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Auto Insurance

What You Need to Know About Motorcycle Insurance

For motorcycle enthusiasts, a weekend trek with the motorcycle community is many rider’s idea of paradise. Don’t have the right motorcycle insurance? Paradise can quickly turn into something else. To stay in motorcycle bliss, make sure to protect yourself, your precious bike and others. Before selecting or renewing motorcycle insurance coverage, here’s what you need to know. First, you need insurance. Most riders are required by law to — at a minimum — to purchase liability coverage. Motorcycle Liability Coverage: Bodily Injury and Property Damage For motorcycle liability coverage, there are two different types: bodily injury liability and property damage liability. Bodily injury liability helps cover costs for others if you cause the accident. It addresses medical costs, loss of income, as well as funeral costs in event of a fatality in an accident. Property damage liability covers the damage to another motorist’s property. Minimum liability insurance requirements vary by…

What are the Benefits of Bundling Home and Auto Insurance?

We’ve all seen the ads. Whether in a museum of inexplicable accidents or a fitness class where alter egos debate coverage, the messaging often includes: Bundle your home and auto insurance.  But should you? It often leads to greater savings and better service. Let’s explore why. Most Carriers Offer Multiple Products Bundling home and auto policies provides a good deal for most. If you can get a single stop for your insurance needs — and save money — who wouldn’t?  Aside from financial savings through companion discounts by purchasing multiple policies, a single carrier can save you time. Bundling Policies Should Save Money For bundling to make sense, combining your home and auto insurance under a single carrier should save you some money. Often called a multi-policy or companion discount, bundling home and auto insurance can save you as much as 20 percent to 30 percent on premiums than if you purchased…

How to Insure Your Car for a Short Period of Time

In doing auto insurance research you may have run across some information about temporary car insurance. If you ask Google “Do I need temporary insurance for my situation?” we have the answers. In most cases, experts say, additional auto insurance is not necessary or even useful. Exceptions pop up, but chances are the comprehensive auto policy you already have also will work in a “temporary” situation. Realize something else: With some exceptions, “temporary insurance,” usually means terms lasting six months or a year. However, it’s also the kind of agreement you can cancel once you no longer need it. No matter who your insurance company is — Progressive, Liberty Mutual, Nationwide, or any of SelectQuote’s many trusted carriers — getting in touch with your agent to review your policy is a smart move. In the meantime, let’s check out a few scenarios where someone might think they need additional auto insurance. Renting…

What's Covered by Insurance When Your Car is Stolen?

Pop quiz: What is the most popular vehicle in the United States? If you answered the Ford F-150 pickup, you know the auto industry. What about the most popular vehicle among car thieves? If you said the 1996 Honda Civic, you know the insurance industry. So what happens if your vehicle disappears from your driveway, parking garage or wherever you last parked it? From an insurance standpoint, it all depends on the type of policy you purchased to cover the vehicle. If you’re driving a ’96 Civic, chances are you’re carrying only liability and/or collision insurance. That’s a wise decision for a 22-year-old ride. Unfortunately, you’d be out of luck as far as recouping the value of that car. However, if you have a comprehensive policy, you can expect a check for whatever your stolen make and model is worth, minus the deductible. Simple enough, right? Yes and no. It…

In the Driver’s Seat: Understanding Auto Insurance For Business

For many companies, business depends on cars. This is true whether the business is a sole proprietorship or a corporation with hundreds of employees. When it comes to insurance needs, the type of policy can vary widely. It all depends on the type of business, who owns the vehicles, who’s driving them, and how often. Coverage Needs In most states, business vehicles require liability insurance for both bodily injury and property damage  that may result from an accident involving someone from the company. Many states also require uninsured/underinsured motorist coverage and/or personal injury protection (PIP). If the business owns or leases the vehicle, physical damage coverage is also often purchased. The typical insurance policy that covers your business operations—a Business Owners Policy (BOP)—does not cover vehicles. A separate policy is needed for autos. In most cases, it will be a Business Auto Coverage Form (BACF). The BACF doesn’t require the same…

What Impacts the Price You Pay For Auto Insurance?

