Car insurance is generally calculated by where you live. Your insurance carrier figures your premium according to your general location. For example, if you live in a small rural status without much traffic, your premium will be lower, because there is less risk of an accident. If you live in a busy, urban area, chances are your insurance rates will be higher.
If your zip code is a high crime area, where car theft or vandalism is prevalent, your insurance policy may be extremely high. When you change your address, you may not necessarily need to switch to another insurance company, but you do have to notify your current carrier. Your insurance policy may increase or decrease, depending on what your new zip code tells them.
Out-of-State Moves and Car Insurance
If you move out of state, you may have no choice but to switch insurance carriers. Most big named companies are nation wide, but there are still a few that may not service the area you are moving to.
Even if you do not switch the provider, you need to notify your insurance company and have them find you a local agent in your new area. You may have to adjust the limits that you carry as well, due to state regulations. Insurance amounts are governed by each state, so you will have to be determined that your policy covers the current states requirements.
If the move is only temporary, as for a job, or to assist school, you should talk with your current agent about the best way to handle the situation. Your fresh insurance may be fine, but you do have to inform the insurance company that the insured vehicle will be in another state for a temporary amount of time.
In-State Moves and Car Insurance
Moving across town is not a reason to change carriers, because it probably will not affect your insurance rates by very much, if at all. If you are moving clear to the other end of a state, you may wish to contact agents in that area and glean a quote from them. You may find that the new location you are moving to has cheaper rates from certain insurance providers.
You also hasten the risk of finding out your premiums are going to be higher. Moving from a rural place to a larger city will increase your rates, so checking with companies already in the new area may be a way to support your car insurance at a manageable price.
The DMV Keeps Track of Your Car's Registration
The Department of Motor Vehicles must also be notified when you move. Your vehicles have to have the same address on them for the DMV and your insurance carrier. Depending on the state, you may have up to 90 days to register your new address with the DMV, or risk being fined if you are stopped. If you have an accident before the addresses match, you could be in for a fight on the claim, simply because the car was not registered to the same address the insurance was. It is very important that the insurance company and the DMV have the same address.
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Filed under Car Insurance by on Mar 14th, 2011. Comment. 
Car insurance advertisements seem to be everywhere you watch these days. They are on top of stadiums, plastered on billboards, and staring you in the face between the commercial breaks of your favorite shows. But even in the midst of all the hype and hoopla, finding the best car insurance rates can still be a difficult task.
Shop around – Don’t just jump on the first insurance provider you come across. Call local insurance providers, check the internet, and most importantly – don’t commit right away! While they definitely aren’t fool proof, you can often consume online auto insurance calculators to get a helpful estimate of what coverage is best for you.
Ask questions – “Don’t be afraid to ask,” is what my mother always said. Talk to friends and family. See what insurance companies they have used and what policies they think are best. Often, those that have had experience with various insurance providers can give you some good advice. But don’t conclude there. Even once you have considered their advice and are actually out there investigating their recommendations, keep asking the difficult questions. We’ve learned the hard way these days that we can’t take all professional’s advice at face value, and the more we ask, the more we understand and know before we sign on the dotted line.
Don’t over purchase – To get the best rate, you have to find that happy medium between what you want and what you need. Obvious, we’d all probably love to have millions of dollars of coverage, just to protect against the worst-case scenario. But is it worth the massive premiums just to have peace of mind regarding something that might have a one in a million chance of happening? At the same time, if you’re driving an old clunker that isn’t worth the metals it’s made from, it may not be the best idea to exhaust extra money on such amenities as comprehensive and collision insurance. To get your best rate, try to pick coverage that provides the best of both worlds with practical coverage at a sensible notice.
Disclaimer:
The writer is not a lawyer or trained insurance professional. The information provided in this article is for informational purposes only and does not constitute legal or insurance advice. For legal advice, readers should consult with their own legal representative or insurance provider.
Filed under Car Insurance by on Feb 27th, 2011. Comment.
Gap Insurance is something that most car owners don’t think about. It is however becoming an important allotment of purchasing an automobile.
When the buyer purchases a new auto or musty auto there is always a difference between the Insurance companies idea of what that automobile is worth and what you owe on the loan. Even a new automobile depreciates the minute you drive away from the car lot.
Most Insurance carriers calculate the value of your automobile by the Kelly Blue Book and considerations of any additions to the car and what those add to the value of that automobile. The problem here lies with the purchaser/owner of that automobile.
If the loan on the auto is for more than the Insurance companies final decision on it’s value then the owner is held responsibility by the lender to pay the balance of that loan. This is where your GAP Insurance comes into play. GAP Insurance pays that difference. You the purchaser/owner is left with no outstanding balance on the auto loan.
The cost of GAP Insurance is actually quite reasonable if you consider the odds that you may be involved in an auto accident that would do the auto classified as a total loss.
Some of the lending agencies such as Toyota Motor Corp., GMC, US Bank, and many others will offer GAP insurance at the time of purchase. If this is not offered then there are several well- known insurance carriers such as Esurance, State Farm, Farmers and many others that offer it included in your auto insurance plan for what is a minimal cost. The price ticket on GAP Insurance can be as little as $10.95 a month depending on what insurance carrier chosen.
