Credit Scores and Auto Insurance
Credit Scores and Auto Insurance
By: Rob Parker
In today's world your credit score is used for almost everything and your credit history is examined when you apply for mortgages, personal loans, bank accounts, credit cards, and sometimes even when you're applying for a new job. As well, your credit score is a factor in whether or not you can obtain auto insurance, and how much you will pay for it.
Insurance companies use credit scoring to determine your insurability because they believe there is a correlation between your consumer credit history and whether or not they are likely to have to pay claims on your behalf. They also feel that people with good credit are less likely to suffer from severe insurance losses.
While most insurance companies also use your age, driving record, type of vehicle and your place of residence to determine your premium, your credit score is also factored in. If you don't have a credit history at all you may not be eligible for some discounts, and your premium may be higher. On the other hand, if you have a poor credit score, you may find that even with allowable discounts your premium is still higher than it would be if you had perfect credit. If your credit is extremely poor, you may be denied standard coverage and have to look into pool insurance, which is state-sponsored minimum insurance for those with bad driving histories, poor credit, and low incomes. You cannot be denied ANY coverage, but you CAN be denied the best coverage.
Can They DO That?
You may wonder if an insurance company can look at your credit information without your permission. As long as you have applied for insurance, the Federal Fair Credit Reporting Act allows the use of credit information for "reasonable procedures." Determining credit worthiness for insurance is such a procedure, though your insurer is still required to maintain confidentiality and accuracy. They're also required to notify you that a credit report was requested.
While some insurance companies will look at your actual credit report, many use an "insurance credit score" which is a derived by using statistics to determine your likelihood of having a higher-than-average insurance loss. It's comparable to the kinds of scores mortgage companies use to determine your likelihood of repaying your loan. When developing your credit score, your insurance company will look at the following factors:
Public records, including charge-offs, collections, bankruptcies, foreclosures, and other liens
Payment history, which includes the frequency and number of late payments, as well as the degree of lateness
Number and type of open credit accounts, including credit cards, store charge cards, and loans
Available credit: the ratio of available credit to the balances on your various credit cards.
Length of history: how long you have had reportable credit.
Every company uses different factors, and insurance credit scores are not identical to mortgage credit scores, though similar information is used. Unlike the mortgage industry, however, insurance companies are not required to tell you your score, and your agent may never see the number itself, but will only know what it qualifies you for.
If you have anything on your credit that may be an issue, tell your insurance agent up front, so that they are prepared, and can do their research ahead of time. This is especially important if you are dealing with in independent agent who sells insurance from more than one company. If there is incorrect information on your report, be certain to contact one or all of the three major credit bureaus. It can take up to thirty days for them to investigate and resolve any discrepancies.
Your insurance credit score may determine your level of insurability, but one thing it doesn't measure is your worth as a person. Even the worst credit can eventually be repaired, and once you have a policy and are known to make premium payments on time, some of the discounts that were originally unavailable to you may become so, after the fact.
Do you panic at the thought of auto accidents? Read how to be prepared should you ever have to file an insurance claim.
Article Source: http://www.ArticleBiz.comThings You Must Consider Before Purchasing Car Insurance
Things You Must Consider Before Purchasing Car Insurance
By: Brian Garvin
After you buy your car, but before you run out and sign up for car insurance, it is a good idea to learn how car insurance works. Knowing how the insurance works is the best way to make sure that you get the car insurance that is right for you. After all, you don’t want to pay too much for a bunch of things you might not need, right?
There are a variety of different coverages that are involved in insuring your car: liability, collision, comprehensive, medical coverage, personal injury protection, uninsured motorist, underinsured motorist and rental reimbursement.
Different states have different requirements, so make sure that you know which types of coverage are required by your state. Most states require at least liability coverage, but it varies from there. Often, insurance companies will combine a lot of these different kinds of coverage.
It is also important to note that it might not be the best idea to go with the minimum insurance required by your state. You never know what might happen on the road and the last thing you want is to end up with hundreds of thousands of dollars in bills because you skimped on your auto insurance. This isn’t to say that you should buy tornado insurance in Hawaii, but think about what you might encounter on the road, and what you want to have covered.
For example, if you are in an accident and cannot drive your car, would you like to have a rental car provided by your insurance company? Do you want extra warranties for labor and parts in the event that your car breaks down? If you have leased your vehicle, you will want to invest in gap insurance. This is insurance that will pay the difference between what you still owe on the lease and what your car insurance covers in the event that the car gets totaled.
