Showing posts with label car insurance. Show all posts
Showing posts with label car insurance. Show all posts

Dec 3, 2019

Six Ways To Reduce Your Car Insurance Premium in Less Than a Year

We all want to save money on car insurance. If you’re looking for ways to cut costs, have you considered an attempt at lowering your premium? You might assume that your premium is set in stone, and there's nothing you can do about it. The truth is, you’re not as powerless as you may think.

Part of the solution is understanding how premiums are calculated, what insurers consider to be higher risks, and adapt your behavior accordingly. Other approaches are relatively simple takes on consumer smarts that you probably already use in your everyday life. You don’t need to become an expert on the insurance industry, but a little effort can go a long way when it comes to spending less money on car insurance.

We’ve been digging into the industry to give you a head start. Adopt a few of these measures, take a smart approach to your auto insurance, and within a year you can see some great changes to your premiums.


1. See What’s Out There


The obvious way to save on your insurance premiums is to shop around for the best deal. If you’re not happy with your current provider, take the time to research other options. Get quotes from as many companies as possible. Insurance companies look at your credit score when preparing your quote, but these are soft inquiries. Unlike hard inquiries, they won’t lower your credit score. You have nothing to lose and everything to gain by shopping around.

Every insurer’s website will make it sound like that company is the best. That’s why it’s important to be discerning when looking at online information. Along with getting quotes, it’s wise to do some research on the provider. Look up the company on the Better Business Bureau to see complaints from past customers. The tried-and-true method of asking friends and family members for recommendations works too. Failing that, you can look for consumer reviews online.

2. Check Your Credit Score


A great credit score is necessary to make progress in the modern world. If your credit is suffering, you’re most likely paying more than you should for car insurance. As we mentioned, insurers use a customer’s credit score to determine their premium costs. Research has shown that people with good credit are less likely to file insurance claims.

Fixing bad credit can be a struggle, but it’s worth it. The time will pass either way, so make sure that everything you’re doing can help improve your future credit. Even if you’re already quite responsible, it’s still wise to check your credit report often. Mistakes happen, but if you can correct them quickly, they’ll be less likely to affect your premium.

If you’ve recently improved your credit, congratulations! You’ve accomplished something great. Now is the time to get quotes and ensure that you can save as much as possible.

3. Be Protective


Providers determine premiums based on many factors. One of them is the likelihood that your car will end up stolen. Your insurance company might be willing to lower your premium if you install an anti-theft device in the vehicle. The level of discount is often determined by the type of device you have. Immobilizers are extremely attractive to insurers because they actively disable the vehicle, therefore unless the thief has access to a transporter, your car’s going nowhere. Many insurers also look favorably upon GPS trackers, as these can assist in the recovery of the vehicle following a theft.

Likewise, you also may be able to get a discount for demonstrating that you’re a safe driver. It is common for insurers to lower your premium after you’ve gone a certain amount of time without filing any claims. While you can’t control the behavior of other drivers, you can make yourself a more attractive risk to insurers by putting effort into improving your own abilities. Most policy providers will provide discounts to drivers who have completed a state-approved defensive driving course. Often there are options to take a purely online course, but it is best to check with your insurer what their requirements are before booking lessons.

4. Drive Less Often


This option isn’t for everyone. If you work from home or otherwise don’t get out much, take advantage of the low-mileage discounts offered by many providers. Less time on the road means less risk of an accident or theft. Your premium should reflect the number of miles driven in a year. The threshold for a low-mileage discount can vary, but usually this clocks in at less than 7,500 miles per year. It may be the case that you’ve spent years only taking occasional journeys, but your carrier will not be aware of you average driving distances unless you let them know. Give them a call to discuss your usage, and inquire about the possibility of this discount.

5. Consider a Higher Deductible


This idea might seem counter intuitive at first, but by requesting a higher deductible, you can often save on your premium. You’ll be taking a risk that could result in owing more in the event of an accident. It’s also possible that you’ll never have an accident at all. This is really a case of spending some time carefully assessing the amount of risk you’re comfortable with. Look at the crime rates in any areas your car is usually parked for significant periods of time. Do you tend to drive on roads with higher accident rates? Honestly assess your own driving skill too — are you confident that you behave in a risk-averse manner? If you feel that there is a markedly lower chance of you making a claim, it may be time to raise that deductible.

6. Drop Full Coverage


There's a misconception that it's best to keep all vehicles insured with a full-coverage policy. This isn’t always true. If you have an older car, you could consider switching to the minimum amount of liability coverage required by your state. When the value of the car is so low that it will be totaled in the event of an accident, a full-coverage policy is unlikely to be worth the cost.

