Without Rate Regulation, Consumers Left in Hands of Corporate ExecutivesSANTA MONICA, Calif., March 21, 2011 /PRNewswire-USNewswire/ — Executives with Anthem Blue Cross have announced that the 16.4% …
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Car Insurance Deductibles in a Down Economy
Many consumers are looking to cut household expenses any way they can in these uncertain economic times. The first place most households often look is car insurance premiums. To clarify, a car insurance premium is the amount you pay to the car insurance company on a regular basis (ie monthly) so the car insurance company will fix your car in the event of a car accident. Car insurance can be considered a necessary evil. No one likes paying for car insurance. You have to pay for car insurance when you don’t use it and when you finally need it; car insurance companies make it a major hassle to obtain your money from them to fix your broken car.
One of the most common ways to reduce your monthly car insurance premium is to increase your insurance deductible. What is a deductible you ask? A deductible is the amount of money you pay out of your own pocket in the event of a car insurance claim (i.e. a car accident that is your fault).
As tempting as it may seem to raise your car insurance deductible to reduce your monthly insurance payment, you need to evaluate your financial situation first. For example, ask yourself, “If I raise my deductible from ,000 to ,000 do I have the ,000 deductible set aside in the event I get into a car accident?” If the answer is no, you may want to postpone raising your car insurance deductible until you save ,000 and can comfortably put it aside. If the answer is yes, you still need to consider your car driving habits and your risk of a car accident.
Your car driving habits can alter your car insurance expenses significantly. If you are a safe driver and can go a long period of time without getting into a car accident, raising your deductible may be a smart move. If you are not a safe driver and you frequently get into car accidents, raising your insurance deductible may not be worth it. The longer you go without getting into a car accident, the more money you save on car insurance expenses. If you get into a car accident shortly after raising your deductible, you may end up losing money. Let’s look at an example.
If increasing your deductible from ,000 to ,000 decreases your monthly car insurance premium by , then it would take 40 months (starting from the date you raise your car insurance deductible) for your monthly savings to cover the ,000 increase in deductible (40 x = ,000). So that means if you have an accident during those 40 months, you are better off keeping your deductible at ,000. With your driving record, can you go 3 years and 4 months without a car accident? If not, you may want to reconsider or change your driving habits.
So, you are a great driver and fully confident in your ability to go 3 years and 4 months without a car accident. Too bad it’s not that easy and too bad we don’t drive on roads without other vehicles. You also have to consider other drivers on the road. We all know there are plenty of dumb drivers on the road. Due to congestion and higher population, there are a larger number of morons on the road in the city than in the country. Your chance of getting into an accident in an urban environment is a lot higher than in a rural environment. So carefully take into consideration where you live, work and play before you raise your car insurance deductible.
Is raising your car insurance deductible right for you?
Car Insurance
Charles is a car insurance enthusiast who wants to help you prevent the mistakes he made.
Article from articlesbase.com
cheepcarinsuranceohio.com Most parents expect to pay higher premiums for their teenage drivers. However, with a little leg work, you may be able to minimize the increase in monthly payments. With the use of online assistance, car insurance for young people can be found at huge discounts. Although insurance companies automatically place young drivers in a high risk bracket, some companies also take into account the individuals’ history. Staying claim free is a great way to help reduce the amount you pay for insurance. Another option is to take recognized courses in driver training.
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The Effects of Easy Access to Vehicle Information
You recall your first car? Was it a hunk of junk or a nice one? You may have resorted to the local newspaper for your car information in order to find that inexpensive, little jalopy. Or perhaps you were lucky enough to receive one is the gift or be able to afford one yourself. No matter where you searched, one thing was for sure; you wanted a good deal. In the past, this could often prove a difficult task. If it was bought from a dealer, he could make up any outrageous price that he wanted to, and if you went to an individual that had a car for sale you could end up with a junker and not know it until a month later and then you would be totally out of luck. This is really that big of a deal now a days. A deluge of car information is at your fingertips online.
I still remember my first car like it was yesterday. It was a 1978 Fiat Spider convertible. I got it from a college kid for 00. It was a pretty decent first car. I mean I wasn’t expecting a Porsche for 00. It was one of those cars that you couldn’t just let sit around not using it. You had to start everyday so it would turn over when you took it out for a spin. I recall one instance where I had not started it for three consecutive days. Big mistake, but fortunately I could always pop the clutch. While this wasn’t the greatest car in the the universe, I definitely knew one thing, the seller provided all necessary car information upon my test drive so there wasn’t any confusion. He has all the paperwork in order including service and maintenance records. It would be nice if everyone was as prepared.
If you’re heading out to a dealership to find that new family van, or sports car, it’s always a good idea to do your homework online first. The Internet is a vast reservoir of knowledge and information. It truly is a priceless resource. The car information online will save you plenty of like work. You know that you want a safe vehicle, and you know you want to avoid getting ripped off. Well, with the car information found on the World Wide Web, your worries should be subsided. The dealers no longer have the upper hand, that now belongs to us, the consumer. But the advantage is only hours if we choose to use it.
When you step into that dealership, you know what the vehicle sells for. The Internet will prevent you from being ripped off by exorbitant pricing. With your PC you can check out the numerous car sites in your area to see who’s offering what. There are even online sales that can be found on auctions such as Ebay and other state and federal auction sites run by government agencies. The buyer is now the one in charge when purchasing that new car. With car information so accessible, finding that ride of your dreams is a synch.
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