Think about the car you just bought. If it got completely totaled, could you afford to get it replaced? If you can’t, you will probably want to get collision and comprehensive coverage in your car insurance. Depending on how much your car is worth, it might even be worth the extra money to make sure that your car gets replaced in the event of a serious accident.
You should also look at your health insurance and homeowners insurance to see what kinds of coverage include damages involving a vehicle. Sometimes you will already be covered for something that you might have been tempted to add to your car insurance.
The best way to decide what kind of car insurance to get is to look at what kind of car you have, your budget and your environment. You will obviously want to have more inclusive insurance if you live in a crowded area where thefts and accidents are common. You might be able to get away with less if you have a less expensive car or you live in a low crime, low accident part of the country.
Learn the Lemons from the Straight MLM Winners and read about Network Marketing Leads from Brian Garvin and Jeff West at MLM Review Kings. This article may be used royalty free provided Bio & Links remain intact. Copyright © Mission Billion, Inc. All Rights Reserved Worldwide
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Car Insurance Tips and Tricks
Car Insurance Tips and Tricks
By: Melanie Williams
Did you get taught at school about liability, collision and comprehensive cover? What about deductibles and all the tips on how to get the cheapest car insurance? You probably didn't, but if you're one of the majority of individuals that drives a car, you've either learnt fast, took whatever insurance your relatives or friends advised or you're about to learn the hard way one day. Take the guess work out of choosing car insurance and read up so you can make an informed choice.
Many motorists pay extra on their rates for a small deductible, and yet they take the minimum liability coverage. You could probably afford that $500 deductible if something happened, but could you afford being sued for $400,000 in damages? Spend your car insurance budget wisely to protect yourself and your assets. Think about raising your deductible and using those savings to raise your liability cover. If you're worth more (you have a well paying job or you're studying for one) or you have a lot of assets obviously you've got more to cover than someone who doesn't. If you do have a lot of assets an umbrella policy may be worth considering to ensure all your assets are covered.
Check your health insurance policy, if medical bills after an accident are covered you can drop personal injury protection off your car insurance policy.
Keep your credit rating up, many companies use it to decide how much to charge you and even whether to insure you at all.
If you don't have an extra car make sure your insurance company will pay for a rental car if you have an accident. The expense of renting a car for a week while your car is being repaired could be a lot of.
Shop around for quotes, a good place to start is a comparison service. Compare quotes from a few different companies and read the policies to see how they compare. If you do switch policies make sure you notify your previous insurance company immediately and make sure there is no gap in your cover before your new policy starts.
Car insurance can be costly, fortunately there are a lot of discounts that you can be eligible for. Maintaining a good driving record is the best way to get cheaper premiums. Other discounts offered include; low-mileage, safety features, multi-policy, senior, taking a safe driving course and paying annually. Take advantage of all the discounts you can for the cheapest rates.
Teenagers can add significantly to your car insurance rates. Think about having your teenager use only the family's cheapest car and exclude them from other policies. Don't forget if your teen moves out to remove them from the policy. Just make sure you don't loan them the car when they come to visit! If you still want your teenager on the policy, find out if your insurer will give you a discount when they're away at school.
If your car has seen better days, and it's not worth much, consider removing collision coverage. The cost of your collision coverage might not be worth it when your insurer will only pay out your vehicles worth.
Make sure you understand what will occur if you have an accident and what choices you have. Will your insurer pay for original or only generic parts to fix your car after an accident? Can you choose your own mechanic or body shop if you have an accident? Read through your policy and make sure you're satisfied with it.
Make calling your insurer your number one priority after an accident. Most insurers have a time limit, usually around 48 hours for making a claim.
If you are unlucky enough to need to make a claim, get a copy of the accident report, keep all your receipts and make sure you record all the details of who you speak to. Make sure you include everything in your loss estimate. You may be entitled to claim sales tax and registration fees if your car has been totaled.
Put a bit of effort into getting your claim processed to speed up the process. Get some estimates and follow up your insurance company regularly to review progress.
Work with your adjuster to get a good outcome. If you don't agree with the amount offered, ask the adjuster for the reasons in writing. If you can't get a satisfactory answer keep your cool and investigate your other options. Speak to the manager of the claims department and request that your case to be reviewed, consider filing a complaint with the state insurance department.
To find out more about comprehensive car insurance and tips on saving money visit http://www.iblogcarinsurance.com, your number one source for car insurance information.
Article Source: http://www.ArticleBiz.com
Breakdown Cover : One of the Best Service
Breakdown Cover : One of the Best Service
| By: Smith James |
One of the troubles with long journeys in cars is that if it breaks down in between then it can be quite a handful trying to fix the fault. Particularly for people with little or no knowledge about cars. And if the car has broken at a place where you can find no help then it can be quite frustrating. It is here that break down cover proves its relevance and ensures that help is not far from such people. Indeed, break down cover is one way of seeing of any eventuality which arises due to car trouble during journeys.
