Auto Insurance

The Top 5 Pickups that are Cheap to Insure

Posted by Kristin Collins \\ Apr 23, 2011

Whoever is looking for a truck that is cheap to insure will need to understand that it will have to be a small style model. Pickups are generally costly to insure in the full size range because of the repair costs. At one time there were full size and compact size trucks. However, most manufacturers are now building a mid-size vehicle that has the ability to perform as a truck but with a little less capacity. Here are the low insurance premium winners as rated by the industry.

#5 Chevrolet Colorado

The manufacturers suggested starting price for the Colorado is $17,045, and its small engine sports 25 mpg on the highway. This is the best of any mid size truck with a crew cab. The Colorado is also available in standard cab and extended cab versions. The vortec engine also comes in a 5-cylinder and a V-8. Insurance rating is based on the standard body style and 4-cylinder engine.

#4 GMC Canyon

This is the brother of the Chevrolet Colorado and has the same starting price for the standard cab, and mileage is about on par with the Colorado, too. The same three motor and body styles are offered as on the Colorado. This good-looking truck has suffered from power problems, which has given it a setback from some of the other trucks on the cheap to insure list. Other than low insurance premiums, this truck is not highly regarded.

#3 Mazda B Series Truck

Since 1994, Mazda trucks have been built by Ford, so the Mazda B Series is basically a Ranger with a different shell. Mazda has never attempted to escape from the definition of the compact pickup, and that is why it is number three on the list of cheap to insure trucks. It comes with a standard 5-speed transmission with a 4-cylinder motor. The biggest thing that this pickup offers is dependability.

#2 Ford Ranger

Not to change a winning formula, the Ranger has stayed with the same fundamental product design since 1983 with the exceptions of some cosmetic changes in the 1990s. The starting price for this solid compact is $18,050 for the 4-cylinder and standard cab. A 4.0 liter V-6 is one option, and the extended cab is a popular addition. Many customers appreciate the consistency of the Rangers design and performance.

#1 Suzuki Equator

The cheap to insure winner in the small truck line is the Equator, which features two body styles, the extended and the crew cab. This is considered a clone of the Nissan Frontier and it is not a compact pickup. With the optional V-6 motor, the Equator has enough power to handle jobs bigger than a typical compact. This truck is short on bells and whistles but offers a 7-year/100,000 mile warranty.

The vehicles listed here are not heavy-duty pickup trucks and are more suited for hauling small payloads, but they are cheap to insure, and that amounts to money savings for someone who doesnt need or want a full size pickup. All these vehicles offer dependable service, too, which is an additional reason to consider ownership.

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Tags: Insure

Insurers Battle Damage Costs from Storms that Killed 45 People

Posted by Kristin Collins \\ Apr 21, 2011

A number of insurance companies are struggling to keep up with claims responding to damage produced by severe storms and tornadoes that struck much of the U.S. in the past week. Several major insurers have racked up more than 12,000 claims and are expected to see more in the coming days and weeks.

State Farm and Nationwide Deal with High Number of Claims

State Farm Mutual Automobile Insurance Co., the largest provider of home and auto insurance, is dealing with claims that have been accumulating for both types of coverage in the wake of massive storms that ravaged much of the U.S. from Oklahoma to the East Coast and claimed the lives of 45 people.

State Farm estimates it has received 7,500 home insurance claims so far. Much of the structural damage, in North Carolina and Virginia in particular, has resulted in many homes most likely being declare uninhabitable. State Farm has also received 2,900 auto insurance claims and expects to see more in the near future.

Nationwide Mutual has also counted a large tally of claims. So far, it has received 2,000 for home and auto in North Carolina alone.

Do You Have to File a Claim?

If you live in one of the affected areas, you may want to file a claim but don’t know what to do. The specific guidelines are slightly different for filing a home insurance claim versus filing an auto insurance claim, but to get you started, here are a few basic tips:

Find your policy: In both cases, you want to find your insurance policy to take a quick look at what it covers so you’re not making claims on items the insurer won’t pay for. If you can’t find yours, contact your insurance company to obtain a copy.
Survey your damage: Next, you want to look over the damage to your home or car, make a list of what’s been lost (in your home) and take pictures of the destruction. It’s also good to find pictures or video footage of your home and car prior to the damage to give the insurance company a way to compare.
Don’t procrastinate: One mistake some people make is waiting too long to make a claim. While it won’t make or break the process necessarily, it could be harder for the company to do an effective job at settling the claim if aspects of the damage are no longer the same due to changes you’ve made or even environmental changes.

The insurance companies have much to deal with in the coming weeks and months, so do all you can on your end to make the process flow as smoothly as possible.

