Car Insurance Pricing, 9ff Porsche Madness, Top Gear …
Keeping your premiums from rising? That can feel like playing a game where the rule maker refuses to tell you the rules.
*If you have good credit, you’ll pay less on car insurance.
Almost all car insurers including the top five pull your credit report.
Why? Studies have shown a direct correlation between your credit score and the likelihood that you will file a claim.
Car Insurers also know that if you pay your bills in a timely fashion and have had the same credit accounts for a long time, you’re more stable than someone who pays late and frequently opens and closes accounts.
Car insurers use this information to create your “insurance risk score,” which is one factor that determines your car insurance rate.
Tip: Your car insurance risk score is not available to you, but it may be similar to your credit score. If you have unusual credit activity, wait a month for it to return to normal before buying car insurance.
*Your car model affects your premium car insurance. You won’t get these numbers from your Car insurer. But the car insurers do have a rating system for every car make and model.
Most use a system devised by the Car Insurance Services Office, which starts with the cost of the vehicle and then factors in safety and theft data.
Tip: You can file a claim on your home insurance. Most home insurance policies will cover smaller, less expensive items such as compact discs.
*Bad drivers will pay
You’ll pay for your bad driving. The industry standard is to increase your premium by 40% of the insurer’s base rate after your first at fault accident. Not all car insurers play by this rule.
Tip: Some car insurance companies have a forgive the first accident policy. So ask your Car insurance company if it has a forgiveness policy and how to qualify? .
*You’ll pay for your friend’s bad driving, too. If your friend borrows your car and crashes it, you’ll have to file a claim with your car insurance company.
Tip: If your friend didn’t have permission to take your car, in most cases you won’t be held liable for the damage. But if your friend is uninsured and causes damage that exceeds your policy limits, the injured party can come after you for medical and property damage expenses.
*Your car’s real worth
each car insurance company has its own proprietary list of car values.
The car insurance company may also ask local dealers what they’d charge for a similar replacement car.
Tip: If you disagree with your car insurance company’s value determination, there are several things you can do:
Next time, get gap insurance. It wil l pay the difference between what an car insurer will cover and what you owe.
If you have maintenance records that show you’ve had the oil changed every 3,000 miles and you’ve had the car checked routinely by a mechanic.
If you’ve been paying premiums on any special parts or upgrades, make sure those are included in the car insurance company’s evaluation.
*Odds and ends
Hit by an uninsured motorist? Try to “stack.” (UM/UIM) coverages means collecting from more than one car insurance policy that you hold.
Tip: Check the language of your car insurance policy to see if stacking is allowed.
There are two scenarios for stacking:
First, if you have multiple cars on your car insurance policy with UM/UIM coverage on each, you can collect the limit of your UM/UIM coverage under as many vehicles as necessary to cover full payment for damages.
Second, if you have more than one car insurance policy with UM/UIM coverage, even if they’re from two different car insurers, you can make a claim under each policy until all your damages are recovered.
*You can wait to add your teenager to your car insurance policy until he or she is licensed.
Tip: Don’t forget to tell your car insurance company that you have a licensed teen. If you have to file a claim on his or her behalf, your car insurance company is entitled to charge you back premiums from the date your teen received a license.
*You must officially cancel your car insurance policy when you switch car insurers. you can cancel your car insurance coverage at any time by notifying the car insurance company in writing of the date of termination.
Tip: Call your car insurance agent and let him know you are canceling your car insurance policy. Give a specific date, or you may end up uninsured for a period of time.
The car insurance company will send you a cancellation request. Most often, the form is already filled out and all it requires is your signature.
Watch the video related to car insurance
Can car insurance pricing be any cheaper… or more expensive? We’ll have more. Porsche tuning shop 9ff tunes another beast, and can a Top Gear test track be in jeopardy? That’s all today, hosted by Derek DeAngelis.
Help answer the question about car insurance
What is the least amount of car insurance I need to have on a car that doesn't have a loan on it?I live in Wisconsin and havent had insurance in about four years. I am getting married in six months and my fiance's insurance agent said that I should get insurance now, six months before the wedding, so that once we get married and I get added onto his insurance, I won't raise his insurance since I am considered high risk since I havent had insurance the last six months or more. So, if I get insurance on my won for six months, it will be high risk for those six months, but then six montsh from now, I won't be high risk, which will be good becasue six months from now is when i would get married and added onto his insurance.
Now, I am going to get insurance on a car that doesn't have a loan on it, and I am wondering how much insurance I need? What is the least amount of insurance I could get on my car, so that in six months I won't be high risk anymore?
P.S. I live in Wisconsin, where it isn't illegal if you don't have insurance on your car.
