Posts Tagged ‘car insurance companies’

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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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Hit and Run Killed 13-year-old Boy

Wednesday, January 18th, 2012

In a devastating car accident last October, 13-year-old Charlie Kho was killed after being struck by a vehicle in Olmsted Township, Ohio.  Charlie was walking home to his dad’s house with some friends around 7:00 pm.  The driver was later found to be an 80-year-old woman who fled the scene for an unknown reason.  Helen Fettes was charged two months after the homicide because a body shop manager recognized the car she brought in to fix as one police were looking for.

She pleaded not guilty this week to the counts against her; vehicular homicide, tampering with evidence, and failure to stop.  She could face more than ten years in prison if she is found guilty of the charges.  This information comes from Dan Jovic’s article “Not Guilty Plea Entered by 80-Year-Old Charged in Hit-and-Run Death,” on the Fox 8 Cleveland news website.  Fettes’ bond is $10,000, but the news site was not sure if that had already been posted to release her or if she was still being held in jail.

Vehicular homicide is devastating, and the fact that someone would drive away from the scene leaves many unanswered questions.  This kind of accident is one of the worst fears for car insurance companies and will likely make it extremely difficult to insure someone found guilty of such a crime.  That isn’t a concern of course if the driver spends the rest of their life in prison.  Prayers go out to the young boy killed and the families of everyone involved.  Drive safely out there and watch for pedestrians and other vehicles to keep everyone safe.

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Car Insurance Companies Offering Usage-Based Discounts

Thursday, December 8th, 2011

Are you one of the 70 million drivers who could be paying less for you car insurance each year because of your driving habits?  According to the Insurance Journal article “70 Million Drivers Missing Out on Car Insurance Savings: Insurer,” having your driving habits monitored could save you some money.  Our previous blog mentioned Progressive’s new Snapshot driving program, one of the first programs available.  Usage based car insurance programs give discounts for people who drive less often, are safer, and drive during the safest times of the day.  A recent phone study showed that 50% of people drive less than 12,000 miles each year, 84% of drivers believe they are cautious or defensive while driving, and 88% of drivers are hardly ever on the road between midnight and 4:00 am.

Progressive estimates that with all three of those factors taken into consideration, close to 40% of drivers could get a discount on their car insurance.  That is 70 million drivers that could be paying hundreds less for their car insurance each year, up to 30% less.  Safeco, Travelers and many other companies are also offering these usage based discount options.  Some estimates say as many as 60% of car insurance companies have the program in place.  In Progressive’s research, they determined that 63% of drivers would be willing to put a device in their car, in the event that it could lead to some savings.  They also estimate that drivers using their Snapshot system are less likely to get into a car accident and less likely to receive a ticket for a moving violation.

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Car Insurance Companies Help Generate Billions of Dollars

Wednesday, November 9th, 2011

The insurance industry in Ontario, Canada adds $4.1 billion to the GDP in that area.  Between car insurance companies, homeowners, and business insurance; the economic and social growth in the province is substantial.  A report said that property and casualty insurance added an additional $3.4 billion in an indirect way, making the total contribution more like $7.5 billion.  This information comes from the CNW Group press release “Insurance Industry is a Leading Economic Driver in Ontario: Conference Board.”  The Conference Board of Canada performed a study to collect this data, which has been released by Canada’s Insurance Board.

One of the largest contributors to this money is the jobs created both directly and indirectly in the Canadian province.  With 22,000 people directly employed and another 41,000 indirectly employed, insurance companies like State Farm car insurance help boost the economy.  In Ontario’s private sector, more that 2 per 100 people work for the insurance industry through corporate headquarters and small offices.  In addition to the $7.5 billion of contributions, the insurance industry in Ontario provides $3.7 billion in taxes and levies to the province.

Ten percent growth is expected by most of the companies within the next three years.  The majority of Canadian insurance companies have headquarters in Ontario.  With more than 6,000 insurance businesses, this industry employs over 77,000 people.  Ontario also has the highest wages of all Canadian provinces, a full 32% higher than the average.  This study is the first of its kind regarding insurance businesses, but strongly highlights the important impact created by car insurance companies, other property and casualty insurers, and the insurance industry in general in Ontario.

