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Insurance Fundamentals
Do you know how insurers determine premiums? Do you know how insurance adjusters quantify risk? Unless you are familiar with these very basic insurance concepts, you will probably end up making poor decisions about your auto insurance policy. The more informed you are as a consumer, the better able you will be to determine which policy is a good deal, which insurer is best, etc. Familiarizing yourself with just a few basic auto insurance principles can prevent your insurer from taking advantage of you.
Buying auto insurance without the help of an agent or broker can save you money, but it can also be risky if you don’t know what you’re doing. If you plan on purchasing coverage on your own, you will find these posts especially helpful. We’ll explain things like what the average policy covers, how to distinguish between cancellation and nonrenewal, and how to define a total loss. Even if you do intend to work with an insurance professional to find a policy, these articles will better prepare you for the encounter.
What is Car Insurance?
It is estimated that 17% of people do not carry liability insurance as required by state law, so what happens if one of them hits you? Do you have the right insurance coverage to protect yourself from medical expenses or repair your car? See what insurance types are and which ones can help you stave off disaster.
More...Comprehensive Auto Insurance
A comprehensive auto policy is often required by a bank or loan company who loaned you money to buy your car. This policy is frequently sold together with collision insurance and also may be required as part of the terms of the loan.
Comprehensive insures the policy holder against just about everything that is not covered [...]
Collision Auto Insurance
Many loan companies and banks will require collision auto insurance when they loan money to buy a car. They do this so that they can protect their investment. A collision policy covers essentially accidents in which your car is involved and usually pays the owner of the policy even if that person is at fault. [...]
More...What to do After a Total Loss
If a car is drastically damaged in an accident, an insurance company may deem it a total loss. But at this stage, consumers need to become their own best advocates and make sure they’re receiving the best customer service and counsel available. You may want to look at your individual state’s insurance regulations to make sure you fully understand your rights. Don’t be shy about negotiating with your insurance company, either: Your personal research could find that your car’s value is much higher than your insurance company says it is.
More...Rental Reimbursement Coverage: Pros and Cons
The average repair time following an automobile accident is two weeks, according to the U.S. Bureau of Transportation Statistics. And with the cost of renting a compact car running about $48 per day, the cost to keep your car in the shop following accident can add up. For this reason, it is important to know the pros and cons of adding rental reimbursement coverage to your auto insurance policy.
More...Most Common Insurance Problems
Ever had an auto insurance company tell you that your claim was denied? Ever wanted to tear your hair out at learning that those big discounts for safe driving that your insurance company advertises these days doesn’t automatically apply to long-standing customers like you? Well, join the club, friend, by being an insured driver in America you are already in it anyway! But don’t let common insurance problems get the better of you. Don’t let them get away with it; remedy the situation!
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