Posts Tagged ‘auto insurance premiums’

When to Contact your Auto Insurance Company

Wednesday, February 10th, 2010

When was the last time you contacted your auto insurance agent?

If you’re like most motorists, the last time you thought about your auto insurance was the day you purchased it. However, in order to save your budget and ensure that your auto insurance meets your needs and wants, it is important to give your auto insurance some thought from time to time.

Here are some great times to contact your auto insurance agent:

  • When you buy a house - Most insurers offer both auto and homeowners insurance, which could save you big when it comes to purchasing a home. In fact, most auto insurance companies can offer discounts of up to 10 percent when you purchase both your auto insurance and homeowners insurance through the same company. Plus, it can lessen the hassle of purchasing homeowners insurance if you already have auto insurance through a particular company, as your bills and statements can be combined.

  • When you change jobs - If you change jobs and you find yourself traveling more or less, it is important to point this change out to your auto insurance agent. In particular, you may be able to save on your auto insurance rates when you can prove that you are spending less time behind the wheel. For individuals switching from working outside the home to working in the home, this can mean substantial savings on auto insurance.

  • Before you purchase a new car - One of the first phone calls you should make before purchasing a new car should be to your auto insurance agent. After all, if you are budgeting for a new car, you certainly don’t want to wait to find out about your monthly auto insurance premiums until after you purchase a car.

  • Every year - Always stay on top of your auto insurance rates, and don’t assume that just because you’ve been a customer for several years that you are getting the best rate. Check out other insurers’ rates and contact your auto insurance agent if you’re not so sure that you are still getting the best rate.

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Why so many Auto Insurance Carriers are Making Paying Auto Insurance Easier

Wednesday, January 20th, 2010

The flailing economy has brought upon many changes, both for consumers and companies. For example, many auto insurance carriers are making it easier than ever to pay auto insurance premiums. This is due, in part, to the large numbers of uninsured drivers in the United States. For example, the number of uninsured drivers has increased from 10 percent in 2008 to 20 percent in 2009, largely due to the economy and the loss of many jobs.

Auto insurance companies are now making it easier for their policyholders to pay their insurance bills instead of letting the policy lapse. Many policyholders see these changes as welcomed ones, as many individuals are not only finding it difficult to pay their auto insurance premiums, but to pay them on time.

There are a number of ways in which insurance carriers are making it easier for individuals to pay their auto insurance premiums:

  • Automatic deductions - Automatic deductions are usually the easiest way for individuals to pay for their auto insurance, as the monthly premium is simply deducted from their bank account at the same time each month. This eliminates skipped or missed payments, and eliminates the need to remember to pay yet another bill.

  • Website payments - Many insurance companies now have easy-to-navigate websites that allows policyholders to pay their premiums. Many times, these websites allow customers to pay at their convenience throughout the month, either using a credit card, debit card or a withdrawal from their bank account. Website payments are also handy, as they eliminate the need to write checks, pay for postage and wait for a payment to be processed.

  • Pay-by-phone - Another convenient way to pay auto insurance premiums is over the phone, using either a bank account and routing number or a credit/debit card. Either way, it is a great way to cover your auto insurance premiums, even when you forget about it until the last minute. Most pay-by-phone systems allow your payment to post almost immediately, thereby eliminating late fees.

There are many ways in which you can handle your auto insurance premiums, so check with your auto insurance carrier about their payment methods, and about any fees and service charges that may accompany them.

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Do you have Adequate Auto Insurance? What to Look for

Friday, January 8th, 2010

You sign up for auto insurance, pay your premiums on time and take for granted that your auto insurance is fully protecting both you and your vehicle. But is it really?

You may be surprised to find that many auto insurance policies are less than thorough, thereby leaving you inadequately insured if you become involved in an auto accident. Many individuals choose less-adequate levels of auto insurance to save money, but the reality is that you could lose tremendously more than the few dollars it would cost you monthly for a better policy should you have extensive medical bills and auto damage.

A comprehensive auto insurance policy should be comprised of several, key segments, including:

  • Liability - Liability is the part of your auto insurance policy that is required by your state. Without it, and you’d be breaking the law. Liability covers the cost of property damage or bodily injury to others caused by you in an auto accident.

  • Collision - Collision is an important part of any comprehensive auto insurance policy, as it covers the cost of your auto repairs should you become involved in an auto accident. Collision may also cover the cost of repairs if your car has been vandalized or burned, as well.

  • Uninsured motorist - If you are hit by another driver that is uninsured your auto insurance will step in and cover your bodily injuries and auto damage, provided you are covered by the uninsured motorist section of your auto insurance policy.

  • Personal injury protection - If you or your passengers have medical expenses and lost wages as a result of an accident, the personal injury protection part of your auto insurance will cover these expenses.

  • Medical payments - The medical payments segment of your auto insurance policy will pay your medical bills immediately, and will also cover your medical bills if your or anyone in your household is in any type of accident involving a vehicle.

  • No-fault insurance -  No-fault insurance, which is required in some states, is designed to cover all expenses in an accident, regardless of which driver was at fault.

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Love, Marriage, and Auto Insurance Costs

Monday, November 23rd, 2009

A new marriage means a new life with your partner, new experiences, as well as a few new financial challenges.  With the exchange of vows, you and your new spouse share more than just your love, hopes, and dreams-you share your credit scores and insurance costs too!  Before or soon after tying the knot, try these tested and true tips to save on your auto insurance premiums.

