Monthly Archives: July 2018

How To Find The Best Priced Commercial Auto Insurance

Where are the best priced commercial auto insurance policies? How can you find them? Is this question on your mind? If it is, let’s find out the answer for it.

It is always best to do a research when buying commercial auto insurance, because policies can be costly and differ greatly in what they offer. The first step is to find out which are the companies that have experience in commercial vehicle coverage. Narrow down your search to insurers or brokers that focuses primarily on commercial auto insurance policies, rather than those that offer the service as a bit of sideline to their main business. If auto cover is their main core business, then it is likely they will be very experienced and competitive in that area of the market.

Why is there a need to get a commercial auto insurance policy? There are many reasons for this. An auto insurance plan can be helpful financially to assist you when there is any accident on the roads. An auto insurance plan can cover the damages that happen and can protect the passengers, drivers, property and the car. Sometimes a small road accident involving your automobile can result in huge damages if there are court cases or law suits. During such times, you will wish that you had bought an auto insurance policy. Thus it can be said that a commercial auto insurance policy is the best thing that can help you in times of danger. It can help you to reimburse the expenses that had incurred in an accident. At least with adequate coverage, you will not feel the pinch that much in your wallet.

When you are getting auto insurance you can also get other features or types of coverage plans. What are they? They include liability, uninsured motorist, collision, medical payments, rental reimbursement, and towing assistance. Liability means your insurer pays for the damages that have happened to others when you are to be blamed for the accident. Liability also covers body injuries that have happened to others. There is also chance of property liability where they pay for any damages to others’ properties due to your accident. Uninsured motorist coverage means they pay for your injuries and others’ injuries when the accident is caused by uninsured drivers. Collision means the coverage involves damages to your vehicles as a result of an accident regardless or whose fault is it in the collision. Medical payments mean coverage for you and your passengers when there is an injury. Any medical costs incurred following an accident are included. Rental reimbursement means coverage for the daily expense of renting an auto while your car is in the mechanic shop following an accident. Towing assistance covers the cost of towing when needed.

So, as you can see there are many options to consider when insuring trucks, vans or cars. It is however really important for the policyholder to be fully aware of what is and is not covered in their particular policy. This is where insurers and policies can and do differ, so it is a case of “buyer beware” when signing a policy. For the policyholder, reading and understanding the implications in the fine print is essential, if they are to avoid difficulties when making a claim.

You can find a lot of information on the various commercial auto insurance plans via the Internet. The World Wide Web has a lot of details on the different car insurance plans. Within minutes of surfing the Internet you can get a lot of car insurance companies’ information and policy rates. Getting the best priced commercial auto insurance policies is easy. You can start getting the insurance quotes from all the insurers via the Internet. After that you can start to gather all the information and check which are the best ones. It is easy getting the best priced commercial auto insurance policies, but just make sure the policies include the same coverage.

Auto Insurance for High Risk

Having trouble finding a cheap auto insurance because you’ve been classified as a high risk driver? This article will serve as a guide to getting reasonable rates for yourself.

Who is a high risk driver?

Auto insurance companies may consider the following to be a high-risk driver:

Young and New Drivers

If you have recently acquired a license and/or are under the age of 25, auto insurance companies will classify you as a high risk driver. If you are a young driver, the ideal thing to do if the car is registered on your parents name is to apply for insurance in your family name or your parent’s name. Generally, young drivers have to wait till the age of 25 to be considered experienced drivers and be eligible for cheap auto insurance quotes. Young drivers should be aware that reckless driving on their part could lead to cancellation of their coverage. In some states, a male driver below the age of 25 may have to pay a higher premium than a woman. New drivers, i.e. someone who has very recently acquired a driving license may also be categorized as a high risk. Most car insurance companies consider you to be a new driver only for the first 3-5 years.

Some life insurance companies offer discounts to young drivers if they can keep their grades up! Look for such companies.

Speeding Tickets

A single speeding ticket may not affect your auto insurance policy, but it’s better you not have any speeding tickets on your record. Excessive speeding, reckless driving and other moving violations will only lead to higher insurance rates. Having a recent record of speeding may make you ineligible to apply for discounts.