The importance of such a service can simply not be negated. Specially for people who frequently go on long journeys it is a must as no one knows when they might require it. The biggest advantage of such a service is that it assures the assistance of a mechanic in such cases when the car has broken down and that too anywhere in UK. However, it must be added here that the type of facility provided differs from company to company. It is for this very reason that it is advised that people carefully go through the offer to understand what to expect from it.
Some companies offer the assistance of mechanics on the spot where as some offer to help from their nearest workshop. Then, there are some companies that offer in their breakdown cover, apart from roadside services, emergency accommodation as well. It is for this reason that people are advised to carefully scan the offer before signing. Advent of Internet has further eased the matter for people as now they can check all types of breakdown cover available and choose what suits them most.
Travelling by car makes the whole journey very easy and exciting but there can always arise a situation where one's car breaks down in the middle of a journey. Breakdown cover ensures that one is not devoid of help in such a situation.
About the author:- The author is an expert in car insurance UK, van insurance, breakdown cover, online insurance and has written a number of authoritative articles on this subject. His articles are widely read because of the clever tips and valuable advices he provides in them.
Article Source: http://www.ArticleBiz.com
Breakdown Cover: Necessary for All Types of Vehicles
Breakdown Cover: Necessary for All Types of Vehicles
By: Smith James
Any help that comes exactly at the time of need is certainly serves a great purpose. Same is the case with breakdown cover. It is a type of auto insurance that ensures that you get help when you need it and also assures that you get it on the place you want it. Unlike any other insurance, in breakdown cover you do not need to make a claim and wait for long days to get the compensation. Here you make a claim and help is present!
Like all other types of auto insurances, breakdown cover can be taken against any kind of vehicles. Be it a car or a van, it is possible to get this type of insurance policy against it. The need of insurance is necessary for all types of vehicles. A van has all the necessity to have an insurance against it as a car has. Rather, sometimes insurance against breakdown seems to be more important for a van than a car.
A van is meant mainly for carrying goods from one place to another. It takes a load to deliver it to the desired address. Unless the goods are delivered in time, the receiver will face problem and even financial loss. In some cases, the van owner may have to share the financial loss if the goods are not delivered in time. Hence, >breakdown cover against a van is very important so that if it ever has this problem, the engine is repaired then and there and the journey is resumed.
Though the process of breakdown cover is relatively simple, it is better to understand the pros and cons of the policy before signing the agreement form. May be there will be some clauses that do not favour the insured in some way or the other. So, to avoid being surprised with nasty discovery after you make the claim for a mechanic, it is better to be careful before accepting the deal.
About the author:- The author is an expert in car insurance, van insurance, breakdown cover, online insurance and has written a number of authoritative articles on this subject. His articles are widely read because of the clever tips and valuable advices he provides in them.
Article Source: http://www.ArticleBiz.com
Car Insurance Tips and Tricks
Car Insurance Tips and Tricks
By: Melanie Williams
Did you get taught at school about liability, collision and comprehensive cover? What about deductibles and all the tips on how to get the cheapest car insurance? You probably didn't, but if you're one of the majority of individuals that drives a car, you've either learnt fast, took whatever insurance your relatives or friends advised or you're about to learn the hard way one day. Take the guess work out of choosing car insurance and read up so you can make an informed choice.
Many motorists pay extra on their rates for a small deductible, and yet they take the minimum liability coverage. You could probably afford that $500 deductible if something happened, but could you afford being sued for $400,000 in damages? Spend your car insurance budget wisely to protect yourself and your assets. Think about raising your deductible and using those savings to raise your liability cover. If you're worth more (you have a well paying job or you're studying for one) or you have a lot of assets obviously you've got more to cover than someone who doesn't. If you do have a lot of assets an umbrella policy may be worth considering to ensure all your assets are covered.
Check your health insurance policy, if medical bills after an accident are covered you can drop personal injury protection off your car insurance policy.
Keep your credit rating up, many companies use it to decide how much to charge you and even whether to insure you at all.
If you don't have an extra car make sure your insurance company will pay for a rental car if you have an accident. The expense of renting a car for a week while your car is being repaired could be a lot of.
Shop around for quotes, a good place to start is a comparison service. Compare quotes from a few different companies and read the policies to see how they compare. If you do switch policies make sure you notify your previous insurance company immediately and make sure there is no gap in your cover before your new policy starts.
