Auto Insurance
Pages (29) : « First ... « 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 [29]Low-cost auto liability insurance sponsored by state now available
At least 165,000 drivers in San Diego County are uninsured, but some of them might qualify for new low-cost insurance sponsored by the state.
Standing in front of a Department of Motor Vehicles office in Hillcrest yesterday, state Insurance Commissioner John Garamendi introduced a program that would allow the county’s low-income motorists with good driving records to get state-required liability coverage at an affordable price, in some cases as little as $268 a year.
The policies are available through the California Low Cost Automobile Insurance Program, which became available recently here and in five other counties.
“The standard auto insurance policy is too expense for low-income people,” Garamendi said yesterday. “People in the military, for example, . . . will make an economic decision. They will run the risk of not having insurance.”
State law requires motorists to have liability coverage.
Drivers without insurance can face fines of up to $500, risk having their vehicle impounded and could be forced to pay damages if they are in an accident.
More : signonsandiego.co
Rate filings put new auto insurance system to test
The state’s auto insurance market gets a glimpse of greater competition Monday when carriers disclose their proposed rates, but the big unknown is whether motorists honk for joy or hit the guardrail.
The Patrick administration hopes the result is better than the last time Massachusetts tried to create a competitive system for setting auto insurance rates 30 years ago. That system was scrapped after urban drivers revolted upon seeing their rates triple.
More : bostonherald.com
Need a tow? Watch your insurance bill
Imagine you’re having a really bad week: Monday, your tire blows out. Tuesday, you lock your keys in the car and Friday, your car battery dies.
Lucky for you, you added an emergency roadside assistance extension to your insurance policy. Think your problems are solved? Think again.
Using an insurance policy’s roadside assistance program may seem like an ideal, inexpensive way for consumers to protect themselves against unexpected breakdowns and embarrassing lock-outs.
But buyer beware: insurers keep track of your roadside assistance claims and in some cases, you may find yourself paying a higher premium if your car blows a tire one too many times.
Auto insurers such as Allstate (Charts), State Farm, Geico and Progressive (Charts) offer policyholders the opportunity to add roadside emergency services to their existing policies at a fraction of the cost of independent motor club programs, such as American Automobile Association (AAA) or Allstate Motor Club – which are open to all consumers and can cost between $45 to over a $100 a year.
By comparison, those insurance policyholders that have added on emergency roadside services through their carrier can receive basic assistance such as towing services, jumpstarts, tire changes, lockout services or gas delivery for as little as $3 to $10 for a six-month policy period - an attractive price for services you hope you won’t have to use too often.
More: money.cnn.com
Cut your car insurance costs
Owning a car these days is becoming more expensive. Driving a car costs about $7,834 a year according to the Automobile Association of America.
We’re not just talking about higher gas prices. Insurance alone costs drivers an average of $939 a year. In today’s Five Tips we’re going to tell you what you can do to cut these costs.
1. Get credit for driving less
High gas prices are encouraging more people to cut down on their driving. If you’re one of those people, make sure your auto insurance company knows it. Bob Hunter of the Consumer Federation of America says you could save 10 to 15 percent if you stop driving to work, or join a carpool.
Find out from your insurer what the low mileage discount is. Generally if you drive less than 7,500 miles a year you’ll qualify for a 5 percent discount. Driving less than 5,000 miles a year will give you 10 percent off your insurance.
More : money.cnn.com
Do It Now: Save on auto insurance
When it’s time to renew your car insurance, don’t automatically sign up with your old insurer: You may miss a chance to save.
You can shop multiple insurers at insweb.com, but major players like Allstate, Progressive and State Farm aren’t on the site. You’ll need to go to their sites or call an agent. As you look around, ask yourself these questions.
More : money.cnn.com
High gas? Save on insurance
It’s the most basic piece of advice you’re going to get: compare auto rates with a number of insurers before making a decision. But too often consumers trust their policies – and their money – to the first carrier they run across or, worse yet, stick with an insurer that they’ve used for years. Bad move, experts say.
“Every single insurance company’s claims experience is vastly different and that drives rates,” said Leslie Kolleda, spokeswoman for auto insurer Progressive. “Rates can vary widely from one company to another.”
Kolleda said that in studies conducted by Progressive, rates varied as much as $500 between insurers every six months.
Some companies, like Progressive, provide consumers with an online comparison of rates with its competitors. Consumers can also do their own research on insurers Web sites or by contacting individual agents. And there are also online-shopping sites, such as Insure.com and InsWeb.com, which get price quotes and can arrange for you to purchase a policy from dozens of insurers.
Source : money.cnn.com
Insurance tips for young drivers
And insurance companies are well aware of the risks that young drivers pose. Adding a young driver to your insurance policy can increase your rates 50 to 100 percent says Jeanne Salvatore of the Insurance Information Institute.
But you don’t have to take away those car keys just yet. In today’s 5 tips we’ll tell you how to keep your kid safe on the road and what young drivers can do to reduce their auto insurance.
1. Keep a clean record
Having DWI convictions on a driving record is extremely costly. The Municipal Alliance for the Prevention of Substance Abuse estimates that the total cost of one DWI for an underage drinker, in New Jersey for example, is almost $24,000. This includes insurance premium increases, legal fees and other fines.
If you are a young person with no prior convictions who is convicted of a DWI, your base insurance premium of $800 could be raised thousands of dollars for at least three years, according to David Snyder of the American Insurance Association.
More : money.cnn.co
Cut your auto insurance premiums
The Insurance Information Institute estimates the annual cost of car insurance will rise six percent this year to $898. That’s on top of an 8.4 percent increase last year.
The III, an industry trade group, says fraud is driving up costs. That’s right: organized crime rings faking accidents and collecting the payouts from insurers push rates higher. Of course, that’s not the only reason rates are creeping higher. Rising medical costs, high vehicle repair costs and jury awards are also to blame.
If you’re insurance premium is rising, you can still fight back. Cut your auto rates using today’s five tips.
Tip 1: Shop around before your buy
Your rates will vary dramatically between carriers. Your choices include buying insurance from direct underwriters, such as Geico, that sell policies online or by the telephone. Then, there are companies that use sales forces, either their own agents or independent agents, to sell their wares. State Farm and Allstate are among the major insurers that employ agents.
More : money.cnn.com
Mellody’s Math: Over- or Under-Insured?
As people’s interest in insurance grows, so should their knowledge of what is appropriate coverage. Although it all depends on where you are in your life and what your responsibilities are, there are certain universal ground rules that you should consider before you purchase insurance.
Must-Have Insurance
Life Insurance — To Insure or Not: Most experts recommend that a person carry insurance coverage of five to 10 times their annual gross salary. The primary reason to own insurance is to ensure that when you die your debts will be covered and your dependents will have the financial resources need to run the household without you. So if you are single, without dependents, and have little outstanding debt, consider taking a pass on life insurance.
Term vs. Permanent — Which One Is Right for You?: Those with dependents face a choice between term and permanent insurance. Think of term and permanent insurance as you would the difference between renting and buying a home.
With term insurance, similar to a renter, you pay for something that ultimately is not your own. Likewise, permanent insurance is similar to taking on a mortgage of a home, which will ultimately be yours. After you complete the final premium prepayment, the permanent policy, with its “cash value,” is yours.
Term insurance can be seen as a cushion for what you have not been able to accumulate. For those with expenses like tuition or a mortgage, term insurance is the way to go. However, for expenses that extend beyond the immediate, permanent insurance is a means to provide additional financial security for your dependents
More : abcnews.go.com