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Car Insurance Companies Allowed to Discriminate

Thursday, October 6th, 2011

As long as they have research backing up their policies, car insurance companies are allowed to discriminate based on your age and a number of other factors.  Age is one of the top determining factors for your car insurance rates.  Those between the ages of 50 and 64 get the best car insurance rates, according to Augusta, Georgia’s 12 News.  Reporter Kristi Ludlow’s story “What’s driving your car insurance rates up” says that your age, the type of car you drive, and your credit score are important.

She interviewed an 81-year old man whose car insurance had increased simply because of his age, even though he has had a perfect driving record for almost 5 decades.  Teen drivers and those older than 64 have the highest car insurance rates.  State Farm car insurance quotes also take into effect the kind of car you drive and the area in which you live.  Even if you have a perfect driving record, living in an area with high theft rates or driving a car that tends to get stolen can increase your car insurance.  Your credit score may even effect your car insurance quote.  That’s why it is always important to shop around and compare quotes from different car insurance companies.

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State Farm Says Your Kids Are Safer in Car with Grandparents

Friday, September 23rd, 2011

Would you believe that your kids are safer driving in the car with their grandparents than they are with you?  After comparing State Farm’s car insurance claim information, a team from the Children’s Hospital of Philadelphia came to this conclusion.  Zach Bowman’s Auto Blog found this research in a USA Today article on Philly.com.  The researchers’ information came from fifteen states and spanned the years 2003-2007.  They researched 12,000 children under the age of 15 and interviewed the drivers involved in the accidents.  Kids were half as likely to be hurt in a car accident with their grandparents than they were in an accident with their parents.

This seems a bit odd since older drivers are more likely to be in a car accident overall and less likely to properly use a car seat.  But it appears that they might be driving more carefully when their grandchildren are in the car, possibly because they drive with them less often.  I’ve always thought that kids behave better for their grandparents, so maybe they just aren’t as distracted as parents are with whining, crying, screaming kids asking for snacks or throwing sippy cups at their heads while driving.  This is interesting information for car insurance companies who would love to find a way to get drivers to be more careful all the time.

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PIP Car Insurance Changes in New Jersey

Tuesday, August 9th, 2011

The state of New Jersey is hoping to stop rising car insurance premiums through an overhaul of the personal injury protection car insurance component.  Josh Lederman’s Insurance Journal article, “What New Car Insurance Rules Mean for New Jersey,” says that New Jersey has some of the highest car insurance rates in the United States, and they are increasing largely in part to rising personal injury claims and costs.  A shocking 97% of increasing car insurance rates was based on increasing personal injury costs in 2010.  Insurance companies spent $1.23 for every $1.00 they collected towards personal injury claims.

Personal injury protection is mandatory in New Jersey, as well as about a quarter of the other states.  It pays medical costs and any lost wages after a car accident, regardless of whether or not the accident is your fault.  There are loopholes in New Jersey’s current system that allow some doctors to get larger reimbursements than the system was meant to give by specifically charging for services that are not on a predetermined price reimbursement list.  In order to help insurers like State Farm car insurance keep costs lower, New Jersey is doubling the medical services list with predetermined prices so that doctors will have a much harder time finding loopholes.  Multiple billings for the same visit, uncommon procedures, and limits on billings for the same accident will also be cut down.

The biggest auto insurer in New Jersey, as well as many other insurance companies, are supporting the regulations changes.  Car insurance companies will see an immediate benefit once these regulations are in place.  It isn’t clear whether they will immediately pass savings onto consumers, but New Jersey is hopeful that these changes will keep car insurance rates from increasing.  New Jersey Citizen’s Action does not support the regulations, but since they are not set in stone yet, there is much more debate ahead.

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Summer Heat May Affect Car Insurance Companies

Thursday, July 21st, 2011

It sure it hot outside in most of the United States right now.  The heat affects many things, but some people may not realize how much it affects their cars.  Car insurance companies are well aware of increased wear and tear on cars in the hot summer months, and carefully compare what is covered by insurance by what is not.  Madison, Wisconsin’s WEAU News shared some of AAA’s “Tips to help your car survive the heat.”  Most drivers perform routine maintenance to protect their cars during the cold of the winter, but you should also do some maintenance for the dog days of summer.