If you ever find that you are in this situation and you need to use your GAP Insurance it can be a godsend. If an accident occurs and the auto insurance company deems your car a total loss, contact your GAP Insurance and file the claim per their requirements and let them take over the case. Contact your lender and let them know that you have GAP Insurance on the automobile, give the lender the insurance company name, address and phone number and let the two companies work the issues out between them. Nothing more need be done by the auto owner unless there are complications between the lender and the insurance carrier.
GAP Insurance is clearly peace of mind for a new or used car owner with a loan on their automobile.
Filed under Edmunds Insurance by on Feb 24th, 2011. Comment.
Oklahoma residents require drivers to carry the liability insurance. The liability insurance coverage for drivers in Oklahoma is $25,000 for injury that involves one person, $50,000 for injury of multiple persons and $25,000 for damages done to the properties. In short, the minimum liability insurance for Oklahomais written as 25/50/25.
In Oklahoma, drivers are not required to purchase the uninsured/underinsured motorist coverage. Oklahoma is a Tort dwelling just like most states in America. As a Tort state, the culprit of the accident is responsible for paying all the damages associated with the accident. Auto insurance company in Oklahoma has the just to exclude certain household members from the coverage. You can get information about the exclusion in the exclusion section of the auto insurance policy. It is important that you read the automobile insurance agreement about your responsibility before putting down your signature. In this way, you will know what terms you are slide into as an auto insurance policy holder.
If you rented a car to drive on the highway, make sure that it is insured otherwise you will get fined. The cost for liability insurance for rental car is about $7 – $14 per day. The rental car insurance can be obtained from either the credit card company or auto insurance company. If the rental car insurance coverage is included in your credit card agreement, you don't have to purchase it individually from the auto insurance company.
Oklahomafollows the rules of the Tort System. Therefore, if you are at fault in the accident, you must pay for the damages. You will be liable to pay the damages for medical costs, car repair, right fees and etc. Accidents can happen at anytime so it is recommended that you get higher coverage than the minimum requirement. In this way, you don't have to be afraid of losing all your money when you encounter an accident. Drivers are required to carry proof of insurance. If you fail to carry insurance proof, you will be fined up to $250. Under the law of Oklahoma, drivers without insurance proofs can be punished with imprisonment. You will be imprisoned for up to 1 month if you did not provide car insurance proof.
The average cost of vehicle insurance coverage in the state of Oklahomais $659 per year. The cost for the auto insurance coverage in Oklahoma is ranks as the 38th most expensive in the United States.
Filed under Automotive Liability Insurance by on Feb 22nd, 2011. Comment.
If you believe a small business you may have heard that the new Health Care Law that was passed last year will directly affect you. What you may not have heard is exactly how that is going to happen. Especially since it has been over 6 months since the passage of the law and if you are like most small business owners you probably haven't seen or had to implement any changes in your dinky business Health Plan model. It has been pretty much business as usual. However, there are changes that you should be aware of you just haven't felt the effects of them yet because most do not recall effect till 2014. Here is a quick bare bones list of those changes:
*While not exclusive to small businesses, starting in 2014 Insurers will not be able to exclude coverage or set their rates based on pre-existing conditions. Premiums will be allowed only to vary based on geographic location, age, and tobacco exhaust. Some restrictions already in effect include a ban on lifetime limits and a ban on “rescission” (or the canceling of policies already in effect).
carry out 2014 each station will have to create what is called Miniature Business Health Options Programs or “SHOP Exchanges.” The purpose of theses SHOP Exchanges is that they will allow diminutive business (defined as businesses with less than 100 employees) to pool together to buy insurance. According to The Congressional Fill Office this is estimated to save small businesses about 2%-5% on insurance costs and increase coverage by 3-4%.
*During the remaining three years while the SHOP Exchanges are being created, small businesses that have 10 or less full-time employees that earn less than $25,000 are eligible for a tax credit that is equal to 35% of their health insurance costs. This measure will remain in effect for two years from when a business first buys insurance through its state Shop Exchange.
*Also starting in 2014 diminutive businesses with 50 or more full-time employees are going to be required to offer healthcare coverage or face an annual $750 per worker fine. Coverage that is offered has to meet a list of minimum benefits and services and shroud up to at least 60% of the cost to employees.
Some other measures to be aware of include the following:
*Part-time employees may be counted toward the 50-employee limit that requires businesses to provide healthcare coverage. Part-time employees will be counted on a pro-rated basis depending on hours worked. This will effectively include more businesses in the group that must provide coverage.
*The fine for not providing insurance may increase from $750 to $2,000.
So while most of these changes do not grasp effect till 2014 some of them are fairly considerable and for most dinky businesses while it may feel like business as usual some mountainous changes are coming. This is especially true if you fall in the group that will have to start providing coverage and you aren't already. That is a big cost and something that may take 3 years to effectively plan for.
Sources:
The Congressional Budget Office
Filed under Automotive Business Insurance by on Feb 20th, 2011. Comment.
