Why We Overpay

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You Bought The Wrong Car

Friday, February 13th, 2009

It’s always a good idea to find out what the insurance will cost you before you buy the car verses after you buy it.

You may get a serious attack of sticker shock when you get your insurance bill. The rate difference between a Minivan and a Mini Cooper can be substantial. It’s even worse when you have a teenage driver in your household. Add a sports car to your policy with a teen driver and watch your car insurance premiums hit the stratosphere! Good for your agent, bad for you.

Tip - As a general rule of thumb, unless you have plenty of cash to flush down the toilet on high insurance premiums, avoid any type of sports car when you have teenage drivers in the household, or you have a bad driving record. Depending on what kind of sports car you buy you could get dropped altogether or your premiums may jump over three hundred percent because your company views you as a high risk driver if you buy the wrong car.

In addition, some insurance companies have a tendency to rate the youngest teen driver in your household on the highest rated car. So if you own a Porsche 911 Targa 4 that will go up to one hundred and seventy seven miles per hour and retails for about ninety thousand dollars, hold on to your seats for massive premium increases because your sixteen year old teenage son may be the one rated on that car.

For teen drivers keep in mind this rule. If you buy an older four door sedan with a four cylinder engine (not turbo charged) that only needs liability coverage, this will help you keep low cost car insurance rates. Or if there are three drivers in the household and only two cars, one driver could be rated as an occasional driver, helping to lower your car insurance rates.

Avoid the temptation to buy a 4X4 truck or jeep for your teenage driver as these vehicles carry much higher premiums due to the higher risk of accidents and claims.

Further information can be found on our blog showing a specific strategy known as the driver’s exclusion clause, which some insurance companies allow, that may save you a fortune on high car insurance premiums when your teenage son or daughter has multiple tickets or accidents.

Why Make Fat Cat Insurance Executives Rich By Overpaying On Your Insurance When You Bought A Sports Car?

Click here if you want to save hundreds, and possibly thousands of dollars from insurance companies who are begging to insure Hummers, Land Cruisers, Aston Martins, Bentley’s and any sport car with or without teenage drivers on your policy.

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You Didn’t Pay Your Insurance Bill and Your Policy Lapsed

Friday, February 13th, 2009

Many states require that if you are a licensed driver you must maintain continuous insurance coverage even if you don’t own a car, did you know that? If you allow your insurance to cancel without first finding a car insurance policy with another company, you could be labeled as a high risk driver.

To make matters worse, many companies will not insure you if you have had a lapse in coverage for more than 30 days, or they will charge you a much higher rate on car insurance.

Tip - Keep your insurance coverage in force at all times unless you want to be marked as a high risk driver. In the event you don’t own a car buy a non-owners policy. A non-owners policy will provide the insurance protection that the state requires so if you are selected randomly by the BMV to prove that you have insurance coverage you won’t lose your driver’s license.

Either that or forfeit your driver’s license! The choice is yours, if you lose your driver’s license for non compliance of insurance you will be fined, need with some states an SR22 state filing, and if you get caught driving on a suspended drivers license, be prepared for free room and board at your local detention facility.

Just ask Paris Hilton how that feels after she got busted driving on a suspended license. Many states can put you in jail for up to six months for driving on a suspended driver’s license!

Additional information can be found on our blog showing how to avoid jail time and expensive car insurance premiums by taking this one simple step.

Why Make Fat Cat Insurance Executives Rich By Overpaying On Your Insurance When You Get Busted Driving Without Insurance?

Click here to save hundreds of dollars from insurance companies who have the best car insurance rates if you are a first time driver, need an SR22 state filing, want to purchase a non-owners car insurance policy, or if you have been labeled as a high risk driver.

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You Have Not Combined Your Car And Home Insurance With The Same Company

Friday, February 13th, 2009

This is a frequent mistake many make on their car and home insurance that results in high insurance premiums. When you combine your car and home insurance with the same company you can receive significant discounts that might save you hundreds of dollars. There are a handful of insurance companies that only sell car insurance directly to the public and if you own a home they will give you a discount for that, but you are still giving up a valuable discount on your homeowner’s insurance policy that may cost you more over the long run.

Tip – If it is possible package your car and home insurance with the same company. You might receive as much as a twenty-five percent rate discount when you package your car and home insurance with the same company. Avoid like the plague purchasing car insurance from companies who aren’t willing to also insure your home as well.

Besides the last thing you should be worried about when your house burns down is what insurance company or agent takes care of the homeowners insurance.

Further information can be found on our blog showing “hidden” insurance discounts and strategies that may not necessarily be clearly explained to policy holders, resulting in some consumers paying higher premiums for car and home insurance.

Why Make Fat Cat Insurance Executives Rich By Overpaying On Your Insurance When You Have Coverage With Two Different Companies?

Click here if you want to save hundreds, and possibly thousands of dollars from insurance companies who are willing to give you dirt cheap car insurance rates when you combine your car and home insurance with the same company.

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Turning Small Claims Into Your Insurance Company Might Make You A High Risk Driver

Friday, February 13th, 2009

Hey turning claims in is why I have insurance right?

Wrong.

Insurance companies really don’t want you to turn in any claims in reality. That’s why in some cases they will increase your rates substantially when you have a car accident that’s your fault.

Insurance companies will take away safe driver discounts that could be as high as forty percent for the entire policy, plus if the car accident causes over a certain amount of money to be paid out, your insurance company may tack on an additional forty percent surcharge on the car that was involved in that particular accident.

It gets worse, two minor accidents in three years makes you a high risk driver, which might mean you could be dropped, or your car insurance premiums could triple.

Tip – Raise your deductibles to one thousand and pay most small claims out of your pocket. Handle the claim yourself as long as you are positive there are no injuries to yourself or the other party, doing this will help you keep low cost car insurance premiums compared to someone who turns in every scratch or dent.

Additional information can be found on our blog showing how not at fault accidents can make your insurance premiums double.

Why Make Fat Cat Insurance Executives Rich By Overpaying On Your Insurance When You Turn In Too Many Claims?

Click here if you want to save hundreds, and possibly thousands of dollars from insurance companies who are willing to give you dirt cheap car insurance rates if you have had one too many claims turned in, or are willing to give you unbelievably low insurance rates for safe drivers.

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If You Have Bad Credit Your Insurance Rates Will Soar Like The Eagles

Friday, February 13th, 2009

Did you know that most insurance companies use your personal credit in determining what rates to charge you for car, home, and business insurance? If you have bad credit, say goodbye to cheap car insurance rates. You are almost guaranteed to be paying fifty to three hundred percent more compared to someone with good credit!

Tip – Take the following steps to improve your credit and watch your insurance rates drop faster than the stock market. Rule number one never pay your bills late. Rule number two make sure that your credit card balance never goes past thirty percent of the limit. If your limit is five thousand dollars, get the balance below fifteen hundred on all of your credit cards and you will see your credit score improve by as much sixty points in less than sixty days!

More helpful information can be found on our blog showing one specific technique you can use to make sure that you always get the best insurance score from your company.

Why Make Fat Cat Insurance Executives Rich By Overpaying On Your Insurance When You Have Bad Credit?

Click here if you want to save hundreds, and possibly thousands of dollars from insurance companies who are willing to give you dirt cheap car insurance rates if you have bad credit, or are willing to give you unbelievably low insurance rates when you have fantastic credit.

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