Collision Insurance Current Rates, News & Information

Why You Benefit from Collision Coverage Auto Insurance

Posted in Auto Insurance , Collision Insurance

July 24th, 2009
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With collision coverage, everyone benefits. You, the owner of the car and the collision coverage policy, benefit because you will be financially protected (after paying your deductible) should there be an accident involving your car (and another good thing about collision coverage is that it applies even if you are responsible for the accident). In addition, if you’re paying for your car through an auto loan, the lender benefits because their asset – your car – is protected as well. No bank or other lending institution would be responsible for repairs to your car, but they definitely do not want to see their asset be damaged without insurance.

Considerations Before Filing an Auto Insurance Claim

Posted in Auto Insurance , Auto Insurance Claims , Collision Insurance , Liability , Property Damage

April 20th, 2009
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Auto insurance is supposed to be simple: you get into an accident, you file a claim and let your insurer handle it. But in reality, this is not always the case as there are things you should consider before filing an auto insurance claim.

Although state laws mandate certain types of insurance coverage to legally drive, there are no laws on record thatrequire you to report accidents to your insurance company. Every time you do file a claim with your insurance company, it is marked on your permanent record. Although your premium may not go up immediately, if there are enough reports over time there can be a negative impact to the total cost of your auto insurance.

Understanding Diminshed Value Payments

Posted in Auto Insurance , Auto Insurance Claims , Collision Insurance , Comprehensive Insurance , Liability , Property Damage

April 16th, 2009
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Once a car is damaged in an accident, it will truly never be as “good as new,” because of the diminished value caused by the wreck. Once a car is involved in a collision, although auto insurance may cover the repairs of the vehicle, the car will never be worth its full value again because repair work for an accident lowers the value of your vehicle. Your car will now have a permanent history of being wrecked, and consumers will not be willing to pay full price for a previously damaged vehicle, no matter how well the repair job was done.

Working With Another Insurer When Not at Fault for an Accident

Posted in Auto Insurance , Auto Insurance Claims , Collision Insurance , Liability , Property Damage

April 15th, 2009
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The aftermath of a car accident is oftentimes difficult to deal with. Even if the damage to your health and property are minor, and you are not found at fault for the collision, working with another auto insurance company to settle your claim can be a stressful and time consuming process. The first step in this process happens immediately after the collision. You need to document all the information associated with the accident and driver to get the claim process started.

Why You Need Underinsured Motorist Coverage

Posted in Auto Insurance , Auto Insurance Claims , Collision Insurance , Comprehensive Insurance , Liability , Property Damage

April 14th, 2009
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Underinsured motorist coverage is a way to protect an insured driver who becomes involved in a collision with another driver who does not have adequate auto insurance coverage. If the driver of the other vehicle is determined to be at fault and their policy limit does not cover your all the related expenses, you will most likely have to pay out of pocket to cover the rest if you do not have underinsured motorist coverage. Because many states have low auto insurance coverage minimums, their policies will most likely not cover them or involved parties in the event of a major accident.

Why You May Need Uninsured Motorist Coverage

Posted in Auto Insurance , Collision Insurance , Comprehensive Insurance

April 13th, 2009
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The state laws for minimum auto insurance coverage will vary. However, most states typically require uninsured motorist coverage as part of a comprehensive insurance policy. Uninsured motorist coverage will protect people involved in an accident with a person who is driving without auto insurance. When the uninsured motorist is legally liable to pay but does not have the financial resources to do so, the portion of your insurance covering uninsured motorists comes into effect.

What is a No Fault Auto Insurance Law?

Posted in Auto Insurance , Collision Insurance , Liability , Property Damage

April 10th, 2009
3 Comments

It is happening right now somewhere in the world. Despite the best of intentions and skills of two drivers, their cars are colliding and an accident has just occurred. In a fantasy world, both drivers would be able to file claims with their insurance companies and get the settlement money needed to make both them and their cars whole again. In reality, that is the concept before no-fault auto insurance.

Rental Car Insurance

Posted in Auto Insurance , Collision Insurance

February 25th, 2009
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If you’re on vacation and you decide to rent a car, you should consider getting rental car insurance. It’s a wise thing to do in case you get into an accident.

Let’s say you’re on vacation in Italy, and you decide to rent a car for a few weeks as you go exploring. Then you find yourself in a small town where the roads are much smaller and narrower than you’re used to, and you end up severely scraping another driver’s car. The damages you’d have to pay for, and the hassle involved would turn your vacation into a serious disappointment and an unexpected financial burden. So, in order to avoid a costly scenario like that, you should get rental car insurance, and safely enjoy your time abroad. Of course, the same logic applies to renting a car in the United States, too.

Why Minimum Coverage is a Bad Idea

Posted in Auto Insurance , Collision Insurance

February 24th, 2009
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Auto insurance is one of those things that you can never really have too much of. If you don’t have it, or don’t have enough, a significant accident could leave you with thousands of dollars worth of bills to pay. That type of calamity could bankrupt just about anyone. Minimum coverage, while satisfying state laws for auto insurance, is a bad idea for many financial reasons.

Benefits of Gap Coverage

Posted in Auto Insurance , Collision Insurance , Comprehensive Insurance , Liability

February 24th, 2009
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In case you are unfamiliar with the term, gap coverage is auto insurance for people with very large balances left on their car loans. Gap coverage means that if the owner of the car is upside down on their loan, then the loan will be forgiven. The basics of gap coverage are easy to understand, and its benefits are obvious to people with big balances remaining on their car loans.