Joint Policy Custody

Once you are married, shop around for new insurance policies that offer package discounts.  Oftentimes, if you’re willing to purchase two policies-one for you, one for your spouse-then you can take advantage of added discounts.  If you do happen to find an attractive policy during your search, be sure to contact your current provider to inform them that you’re considering leaving in order to save on your costs.  With this announcement, your provider may be willing to negotiate a lower rate for you and your spouse in order to keep your business.

Choosing the Primary Policy Holder

While the stereotypes assert otherwise, studies show that women are far less likely to be involved in an auto accident.  Since women are statistically less prone to collisions and car wrecks, women can often take advantage of lower premium rates.  If this happens to be true in your relationship, then ask your provider about the savings benefits that can be gained from making the “Mrs.” the main policy holder.  With a woman as the primary driver, making the man the secondary driver, statistical odds are working in towards one’s favor, as insurance companies are forced to charge higher premium rates for drivers who pose greater risks.

Investing in Your Future

Once you and your spouse have been married for some time, you may be in the fortunate circumstance of having never been in an accident.  If this is the case, then you most likely have never had any need to make a claim to your insurance company.  Oftentimes, as insurance companies find claim-free couples to be very appealing and desirable clients, a provider may offer you a negotiation in order to maintain your “zero claims” status.  For example, if you and your spouse have been able to maintain your policy for four or more years without having to make a claim, then your provider may allow you to pay a small fee in exchange for a “zero claims” continued status.  If you opt for this plan, then you’ll be able to maintain your very low “zero claims” insurance coverage rates, even if you do end up needing to make a claim in the near future!

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Is Your Place of Residence Forcing Your Auto Insurance Premiums to Rise?

Thursday, November 19th, 2009

Believe it or not, your area of residence plays an incredible role in your insurance costs.  If you are in a high crime area, where your car may be at risk of theft or damage, then you’re forced to pay more for coverage.  Fortunately, if you are in an area that’s provoking higher coverage costs, then you can still reduce your auto insurance premiums by simply pursuing realistic alterations and changes.

Security and Savings

If you currently live in a high crime area, where your vehicle is in danger of a potential break-in, then contact your provider to find out if you can install any added security devices to more effectively protect your vehicle.  Oftentimes, if security features, such as  alarms or immobilizers, are up to date and reliable, an auto provider can effectively reduce your costs, as your vehicle is more optimally protected from thieves in the surrounding area.

Additional Security Measures

Adding to this, if you’re renting your current residence, or if you have flexibility to change your location in the near future, then choose your next rental property from a landlord with a security gate.  With a security gate, a residential complex is surrounded and closed off to random entrants; only current residents, as well as residents’ approved visitors, are able to access entry through the security gate.  Oftentimes, simply seeking these additional features can significantly help you save.

Parking

Regardless of the theft or potential hazards in your area, many insurance providers allow policy holders to take advantage of additional savings if their overnight parking is exceptionally secured.  For example, if a vehicle is stored in a parked garage each night, then a provider may be willing to cut back on your costs, as garage storage is far more protected than open parking or open street areas.  In fact, even if you don’t own a home with a garage, detached sheds and vehicle storage sheds can be easily purchased from a larger home improvements store.

On the other hand, if renting your current residence, find out if you can pay your landlord an added fee each month in order to store your vehicle in an available detached garage within your apartment / housing complex.

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How Will College Impact Your Home and Auto Insurance Policies?

Friday, August 28th, 2009

While sending one’s children off to college can certainly take its emotional toll, packing up your son or daughter’s belongings for their new dorm room can impact your home and auto insurance policies as well!

The Auto Insurance Costs of College Enrollment

As most parents readily recall, the day their son or daughter turned 16 and obtained their driver’s license was the same day they experienced a huge surge in auto insurance premiums. Fortunately, while parents may have had to pay a higher price to cover their young and inexperienced new drivers, the decision to head off to college will provide parents with a bit of auto insurance relief. If students enroll in a college / university that is within 100 miles of a parent’s home, then most auto insurance providers will offer specific student-based discounts and savings. If your son or daughter chooses to take their car to campus, then you can either continue to provide him / her with auto insurance on your existing policy, or you can have your son / daughter purchase their own separate insurance. Regardless of which option is decided, auto insurance discounts for students close to home should still be readily available. In fact, to offer greater incentives for your son or daughter’s collegiate success, remind him / her that their auto insurance provider may even offer advanced discounts for students with high grade point averages; known as “good student” savings, some companies will reduce a successful student’s auto insurance premiums by 10 to 30 percent-or more!

The Home Insurance Shifts of College Enrollment

Once you pack your son or daughter’s belongings to cram them into their tiny dorm room, check to see if your home insurance policy extends protection for their belongings in this new location. Generally, home insurance providers will extend coverage for dorm rooms if the dorm is specifically included as an additional room to one’s home. To ensure that you’re covered, find out if you need to make any policy changes or coverage extensions. If your child, for example, moves into the dorm with the latest and greatest electronics, it may be wise to boost your home insurance coverage to ensure that their pricey belongings are well protected from theft and / or damage.

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