DUI(Driving Under Influence) or DWI(Driving While Intoxicated) Conviction

If you have been convicted for either of the above you are likely to be categorized by insurance companies as a high risk driver. In this case, there is a high likelihood that you would need to file an SR-22 form to confirm that you carry enough liability insurance in case you get involved in an accident in the future. An SR-22 or Certificate of Financial Responsibility is mandated by your states DMV and is usually issued in court if you have been convicted for DUI or DWI. Some auto insurance companies only need to be notified if you have been convicted but some companies would cancel your policy. Your insurance premium would naturally increase, though you might want to shop around and compare auto insurance quotes if you fall in this category.

Bad Credit

Auto insurance companies very often use your credit rating to determine whether you are high risk or not. Studies have shown that applicants with poor credit scores are more likely to file for claims and this may make them a ‘high risk’ for some insurance providers.

Cheap Car Insurance for High Risk Drivers

Here’s what you can do to get the best and cheapest insurance rates for yourself:

Get as many auto insurance company quotes for a comparative study. It helps to compare the rates of different companies – you’ll often find variations, discounts that could make a huge difference in savings.

Find the insurance policy that suits your needs the best and stick to it! These companies will offer you discounts for maintaining a good driving record. As long as you maintain a good driving record, it’s possible that with every new renewal, your premium rate might reduce!

Try not to get any speeding tickets or moving violations – this will only raise your premiums. DUI or DWI may lead to cancellation of your coverage and after that, you’ll find it difficult to get any kind of coverage from any auto insurance company.

Make sure your insurance renewal never lapses. Check your policy regularly and set reminders for renewal dates.

Remember, safety features installed in your car and passing a defense driver’s test, can earn you discounts with some companies. Some auto insurance companies offer first-time forgiveness and will not raise your premiums after a first offence or traffic violation.

Getting Discounts On Student Auto Insurance

Student auto insurance can be quite expensive. For this reason, you’ll want to explore as many auto insurance companies as you possibly can for the most competitive auto insurance for student drivers. Finding cheap car insurance for more youthful drivers is often hard to do, but it’s possible. Decreasing your insurance premium can certainly be achieved in a number of ways. Insurance companies realize that there are numerous people under 25 hunting for coverage and many are happy to offer different discount rates to students, as long as these people can easily verify that they are responsible people.

Unfortunately however, discounts by themselves won’t get you the best auto insurance for students premium. Occasionally auto insurance companies publicize a range of discount rates, nevertheless the ultimate premium amount is more expensive than other insurance companies. This is the reason why all the things related to a quotation has to be taken into consideration prior to making a final decision on insurance. Ultimately, the final cost you pay out for your premium and what exactly is included, is the most important factor.

A safe driving record is obviously destined to be one of the main considerations for insurance companies, no matter what form of car insurance you consider. This is actually the scenario if you’re looking for auto insurance for student motorists. Motorists less than 25 get charged more for insurance coverage because they are more high risk to insure. You can steadily lower your insurance premium, by steering clear of any kind of crashes in your first few years driving a motor vehicle. To reduce your insurance premium even more, a person can do a safe motorist training course to show an insurance company that you are deemed to be a safe motorist.

Another way to demonstrate you are a more dependable person is by means of school accomplishment. An increasing number of insurance providers currently reward pupils that acquire very good grades. After you attain the appropriate grades you will need to present them to your insurance company so that your discounted rates can be used. This is a great incentive to do more study because a student understands they can lower their insurance policy costs by succeeding in school or college. Special discounts can make a large difference, and this kind of discounted price benefits students in additional ways as well.

A scholar who lives away from home has an opportunity to get discounts on insurance too. If you happen to be a student under 25 and study 100 miles or more from home you can look for a special discount on insurance on your parents policy. This discounted price will be applied to your insurance plan, after you confirm this is the case.

