may be surprised to discover the amount of money you could save annually, by dropping unnecessary car insurance coverage from your policy. Accessing auto insurance quotes online, will give you a good idea of what you should be paying, compared to what you are actually paying per year.

How To Tell Whether You Need More Car Insurance Coverage

Friday, July 30th, 2010

One of the hardest parts of purchasing car insurance coverage is selecting the right amount. A driver with less coverage runs the risk of financial devastation in a major accident. On the other hand, if you buy too much coverage, you’re essentially throwing your money away. Most drivers are confident that they’re buying enough coverage; however, tend to under-buy in order to find less expensive auto insurance quotes. It can be hard to tell whether or not you need more car insurance coverage. Drivers should evaluate their needs carefully before and during a car insurance policy’s duration.

First of all, don’t use your state’s minimum car insurance coverage requirements, as a measuring stick to evaluate your coverage needs. State minimum requirements are designed to provide basic insurance for every driver. They’re not, however, well suited to meet the costs of an accident. If you’re involved in a claim with state minimum coverage, there’s a good chance you’ll end up paying more out-of-pocket expenses. You’d want more liability coverage than what your state requires, and although most states don’t require comprehensive coverage, you need this coverage to protect your vehicle in any type of accident (and comprehensive coverage is usually required for financed vehicles).

In addition, look at your driving habits before collecting auto insurance quotes. Your driving habits greatly affect the amount of coverage you need. Frequent drivers usually require more coverage than less frequent drivers. Add-on coverage, like roadside assistance, is also more valuable to drivers who frequently leave their state of residence. You should even set aside funds in the event of a serious accident. Your policy deductibles should be affordable, while ensuring coverage will meet accident costs. This includes medical bills, vehicle damages, and car rental fees as your vehicle is being repaired.

It can be difficult to accurately assess your car insurance needs. By carefully studying your policy and driving habits, you’ll have a better idea of whether or not you need more coverage. You can also ask your insurance agent for advice. His or her job, however, is to sell insurance, so you’ll probably need a bit less coverage than recommended. Once you decide how much coverage to buy, reevaluate your needs every few months. This will keep you financially protected while on the road, and you can drive with peace of mind.

How To Resolve Your Auto Insurance Claim Quickly

Friday, July 30th, 2010

No one likes the auto insurance claim process. Unfortunately, there’s a high chance this will happen at some point over the course of your policy. Claims can greatly affect auto insurance quotes, especially for drivers who have never been involved in a claim before. The worst part is that claims can take several months to resolve. During this time, your insurance company will often send in claim investigators. There may be lengthy court cases as well. This is usually between your insurer, their insurer and other parties if you live in a tort state. Regardless, there are a number of ways to expedite the process of your claim.

First of all, it’s important to think before you act in an auto insurance claim. This is especially important right after an accident occurs. Avoid admitting fault, and write down every detail pertaining to the accident. If you’re making a non-accident claim, be precise and submit it to your insurance agent as soon as possible. Details can help prove your side of the story. If you can effectively show that you deserve compensation, there’s a better chance that you’ll receive timely remedies. Basically, the faster you report the incident, the faster your insurance agent can act in your favor.

There are times, of course, where an agent cannot act in your favor. To ensure a hassle free experience, avoid costly mistakes by following proper protocol. Make sure you’re following the insurance company’s policies exactly. Ask how long the process will take, and make sure to keep records of all of correspondence with the insurance company. This is especially important for any documents you sign or emails. If worse comes to worse, and you launch a complaint against your insurance company for claim delay, you’d want to have all the facts on your side. Simple record keeping can be extremely helpful to your case.

If you feel that your insurance company is intentionally avoiding claim payment, you need to contact your state insurance commissioner’s office. This is the legal office, which controls insurance laws in your state. They’ll be able to tell you what rights you have, and if necessary, will investigate insurer complaints. Making an official complaint will not affect your future auto insurance quotes. In fact with tedious cases, it can be a necessary step in expediting your auto insurance claim. If you want to resolve a claim as quickly as possible, it’s important to take note of the information provided here. Talking with your insurance agent and anyone else involved will help you get the information you need and help you stay ahead of the process.

