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The logic behind choosing a high versus low auto deductible

The logic behind choosing a high versus low auto deductible

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...
Here’s why your automobile insurance premiums are so high

Here’s why your automobile insurance premiums are so high

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...
5 tips on how to save on auto insurance

5 tips on how to save on auto 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),...
Is buying auto insurance online really a smart move?

Is buying auto insurance online really a smart move?

The internet has improved our lives in many ways. Despite offering several benefits, most people develop cold feet when making serious investments, like purchasing auto insurance online. If you’re one of them, here are five reasons why buying your car insurance online from a local agency is a smart move: 1. Lots of options Buying auto insurance directly from an agent may seem convincing, but you may be missing the big picture. For instance, you don’t have a lot of options to compare. With an online purchase, you can compare the pros and cons, peer reviews and qualification factors from multiple insurance companies before making an informed decision. 2. Avoid marketing tricks Most insurance agents are salespeople trying to market a product. As such, most of them use marketing tricks, and some may even overlook what suits you. But when you buy your auto insurance online, you have no one to match wits with. You access information about various policies before choosing what’s best for you. 3. Cost-effective Most insurance agencies advise clients to purchase their car insurance or pay premiums online because it reduces the cost of paying commissions to agents, and other expenses such as processing of documents. The insurance company then passes down the benefits – like affordable policies and low premiums – to you the customer. 4. Numerous discounts and offers Most insurers and partners offer lucrative deals, such as discounts to encourage people to buy their auto insurance online. For example, some credit cards offer 5% cash back once the transaction is complete. Therefore, you can save hundreds of dollars annually if you pay...
3 main factors to consider when looking for affordable insurance

3 main factors to consider when looking for affordable insurance

Although the two main factors that affect the cost of insurance are deductibles and amount of coverage, the overall rate is usually influenced by many other factors. Some of these factors are easily controllable while others are entirely out of our hands. Therefore, having information about the factors that affect your insurance rates can help you know what to do to reduce your expenses and make informed decisions when looking for affordable insurance. 1. Car-related factors What is your vehicle safety rating? A higher vehicle safety rating translates to lower insurance rates because such vehicles have a lower chance of getting involved in accidents. Also, large cars are considered safer compared to small cars since they generally have a higher safety rating. However, vehicles with massive engines – such as V8 engines – relative to their body size tend to have higher rates than those with smaller engines. The age of your car also has an impact on the affordability of your insurance. This is because the cost of repairing an old car is often higher than the value of the entire vehicle. 2. Demographic reasons Young men tend to incur higher insurance rates compared to young women, while married people and older men usually incur lower rates than single people and older women. This means getting married can make your insurance rates more affordable. Moreover, where you live also affects your insurance rates. Highly populated neighborhoods with a lot of cars mean you are more likely to be at risk of theft, accidents, and collision; thus the rates will be higher. Also, your credit score, as well as...
How to react after a minor collision

How to react after a minor collision

As auto insurance specialists, EZ Insurance of Austin Texas understands that sometimes accidents take place. The last thing you might expect to happen while shopping for groceries is to end up in a minor accident in the parking lot – but this is a daily occurrence for many Americans, and knowing how to correctly deal with the situation can make a huge difference. Check for injuries The first thing you should do after a minor accident is to ensure nobody has been injured. While serious injuries in minor “fender bender” collisions are thankfully rare, it’s important to double-check. Assess the damage Once you and the other party have checked that all passengers are fine, take a look for any damage caused to either vehicle. Even if no damage or only superficial damage has occurred, you should be aware that you must not leave the scene of the accident. It’s against the law, and it’s not worth facing a court fine or potential jail time over a small crash. Remember to stay calm Even after a minor collision, it’s natural to jump out of your car in a panic. You might even feel like berating the other party. Try to remain calm and remember that losing your temper won’t do either of you any good. Becoming aggressive could also affect the chances of settling a claim when you involve your auto insurance company. Yes, these sorts of minor accidents can be frustrating – but instead of getting angry, keep a cool head and call the local law enforcement. Allow the police to attend the scene and sort out the logistics,...
4 important considerations when insuring an old car in Austin, Texas

