insurance

Do I Have Enough Collision Insurance?

Car insurance is expensive – we get it. You don’t want to pay more than you have to. But you also don’t want to compound the challenge of an accident with additional expenses. Don’t pay for coverage that you never use, but don’t pay too little and end up paying too much out of pocket. Make sure that you have enough coverage if you are insured for collisions.

The Basics of Collision Coverage

Collision insurance covers you for repair bills caused by collisions. The plan does not cover you for thefts, explosions or damages caused by natural disasters. Receive coverage for all types of collisions that involve other cars and property. Truck accidents are the most expensive types of crashes, costing as much as $20,000 to $100,000 in property damages. And according to George Salinas, these types of accidents are on the rise.

The state has minimum requirements for car insurance coverage. In most states, you need liability, property damage and personal injury protection. This data gives you a good idea of the minimum coverage you need, but it’s a general plan, so many drivers get more coverage.

Determine the Car’s Value

Determine your car’s current value as you obtain collision coverage. Know if the plan covers the full amount of the car because many cars are totaled in collisions and cannot be repaired. The car’s value and your driving record affect the cost of your policy.

Compare Repair Costs vs. Insurance Coverage

Compare the average costs of collision repairs with the costs of insurance coverage to make sure that you are getting enough coverage. Consider the maximum amounts that you would pay for repairs if you ever get into a collision. Then, determine the maximum amount of coverage that the insurance company provides.

In a head-on collision, the entire front part of the car is damaged from the bumper to the windshield. Replacing a bumper costs an average of $500, and replacing a windshield varies from $200 to $1,000 on average. The prices vary based on the car’s make, model, age and condition.

Add up the repair costs and see if the total exceeds the replacement value of the car. In some cases, you should not extend coverage on your insurance. Save more money by replacing the car altogether. Some insurance companies offer a replacement if you did cause the accident.

Make sure that you are covered for collisions before one happens. Review the policy instead of having a claims adjuster contact you after an accident. By then, it’ll be too late once you discover that the insurer cannot pay for all of the damages. Before the accident occurs, get the full benefits out of your collision coverage plan.

5 Things To Know About Your Home and Property Insurance

Did you know that 63.7% of Americans owned homes by mid-2017? This is the around the same percentage in 1988. Homes may rising in cost, but just as many Americans purchase homes. Have you just purchased your dream home? Now you need to buy insurance for it. Here are a few things you should know about your home and property insurance.

Policy Exclusions

What does your home insurance policy cover? The last thing you want to hear when you go to file a claim is that your insurance doesn’t actually cover that. For example, most policies don’t cover earthquake and flood damage. To avoid any nasty surprises later, go through your plan with an insurance agent you can trust. They will help you understand the content of the policy document and exactly what it does and does not cover.

When to Stop Paying

If your bank initiates the foreclosure process, continue maintaining your home insurance. If you cancel your coverage, the lender will buy a force-placed policy for your property. Lender-placed insurance costs more than an insurance policy you purchase yourself, so if this happens, reinstate your old policy or get a new one. Present evidence of coverage to your lender, and ask them to discontinue their policy.

Replacement Cost

The replacement cost of a property may differ from its market value. Let’s assume the home insurance on your property covers up to $200,000, but that a disaster happens and in order to repair or replace your home, it’ll cost $250,000. Your insurance won’t cover anything more than $200,000, so you’ll have to take care of the remaining $50,000 yourself. Home insurance policies often cover more than the market value of the property for this reason.

Your Home’s Cash Value

Sometimes a disaster strikes and you choose not to replace your home. In this situation, the insurance company would write you check for the home’s cash value. But how do they know the cash value? They start at the replacement cost of the home, and then deduct the depreciation of the property. The remainder is the cash value. Don’t confuse cash value with replacement cost. Replacement cost stays the same, even as property depreciates over time, so if it’s been 10 years since you purchased your home, your home’s cash value could be tens of thousands of dollars less than the replacement cost.

Liability

If an accident on your property harms other people, you could be found liable. Fortunately, home insurance policies often cover this types of situations. One thing to note, however, is that a force-placed policy covers less than a regular home insurance. It doesn’t provide coverage for your personal property. Creditor-placed policies also don’t offer liability coverage, so if anyone gets hurt, that’s on you. If a lender ever tries to repossess your home (whether through your permission or not), continue making insurance payments so you can guarantee you’re covered for situations like this.

When it comes to insurance policies, being keen is essential. Knowing these five things will help you avoid trouble in the future. After buying home insurance for your property, keep up with payments and you’ll be covered for just about anything—except for those pesky exclusions.

