What you don’t understand about auto insurance could cost your money. Here are 5 things that you need to know about your auto insurance policy.
1. That new car you just bought may not be covered. Your existing auto insurance policy may mask your new car if it is a replacement for another vehicle, but only for a specified period of time. Therefore, it is important to narrate your insurance company of the change as soon as possible. Also, since the make, model and age of your car are taken into chronicle when setting auto insurance prices, your premium may change. If the new car is not a replacement vehicle but a first car or an additional car, you will need to arrange for auto insurance coverage before you retract possession of the vehicle.
2. You may not have coverage if you lend your car to a friend or family member. Under the permissive user rule, your auto insurance policy generally will cover your car when you occasionally lend it to a friend. However, if your friend uses your car regularly or you let someone in your household who is not a listed driver on you auto insurance policy use your car, your policy may not cover them. If you are uncertain about coverage when lending your car, check with your insurance company first. Also, if you lend your car and it is in an accident that results in a claim with your insurance company, it will be on your record and could result in higher premiums.
3. Paying your electric bill slack could boost your auto insurance premiums. One of the many factors most auto insurance companies now use when setting your premiums is your insurance credit catch, which takes into account some of the same factors (such as whether you pay your bills on time and how much debt your have) used to calculate your credit score.
4. You may not be covered if you hit a deer or your car is damaged in a hail storm. Collision coverage does not cover your car for damage resulting from weather events such as flooding, wind or hail; collisions with animals; vandalism; or fire or if your car is stolen. You need comprehensive insurance coverage to pay for damage or loss in these situations.
5. Your personal auto insurance policy may not cover your car when it is ancient for business. This can be a grey area, especially for the self-employed, so it is a good idea to talk to your insurance agent about when and how your personal car may be broken-down in your business to determine whether you need commercial coverage.
Sources:
Lori Mandell, www.autoinsurancetips.com, Auto Insurance Coverage for the Driver Versus the Car/Auto Insurance Tips
car-insurance.onlineautoinsurance.com, Car Insurance – Lending Someone Your Vehicle
www.wisegeek.com, What is the Difference between Collision and Comprehensive Auto Insurance?
http://www.unitrinspecialty.com, Unitrin Specialty
www.investopedia.com, Insight into Insurance Scoring
www.insurancescore.com, InsuranceScore.com::About Insurance Scores
www.insurance.com, Top 10 Auto Insurance Myths/Insurance.com
Filed under Auto Insurance Companies by on Mar 14th, 2011. Comment. 
Check out the competition. Everybody seems to have “the best deal in town.” Derive out for yourself. It would be to your advantage to get 3 quotes.
Along with price, fetch out how the prospective company is doing financially. Also, does the company have complaints against them? What is their reputation for customer service? A good indicator of this could be seen on your initial visit. For example, did they take time to answer your questions or did they try to whisk you away posthaste? Taking note of these things could save you some regrets later.
Check insurance costs for the car you intend to buy. Your premium will be based on the particular vehicle’s sticker price, repair costs, overall safety record, as well as potential theft concerns. If your car features things that reduce injury risk or theft, like daytime running lights or anti-theft devices, your insurance company may offer premium discounts for cars with those features.
Ask for a higher deductible. For example, if you were to increase your deductible from $200 to say, $500, the cost of your collision and comprehensive coverage would be reduced anywhere from 15 to 30 percent. A $1000 deductible would build you more, perhaps more than 40 percent. Of course, you’ll want to be sure you could pay the deductible if you needed to file a claim.
Sever coverage on your older car. It may not be financially sound to keep collision and/or comprehensive coverage on your old beater. Rule of thumb: Multiply your premium by 10. If your car is worth less than that amount, consider dropping collision and/or comprehensive. Checking Blue Book values will help you make this determination as well. You can check your car’s value online at http:/www.kbb.com.
Insure your home and car at the same company. Insurance companies are always looking for new business, and you might get a break if you buy two or more types of insurance from your insurer. If you have more than one vehicle, you may also fetch a reduction in your premium. Also, just recently, my wife and I received a reduced premium because we’ve been their customers a long time. Perhaps you can do the same. Still, don’t be afraid to shop around. You never know what you can save.
Establish/Maintain a solid credit history. Granted, this can be a challenge with identity theft running amuck. However, as much as it depends on you, pay your bills on time, don’t obtain too distinguished credit, and most importantly, keep your balances either low or paid off as much as possible. Check your credit report regularly to label any errors needing correction.
Ask about Low Mileage Discounts. Maybe you drive far less miles than the average driver. Some insurance companies offer discounts, even if you carpool to work.
Peep into a Group Plan. Check with your employer, any professional, business or alumni groups that you belong to and see if it’s possible to insure through a group plan through them. Some companies may offer discounts through them.
Other discounts may also be available. You can get discounts for your well-behaved driving narrate, such as no accidents or moving violations for a number of years. A defensive driving course may also get you a discount.
