Posts Tagged ‘auto insurance’
Thursday, March 11th, 2010
We are all as cautious as can be on the roadway, but no matter how careful we are each time we get behind the wheel, chances are that we will, at one point or another, be involved in some type of auto accident.
So, the question is: are you well protected in case of an auto accident?
For many motorists, this question may be “no.” This is because not many of us give too much thought to our auto insurance policies. However, this can prove to be a very costly mistake.
If you don’t even know what kind of auto insurance coverage you have, or how much insurance you have, then you are certainly in good company; not many people understand their auto insurance policies, let alone fully understand their coverage amounts.
- The first thing you must do when purchasing auto insurance is the policy and its price. The first question you may want to ask yourself is: is the coverage worth the price? And in order to answer this question, you must do your homework and compare prices between several auto insurance companies.
- Before you can begin comparing prices and policies, you must understand what coverage you want and/or need, as coverage amounts can greatly dictate the price of the policy. Consider such factors as: insured parties; passenger coverage; third party and theft; fire damage; and accident damage.
- Another factor to consider when shopping for auto insurance is the insurance carrier. The insurance carrier you choose is very important, as it will be your first point of contact following an accident. Research the company, its history, its financial stability and, perhaps most importantly, reviews by other customers regarding their customer service and coverage.
There are several resources you can use to research your auto insurance company, including your state department. Simply head to your state department’s website and you will find a plethora of information regarding the auto insurance carrier whom you are considering. You may also want to ask friends and family for their opinion, as they can be a great source of information and advice. Additionally, insurance review and comparison websites offer robust and often in-depth coverage of insurance policies.
Finding a great auto insurance policy isn’t hard, but it does take some time and research on your part. It is important to remember that your choice of auto insurance policies can mean the difference between overpaying for an undervalued policy, or even getting caught in a situation where you are underinsured and financially responsible for a great deal of money. In short, take the time to find the best auto insurance policy for your specific situation and budget.
Tags: accident damange, auto accident, auto insurance, auto insurance coverage, auto insurance policy, fire damage, innsurance carrier, insurance review and comparison websites, insured parties, passenger coverage, purchasing auto insurance, theft
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Friday, March 5th, 2010
Although auto insurance policies differ based on coverage amounts, deductibles and the insured driver, among other things, there are a number of items that nearly every auto insurance policy will have. Each type of coverage may be worded differently from one auto insurance policy to the next, but they are general in terms of what they protect.
Keep in mind that auto insurance minimums will depend on the state in which you live, so always check your state’s minimum coverage amounts.
The following is the framework of a general auto insurance policy:
- Bodily Injury Liability - This section of your auto insurance policy covers any injuries that you cause to another individual. Bodily injury liability insurance is a must because you may be sued by another motorist for a large sum of money. If you don’t have enough liability insurance you could be risking your other assets, such as your home or your savings. Most states have state minimums regarding liability coverage.
- Personal Injury Protection - This section of your auto insurance policy covers any injuries that you or your passengers sustained while in your vehicle. Personal injury protection covers medical payments, lost wages and even funeral costs.
- Property Damage Liability - This section of your auto insurance policy covers any damage you may have caused to someone else’s property. This may include their car or their property.
- Collision - This section of your auto insurance policy covers the damage to your car when you are involved in a collision with another car. Your collision coverage will likely come with a deductible.
- Comprehensive - Comprehensive coverage reimburses you for loss due to theft or damage, provided it wasn’t a result of a collision with another car or object. Comprehensive insurance usually has a deductible.
- Uninsured Motorist Coverage - This section of your auto insurance policy covers you or a member of your family if you are hit by an insured or hit-and-run driver. This coverage may also be used when you are involved in an accident with an underinsured motorist or if you are hit as a pedestrian.
Tags: auto insurance, auto insurance deductibles, auto insurance minimums, auto insurance policies, auto insurance policy, Bodily Injury Liability, Collision, comprehensive auto coverage, insured driver, personal injury protection, Property Damage Liability
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Monday, February 22nd, 2010
With cars come car accidents and claims. Not many of us can say we were never involved in a minor fender bender at one time or another; and, as such, most all of us have had to file a car insurance claim.
Although car accidents will likely happen sooner or later, they don’t have to be a great inconvenience. In fact, you can submit a car insurance claim in a relatively painless fashion, provided you understand which steps you must take to facilitate the process of filing a car insurance claim.