3 Tips For Buying Your First Auto Insurance Policy

Friday, July 30th, 2010

Buying your first auto insurance policy can be a very confusing experience. Here are three tips to assist you in this process: educate yourself on basic auto insurance terminology, know what kind of coverage you will need, and compare different auto insurance quotes before making a final decision.

Car insurance policies are written in languages specific to the insurance industry. If you are buying your first auto insurance policy, it may be filled with a lot of words you have never seen before. It is very beneficial to understand the definitions of some of the most common terminologies. You need to understand the language of the auto insurance industry before you can proceed with an informed decision.

The following are a few of the terms you may find in auto insurance quotes. A Personal Auto Policy is the basic auto insurance policy most commonly issued. The Insured is the person covered by the insurance policy. Personal Injury Protection is coverage for the insured resulting from an accident, regardless of who is at fault. Policy limit is the maximum dollar amount a policy will pay out in a claim. Personal liability is the insured’s obligation to another party.

Secondly, know what kind of coverage you will need before purchasing your first auto insurance policy. There are legal obligations a vehicle owner is required to have for auto insurance coverage. There are two big factors in making this determination: state laws and auto loan holders.

The legal requirements for carrying auto insurance differ from state to state. Find out what the laws are in your state to ensure compliance. If you have borrowed money to purchase your car, or if you have leased your car, the lender will typically require you to carry specific coverage on your policy until the loan has been paid in full. Failure to comply could result in legal issues and possible revocation of your state driver’s license.

Lastly, shop around before making a final decision. Compare different auto insurance quotes from a few companies. Don’t simply go with the lowest quote. The lowest quote could be a policy with poor or inadequate coverage. Be sure you have the coverage when you need it.

When you’re shopping for your first auto insurance policy, these useful tips will help ensure you have the proper coverage. With knowledge of coverage options and insurance terminology, you will be able to compare auto insurance quotes and make an informed decision.

3 Things To Know About Your CLUE Report

Friday, July 30th, 2010

Most people are well aware of the importance of their credit score and how it can impact one’s ability to open a credit card, take out a loan and any other number of things. But did you know that there is a similar score that determines your home insurance and auto insurance quotes? The Comprehensive Loss Underwriting Exchange, better known by the acronym CLUE, is a database kept by the national insurance industry. Claims made in the past five years are recorded, and include everything from fires to floods to mold. The CLUE report also records the amount of money paid out for each loss. With over 40 million claims filed, CLUE is a big deal.

There are two main types of CLUE reports: Personal Property reports, which involve the history of losses, related to one’s home and all possessions other than cars, and auto reports that contain the history of one’s auto losses.

It is important to stay informed on CLUE and your insurance claims, as they can have a huge impact on your home and auto insurance quotes. Here are some things you should know about CLUE.

According to the Gramm-Leach-Bliley Act (GLB), financial institutions are required to send annual reports explaining the means with which they collect and share personal information with other institutions. Insurance companies are included, which means that they must let you know how they share information with affiliated and non-affiliated organizations. They are not, however, required to inform that information is shared with the CLUE database. As such, other financial institutions can influence a CLUE score. For example, a low credit score can negatively impact a CLUE report.

CLUE reports can be viewed annually for free, as with credit reports. It is important to stay on top of these reports, so that you will notice if incorrect claims are filed under your name. Since the CLUE report impacts insurance premiums, an accurate report will keep you from paying higher premiums based on faulty information. If you find errors on your report, you can have them corrected by contacting Choice Point. The organization will request evidence of claims made with a particular insurance company. If the insurance company does not provide evidence, the claim will be deleted off your report.

Inquiries and claims are not always distinguished in CLUE reports. Discussing a loss with an insurance company may be considered a claim, even if compensation is not provided. It is important to clearly state that you are making an inquiry and not filing a claim when requesting basic information from a representative. Otherwise, the insurer may mistake the inquiry for a filed claim that did not meet requirements for coverage.

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