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Tags: Storms Storms Killed

How Does an Auto Insurance Claim Work?

Posted by Kristin Collins \\ Apr 17, 2011

Many individuals are unconcerned about how an automobile insurance claim works until they actually need to file one. The entire claim process can be affected by many different factors, such as the state laws where the claim is made, the insurance provider involved, and the extent of the injury and/or damage. Here is the basic outline of how the claim process works.

Notify the Agent

Do not delay the reporting of the accident to the agent, regardless of who appears to be at fault. The agent will advise on how to proceed with the claim and make recommendations on what the insured should and should not do regarding others involved. Documents will be required such as a police report and repair estimates. Generally more than one repair estimate is required, to get a balanced view of the damage.

Repair Authorization

Do not authorize vehicle repairs until the insurance agent has given instructions to do so. Some agents have a list of approved repair shops that must be used, and the deductible amount is something else to be considered as it is usually paid directly to the collision repair shop in order to pick up the repaired vehicle. Ask all repair estimate providers about the guarantee provided on parts and workmanship, including the length of the warranty.

Policy Confirmation and Adjuster Evaluation

The insurance agent will verify that coverage was in affect and that the incident is covered. A claims adjuster is usually assigned, who will evaluate the damages to the vehicle. This figure is used to compare to auto repair quotes received by the shop, to ascertain they are in line with industry standards and arent inflated. Money can sometimes be saved by opting for generic rather than name brand parts, and by using an agent-recommended collision repair company.

Total Vehicle Loss

If the vehicle is considered totaled and beyond repair, the insurance company will reimburse the insured for the automobiles value, which is usually in line with Blue Book listings, minus depreciation. The deductible comes off of that amount, and there are other considerations regarding worth of the vehicle. These may include the condition of the tires, the odometer reading, and the overall condition of the vehicle at the time of the accident.

Possible Lawsuit

The insurance company will defend the insured within the coverage limits in the event of a lawsuit, and much has to do with whether the accident occurred in a fault or no-fault state. If the insured is sued for $500,000 and only has $250,000 in coverage, the insured will be liable for the other $250,000. In that event, the insurance agent will most likely advise the insured to retain legal counsel to defend them for that portion of the lawsuit.

It is hopeful that a day does not arise when a claim becomes necessary for an insured individual, but unfortunately things do happen beyond our control and that is the purpose of having insurance. The best advice if a claim becomes necessary is to work closely with the agent so the process goes as smoothly as possible.

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Glossary of Auto Insurance Terms – Part 1

Posted by Kristin Collins \\ Apr 13, 2011

For those who do not work in the auto insurance arena, it can be overwhelming to attempt to make heads or tails of the industry terms and policy jargon and what it all means. However, it isn’t that the terminology is overly complicated: it is just that people who are not involved in the business professionally might benefit from a primer on auto insurance terms in order to better understand insurance policies and quotes.

Liability Insurance

In the event of an accident, you may be held as legally accountable, or “liable,” for any property damages (PD) or bodily injuries (BI) that occur to the other party; these damages can be charged to your basic liability insurance. Liability insurance coverage is designed to protect the insured if any lawsuits are filed against them, and is not intended to provide reparations to the insured, but to the injured and not at-fault parties. If you only have liability insurance and are judged as at-fault, liability insurance will not pay for your medical or repair expenses.

Collision Coverage

Collision is an optional add-on to most policies and covers damage that occurs when a car collides with another object due to your fault. Examples include rollovers, striking structures such as a stone wall, or hitting a pothole in the road that causes severe damage to the vehicle. Policies vary among providers, so read the fine print regarding what is covered under the collision rider. Any property damaged to others as a result of an accident is not covered under the collision rider but under the PD (property damage) insurance instead, and deductibles usually apply.

Comprehensive Coverage

A comprehensive rider is another option for damages or theft when no driver fault is involved. Examples include falling limbs, hail, fire, certain acts of God (earthquake or flood), vandalism, glass breakage, hitting an animal, or theft. The cost for this insurance coverage is gauged on certain factors, including the value of the vehicle at the time of the damage, as well as the risk factor for the likelihood of the car being stolen. A deductible generally does apply in the event of an incident. Depending on the provider, animal impact may fall under collision coverage instead.

Medical Payments Coverage

Medical payments coverage is used to pay medical bills and/or burial costs for you and the passengers in your vehicle at the time of the accident, regardless of who was at fault, subject to the policy limits. In no fault states, medical payment coverage (Med Pay) is generally optional. This insurance sometimes also covers insured pedestrian parties who are injured in an accident. Laws vary among states regarding Med Pay requirements, and an agent will be able to provide guidance on what the requirements are within the state where the insured resides.

