Posted by Tom Carolan on Mon, Jul 12, 2010 @ 06:27 PM
There are many risk factors that auto insurance companies use to determine different types of drivers' auto insurance rates. We have put together the risk factors to identify the particular driver that enjoys the best auto insurance rates.
This is the profile of the perfect driver from an auto insurance companies point of view.
- This driver is typically female, since women are statistically safer drivers than men.
- This female driver has an impeccable driving record, without any accidents.
- She is married, and she is between the ages of 50 and 60, and has been driving many years.
- She lives in a rural area, and drives an economical automobile equipped with alarms and a GPS tracking device.
- She has a college education, and has a very good credit score.
- She works very close to home, therefore keeping annual mileage to a minimum.
- If she insures more than one vehicle, then she's getting the absolute best rates available.
Posted by Tom Carolan on Wed, Jun 23, 2010 @ 03:38 PM
How can increased gas prices lead to lower auto insurance rates? Well, when drivers don't drive as often, there are less accidents on the road. When auto insurers' accident claims begin to diminish, rates for auto insurance go down.
With gas prices remaining very high, Americans are not driving as much as they used to. In May of 2008, the Federal Highway Administration reported that drivers in the U.S. are driving at an historic low. The VMT (vehicle miles traveled) in March of 2008 dropped by 4.3% compared to the previous year. This marked the steepest dip since 1942, when the Federal Highway Administration began reporting traffic trends.
For an auto insurance company to adjust its rates downward, they just need to file their new rates with each state that they conduct business in. They are not limited to filing at certain times; they can file adjusted rates at any time and respond to fluctuations in the market very quickly. Numerous states have a system called "use and file", which allows insurance companies to implement the new rates and file them officially afterwards.
Competition can heat up when rates begin adjusting, either upward or downward. In states that require an approval, they cannot adjust their rates as quickly as insurers in states that allow the system of "use and file". California and New York are among the states that require a prior approval before new rates are allowed to be enacted.
Posted by Tom Carolan on Tue, Jun 22, 2010 @ 06:00 PM
If you have an excellent driving record, drive a non-flashy car, drive few daily miles, have excellent credit, are married, and are over the age of 50 you should receive the best auto insurance rates, right? Not necessarily. If you live in one of these cities, your auto insurance rates are much higher here than in most cities because of the frequency of car thefts.
Here are the top 20 cities for auto theft, ranked from bad to the worst:
20. Macon, GA
19. Jackson, MS
18. Spokane, WA
17. Riverside, CA
16. Vallejo, CA
15. Columbus, GA
14. El Centro, CA
13. San Diego, CA
12. Detroit, MI
11. Sacramento, CA
10. Albuquerque, NM
9. Las Vegas, NV
8. Visalia, CA
7. San Francisco, CA
6. Yakima, WA
5. Fresno, CA
4. Stockton, CA
3. Bakersfield, CA
2. Modesto, CA
1. Laredo, TX
If you happen to live in one of these cities, or in a small rural village, there are things you can do to help prevent your auto from being stolen. For example, you should always park your vehicle in areas that are lighted very well. Also, when you're at home, you should park your vehicle in your driveway or in your garage, and avoid parking on the street. Locking your doors at all times can also deter thieves. If you've got a sign on your car window displaying that you have a car theft system, then that will also go a long way towards deterring thieves. Also, you can let technology work to your benefit by purchasing a vehicle tracking system that will notify law enforcement of your stolen vehicle's location, or by using a vehicle immobilization system.
Posted by Tom Carolan on Sat, Jun 19, 2010 @ 12:27 PM
Uninsured property damage is coverage for your vehicle when damage is done by a driver without any auto insurance.
When a driver doesn't carry any collision coverage, the Uninsured Motorist Property Damage plan will cover up to a set cost for repairs to the vehicle that is insured. However, there are a few states that limit the amount to $3500, with some being a lower amount, and others being a higher amount. In a few states, when the driver has collision as part of their auto insurance policy, the Uninsured Motorist Property Damage portion of the policy will only pay towards the collision deductible.
This type of coverage is not meant to substitute for collision coverage. By itself, uninsured motorist property damage isn't sufficient to provide coverage for all of the vehicle's necessary repairs or cost of replacement. This type of coverage only comes into play when the other driver in the accident causes the accident and they don't have insurance coverage.
Posted by Tom Carolan on Fri, Jun 18, 2010 @ 04:54 PM
Well, depending on the state in which you live, it may be most important to have that type of medical insurance. For example, in Arizona, approximately one out of four drivers do not have auto insurance.
Uninsured Motorist Bodily Injury insurance coverage covers the driver and members of your household that are insured, and any passengers in your vehicle. It covers any bodily or injuries to you personally, any damages, and even a death that results from an uninsured driver, or a driver that has hit and run. When you have a car crash that is the fault of the other driver, and that driver doesn't have any insurance, then this coverage covers your medical costs, to an amount that is stated on the coverage certificate.
