May 29, 2019 | Insurance
Most Texans know that the Lone Star State requires motorists to purchase auto insurance, but you may wonder if any exceptions exist. For example, do you need to insure antique cars, mopeds or motorcycles before using them? Cars The state government expects citizens to possess liability coverage for all autos that they drive. It doesn’t exclude vintage, antique or other rare cars; these vehicles still have the potential to cause serious accidents. The only major exception is that you needn’t insure a car that always sits idle on your property. A police officer won’t request proof of coverage for a parts vehicle or antique auto in your back yard or garage. Motorcycles Texas authorities expect people to obtain insurance for both light and heavy motorcycles. These vehicles use public roads and travel at highway speeds, so their owners definitely need to purchase liability coverage. Mopeds A moped resembles both a motorcycle and a bicycle in different ways. It combines a small engine with pedals. These compact vehicles travel quickly enough to inflict injuries and damage, so insurance is required. Boats If you own a recreational boat, the state won’t force you to insure it. Your homeowner’s policy may or may not cover the vessel. Keep in mind that some marinas and lenders demand coverage. All-Terrain An ATV has three to four wheels and seats one or two riders. Texas doesn’t allow people to drive ATVs on public streets under most circumstances. Consequently, insurance coverage remains optional. Golf Carts Texas law permits very limited use of uninsured golf carts on public roads. If your city allows people to drive these...
May 16, 2019 | Insurance
Many people wonder exactly what insurance companies use to determine their premiums. Premium costs are different for everyone and can stem from a variety of factors, like your age, your driving record, and where you live. Many people wonder if their credit has any effect on their car insurance prices. The unfortunate truth is that it does in most cases. Car insurance companies will look at your credit to determine how much of a risk you are to insure. The logic is that if you have poor credit, you might be less likely to make payments, so they’ll charge you more to cover any potential losses. If you have poor credit, there are things you can do to mitigate the cost of your insurance. The first is to drive very safely and look for insurance companies that provide a discount for good driving. Even if the initial cost of your insurance is high, this can bring the total cost down and help show the insurer that you are trustworthy. Once you build up a reliable history of on-time payments and safe driving with your insurer, your costs may go down. Another option is to look for insurance policies that are use-based. These policies determine the premiums purely by how much you drive and how good your driving record is, so your credit won’t factor into the overall cost. With these insurance policies, you can actually keep your premiums down by minimizing the amount you drive each month. If you have poor credit, it’s worth it to take your time to really shop around for insurance policies. Get quotes from...
May 13, 2019 | Insurance
According to Driving-Tests.org, the U.S. records about six million car accidents each year. Although most of these accidents entail property damage, a third of them cause personal injury to either the driver or the passengers. Furthermore, a fifth of these accidents results in fatal injuries. If you are involved in a car accident, use the following checklist to protect everyone involved and get your auto insurance claim processed. 1. Stop Do not drive away from the accident scene. 2. Protect the accident scene Keep your flashers on and set up flares to prevent more accidents from occurring. If your lights are not working and it is dark, use a flashlight to protect yourself as you wait by the roadside or in your wrecked car. 3. Call the police Make sure you call the police even if there no fatalities. You will need a police report when filing an auto insurance claim with your insurer. Ensure the vehicles involved in the car stay in the same position unless they’re likely to cause a traffic jam. 4. Make a precise record Tell the police everything upon arrival. Inform them if you are not sure of certain facts — do not guess, misstate, or speculate any facts. Also, ensure the statements made by other involved parties are accurate. 5. Take pictures If you have a camera or a camera-equipped phone, take pictures of the vehicles involved in the accident. Photograph all the visible injuries sustained. However, do not interfere with the prevailing police investigation. 6. Exchange information. Usually, it is the investigating officer’s responsibility to gather this information. Nevertheless, you should record...
