by admin on March 13, 2011
Whether buying auto insurance for the first time or just adding another vehicle on to an existing policy it is always a good idea to discuss the different features of your auto insurance policy is your insurance agent. One part of any auto policy that should be discussed with your agent is the requirements of your personal injury protection.
While personal injury protection is not required to be on an auto insurance policy in all states it is always a good idea to spend the little extra money on this feature. It covers all medical expenses for any occupant in a vehicle at the time of an accident, and can also cover wage compensation, loss of services, funeral expenses, and in some cases child care depending on your auto insurance company.
In the states that do not require personal injury protection on an individual’s auto insurance policy there is generally a waiver that needs to be signed saying that the policy holder understands the risks involved of not having this coverage. Even fewer states do not require a waiver to be signed, but it is always a suitable thought to have at least $10,000 to $15,000 worth of personal injury protection to lesson the likelihood of being sued after an accident.
There are some limits and restrictions that are attached to this feature and they are generally outlined by your auto insurance agent. Generally the restrictions are based on the insurance company paying medical expenses after one year of the date of the accident. The limits are generally set by the policy holder and the insurance agent.
While personal injury protection does add a little bit to your insurance bill the cost does not out weigh the benefits of have this extra protection on your auto insurance policy. Most good insurance agents will strongly recommend this coverage and in some states it is required. Even if you live in a state that does not require this coverage it is always a good idea to obtain it to lessen the likelihood of being sued after an accident.
References:
Personal injury protection coverage. (n.d.) Allstate, Retrieved April 3, 2009, from http://www.allstate.com/auto-insurance/personal-injury-protection.aspx
by admin on February 26, 2011
Since the mid-1990s, insurance companies have tightened their eligibility requirements for fresh policyholders. In addition, the entire insurance industry has budge together to relay information between them. Allstate Insurance has just as much vested interest in the information contained in these reports as Nationwide Insurance and other leading carriers do. This is all to keep policyholders from being dishonest or simply wrong regarding their insurance history. Each secret below is no secret to the insurance carrier you’re getting a quote from.
Secret number one
Standard insurance carriers run credit checks prior to giving you an auto insurance quote. These are referred to as Financial Responsibility Scores. The insurance agent can’t see the report but rather it goes through the system and simply tells the agent whether or not you are eligible to be written in that company. If you are not eligible, you can still win a quote but it will be with a higher rate. Although these are not the same credit reports as when you apply for a loan, the report does affect your eligibility and your rates.
Secret number two
Any claim you’ve submitted in the past 10 years is visible to anyone in the insurance industry. Insurance companies have developed reporting procedures to inform each other of claims called an Auto loss history narrate. If you’ve submitted many small claims or even one substantial claim, you’ll either be charged more or you won’t be eligible for a standard policy at all.
Secret number three
There could not be a more important secret. Never, ever let your insurance cancel. The most steadfast rule in the insurance industry is proof of prior insurance. If you are uninsured for over 30 days, you can bet on higher insurance prices for at least the next year. Not only will being uninsured put you into a higher premium bracket; you may have to stay there for a period of time before the company will consider lowering your rates.
Sure, there are benefits to keeping your business with the same company for several years but it’s also good to shop and compare pricing. By keeping these three things in line, you’re more likely to get the best rate possible.
