solutionsforeverything

Auto Insurance for Teen Drivers Because they present more of a risk, auto insurance rates are generally higher for teenage drivers. However, there are some ways you can both protect yourself financially and lower the cost of insuring your teen by doing the following:   Understand the Risk It is important to talk to your teen about the relationship between auto accidents and insurance costs. Teens often forget that the cost of owning a car includes auto insurance. Explain that a driving infraction or being in an accident can drive up their insurance costs.   Shop Around Insurance companies differ in how they price policies for young drivers, so spend some time researching prices to find the best fit for you and your teen.   Insure Your Teen on Your Own Policy It is generally less expensive for parents to add teenager to their insurance policy than for teens to purchase their own. By insuring your teenager’s car with your insurance company, you ...

What should I do if I am having trouble settling my claim? Tips On How To Settle Insurance Claim: If you are not satisfied with how your claim is being handled, there are steps you can take. Let your agent or company representative know that you are unhappy. If the agant or representative is unable to solve your problem, get the name and phone number of the head of the insurer's claims department. Your insurance company may also have a consumer complaint department that can help. Be prepared to support your case. Send documents and a letter explaining why you are not satisfied and make sure you have the figures to back up your argument. Be certain to include your address, claim number, day and evening phone numbers and any other important identifying information. Review your auto insurance policy. Most companies offer either arbitration or appraisal services to help settle differences and disputes. Your insurance policy will explain these options. Contact your  st...

What are my rights when filing a claim? Know Your Basic Rights To File A Claim For Your Insurance: As a policyholder, you have certain rights. Every state has laws protecting consumers. Your policy is a legal contract between you and your insurer. It defines your rights and obligations as well as the rights and obligations of the insurance company. If you have any questions regarding your rights under the policy, talk to your insurance agent or company representative. You may also contact your  state insurance department , state attorney general's office, or your state's consumer affairs department.

Understanding Your Insurance Deductible Understanding the role deductibles play when insuring a car or a home is an important part of getting the most out of your insurance policy.   A deductible is basically the amount “deducted” from an insured loss. Deductibles have been an essential part of the insurance contract for many years and represent a sharing of the risk between the insurance company and the policyholder. When repairing your home or replacing personal possessions, the amount of the deductible would come out of your own pocket.   A deductible can be either a specific dollar amount or a percentage of the total amount of insurance on a policy. Generally speaking, the larger the deductible, the less a consumer pays in premiums for an insurance policy. Deductible amounts can be found on the declarations (or front) page of standard homeowners and auto insurance policies.   Here is how it works: if you have a $500 “dollar deductible,” that $500 wo...

Determining Your Car's Value and Cost of Repair There are several standard guidelines for determining the value of your car for insurance purposes. You and your insurer can refer to one of the books that list the depreciated value of all new and used cars. One of these books is published by the  National Association of Automobile Dealers another is published by  Kelley Blue Book . When you file your claim, your insurance company will refer you to a claims adjuster. The adjuster will verify the loss and determine what it will cost to repair the car. The adjuster’s estimate can serve as a benchmark to which to compare your own mechanic’s estimate. No good adjuster or insurance company will expect you to sign an agreement accepting the insurer’s estimate as the total claim payment until you’ve established, to your own satisfaction, that it will cover the cost of repair. The insurer will expect you to get your own estimate from your mechanic, garage or car dealer. Don’t...

Insuring Your Classic Car SPECIAL AUTO INSURANCE PROTECTION FOR CLASSIC VINTAGE EDITION CARS A classic, collectible or antique car is no ordinary car—and regular auto insurance is not sufficient to protect such a vehicle against damage or loss. Unlike everyday vehicles, which depreciate over time as you add miles to them, classic cars may, in fact, gain value over the years. Your insurance needs to match your special vehicle’s value—and you’ll need to adjust your coverage if its value appreciates. The first step in insuring your classic car is for you and your insurer to reach an agreement on the value of the vehicle. This value will be specified in your policy and your car will be covered up to that value without depreciation.  Most classic car policies will take into account the importance of using a specialized repair or restoration shop. Make sure your policy gives you the flexibility to bring your vintage Mercedes, Ferrari or Corvette to a specialist—even if the...