Car insurance can be costly, fortunately there are a lot of discounts that you can be eligible for. Maintaining a good driving record is the best way to get cheaper premiums. Other discounts offered include; low-mileage, safety features, multi-policy, senior, taking a safe driving course and paying annually. Take advantage of all the discounts you can for the cheapest rates.
Teenagers can add significantly to your car insurance rates. Think about having your teenager use only the family's cheapest car and exclude them from other policies. Don't forget if your teen moves out to remove them from the policy. Just make sure you don't loan them the car when they come to visit! If you still want your teenager on the policy, find out if your insurer will give you a discount when they're away at school.
If your car has seen better days, and it's not worth much, consider removing collision coverage. The cost of your collision coverage might not be worth it when your insurer will only pay out your vehicles worth.
Make sure you understand what will occur if you have an accident and what choices you have. Will your insurer pay for original or only generic parts to fix your car after an accident? Can you choose your own mechanic or body shop if you have an accident? Read through your policy and make sure you're satisfied with it.
Make calling your insurer your number one priority after an accident. Most insurers have a time limit, usually around 48 hours for making a claim.
If you are unlucky enough to need to make a claim, get a copy of the accident report, keep all your receipts and make sure you record all the details of who you speak to. Make sure you include everything in your loss estimate. You may be entitled to claim sales tax and registration fees if your car has been totaled.
Put a bit of effort into getting your claim processed to speed up the process. Get some estimates and follow up your insurance company regularly to review progress.
Work with your adjuster to get a good outcome. If you don't agree with the amount offered, ask the adjuster for the reasons in writing. If you can't get a satisfactory answer keep your cool and investigate your other options. Speak to the manager of the claims department and request that your case to be reviewed, consider filing a complaint with the state insurance department.
To find out more about comprehensive car insurance and tips on saving money visit http://www.iblogcarinsurance.com, your number one source for car insurance information.
Article Source: http://www.ArticleBiz.com
Cheap Car Insurance: Ultimate Security Net
Cheap Car Insurance: Ultimate Security Net
By: Allan Elvin
One of the vehicles that is liked by people around the world are cars. Those magnificent, majestic machines that works on at least two fronts. One, it relieves people from the hassles of commuting in a crowded bus jostling with fellow passengers for seats, or spend exorbitantly and travel in a taxi. Secondly cars also add tremendously to one's status symbol in society. Despite numerous big, small advantages there is one thing that goes against cars. Their price. It is because of this that people are forced to opt for loans. Imagine, therefore, the plight of people who have to face the unpleasant scenario of car damage. In today's time of rising prices such and unplanned expense can well be ruinous for people. It is here that cheap car insurance steps in and ensures that people are spared from the trauma of spending on the repair of there car as insurance companies do that for their clients.
The need of such a service is immense as people, particularly those belonging to the middle class strata of society, can find repaying the loan and spending on the repair of there car too much. They are the ones who stand to gain maximum from it.
However, certain points need to be taken care of for one to ensure that people gain completely from cheap car insurance. First of all they must ensure that the policy comes to life as soon as it is signed, then, it should also be seen that the car is priced fairly. People would also do well to ensure that they do not provide any wrong information to the insurance company as well as the fact that they do not default on monthly premiums.
Efforts like these would ensure that cheap car insurance goes a long way in arming people with a security net that is strong enough to take on any jolt that comes without any warning.
Allan Elvin is an MBA in Finance and has a rich experience of writing on topics related to finance. He professes special interest and expertise in car insurance uk, Insurance services and cheap car insurance and in guiding you on its various details.
Article Source: http://www.ArticleBiz.com
Classic Car Insurance: Get Best Deals In Car Insurance
Classic Car Insurance: Get Best Deals In Car Insurance
By: Apurva Shree
Getting Classic car insurance will be economical and beneficial for you. You need to have auto insurance to drive your car on the roads. Getting the best insurance rates and best coverage should be your aim. The best auto insurance is that which provides you good coverage in a limited budget and provides excellent service in times when you need insurance claims.
The Types Of Coverage Offered
Classic car insurance comes in different types. There is third party insurance which gives coverage for any damages made by your car, but for your vehicle’s repair you’ll have to pay from your own pocket. There is third party and fire and theft insurance. Here you get third party insurance plus payment for damages to your vehicle due to fire or theft. There is comprehensive insurance which gives full coverage in case of accidents, theft, fire, bodily injuries, repair etc.
There are many insurance policies in between those mentioned above which combine some or all features of these three basic policies. The insurance policies can be tailor-made keeping in view individual requirements. For example there is coverage available for towing also. The car insurance rate depends on the kind of policy you are going for.
