Archive for June, 2010

Pay Less Car Insurance to Safeco

Wednesday, June 23rd, 2010

There are many steps you can take to lower your car insurance bill, according to “A few quick steps could cut your car insurance bill in half.”  The article, by Sandra Block of USA Today, gives numerous tips to help consumers lower their car insurance rates.

Decrease the amount of coverage that you are holding on an older vehicle.  If it isn’t worth much to begin with, make sure you aren’t carrying too much insurance.  At some point in your car’s life span, it can be wise to eliminate collision and comprehensive coverage.  While it isn’t always easy to determine exactly when to do this, you can save up to 40% from your insurance rates.  It has been said that once your vehicle is worth less than 10 times your premium you should make this move.

By raising your deductible, you can can decrease your car insurance bill from companies like Safeco car insurance by nearly half.  If you are a safe driver and can fairly easily come up with the money for a higher deductible, this step may be right for you.  Before buying a new car, make sure that you find out how much more it will cost you to insure.  Your rates will be based on the price, theft rates, safety records, and repair costs.

When looking for insurance coverage for a teenager, make sure to check rates for adding them to your policy as well as getting them their own.  Purchasing from a high-risk insurance company for your teenager could cost less than adding them to your policy.  Always research any discounts that may apply to you.  If you start working from home or using public transportation more, you might qualify for a low-mileage discount.  Certain safety features, a good driving record, maintaining your policy for many years, and driving less overall should be able to get you discounts as well.

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Compare Car Insurance Affordability

Thursday, June 17th, 2010

A recent ranking of states in order of car insurance affordability puts Massachusetts at the top of the list, according to press release “InsWeb Releases 2010 Car Insurance Affordability Index.”  They compare car insurance rates in each state with the median household income in the state to get their affordability factor.  The lower the affordability factor, the less households pay for car insurance based on their budget.  Massachusetts’ affordability factor was the lowest at 1.84%, making them the most affordable state.  The rest of the top ten in order are New Hampshire, Vermont, Minnesota, Utah, Nebraska, Hawaii, Indiana, North Carolina and Virginia.

With an affordability factor of 6.93%, a full two percentage points higher than any other state, Louisiana is the least affordable state in which to insure a car.  Companies like Infinity auto insurance have to charge more based on the risk factors in that state, but residents’ median income does not balance with the insurance costs.  The other nine least affordable states are Oklahoma, Missouri, Washington D.C., New York, West Virginia, New Mexico, Kentucky, Arizona and Florida.  Many surveys rank where Americans pay the most and least for car insurance, but they don’t take into account how affordable the insurance is relative to median income.  By determining what percentage of a family’s income goes towards car insurance, we get a better overall picture.

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Unitrin Auto Insurance and Stolen Cars

Thursday, June 10th, 2010

The National Insurance Crime Bureau (NICB) put together a list of the 20 cities and metro areas where you are most likely to get your car stolen, according to Insure.com’s Joe Taylor.  In “The best places to get  your car stolen,” California cities show up 11 times in the top 20 list.  For Mercury Insurance and other California insurers, this is unfortunate news since more stolen cars mean more money being paid to consumers who have car insurance.  With the exceptions of Detroit, Michigan and Yakima and Spokane, Washington all of the cities are located in the south.  Most are actually in western states.  Laredo, Texas came in first place.  Living in one of these zip codes can significantly increase the amount that you pay for car insurance.

Unitrin Auto Insurance and other car insurance companies have tips to help consumers avoid getting their cars stolen.  Have a visible or audible alarm system arming your car.  Whether they hear the sound or see a tracking code on your windows, an alarm system might be enough to deter a thief.  There are electronic devices like “smart keys” available for purchase that will immobilize your car if someone breaks in and tries to hot-wire it.  Through satellite systems and cell tower technology, police can track and relocate stolen cars so having one of those systems can be beneficial.  Basic common sense is also very important in keeping car thieves away.  Park where it is well-lit, don’t leave your keys in the car, and always lock your car and put all windows up.  Keep those thieves away.

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Nationwide Insurance: Prop 17

Friday, June 4th, 2010

On June 8 California voters will cast their ballot for or against Proposition 17, the Continuous Coverage Auto Insurance Discount Act.  In The Daily Californian article “Prop.17 Would Cut Auto Insurance Rates,” Mike D’Arelli says that passing Prop.17 would help increase competition and help California consumers get better rates from car insurance companies like Nationwide Insurance.  Consumers could save hundreds of dollars each year if the auto insurance discount gets extended through Prop.17.  The current driving law in California offers a discount to consumers who maintain car insurance through the same company, called the continuous coverage discount.  But you lose that discount if you switch car insurance companies.  So even though your coverage has been continuous, since it wasn’t with the same company the law says you lose the discount.

Prop.17′s change to the insurance law would modify it so that consumers still receive the continuous coverage discount even if they switch car insurance companies.  As most Americans are trying to reduce expenses and save money wherever they can, the ability to shop around for cheap car insurance is really important.  More competition in the car insurance market leads to lower rates for consumers.  Prop.17 also includes a grace period of 90-days for consumers who stop coverage for a short time because they are unable to drive.  Individual insurers can extend that grace period longer than that to maintain a consumer’s continuous coverage discount.  There is also a military provision to ensure that men and women serving our country overseas will be able to maintain their discount.  California voters will make a decision next week on Prop.17.

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