(NAPSI)-Each year, millions of Americans prepare their vehicles for winter's inclement weather and treacherous travel conditions. Unfortunately, many do so without a key element-the certainty of whether or not their auto insurance policy protects them for any unexpected accidents they might encounter along the way.
A survey commissioned by Allstate-in conjunction with the introduction of the Good Hands® Coverage Checkup, a checklist provided by Allstate agents to help review consumers' car insurance policy limits-indicated that approximately 60 percent of respondents are not confident they understand their car insurance coverage.
Confidence Gap
More than 40 percent of consumers first answered that they were not confident in their understanding of their auto insurance coverage. However, after being quizzed on specific incidents such as hitting a deer and crashing after a tire blowout, the number of respondents who admitted they weren't confident rose significantly-to nearly 60 percent.
"When the unexpected occurs, the difference between hoping you're protected and knowing you are is crucial," said Lisa Cochrane, vice president of marketing, Allstate. "That's where Allstate's network of more than 14,000 agencies can help consumers feel confident in their coverage."
Additional survey findings included:
• It's all in a name: A higher percentage of respondents who know their insurance agent's name feel more confident in their knowledge of their auto insurance policies than those who don't have an agent or don't know the agent's name.
• The great equalizer: Prior to being polled on accident-specific questions, 70 percent of men were confident they understood what their insurance coverage includes, compared to just 50 percent of women. Following the questions, men dropped to a 50 percent level and women to a 33 percent mark.
Coverage Checkup
Allstate developed its Good Hands® Coverage Checkup to help consumers review their current auto insurance policy limits and identify where they may need more coverage or less. An invaluable checklist the company's agents can provide-the checkup is free for all consumers, regardless of their insurance carrier-takes just 15 minutes, can help uncover gaps in coverage limits that could expose a consumer to financial risk and points out available discounts and savings.
Car Insurance Source
Thursday, November 27, 2008
Ways to reduce your auto insurance premium
There are several ways you may be able to cut your auto insurance costs. Higher deductibles can lower your premium, as will selecting only the coverages you feel you need. Many insurance companies offer different discounts. Here are a few. When shopping for auto insurance, be sure to ask about the availability of these discounts and whether the insurer offers them.
• New business discount: May offer you a discount as a new policyholder if you have been accident-free for a specific period of time.
• Accident-free: Policyholders who have been accident-free while being insured with the same insurance company for several years may be eligible for reduced premiums.
• Discounts for other insurance lines: Premiums may be reduced if you insure your home, life or health with the same company that covers your car.
• Multiple cars: Premiums may be reduced if there are two or more private passenger cars in the household insured by the same company.
• Air bag/passive restraint: Cars that are 1993 or older and are equipped with air bags or automatic seat belts may receive this discount. Certain makes and models of newer vehicles may receive the Vehicle Safety Discount because of the lower medical payments associated with them. The Vehicle Safety Discount is for autos 1994 or newer. Certain makes and models may have a decrease in their premiums because of lower medical payments associated with those specific makes/models.
• Antitheft devices: Some insurance companies offer discounts on comprehensive coverage premiums when certain antitheft devices are installed or built into a vehicle.
• Defensive driving course: Premium discounts sometimes are offered for the voluntary completion of specified driver improvement courses.
• Good student: Full-time students (high school or higher level) maintaining at least a “B” average may qualify for reduced premiums with many companies.
These are just a few of the common discounts offered by insurance companies. For more details, contact your insurance company or agent. Above all, drive safely.
Car Insurance Source
• New business discount: May offer you a discount as a new policyholder if you have been accident-free for a specific period of time.
• Accident-free: Policyholders who have been accident-free while being insured with the same insurance company for several years may be eligible for reduced premiums.
• Discounts for other insurance lines: Premiums may be reduced if you insure your home, life or health with the same company that covers your car.
• Multiple cars: Premiums may be reduced if there are two or more private passenger cars in the household insured by the same company.
• Air bag/passive restraint: Cars that are 1993 or older and are equipped with air bags or automatic seat belts may receive this discount. Certain makes and models of newer vehicles may receive the Vehicle Safety Discount because of the lower medical payments associated with them. The Vehicle Safety Discount is for autos 1994 or newer. Certain makes and models may have a decrease in their premiums because of lower medical payments associated with those specific makes/models.
• Antitheft devices: Some insurance companies offer discounts on comprehensive coverage premiums when certain antitheft devices are installed or built into a vehicle.
• Defensive driving course: Premium discounts sometimes are offered for the voluntary completion of specified driver improvement courses.
• Good student: Full-time students (high school or higher level) maintaining at least a “B” average may qualify for reduced premiums with many companies.
These are just a few of the common discounts offered by insurance companies. For more details, contact your insurance company or agent. Above all, drive safely.
