Cheaper Rates On Commercial Motor Vehicle Insurance?
Reader’s Question:
How exactly do I get myself affordable commercial motor vehicle insurance coverage without sacrificing coverage or liability limts?
Joe
Hartford, CT
Good question. There are still many ways to get affordable auto insurance coverage these days. Here are some very useful tips to help you out:
1. Get Your (Driving) Act Together - A good driving record can help you a lot in keeping your auto insurance within budget. The less risk you have getting into car accidents, the lower your rates become.
2. Good Credit Helps a Lot – Excellent credit can go a long way to save you money. Insurers look at people with good credit as more responsible drivers who deserve cheaper rates.
3. Bigger Deductible, Bigger Savings – Set your deductible to a higher amount to lower your premiums. Just make sure you don’t make it too big.
4. Drive Less, Save More – Reducing your total annual mileage can make you eligible for low-mileage discounts (check with your insurer for exact mileage threshold).
5. Avoid Filing Claims Frequently – Filing claims are essential, that’s the reason you got insurance in the first place, but the more you file claims the higher the risk you represent to your auto insurer. Save that claim for when you actually need it.
6. Do Some Legwork – Shopping for auto insurance online can cut you some slack on expensive coverage. With the help of an online auto insurance comparison website you can get and compare the latest offers coming from a wide selection of insurers.
Do I Need Liability Or Comprehensive Auto Insurance Coverage?
Reader’s Question:
My car is already 10 years old, is there a point when one should consider not having liability, or comprehensive and collision insurance policy in Wilmington, Delaware?
Michael
Wilmington, DE
Car insurance and the types of optional insurance put on a certain vehicle are personal choices one has to make depending on the individuals financial and overall situation. Most states require some type of liability insurance on a car, so typically there is not a point in time in which to take off the state mandated liability insurance, unless you have sold or gotten rid of the car.
In order to confirm if you think physical damage (PD) insurance, comprehensive and collision, are necessary for your car first determine the value of your car. You then can weigh the value of your vehicle against your PD premium, as well as the deductible amount you would pay if you needed to use these coverages. An older vehicle that has a lowered actual cash value (ACV) may not be worth the extra expense of comprehensive and collision coverage, so you do not want to pay more for insurance than the vehicle you are protecting is actually worth. If you decide you want to keep comprehensive and collision on your car, you may see if you can lower your premiums for these coverages by raising your deductible. You may check as well if there are any discounts available for you in Wilmington, DE. If you decided that your vehicle does not need physical damage coverages any longer, you still will need to keep the state’s mandated minimum liability insurance on the vehicle.
I Was In an Acciden Now I Need To File An Auto Insurance Claim?
Reader’s Question:
What if I get into an accident in and the other driver doesn’t have car insurance? What if the other driver caused the accident, what would happen?
Denver
Huntsville, AL
In Huntsville and in any areas in Alabama, all drivers are mandated by law to carry 20/40 liability insurance to cover injuries or death of another in an accident. There are two potential problems: first, the driver is illegally driving without car insurance. Second, the driver only carries a minimum insurance coverage and your losses or car damages exceed that amount.
Most car insurance policies include Uninsured Motorist/Underinsured Motorist (UM/UIM) coverage. If the other uninsured driver was the one who caused the accident, your own insurance policy will pay for your personal injuries, if you have “uninsured motorist” or medical payments” coverage. If the other driver’s auto insurance coverage is not enough to pay for all of your damages, your own insurance may pay the difference, if you have “underinsured motorist” coverage. If you do not have these kinds of car insurance or if your damages are more than the policy’s limit, you can sue the other driver’s negligence. If the other driver’s negligence was the cause of the accident, occupants in your car are covered for medical expenses and lost wages for a minimum of $20,000 per individual/$40,000 per accident. Thus, it will be best for drivers to purchase more than the minimum coverage. Also, it may be necessary to take your insurance company to court if they are not willing to cover the claim.
Cheap Basic Liability Auto Insurance Coverage in Kansas
Reader’s Question:
What is the basic liability car insurance coverage in Kansas? What are differences between each coverages provided within a car insurance policy?