As long as we need to have insurance, we must pay for it. After reviewing these tips, however, you can see that we don’t have to pay too much.
Filed under Automotive Repair Insurance by on Feb 27th, 2011. Comment.
Mike owns an automotive repair business. He is a one man operation and has one assistant. He sees 5 to 20 customers a day and completes about 6 repairs a day. He is commence 5 days a week. Closed on Saturday but spends most of his day inside his garage trying to catch up. He does great work and has more relate business than he can handle. He does not want to expand. He has 5 cars in his repair bay at any one time and carries insurance in case of shatter ins and vandalism. It has happened and has cost him dearly in the past.
But unlike large repair facilities he doesn’t have a staff to handle the more mundane tasks of running a garage. So many times a car is dropped off, an estimate is given, a deposit is unruffled for parts and the car is repaired. But the owner does not come support in a timely manner to retract it up. Usually this has something to do with finances and paying for the repairs. Mike spends his time trying to call and collect but the car just sits in his repair bay taking up well-known space and becoming a liability.
Recently Mike took a vacation. Not from work but from accepting new work. He spent two weeks doing nothing but cleaning his property of vehicles. He finished all the repairs that had been put on hold, he took in no new business and spent time collecting for old business. When he was finished there were 5 cars left on the property. These cars had all been there more than 60 days and one almost a year. They were repaired and ready to be picked up. His investment in labor and parts was over $5000. A significant sum of money to a small one man operation.
While visiting Mike one day we talked about these cars and what should be done. So a little bit of research told us that these cars could be declared abandoned and he could take title and sell them at a public sale to recover his costs. Seemed like a lot of work, cost and factual minefields to get through but it was a task he was positive to accomplish. While most states have abandoned vehicle laws and procedures for disposing of them each state is different and what Mike was able to do only applies to Alabama abandoned vehicles.
The AL statute that applies to abandoned motor vehicles is The Abandoned Motor Vehicle Act, Code of Alabama 1975, Title 32, Chapter 13. The act is designed to protect both current owners of vehicles and also those to who vehicles are entrusted. There are a number of steps involved in getting title to an abandoned vehicle and those steps must be followed in order to complete the transaction and ensure a shapely title for the eventual owner of an abandoned vehicle.
The first step has to do with determining whether a car can be declared as abandoned. For a repair facility this means either 60 days after it is left for repair when no time is agreed upon or 60 days after repairs are complete. These days are significant and must be noted by the garage in order to make sure that the vehicle will be declared abandoned by the Department of Motor Vehicles.
The second step is obtain a vehicle report from the state that shows the current owner and their address along with any lien holders on the title. Again very well-known to make sure that this characterize is obtained from the state and is accurate. Once this information is obtained the owner must be notified or attempts must be made to notify the owner and the lien holders of the vehicle’s location and the costs to recover the vehicle. You must also tell them that it will be for public sale and what date that sale will buy place.
The garage owner must also place an announcement in the local paper or in the courthouse that gives view of this sale. The notice must be posted twice at least 7 days apart and 30 days prior to the sale. Again the time and dates are very specific and must be followed to ensure a gracious transference of title to any recent owner. One the sale is complete there are several other state forms that must be completed prior to transferring title. These forms are not difficult but do require some time to make sure that they are done right.
So far Mike has gotten $3600 for his troubles and he still has 3 cars to go. He will recover his expenses and actually not get burned when all is said and done. However, this lesson has taught him one of the great lessons of any business. Keep good records, make good decisions and follow up on all your current business.
Filed under Automotive Repair Insurance by on Feb 24th, 2011. Comment.
If you live in Lubbock, Texas or the surrounding communities and you need a Locksmith there are many to choose from.
BROCK LOCK & KEY
Brock Lock & Key is owned by Steve Brock, CPL. They have 38 years of experience serving the entire South Plains. They provide residential, commercial and automotive services.
Services include opening, installing and repairing locks, duplicating, fitting and changing keys, selling, servicing and installing safes.
Brock Lock & Key can be contacted at (806) 794-7966 for more information.
DECKELMAN’S LOCKSMITHS
Deckelman’s Locksmiths, located at 1819 19th Street, has been serving West Texas for over 63 years. They provide the sales, service and installation of keys, locks and safes.
They offer high security, foreign and domestic car keys, keyless entry remote, keys slash to code, electronic auto keys, master key systems and motorcycle keys. They also service Best and other IC systems.
After hours and out of town services are available.
Deckelman’s Locksmiths can be contacted at (806) 765-8144 or toll free at (800) 280-8144 for more information.
GEORGE’S LOCK & KEY
George’s Lock & Key, located at 2118 50th Street, is owned by George De La Cruz. They provide services for auto, home and industry.
They carry all late model computer chip keys. They are foreign car specialists and they provide services on most high security automobiles.
Hours of operation are Monday through Saturday 9am to 6pm.
