Nov 8, 2018 | Insurance
If you’re looking for a sure way to lower your auto insurance premiums, the number-one thing you can do is raise your deductible. You may be able to save additional money by shopping around, bundling your coverage and taking advantage of discounts, but nothing lowers your monthly premiums as fast as boosting your deductible. It all depends on how you handle things after raising your deductible. If you fail to set money aside, that higher deductible could be unaffordable if you need to make a claim. If, on the other hand, you plan carefully, you can self-finance your higher deductible and bank the extra savings month after month. Here’s a strategy to make it happen. Calculate your savings Before you raise your deductible, you need to know how much the decision will save you. The amount of premium savings will depend on several factors, from your claim history and driving record to the company and its underwriting standards. In most cases, the higher your deductible the more money you will save, so ask your agent for several different quotes. Compare the amount you’re paying now to how much your new premium will be, then calculate the savings and start working on your plan. Self-finance your new higher deductible Once you know how much you will save by raising your deductible, you can use those savings to self-finance the amount you will have to pay up front. Keep in mind that many drivers go decades or even longer without an accident. Take the money you would have spent on your previous policy and put it in a savings account instead....
Nov 2, 2018 | Insurance
Who wants to sink tens of thousands of their hard-earned money into a vehicle and then lose it all in one day to an accident, fire, or even theft? If this is not you, then you need to know about comprehensive and collision auto insurance coverage. Types of policies A car insurance policy has several parts. There is liability, which covers damage or injury to a third party in a car accident where you’re determined to be negligent, the medical expense or personal injury protection coverage, and lastly, there is insurance that covers damage to your vehicle, called physical damage coverage. Types of physical damage coverage • Comprehensive coverage Physical damage coverage is broken down into two parts. The first part is comprehensive coverage. It is usually a less expensive coverage than the other part, the collision coverage. Comprehensive coverage covers damage to your vehicle not resulting from a collision — damage from a tornado, a hurricane, flood, fire, theft, vandalism, rocks, etc. It also covers damage to your windshield and the windows of your car, should they get broken or cracked. • Collision coverage Collision coverage covers the damage to your vehicle when you’re involved in an accident while driving or caused by another vehicle. Even if another driver is negligent and causes an accident that results in damage to your vehicle, you may always use your collision coverage to get your vehicle fixed while the claims team is investigating the accident to determine fault. If later it’s determined that the other driver was negligent and the cause of the accident, your insurance company will attempt to recover...
Oct 25, 2018 | Insurance
If you own a car, then you probably know that accidents are inevitable. Sometimes the damage is minor but for other occasions, it can be more severe. So what measures have you taken to make sure that in the event of an accident your care is adequately covered as well as your car? Here are a few of the reasons why it is essential to have auto insurance: Auto insurance is a requirement by the state All drivers are required to comply with the nation’s laws that require them to have auto liability coverage. The state sets the minimum limit of the coverage that every driver should have. In case of an accident, the limit is the maximum amount the insurer pays to cover your claim. The minimum auto liability coverage limit set by the state is often not enough, and it may be in your best interest to increase your coverage limits to avoid paying for damages by yourself in case the wreck and injuries exceed your coverage limits. Auto insurance helps you protect your finances Sometimes you may be involved in a car accident then get deemed liable for its occurrence. Some costs you may need to cater for include legal fees, medical bills of the other driver or lost income compensation. Without auto insurance, you end up paying all these expenses by yourself. Saves you time in the event of an accident The right auto insurance saves you time and other problems when accidents happen. If you are insured, it is the job of the insurance company to take over the unpleasant post-accident process. If the...
