Dec
18Pssst – Want To Know A Secret That Banks and Car Insurance Companies Don’t Share With You
Filed in: Miscellaneous Insurance News by admin on 12-18-09
Pssst – Want To Know A Secret That Banks & Car Insurance Companies Don’t Share With You
Every single driver in the U.S. is required to have Car Insurance. And most of us drive around confident that we have adequate coverage to protect us should we ever be involved in an accident.
Yet, almost 97% of all drivers are not adequately protected….and don’t even know it. Here’s what I mean.
Let’s say you’re involved in an accident and it’s serious enough that the car is considered a “total loss” by your Insurance Company. Or, maybe your vehicle gets stolen. A few weeks later, you get a check from your Insurance Company.
When you look at the amount, you’re shocked. It’s thousands less than what you owe on your car. How can that be, you ask?
Well, like most, your policy has this short clause buried somewhere in all that legalese -
“In the event of a total loss, the policy holder will receive the actual cash value of the vehicle, minus any deductible.”
Did you catch the 3, very important words in that clause? The three words are – “actual cash value.”
Actual Cash Value means you’re going to get a get a check for….
“What it’s worth” not “What you owe.”
Isn’t that a nasty little surprise.
And like most, you owe quite a bit more than what the car or truck is worth. What would you owe your Bank or Credit Union if your car was totaled today?
So, how do you avoid this situation?
Well, when you buy a new or used vehicle, add a “rider” to your policy or purchase a separate “rider.”
If you have Homeowners or Rental insurance, a “rider” might sound familiar. For a homeowner’s policy, if you own expensive items, like fine jewelry, you need to add a rider to your policy. The reason – Insurance Companies won’t cover those types of items as part of a regular insurance policy.
So, you pay an extra $5 or $6 a month to have those items fully covered by the “rider.”
If anything ever happens to the jewelry, it gets replaced.
A rider for your car or truck is called GAP Insurance or GAP Protection. It’s just like the rider for your Home – except it’s only for cars, vans, trucks or suv’s.
It covers “What You Owe”, not “What its worth.”
It doesn’t matter what the reason is – if it’s ever totaled due to theft, fire, accident, flood, tornado, vandalism, hurricane, Read More »
Mar
28Car Insurance – How to Compare Rates From Multiple Companies Instantly
Filed in: Miscellaneous Insurance News by admin on 03-28-09The reason we compare car insurance quotes from multiple car insurance companies is to make sure we‘re getting the best rates possible. Of course nobody wants to pay more money than they have to, but in the other hand we also want to make sure that our car insurance company is going to respond quickly and fairly in case of an accident.
What is unknown to many is that there is not one single car insurance company that is cheaper than others. One particular car insurance company can be the cheapest for one person but the most expensive for another. Each car insurance company has a certain category of drivers they want to insure. If you fit their category they will offer you a cheap rate, if you don’t, they will offer you an expensive rate. That is their way of filtering the people they want and do not want to insure. That is the reason we need to compare insurance rates from multiple car insurance companies, to find out which company will offer us the cheapest rate. The key is to find the company that offers the cheapest rate for you, but of course, it is important to compare rates from quality companies only.
There are many quality car insurance companies out there; however, some of those quality companies also have a high price to go along with them. How do we find a quality company for a cheap price? That, my friend, is the key question.
The traditional method of shopping for car insurance is to call around which we all know can be a long process. Another drawback of shopping for car insurance by phone is the probability of getting caught with the old “bait and hook” trick. That is when someone gives you a low quote by phone and hikes it up on you when you go into their office to purchase the car insurance policy.
In today’s world, luckily, we have the internet. The internet makes life a lot easier for all of us. Using the internet, we can shop for many types of things we may need which include shopping for car insurance.
Shopping for car insurance online is the best way to compare rates from multiple car insurance companies. Online, you can also read about a company’s history and make sure they’re a quality company. Most companies offer instant online car insurance quotes thorough their websites which makes obtaining car insurance quotes a lot easier than the traditional method of shopping by phone. Better yet, there are some websites that offer online car insurance quotes from multiple companies with one simple process. You can even purchase your car insurance online if you like the price. One such website is OnlineAutoInsurance.com. There, you can obtain quotes from quality companies such as Progressive, AIG, Infinity, GMAC, Bristol West, and several more. All with one simple process!
