5 smart tips to save money while renewing auto insurance

27 December 2018 By admin Leave a Comment

Most people give a lot of thought while purchasing a vehicle, but not so much while purchasing vehicle insurance. This can be attributed to their perception of insurance industry being complex, lack of information, paucity of time, negligence, and negative experiences associated with claims. The auto insurance industry has taken notice of these challenges and revamped their functioning for a hassle-free insurance experience by going digital. This digitization is good for the policyholders as it empowers them to make an informed choice, choose an apt policy and save money in the process. Here are 5 tips to save money while renewing auto insurance:

1. Choose a Digital-first Insurer

Digital-first insurers have made auto insurance simple and convenient. You can purchase or renew auto insurance from their website just as you purchase any item from your favorite e-commerce website. They offer auto insurance policies at a lower price without compromising on the extent of the insurance coverage. They can afford to do so because they are an Internet-only insurer and sell policies directly to the customer. This way, they save a lot on operational cost and transfer a part of that savings to the customers in the form of affordable policies. They offer a paisa vasool insurance experience by providing low-priced policies in a convenient manner and guaranteeing a stress-free claim settlement process.

2. Review Your Coverage

First-time car and bike owners generally purchase an insurance policy that is suggested by their vehicle dealer. This cover might not be ideal. You should review your auto insurance policy’s coverage while buying and renewing it. There is no need of going for riders that are not going to be beneficial for you. For example, a Passenger Cover rider is inconsequential if you travel alone. Such add-ons increase the cost of your insurance policy. Thus, it is suggested to choose only those add-ons that add value. Reviewing your coverage and choosing only relevant add-ons can save money while renewing auto insurance.

3. Don’t Forget Your Bonus

Vehicle owners are rewarded with a No Claim Bonus (NCB) by their insurance company for not raising a claim during the policy period. NCB is offered as a discount on auto insurance premium while renewing the policy. This NCB is incremental in nature and can go as high as 50%, provided you do not raise a claim for five consecutive years. Make sure your insurer has included this discount (if applicable) on auto insurance renewal.

See Full Story at www.financialexpress.com

Here’s how your credit score affects your auto insurance rates

1 November 2018 By admin Leave a Comment

Auto insurers include your credit score as a factor when determining your premiums, but many motorists have yet to fully appreciate the effect their credit-worthiness has on their car insurance rates.

Here’s how your auto insurance and credit score are linked

On the flip side of this equation is the fact that three in 10 people mistakenly think that their driving record has a bearing on their credit score, according to a recent survey from Wallet Hub. Nonetheless, insurers say credit-based insurance scores actually reward the fiscally responsible among us.

You may be wondering where this idea that how you handle your wallet is related to how you handle your wheels comes from. The most comprehensive public research was done about a decade ago by the Federal Trade Commission in a report on the issue.

The agency found that several states bar insurance companies from basing their underwriting decisions solely on people’s credit scores and credit histories. It has a lot to do with the period of time — the “exposure period” — insurance companies can incur losses.

“[Credit] score developers start with the credit information available about customers at the beginning of the exposure period and the known losses for them during the period,” the FTC report says. “Score developers then use various statistical and other techniques to develop a model that predicts losses based on the credit information that was available at the start of the exposure period. If the relationship between the credit information and loss is sufficiently stable over time, the model can be applied to the credit histories of other consumers to predict the risk of loss they pose. ”

A report by the Insurance Information Institute (III) said that aside from credit scores, other factors, such as where a person lives, previous crashes, age and gender, help insurers determine who is more and less likely to file a claim.

How insurance companies handle those with no credit history

Of course, every person is different: An 18-year-old who may not have much of a credit history can’t possibly be judged the same standards as, say, a 40-year-old with a job and family, right?

When it comes to teenagers and other people without credit histories, many states mandate that insurers adhere to the National Conference of Insurance Legislators’ (NCOIL) “Model Act Regarding Use of Credit Information in Personal Insurance,” which was released in 2002.

The NCOIL rules, which many states have adopted verbatim, say that “no-hits” and “thin files” (people with no or scarce credit histories) should be considered to have “neutral,” or average, credit. The insurer also has the option of using another scoring model, which must be disclosed.

