How do you decide how much coverage to purchase for your car? Do you go by the minimum requirements of your state or do you get as much as you can in case of a catastrophe?
Here’s what your average looks like for others who choose the coverage:
- 46% of drivers have bodily injury coverage is at $50,000 per person and $100,000 per accident.
- 59% of drivers have $50,000 worth of property damage liability coverage.
- 60% of the drivers have collision coverage.
- 61% of the drivers have comprehensive coverage.
- 74% of the drivers have a $500 deductible with comprehensive and collision insurance.
Are you still undecided about what’s the best coverage for you? Here are a few tips to consider:
- Did you know that doubling up on your liability insurance only costs a small fraction of what you’d pay now? A $50,000 policy doesn’t cost much more than a $25,000 one.
- Raise your deductible will get your bill lowered. The catch? You need to be able to pay the deductible before your insurance will kick in.
- Shop! Shop around for the best possible insurance for your needs.
Stop by our office today for more information on how to get the most out of your car insurance!
Content provided by Transformer Marketing.
Sources: http://www.moneytalksnews.com/2014/08/14/how-much-auto-insurance-do-you-need-dont-guess/
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A benefit of the Affordable Care Act may be a drop in car insurance premiums as health care providers shoulder more of the treatment costs tied to accidents and injuries, according to a new report from a leading think tank.
The nonprofit Rand Corporation says the rise in the number of people with medical coverage under the ACA, also known as Obamacare, could result in a “modest” drop in claims against auto insurers. In turn, the cost savings could be passed to consumers as insurance companies and state regulators evaluate and refine coverage rates, according to Rand’s report, “How Will the Affordable Care Act Affect Liability Insurance Costs?”
“The Affordable Care Act is unlikely to dramatically affect liability costs, but it may influence small and moderate changes in costs over the next several years,” says David Auerbach, a Rand policy researcher and the study’s lead author. “For example, auto insurers may spend less for treating injuries, while it may cost a bit more to provide physicians with medical malpractice coverage.”
Besides auto insurance rates, expenses tied to homeowners insurance, workers’ compensation and general business liability insurance may also fall once the ACA further takes hold. But on the downside, expenses for malpractice coverage could rise, according to the report.
Obamacare to trim insurance costs by up to 5 percent?
“Researchers say the changes could be as much as 5 percent of costs (for auto, home and the other forms of liability insurance) in some states, but caution there is considerable uncertainty surrounding such estimates,” the study notes.
Auerbach and Rand point out that liability insurers currently reimburse tens of billions of dollars each year for medical care related to car crashes and workplace injuries, among other claims. “For example, auto insurers collectively paid $35 billion for medical costs associated with accidents in 2007, about 2 percent of all U.S. health care costs in that year,” according to Rand.
The reason for a possible jump in malpractice claims faced by doctors and health providers is simple: Rand says that more claims could be filed as more people get medical coverage.
“Insured individuals have more contacts with physicians, make more visits and receive more procedures,” the report says. “Such a shift could drive malpractice costs modestly higher.”
The malpractice figures are already significant. The study points out:
In 2012, nearly 12,000 medical malpractice claims paid on behalf of individual physicians and other providers accounted for $4.3 billion in costs. A substantial additional number of claims were paid on behalf of institutions, such as hospitals, some of which self-insure, that are not included in the $4.3 billion number.
The study was sponsored by Swiss Re, which stresses the powerful effects the ACA may ultimately have on the insurance industry and elsewhere. “Businesses and policymakers need to understand how and why their risk profiles might change as the Affordable Care Act is implemented,” Jayne Plunkett, Swiss Re’s head of casualty reinsurance, said in a statement.
A surge in medical insurance enrollments
In a separate survey, Rand estimated “a net gain of 9.3 million in the number of American adults with health insurance coverage from September 2013 to mid-March 2014.” While noting that any survey has a margin of error, Rand added that its findings didn’t include those who signed up for coverage in late March and early April. That enrollment surge could “dramatically affect” the total figures, Rand said.
Rand estimated that Americans without insurance fell to 15.8 percent, from 20.5 percent.
Of those who secured new medical coverage between September and March, 8.2 million didn’t buy it on the ACA’s federal or state-run exchanges, but through an employer. Rand says the increase was likely because of a drop in unemployment, which opened the door for many to be eligible for workplace plans, and ACA incentives encouraging employees to get coverage.
Rand added that 3.9 million secured health insurance through the exchanges, 36 percent of them previously uninsured. That number was expected to rise as the March and April numbers came in.
