Car insurance agencies have been using penalties to keep customers from changing companies for a very long time, and a lot of people fall for it. People are generally not aware of the penalty charges and how much they will end up costing. Some consumers get insured without taking time to read the fine print, which is where they can find the information they need to know on termination of policies. Many people just renew an insurance policy to avoid running into charges they know nothing about.
Here are a few fundamental tips to help you make the best choices on insurance renewal or restoration:
Analyze The Cost Of The Penalty Against The Potential Savings
Make sure you always weigh your options. For instance, if you will save $300 to change to another insurer but that means you have to pay $200 in fines for canceling your current insurance then it’s possibly a worthwhile deal. However, if you have to a pay $200 fine for a $100 savings, you might have to hold on until the agreed expiration date before you change over to another company. It all comes down to if you will save money on a new deal or not.
Stay With The Same Insurance Provider Longer To Lower Your Termination Penalties
If you terminate your policy after two weeks, you might have to pay a $400 penalty, but if you cancel after eleven months, you might end up paying $50 or less.
Always make sure to read all the documents you are given before signing and activating your vehicle insurance.
Use The Competition To Potentially Lower Your Rate
A great number of people use this strategy to their benefit. You can do this if you like your insurance provider but they are relatively costly, and they charge fines for cancellations.
Let them know you have gotten cheaper quotes from their competitor and ask if they can match the cheaper rate. There’s a chance they might decrease your cost of insurance and give you a better deal to keep you as a customer. Then you have a better rate and can avoid any termination penalties.
Examine The Termination Rules On Any New Policy You Have In Mind
If you find less expensive insurance and need to opt out, make sure your new provider does not have huge termination penalties. You can call the customer representative and get all the relevant information you need to know about the fees and charges involved. In addition, thoroughly read the terms and conditions of your new contract, to avoid unforeseen fines.
Look For A Direct Insurer That Does Not Force Cancellation Charges
You can look for an insurer that doesn’t charge for the cancellation of policy. In the past few years, many carriers have stopped car insurance penalty plans in favor of letting people cancel at any time.
There are now insurance policies with internet-based rates, no hidden fees, and no transaction costs if you want to cancel. This is one of the reasons you should take the time to check your current rate online.
Since you now understand how to stay away from additional cancellation charges, you ought to take a couple of minutes and attempt to get your rates reduced.
You have access to free quotes without commitment online and can realize hundreds in savings in just a matter of minutes. Get started now and lower your insurance rates online.
How much do you pay for Car Insurance every year?
Eight hundred dollars a year? One thousand? Two thousand?
Whatever the amount you're paying now, you can slash that amount by more than 50% by simply following a few simple strategies.
Can you cut your car insurance costs by investing only 30 seconds of your time? No, that can not be done.
But if you're willing to spend 30 minutes today, this week, or next, I'll show you how to save up to $ 6,000 on your Car Insurance over the next 10 years.
Okay, here we go. Grab your Car Insurance statements page (the page in your policy that details all the coverage's you're paying for) and follow along. Make sure you take some notes. If you do not have your policy, or can not find it, call your car insurance company and get one – they'll send it to you pronto.
STEP 1 – Make sure you're getting all applicable discounts for your vehicles safety features, such as:
– Front, Side or Head Curtain Air Bags; – Automatic Seat Belts; – Anti-Theft Alarms or Tracking; – ABS or Traction Control …. and many more.
Think about the safety features you have …. and write them down.
STEP 2 – Review & Change Deductibles For Comp & Collision.
Most Car Insurance Policies have two deductibles – one for "collision" (you hit someone or someone hits you) and one for "Comprehensive" (all other damage or loss).
For both of these, have at least a $ 500 deductible – preferably a $ 1000 deductible.
Here's why – If you are currently paying a $ 100 – $ 250 deductible, you'll save up to 40% per year on your monthly premiums by moving it to $ 500. That means if you're currently spending $ 1,000 a year on insurance, you're going to get to keep $ 400 every year. If you jump to a $ 1,000 deductible, you could keep almost $ 600 extra a year in your pocket.
I can hear some of you saying, "Wow, a $ 1,000 deductible. That's a lot of money." Yes, it is.
So is paying $ 1,000 a year with that $ 100 deductible …. versus $ 400 a year with a $ 1,000 deductible.
The odds are in your favor – go with the $ 1,000 deductible.
STEP 3 – Review & Change Property Damage Liability.
Have you ever seen a $ 100,000 mailbox? Car Insurance Companies must have. Here's why ….
Property damage is not damage done to an automobile but rather "property" like a mailbox or a utility pole. So, why in the world would you need $ 100,000 dollars of coverage?
In most cases, almost 100% of all property damage claims can be taken care of with only $ 50,000 of coverage. So take a look at your policy to find out what you're currently paying for. And if you have little or no Net Worth, drop your coverage even lower – to $ 25,000 or your States minimum. You can find your States minimum by doing a Google search for "car insurance state minimums."
Here's what to look for on your policy – Many will have your liability coverage's listed like so – 50/100/100 – The first two numbers refer to bodily injury liability coverage. The 1st number is the dollar figure covered per person. The 2nd is the dollar figure per accident.
The 3rd number is the "Property Damage Liability." That's what you need to change. What does yours say?
STEP 4 – Review & Change Bodily Injury Liability.
Although Bodily Injury Liability Coverage is a must, almost all of us end-up overpaying for the coverage we need. This type of coverage specifically covers:
– Any and all occupants of an automobile, whether it's yours or someone else's; – Any and all occupants of another vehicle; – And Pedestrians
Your only goal with this type of coverage is to have just enough protection to protect what is yours …. in other words, your assets. And in order to protect your assets, you need to figure out what your Net Worth is – here's a well known site for calculating your net worth – http://www.kiplinger.com/personalfinance/tools/networth.html?
