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If you are being penny-wise in this economic crisis, that’s good, but not at the expense of your car insurance ! When the economy is going through a rough patch, it is a tempting notion to forget about car plans. Don’t make that big mistake. It’ll cost you ! Almost all states have minimum car insurance laws which makes driving without insurance a crime. You never know when you will figure in an accident and it pays to be prepared. A number of states conduct random car insurance inspections and if you are caught without one, penalties could be stiff. You could be fined, have your license suspended or you could do time in jail. Plus you have to pay another fee to reinstate your registration. Having all of these happen to you all at the same time could make your head spin!
November 27th, 2008 in
Tips |
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There are antique car insurance companies who are able to provide the sort of cover an older car needs. Many people choose to restore, then display their prized possessions, would never fail to insure it. By having a wide variety of auto insurance companies to choose from, the classic car consumer has the ability to choose the right type of insurance for their needs. Auto cover for an atique car will give the policy holder security knowing that the company is well established and with good reputation.Often, the cost of an antique car insurance policy is higher with this type. Lowering the cost of premium is by increasing the deductible above the standard limit. Finding an antique car insurance company might seem like hard work but it is far better than not having the car insured. It is a big loss if ever stolen or destroyed. It is better to be safe and have it auto covered for protection.
October 9th, 2008 in
Tips |
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If you’re looking to shave off a few dollars from your car insurance premium, here are some factors that may help you:
1.Your address – neighborhoods that have little traffic compared to congested cities are at lower risk for accidents,and translates to lower premiums. On the other hand, neighborhoods that have a higher rate of vehicle thefts may result to higher premiums.
2.Driving Violations – having a record of accidents or driving violations (such as speeding tickets, DWI, etc.) means that you are at a higher risk for accidents and will mean higher premiums.
3.Vehicle Type – the cheaper the car, the less it takes to insure it, get it?!
4.Accident Claims – insurance companies will check on the accident claims you’ve made in the past. The more claims, the higher premiums.
5.Credit Rating – having bad credit or no credit history at all isn’t going to help you. Better credit scores will save on insurance premiums.
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Many people are of the opinion that the driver without the insurance should be liable, it isn’t always that easy. Let’s face it, if the driver couldn’t pay the car insurance, there is no way that they will be able to pay for any damages to the other vehicle or property. Likewise if the other person is injured, then the cost of medical bills and loss of earnings are not going to be covered.
Anybody driving without insurance may feel that they have no other choice and that they try to drive safely. Many say that they cannot afford car insurance or if they could find cheap car insurance then they would be covered. The fact remains that if you cannot afford car insurance, then you cannot afford to dive.
In reality, people will always be able to afford things that are important to them. There are plenty of cheap car insurance products available to them if they modified their spending habits. For example, if somebody smokes or drinks, then they could cut down on those to enable them to pay for the insurance. However, that is easier said than done, and some are just unwilling to change.
SR-22 – A document required by the court for individuals convicted of certain types of traffic violations that shows proof of financial responsibility.
Third party – In an insurance contract, a third party is anyone other than the policyholder and the family members covered under the insurance policy. The policyholder is the first party. The insurance company is the second party in the contract. Anyone else is a third party.
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July 4th, 2008 in
Glossary |
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Limits – The most an insurance company will pay for a specific insurance coverage. Individuals can choose the limit that meets their needs. Many states have laws that specify the minimum limits an insured must purchase.
No-Fault Auto Insurance – Laws permitting the individual automobile accident victim to collect monies directly from their own insurance company for medical and hospital expenses regardless of whose fault the accident was. The idea is to discourage lawsuits by allowing policyholders to recover financial losses from their own insurance company without having to prove that anyone is at fault in an accident. Motorists may only sue for severe injuries and for pain and suffering if their case meets certain conditions. Eight states, including Colorado and Utah, require that you meet a minimum dollar threshold to be able to bring a lawsuit over damages over and above your economic losses. Florida, Michigan, New Jersey, New York and Pennsylvania use a verbal description as a threshold (i.e. severe disfigurement, disability or death). In New Jersey, Pennsylvania and Kentucky, when they buy insurance, motorists may choose to reject the lawsuit threshold and keep their right to sue for any auto-related injuries.
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June 1st, 2008 in
Glossary |
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There is a plan by the government that would require all drivers to have an insurance coverage. When crashes occur, many insured drivers are left out trying to get payment from those drivers who are not covered. Records show that there are at least one-third of drivers who do not have car insurance at all and insurance companies are spending almost $80 million annually collecting accident costs from drivers who do not have car insurance. Plus the possibilities that compulsory insurance could bring changes in the attitudes of drivers towards driving safely. In the process, number of accidents will be reduced.
The most common scam is the Staged Rear-End Car Accident. This way, a scam driver will deliberately stop in front of an innocent car causing a rear-end slam. Since it will appear as the fault of the innocent driver, the scam driver will be able to collect money for the damages in the vehicle. In addition they will fake medical injuries to collect furthermore. Another type is the Adding Damage. After the accident, it doesn’t matter whether staged or not, the scam driver will do some more damage to the vehicle and will account the damage to the original accident. Fake helpers could be part of a scam too. So be aware of those trying to be of help.
May 19th, 2008 in
Scams |
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Another way of a car insurance fraud is when someone would stage a car accident so then they can collect money from your car insurance. When a staged car accident happens, you are left with no choice but to pay. In the process, even your family will be affected. When the industry of insurance started way back, so is the insurance fraud. There are so many fraudulent car accidents that have been happening nowadays. In fact it has become an urbane structured crime already. But the good news is you can do something to protect yourself from being the next victim.
The latest innovation in paying your car insurance has gone its way. Norwich Union just launched the “Pay As You Drive” car insurance and it has taken a whole new way how car insurance is priced. Normally, the manner to which the car insurance is priced is very broad. Much to the disappointment of many drivers, most of the time, responsible drivers are indirectly paying for the reckless ones. In the “Pay As You Drive” pricing scheme, although you are insured the whole time, yet you will pay less during safer times of the day. A device will be installed to record your journey information and driving pattern that will reflect in your premium.