May 3, 2019 | Insurance
Let’s say you buy a new car for $25,000 with no down payment or a minimal down payment. That means you must finance the balance before you can take your new car home. One year later, you are in an accident that totals your new car, but you’re still on the hook for the remainder of your car loan. Insurance pays you $19,000 to cover the cost of the totaled vehicle, but you still owe the bank $23,500. Gap insurance is a way to ensure the auto loan is paid off in an event like this. Your gap insurance coverage would pay off the remaining $4500 of the loan, leaving you free and clear to purchase another vehicle. Did you know you can request gap insurance through your auto insurance? Gap insurance may be called different things depending on where you live. It might be called: • Equity Gap • Loan/Lease Gap • New Auto Security No matter its name, ask your auto insurance company if they offer an endorsement that will pay off the balance of your loan or lease if your vehicle is totaled. It’s very easy for them to add it to your policy. For many insurance agencies, a vehicle must be new and not previously owned or titled to be eligible for gap insurance. However, some companies will cover used cars with gap coverage. Consider these things before buying gap insurance: Before purchasing a new car, ask your auto insurance agent if they offer gap coverage. When purchasing a new vehicle at a dealership, most dealerships will ask if you want them to provide you...
Apr 26, 2019 | Insurance
Pretty much all states in the USA require motorists to have some form of auto insurance, however, lots of people get overwhelmed at the prospect of choosing what type to take out. Here are the five major types of auto insurance, and why you should consider them. Liability This is the minimum amount of coverage needed for most states. Liability insurance covers you if the accident was determined to be your fault, and it focuses on repairing any damage to property and/or any medical bills incurred in the accident. Collision This kind of insurance pays for repairs for your damaged vehicle only. If an accident totals your vehicle, collision coverage will pay equivalent to the value of your car. This sort of insurance is encouraged for owners of newer vehicles. Comprehensive Coverage Liability and collision insurance covers automobile accidents, but are never invoked for other kinds of unfortunate events. Damage due to weather, wildlife and other random things are under the umbrella of comprehensive coverage. This sort of coverage is considered expensive, but can be a lifesaver. It will even cover you if your vehicle is stolen! Personal Injury Protection Total costs from an automobile accident can be intense. Personal injury protection coverage assists in paying off medical bills incurred due to an auto accident, even the injuries of whatever passengers you had on board your vehicle when the event happened. This insurance has you covered whether you were the cause of the accident or not. It’s crucial to note that this coverage is not available in all states, however. Uninsured and Underinsured Motorist Protection There are considerable amounts...
Apr 15, 2019 | Insurance
You are probably aware that you are legally required to have auto insurance to be out on the roads, but you might not know exactly what that insurance is covering. Many people are surprised by how much coverage their insurer can actually provide for them if an automobile incident were to happen. Here are some of the specific things your car insurance can cover. While not every policy covers all of these things, they are available should you want the additional support and peace of mind. Personal injury Most car insurance policies will cover the cost of your medical bills and any other related expenses if you or someone in your car are hurt in an accident. For example, this form of insurance can cover your lost wages while you are in the hospital, and it can even cover funeral expenses if you were to die in an accident. Liability Liability coverage is the coverage that is legally required in most states. This covers the costs incurred if you hurt someone or damage their property with your car. This type of coverage is essential, because even the best drivers in the world make mistakes, and you could end up with a huge amount of debt if you make a mistake on the road and don’t have the money to cover it. Vandalism and theft You can also opt to purchase extra insurance to cover the cost of your car if it is damaged or stolen. This will cover the damage to your car in an accident, as well as any damage from vandalism. It will also pay for the...
Apr 8, 2019 | Insurance
When choosing the best car insurance for your needs, you’ve probably heard a wide variety of advice about what affects your premiums and what you should and shouldn’t do when choosing a policy. However, it can be difficult to know what’s actually true and what you need to ignore. Today, we’re busting some of the most popular car insurance myths so you are better equipped to choose the best policy for your needs. The color of your car can affect your premium There is a very common myth that the car you choose can affect the price of your auto insurance, but it’s simply not true. While there are many other things insurance companies take into consideration, the color of the car doesn’t matter. In particular, there is a myth that red cars and other bright colors cost more to insure, but this is one you can just ignore. The minimum amount of required car insurance will cover me if I get in an accident Every state has a legal minimum amount of auto insurance that drivers are required to have. Many people believe that because it’s required, it will be enough to cover them should they get in an accident or incur other damages to their car. This is actually not the case – if you only have the minimum amount of insurance, there’s a good chance you are going to end up paying large amounts out of pocket. Getting a ticket will drive up the price of your insurance While insurance companies do look at your driving record, this doesn’t necessarily mean that one ticket will send...