If you currently have a high-priced comprehensive policy, and are reluctant to take your coverage down to the minimum required liability, it’s worth considering a point in between these poles. Many insurers also offer collision cover as an option. This doesn’t go as far as your full fire and theft cover, but it protects you in the case of damage caused by collisions with other vehicles and objects. It also provides cover for damage caused by hitting potholes.

As you can see, it’s possible to lower your insurance premium. The more you can improve your financial situation and track record in life, the more benefits you’ll receive. Insurance companies want to work with responsible, safe drivers who create as little risk as possible. Be on your best behavior and stay safe on the road, and if you don’t like your current insurance provider, don’t be afraid to look elsewhere.


May 17, 2019

Is Your Car Insurance Premium Affordable? Here’s What You Should Know!

Car Insurance Premium


One of the important questions that makes people feel perplexed is how financing a vehicle affects your car insurance rates. Well, the answer relies on how is insurance going to affect you?

Is having auto insurance is all about protecting the vehicle from the road accident or crashes. However, on the wheels, things, like being involved in an accident or getting a traffic ticket, are not just the deciding factor for care insurances. 

There are things like credit score, geographical locations, and more that will decide your much you will pay for your car insurance.

Have a look at common factors that will help to determine your car insurance premium:

The Type Of Vehicle You Own: 

Of course, the insurance of a luxury car vehicle like Mustang and Mercedes would be higher than the insurance rate of a normal car. But, why? This is because a high priced car has high repairing and replacing cost than other regular models.

Moreover, the high-octane cars can easily barrel down the road 100 mps, putting the driver and the vehicle at the risk of car crashes. This, in turn, can increase your insurance rates as the insurer often look at how safe the vehicle is to drive and how well the driver has kept it.

Some insurance provider also looks at the amount of damage your vehicle can have on other vehicles. So, if your vehicle model has a high chance of putting damage, the insurance provider will charge more for liability insurance. However, a car with high-end security features might qualify for the discounts.

Overall Driving History: 

The better and improved your driving record, lower will be your very cheap car insurance. If your car has suffered more accidents and you have been in serious violations, you likely pay more. Apart from the accidents and traffic tickets, driving with an intoxicated can, reckless driving and more can get into your insurance premiums.

Where You Park Your Vehicle Also Matters: 

The location where you park your car equally contribute to the rise and fall of insurance rates. While setting rates, the insurer judge where you have parked your car and how you have kept it outside the office. Car owners who like in areas where there’s a chance of vandalism, theft, and accidents are high; they will pay high debt than the other small-town or rural areas.

While setting car insurance rates, the insurance providers will look at your ZIP code to identify the neighborhood crime rates. Other location factors, which affect your car insurance rates are:

• What kind of weather will hit your region
• How much vehicle insurance frauds occur in your locality
• How much car repairs cost in your area

Driving Routine: 

Do you use your vehicle for long commutes regularly? If yes, your insurance provider will ask you to pay high for your car insurance. Why? Because more miles of travel will contribute to more risks and more car crashes.

Vehicle Credit History: 

How efficiently you handle your credit score affects not only your mortgage or credit card but also on how much total amount you spend on the car insurance. Your credit report, payment history, credit utilization, and more will also define your vehicles insurance rate. Not-so-great credit score can also trigger a whop in insurance rates. Also, keep in mind that credit-based insurance is not the same as the normal credit score that you apply for a car loan. A normal credit score will examine how likely you repay the load, but the credit-based insurance score will consider credit history.

Driver’s Age: 

Younger drivers having little to no-road experience will have to pay a steeper price to get behind the wheels. But, why? This happens because the teen is a higher risk of road accidents and crashing than the drivers of another age group.

Now that you know how the insurance rates vary to keep the above tips in mind and get affordable car insurance.

May 10, 2016

5 Immediate Steps to follow if you have had a Car accident

Are you looking for auto insurance?
It is extremely stressful if you are involved in a car crash. Whether you have caused it or not, is not the question of the moment. If you are involved in a car accident, you should first follow a basic set of rules to ensure that you are in the all-clear, physically as well as mentally. Many people start worrying about insurance the moment they are involved in an accident. Whether you are looking for auto insurance in Garden Grove or Orange County, it doesn’t matter. What matter is that all the parties involved in the accident are fine.

Those who are in such high-stress situations are normally confused and do not know what to do. If you are unsure, always call 911 (in USA) to the scene and seek the assistance you need. Do not try to handle the situation on your own as you might be in shock and will not realize the dearth of the situation.

Oct 2, 2013

Laser Blast and Rampaging Robot Damage Not Covered: Insuring the Cars of the Future

Edward Oberg, currently on hiatus from the insurance game, now spends his time reading pulp genre novels, shaking his head in dismay at the state of movies these days, haunting yard sales and hunting for the monster brook trout that delights in mocking him. He has vowed to defy the accepted wisdom regarding boring insurance reps by being extremely interesting.