George’s Lock & Key can be contacted at (806) 762-4414 for more information.
LUBBOCK LOCK & KEY
Lubbock Lock & Key, located at 2434 34th Street, has been doing business in Lubbock since 1971.
They offer services for automotive, commercial and residential. They have a 24 hour emergency service (in most cases).
They offer access control systems, high security locks, keys fitted and duplicated, locks opened, changed, repaired and installed and they also offer safe sales, service and installation.
Hours of operation are Monday through Friday 8am to 5:30pm.
Lubbock Lock & Key can be contacted at (806) 795-7117 for more information.
MICHAEL’S LOCK & KEY
Michael’s Lock & Key offers services for auto, commercial and residential. Services include unlocks, re-keys, duplicating keys, removal of broken keys and they install locks. They have fast mobile service and 24 hour service.
Michael’s Lock & Key can be contacted at (806) 781-0543 for more information.
POP-A-LOCK
Pop-A-Lock is a professional locksmith service. They provide services for residential, automotive and commercial services.
Services include house unlocks, Slim Jim Damage repair, opening locks and re-key/install. They are lock out and re-key specialists. They have 24/7 service 365 days a year.
Pop-A-Lock can be contacted at (806) 792-9090 for more information.
SLIM JIM’S VEHICLE UNLOCK
Slim Jim’s Vehicle Unlock is bonded and insured. They offer quick response for vehicles and residential. They are reimbursable by most auto clubs and insurance companies.
Services include transponder/chip keys made, foreign and domestic and high security and side winder keys made.
They are launch 24 hours a day, 7 days a week including holidays.
Slim Jim’s Vehicle Unlock can be contacted at (806) 785-1677 for more information.
Filed under Automotive Business Insurance by on Feb 22nd, 2011. Comment.
As a licensed insurance professional I am asked what seems like the same questions from friends and family members all the time. I am sure these are questions a lot of people might have so I have compiled a list of the most common.
How much liability insurance do I need? This is a big one. A lot of people think insurance agents are unbiased trying to rip them off when it is suggested that they get a higher limit. A worthy agent is trying to watch out for your best interests. They obtain money off your continued renewals so it doesn’t make sense to over insure someone and have them leave when the policy is up for renewal. A good rule of thumb is to carry enough insurance to protect what you have. If you own a home and you don’t have enough liability insurance when you are at fault for an accident, you could lose it. I had a case where a client was in a minor rear end collision and the other driver checked to perceive how much my client’s house was worth the very next day! You might be surprised to glean out you can usually raise your liability insurance without too much of an increase in your rates. You’ve worked hard to recall the things you worship, protect them.
You have just been in a minor accident and know that it is going to cause your insurance rates to go up. You know you are at fault. Should you pay cash for the other guy’s damages? No! If the other person is less than honest they can take your cash and then call your insurance company and file a claim anyway. The insurance company will probably pay for it because they have no procedure of knowing that you paid the customer. Even if you scream them they will probably still pay the claim because it is usually cheaper than going to court. You can take the gamble but it might end up costing you more.
Your friend just got this great quote for insurance because he “forgot” to mention his speeding tickets and at fault accidents. Should you try it? No. Let’s say you get this great quote and buy the insurance and assassinate your old policy. You pay your first months premium in approach but the next month you secure a bill that is double your original rate. It is more than your old insurance so you try to go help. Except you can’t get your old rate because they ran your driving history and regain out about the speeding ticket they didn’t know about before. Insurance companies are going to run your driving history when you buy a recent policy. It may be at the time you purchase the policy or it might be later when it hits underwriting. However your current insurer may not come by out about that recent speeding ticket until they rerun your record. It might be another 3 years before it shows up depending on how often your insurer checks. Go ahead and obtain a quote, just be honest about that driving history.
Your car once again is hit while it is parked on your street. You tell your insurance company and at your next renewal they raise your rates. Why should you have to pay for other people hitting your car? This is a very frustrating situation. You shouldn’t be penalized for other people’s awful driving. The thing most people forget is insurance is a business. The insurance companies are out to make money. If the people around you are idiots with no insurance and can’t seem to keep from hitting your car the insurance company has to pay. They are not going to retain paying out claims without passing the cost on to you. Is it glowing? The insurance company would say yes but most insured would say no.
You are driving along at night and spot a deer in the road. You can’t stop in time. Should you swerve and miss the deer but plow into the trees along the side of the road or hit the deer? If you hit the animal it is a not at fault accident. If you swerve and hit something else it is an at fault accident. If you are basing this decision on dollars don’t swerve because at fault accidents generally cost you more than not at faults. However this is one time where dollars should not be your number one concern. If you or your passengers are going to be injure by hitting the animal, swerve! This is the one thing your insurance company and you will both agree upon, your safety is the number one concern.
Filed under Automotive Business Insurance by on Feb 20th, 2011. Comment.