Apr 1, 2019 | Insurance
There are many factors to consider when choosing an auto insurance company, one of which is cost. Your auto insurance premium is weighed by many things, including your deductible. There are advantages and disadvantages of having a high versus low auto insurance deductible. Here’s some information to help you decide between the two. First, what is a deductible? Deductibles are there as a shared risk between you (the policy holder) and the insurance company. A car insurance deductible is the amount of money you pay to cover the cost of a claim. This could be damage caused by a collision or to fix a broken windshield. Typically, it will be a fixed amount, such as $250, $500, $1000, or $2000 – these are the most common deductible amounts. The higher the deductible the cheaper your monthly premiums. How is the deductible applied? Let’s say you were involved in an accident and the repair costs are $6000. If you have a $500 deductible, you are responsible for paying $500 for the repairs and your insurance company will provide the other $5500. Now let’s turn this situation around and say you have the same $500 deductible and your windshield breaks. The cost to fix it is $500. In this situation, your insurance company will not pay anything and you will be responsible for the full amount. Why a low deductible may be right for you A low deductible is a great idea for someone living on a fixed income or simply unable to save money. Although the premiums are higher, it will help you if you find yourself in an accident...
Mar 25, 2019 | Insurance
47 of the 50 states require people vehicles to be covered by automotive insurance policies. At a bare minimum, they must have liability coverage, meaning their insurance providers will pay for any damages inflicted on others in the event of an accident. Everyone’s auto insurance premiums are a different amount for a variety of reasons. Some people drive new, expensive vehicles that would cost a fortune to replace or repair. Cheap, old vehicles, on the other hand, are inexpensive to cover. There are a number of other factors that weigh into insurance premium calculations, ranging from gender to the highest level of education drivers have completed. When it comes to auto insurance, so many Americans have high monthly premiums for seemingly no reason. Let’s check out a few reasons as to why people’s insurance premiums are so high. Insurance providers don’t like it when policyholders cancel It’s totally legal to stop paying monthly premiums to auto insurance providers. However, once you stop paying them, your vehicle won’t be covered by the policies you used to pay for. Insurance companies want their policyholders to consistently pay their premiums. They consider people who have backed out on previous policies one or more times to be flaky and unreliable, giving them a reason to up the dollar value of premiums. You are insured by an out-of-town insurance agency Smaller, local insurance agencies are usually more willing to provide people with bad marks – things that insurance companies don’t like to see on their policyholders’ histories – on their record with reasonable premiums. Trusting tried-and-true, down-to-Earth auto insurance providers like EZ Insurance of...
Mar 11, 2019 | Insurance
People are still paying more when it comes to insuring their cars. This is because some auto insurers don’t like sharing automobile insurance tips with individuals trying to get a better price from their coverage. Therefore, by getting to know how auto insurance works, you save more money as well as reduce the chances of your monthly premiums rising. 1. Do your research Various insurance agencies offer different coverage. Also, there are different schemes for cars, houses and any other property that requires coverage. As such, whenever you are buying your auto insurance, it’s crucial that you understand the type of insurance you are about to purchase. Thorough research will help you compare insurance companies to ensure you are choosing a financially stable insurer. 2. Buy in bulk For people with more than one car or need to insure other properties such as their houses, they need to get all of these policies from one provider. Paying in lump-sum is a form of buying insurance in bulk. Also, the shorter the payment period, the less the total payment likely to be made. 3. Review your insurance coverage from time to time Many changes in your life affect your insurance policy. This is why reviewing your policy is essential. For instance, if your annual mileage has significantly reduced, get your insurance company to lower your rates. 4. Take advantage of discounts Most car insurance companies offer a wide range of modest discounts that are based on your lifestyle. Some of these include discounts for students with good grades, people with safety and anti-theft equipment, affinity group members (e.g., college alumni),...
