Auto Insurance

Posts Tagged ‘Insurance Claims’

The auto insurance policy that you have purchased is useful only if you are familiar with the auto insurance claims. Filing an auto insurance claim is essential to cover the financial loses caused by accident, theft, vandalism, etc. People who are completely familiar with the auto insurance claims can deal with such situations in a better way. Here are some points that are essential to be considered while filing an auto insurance claim:

Find out the level of damage or injuries and call the police: Determine the extent of damage done to your car and see if anyone needs medical attention. It is recommended to call the police directly even if it is a minor accident as you would need a police report while filing the auto insurance claim.

Get information of the other driver involved in the accident: It is very important to get license plate number, contact information, vehicle identification number, and auto insurance information of the other person involved in the accident. Also give the same information of yours to the other driver. You can obtain the information like vehicle identification number, insurers’ telephone numbers, etc. from your insurance identification card.

Look for witnesses and get their contact information: If there are any witnesses to the accident, try to obtain the names and phone numbers of those who are interested in telling what they saw. Your insurance company may ask for witness statements and they can prove to be very helpful to your auto insurance claim.

Inform your insurance agent about the accident: Inform your insurance agent about the accident as soon as possible. If possible, call your agent when you are with police as the police officer can provide more accurate information to your insurance company. This step can help you in saving additional time and hassles when you file your auto insurance claim later on.

File under another party’s insurance provider: If the accident did not happen because of your mistake, you can ask either your insurance company or other driver’s insurance company to recover the damage done to your car.

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Tom Evens
http://www.articlesbase.com/insurance-articles/filing-auto-insurance-claims-727920.html

Hi!

I am with auto-insurance company X right now and due to few number of insurance claims that I had made, my insurance is going up. I am wondering if I try to switch to some company Y, will X share my claims information with Y?

Thanks!

Most of the time, yes they will find those prior claims.
Many insurance companies participate in a national database that tracks claims. They will also check you MVR records of any tickets or accidents. It is very difficult to slip one past an insurance company.
Fraudulently stating fewer claims than you actually have is not a good idea. If you filed another claim and the prior ones were discovered, they could deny the new claim, back charge you a higher rate, and/or cancel the policy on the spot.

Because your rate went up due to the claims, it’s not a bad idea to shop around, just make sure they are rating you with knowledge of those prior claims.

Everyone wants to get the cheapest car insurance available dont they? The cost of running a car now is becoming scary, with the price of gas as it is, and its certainly no fund when the car insurance bill arrives to make it worse. What are some things you can do to reduce your car insurance costs?

There are quite a few things, but Id like to look at car insurance discounts. It is not well known but car insurance companies offer all sorts of discounts to car insurance policy holders. These discounts help reduce the cost of the policy and therefore reduce your car insurance costs.

Although these discounts exist the car insurance companies dont immediately offer them to you however, and to get them you often need to ask. It is estimated that the insurance companies take millions of dollars in premiums each year which they would not if policy holders got all the discounts they were entitled to.

So here are a few ideas for you about discounts. Remember always to ask if you qualify for these, they vary from area to area and company to company.

No claims or renewal discount. Probably the most well known of all, a discount for having a clean insurance claims record. Over time, up to a certain point, your percentage discount will increase for a clean record.

Anti theft devices. Each year the car insurance companies pay out hundreds of millions of dollars for claims related to auto theft. Anything which reduces the risk that your car will be stolen will reduce their risk that they will need to pay a theft claim. So if you have an anti theft device this may well result in reduced premiums, if you ask about it.

Advanced driver training. A more skilled driver also results in reduced risk of accident. So if you have undertaken an advanced driver training course then this may well reduce your premiums, especially if you are young.

Often with things like advanced driver training and anti theft devices the reduction in premium can, over time, pay for the extra costs involved in getting these things.

Multi policy discount. The insurance companies want more business, and so if you have an auto insurance policy with them, and have a home insurance policy as well, you may well qualify for a discount on both by holding them at the same company.

Multi vehicle discount. Exactly the same as above. Hold policies for more than one vehicle at the same company and you may well get a discount.