In declaring the ACA an unfolding success, the Obama administration recently said that more than 7 million people signed up for coverage through the marketplace exchanges.
Content provided by: http://www.moneytalksnews.com/2014/04/21/obamacare-may-reduce-auto-insurance-rates/#Kqdfh4ZHhsjylE1J.99
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We’re often asked when is a car so old that it’s no longer a wise investment to continue buying collision insurance for it. The answer depends on your individual situation.
First, what’s the true worth of the car? Any repair or replacement costs following a collision will be based on the value of the vehicle at the time of the claim. Also consider your deductible amount. For example, if your car is now worth $2,000 and your deductible for collision claims is $500, insurance will pay no more than $1,500 for your loss.
Once you’ve estimated the maximum that your policy is likely to pay for a collision, ask yourself whether the value of the car would create a significant financial hardship if it were totaled in an accident without insurance. Is the cost of collision coverage reasonable, considering the maximum you can receive at the time of a claim? Don’t forget peace of mind — if dropping collision will make you lose sleep at night over a possible loss, it’s better to keep your coverage and get some rest.
If you’re considering whether it’s still worth insuring your older car for collision, call our personal auto representatives. We’ll be happy to review your current coverage, give you the book value of your vehicle, and estimate the changes in cost of your insurance if you make any changes. Let us help you make the best decision.
Content provided by Transformer Marketing.
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Information provided by: Read more at http://www.moneytalksnews.com/2013/08/07/dont-get-swept-away-cars-and-flood-insurance/#K01tpMfW6B8iMqqH.99
July is known for being a peak summer month filled with sunny days, but this year it also turned out to be a notorious month for flash floods across the country.
- On July 3, a flash flood in Lebanon, N.H., forced evacuations and caused an estimated $6.5 million in damage, according to The Associated Press.
- On July 10 in South Pittsburg, Tenn., floodwaters from relentless rain spawned a newborn river that swept through neighborhoods, shops and City Hall, according to a Times Free Press report. The rapids, which came without warning, “hit with the force of an earthquake, tossing cars, killing wildlife and lifting sheets of asphalt the size of trucks,” the report said.
- By July 26, western North Carolina had suffered through four flash floods in the past four months, the last one being the most severe in decades, according to the Charlotte Observer.
- On July 29 in Arizona, things were no better for the 33 passengers on a tour bus outside of Flagstaff as flash flood waters swept the bus hundreds of yards until it flipped on its side on an embankment, according to the AP. Fortunately, passengers escaped with no injuries.
Drivers are advised to avoid driving during a flood if at all possible for a very good reason: According to the Federal Emergency Management Agency, nearly half of all deaths during a flood are vehicle-related.
When asked for tips for driving in a flood, Carroll Lachnit, features editor for automotive research site Edmunds.com, says, “Don’t do it.”
Driving tips for flash floods
While the best advice is to stay off the roads, sometimes drivers get caught in an unexpected flood.
“The classic ‘turn around, don’t drown’ statement that gets repeated during every major storm is excellent advice,” says Lachnit. “Never drive through flooded areas. If it’s raining heavily and you’re driving in a familiar location where you know there are vulnerable areas, then you need to avoid them.”
Lachnit says you should never drive beneath an underpass during a heavy rainstorm because they are prone to flooding.
Another tip for driving when flooding begins is to be wary of water levels. “According to FEMA it takes only 1 foot of water to float almost any car,” she says. “Even an SUV can be swept off a bridge (or down a road) in a foot of water. Six inches of water reaches the bottom of most cars, which means you could lose control of your car or wash out into the flood.”
If you’re on the road and see signs of high water or stranded vehicles, Lachnit says, you should pull over or take a different route. If you see water rising above the bottom of the tires of the car in front of you, that’s an indication to turn around. You can sometimes guess how deep the water is compared with the curb, but you may not know about flood damage to the roadbed underneath.
If your car gets caught in a flash flood and stalls or you lose control, FEMA recommends that you get out if you can before it gets carried downstream.
If it’s too late to climb out and your car is beginning to be submerged, Lachnit says, it’s important not to panic.”Once your car is submerged you should be able to open your doors, so you’re supposed to hold your breath and climb out,” she says. “If you’re caught in a stream of rushing water, point your feet up and downstream so you flow with the water to avoid getting hurt on rocks under the surface.”
In addition to the danger of floodwaters, heavy rainstorms create major visibility problems.
When driving in heavy rain, slow down, put extra space between your car and the car in front of you, and don’t slam on your brakes or make any sudden turns, says Lachnit.
“If you have anti-lock brakes like most cars, don’t pump the brakes,” she says.