Many factors can affect how much you pay for auto insurance. Most insurers start with demographics, but personal behavior matters too. What matters most to insurers? It is a variety of reasons but some things are out of your control. The Gender Gap While it might sound discriminatory or unfair, how you identify might increase your premiums. Statistics show women are more likely to avoid accidents, less likely be cited for moving violations, such as driving while impaired or speeding, and tend to buy cars that cost less to insure. Women also don’t drive as much as the typical male. Auto insurers consider these factors when calculating premiums. Experience Behind the Wheel Counts Inexperienced teenagers, not surprisingly, are the priciest group to insure because they have more accidents. Once a person turns 25, premiums typically start to drop — but they start to rise again once you turn 60. To Have…

How Much Car Insurance Is Enough?

Accidents happen. In the blink of an eye. In a left-hand turn. Life can throw you a curveball. That’s what happened to Maggie. It was a few days before Thanksgiving. Her daughter was home from college. The two were out having a great morning catching up. Then, as Maggie turned out of a shopping center, her SUV hit an oncoming minivan and flipped it onto its side. The accident happened so fast. Maggie and her daughter are still unclear how it happened. Luckily, no serious injuries occurred. However, the passengers in the other vehicle sued for musculoskeletal and emotional damages. Years of court hearings followed. Thankfully, Margaret had adequate car insurance. Her provider took care of all the legal proceedings and settlements. Insurance also covered the damages sustained to her SUV. Margaret’s story goes to show that accidents happen when you least expect them. They can happen to anyone. Without…

Renting Cars Through an App and How It Impacts Insurance

Most cars stay parked more than they roam the road throughout most of their lifetimes. Seems like a waste. What if, simply by using an app, you could not only get additional use from your car, but also make a little money on the side? Perhaps to help finance the payments or insurance, take a trip or just to save some extra cash? Copying business models similar to those of Uber and Airbnb, peer-to-peer car-sharing services use apps to make this happen for folks across North America and the world. What do you need to know about any rules, regulations and insurance before trying to turn your extra vehicles into cash cows? Why Peer-to-Peer Sharing Appeals to Users Peer-to-peer car-sharing companies such as Turo and Getaround appeal to customers for reasons of convenience, value, variety and location. Peer-to-peer renters can bypass busy airport counters and all of the paperwork processing…

Questions to Ask When Financing a New Car

If you’re like most Americans, you don’t have $36,270 (the average new car price) saved up and burning a hole in your pocket. However much or little you have saved toward the purchase price, you’ll need to finance the rest. Once you reach a deal, it’s time to talk financing. Knowing what to ask will determine how much or how little will be added to that purchase price. Where Will You Get Your Financing: Bank or Dealer? There are pros and cons to either option, and lots of exceptions. You can’t beat dealer financing for convenience. But sometimes a bank or credit union can beat a dealer’s interest rate, especially if you’re an existing customer. Check your bank’s auto loan rates before you visit the dealer. How Much Will You Put Down? This is another question to ask yourself before you start car shopping. Dealers prey on the unprepared. Put…

Before You Buckle Up: Insurance Tips for New Drivers

For new drivers, earning that license may seem like the biggest challenge when it comes to driving. However, obtaining the right car insurance is another obstacle many drivers don’t consider. These tips will help you keep in mind all you need to know about car insurance as a new driver. Consider Your Car Insurance Coverage If you are driving a car that is registered in your name, you likely need car insurance. It is the law in most states. However, there are several different types of coverage. Understanding all of the coverage types is the first step in determining the type or types of insurance that will best meet your needs. Liability insurance is the most frequently discussed type of insurance because it is required in most states. It covers the cost of both injuries to other parties and property damage in the event of an accident. Personal injury protection…