As a conclusion to its report, the FTC says, “A consistent finding of prior research and the FTC’s analysis is that credit information, specifically credit-based insurance scores, is predictive of the claims made under automobile policies. However, it is not clear what causes scores to be effective predictors of risk.”

By Craig Johnson

See Full Story at www.kiro7.com

4 Excellent Tips To Find The Right Auto Insurance Plan For New Drivers

4 September 2018 By admin Leave a Comment

It only takes a few minutes when you request free quotes online, and because you can be completely anonymous, there won’t be any annoying sales people calling you later on, trying to get you to buy insurance from them (often at higher rates than the original quotes you received).

4 Tips To Find the Right Insurance Plan

1. Check Out Cheap Insurance Companies

Sometimes it is best not to go with the big name insurance companies, especially if you are a new driver. There are many cheap insurance companies out there these days, and they often offer special rates for new drivers. Sure, your rates are still going to be higher than the rates of more experienced drivers, but they will still be less than what other larger insurance companies will charge.

Usually, you will get the very basic insurance with these types of policies, but this is better than nothing, and it may be all that you can currently afford. After you have been driving and insured for a while, you can always see what the other bigger insurance companies offer, and make the switch when you are eligible for lower rates with those companies.

2. Take Driver’s Education and Driver’s Training Classes

You can save a lot of money on auto insurance by taking driver’s education classes. New drivers are hard to insure because they are not always aware of the rules of the road, and they are inexperienced. By taking driver’s training, you can show that you have some driving experience, and that you are fully aware of the rules of the road.

There are all kinds of things you can learn with these classes, which are aimed at making people better drivers. You don’t even have to be a new driver to take these classes and get discounts on your insurance rates. This is going to show insurance companies that you do know what you are doing, and that you are not as much of a risk as other new drivers. It is also going to show that you are really serious about being a safe driver.

3. Get on Your Parents’ Insurance

You can save yourself a lot of money on auto insurance if you ask your parents to include you on their policy. As long as you are still living at home and are under a certain age, or you are at college or an accredited center for higher learning, you will be able to be covered by their policy, even if you are driving your own vehicle.

If you are using their vehicle, they probably have already made arrangements for you to be covered when you are driving, and if you have your own vehicle, it is easy to have it added to their policy. The vehicle may have to be registered in one of your parent’s names, but as long as you have your own vehicle to drive whenever you want to, does this really matter all that much?

See Full Story at driving-tests.org

Auto Insurance Tips That All Must Know

21 June 2018 By admin Leave a Comment

Shopping around for car insurance is a headache for lots of people. It isn’t difficult to find a plan that works for you, but you will have to do a little bit of reading to find a good fit. Taking the time to do the right research will help you not only save money, but find a plan that covers all of your needs. Use these tips if you need a little bit of guidance finding an automotive policy.

When purchasing car insurance for a teenager, compare the difference between adding them to your insurance or buying them their own policy. You will want to find out if it is cheaper to insure your vehicles on different policies.

To verify that your auto insurance will cover all your expenses in the event of a loss, discuss your coverage with your agent, especially before you add any custom features to your car. When purchasing extras for your car like stereo systems, it doesn’t matter what price you paid, only what the appraiser is willing to value them at.

Many people believe the misconception that once a driver reaches 25 their insurance rates decrease automatically. However, the truth is that rates slowly decrease from the time a driver turns 18 years old, as long as he or she maintains a clean driving record.

Never allow your insurance coverage to lapse to keep your rates low. Going from one carrier to another or from one policy to another, you can easily create gaps in your coverage. After your insurance company realizes that there was a gap, it will want to raise your rates.

Your insurance premium will be dependent upon the brand of car, SUV, truck, ATV, boat or motorcycle you buy or lease. The mileage, make, model and year of the car will determine how much your insurance bill will be. A luxury car or sports car may suit your personality, but the resulting insurance cost may not be to your taste at all. To really cut down your premiums, choose a model that is known more for safety than for being flashy.

See Full Story at redcarstudio.com

Looking for Auto Insurance? Here Are 6 Things You Need to Know

5 June 2018 By admin Leave a Comment

Let us break down the basics so you’re better able to find the right coverage for you. Here are six things you need to know.

1. What Car Insurance Is

As a licensed insurance agent, I find that many people I talk to don’t quite understand what insurance is or why they need it. I get it. After all, insurance is rather abstract—it’s not a physical object you buy at a store. Further, if all goes well for you, you won’t ever have to use the coverage you paid for. So it’s often hard for people to see the value.

