November 17th, 2006
What is third-party insurance? A typical car insurance policy is set up as a contract between two parties: you the driver, and your insurance company. If you get into an accident with another automobile though, they are considered a third party. If you were to get in an accident with another party, will your current policy limits cover the claim?
There are two different types of third-party liability insurance coverage. The first type is called bodily injury liability and the second is called property damage liability. Bodily injury liability covers costs related to people like lost wages due to injury, medical costs, and things related to pain and suffering. Property damage liability covers the cost of objects or things, like other cars, a person’s house, a building, street signs, landscaping, etc.
Each state has minimum required levels for major types of car insurance coverage and these include third-party coverages. It’s important to sit down with your insurance agent and make sure you’re covereded adequately. If you have assets and investments to protect, it’s important to know that you’re coverage is at a liability limit that would cover these assets in case of a major accident. If you have “no-fault” insurance, that typically will cover minor fender benders but not anything big. You don’t want to find out you’re under-insured after the fact -Â at the time someone is filing a claim against you. This type of insurance is priced fairly and is one area you should not try and be too “thrifty” from a fiancial standpoint. There’s far too much at stake.
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November 16th, 2006
We all know that the best way to save money on anything, let alone car insurance, is to shop around. The Internet is a good place to start looking for good car insurance rates. There are many online sites that are either an insurance company’s site or a broker, like insurance.com. The more you hunt, the better idea you will get of what’s expected financially from you as well as what many of the companies offer policy-wise.
When car insurance rates are calculated, what you end up with varies from state to state, and geographically within the state, from location to location. Prices depend on driver risk factors and record, amount of driving you do, type and age of car, age of driver, how many drivers you have on a policy and more.
Another variable, as we’ve mentioned before is your credit score. The higher your credit score, the more responsible you tend to be, which can carry over to how you drive. The more responsible you are, as indicated by certain variable, the lower your rate tends to be.
Drivers who are married and have not hopped around too much from location to location tend to suggest stability and in some cases, this can also contribute to a lower rate.
Here are some links to other posts we’ve recently written having to do with the cost of car insurance:
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November 8th, 2006
Yes, where you lives matter when it comes to how much you pay for car insurance rates. Most people understand that things like driving record, claims history and the type of car you drive is factored into your policy price but most don’t know that location also plays a part.
When you think about it, much of it is logical. If you live in a city and your driving takes place in a more congested area, you insurance will more than likely be higher because your chance of getting in an accident is higher. The more traffic, the higher the policy. Also, if you live or work in a high crime area, your chance of vandalism or theft is higher as well, hence, a higher policy rate. What type of weather you have in the location you live may also play a part. If you live in an area that experiences extreme weather often, it’s possible your rates could go up, not only because of possible damage to your car but also driving conditions.
So is there a difference from state-to-state? Yes there is. Most people are not concerned about this because how much one pays for a premium is not enough to make someone change states. However if you’re thinking of relocating, and money is playing a part in your decision, check with the state DMV or a national car insurance company to find out the differences in premium price and coverage minimums from state-to-state. The fact that each state is different in what they require you to carry liability-wise and property-wise will also dictate how much you are required to pay and how much coverage you need to have as a minimum.
If you find you’re living in a high-priced location, make sure you check with your agent to see if you’re entitled to any special discounts.
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November 6th, 2006
Car insurance companies are putting the heat on drunk drivers. Insurance companies are not allowed to deny insurance coverage for a number of reasons like race, religion, age and occupation but they can cancel your policy for driving related issues like drunk driving or DUI.
Typically when you get convicted of a DUI, the insurance company will either issue higher rates, apply a nonrenewal tag to your policy or just cancel it altogether.
If you get labeled as a high-risk driver, which typically happens if you get a DUI, you will more than likely need to file proof of insurance for 3-5 years at your DMV. And if your license gets suspended, you’ll need to get special paperwork from your insurance company and provide that to the DMV as well.
If your policy gets cancelled, your insurance company is required to send you a letter stating so and why. At this time, you will need to find another car insurance company during the cancellation period, which can be very tough and expensive.
Another point to remember is that in most states, insurance companies have up to three years to cancel a policy and/or raise your rates because you’ve been convicted of a DUI.
Bottom line, drunk driving does nobody any good and nothing good can come out of it. So you need to ask yourself, why even take the risk. Drunk drivers risk their lives as well as other’s lives, and if you get convicted of a DUI, it can be very costly, in more ways than one.
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