Uninsured / Underinsured Motorists Coverage

Many times accidents are caused by drivers who have no insurance or insufficient coverage. UM/UIM covers the medical expenses of the insured and other passengers injured in an accident caused by the at-fault party. Reimbursements are, of course, subject to the policy coverage limits. Considering that about 1 in 3 drivers carry auto insurance (regardless of the laws), this can be valuable coverage when it is needed. Property damage falls under a separate coverage rider and is referred to as UMPD (underinsured/uninsured property damage).

Insurance is one of those expenses that people reluctantly pay for because it seems they are getting nothing immediately tangible in return for the monthly money spent. However, all it takes is one single accident or event to appreciate the coverage which is in place in a time of need. Insurance lingo doesn’t have to be a foreign language, as long as you stay abreast of terms such as those listed here. Drive safely!

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Wisconsin Bill Adjusts Mandated Auto Insurance Rules

Posted by Kristin Collins \\ Apr 10, 2011

The Senate and House of Representatives in Wisconsin have approved a bill that would adjust a previous mandate for auto insurance premiums in the state. The bill serves as a reversal to a law that raised premiums and insurance rates for some drivers.

Bill Lowers State’s Liability Coverage Requirements

In 2009, a law was signed that raised the limits on the minimum amount of coverage people had to have. Premium costs were increased, making it challenging for many low-income drivers to afford coverage.

In an effort to lower rates, the minimum liability insurance coverage amounts were lowered so that drivers in the state are now required to carry $50,000 of coverage for accidents causing bodily injury or death for a single victim, $50,000 for numerous victims and $10,000 for property damage alone.

The limits had been raised, effective June 2010, to $50,000, $100,000 and $15,000, respectively.

Wisconsin Drivers Will Still Have to Carry Insurance

While coverage limits will be lowered, one portion of the bill will not change. The 2009 law also required drivers to carry liability coverage, something they were not required to do previously.

This made them the 49th state to require drivers to carry coverage.

On April 9, a report from WFRV-TV in Green Bay, Wis., said that the governor still needs to sign the bill before it could actually go into effect. While he is expected to sign the bill, there is no word on when the law would actually take effect.

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Tags: Auto Insurance Insurance

Pedestrian-Detection Technology Could Save Millions of Dollars and Lives

Posted by Kristin Collins \\ Apr 07, 2011

A recent Status Report newsletter published by the Insurance Institute for Highway Safety that pedestrian-recognition technology could potentially avert thousands of vehicle crashes every year, saving lives and millions of dollars in repair costs and insurance premium increases. Developing and implementing this new kind of technology should be considered the next logical step toward greater public safety, similar to automated surveillance cameras at intersections, according to the IIHS report.

There have already been major advances in pedestrian-recognition technology by several car manufacturing companies; Volvo has integrated it into their new S60 sedan. According to Volvo’s website, “The Collision Warning with Full Auto Brake and Pedestrian Detection system fitted in the 2011 model S60 was first announced early last year. It uses a computer fed by information from a wide-angle radar system that detects objects and monitors their speed and distance from the car, and from a camera fitted near the rear view mirror. Using this information the computer identifies the objects and determines if they are on a collision path.”

If a collision is imminent the car gives the driver an audible and visual warning and brakes hard if the driver does not react quickly enough. At speeds under 35 km/h a collision is prevented, while at higher speeds it may not be possible to avoid a collision but the impact and subsequent injuries are reduced.

“The best way to protect pedestrians is to separate them as much as possible from vehicle traffic,” IIHS senior researcher David Zuby states in the IIHS report. However, Zuby continued by saying that pedestrians and vehicles are always going to have to exist in close proximity with each other, so caution on both sides is always going to be necessary. However, these new warning systems could help diminish the severity of accidents between people and vehicles.

Both the general public as well as auto insurers would significantly benefit from using this type of technology: it would make the streets safer for everyone and bring down accident claims, since damages incurred from pedestrian crashes are normally paid through the vehicle owner’s bodily injury liability insurance and personal injury protection for pedestrians.

The National Highway Traffic Safety Administration reported in 2009 that there were almost 60,000 pedestrians hurt and 5,000 who were killed in traffic accidents. A 2010 New York City Department of Transportation report shows that crashes involving pedestrians cost that city alone $1.38 billion per annum in various legal, medical and insurance expenses.

“Technology has the potential to avert many of these crashes altogether,” the IIHS report continues. “Automakers are developing systems to spot pedestrians entering a vehicle’s path and to automatically brake if the driver fails to react.”

One major obstacle which the IIHS report highlights is the difficulty of adapting the pedestrian-recognition technology to work well in darkness. The NHTSA says that only about 31% of fatal crashes involving pedestrians and cars actually happened during daylight hours, when these kinds of visual recognition systems are the most accurate and effective.