Eight Auto Insurance Myths When purchasing car insurance, it’s important to understand the factors that affect your car insurance premium rates and coverage. But how do you differentiate between truth and fiction? A good place to start is by dispelling some  common myths about auto insurance: Myth 1 – Color determines the price of auto insurance It doesn’t matter if your car is red, green or purple. What does matter is the type of car you select. Before you buy a new or used car, check into insurance costs. Auto insurance premiums are based on make, model, body type, engine size, the age of the vehicle and the age, driving record and credit history of the driver. Premiums are also based, in part, on the car’s sticker price, the cost to repair it, its overall safety record, and the likelihood of theft. Many insurers offer discounts for features that reduce the risk of injuries or theft. These include daytime running lights and anti-theft devices.    F...

Five Insurance Mistakes to Avoid… And Still Save Money We are all concerned with saving money and it is important to shop around when looking for insurance coverage. However, simply reducing your coverage or dropping important coverages altogether can leave you dangerously underinsured in the event of a disaster.   Following are the five biggest auto, home, flood and renters insurance mistakes consumers can make, along with suggestions to avert those pitfalls while still saving money:   1. Insuring a home for its real estate value rather than for the cost of rebuilding . When real estate prices go down, some homeowners may think they can reduce the amount of insurance on their home. But insurance is designed to cover the cost of rebuilding, not the sales price of the home. You should make sure that you have enough coverage to completely rebuild your home and replace your belongings.   A better way to save : Raise your deductible. An increase from $500 t...

How Can I Save Money On Auto Insurance? The price you pay for your auto insurance can vary by hundreds of dollars, depending what type of car you have and the insurance company you buy your policy from. Here are some ways to save money. 1. Shop Around Prices vary from company to company, so it pays to shop around. Get at least three price quotes. You can call companies directly or access information on the Internet. Your state insurance department may also provide comparisons of prices charged by major insurers. (State insurance department phone numbers and Web sites can be found on the back cover.) You buy insurance to protect you financially and provide peace of mind. It’s important to pick a company that is financially stable. Check the financial health of insurance companies with rating companies such as A.M. Best ( www.ambest.com ) and Standard & Poor’s ( www.standardandpoors.com/ratings ) and consult consumer magazines. Get quotes from different types of insura...

What information do I need to give to my agent or company? Your agent will ask you what make and model cars you own, roughly how many miles you drive each year, and what kind of liability coverage you will need. The agent will also want to know how many people drive the cars, how old the drivers are, where you live, and driving records of each household member. The agent will then ask more detailed questions about your cars, such as their Vehicle Identification Numbers (VIN), whether they have passive restraint systems or air bags, anti-lock brakes or anti-theft devices. If you already have another insurance policy with the company for home or life insurance, you might receive a discount on your auto policy. You should also mention if you or other drivers in your household have completed safe-driving courses and if student drivers in your home are getting good grades—both of these may qualify you for discounts on your auto policy. Once the agent has assembled all of the ...

Credit and Insurance Scores What is a Good Credit Score? How to Improve Your Credit Score? Does Checking My Credit Score Hurt My Credit? Insurance scores and credit scores differ. Credit scores predict credit delinquency while insurance scores predict insurance losses. Both are calculated from information in a credit report, such as outstanding debt, bankruptcies, length of credit history, collections, new applications for credit, number of credit accounts in use, and timeliness of debt repayment. Insurers or scoring agencies then calculate the insurance or credit score by assigning differing weights to the favorable or unfavorable information in the credit report. Information such as income, ethnic group, age, gender, disability, religion, address, marital status and nationality are not considered when calculating an insurance score. Credit and insurance scores measure how well individuals manage their money—not how much money they make. And actuarial studies show that ...