Michigan No-Fault Auto Insurance

If passed, HB-4936 will reform the Michigan No-Fault auto insurance law that was first created in the 1970’s. Under the current No-Fault law, all Michigan auto insurance policies contain a coverage called Personal Injury Protection, or PIP. PIP includes several provisions, including unlimited medical benefits and up to 85% of the insured’s lost income from work, subject to a monthly maximum amount. Michigan is the only state that mandates unlimited medical coverage.

The crux of the issue is the rate at which the cost of catastrophic injury claims are increasing in combination with the way our No-Fault Law currently works. At present, PIP benefits within the auto insurance policy must pay medical providers the full amount of fees they deem to be “reasonable and customary”. Other medical insurance sources are able to pay reduced fees because of PPO or HMO agreements or, in the case of workers compensation, a fee schedule that is part of Michigan’s Workers Compensation Statute.

At present, there is no dollar limit on the amount of PIP benefits payable for an injury stemming from an automobile accident. There are two charges within a Michigan auto insurance policy that pay for this benefit: One is the premium paid for PIP coverage. This money is retained by the insurance company and is used to cover the first $500,000 of a claim for PIP benefits. Another charge is the MCCA assessment. The assessment, which will increase slightly to $145.00 per vehicle in 2012, is a fee the insurance companies are required to collect and pass on to the Michigan Catastrophic Claims Association (MCCA). The MCCA fully reimburses the insurance company for the portion of an injury claim that exceeds $500,000. According to the MCCA, the highest percentage of people whose PIP claim costs exceed $500,000 are between the age of 16-20 (12.4%).

According to a report presented by Sharon Tennyson Ph.D. as testimony before the Michigan House Insurance Committee on October 4, 2011, the average amount paid for a Michigan PIP claim during 2010 was $35,446. The report also states that only 1% to 2% of all PIP claims in Michigan exceed $500,000. The problem is that the few claims (1% to 2%) that exceed $500,000 account for 47% of all PIP claims costs. In other words, once the claim cost exceeds $500,000, chances are that it may be huge.

The goal of the proposed legislation is to help curb the rising cost of auto insurance in Michigan. According to a legislative analysis summary from the House Fiscal Agency, there are six key provisions to the proposed change in our No-Fault Law:

    • No-fault policies would no longer automatically cover unlimited lifetime medical and rehabilitation benefits. Instead, drivers could choose personal injury protection (PIP) coverage with (1) a maximum of $500,000; (2) a maximum of $1,000,000; or (3) a maximum of $5,000,000. The default amount would be $500,000.

    • The current Michigan Catastrophic Claims Association (MCCA), which currently pays medical and rehabilitation claims once they exceed $500,000, would be divided into two accounts: (1) the MCCA Account, which would only apply to losses attributable to accidents before July 1, 2012; and (2) an Excess PIP Account, which would apply to losses attributable to accidents on or after July 1, 2012. Each account would be self-supporting and assets and liabilities could not be transferred between them.

    • Under the bill, for loss occurrences attributable to accidents on or after July 1, 2012, each auto insurance company would pay for 100% of the ultimate loss under PIP coverage up to $500,000. The MCCA would reimburse the auto insurance company 90% of the ultimate loss from $500,000 and $1,000,000 and 100% of the loss in excess of $1,000,000.

    • The fee schedule used in the Workers’ Compensation system would be applied to payments made by auto insurers to physicians, hospitals, and other providers treating an injured person or providing rehabilitation. (The fee schedule would not apply to emergency medical services provided by ambulance operations.)

    • Individuals injured on a motorcycle involved in an accident with a motor vehicle could claim PIP benefits only up to a maximum of $250,000.

  • Specific limits would be placed in statue on attendant care or nursing services provided in an injured person’s home, including limits on hourly payment for the provision of basic services and skilled services.

If passed, how would claim costs be covered if they exceeded the limit of insurance chosen on the auto insurance policy? Likely, they would become the responsibility of other insurance sources such as private medical insurance, VA Benefits or Medicaid.

The airwaves are alive with radio ads from both those who favor this change and those who oppose this change. Insurance companies and many consumers favor the change as it would help contain spiraling medical costs resulting from auto accidents and help to keep auto insurance premiums reasonable. Health care providers oppose the change.