The 1989 classic (it’s classic to me at least) action/sci-fi/comedy Back to the Future II introduced its audience to a wild, sci-fi, semi-dystopic cyberpunk-y future in which businessmen wear many ties at once, the Japanese pretty much run the United States, holographic sharks leap at you from movie marquees, bio-enhancing implants are available to the local bully, hovering skateboards abound and, most importantly, hovering cars are the most common form of transportation. (And they run on garbage-fueled cold-fusion reactors.) So when will all of this come to pass, according to the movie’s creators? In the year… *dramatic pause* …2015.

May 24, 2013

When An Accident Happens, Who Should You Call?

Car accidents happen every day, and when they happen to you, you should know who to call. Of course you should first call for an ambulance or medical attention if someone is hurt. The next two calls should be to report the accident to the police and your auto insurance company.

After all of those calls are made, you can call a family member or friend to let them know what happened. In all accident cases, whether they are just a minor fender bender or they are much more serious, you absolutely should get the police and your car insurance company involved.

May 1, 2013

Insurance for Commercial Vans

While insurance is essential for any kind of business, a business owner often needs to make decisions on what to insure and to what extent. Insurance for shop space, for storage space, during transit, etc. are all decisions that needs to be made. Considering this, the ultimate delivery of goods and services is often done via a commercial van. Many small businesses have commercial vans that are the linchpin of the business.

Jan 27, 2013

Car Insurance: Choose the Best Deductible for You

A car insurance deductible is the sum in damages that the customer has to cover using personal resources before the insurer steps in to cover the remainder. For example, if a customer has a $200 deductible and sustains $2,000 in damages to the insured car, that customer has to spend $200 on repairs while the insurer covers the remaining $1,800. Most customers can find car insurance policies attached to a range of possible deductibles. Choosing the right deductible can help them secure enough protection for their cars at reasonable prices.

Aug 14, 2012

Insurance Ideas to save you a Fortune

Insurance, of any kind, is not the most exciting of tasks to approach but on the other hand, it is a very important one and one to be done properly. An insurance policy needs to cover you in all eventualities to save you money and worry should anything happen to your vehicle.

Insurance policies come in all different shapes and sizes so choosing the right one for you is imperative. There is something for everyone and with the market growing online; you can click for a quote in a matter of minutes. You can save money and search hundreds of different companies in minutes for the best quote by using the available comparison sites online. It couldn’t be easier, but, be sure to know what you’re looking for before you dive right in there.

Jan 5, 2012

4 Bills You Can Save on by Paying Online

Online bill pay is infinitely better than snail mail how many times have you mailed a bill payment just to have it not arrive at its destination on time or even at all? Mailing payments to your creditors is iffy at best, but online payments are generally immediate and, after you print out a receipt, you’re done. No guesswork, no worries. Online bill pay can certainly make this a course of action that is a good deal easier for everybody. Paying your bills online makes life so much simpler by saving money and freeing up time and leaving you with the assurance that there will be no interruption in coverage due to a premium lost in the mail.  

A few tips about how to save money on your Car Insurance

Auto insurance is often one of the top five highest expenses in a typical family’s budget. With the cost of accidents so high, States require that every automobile on the road must have at least liability coverage. In addition, since many people finance or lease their cars, banks require full coverage until the car is completely paid off. With so many requirements for insurance, it is no wonder that drivers often find themselves “insurance poor.”

The good news is there are a handful of things that many drivers and families can do to reduce their insurance rates and put a little more of their hard earned money back in their pocket. Below are some of the best ways to get that premium lowered.

Nov 24, 2011

5 Types of Car Insurance you might not need

In every state, drivers must be able to prove that they can take financial responsibility for any damages that result from an accident that they cause. They don’t have a choice in this matter, but they do have a choice when it comes to the types of insurance they purchase for their own vehicles. These optional policies can be very good for some people, but others may be able to save money by forgoing this optional coverage.

Oct 27, 2011

Understanding what you pay for with Comprehensive Auto Insurance

Comprehensive auto insurance - it is something most drivers have no choice but to carry, but something many of us do not really understand.  Honestly, it is something most of us have not taken the time to understand, often because we do have little to no choice but to carry it.  However, if you take the time to understand what comprehensive car insurance is and what the options with it are, you can not only feel better about paying for it, but you might also find ways to reduce the expense.