  • Batteries: The two things that wreak havoc on batteries are heat and vibration.  It is especially important during this uncontrollable heat to make sure that your battery is mounted securely and avoid any unnecessary vibration.  Battery fluid also evaporates faster in the heat, so clean off any corrosion and make sure that all of the clamps are secure.
  • Engines: Since your engine is on overdrive during the summer heat, make sure to get routine maintenance done on your cooling system to protect your engine.  Also check for any deterioration on the rubber parts in your cooling system since heat makes them wear faster.
  • Tires: Make sure that your tires are properly inflated to the vehicle manufacturer’s recommendations.  When tires are low, you are more likely to have a blowout because of the extreme heat on the roads making your hot tires even hotter.  Infinity auto insurance and other insurers hope drivers keep tires inflated because of heat, braking, and overall handling.  This helps reduce the risk of accidents and the claims on insurers.
  • Fluids: Check all of your fluid levels because fluids help cool your car by taking heat away from other car components.  Transmission, power steering, and brake fluid, as well as motor oil are important to keep at the recommended levels.
  • Air Conditioning:  Make sure that your air conditioning system is checked over and well maintained.  Cool passengers and drivers are better able to function on the roads and help avoid more accidents and car troubles.

Even with all of the proper preparations, you still may have a summer car breakdown.  As many people are keeping their cars more years to save money, older cars can breakdown more often if not properly maintained.  AAA recommends having a breakdown kit in your car just in case.  Be sure to keep your car as far off the road as you can and be safe in the event of a breakdown.

 

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Graduates Beware: State Farm Car Insurance Quotes

Tuesday, June 14th, 2011

Recent high school and college graduates have even more to worry about then paying for college or finding full time jobs.  This is the peak car buying season for young graduates and while they are worrying about haggling over the price of their new or used cars, they might need to be concerned about their State Farm car insurance quotes.  Young people are paying more than ever for car insurance because of their statistically high risky behavior resulting in more accidents and citations than older adults.  But they are also paying more comparably than the graduates that came a decade or so before them because of the newer risks of texting and talking on their cell phones.  The more chances graduates have for risky behavior, the more that car insurance companies will charge to insure them.

The best car for young people to drive, according to NBC 9News in Colorado, is a four door sedan.  SUVs and sports cars will cost much more for recent graduates or their parents to insure.  Another way to save money on insurance from a company like Encompass auto insurance is to avoid purchasing a car that is expensive to maintain or fix.  Boys have always paid more than girls for car insurance, but the gap between the two sexes is really tightening because girls are becoming riskier drivers.  If parents are adding recent graduates to their car insurance plans, they should make sure that the youngest drivers have the slowest driving and lowest cost cars to keep insurance lower.  While State Farm car insurance quotes vary for many reasons, one thing is for sure, recent graduates are going to pay more for their car insurance than most of their parents pay.

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Testosterone Can Make for A Higher State Farm Auto Quote

Thursday, May 19th, 2011

Women may be better off leaving their boyfriends and maybe even their husbands off of their car insurance policies, according to “He’ll Break Your Heart–and Your Car Insurance Rates.”  Emmet Pierce’s article for Fox Business says that gender is a large factor towards determining your car insurance rates.  A State Farm auto quote, or a quote from another insurance company, calculates insurance rates based on gender for a few reasons.  Males tend to take more chances like driving faster and making risky decisions, which results in more accidents and tickets from police officers.  This is especially true for males in their 20s, resulting in a higher State Farm auto quote.

The Insurance Institute for Highway Safety says that testosterone is likely the reason why men are riskier drivers than women.  In fatal car crashes, men are twice as likely as women to have been intoxicated.  Men are more likely not to wear seatbelts, to speed, to make riskier decisions, and they also tend to drive more miles.  All of these reasons make them more expensive to insurance companies when you compare car insurance quotes.  While it may not be monetarily beneficial for a woman to add a man to her car insurance policy, compare car insurance quotes in the reverse it could work out in a man’s favor.  Most car insurance companies offer a discount when you insure more than one car, so a man adding a woman without a bad driving record could result in a significant discount.  A woman adding a man with a flawed driving record, however, usually loses more in premium increases than any discount she would have received for adding another car to the policy.

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