Low mileage discount. If your vehicle only drives 5000 miles a year that reduces the risk to the auto insurance company. If you do few miles then let them know and see if you are entitled to a discount.

Thats just a few but Im sure you get the idea. The car insurance companies will reward things which reduce their risk or increase their business with discounts. But you often need to ask, they dont always volunteer them.

So when your next renewal comes remember to ask about discounts.

Peter Crump
http://www.articlesbase.com/automotive-articles/how-can-car-insurance-discounts-help-reduce-your-bills-50507.html

Are you paying too much for your auto insurance? If you believe you are paying too much for your current auto insurance coverage then the following suggestions may help you save money:

1. Shop around
   Sure, you’ve read this tip everywhere but it’s true. Only by shopping around for auto insurance coverage and getting quotes on premiums from several insurance companies will you be able to know for certain you are getting your car insurance coverage at the best available rate.

When shopping for your auto insurance policy, remember to compare more than insurance rates. Ask about how insurance claims are approved and processed, and how quickly they’re paid. Look into each insurers’ financial stability (there are independent rating services that can help you with this.) Remember, during times of stress like after an accident you will be dealing with the insurance company and you’ll want to make sure you’ll be helped when you need it most.

1. Select a higher insurance deductible
   When you file a claim, a deductible is the amount you pay first before your insurer pays the remaining balance. Often people select lower deductibles, so when they have to submit a claim, their out-of-pocket expenses are minimal. But the truth is, the higher your collision and comprehensive deductibles the lower your auto insurance premium. The savings by increasing your deductible to say $1,000 from $250 are significant—you can save hundreds of dollars off your insurance premium.

Of course, the flipside is that if you should have to submit an insurance claim you are responsible for paying the deductible. So select the maximum deductible you can afford to pay—the higher the better because the difference in your car insurance premiums will mean more cash in your pocket.

1. Remove or reduce coverage on older vehicles
   If your car is getting up there in age, you may want to think about dropping the collision or comprehensive coverage (or both) on your policy. You need to think about this one though – it’s not always a clear-cut decision. You need to weigh the cost of the two coverages with the value of your car and your chosen deductibles. For example, if you had a 10-year-old car that’s worth about $1000, and your deductible was $1000, the coverage is not actually going to help you.

2. Ask about discounts
   Most insurance companies offer discounts. While the availability of discounts will vary depending on your insurer, where you live and whether you meet eligibility, make sure to ask if there are any discounts you can take advantage of. The following is a list of a few of the more common discounts (if available in your state, each insurer will have different eligibility requirements):

• Multi-vehicle discount – available if you insure multiple vehicles with the same insurer
• Multi-line discount – available if you insure your home and auto with the same insurer
• Good driver discount – if you have not had an accident or ticket in a long time
• Good student discount – if you’re a student with good grades, usually about a B average
• Safe driver discount – if you’ve taken and passed an accredited driver safety course
• Anti-theft discount – if your vehicle has certain anti-theft devices installed
• Safe vehicle discount – if your vehicle has certain extra safety features
• Retiree discount – if you’ve reached a certain age, usually 50 or 55
• Low mileage discount – if your vehicle is not driven often
• Occupational discount – if you work in a certain field or hold a certain degree
• Auto club discount – if you are a member of an auto club, like AAA
• Association discount – if you belong to certain associations, like your alma mater
• Away-at-school discount – if your child is attending school out of town

1. Choose a car that costs less to insure
   If you’re purchasing a new car and have narrowed it down to two or three options, compare the auto insurance rates of each to see if there is a notable difference in the cost to insure. Remember, insurance rates are more for vehicles with high theft rates and repair costs. If there is a significant difference in cost to insure your first choice car, you may have to reconsider.

2. Drive safely
   OK, this one is obvious but true. Driver’s with no accidents, tickets or insurance claims almost always pay less for their auto insurance coverage. Your driving record is an influential factor in determining your insurance rate. Tickets and at-fault accidents affect your insurance rates for years. With a less than perfect driving record, you can find yourself paying a lot of extra insurance premium over the years.

Jennifer
http://www.articlesbase.com/insurance-articles/save-money-on-your-auto-insurance-moneysaving-car-insurance-tips-31375.html