When the driver of the other auto is uninsured, this policy will pays up to a certain dollar amount, which is chosen by the buyer of the policy. The plan maximums are the most amounts that'll be paid for each person, per accident, respectively.
People that do not have any health insurance need to purchase this coverage, because if the maximum limits bought by the driver are not enough, then the driver will have to pay any additional amounts.
Posted by Tom Carolan on Tue, Jun 15, 2010 @ 04:25 PM
To determine drivers auto insurance rates, auto insurance companies look at 5 key factors in determining driver's auto insurance rates. First, they look at basic demographic information, such as their age. If the driver is less than 25 years old, then the rates will be higher than someone who is older. Also, drivers aged 50 to 60 get the best rates because they are typically the safest drivers.
Secondly, insurers look to see if the driver is single or married. Married drivers tend to have less expensive rates compared to single drivers because married drivers have less accidents and traffic violations compared to single drivers.
Third, the geographic area in which a driver lives helps determine rates. For example, someone living in a large U.S. city will have higher rates than someone who drives in a rural part of America. This is because drivers who live in rural areas statistically get into less accidents, and the incidences of theft and vandalism is smaller in rural areas.
Fourth, insurers check your driving record. Drivers who haven't had any traffic violations or accidents will be awarded with cheaper rates compared to a driver who has had multiple speeding tickets and accidents.
Lastly, the type of car that the driver drives is influential in determining auto insurance rates. There are variations in rates depending on the vehicle's purchase price, mileage, make, year, model, and safety devices that may be installed.
Posted by Tom Carolan on Thu, Jun 10, 2010 @ 06:02 PM
Former professional wrestler and well-known celebrity Hulk Hogan has accused the staff of his
auto insurance company of not providing adequate information concerning the type of
auto insurance policy he needed to carry, before his son was involved in a car accident that nearly killed him. These allegations are the basis of a lawsuit against the insurance company.
Hogan's son, Nick Bollea, who is still a mere teenager, was imprisoned after he pled "no contest" to charges of reckless driving in 2008. The charges were in connection with a Clearwater, FL collision which occurred at high speed in 2007 and which caused permanent brain damage to the passenger of his vehicle, John Graziano.
Wells Fargo Southeast is the insurance company in question. They paid Graziano's family $250,000 following the crash, the amount of Hogan's bodily injury liability insurance coverage limit. However, a civil lawsuit caused Hogan to pay out additional funds to the family of Graziano for his and his son's negligent role in the crash.
In March 2009, the injured boy's family took Nick, Hogan aka Terry Bollea, Nick's mother Linda Bollea and a friend Daniel Jacob to civil court, stating that they all acted negligently leading to the crash that caused Graziano's serious injuries. The dispute was only settled in February of this year. The cost to Hogan has been undisclosed to the public.
Hulk Hogan is stating that this situation is the fault of bosses at Wells Fargo who failed to advise him to take out additional auto insurance coverage for teenagers drivers after they began using his vehicles. The increased financial risk posed by teenage drivers was never discussed with Hogan, nor was he advised to raise his liability insurance coverage in order to protect his assets. The paltry $250,000 liability limit put his own $30 million personal worth at tremendous risk in this case.
The suit Hogan has against Wells Fargo is for an amount that is yet to be disclosed.
If your net worth greatly exceeds that of your liability limit, it is advisable to take additional precautions in order to protect yourself, especially if you have inexperienced drivers using your vehicles. This may mean increasing your auto insurance liability limit greatly. You can also protect yourself by purchasing an umbrella liability policy which will extend coverage on multiple types of insurance policies. For more information on the best insurance policy for you, start by visiting an online quote tool.
Posted by Tom Carolan on Thu, Jun 10, 2010 @ 12:31 PM
Actress Heather Locklear is the poster child for why
auto insurance rates go up after traffic violations. She got a DUI charge in 2008 and is currently being investigated for a recent hit and run accident. With
auto insurance rates that are undoubtedly already very high, she should not expect an
auto insurance rate reduction anytime in the near future.
The most recent accident happened near her Thousand Oaks, California home. It appears that she hit a street sign and even though there were no witnesses, other evidence indicates that it was indeed her. Debris left at the scene of the crash was tied to her car. Neighbors witnessed her car in the area at the time of the crash. A security camera in the area even captured her vehicle nearby just prior to the accident.
To date, 48 year old Locklear has only received a misdemeanor hit and run ticket for the incident. Apparently there is no proof that she was the actual person driving her vehicle, which was undoubtedly involved in this accident. In fact the accident itself was reported only 16 hours after it occurred. This also means there is no possibility of proving whether Locklear was sober or drunk at the time.
Celebrities and The Likelihood Of Bargain Car Insurance Rates
It is very common to hear about celebrities being in all sorts of trouble, such as getting arrested for a DUI. Regardless of their fame, anyone who gets in repeated at-fault accidents or drives under the influence of alcohol or drugs will have to pay the price of higher car insurance premiums. It seems that more and more celebrities who are involved in accidents also have alcohol or drugs in their system. They need to understand that using any amount of drugs or alcohol and driving is a bad idea because reaction time is affected often before you even realize it.