Oct 8, 2018 | Insurance
These days, you can insure almost everything from your pet to your home and car. Auto insurance is compulsory in many states and protects you, your car, and other road users in case of an unforeseen event. Thanks to the digital era, you can buy your insurance cover online, and enjoy convenience, speed, simplicity, and ease. Buying car insurance online is gradually gaining popularity and will soon be the next big thing. Here are five tips for buying auto insurance online. Avail personal and vehicle information When purchasing auto insurance online, you require your vehicle information such as car make, model, manufacturing year, and vehicle identification number and personal data such as driving record and credit record to help insurance companies give you a quote. Shop around Do not settle on the first insurance company you bump into online. Shop around to see the packages and offerings of different companies and settle on the best. Numerous websites help you compare the insurance quotes of different insurance providers. Gather ample information When buying auto insurance, take your time to gather sufficient information about the insurance policy such as the terms and conditions, hidden charges, claim procedure, and your rights and responsibilities. With this data, you can choose an insurance provider that covers all risks at a friendly cost. Cheap is not always the best Do not go for the cheapest insurance policy you come across. Although the cost of the policy should be a determining factor, it should not be the primary one. Note that your car insurance premium is calculated depending on the type of car, the age of...
Sep 30, 2018 | Insurance
Life is full of risks. Some are worth taking, some are not, like driving uninsured. Driving without insurance in Texas is a very risky affair and can end up costing you a lot of money. Here are some of the penalties you can receive for being caught driving around Texas uninsured: Simply getting caught with no insurance Texas, like other states, requires all motorists to have a stated minimum of liability coverage which ranges from $25,000 to $60,000, for both personal injury and property damage. Although some drivers carry these legal minimums, many are uninsured. If you belong to this group of people, here’s what can happen when you get caught: First-time offense The first time you’re busted for driving without valid insurance in Texas, you’re probably not going to be subjected to a fine and if you are, it will be a relatively small amount: usually between $175 and $350. However, another surcharge of $250 is added to your annual driver’s license fee for at least three years. Other fees also apply, which means as a first-time offender, you could end up having to pay between $925 and $1,100. Additional offenses The figures rise significantly for subsequent convictions and you also risk having your license revoked and your car confiscated altogether. In this case, it would be very difficult for you to get your license reinstated and your vehicle back. The really frightening numbers In Texas, you can be held 100% liable for all property damage and physical injury occurring from a vehicle accident you caused. This can cost you big money! To avoid paying hefty fines that...
Sep 24, 2018 | Insurance
There’s no question about it, most teens lack the experience to make great drivers and strong decision makers behind the wheel. However, this doesn’t mean that parents are to blame or have no other choice but to shoulder all the loss because of their children’s irrational driving habits. Parents actually have a bigger role to play in ensuring their kids learn how to be better drivers. Below are some great tips parents can use to ensure their teens become better drivers every day: Be a good example The first step in ensuring your teen becomes a responsible and experienced driver is by setting yourself as an example to them, particularly if you’re using the same car. If you’re frequently issued tickets and traffic court dates, your child might assume that ignoring traffic laws is nothing to worry about. They might think one simply asks for forgiveness whenever one gets caught due to irresponsible driving. Make sure your driving record is as outstanding as you want your child’s to be at all times. Read the handbook together Many teens have a reputation for temporarily memorizing what’s in the DMV handbook just to land a driver’s license in their hands. As a parent, you should talk to your child about the importance of understanding the DMV handbook before taking the test. Work with your child and study the manual together, describing concepts in the manual to them in a way they won’t forget. Eventually, you’ll find that the lessons acquired will be lifelong ones. Don’t lose patience Teaching a teen how to drive isn’t a fun experience for most parents. There’s...
Sep 17, 2018 | Insurance
One of the most crucial aspects to buying auto insurance coverage is to make sure you have the right deductible amount for your needs. While there is no right answer, there are a few factors that can help you determine the appropriate figure. Here are three great tips to keep in mind the next time you renew your policy. 1. Choose a deductible you can afford to pay The first step in choosing the right auto insurance deductible for your needs is to select one you can afford to pay. This means selecting a figure that wouldn’t be too hard to come up with should you be involved in an auto accident right this very minute. Lots of people calculate this figure as being $500 or $1000, but others feel comfortable keeping it at a low $250 or a much higher $2500. 2. Understand your monthly premium budget It is also important to understand how your chosen deductible affects your monthly premium budget. A lower deductible means that you’ll pay a little bit more each month for auto insurance. For some people, the cost is minimal compared to having to come up with a larger chunk of money if they are ever in an accident. Others don’t see the advantage and would rather the immediate premium savings. This is usually personal financial preference. 3. Check with your lender before making changes Of course, not everybody has the luxury of changing their car insurance deductible. If you have a loan on your vehicle, it is important to check with your lender first to make sure they don’t have any specific...