4 important considerations when insuring an old car in Austin, Texas

You’ve probably used your car for ages, and the burden of insuring it is becoming bigger with time. While the definition of an old car is relative, it’s important to stop wasting money on a vehicle that keeps breaking down every now and then. Paying for an expensive insurance policy for an old car does not provide the right value for money. There are a few facts you need to know before insuring your old car. The value of your car should be an indicator of the type of insurance to take While most people attach great sentimental value to their old vehicles, holding onto a car that is always in the garage is not worth it. For instance, if the car cannot cover at least 1000 miles before breaking down, then there is no need of having it. It wouldn’t make sense to pay for a comprehensive policy for a car whose total value is not reasonable. A comprehensive insurance policy is not mandatory It is not a requirement in Austin Texas for a car to have a comprehensive policy. You can opt for a third-party insurance policy if you feel that the value of your car is too low, and if your car is the kind that experiences mechanical problems too often, you don’t have to pay for a comprehensive policy. Classic cars should not be mistaken for old cars Some of the most expensive and valuable vehicles today are the classic cars. Classic vehicles can be defined as older, but collectable, cars that are rare to find. If you own one of these, you need a...
5 factors to consider before renewing your auto insurance

5 factors to consider before renewing your auto insurance

Paying for an insurance cover might seem to be a walk in the park, but the frustration comes when the bills start flowing. Most people subscribe to auto policies without reviewing the terms and conditions. This could prove costly in the long run when the bills become unbearable. If you’ve already suffered the exaggerated cost of auto insurance, here is what you need to consider the next time you want to renew your insurance. Select an insurance policy according to the condition of your car You’ve probably been paying for a comprehensive policy for a car that is not worth it. For instance, if the value of your car is too low, there is no point paying for a comprehensive policy. A third-party policy would work well if you are using the car to run some few errands. Review your voluntary deduction or excess Insurance providers offer the option of setting a higher or lower deductible/excess. The higher you set your voluntary deduction the more likely you are to get cheaper premiums. However, do not set an amount that you cannot afford. Compare insurance quotes So much can change in a year, and this involves new insurance providers joining the market. A wide variety of insurance providers provides a good opportunity for policyholders to get cheaper auto insurance. Before you renew your insurance, compare insurance quotes from various companies. You might discover a more affordable and competent service provider. Discount eligibility Insurance providers provide numerous discounts ranging from mileage discounts, driving record discounts and credit score discounts among others. It’s good to speak to your insurer before renewing your...
How to get cheap auto insurance in Austin, Texas

How to get cheap auto insurance in Austin, Texas

Getting your car on the road doesn’t have to be extremely expensive if you live in Austin, Texas. You can get cheap auto insurance online from a local direct agency such as EZ Insurance of Austin, Texas. Before you invest in auto insurance you should know a few things about what the law requires in the state of Texas. Requirements for Auto Insurance in Texas The state of Texas requires that all drivers must establish financial responsibility for their vehicles. Everyone needs to take out affordable liability insurance so they have financial responsibility in the event an accident occurs when operating a motor vehicle. Texas state law requires that coverage of $25,000 property, $30,000 personal injury for the driver and $60,000 worth of personal injury insurance for all persons involved in any potential accident involving the insured vehicle is in place at all times. This obligation is easily met by purchasing a simple auto liability policy. TexasSure is an insurance verification program that is used in the state of Texas by law enforcement officers. It gives officials real-time, instant access to insurance information, so you need insurance to avoid serious legal issues. Where to Get Cheap Auto Insurance Affordable car auto insurance through EZ Insurance of Austin, Texas is extremely easy to obtain. You can get up to a 35% discount on insurance policies through over 30 competitive insurance companies, or you can use our in-house companies as well with their instant online application. You can get an instant online quote by visiting our website at https://ezinsuranceagency.com/ or by calling their phone number at (512)444-4445. If you are purchasing...
When is the best time to buy auto insurance?

When is the best time to buy auto insurance?

When you’re on the hunt for cheap auto insurance, you want to make sure that you’re looking at the right time to get the absolute best deals. When shopping for auto insurance online, there are some times when you’ll be more likely to find good deals than others. Here are some tips to help you shop for your car insurance at the best time. There’s no one best time for everyone A myth about shopping for insurance is that there’s one time of year that’s best for buying insurance, regardless of who you are or what type of policy you are looking for. There are many factors that go into your policy price, so don’t buy into this falsehood when doing your shopping. The best times to shop for car insurance will have more to do with your existing policy. Shopping right before your renewal date is usually best However, there is one time of year that’s best to shop for insurance – right before your policy is set to renew. At this point, you’ll have your renewal rates from your current insurance company, so you can use those to compare to other rates on the market. Switching to a new carrier at this point can sometimes even get you a discount, because many companies offer advanced quote discounts to reward customers who are responsible and shop ahead. It also means that you can switch insurance companies without any extra fees if you need to. You should get insured right away If you don’t have car insurance at all and you’re driving, you shouldn’t waste time waiting around to...