Alcohol and Drugs Lead To Loss Of Good Auto Insurance Rates
Many people who have been drinking are not aware of how impaired they truly are. Even if you have only a mild buzz, chances are you are too impaired to safely drive a vehicle. There are numerous effects on your driving from even a minimum amount of alcohol.
- Your night vision will be reduced.
- You are less able to act rationally and make good decisions.
- Reaction time is considerably less swift.
- Coordination of reflexes is slower.
- Your judgment of distance is off.
Even though it is not sure if Heather Locklear was impaired at the time of the latest accident involving her vehicle, but she has been convicted of DUI in the past. Many like her do not listen to advice against drinking and driving. The use of alcohol and drugs are a fast way to
lose your good auto insurance rates. Don't let it happen to you.
Posted by Tom Carolan on Mon, Jun 07, 2010 @ 10:01 AM
It is very important to carry car insurance in New York for a variety of reasons. Not only is it required by law, if you were to be involved in a serious accident, the high cost of car repair might be more than you could afford. Most certainly, the cost of medical expenses could easily get out of hand for even injuries of average seriousness. Finding the right insurance however, takes time and can be frustrating on times. A great place to start is by learning what is required by your state.
The state of New York is considered a no-fault car insurance state. This makes its treatment of car insurance different than many other states, as in the case of an accident each party would have his or her own car insurance company take care of the expenses incurred, regardless of fault. The at-fault driver does not have liability in the situation. This type of car insurance was instituted to stem the tide of lawsuits arising from car accidents and to enable drivers to get medical attention quickly.
Personal Injury Protection (PIP) is one of the required types of auto insurance coverage in NY and is meant to take care of medical expenses for each party injured in a car accident. Even though it overlaps somewhat with private health insurance, it is not recommended that drivers skimp on this insurance coverage because there are many other things provided by PIP that traditional health care doesn't take care of. PIP provides for lost wages due to injury and funeral expenses.
Even though the system is considered no-fault, if the cases of serious accidents, the law allows victims to pursue the driver who is deemed at fault. Because of this loop hole, drivers in New York must also carry liability insurance in the following amounts:
- $25,000 bodily injury coverage per person
- $50,000 bodily injury coverage in total per accident
- $10,000 property damage coverage.
The third type of required car insurance coverage in New York is uninsured/underinsured motorist (UM) coverage. It will pay for expenses incurred in an accident where the other party is uninsured, doesn't carry enough coverage to pay for all the expenses or when the accident is a hit and run.
There are other types of car insurance that can be purchased but are not required by the state. If you are involved in an at-fault accident, your medical expenses will be covered but not the cost of repairing your vehicle. Therefore, you need collision coverage for such eventualities. Comprehensive coverage will provide for repairs to your vehicle if you incur losses from things that are not your fault, such as storm damage, fire, theft and vandalism. If your car is still financed, your lender will require you to carry both collision and comprehensive coverage. Gap insurance is also recommended if you owe more than the vehicle is worth.
In order to find out more about car insurance in New York, contact the New York State Insurance Department. Or go to New york auto insurance quotes online.
Posted by Tom Carolan on Thu, May 20, 2010 @ 05:39 PM
Most of what you hear in the media concerning car insurance is how to save money on your purchase of it. While this sounds like a good idea, the question comes to mind as to how much is too much. What is being sacrificed at the expense of saving a few bucks on your car insurance? For anyone looking to save on car insurance it is important to understand the minimum coverage for your state, what makes up a good car insurance policy and more. Take the time to learn about Illinois car insurance.
Illinois is like all other American states and has its own set of minimum requirements for car insurance coverage. The minimum car insurance coverage in Illinois is liability coverage in the amount of:
- $20,000 bodily injury liability per person
- $40,000 bodily injury liability coverage per accident
- $15,000 property damage liability coverage.
These levels are higher than many other levels of required coverage in other states. However this does not mean that Illinois car owners can become complacent. They should consider carrying higher levels of coverage because these are likely to be found inadequate in many situations.
Uninsured motorist coverage is the other mandatory type of coverage required by the state. This provides coverage for expenses occurred when involved in an accident with a driver who has no insurance coverage, not enough coverage or is a hit-and-run driver. There is statistically a high chance of being involved in such a situation. Therefore this type of coverage is important.
Other types of coverage are not mandatory but are highly recommended in many occasions. Collision and comprehensive coverage protect your vehicle from loss, and should be chosen depending on the value of your vehicle and whether or not it is financed. Collision is for the cases where the other person is at fault. Comprehensive covers losses to your vehicle that are completely beyond your control, such as wind storm damage, fire, vandalism and more.
If you are seeking further details on car insurance in the state of Illinois, you may want to check with the Illinois Department of Financial and Professional Regulation Division of Insurance. To get a good deal on car insurance now, get an online car insurance quote now. By getting online car insurance quotes you can access multiple prices at once in order to find the optimal deal.