Posts Tagged ‘Tort’
Automobile insurance is one of those things in the budget that is always going to be there. There are very few places in America that permit you to drive vehicles without insurance and so it behooves each and every one of us to get a better handle on our own auto insurance coverage. The industry is changing a bit because the competition is strong. There are new and creative auto policies on the market today. The trend that has gained the most momentum is the self-insuring concept. Higher deductibles is the weapon that the customer can use to lower rates significantly. Higher deductibles means that the policyholder has decided to take on more of the risk for the automobiles insured. The day of low collision deductibles is all but gone. Lower deductibles no longer warrant the high premiums. There is too much money to be saved with higher deductibles.
Lowering the Rates for Young Drivers
Young drivers on newer vehicles that have a lien holder’s interest will raise the auto rate significantly. The collision and comprehensive rates for drivers under 21 years of age are very high. A young driver on an older vehicle without the collision and comprehensive coverage will lower the rate significantly. There are discounts for young drivers who have completed a qualified drivers training course. Some companies have good student discounts on students with a grade point average of 3.0 or better. When the young driver reaches 21 the rates begin to drop for most companies.
Senior Citizen Discounts – Most companies have discounts for people age 55 and older who are retired or work less than 20 hours a week. There are mature driving courses that can also give the senior citizen a discount.
Multi-Policy Discount – This discount is available when you insure both your auto and home with the same insurance company.
Tort Options – Some companies offer discounts for a limited tort option. Tort is your ability to sue for pain and suffering. Limited tort rates in some states reduce the overall premium of the policy up to 30%. Ask your insurance company about the tort options in your state.
Cheap Car Insurance Company - A Little Help To Make Your Rates A Little Cheaper
Is there really such a thing as a cheap car insurance company? Cheap and car insurance dont seem to be soul mates of compatibility. Insurance has a lot of responsibility and a lot of expense. Im not sure that cheap can ever happen unless the whole world stopped having accidents. Reasonably priced might be your best alternative description when looking for low cost car insurance. A lot of people consider car insurance a necessary evil until they have to use it and then the attitude begins to change. Insurance is one of the most humanitarian legal agreements you will ever purchase. We are really all collectively covering each others assets. That is the purpose of insurance. It is society protecting itself from itself. Alright, that was our little mental health talk about insurance. How do we get the lowest rate?
Cost Savings Ideas
1. Buy Multiple Policies Auto and Homeowner policy combinations always give you discounts. Auto and renter policies do the same.
2. Buy Higher Deductibles low deductibles are a thing of the past. High deductible insurance is now known as self-insuring. Higher deductibles of $500 or more make a lot of sense because the savings year in and year out will save the insured thousands of dollars over the lifetime of the policy.
3. Take limited Tort If you are in a state that has tort options then you can discount your overall policy 20% or more by choosing limited tort. The tort option is your right to sue for pain and suffering. This is additional money awarded you for the inconvenience of the accident. You may have lost three months work. The suffering and time spent on rehabilitation are what this option is all about. Limited Tort allows you to sue for a limited amount of injury and suffering. These limits are state specific. Contact your agent or insurance company for definition of full tort and limited tort.
4. Non-Stacked Uninsured and Underinsured Motorist Coverage Stacked coverage will add up. Every car that you own is multiplied by the base limit. Buy non-stacked and save money. Make sure that your base amount is adequate.