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10pts to best answer. Question about auto insurance policies?
I just earned my drivers liscence. My father is dreading the cost of adding another driver to the family auto insurance policy. What are some discounts that many insurance companies offer that might help save my dad some money when the premium is due?
Details below if you do not know which one I am referring to?
I'm not talking about the cliche "low cost auto insurance" that is available to everyone. etc…I'm talking about a specific plan offered by the state of California available at some insurance offices for low income individuals. I found one office with it, it isn't close enough, does anyone know of any more offices ?
"The California Low Cost
Automobile Insurance Program (LCA):
The California Low Cost Automobile Insurance Pilot
Program, created in 1999, established a low-cost
automobile insurance policy for residents of Los Angeles
County and the City and County of San Francisco.
California Law requires that all drivers be insured.
However, too many low-income drivers remain uninsured
because the costs of standard auto insurance premiums
are beyond their financial reach. The program’s purpose
is to provide low-cost automobile liability insurance to
good drivers who demonstrate financial need.
I am trying to find out if Farmers auto insurance settles quicker than Nationwide insurance and vice versa. I have Farmers auto and home insurance now and considering a move to Nationwide.
Just started a limo business and was not aware how expensive commercial auto insurance is.
By Jon Atkinson
Calculating exactly how much auto insurance you should buy can sometimes seem to be a quiz fit for a mathematician. Every state has some guidelines and ‘must-haves’ in their requirement for auto insurance. One can use this as a sort of starting point, but there is a lot more that needs to be seen and evaluated.
Broadly speaking, there are 6 basic parts of an auto insurance policy. These are: Bodily Injury Liability, Property Damage Liability, Personal Injury Protection, Collision Coverage, Comprehensive Coverage and Uninsured Motorist Coverage. In most states, it is important to include the first two parts in the policy while the others may or may not be mandatory.
Bodily Injury Liability – Insurance companies generally recommend a minimum of $100,000 per person and $300,000 per accident for bodily injury liability coverage. Being underinsured for this coverage may be harmful for the insured as he can lose his assets in a lawsuit resulting from an auto accident in which he is found to be at fault.
Property Damage Liability – The recommended coverage is a minimum of $50,000. Like in the previous case, the insurer stands to lose his assets if not adequately insured.
Personal Injury Protection (PIP) – PIP coverage ensures that the insurance company pays for the medical expenses and/or any lost wages and other costs that may arise when the insured is injured in an accident. Minimum PIP coverage of $10,000 is usually recommended. The insurer generally pays around 80 percent of the losses and also pays a death benefit. It may also cover the medical expenditure of the passengers of the insured as well. The expanded version of this coverage is called ‘no-fault’ coverage wherein the insured gets the insurance amount irrespective of whose fault it was. In some states this too may be mandatory in order to provide for child care and lost wages.
Collision Coverage – Collision coverage pays for the repairs of the car after accident and is normally the most expensive component of the auto insurance. One can lower this amount by having a higher deductible. This means that the insured is taking the risk of accident free driving upon him. If he is involved in an accident, he will have to pay up a higher amount before the insurance company chips in. It might be a good idea to get the vehicle’s value assessed before deciding upon how much cover one would like to take.
Comprehensive Coverage – Comprehensive coverage pays for damage to the car of the insured resulting from fire, theft, vandalism, windstorm, glass breakage, and the like. Like in the above case, assess the vehicle’s value to make sure it’s worth the amount that this coverage costs. This coverage too comes with a deductible and the insurer will not pay more than what the car was worth when it got wrecked.
Uninsured Motorist Coverage – This coverage pays for the injuries of the insured even if he is hit-and-run by a driver or someone who doesn’t have auto insurance. As the number of uninsured and underinsured drivers is high, it is recommended that a minimum amount of $100,000 per person and $300,000 per accident be allocated under this coverage. This coverage is not important if the ‘no-fault’ coverage is in action.
Take the above points into consideration and then gauge your actual insurance requirement. If required, take quotes from several insurers before deciding upon the insurance value that you need.
About the Author: Jon Atkinson recommends that you visit http://www.cheap-autoinsurance.com/ for more information on auto insurance.
Source: www.isnare.com
Permanent Link: http://www.isnare.com/?aid=56339&ca=Finances
When shopping for the best auto insurance policy, you may need to understand how a lien and lien holder can potentially impact your rate. This is an issue that will affect you if you lease a vehicle, or are considering a lease car.
There are all sorts of complications that arise when buying car insurance for yourself. The presence of a second party definitely complicates matters further. A lot of people who have a lien against their car feel overwhelmed, like they can’t make their own decisions about their car insurance, or that they’re not truly responsible for what happens to their car because they don’t “own it.”
To help dispel these rumors, in this article we’re going to discuss a little bit about the ins and outs of holders, and how they affect your policy. The first place to start is with a definition: what is a lien, and what is a holder? A lien is a claim on property (in this case, your car) as security for the payment of a debt. That means if you can’t pay your debt, whoever has placed the lien (the holder) can take your car away. Read the rest of this entry