Car Insurance Source
Monday, November 24, 2008
New Colorado Car Insurance Law Drives Consumer Education
Starting this month, the mail and inboxes of Colorado drivers will begin filling up with notices from their car insurance companies informing customers of a new "opt-out" requirement due to a new Colorado Law that takes effect January 1, 2009. Because many car insurance policy renewal notices are sent 60 days in advance, drivers whose coverage renews in January will start receiving revised premium notices — along with an optional rejection form, according to the Rocky Mountain Insurance Information Association. However, it's important for all Colorado insurance consumers to understand how the legislation affects their insurance, the association advised.
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Colorado Senate Bill 08-11 creates a mandatory opt-out of $5,000 in medical payments coverage (MPC). Medical payments coverage is currently optional auto insurance coverage that is offered in many different amounts — ranging from $1,000 to $100,000. This is extra coverage on the auto policy that pays for the driver and passenger(s)'s medical bills regardless of who causes the accident. If Coloradoans buy this coverage it is in addition to health insurance and settlement money from an at-fault driver.
During the 2008 Legislative Session, Colorado lawmakers passed a bill that will require car insurance companies to add $5,000 of medical payments coverage to every car insurance policy, unless the customer rejects the amount in writing or in the same way it was sold to them (i.e. telephone, Internet).
For policies that go into effect after January 1, 2009, the additional $5,000 in med pay coverage will be automatically rolled on. For customers who don't already carry med pay this will mean a new premium. If drivers purchased less than $5,000 previously, the company is still required to offer a $5,000 limit, since the lower limit amounts will no longer be offered. Bottom line: Drivers will need to buy $5,000, choose a higher limit, or reject all medical coverage by sending back the rejection form, RMIIA explained.
It's estimated that about 32 percent of Coloradans currently choose to purchase some amount of medical payments coverage on their car insurance policy. "So the implementation of this new law will require the majority of Colorado drivers to again carefully weigh their decision to buy extra medical coverage and take action to reject the coverage if they determine they don't want or need it," saidCarole Walker, RMIIA executive director. That's why it's important for agents or company representatives to talk aboutinsurance choices and make sure their clients have the protection that's right for them, she advised.
Colorado insurance companies are taking steps to make sure their customers understand their options and the new opt out legal requirements. Companies are implementing education campaigns that will start this month to inform their customers, agents and employees of the law changes. RMIIA also has new educational guides, "Colorado Car Insurance GPS," that help steer drivers though their coverage choices.
Car Insurance Source
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Something for our Colorado drivers. Know your options, and try to understand the new opt out legal requirements.
Advertisement
Colorado Senate Bill 08-11 creates a mandatory opt-out of $5,000 in medical payments coverage (MPC). Medical payments coverage is currently optional auto insurance coverage that is offered in many different amounts — ranging from $1,000 to $100,000. This is extra coverage on the auto policy that pays for the driver and passenger(s)'s medical bills regardless of who causes the accident. If Coloradoans buy this coverage it is in addition to health insurance and settlement money from an at-fault driver.
During the 2008 Legislative Session, Colorado lawmakers passed a bill that will require car insurance companies to add $5,000 of medical payments coverage to every car insurance policy, unless the customer rejects the amount in writing or in the same way it was sold to them (i.e. telephone, Internet).
For policies that go into effect after January 1, 2009, the additional $5,000 in med pay coverage will be automatically rolled on. For customers who don't already carry med pay this will mean a new premium. If drivers purchased less than $5,000 previously, the company is still required to offer a $5,000 limit, since the lower limit amounts will no longer be offered. Bottom line: Drivers will need to buy $5,000, choose a higher limit, or reject all medical coverage by sending back the rejection form, RMIIA explained.
It's estimated that about 32 percent of Coloradans currently choose to purchase some amount of medical payments coverage on their car insurance policy. "So the implementation of this new law will require the majority of Colorado drivers to again carefully weigh their decision to buy extra medical coverage and take action to reject the coverage if they determine they don't want or need it," saidCarole Walker, RMIIA executive director. That's why it's important for agents or company representatives to talk aboutinsurance choices and make sure their clients have the protection that's right for them, she advised.
Colorado insurance companies are taking steps to make sure their customers understand their options and the new opt out legal requirements. Companies are implementing education campaigns that will start this month to inform their customers, agents and employees of the law changes. RMIIA also has new educational guides, "Colorado Car Insurance GPS," that help steer drivers though their coverage choices.
Car Insurance Source
~~~~~~~~~~~~
Something for our Colorado drivers. Know your options, and try to understand the new opt out legal requirements.
Wednesday, November 12, 2008
Colour 'could be important for car insurance customers'
Female motorists have long been derided for basing their choice of new car on colour.
Now new research has suggested people who want to avoid making a motor insurance claim may be well-advised to take the shade of a vehicle into account when making a purchase.