How To Lower Premium Rates
Cheap car insurance rate can be obtained by selecting a policy which suits your need and lifestyle in the best manner. If you install safety features in your car like handle locks, wheel lock, and registration number etched on the windows, the insurance premium for Classic car insurance will be lowered. By ensuring a safe driving record, parking your car safely in a garage at nights and maintaining the vehicle well, you can considerably lower the insurance rates.
The fastest and most convenient way to get car insurance is through the internet. The online car insurance is quick and easy to apply for. You will observe that the rates you get through the phone are higher than what you’ll get on the internet. This is because the companies offering online insurance bear lower overhead costs and thus they offer lesser premium rates. For both the customer and the company, it’s a win-win situation.
The Classic car insurance offers great deals in terms of insurance rates, coverage and service provided. The reputation and experience of the company are also the plus points. You will get hassle free insurance settlements and quick claims. Some deals in terms of multi driver insurance or multi cars insurance work out to be cheaper. Explore all options, do the calculations and get the best rates for auto insurance.
Classic car insurance provides cheap car insurance rate for auto owners. The rates of insurance premium depend on many factors, type of policy and coverage required.
Article Source: http://www.ArticleBiz.com
Cheap Car Insurance: Top Security At Minimum Price
Cheap Car Insurance: Top Security At Minimum Price
By: Allan Elvin
One of the vehicles that is liked by people around the world are cars. A position that they have been elevated to from decades. And why not, cars are one machine that relieves one from the hassles of commuting and also add tremendously to ones status symbol as well. However, there is one problem with cars. They come at extremely high price. It is because of this that for most people the dream of owning a car can materialise only if they opt for loans. Imagine, therefore, what happens if one's dream possession faces some damage. Needless to say that people would have to cough up huge amount to get the car repaired. It can be to the extent that a middle class household can actually get shaken by this sudden expense. It is here that cheap car insurance steps in and ensures that people are relieved from spending a single penny for the repair as insurance companies do that for their clients.
It is a wonderful thinking on part of insurance companies as in this era of rising prices it is not easy to tackle any expense which arises without notice. All that people need to do is to get their car insured to reap the benefits.
However, to gain from cheap car insurance people would do well to take care of a few things. First of all they must ensure that the policy comes to life as soon as it is signed, secondly it should also be seen whether the car is priced fairly. In addition to it people must also see that they do not provide any wrong information to the insurance company as well as the fact that there is no default from their side on monthly premiums.
A slight observance of these points on part of people would ensure that cheap car insurance goes a long way in helping people fight such a calamity as car damage as and when it takes place.
Allan Elvin is an MBA in Finance and has a rich experience of writing on topics related to finance. He professes special interest and expertise in car insurance uk, Insurance services and cheap car insurance and in guiding you on its various details.
Article Source: http://www.ArticleBiz.com
Car Insurance: Refurbishing The Ruins
Car Insurance: Refurbishing The Ruins
By: Smith James
A car enables you to go around your place of excursion, work and leisure shopping. You need to ensure proper care and maintenance back up. Apart from routine repair check ups and car washes, another important issue is good car insurance. The car insurance is a cover to back all the risks that may occur to your vehicle, on or off the road. Using car insurance gives you a peace of mind against the dangers related to road accidents and mishaps.
Safety is always the first priority, it need not be compromised. A healthy comparison is required before availing car insurance. Multi utility vehicles like van, which is often used to carry more passengers and spends more time on road, needs the best van insurance. The car insurance is your measure against the loss occurred during an accident, which causes harm to the vehicle or an individual. The car insurance is completely helpful, when the financial aspect of the occurred loss is considered.
Before going for car insurance cover, an analysis of the benefits and cover provided becomes necessary. All car insurance policies may or may not give the clear picture of the happenings covered with the policy. For a clear understanding of facts related to car insurance, you need to dabble through the internet sources, which give you a proper learning about making your car insurance deal beneficial. Most people buy car or van on loans, this practice needs to be backed with effective car or van insurance to avoid financial hazards.
Just in case, your car come across damages and the repair costs are whopping big as usual, you will run short on your financial planning. However, car insurance proves to be helpful in such circumstances and does not make you feel heavy on your pocket. It is altogether an investment and not an expenditure.
About the author:- The author is an expert in car insurance UK, van insurance, breakdown cover UK, online insurance and has written a number of authoritative articles on this subject. His articles are widely read because of the clever tips and valuable advices he provides in them.
Article Source: http://www.ArticleBiz.com
