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Insurance companies are becoming increasingly tech savvy about monitoring their customers.
Car insurance rates have steadily been on the climb for the past half decade, and yet customer satisfaction levels with insurance companies are at an all-time high.
City drivers can potentially save money by turning to a pay-by-mile auto insurance policy.
Walmart is known for its low prices, questionable labor practices and general ruthlessness. But the retail giant that sells everything from fresh bread to fishing bait is about to enter a new market: car insurance.
You could be saving up to $300 annually by switching your auto insurance company.
According to a recent survey, one in three insurance applicants have lied in the hope of get cheaper auto insurance rates.
Protecting Your Investment
Need a car to get you from Point A to Point B without costing you a fortune each month in insurance premiums? AutoGuide has compiled a list of the Top 10 cheapest cars to insure. The estimated annual premiums for the vehicles on this list are based on a study conducted by Insure.com, which calculated averages from Allstate, Geico, Farmers, Nationwide, Progressive and State Farm. The insurance prices are based on full coverage for a 40-year-old male with a clean driving record and good credit and a 12-mile commute to work each day. Rates are based on $100,000 injury liability for one person, $300,000 for all injuries and $50,000 for property damage with a $500 deductible on collision and comprehensive coverage.
A single claim on your auto insurance policy can increase your rates by up to 67 percent depending on where you live.
Your credit score could play a significant role on how much you’re paying for auto insurance a new study has revealed.
According to a recent study, less than 10 percent of drivers will compare insurance rates when it’s time to renew their policy.
According to recent research, more than one-in-three insured drivers would considering switching to usage-based car insurance.
Shopping for auto insurance can be a real chore, especially with how competitive rates are getting and every company offering “the lowest prices,” but here are some tips on finding the best discounts on your car insurance.
Overall customer satisfaction with auto insurance companies are on the decline in 2013 from an all-time high in 2012.
A new study shows that car owners who claimed a total vehicle loss with their insurance provider were much less satisfied then those who claimed a repairable vehicle.
The J.D. Power and Associates 2011 U.S. Auto Claims Satisfaction Study rates satisfaction based on 1,000-point scale, and the satisfaction average for those claiming a total loss is 811 – that’s 42 points lower then claimants with a repairable vehicle. The disparity between numbers can be blamed on the fact that total loss claimants weren’t happy with the settlement. Half of those polled said they didn’t receive enough to replace their wreaked vehicle with a similar vehicle.
“Auto claims resulting in a total loss tend to be more complex, compared with vehicle repair claims, because in addition to filing a claim, claimants also have to purchase a replacement vehicle,” said Jeremy Bowler, senior director of the insurance practice at J.D. Power and Associates.
To measure results, the study used the following factors to determine satisfaction: first notice of loss; service interaction; appraisal; repair process; rental experience; and settlement. It’s no surprise that the settlement category turned out to be the important factor in overall satisfaction with both total loss and repair claimants.
When it comes to actual insurance companies that claimants were most satisfied with, Auto-Owners Insurance took the top spot for the fourth year in a row with a score of 890. State Farm came in second with a score of 878, while Amica Mutual ranks third with 865. American Family and The Harford round out the top five, coming in with 862 and 858 respectively.
Have you ever wondered why women get cheaper auto insurance than men? Is it because of their safer driving habits? According to a new study out of England, it might be because they are lying when they apply for car insurance.
New research from eInsurance Group reported that 20 percent of its insurance policies sold in May resulted in fraud investigations, with 51 percent of declined applications coming from women and 49 percent from men. So what were drivers lying about? The top three fibs to make the list are: not disclosing convictions (total 47 percent – 64 percent male, 36 percent female); misleading information about how long they’ve held a license (total 32 percent – 32 percent male, 68 percent female); and lying about possessing a no-claims discount (total 19 percent – 47 percent male, 53 percent female).
“These results show that basing insurance premiums on gender alone is misguided,” said Alan Sanderson, CEO of eInsurance Group. “The insurers should do more to tackle the liars, whoever they are, and reward honest drivers.”
What do you think about this report? Do you think the policy of charging men more than women for auto insurance is fair or is this study just a fluke? Leave us your thoughts in the comments section below.
However, if you happen to live in the state of Oregon or Washington, General Motors has some good news for you. If you buy any new Cadillac, Chevrolet, Buick or GMC vehicle in these two states, GM will pay for your insurance for up to a year or 15,000-miles. This special offer is a joint collaboration between GM and MetLife to attract more customers.
This program is only available to private buyers and not fleet customers.
So if you’ve been wanting to park that new Corvette ZR-1 on your driveway but was put off by its insurance costs, maybe this will help sweeten the deal. The offer expires on September 6. No word if this program will expand to a nationwide promotion.
Back in 1965, the Beatles sang “Baby you can drive my car.” We bet if they were to write that song today, they would encourage their baby to not drive their car, because not only are gas prices becoming outrageous, but insurance premiums keep getting higher and higher.
According to the Bureau of Labor Statistics (BLS), insurance rates in North America have climbed 4.5% in January, 2011 compared to the same period in 2010. In the last year, insurance rates have seen a climb by at least 0.2% every month, and some months the rates climbed much higher.
The National Association of Insurance Commissioners in their most recent report mentioned that back in 2008, the National average was $902 a year. That figure is now closer to $1000 a year.
With the cost of driving constantly going up, the auto industry would have another hurdle to get over to bring people into showrooms.
[Source: PR Newspire]
Check out our Auto Insurance pages to get insurance quotes from insurance companies.