Sep 7, 2018 | Insurance
You must have liability auto insurance to drive legally in nearly all states to cover the other driver, including Texas. Liability insurance is usually all you need, but it does not cover your vehicle, so you may prefer extra coverage. Collision insurance in Austin,Texas covers the damage to your vehicle in an accident, but it does not cover theft or disaster damage. Comprehensive insurance covers you for theft, natural disasters, and accidents in which you are found at fault. This information will help you determine whether or not you should purchase comprehensive insurance. The age and value of the vehicle Is the vehicle less than five years old? The cost of comprehensive auto insurance in Austin,Texas to replace or repair older vehicles is commonly more than the market value. Vehicles depreciate as they age, so check the Kelly Blue Book for your vehicles market value, and apply the 10% rule. If the vehicle is only valued at several thousand, or the coverage exceeds 10% of the value, you may consider removing this coverage. Leasing a vehicle If your vehicle is under a loan or lease, you may be required to get full coverage auto insurance in Austin, Texas, which helps to protect the lender or dealer. You can drop the coverage after the lease period is up or once the title transfers completely to you. Study the terms of the contract before you sign with a dealer or lender, and do not be attempted to drop comprehensive insurance too fast. Also, be certain to list the lender or dealer as a loss payee on the insurance contract to avoid...
Aug 31, 2018 | Insurance
Owning your car outright is a great feeling to have! When you reach this milestone you may want to lower the amount of auto insurance because you no longer have a financial obligation to cover. Even though many opt to carry only liability and collision coverage once they pay off their car loan, this is not always the right move. For most people in the greater Austin area, cars are their main form of transportation, especially to and from work. Don’t drop your insurance to a level that won’t provide the protection you will need in the event of an accident. Cheap auto insurance is better than no insurance! Before you drop your insurance levels, take a look at the affordable insurance policies that are available to keep you protected. Even if your car is paid for, you will still need the right coverage to purchase a replacement vehicle in the event that yours is totaled. You don’t want to be left without a vehicle! There are many auto policies that offer a wide range of coverage for vehicle replacement reimbursements that are not expensive. Depending on the year, type, and mileage of your car, there is likely a cheap auto insurance policy that meets your needs. Even if you are on a budget, there are comprehensive auto policies still available. Yes, there are the required coverage levels that you need to maintain once you own your car, but it isn’t always the right decision to carry your insurance at those levels, especially when there are other options available. Before you make any changes, take a look at the...
Aug 23, 2018 | Insurance
There may be more than one reason why you’re looking forward to the day when your car is finally paid off. Not only will you finally be able to dispense with that monthly payment, but you will no longer be required to carry full coverage insurance, providing you with significant savings opportunities by dropping your coverage to liability only. However, you might not want to be too hasty about pulling the trigger on your full coverage insurance. Here are three big reasons you may want to consider holding on to your full coverage. 1. You may not save as much as you think When determining a monthly premium, liability coverage alone is naturally going to be less than full coverage. However, since the premium also takes into consideration things such as the model year and mileage on your car, this reduction in costs may not represent significant savings in relation to the risk that you are taking on in return for those savings. 2. Dropping full coverage has its consequences The biggest consequence of not carrying full coverage insurance is that in the case of an accident where you are determined to be at fault, you will receive no recompense for either damage to your car or your injuries. Even if it’s determined to be a 50/50 accident, the half payment on your claim may leave you in a precarious financial situation where you may be unable to replace a totaled vehicle or pay your medical bills. 3. Paying a deductible is better than paying for everything We all have bad days from time to time, and a lot...