A great way to slash your premiums is to have no more in bodily injury liability than what your net worth is. Here's a common example of the coverage most people have – If your net worth is only $ 20,000 and you have $ 100,000 in coverage, you're throwing money away.
And if you have little, or negative net worth, just get the required State minimums. You'll need this info to get the lowest car insurance rates. Again, you can get to see your state minimums by Googling "car insurance state minimums."
Here's what to look for when trying to figure out how much coverage you have now. As I said earlier, most Policies today have your liability coverage's listed like so – 50/100/100 – The first two numbers (whatever they might be) refer to bodily injury liability coverage. In this example, there is $ 50,000 in coverage per person and $ 100,000 per accident.
What does your policy say? Are you paying more than your net worth? If so, change it.
STEP 5 – Review & Change Uninsured / Underinsured Motorist Coverage.
The uninsured / underinsured motorist coverage is a fantastic deal for car insurance companies …. and a lousy one for you. This premium alone can increase your auto insurance by a couple hundred dollars a year.
Most people think that uninsured / underinsured coverage is there to get your car repaired if it is hit by someone without insurance …. or someone with lousy insurance.
Any damage done to your car is already covered – by the premium you're already paying for collision.
First things first …. check your policy if your paying for uninsured / underinsured coverage now. If you are, Google "uninsured motorist state requirements" to see if your state requires it.
If it's not required by your State, cancel it.
If the State you live in requires require uninsured / underinsured coverage, make sure you have the absolute minimum required. These minimums are not advertised, change every couple of years and are very difficult to find. So, here's how you handle this.
Do a Google search for your State Department of Insurance, go to the "Contact Us" page, find a phone number, then call and ask what the minims are.
Do not try looking for it. Finding the minimums listed is almost impossible on most State Web Sites – they've buried it so deep you'll never find it. Just call your State Department of Insurance.
I know it's a bit of a hassle to get the info yourself. Yet relying on the Insurance Companies to give you the correct information is not very wise.
Next …. Part 2 of "How To Slash Your Car Insurance Costs In Ten Easy Steps."
Let's face it. Your imported car is beautiful. Having gone to so much trouble to bring it home to you, it will likely be one of those items that you take very good care of. However, being the nature of things, time and life situations may take their toll on the vehicle. Being an imported car, there are some things that need to be considered as you look into import auto repair in Portland. Including things like listening to the recommendations of the manufacturer, using only legalimate and specialized parts, and being extra cautious about everything, including servicing and maintenance, will do a lot to extend the life of your vehicle. To you, this is not just any car.
First of all, and what you are already doing very well, a piece of advice to take is this: be careful to pay attention to how the car is looking and running. Of course you will have frequent servicing scheduled with a company that specializes in import auto repair in Portland, but it is important to watch the daily runs of the car, and attend to anything that might be of interest. This will greatly help you to avoid or quickly take care of most problems that arise, and can save you time, money, and worry in the long run.
If you ever have any questions, refer always to the recommendations of the manufacturer, found either in the owner's manual, online, or obtained directly from the company itself. Those who built it can do much to keep it running. Trust their judgment, and do not scrap on good parts and services, just to save a little cash. It is advised that you follow strictly the recommendations outlined in the packet. Follow the recommended guidelines relating part replacement, safety, and the timeline for "check-ups." Many of these questions can be answered by specialists in import auto repair in Portland.
Just be careful with your care. Check the tires often, keep them appropriately filled. When you need to replace any parts, do so with parts that are genuine, and designed for luxury import cars. By disregarding this piece of advice, you risk causing further damage, as well as lowering the value of your car.
Technology has completely improved out world. We are no longer subject to slow communications or the huge and broad distances of the World. Because of technology we are able to access things we have never been able to access before and everything just gets better and better. We are now improving the amazing technology we already have. Computers are one of the most useful things we have, and each day people are inventing new things for computer use. Thanks to intelligent and creative people we improve on computers. Recently, there have been many additions to the World of computers and everything is just improving rapidly.
The first amazing invention was the internet. Internet really has opened up a completely different world. We can now access things from around the World. It is so much easier to communicate with other countries and not only that it is easier to entertain yourself. With the invention of the internet we are now able to enjoy so many things online. You can watch movies, you can watch TV shows, you can even read books online! And music is just spreading like wildfire and cultural music is finding its own place in the world. Thanks to the internet we are able to interact with people everywhere.
Another great thing about computer is the amount of games you can play on them. Computer games are extremely fun and they come in any shape and form. You can play computer games online or you can even get CDs and install the game. You can play action games, or you can play games like SIMS. Everything in the gaming World is accessible by computers and that is bringing so many people together. It is amazing to see the online community of gamers and they are all really into the gaming scene. Without computers, these people would not be having as much fun.
The other thing that computers have made easy is doing all kind of work. Now you can type documents on the computer and have ways to edit it without wasting too much time or ink. You can also create spread sheets that can store incredible amounts of information and you can share all of this stuff with your coworkers. The other great thing about computers and work is that everything is literally in one place. You do not have to constantly worry about where all of your papers are because they will all be in one place. And there is a lot of space to store things.
Something that does get annoying is storing all of your information on your computer. How are you supposed to access these documents if you can not get access to your computer? Luckily, we have solved that problem too. With remote PC access software you can reach your documents on one PC anywhere! This basically means that you can search through your computer on a different computer. In fact, you can do this anywhere in the world, literally. It is a little slower because of the time it takes to send the information, but I am sure that will be fixed soon too.