Insurance Analysis
Highly qualified and experienced insurance industry consultants
Different Types of Rental Car Insurance
Ive written about car insurance for rental cars before, but it seems to be all over the headlines today so I thought I would revisit this topic. Whether or not to add the car rental companys car insurance is one of the biggest stressors you will face at the car rental counter. The best advice, according to Fox News Jonathan Weinberg, is to do your research before standing at that rental counter. It is very possible that your personal car insurance policy or even the credit card with which you rented your car will cover you in the case of an accident. Weinbergs article, Secrets to unraveling car rental insurance, offers some pointers.
The first thing you should do is check with your own car insurance company and see if the coverage you already pay for includes rental car insurance. Keep in mind that you may have added expenses with your own company if you do actually need to use their car insurance. Youll have to go through the claims process, pay your deductible, and your car insurance rates could increase. Many credit card companies offer the perk of car insurance coverage for your rental cars. This is another case where you really need to do your research up front and see what they cover. Some exclude SUVs and vans, others only offer secondary coverage meaning that they only pay for what your primary coverage does not. You may even be charged a deductible.
Its important to make sure that you have liability coverage as well, especially in case you get into a bad car accident with another vehicle. Credit card car insurance does not cover liability in the United States. Car insurance through your rental car company offers basic liability coverage, but you have to pay more for supplemental coverage which youd need in the case of a major accident. Your personal car insurance policy will likely cover liability as long as that is part of your overall policy. While you will not be getting cheap car insurance if you purchase through the rental car company, you can rest assured that you will be covered and wont have to worry about extra paperwork filing claims and paying for deductibles. Weigh the benefits and see what coverage is best for you when renting a car.
The best way to pay for car insurance
When it comes paying for their car insurance, many drivers won’t have a choice but to split their annual quoted premium into 12 separate monthly payments – even though they will be charged a premium for doing so. This is especially the case in the aftermath of a costly Christmas when finding a hefty lump sum can often prove impossible.
However, many drivers will be unaware that there is a significant disparity between the premiums insurers charge for paying your insurance on a monthly, rather than an annual, basis. But this is where you can start to take back control.
Monthly payment option cost disparity
Some insurers add up to 10.75% onto the quoted premium for the privilege of paying monthly, according to research carried out by MoneySupermarket.
Car Insurance Companies Offering Usage-Based Discounts
Are you one of the 70 million drivers who could be paying less for you car insurance each year because of your driving habits? According to the Insurance Journal article 70 Million Drivers Missing Out on Car Insurance Savings: Insurer, having your driving habits monitored could save you some money. Our previous blog mentioned Progressives new Snapshot driving program, one of the first programs available. Usage based car insurance programs give discounts for people who drive less often, are safer, and drive during the safest times of the day. A recent phone study showed that 50% of people drive less than 12,000 miles each year, 84% of drivers believe they are cautious or defensive while driving, and 88% of drivers are hardly ever on the road between midnight and 4:00 am.
Progressive estimates that with all three of those factors taken into consideration, close to 40% of drivers could get a discount on their car insurance. That is 70 million drivers that could be paying hundreds less for their car insurance each year, up to 30% less. Safeco, Travelers and many other companies are also offering these usage based discount options. Some estimates say as many as 60% of car insurance companies have the program in place. In Progressives research, they determined that 63% of drivers would be willing to put a device in their car, in the event that it could lead to some savings. They also estimate that drivers using their Snapshot system are less likely to get into a car accident and less likely to receive a ticket for a moving violation.
Car Insurance Companies Help Generate Billions of Dollars
The insurance industry in Ontario, Canada adds $4.1 billion to the GDP in that area. Between car insurance companies, homeowners, and business insurance; the economic and social growth in the province is substantial. A report said that property and casualty insurance added an additional $3.4 billion in an indirect way, making the total contribution more like $7.5 billion. This information comes from the CNW Group press release Insurance Industry is a Leading Economic Driver in Ontario: Conference Board. The Conference Board of Canada performed a study to collect this data, which has been released by Canadas Insurance Board.
One of the largest contributors to this money is the jobs created both directly and indirectly in the Canadian province. With 22,000 people directly employed and another 41,000 indirectly employed, insurance companies like State Farm car insurance help boost the economy. In Ontarios private sector, more that 2 per 100 people work for the insurance industry through corporate headquarters and small offices. In addition to the $7.5 billion of contributions, the insurance industry in Ontario provides $3.7 billion in taxes and levies to the province.
Ten percent growth is expected by most of the companies within the next three years. The majority of Canadian insurance companies have headquarters in Ontario. With more than 6,000 insurance businesses, this industry employs over 77,000 people. Ontario also has the highest wages of all Canadian provinces, a full 32% higher than the average. This study is the first of its kind regarding insurance businesses, but strongly highlights the important impact created by car insurance companies, other property and casualty insurers, and the insurance industry in general in Ontario.
Various Aspects of Car Insurance Comparisons
Since the beginning of the world, man has been on a hunt to betterment and has evolved into a civilized society. This civilization has brought great changes to the society as well. Now human beings are far more careful than they used to be ever before. They first acquire precious things and then make sure that their security is intact. This gave rise to the concept of insurance. By insurance, you make sure that even if some damage happens to your possessions, you get paid for that. For getting a thing insured, you say a specific amount of premium on regular basis. There has been a new concept in the field of insurance and that is the car instance comparison. Read more…
Drive down car insurance costs
The Office of Fair Trading (OFT) is to investigate the soaring cost of car insurance to establish whether drivers are being overcharged for cover, but in the meantime there are plenty of steps motorists can take to keep premiums down. Premiums for annual comprehensive car insurance have risen by a massive 40.1% in the 12 months ending 31 March 2011 according to the AA’s British Insurance Premium Index, with experts blaming the increase on our compensation system that encourages “spurious and exaggerated” personal injury claims. Read more…
Looking for a Way to Lower Your Car Insurance?
One of the top car insurance companies will monitor your driving habits, which may get you a discount on your car insurance. Progressive Insurance has a little device called snapshot that can be installed in your car, according to KEPR-TV in Washington. By letting big brother, aka your car insurance company, monitor your driving habits, you could save up to 30% off of your car insurance premiums. And for those who are worried that their insurance company doesnt think they drive as safely as they think they do, your insurance will not go up because of installing the snapshot. It is only meant to track safe driving habits for offering discounts.
The devices will monitor all kinds of things related to your driving. They look at what time of day you tend to drive, how many miles you drive, how hard you brake, how fast you go and more. After 30 days of monitoring, Progressive Insurance will check your plug-in device and see how safe your driving actually was. If they deem you a safe driver, youll get a discount. You will still be monitored after the trial period if youve been given a discount, so make sure that you keep driving safely and dont make any big changes in your mileage or speed. Currently, Progressive offers the snapshot trial in more than 30 states.
Multi Car Insurance – Advice From An Expert
Choosing which provider to go with for multi car insurance can sometimes be hard to do, but getting the right one can really benefit you. This is why we’ve put together this guide to things to keep in mind when buying multi car insurance. One really big issue to keep in mind is whether there is a limit on the number of cars or drivers you can insure on one policy as the provider might place limits or restrictions on the numbers you can insure.
The exact details of what and who you need to ensure are also really important to think about as this will help you avoid any issues with the insurer later on and will help you understand your policy much better. T