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Archive for August, 2012

Tips For Transcending Typical Car Insurance Rates

Thursday, August 23rd, 2012

Many automobile insurance companies offer a free online car insurance quote to their site visitors, making insurance comparison-shopping much easier than it was before computers and the Internet became so prevalent. There are even companies online whose business it is to give you a handy way of comparing multiple quotes from several different insurance providers, making the job of finding out typical car insurance rates even easier. These quotes, however, are just general estimates of what one’s insurance costs should be, since there are so many factors affecting true policy cost that aren’t covered by a quick online car insurance quote.

There are various ways that typical car insurance rates can be raised or lowered, depending upon specific factors applicable to the person applying for coverage. As a general rule, having a faster or sportier car will increase someone’s rates, as will having numerous traffic violations or accidents. Insurance companies would much rather cover a driver with no tickets and no accidents since statistically, their risk exposure is less with these policyholders. That is one reason why younger drivers typically have increased car insurance costs since statistically; they are much more liable to cause a financial loss to the insurer by making a claim against their policy.

There are numerous ways to transcend typical car insurance rates that will not only save money on insurance premiums but also, theoretically, produce safer drivers. Enrolling in a defensive driving course or a driver’s education program at school is one example. Most automobile insurance providers give a discount to a driver who has successfully completed one of these courses. The graduate of one of these safety courses should, also, as a result of the training received, become a more capable and safer vehicle operator.

Another way to lower typical car insurance rates is to buy a car that the insurance companies consider less of a risk to insure. Fast and flashy cars cost more to insure than slower, more sedate looking cars because they are more likely to be involved in some type of incident that causes a claim. Not only do the make and model of a car have a bearing on this but also, for some insurance companies, even the color of a car will have an effect on the cost of coverage. Another factor is how likely it is that a particular model of car will be stolen.

An online car insurance quote doesn’t consider all these factors but is meant to give a more general figure that can be used in comparing one policy to another. Many things can affect the cost of car insurance, even the neighborhood in which one lives.

What The Salvage Value Of A Vehicle Is And What It Means For Insurance Claims

Sunday, August 19th, 2012

Car insurance rates can increase after an accident for a number of reasons. They may do so because the insurance company has decided that you are entirely or partially at fault or because you are living in a no fault state that prohibits seeking damages from another insurance company. Sadly, car insurance rates can increase even in situations where a car is so badly damaged that the insurance company chooses not to repair it. In these cases, the company will declare your car a “total loss” and give you an amount of money based on the current value of the vehicle. This can be difficult for drivers to accept, as they often believe that their vehicle could be repaired, but it is the insurance company that makes the final call. One element involved in the determination of car insurance rates and payouts after a car accident are the salvage value of the vehicle.

The salvage value of the vehicle is what an insurance company can get for your car by selling it to a junkyard or parts dealer. They will be unable to do this until you choose to sign your car over to them, but without this consent, they will not process a claim. The amount that the salvage yard gives the company will offset the amount that they have to pay you, and can help to lessen the impact of an accident on a car insurance claim. It works like this – if you are in accident, you will call your insurance company, who will send out an adjustor to assess your vehicle. If they deem it to be a total loss, they will ask you to sign the vehicle over to them. They will then give you a settlement based on the value of the vehicle on the current marketplace, adjusted for how well you have taken care of it.

The vehicle will then be taken to a salvage yard and sold. If your insurance provider is going to pay you $5,000 and the junkyard buys the car for $1,000, then it is only a payout of $4,000 that the insurance company has to make. The greater the value of your car to the salvage yard, the smaller the amount of money the insurance company will have to pay, and the less chance that your insurance premiums will increase.

A vehicle declared a total loss can be extremely disheartening for a driver, and hearing that their insurance premiums will also rise can be devastating. Fortunately, a vehicle will salvageable parts can help to offset this increase in car insurance rates for drivers who have been involved in a serious collision.

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