All of these tips are meant to prevent an accident or a water-damaged car, but sometimes an event that results in an insurance claim is inevitable. It’s important to have the right car insurance so that you don’t end up financially swept away.
“If you don’t have comprehensive and collision coverage on your car insurance policy, you need to get it before hurricane or flood warnings are given for your area,” says Penny Gusner, a consumer analyst for CarInsurance.com. “Insurance companies can’t add new coverage or write a new insurance policy when a storm warning has been issued.”
Here’s the insurance coverage you could need if you’re caught in a flood:
Comprehensive. “Comprehensive insurance covers any type of damage to your car up to its actual cash value that’s caused by natural events instead of an accident,” says Gusner. “So if your car is damaged by rising water or a flood, you could make a claim with your comprehensive coverage.”
Collision. If you hydroplane during a storm and flip your car or hit something like another car or a tree, collision insurance will pay to repair it or will pay the actual cash value of the car. Gusner says you’ll have to pay your deductible regardless of whether the accident was your fault, someone else’s or caused by the storm.
Rental car reimbursement. “Rental reimbursement coverage is optional and pays you a certain amount of money per day or per week for a rental car to drive while your car is being repaired,” says Gusner. “If you have another car or another way of getting around without your car, then you don’t need it.”
Gap. “If you owe more money on your car than it’s worth, gap insurance will pay the difference,” says Gusner. “For instance, if you owe $15,000 on your car loan but your car is only worth $12,000, gap insurance will reimburse your lender for the extra $3,000.” You can get gap insurance from your regular car insurance provider or from your car financing company, but it’s usually more expensive from your lender.
“Your insurance company expects you to take care of your car, so make sure you don’t cause more damage by driving it after a flood with the check engine light on,” says Gusner.
Scurich Insurance Services has proudly served the Monterey Bay area since 1924. Scurich will take care of all of your insurance needs. Are you a business owner, did you get a new car or maybe you are looking to protect your family in the event of a tragedy? Give us a call, we can help!
We are located at:
Scurich Insurance Services
320 East Lake Avenue, PO Box 1170
Watsonville, CA 95077-1170
Office: 1-831-722-3541
Toll Free: 1-800-320-3666
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Engineers, firefighters, lawyers, teachers, and police officers all have one thing in common: they qualify for Auto insurance discounts with some insurers who have found that people in certain fields tend to be less risky drivers than those in other occupations.
A number of insurance companies offer discounts to those in a variety of professions everything from architects, CPAs, and college professors through librarians, military personnel, and pilots, to physicians, registered nurses, and scientists.
Here’s why: although practicing architecture or flying a plane doesn’t necessarily make a driver more responsible, insurance underwriters don’t have to prove cause and effect when setting rates. They need only show a relationship between these rating factors and risk.
A variety of factors can come into play in determining discounts. One Auto insurance company offers up to a 5 % discount to first responders, such as firefighters, police officers, emergency medical technicians and paramedics. Because these people tend to work in the communities where they live, they probably don’t commute long distances. First responders might speed down the road in emergencies, but not in their own vehicles, and they tend not to work from 9 to 5 “which means that they’re at lower risk for accidents.”
Discounts vary by occupation, insurance company, and state. Some companies offer discounts for a long list of occupations and professions, while others provide them to only a few, or none at all. Some jobs receive larger discounts than others.
Rules for discounts also vary by field. To qualify for one company’s discount, health care providers must have a license to practice, as well as a degree. However, policyholders who have earned at least a bachelor in engineering, math, or science qualify for an 18% discount, even if they work in other fields.
Your occupation or profession might well entitle you to a substantial discount on your Auto insurance even if you’re retired.
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Purchasing car insurance is a very important thing. It is, in fact, essential if you own a car. In some states, you may be disallowed from driving your car around or be forced to pay high fines if you are caught by the police for any reason. But insurance, any kind of insurance, is something that most people dread or dislike because of the costs attached.
In either case, Scurich Insurance Services is ready to be your auto insurance agency of choice in California. Because we’re an independent agency, we work with top rated carriers that will provide you with the best protection at the best price for your specific needs.
Finding the best auto insurance coverage for you and your budget can be a daunting task. We are here to answer your questions and give you the information you need to make an informed decision. After all, your insurance agent should be working for you, not themselves or their company. That’s why you stand to get the best direction by using an agent who can help you choose the right company for you. Whatever questions you may have, feel free to contact us today!
For a free insurance quote contact Scurich Insurance Services located in Watsonville, California today at 800-320-3666 or fill out one of our quote request form provided below.
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