Research by digital motoring magazine iMotor revealed grey cars were more prone to breaking down than models in any other colour.
However, editor Mat Watson has said there could be a reasonable explanation behind these findings.
He claimed hire vehicles and company cars are often grey as they tend to look newer for longer.
Mr Watson explained as these cars tend to cover more miles than the average motor it would be understandable if they required roadside assistance on a more regular basis.
"Then again, grey cars could just be cursed," he added.
Car Insurance Source
~~~~~~~~~~~~~~
This is a quite interesting research on the correlation of car colour and car insurance. Do you have a grey car? Maybe, you should consider this. :)
Now new research has suggested people who want to avoid making a motor insurance claim may be well-advised to take the shade of a vehicle into account when making a purchase.
Research by digital motoring magazine iMotor revealed grey cars were more prone to breaking down than models in any other colour.
However, editor Mat Watson has said there could be a reasonable explanation behind these findings.
He claimed hire vehicles and company cars are often grey as they tend to look newer for longer.
Mr Watson explained as these cars tend to cover more miles than the average motor it would be understandable if they required roadside assistance on a more regular basis.
"Then again, grey cars could just be cursed," he added.
Car Insurance Source
~~~~~~~~~~~~~~
This is a quite interesting research on the correlation of car colour and car insurance. Do you have a grey car? Maybe, you should consider this. :)
Thursday, November 6, 2008
UK Drivers Unaware They Could Be Invalidating Their Car Insurance
There are many things that can affect an insurance policy and in not disclosing to the insurer all of the relevant details policyholders could be breaking the terms of a policy meaning that a driver isn't covered if they try to make a claim.
A survey by YouGov found that one in ten motorists could have invalid car insurance. Six percent of people admitted to intentionally lying about basic details such as their age and address, while 3% admitted to withholding information from their car insurance company by not telling them about past driving convictions.
Swinton is advising UK drivers to be fully aware of what the policy does and does not cover and more importantly know what could invalidate it.
Steve Chelton, Insurer Development Manager, for Swinton said "It is very important that UK drivers are aware of the terms and conditions of their policy so they are not unconsciously invalidating it. The last thing a motorist wants to do is pay annual premiums only to find their policy is void when the time comes to make a claim."
Swinton has put together a list of common mistakes and offences that could potentially invalidate a car insurance policy.
- Not being truthful on your application form can invalidate your policy. An insurance company will give a quote based on the information submitted. Failure to mention past driving convictions or accidents could mean a claim isn't paid out.
- Likewise not informing your insurance company of a change of job or increased annual mileage promptly and when the policy is up for renewal may also affect a claim.
- Poor vision may invalidate the driver's policy. The legal requirement to read a number plate is 20.5 meters in good conditions. Motorist should have their eyes checked if in doubt to avoid costly claims.
- Modifying your car, as encouraged by programmes like Pimp My Ride UK, can also invalidate an insurance policy if the insurance company is not informed.
Omitting information from your application such as where you car is parked at night could also invalidate a car insurance policy.
Car Insurance Source
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Drivers should be aware of the terms and conditions of their policy so as not to unconsciously invalidate it. It would really be a tragic experience to pay annual premiums only to find out that the policy cannot be applied when the time comes that they need to claim it.
A survey by YouGov found that one in ten motorists could have invalid car insurance. Six percent of people admitted to intentionally lying about basic details such as their age and address, while 3% admitted to withholding information from their car insurance company by not telling them about past driving convictions.
Swinton is advising UK drivers to be fully aware of what the policy does and does not cover and more importantly know what could invalidate it.
Steve Chelton, Insurer Development Manager, for Swinton said "It is very important that UK drivers are aware of the terms and conditions of their policy so they are not unconsciously invalidating it. The last thing a motorist wants to do is pay annual premiums only to find their policy is void when the time comes to make a claim."
Swinton has put together a list of common mistakes and offences that could potentially invalidate a car insurance policy.
- Not being truthful on your application form can invalidate your policy. An insurance company will give a quote based on the information submitted. Failure to mention past driving convictions or accidents could mean a claim isn't paid out.
- Likewise not informing your insurance company of a change of job or increased annual mileage promptly and when the policy is up for renewal may also affect a claim.
- Poor vision may invalidate the driver's policy. The legal requirement to read a number plate is 20.5 meters in good conditions. Motorist should have their eyes checked if in doubt to avoid costly claims.
- Modifying your car, as encouraged by programmes like Pimp My Ride UK, can also invalidate an insurance policy if the insurance company is not informed.
Omitting information from your application such as where you car is parked at night could also invalidate a car insurance policy.
Car Insurance Source
~~~~~~~~~~~
Drivers should be aware of the terms and conditions of their policy so as not to unconsciously invalidate it. It would really be a tragic experience to pay annual premiums only to find out that the policy cannot be applied when the time comes that they need to claim it.
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