Use the following tips to help you file a car insurance claim and get on with your life as soon as possible:
- First of all, before an accident ever occurs, make it a point to fully understand the terms and conditions of your auto insurance policy. If you don’t have a clear understanding of your policy’s benefits and limitations then you may be in for quite a surprise when it comes time to filing a claim.
- Make sure you and your passengers are all right and that no one needs medical attention. If the car accident is more than a simple fender bender you may want to seek medical attention for yourself and your passengers, just in case.
- Exchange all information if another motorist was involved in the accident. Do not leave the scene until you have secured the other driver’s name, address, phone number and insurance company (including the contact information), regardless of whom was at fault. If the other driver seems reluctant to provide you with his/her contact information or if they appear to be intoxicated, agitated or angry, it is best to contact the police so they can make a police report of the accident.
- Obtain the names and contact information of any witnesses on the scene.
- Notify your insurance company about the car accident as soon as possible. Your insurance company will likely assign an insurance adjuster to your claim and review the report to determine who was at fault. If the accident is determined to be your fault, you will likely need to pay your auto insurance deductible regarding your damages. However, if the other driver was at fault, you will not have to pay out your deductible to have your damages covered.
Tags: auto insurance, auto insurance claim, auto insurance policy, car accident, car insurance, file a car insurance claim, insurance adjuster
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Friday, February 19th, 2010
Do you know the right steps to take when purchasing auto insurance?
Although you can just as easily choose a company out of the Yellow Pages and purchase your auto insurance through them, it really is in your best interest to do your homework and go through the proper channels so that you can be sure you are receiving the most comprehensive auto insurance at the most competitive rates.
Your auto insurance checklist:
- Check out your state’s auto insurance requirements. Each state has their own set of minimum auto insurance requirements that must be met in order to own a vehicle, so make it a point to educate yourself on these requirements before you begin the process of shopping for auto insurance.
- Determine your budget and how much you can afford each month for auto insurance. Don’t make the mistake, however, of choosing less expensive auto insurance that does not provide adequate coverage. Remember: consider not only your monthly auto insurance premium, but also your out-of-pocket expenses should you need to file a claim. Often times, it makes more sense to pay a slightly higher auto insurance premium than to be stuck with a high deductible in the event of an accident.
- If you have coverage now, contact your auto insurer and ask for a detailed description of your auto insurance benefits. This will allow you to easily compare your current coverage with other auto insurance policies.
- Inquire about discounts. For example, many insurers will offer significant discounts for individuals who carry more than one policy through them. Many people, for example, carry both their homeowners/renters insurance and auto insurance through the same company.
- Before you decide on an auto insurance company, check their financial stability and ratings through your state’s insurance web site. You can ask friends and family members for their recommendations regarding auto insurance policies, and you may also contact your local BBB for information on them.
- Make sure you go through the proper channels and cancel your current policy only after you have secured a new one.
Tags: auto insurance, auto insurance benefits, buying auto insurance, competitive auto insurance rates, comprehensive auto insurance, minimum auto insurance, purchase auto insurance
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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.
Tags: auto insurance, auto insurance agent, auto insurance company, auto insurance milage, auto insurance premiums, auto insurance rates
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Wednesday, January 27th, 2010
An auto insurance policy is generally straightforward; however, it is important to fully understand the details of your policy so that you can be assured that you are adequately protected if you need to file an auto insurance claim.
Your Auto Insurance Policy: Understanding the Various Sections
- The first part of your auto insurance policy involves three numbers separated by slashes. This section of an auto insurance policy is often the most confusing to auto owners. However, these numbers are quite easy to understand.
The first number is the maximum coverage for your policy, per person. In other words, the initial number equals the total amount of bodily injury coverage for each person. The next number is the total amount of bodily injury coverage. In other words, the first number may be $100,000 and the second number may be $300,000, so the total amount of coverage for bodily injury is $300,000, or $100,000 per person. The third number equals the total amount of property damage coverage for your auto insurance policy.
- The next section of your auto insurance policy includes the policy’s declarations, and also includes information about your vehicle, the drivers on the policy, the monthly premium for your policy and details of the limitations of your coverage. This section also includes additional information on your policy, such as rental car reimbursement; these additional benefits are usually referred to as riders on your policy.
