Are These Big Car Insurance Company Myths Costing You Money?
In the US, almost every drive must have some type of car insurance. With so many of us, you would think that the way auto policies work would be common knowledge. But most of us leave the details to our agents, and so a lot of big car insurance company myths are being passed around as common knowledge. Maybe this list will inform or entertain you!
New Cars are More Likely to Get Stolen: This is not actually true for a couple of reasons. Older cars, without the latest anti-theft devices, may actually be much easier to steal. Theives can also find an active stolen parts market, and these parts are usually requested to the older cars we need to keep running.
Minimum Required Insurance Covers Everything: Actually US states only require liability insurance. This insurance actually pays the other guy in case you are at fault in an accident. You need collision and comprehensive coverage to losses to your car.
We used to be advised to drop other coverage on older cars. But you may not save that much money, and you have to think about how you [...]
Who are the Top Rated Auto Insurance Companies in the United States?
We wrote previous articles on the top life insurance companies, and the top health insurance companies list, and they were very popular. So we decided that since more people are searching for auto insurance, this would be a hit too.
Consumers want to see which car insurers are rated at the top because they use this information to make a decision when they want to find the best car insurance for their own vehicles. However, we find that it is difficult to find one measure that will be useful to everybody.
What We Are Not Doing – No Top 10 Lists!
We are not going to give you one of those top 10 lists that we all love so much. Of course, you should check out your insurer and look for financial stability (i.e. an AM Best rating of B+ or better), but since you can still select from several companies that meet that criteria, we don’t feel like that listing is useful. If you need to know the financial rating of a company, you can check their website or ask before you buy. This information is [...]
Have you heard men joke about women drivers?
Well, the jokes are really not true! Men actually have the majority of car accidents, and make larger claims. This is true, even if you account for the fact that men drive more miles. Accident Claims per Mile Driven are still lower for female drivers. How can this be true when men have faster reflexes and more experience time on the road?
Well, it is true. And that is one reason you can find low cost car insurance for women! Insurers keep careful statistics on accident claims by different groups of drivers, and that is one basis for their premium guidelines. Let’s look at some speculation about why women tend to be safer drivers.
Women Drive Safer Cars – As you know, the type of car you drive, and the safety features of the car, can reduce accidents. They can also reduce damage or medical claims when accidents do occur. Women tend to choose safer cars. Insurers also keep records of which types of cars, and which auto safety features, help reduce accident claims. They will discount drivers with those cars and safety features because they calculate a lower risk.
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