In the simplest terms, insurance is a promise from an insurance company to support you financially in the event that something unfortunate occurs and causes you financial loss or other damage. You pay an insurance company money (your premium) for a policy that details your coverage (who/what is protected and to what dollar amount), and the insurance company is responsible for paying if something happens and you incur a loss (damage to your car, a broken leg, etc.). Insurance companies do this by pooling risk among all the people they insure, collecting premiums from everyone and using those funds to pay claims for those who need it.

Of course, there are many other details that go into the whole system, but we’re keeping it simple.

2. What Different Insurance Types Cover

The type and amount of coverage each person needs vary, but these are the coverage basics you should know.

Liability coverage is legally required for drivers in almost every state. It covers the other driver in a crash you cause, and it includes injury and property damage. If you see numbers like 25/50/10 or 30/60/25, that shows the liability coverage limits for (1) bodily injury per person, (2) bodily injury per accident, and (3) property damage—each in thousands of dollars. For example, 25/50/10 means your coverage will extend up to $25,000 per individual injured in an accident, $50,000 for all persons injured in an accident, and $10,000 for property damage.

In no-fault states, you are required to carry coverage (normally personal injury protection or PIP) for your injuries regardless of who caused the accident.

Collision coverage, which covers damage caused in a crash, and comprehensive coverage, which covers damage from other events including weather (fire, flooding, etc.) as well as theft, are often collectively called full coverage.

Other coverages include uninsured motorist coverage, which protects you and your vehicle from damage caused by people who don’t have insurance, and medical payments coverage, which covers select costs for injuries you and your passengers sustain in a collision.

3. How to Get Car Insurance

You can easily go online, call a company or two, or even walk into a local insurance agent’s office to talk to them about getting coverage. But how do you know which company to contact?

Insurance companies spend billions of dollars every year on advertising, so you could probably rattle off a few big car insurance brands you’re familiar with. But it’s important for consumers to know that not all insurance companies are the same—in fact, they all have different ways of pricing policies, and many look for certain types of customers with certain risk profiles to do business with.

This is why it’s more important than ever to compare car insurance quotes from as many companies as possible. Getting multiple opinions and understanding the market will help you find the best rate around.

by Neil Richardson

See Full Story at blog.credit.com

Finding Cheaper Auto Insurance – Important Tips

7 November 2017 By admin Leave a Comment

Finding affordable car insurance rates is no longer difficult. Drivers who need coverage can do all their insurance shopping on a single website. http://autocarsinsurancetips.com/ provides some of the best auto insurance quotes available on the market. The insurance brokerage services are completely free and accessible to anyone.

Here, by providing their ZIP codes, drivers will be able to actively compare multiple offers in their areas, without having to pay any fees. This allows drivers to actively compare available coverage options with the purpose of finding cheaper insurance. Studies also show that drivers who spend more time shopping around for coverage generally pay less.

By shopping for car insurance, drivers can cut auto insurance prices by 15-20%, sometimes even more. There are multiple offers available on the market and by comparing prices, drivers will be able to find them fast and with little effort.

Auto insurance quotes can help drivers compare multiple plans in a fast and convenient way. Shopping around for the best policy is strongly recommended because there are multiple plans available. Without actively comparing prices, drivers may miss out on some advantageous opportunities.

“Online car insurance quotes are a great tool for finding the right policy for your vehicle,” said Russell Rabichev, Marketing Director of Internet Marketing Company.

See full story at markets.businessinsider.com

Prevent Car Accidents and Keep Auto Insurance Rates Low

26 October 2017 By admin Leave a Comment

The driving record is always important for determining car insurance costs. Someone who has multiple road accidents on record will be considered a liability and will get more expensive rates. Preventing accidents means keeping auto insurance rates low. The premiums of an auto insurance plan can always change and can be influenced by different factors.

Compare car insurance quotes to find better auto insurance plans

The insurance market is dynamic and competitive. Many agencies have different offers and try to get as many clients as possible. A driver who compares different plans will have the best chances of getting an affordable policy. It is important to note that a policy may cost different for each driver because rates are determined based on the vehicle that needs coverage and based on the applicant’s driving record.