- The next section on your auto insurance details and defines the language used in your auto insurance policy. This section is designed to help you understand your policy, so it is common to see auto insurance definitions in this section. This section will also help you understand the process of filing a claim and your responsibilities as the driver of the vehicle.
- The last section of your auto insurance policy will detail your policy’s exclusions. In other words, this section describes situations in which your policy would not cover you. This is an important section to read and understand, as it will clearly detail your rights and limitations under your auto insurance policy.
Tags: auto insurance, auto insurance claim, auto insurance policy, bodily injury coverage, limitations of coverage, maximum coverage, policy declarations, policy riders, property damange
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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.
Tags: auto insurance, auto insurance automatic deductions, auto insurance carriers, auto insurance premiums, auto insurance website payments, paying auto insurance
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Thursday, January 14th, 2010
Auto insurance is a very important part of owning a vehicle. Operate without it and your breaking the law. Without adequate insurance, and you’re left holding a very expensive bill.
In other words, it is vital that you obtain the most comprehensive auto insurance that your budget will allow. With that said, there are a number of common auto insurance questions that many car owners ask when searching for the best auto insurance to suit their needs and their budget:
Q: How do I determine what kind of protection I need?
A: There are many factors that determine which kind of protection you need. If you are single, for example, your auto insurance needs will differ greatly from another individual of your age that has a teenager or a spouse, for example. When shopping for auto insurance, remember to inform your insurer about your family situation, as well as your past driving record, your automobile make and model and any other factors that you think may change your auto insurance needs.
Q: What are the different types of coverage available to me?
A: There are several different types of auto insurance coverage available to most individuals. The auto insurance coverage you choose will depend mainly upon the state in which you live and whether you own your vehicle outright or are financing it. First, find out about your state’s minimum auto insurance requirements; this is essentially the auto insurance coverage that your state requires for you to get behind the wheel of your vehicle. Second, decide how much you can afford to spend each month on auto insurance. And lastly, make sure your auto insurance coverage will protect you financially in the event of an auto accident.
Q: Where can I shop for auto insurance?
A: You have a number of options when it comes to shopping for auto insurance. You can call local companies for quotes, or even surf the web and request online auto insurance quotes. But perhaps the most important thing to remember when shopping for auto insurance is that auto insurance between companies can vary greatly, so it is always in your best interest to shop around for the best auto insurance rates.
Tags: adequate insurance, auto insurance, auto insurance needs, auto insurance questions, comprehensive auto insurance, minimum auto insurance requirements, shop for auto insurance
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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.
Tags: auto accident, auto insurance, auto insurance policies, auto insurance premiums, collision insurance, comprehensive auto insurance policy, liability insurance, no-fault insurance, uninsured motorist
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Thursday, December 31st, 2009
What better time to review your insurance policies than at the beginning of the New Year?
Reviewing your financial health and security is an important annual step to take. It is a great way to revisit your needs, wants and budget and to decide whether your current insurance polices are still working for you.
- Life insurance - Review your life insurance policy amounts and consider whether your coverage is adequate. Consider your mortgage balance, your family dynamics and your children’s age when deciding how much life insurance you need. Don’t forget to consider additional life insurance while you are young and healthy - although many individuals don’t think about life insurance during this time in their lives, the fact of the matter is that life insurance rates are incredibly cost-effective at this time.
- Disability insurance - Take a good look at your current income versus the amount of money you would receive in the event of a disability. This amount may be inaccurate, particularly if you received a raise or changed jobs at some point throughout the year.
Consider your group disability policies and your private disability policies, as well as your Social Security benefits. All of these sources of disability insurance need to be considered before you can make the best decision regarding your private disability insurance policy.
- Auto insurance - Don’t get caught up in complacency when it comes to your auto insurance. Check your rates every year and pay close attention to the rates of other auto insurance companies. Remember: what may have been a good deal just a couple years ago may not be such a good deal now. Make sure your policy meets both your needs and your budget.
- Homeowners insurance - Have you made any major renovations or improvements to your home in the past year? Have you added on or built a new back deck? Have you added a swimming pool or installed a new security system? Any one of theses changes can affect your homeowners insurance rates, so make a checklist of all home improvements you have made over the last year and contact your insurance agent to discuss whether these changes will affect your homeowner’s insurance policy.
Tags: auto insurance, budget, disability insurance, financial health, homeowners insurance, insurance policy, life insurance, review insurance policy
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