Oct 17, 2011

Top 7 Ways to Save on Car Insurance


We all have to pay for car insurance, but that doesn't necessarily mean that we all have to pay the same price. You may already be paying too much for auto insurance when you actually qualify for discounts and benefits that can keep your rates low. If you're looking for ways to save a little extra money each month on car insurance, consider the following top seven most effective ways to save money without sacrificing protection.

Oct 16, 2011

What causes my Car Insurance Premium to change?

Basically, a car insurance premium is another way of saying car insurance bill or fee. When an insurance company accepts you as a driver, they are taking on a risk that you will sustain some form of motor vehicle incident which could end up costing those thousands of dollars. While most people do not incur any incidents whatsoever, they still must make their car insurance premiums.

May 21, 2011

Understanding the Underwriters and Car Insurance

Underwriters are the ones who make all the decisions behind your car insurance policy. They are the ones behind all insurance companies and decide whether the claim is to be paid or disputed. They are the ones behind the scenes of your insurance company and are the ones who determine the premiums cost based on a number of factors.

Who are the underwriters?
Before you purchased your policy or were getting car insurance quotes, find out who are the underwriters of your potential policy. Some of the better car insurance companies will actually underwrite themselves. If they do not actually underwrite the policy, you might want to investigate and research more on the underwriters themselves before buying the policy. It is simpler if the company that you are buying off actually does the underwriting themselves, as you know when it comes to time of claiming they will not be palming your situation off to another company.

Major players:
The majority of car insurance providers actually have their policies underwritten by the same major players, but it is still better to choose a company that does it themselves, or you are essentially buying from a broker. Underwriters are big name companies that have a huge financial base and have been around for a long time. Some smaller insurance companies may be underwritten by Company A, which is then underwritten by Company B. You can see how complicated this may get and decision making may take a long time. The underwriters are the company that you need the trust in.

Assessment: In the instance of a claim, it is the underwriters who will look at the situation and if they think that something is suspicious, or there are any discrepancies, or the incident requires more information, they are the ones that will investigate the incident further. This will include communicating with police and other bodies. They will also be making a claim against people too. Look at the situation where you are claiming that you are not at fault, but the other person is also claiming they are not at fault, and you can see how the situation can spiral out of control, and why you need to get as much information as possible at the point of the accident or incident.

Just a shop front: Understanding this situation you can see that many 'insurance' companies are actually just shop fronts, and all they do is notify you of the decisions made by the underwriters. This is certainly something to consider when you are purchasing a protection policy.

Track record: Even if you change insurance companies, you might not actually be changing underwriters, and this may be a big consideration for you. Remember everything goes down on a record. If you are ever denied car insurance for example, this will go down on a record somewhere too. Underwriters are the ones who like to keep all the details and do all the number crunching and decision making. You will want to look at the track record of the underwriter too.

There is nothing worse than paying for years on an insurance premium and not getting the service and car you expect when something goes wrong. You need to research as much as you can yourself.

May 20, 2011

New York residents paying for crime in Car Insurance

New York residents who own cars are being forced to pay for crimes that they never committed. Because of an increase in fraud that is connected to no fault insurance claims, people in New York are now having to pay even more for their insurance. They are having to pay, quite literally, for the actions of others. This is what makes this situation so difficult for those who are involved. They feel that there is nothing that they can do. They feel that the situation is completely unfair, and they are right. Something needs to be done to stop this turn of events right away before more innocent people are forced to spend their money.

On one hand, it is clear why this kind of thing has to happen, at least from an insurance standpoint. The companies need to charge more because they are beginning to lose money with all of the fake claims that are being filed. This is how insurance has always worked and no one should be surprised. This is how it works if someone gets in an accident. They have to pay more, later on, to make up for the money that they cost the company. This is very different because it involves fraud, of course, but the consequences, from a financial standpoint, have to be the same.

What this means, then, is that action needs to be taken to stop people from committing fraud in the first place. Action does not need to be taken against the insurance companies, save to say that they should work harder to find cases of fraud and refuse to pay them. If they could do this, they would save money, helping to drive the prices down for everyone else. This would be very beneficial, but it is probably a lot harder to do in practice than it sounds. This is, after all, a rather complicated business. No one would want companies to go too far the other way and to start denying claims from people who really need the help.

It is difficult to say what needs to be done to stop the fraud. Concentrating efforts to close down crooked clinics and repair shops would be a good start. The people working at these places could then be banned from working in that profession again. That would stop them from setting up another business after one was closed. They would not be able to help the fraud happen multiple times.

The idea of making it so that people who are convicted of fraud cannot get insurance again is a good one, and that should be enforced at the very least. If people have broken the law in the past, they have given up their ability to be trusted. They have given up their right to have insurance at all. If they were denied it, this would keep them from doing the same thing again in the future. It would also act as a deterrent that could keep others from trying fraud as well.