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Tags: Pedestriandetection Technology Technology

California PIP Insurance Fraud Ring Busted

Posted by Kristin Collins \\ Apr 03, 2011

The number of people implicated in California car insurance fraud cases went up by eight people last week, according to California Insurance Commissioner Steve Poizner. The individuals who are being charged with this crime are individuals who allegedly staged car accidents and claimed to be party to those accidents in order to make personal injury insurance claims against auto insurers.

In this particular fraud ring, the implicated individuals received more than $200,000 in payments from various companies. The California fraud tax force cracked down this past October after it had been discovered that ten suspects who had been charged with operational hit-and-run from other investigations which had been going on for the past calendar year.

The supposed ringleader of the operation, a 31 year old individual from Chula Vista named Jay Stoney, did not plead guilty when the charges were brought against him on November 2^nd. The charges which are levied against him and his fellow suspects stem from five various staged accidents in the area.

In typical auto collision fraud cases, a group of people conspire to commit the crime. One party will drive what is called a “hammer” vehicle, which will be driven forcefully into another vehicle, which is termed a “nail” vehicle. Sometimes the nail car is driven by an accomplice; other times it is driven by a completely innocent party. Regardless, insurance claims are made against the insurance of the nail vehicle, under personal injury coverage (PIP). Often, a variation of this trick is for the hammer car to cause a car to strike them from behind, such as with a sudden stop, resulting in a rear-end collision, which is almost always regarded as the fault of the driver who struck the other car in the rear. Disproving their culpability is very difficult.

What normally took place was that “hammer” vehicles, which actually were the causes of the crashes, were dumped at the accident sites prior to the arrival of the police and agents of the California Insurance Commission. Investigators determined that the “hammer” cars were often stolen, or else were maintained at the scene of the staged accident by the owners for insurance purposes, depending on the type of accident. When the same cars and drivers received multiple, similar complaints and claims, the investigation was initiated.

The drivers of the nail vehicles usually went to local hospitals for emergency treatment and received follow-up care for soft-tissue injuries by physical therapists and/or chiropractors, which was billed to the PIP insurance of the hammer vehicle. Once the claims were settled, the perpetrators of the fraud would receive large checks for their medical bills, which often went unpaid anyway.

The biggest occurrence that led to the arrests was when one of the suspects left their backpack in the nail vehicle, supposedly by accident, when they fled the scene. The California Insurance Commission stated that this led to identification and ultimate apprehension of the suspects.

These kinds of frauds increase the insurance bills of every consumer, as the insurance company has to raise rates for everyone in order to keep pace with the costs resulting from fraudulent activity. Similar investigations are ongoing in Florida and New York, as well as proposed changes to insurance legislation to limit payouts on these kinds of claims.

This content was created by http://BestCheapAutoInsurance.com

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Tags: Fraud Insurance Fraud

Progressive Takes Pay-as-You-Drive Program Nationwide

Posted by Kristin Collins \\ Mar 25, 2011

Progressive Insurance recently announced that it is now offering its Snapshot program to all states. The pay-as-you-drive (PAYD) program had been implemented in a few dozen states, most recently Florida, but now is available for all customers.

How Do Pay-as-You-Drive Programs Work?

If you’re not familiar with the Snapshot program, it is a pay-as-drive-option that judges your driving behaviors to determine how much you should be charged for your auto insurance. For Progressive’s program, drivers are asked to install a tracking device called an on-board diagnostic (OBD) port that records and sends driving data to the company.

After driving the car for 30 days with the device intact, the company is able to determine your driving habits. At the end of a six-month policy term, the company will then issue a discount for the next term that could reach as high as 30 percent for those who travel fewer miles and are deemed safe drivers.

Other Insurers Offering PAYD Programs

With Progressive Insurance finding success in offering its PAYD program, other insurance companies have started giving similar discounts. Both State Farm Insurance and GMAC Insurance offer discounts to some customers if they allow their OnStar diagnostic systems to report their mileage.

Also, Allstate recently launched a Drive Wise program that requires drivers to install a similar device as Progressive’s to receive similar discounts. Its program is only available in Illinois so far.

Is PAYD for Me?

Not all drivers feel comfortable with the idea of allowing an insurance company to keep track of their driving behaviors in order to receive a discount. The thought of compromising privacy for some is just too much of a sacrifice.

However, if you are not a driver who is concerned with this issue, PAYD could reduce insurance rates considerably. So if you’re not sure whether it’s for you, take time to learn about programs offered by various insurance companies and also consider other auto insurance discounts before making a final decision.

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Tags: Program Takes Payasyoudrive

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