When shopping for car insurance, learn from hurricanes

Hurricane Katrina offers many lessons in preparing for disaster, and adequately insuring your car is one of them. To save money, many people purchase only liability auto insurance — especially if they have older cars. This is the coverage required by law, and pays for damage caused by your car. However, in the event of a natural disaster, comprehensive coverage is what you’ll need to get back on the road. Damage caused by wind, hail, trees and even flooding is covered by comprehensive plans, as is damage from vandalism and theft. Your homeowner’s or renter’s insurance policy would most likely cover possessions in your car, which is important since natural disasters are sometimes followed by looting and vandalism. If you have only liability insurance for your car, you’ll be on the hook for the cost of repairs or replacement. Even if hurricanes Wilma or Katrina didn’t personally affect you last year, the potential impact isn’t over yet. One way you could be affected is by purchasing a used car that appears to be in good condition, but in fact was flooded in one of the Gulf Coast states. Flood-damaged cars are often moved to other states and sold to unsuspecting buyers. Experts put the estimate of flood-damaged vehicles last year somewhere between 250,000 and 500,000. While insured cars will be reported to the National Insurance Crime Bureau (NICB) by the issuers paying claims, not all cars are insured. This means flood-damaged cars may get scooped up at great prices at auctions or as trade-ins and potentially fall into the hands of used-car buyers. Robert Bryant, NICB president, recommends that buyers take precautions to ensure they don’t purchase one of these cars: • Check the vehicle identification number number of any car you’re considering buying against NICB’s online database of flood-damaged cars. This service is free and available at www.nicb.org. • Buy a vehicle history report from Carfax (www.carfax.com) or Autocheck (www.autocheck.com) to find out if the car is listed as flood damaged or originally titled in a Gulf Coast state. These reports cost about $20 for a single car or $25 for unlimited reports over a 30- to 60-day period. • Have the vehicle inspected by a licensed mechanic you trust before buying. • Inspect the car yourself. Look for signs of rust on engine parts and screws, or a mildew or musty smell. Thinking of buying a new car? One way to keep your auto insurance premiums down is to buy a car that nobody wants. No auto thieves, anyway. The NICB reports that car thieves in the United States continue to favor imports over domestic brands. Honda’s Civic and Accord, and Toyota’s Camry topped the list of the most stolen vehicles in 2004. The Dodge Caravan and Ram, Toyota pickup, Acura Integra, and Nissan Sentra also made the top 10 list. Insurance companies track the statistics of stolen cars and adjust auto insurance rates accordingly for the most popular makes and models. If you’re serious about saving money on insurance, check out the list at www.nicb.org. A car’s make, model, year, weight, horsepower and body type also influence the insurance premium. According to Robin Harbage of Progressive Auto Insurance, surveys reveal that even the most cost-conscientious shoppers are more concerned with the economics of buying a car rather than what it costs them to use it. Source: federaltimes.com

Lower Your Car Insurance Premiums

Some Tips To Lower Your Auto Insurance Costs: 1. Get Multiple Quotes: Find out what your State's requirements with respect to car insurance are. Go to the National Association of Insurance Commissioners web site. Then choose your state's website and click on it. You will the find complete information about the coverage you need. Now visit different car insurance websites. Click on the get a quote links. Just key in your information and get quotes from at least 5 companies. Auto insurance premiums vary greatly from one insurance company to another. If you fail to understand some part of the policy then get the insurance agent to explain it to you. Always read the fine print to understand what cover is entitled to you and most important what cover you are EXCLUDED from. 2. Save Insurance Premium Money On Older Cars: If you own car that's not worth much say less than two thousand dollars then drop the collision/comprehensive coverage clauses on your car insurance cover. If you car suffers extensive damage or is totaled then you will probably never recover much in damages and it is most likely that you will pay more in car insurance premiums for the extra cover. Get you car valued for its fair market price either through a dealer or using the Kelley Blue Book. Then decide if you need the collision or comprehensive coverage for your older car. Start putting away that extra premium amount you would have paid for the collision/comprehensive cover for the older car in a savings account. You will probably get a head start for that new car you are dreaming about! 3. Drop Duplicate Medical Coverage: If you are already covered under other policies for medical insurance in case of accident and are already paying a hefty premium on that then you eliminate the duplicate medical coverage under your car insurance. But always ensure that you are medical insurance covers you adequately for any car accident related injuries. Only then ask for the dropping of this provision in your auto insurance policy. 4. Buy A Car With A Low Profile: Safe, low profile cars qualify for lower premiums. A high profile car means more premiums. If auto insurance costs are high on your mind than choose a safe, reliable car. 5.Low Mileage Qualifies For A Discount: The lesser you drive the car the lesser your auto insurance costs. So consider car pooling, using public transportation for long commutes to reduce your auto insurance premiums. 6. Safety Features Qualify For Discount Do you know the more number of safety features in your car qualify for more discounts on your car insurance policy. Specifically, ask for these discounts if not mentioned in your quote. Also, many companies offer discounts if you install safety features in your car like an active or passive auto anti-theft device in your car or if you etch the vehicle identification number in the corners of your windows. Park your car in a protected area. Always lock your car. Never leave packages or belongings in sight in your car. Avoid known high-risk parking areas. 7. Ask About The Other Discounts: Always ask about the other discounts that you might be entitled to. For example having a 20 year accident free safety record could qualify you for a discount on your auto insurance policy so always ask. 8. Ask About Area Based Car Insurance: If you are considering a move from a highly congested area to a rural area then your car insurance premiums may be considerably reduced based on the profile of the area you moving into. 9.Ask For Higher Deductibles: Deductibles are the amount you pay before you make your claim. Higher deductibles on collision and comprehensive (fire and theft) coverage will substantially reduce your costs. 10. A Clean Credit History Can Reduce Car Premiums: Most of the insurance companies will check your credit history before granting your application. A clean credit history and a reasonably clean driving record represent a smaller risk for the insurance company and you may well qualify for a preferred policy with lower premiums. On the other hand those with bad credit histories may have problems in keeping up car insurance payments and keep policies in force, also they have higher claims to loss ratio so insurers will usually put them in higher premium bracket. Samuel Beatson Runs http://www.tai-chi-kung-fu.com and http://www.cars.internets-business.com.

Sainsbury's Bank Life Insurance discount introduced

Customers who take out Sainsbury's Bank Life Insurance before March 26th 2006 have been offered a discount of five per cent. Premiums with the company start at £5 a month, a rate which Sainsbury's claims is among the most competitive in the market. The offer follows research conducted by the bank, which reports that up to 4.2 million people in the UK do not have life insurance on their mortgages. Covering one's mortgage in such a way is recommended by the company in order to avoid passing repayments on to loved ones in the event of death. Life insurance manager with Sainsbury's David Pickett said: "Homeowners in particular should take care not to overlook life insurance as it can help to ensure the property is paid for upon death alleviating any financial burden and may even provide financial security for loved ones." Sainsbury's Bank Life Insurance is provided by the Legal & General Assurance Society. Further information on this offer can be found on the bank's website, or Sainsbury's can be contacted directly for a quote. Source: www.moneynews.co.uk