Archive for February, 2012

Electric Car Chargers at Hotels/Restaurants

Tuesday, February 28th, 2012

In Tennessee, and all across the United States, businesses have installed charging spots outside for electric cars.  According to WATE News out of Knoxville, businesses in East Tennessee have been disappointed with the use of these chargers so far.  Samantha Saracino’s news story, “Electric Vehicles: Catching on or not in Knoxville,” says that electric cars can go about 100 miles on a 5-6 hour charge.  While most drivers have chargers at their home and fully charge each night, there are definitely occasions where a charge boost would come in handy.

The state offers drivers a $2,500 rebate for purchasing a Nissan Leaf or Chevrolet Volt electric car.  Rebates are given right at the dealership where you purchase your car.  With the added incentives of a rebate and saving money on the skyrocketing fuel costs, many drivers are turning to electric cars.  Crowne Plaza hotels and Cracker Barrel restaurants are banking on the fact that drivers will come use their companies because of the added bonus of car chargers.

So far, results have been lukewarm for those companies keeping track.  Many of the businesses with electric car chargers aren’t even keeping track now, but others say they have only been getting a few people a month using the chargers.  As the cost of gas continues to rise, however, more people will likely be turning to electric cars and hoping to save money.  Car insurance companies are also watching the trend in electric cars and adjusting their business as well.  Forecasters believe that this trend in electric cars will continue to grow.

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Cheap Car Insurance for the Cheapest Cars of 2012

Tuesday, February 21st, 2012

In “The cheapest 2012 cars to own,” Jim Gorzelany of Forbes reminds us to look at more than the sticker price of the car when determining the affordability of your car.  It’s important to research the long-term costs of ownership for any vehicle that you are looking to buy.  This article looks at the costs over a five year time frame that come along with the cost of actually purchasing your new vehicle.  Just because a car has a less expensive sticker price, the cost of gas, maintenance, and car insurance may not make it the cheapest car for you.

Kelley Blue Book looked at information on cars in twenty different categories to determine which is the cheapest.  While the least expensive cars only had a $1,000 to $3,000 difference in ownership costs, the most expensive cars saw a difference of up to $20,000.  KBB took many factors into account; including depreciation, finding cheap car insurance, fuel, repairs, taxes, registration, maintenance, and financing costs.

Look at the historical depreciation for that particular car as well as the car’s fuel economy because you could pay $5,000 more in five years for a car that gets 20mpg versus 30mpg.  Car insurance rates are definitely determined on an individual basis, but you will pay more depending on what vehicle you purchase as well.  See what the maintenance costs for your car will be and also how much it will be to repair anything that might break or be damaged.  The article also says not to purchase a car for the full sticker price no matter what!

Some of KBB’s cheapest car list follows.  The cheapest subcompact car is the Nissan Versa, while the cheapest compact car is the Kia Soul.  The Hyundai Sonata is the cheapest midsize car and the Chevrolet Impala is the cheapest full-size car.  The cheapest luxury car is the Audi A5 and the cheapest sports car is the Mazda MX-5 Miata.  The Honda Insight is the cheapest Hybrid, while the Ford Escape Hybrid is the cheapest Hybrid SUV.  SUV’s were broken into multiple categories, with the Ford Expedition being the cheapest full-size SUV.  The Mazda5 is the cheapest minivan.  Check out the full list in the Forbes article or from Kelley Blue Book.

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Finding Cheap Car Insurance for Financed Vehicle

Thursday, February 9th, 2012

St. Cloud, Minnesota’s Injury Board offers articles related to legal issues.  Attorney Mike Bryant recently wrote about the so-called car insurance that may come from a financing company when you purchase a vehicle.  In “Does your financed car have real car insurance,” Bryant argues that this type of insurance shouldn’t even be legal.  People who buy a car and don’t offer up their own car insurance policy will often automatically be billed for car insurance by their financing company.  Of course the financing company needs to make sure that the car they own is covered in case of an accident or act of nature, but they aren’t looking out for you with any other type of insurance.

The financing company’s insurance not only costs more than car insurance from a company like Infinity Auto Insurance, it also only covers the car in the case of an accident.  There is no personal injury protection, liability, no fault coverage or anything else.  Oftentimes, this insurance doesn’t even cover the full amount of the car loan.  While this isn’t exactly nice of the financing companies, it really isn’t their responsibility to get you car insurance.  Finding cheap car insurance isn’t that difficult and it really is your job to make sure that you are covered fully when driving a vehicle.  Read all the paperwork associated with your car loan and present your own insurance so that you don’t pay an arm and a leg for this so-called insurance from your financing company.

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Just Call Your Car Insurance Company to Lower Rates

Friday, February 3rd, 2012

You may not think you have the time to call your car insurance company and make sure that you are getting the best rates.  Maybe you think that you won’t get your car insurance quote lowered or that the amount will be piddly and not worth your time.  Tara Siegel Bernard’s New York Times article, “Car policy for less, but only if you call,” highlights the story of a man in Arizona who was disappointed he waited so long to look for cheaper car insurance.

After retiring, the AARP suggested he get a car insurance quote from The Hartford.  He did, and they quoted him less than half of what he was already paying another company for the same exact coverage.  The man called his current company, Liberty Mutual, and they said that they could offer him a policy less than that of The Hartford because they had changed their underwriting standards.  He spoke with a manager to try and understand why he had been paying more than double and was basically told that he just had to ask and his rates would have been lowered.

Companies are unlikely to proactively call all of their customers eligible for lower rates, but let this retiree’s story show you how important a simple call to companies with which you do business can be.  Car insurance rates are based on many factors and the fact that this retiree had a good driving record, had been with Liberty Mutual for three decades, and held other policies with the same company helped his lower rates.  But everyone should check with their car insurance company and other providers and just ask if they can pay less for the same coverage.

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