How An Auto Accident Affects Your Insurance Rates

You’ve probably heard somewhere that car accidents tend to increase your insurance rates. Before you start panicking after an accident you should know some of the facts. Whether or not a rate increases and how high the increase is, depends on the insurance company’s policy. There are three common factors that determine a driver’s insurance rate after an auto accident.

Your Driving History Affects Your Premium

Some insurance companies look at the driver’s past driving history to determine whether to increase a premium. With most companies, poor driving history—like having multiple traffic tickets—is likely to influence these insurance rates. Most companies that view driving history as a determining factor charge higher rates after the accident and when the driver is joining the insurance company. Over time, however, if the driver has not had anything else added to his motor vehicle record, the rate usually decreases. This is because good driving is rewarded, and the insurance company is less likely to see the driver as reckless.

Your Rate Usually Increases When You’re At-Fault

Similar to receiving traffic tickets, being at-fault in a car accident is frowned upon when it comes to receiving a good interest rate. Insurance companies look at whether or not a driver has recently caused any car accidents. At-fault accidents make drivers appear to be more of a liability, and insurance rates can be higher for this reason. Even small infractions like side-swipe accidents after not checking a blind-spot can influence with certain providers. If the driver hasn’t had an at-fault accident, or if it’s been years since they have, insurance rates usually decrease.

Your Age May Determine Your New Insurance Rate

Statistics usually show younger drivers have car accidents more frequently, and insurance companies tend to follow statistics when deciding on their next move. Many teenagers and younger adults are often distracted behind the wheel, whether the distraction arises from phone-use or from talking to other passengers. Although not all young people are careless, the data shows that people in younger age groups are likely to have at-fault accidents and therefore, the company’s risk of having to pay out money to claimants increases. As the company’s risk increases, so does the driver’s premium.

Some insurance companies look at all three of these factors to determine future insurance premiums while other companies may only have one determining factor. Companies tend to follow the data that’s in front of them, however, so the fact remains that age, driving history, and past at-fault accidents are important in determining how much a driver should be charged for coverage.

5 Most Expensive Cars To Insure

Buying a car may be one of the most expensive purchases to make in a life time, second only to buying a home. Before buying a car, it is important to do all the homework to ascertain all aspects of the vehicle you are buying. Some of the elements to look out for include availability of spare parts in case of vehicle mechanical failure, depreciation, and maintenance costs. In addition to these, you need to get a good insurance policy to cover the car in the event of an accident or vehicle mechanical failure. The following are some of the most expensive cars to insure:

Dodge GT Viper

5 Most Expensive Cars To Insure

This is a speedy car with a V-10 engine that can hit 60 mph in just three seconds. The car costs about $4,048 to insure every year. The high cost is partly caused by the fact that it is preferred by people who want move very fast. This car is said to cost over three times the cost of insuring a Honda Odyssey. Other reasons that make them expensive to insure is their vulnerability to thieves as well as the high costs to repair.

Mercedes SL65 AMG

This is among the three top most expensive cars to insure. Its annual insurance cost amounts to $3,797. Generally, cars that are cheap to repair in case of vehicle mechanical failure and have fewer claims filed by the owners cost less to insure.

Mercedes S600 BI-T

The Mercedes S600 BI-T costs $3,539 every year to insure. The insurance rates however differ from state to state. This is because each region presents different sets of challenges including terrain and climatic conditions.

Mercedes S63 AMG 4Matic

This is the fourth most expensive car to insure with its insurance premiums standing at $3,513 every year. The car has an AMG 4.0L V8 biturbo engine which produces a lot of power and is able to reach 60 mph in just 3.4 seconds.

Porsche Panamera S Executive

5 Most Expensive Cars To Insure

This is one among the most expensive Porsche models and one of the most expensive cars to insure. It costs $3,484 every year to insure. To save on insurance costs, it is advisable to get at least three quotes from different insurance service providers.

Insurance is one of the elements that stretches its costs above then original buying price. The best way to approach it is to compare the different quotations from different providers as that you get the best deal.

Sources

http://www.marketwatch.com/story/10-most-expensive-cars-to-insure-2016-02-25

https://www.daveabels.com/mechanical-failures.html

https://gearheads.org/5-most-expensive-cars-to-insure/

5 Necessities For Full-Time Truck Drivers

Full-time truck drivers quickly realize what’s a necessity and what is not. This has led to an abundance of people sharing their expertise. With all these differing opinions, it may be overwhelming in determining where to start. Being prepared on the road is essential to a successful career. Accidents, hazards, and theft can all find their ways to a truck driver. These 5 Necessities for Full-Time Truck Drivers, below will have you ready for any situation out on the road.