The best way to compare auto insurance prices is by visiting http://lowcostcarinsuranceprice.com. Here, clients will have to enter their ZIP codes and then complete a simple and short online form. This will help brokers select reliable and relevant auto insurance quotes for each driver, making the whole process simple and fast.

Even high risks drivers can save money by comparing quotes. An accident will not always increase car insurance costs. An agency will look at different factors before making a decision.

“Buying auto insurance after an accident can be difficult, but we can help you find the right coverage policy,” said Russell Rabichev, Marketing Director of Internet Marketing Company.

See full story at markets.businessinsider.com

Tips for Adding a Teenage Driver to Your Auto Insurance

5 September 2017 By admin Leave a Comment

The financial shock of adding a teenager to a family auto insurance policy is getting less shocking — at least somewhat.

An annual analysis by insuranceQuotes.com, a rate comparison site, found that adding a teenager still increased annual premiums substantially, but the magnitude of the increase has been falling over the past few years.

Adding a single teenager to a policy caused annual premiums to increase an average of 78 percent, or $671. But rate increases have been decreasing since 2013, when the average increase was 85 percent.

Laura Adams, senior insurance analyst with insuranceQuotes, said that factors in the trend may include safer automobile technology, a dip in the number of teenagers getting driver’s licenses and the continued impact of “graduated” driving programs, which place restrictions on new drivers until they gain more experience on the road.

But the impact of adding teenagers to a policy is still a jolt to families, especially those adding boys. Putting a male teenager on your insurance policy increased rates an average of 89 percent, compared with 66 percent for a female teenager, the analysis found.

Ms. Adams said premiums increased when a teenager was added because, statistically, younger drivers — particularly boys — have more accidents than older, more experienced drivers, and file more insurance claims.

Nearly 1,900 drivers aged 15 to 20 died in car crashes in 2015, according to the National Highway Traffic Safety Administration, up 9 percent from 2014.

By ANN CARRNS

See full story www.nytimes.com

Marital Status Can Have a Big Impact on Your Auto Insurance Prices!

4 May 2017 By admin Leave a Comment

Drivers have to be aware that they can always influence their auto insurance prices. The algorithm agencies use to determine coverage costs rely a lot on the driver’s experience and vehicle. In short, every decision a car owner makes can have an impact on coverage premiums. Even the marital status can be decisive for lower coverage premiums.

The marital status is the last thing drivers think of when calculating their auto insurance, but studies show that it can make a big difference. Married drivers are considered safer to insure and agencies offer them better rates. The logic behind this is that married drivers have a responsibility towards their family and will tend to be more careful in traffic.

When it comes to age and gender, agencies know two things for sure: young men are more likely to cause an accident. This puts customers in this demographic in a risk category and they will have to pay more for premiums. This applies to young single males who are under 25 years old. On the other hand, men’s rates get better with age, while older women may pay more than their counterparts, however the difference is not something to worry about.

How to find auto insurance for single men?

Auto insurance quotes can help single men find better auto insurance offers. By comparing online auto insurance quotes, drivers will enjoy a speedy and convenient shopping process. They will be able to find the cheapest plans in their area, without having to worry about frauds and security issues.

By PR Newswire

See full story at finance.yahoo.com

5 tips for saving on auto insurance

23 February 2017 By admin Leave a Comment

Anyone who has been affected by a car accident knows the value of auto insurance. But it’s a tricky thing to shop for because you’re trying to reconcile a cost spectrum with the fact that you hope to never have to use it. How do you balance monthly premiums with the worst-case scenario of totaling your car in an accident?

A perspicacious consumer can find a few ways to whittle away at the sometimes surprising costs of auto insurance. Discounts in auto insurance prices are not merely tied to unchangeable things like a driver’s age or circumstances such as marital status or the city one lives in. There are concrete ways to take the edge off your insurance costs. Take the following helpful tips into consideration when seeking out the best deal in an auto insurance policy.

1: Choose Your Vehicle Wisely

Getting a killer deal on a fancy new car is certainly exciting, but it’s best to look at potential insurance premiums before signing a check. One way to get a head start is to compare different car models online and then ask an insurer for quotes on each. Rates can vary significantly, even among cars of the same make. Since replacement costs are factored into premiums, it’s essential to consider not only how expensive the car would be to replace, but also the parts and labor costs involved in a repair.

By KSL Cars

See full story at www.ksl.com

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