Wilfred
Topeka, KS
Kansas law requires its citizens to purchase a minimum amount of car insurance. Car insurance is best used to protect yourself against expenses you could not otherwise afford due to any car accident. When you purchase an auto insurance policy in Topeka, KS, you are actually buying several individual coverages. Each insurance coverage protects you against various types of losses. Generally, there are six basic coverages in car insurance, these are: Bodily Injury Liability which covers for the other person’s medical expenses, rehabilitation, funeral costs, and other covered costs, if you or your family are at fault in a car accident. In addition, it pays for settlements of lawsuits and your legal expenses. Property Damage Liability that covers when you or your family members damage other property in an accident. This auto insurance coverage pays for the repair, replacement, or cash value of the other owner’s property. This auto insurance coverage also pays for your legal expenses. Personal Injury Protection (PIP or No-Fault) covers the rehabilitation, medical expenses, funeral expenses, lost wages, and in-home assistance for you and your passengers injured in an accident, regardless of who was at fault at the accident. Passengers who own their own vehicles collect under their own insurance policy. Uninsured/Underinsured Motorist Protection covers you or your passengers for rehabilitation, medical and funeral costs. It also covers settlements of lawsuits resulting from an accident caused by an uninsured, underinsured or hit-and-run motorist. Yourself and your family are covered as pedestrians or when riding a bicycle. Collision coverage pays for the repair of your car in a collision or rollover, regardless of who was at fault. If your car is totaled, it pays for replacement of your car at current market value, minus the deductible. Comprehensive coverage pays for the repair of auto damage caused by windstorm, flood, fire, hail, vandalism, hitting an animal and some other events. If your car (or any covered part) is stolen, the company will replace your car (or parts) at current market value, minus the deductible.
Bodily injury liability, Property damage liability, PIP/No-Fault and UM/UIM coverage are mandatory under Kansas auto insurance law. On the other hand, Collision and Comprehensive coverage are not mandatory.
What Is The Minimum Auto Liability Coverage North Carolina?
Reader’s Question:
How much auto insurance coverage is required by law in the state of North Carolina?
Stewart
Cary, NC
According to the North Carolina Financial Responsibility Laws , Automobile Liability coverage should be maintained. The minimum requirements of liability auto insurance for private passenger automobile in the state of North Carolina are 30/60/25. These limits stand for $30,000 for bodily injury for one person per accident up to $60,000 and $25,000 for property damage occurring per accident.
North Carolina insurance providers and their insurance agents are required to offer Uninsured Motorist and Combined Uninsured/Underinsured Motorist coverage. If you do not want to have this coverage, it has to be rejected in writing.
Do I Need To Have Full Coverage Auto Insurance in Michigan?
Reader’s Question:
I’m currently leasing my car so I make it a habit to shop around for lower auto insurance rates in Ann Arbor, Michigan. I’m thinking if it’s possible for me to drop some insurance coverage that I don’t need; let me give you the list of what I have. I have Personal Injury Protection, residual property damage, residual uninsured motorist, special tort liability, property protection, comprehensive, and collision. I doubt if I need all these.
Amanda
Ann Harbor, MI
The best thing for you to do is to consult a licensed insurance agent or a financial advisor since they’re the experts on this field. It is very important for you to know what’s covered by each part of your policy and whether your state requires minimum levels of each.
Michigan requires three insurance basic auto insurance coverage: (1) Personal Injury Protection (PIP) that pays all of your medical costs, lost wages if you miss work caused by the injury (2) Property protection coverage that pays up to $1 million for damages your automobile does to other people’s property; and (3) Residual bodily injury/property damage that pays costs if you’re sued after causing an accident.
Collision and comprehensive coverage pay for physical damages to your vehicle is not required by your state. To make these less expensive is to raise your deductible. Also, MI is one of the “No-Fault” states. That means you cannot recover the cost of repairing your vehicle from another driver even if that driver caused the accident. Uninsured motorist coverage that covers you in a hit-and-run accident (or if you’re hit by someone without insurance), is also not required.
There are two exceptions you need to be aware of: first is the “mini-tort” exception which allows you to file a claim against the other driver in small claims court for damages not exceeding $500; second, if your car was legally parked at the time of the collision, you’re allowed to make a claim against that person for the full dollar amount of your repairs (assuming you know who did the damage).
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