If you’ve ever wondered how much you’ll pay for auto insurance over a lifetime, we’ve got a number for you, and if you don’t want to get depressed, you may want to avert your eyes.
According to Insurance.com, the average American can expect to pay $84,388 for car insurance over a lifetime. For the purposes of this study, that would be a driver who first purchased insurance at age 21, married at 27, briefly insured two teens and stopped driving at age 75. Over this lifespan, it also includes various claims, including accidents and other incidents.
Just for reference, here’s some other costs per lifetime you can expect to shell out:
Athletic shoes at one pair annually (ages 16-75): $2,737.01 for males, $2,597.18 for females
Pet insurance for one dog (12 years): $4,766
Trip to Disney World for a family of four: $5,026
Four years of college: $30,420
NYC monthly subway pass (ages 16 to 75): $63,012
New car every seven years (ages 22 to75): $150,065.71
If you’re looking to lower your lifetime insurance costs, there are a few easy steps to take. And according to Sandra Spann, a spokeswoman for American Family Insurance, to key to driving down your lifetime insurance costs is to “Obey the traffic laws and stay ticket-free.”
You’ve heard that women pay less then men for car insurance, but have you ever done the homework to back up this claim? InsWeb has, and it’s true – women typically pay less than men for their policies.
The data collected by InsWeb, an online insurance comparison provider, shows that women pay an average 9 percent less than men do for their car insurance policies. The company surveyed the current national six-month averages for car insurance, and the results came in at $698 for women and $765 for men.
Guys, don’t feel bad and don’t take it personal. It has to do with numbers. These rates are based off the underwriting policies that most leading auto insurance companies use, and each auto insurer assesses the risk for paying out future claims.
Here are some of the numbers that auto insurance companies are going off of. It’s a fact that men are 50 percent more likely to have a DUI or DWI on their driving record than women. When it comes to moving violations, women are 10 percent less likely to have one on their driving record. On top of that, women tend to own cheaper vehicles than men – on average, women’s vehicles are valued at 8 percent less than a men’s ($22,815 vs. $24,861). Another fact is that when women are listed as the primary drivers on a policy, they are less likely to have multiple drivers or vehicles listed on a policy. Crunch all the facts together, and men come out with a higher premium.
What do you think? Do you think this method of determining insurance premiums is fair or should they be set on an individual basis? Let us know in the comments section below.
[Source: Kicking Tires]
Count your blessings (and the extra cash in your wallet) if you’re planning on buying car insurance in the very near future. Start shopping around, because in the next few weeks, insurance rates are going to be the lowest they’ve been in more than two years.
Let’s look at the numbers. In April, the lowest average annual rate for car insurance dropped from $1,812 to $1,798 in May. Back in May of 2009, the average rate was $1,871.
“This is great news for the growing number of savvy drivers shopping and comparing car insurance quotes,” says Rob Klapper, CEO, insurance.com. “They know there is always a chance to save big because rates constantly change for various reasons – from events in the driver’s personal life, like buying a home or having a birthday, to fluctuations in the insurance market.”
But drivers should remember to look at the other side of the coin as well. According to Klapper, a disconcerting fact is the type of coverage being chosen is a factor that’s driving rates lower.
“We’re seeing more and more drivers choosing minimum coverage or liability-only coverage when they shop and compare quotes,” says Klapper. “It makes sense, since many people are on tight budgets in this down economy and car insurance is one of the easiest places to save money. But, inevitably, this trend only adds to a growing group of underinsured drivers on the road.”
Drivers don’t always look at the big picture – they often see the lower dollar amounts and base their decision on that factor alone. You should always think to what could happen if you were to ever get into a serious accident, which can result in medical expenses that exceed an underinsured driver’s policy limits. What’s left on the bill at the end of the day, you’ve got to pony up the difference – and it can get pricey. And let’s not even get started on what could happen if you were found at fault in regards to an accident and your insurance couldn’t back you up. Insurance.com always recommends drivers buy coverage that matches your financial risk.
[Source: Cars For Girls]
It may cost more money to purchase and fill up, but SUVs , trucks and mini-vans are cheaper to insure. This information is coming from a recent government report that based its findings on the fact that some vehicles cost less to fix, and therefore reflects how much it will cost to insure.
Based on losses of insured vehicles for the model years 2007 to 2009, work van Ford E350 Econoline tops the list as the cheapest vehicle to insure. It’s followed by the Mercury Mariner, a small SUV, and the Chevrolet Traverse.
Due to the fact that so many of the company’s vehicles made the list, Ford has no issues about tooting its own horn. “Vehicle affordability continues to be the most important purchase consideration for car and truck buyers, rivaled only by fuel economy,” said Frederiek Toney, a Ford vice president. “We design our vehicles to be easier and more affordable to repair because we know this saves our customers money in insurance premiums and repair costs over the long term.”
The only car to make the list is the Smart ForTwo microcar. The basic idea behind the list is that some vehicles are cheaper to fix if you crash them, and that difference is reflected in their insurance So that Econoline van is 61% cheaper to insure than the average vehicle. The Mariner is 59% cheaper to insure. Traverse is 57%.
Other cheap vehicles to insure, and their percentage they are cheaper than average:
Ford E350 Econoline: 61%
Mercury Mariner: 59%
Chevrolet Traverse: 57%
Ford Escape: 50%
Jeep Wrangler: 53%
Smart ForTwo convertible: 52%
GMC Acadia: 47%
Saturn Outlook: 46%
Ram 1500: 45%
Ford F-150 Supercab: 44%
Kia Sorento: 44%
Dodge Grand Caravan: 40%
Ford F-250: 40%
[Source: Kicking Tires]