Maps

A GPS system is hands off information that can help you achieve a stress-free trip. With features like voice command, real-time traffic updates and detours, and the latest map updates, having a GPS system can be the best “backseat driver” out there. Keep in mind, while most technology proves useful, systems can fail unexpectedly. Be sure to keep a hard copy map with you for the added security that your destination point can be approached without any hiccups to your plan.

Emergency Kit

While many trucking companies will provide a basic kit in most stock cabs, be sure to check the inventory of supplies before every departure. A good kit will take into account the supplies necessary for road emergencies–no matter the hazard. Basic tools from screwdrivers to wrenches are a given, as well as jumper cables, flashlights, emergency flares, and extra fuses. You never know what you’ll encounter so also be sure to include fundamental needs like–food, water, extra clothing, and any necessary medications and first aid supplies.

Entertainment

When you’re not on the move, your downtime should be an opportunity to unwind and relax. While there are a variety of ways we can entertain ourselves, consider your load–you wouldn’t want to carry around more than you need. Laptops can be a great option as they can perform a variety of tasks. Whether you want to watch movies, connect with family and friends, listen to music, or check your email–there are a number of reasons why having one is necessary. Additional entertainment devices can include game consoles, smartphones, and portable video and audio devices.

Documentation

Insurance information is especially important for full-time truck drivers. Accidents do happen and you never know what situation you might encounter on the road. Protecting yourself from the unpredictable occurrences are essential to the job. Remember, when in an accident, if they don’t have insurance, contact an attorney. They will verify your documentation and get your case rolling forward.

Baby Wipes

These wipes are so versatile. They are handy for cleaning up messy food spills, wiping your hands after a trip to the gas pump, or freshening up in between showers. You can’t go wrong with having a pack of wipes ready at your disposal.

Conclusion

Truckers encounter a wide range of challenges while on the road. From battling fatigue to eating and sleeping on the go–they’ve got to be prepared for just about anything. Having a well-stocked cab can increase your ability to maintain stress levels and increase your efficiency on the road.

5 Common Causes Of Car Accidents

If you drive a car long enough, you are likely to get into an accident yourself or at least see one on the road. Accidents can range from minor fender benders that do little or nor damage to major crashes that cause serious injuries and death. To avoid car accidents, it’s important to know the common causes.

Distracted Driving

5 Common Causes Of Car Accidents

The most common cause of car accidents, at least in the U.S., is distracted driving. This has been a problem as long as cars have been around, but it’s gotten much worse over the past couple of decades with the advent of cell phones and other small wireless devices. To help lower your chances of an accident caused by distracted driving, never use a phone or other electronic device while you are driving.

Speeding

Speed limits are in place for a reason: safety. If you don’t follow the posted speed, you are more likely to cause an accident. Speed limits typically reflect the amount of traffic and hazards present. Inner-city streets with lots of car and pedestrian traffic have the lowest limits, while highways and expressways have the highest one. Following the speed limit gives you time to brake properly and react to unexpected hazards.

Impaired Driving

5 Common Causes Of Car Accidents

Everyone knows that drunken drivers are more likely to cause an accident, but other impairments can also be a big risk. People on prescription medications can be impaired while driving and not even be aware of it. Sleep-deprived drivers also can be an accident risk. You should refrain from driving if you have been drinking, are overly tired or are taking a medication that lists driving impairment as a side effect.

Weather Conditions

A big contributor to car accidents is the weather. Icy or wet roads and poor visibility caused by rain, fog or snow are among the most-common causes of weather-related accidents. If you have to drive during inclement weather, you should slow your speed and make sure you are being vigilant.

Inexperience

There’s a reason that younger drivers pay higher insurance costs. Inexperience behind the wheel is a top cause of auto accidents. And it’s not just overall inexperience. Experienced drivers who are driving a different type of vehicle, such as a motorcycle or large truck, also can be more prone to accidents.

Car accidents kill tens of thousands of people each year in the U.S. To stay safe and avoid them, it’s important to know how they happen and take appropriate precautions.

References

https://braunslaw.com/practice-areas/car-accidents/

http://www.enddd.org/the-facts-about-distracted-driving/

http://www.pbs.org/newshour/rundown/growing-number-states-fine-slowpoke-drivers-highway-fast-lanes/

http://www.drivehomesafe.com/article/inexperience_and_immaturity_causes_teen_accidents__deaths-12.html