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Posted by American Car Insurance on September 1st, 2008 filed in car insurance | 18 Comments »
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18 Responses to “Car Insurance Pricing, 9ff Porsche Madness, Top Gear …”
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September 1st, 2008 at 6:20 am
thats a fair point me and my dad were in a traffic jam and worked out the top end bikes 20-30grand will be cheaper to insure get more mpg and out accel a buggati
September 1st, 2008 at 7:07 am
oh i know:P
i live in canada
i added 2 grand to my parents two cars.
a cavalier and a montana.. :/
September 1st, 2008 at 6:31 am
wait, if u sold the car to someone else, it's their responsibility to insure it. in fact, YOU can't insure a car that's registered to someone else. so i'm a little confused…
September 1st, 2008 at 6:57 am
How much it costs is going to vary, based on a bunch of your personal information.
Start with http://www.progressive.com, for insurance. You can get a quote on the internet – you fill out the very personal information, they will email a quote back to you.
It will be easier if you have a US license, but if you don't, as long as your license is written in English, it's not a problem. Otherwise, you'll need an international license.
September 1st, 2008 at 3:08 pm
get a motorcycle. i only pay $270 a year for insurance. got a drz 400 (0-60 in about 5 seconds and over 50 mpg)
September 2nd, 2008 at 1:45 am
If you park your car on your parent's property, and never drive it anywhere, you might not need to have any insurance.
But if you are going to take that car out on the public highways, you need all sorts of different types of insurance to pay for medical expenses if anyone hurt in an accident, pay for repairs if any damage from accident, get another car if it is stolen, protect your assets (house, car bank accounts) from beign drained by law suits, and also keep you out of jail.
While you are living under your parent's roof, they can add you to their insurance policy … this will be expensive, but not as expensive as a policy in your own name.
Once you go to college, and live wherever the college is, no longer under your parent's roof, then you do need to have policy in your own name.
September 2nd, 2008 at 11:32 pm
2500 is the highest wtf???
i’m 17, i got an insurance quote for a porsche 328, nine grand a year!
clean record too
September 3rd, 2008 at 8:07 am
Derek, this was the best show I’ve seen you do man.
good work
September 3rd, 2008 at 6:47 am
Was a citation issued at the time of the accident? If not, it won't show up in the MVD. The insurance industry also has something similar to a credit report, called the CLUE report that lists past property and casualty claims made by you. That is used as well in determining your insurability.
September 3rd, 2008 at 7:56 am
For auto insurance the most efficient way to get a very good rate is do a policy comparison on auto policies. Make sure that you pick similar options with the same limits, auto type, zip code, etc so that all options are a good comparison.
What I most often recommend is an internet comparison quote at http://www.lowratetoday.com since they have top name insurers and will give many quotes on car insurance polices.
September 3rd, 2008 at 4:03 pm
928, my apoligies,
September 3rd, 2008 at 11:27 am
You should qualify for liablity insurance instead of full coverage. The actaul amount of insurance depends on what your car is worth right now, how old it is, your past driving record and your "hi risk" lable will definately have an effect. You'll have to get quoted at a few different places to be sure what company has the lowest rate for you.
September 3rd, 2008 at 1:46 pm
Every card is different, and the card companies can change their insurance carriers without notice. Most of them give collision damage waiver only. If you have an accident, they will cover repairs over and above the rental company insurance, but they do not cover the cost of a replacement rental for you to drive. Very few of them cover liability. The most complete coverage may be offered by your insurance company, for a lower fee than the waivers offered by the rental companies. In Manitoba, for instance, we sell (to Manitobans) a rental car policy that gives $50 deductible for damage, loss of use coverage, and 5 million dollars liability coverage, and this package can be bought to cover a rented car anywhere in Canada or the US. So, before you rely on your credit card, read the wordings booklet, then talk to you auto insurance agent.
September 3rd, 2008 at 10:43 pm
I thought Jay Leno is self-insured since he has so many cars, just like police departments.
September 3rd, 2008 at 8:46 pm
When you rent a car, you have to have full coverage on the care that you own (your personal vehicle) and then that will automatically carry over to the rental. If you do not have full coverage you can add it to your existing policy for the amount of time you'll be renting the car OR just buy the insurance from the rental place. And to answer your other question, no your policy will not cover somebody else's car just because you're driving it. Insurance covers vehicles, NOT people, even if you were in an at fault accident, your friend/relative's insurance would have to cover that loss.
September 4th, 2008 at 2:49 am
I’m not sure if he’s self-insured. BUT if he did contract an insurance company, it’d be expensive IMO. Like I said, my dad’s an insurance actuary. Just imagine if that garage of his catches fire, and all his cars were in it … yikes.
Cheers
September 4th, 2008 at 8:36 am
It’s worse in canada, i drive a 2004 civic… A CIVIC and its 3000 a year clean record
September 4th, 2008 at 8:22 am
If you have an insurance company that is refusing to allow you to remove an authorized driver from your policy unless you PROVE the authorized driver has insurance elsewhere, it's time to get a new policy in place at another company and then drop your current insurance. That is ridiculous.
If you want to stay with that company for some reason (although I couldn't think of any) you might call your agent and ask why you need to do that, and tell him you will switch if you can't, and see what happens.