When most people hear the word exotic, they think of beaches, the food at an upscale restaurant, or a tropical vacation. The automobile industry also uses this term to describe highly unique cars with features typical cars do not have. Below we outline two considerations exotic car enthusiasts use when determining if a car truly meets that definition.Read More
Congratulations! You just rewarded yourself with the purchase or lease of a gorgeous car with a price tag over the $100,000 mark. Of course, you got car insurance, as required by your state, but if you opted for the bare minimum coverage, you could lose your new ride after a simple fender bender. That special car needs a high-value car insurance policy.
Maximize Your Auto Insurance Liability and Medical Coverage
Most states have a minimum liability requirement listed on their auto insurance regulations. While the $10,000 to $25,000 coverage will pay the bills for most traffic accidents, the fact is that your high-end vehicle is driving around with a target on its door. It is advertising that the owner likely has a deep pocket, and the other party may decide to go after you for additional expenses.
It is a good idea to talk to your agent about raising the maximum payouts for medical payments, property damage, and liability. For you, this means that if you cause an accident, you end up paying only your deductible while your insurance protects your bank account. And the other guy? They are properly compensated for their injury or losses.
Discuss an Agreed Value for Your Future Collector Car
When you are driving the only Maserati or Land Rover in town, finding a replacement after an accident can be a little more challenging compared to your Dad’s Ford. It will not depreciate at the same rate as other more common rides. For this reason, high-value and collector cars often include an Agreed Value section. Most standard car insurance policies will lower the market value of your ride as the years go by based on statistical depreciation. The Agreed Value will remain the same, protecting your investment and allowing you to replace the unique ride with a comparable one if it is lost in an accident.
Check Off the Box for Flat-Bed Towing and Premier Repairs
The transmission and suspension on your supercar will not appreciate being hooked up to a standard tow truck. Prevent additional damage resulting in an even higher repair bill when you opt for the premium tow section on your policy. You will also want to stipulate that any repairs made to your car will be completed according to factory specs and at the certified dealer or restoration shop of your choosing. Other car insurance policies often specify that parts and labor will be done at lower rates, using aftermarket parts. That kind of repair can significantly alter the value of your unique ride. Making these decisions now limits your frustration and disappointment later.
Consider Adding an Umbrella Policy to Your Insurance Portfolio
Finally, if you live in an exclusive neighborhood, you just might end up scratching the paint on other high-value rides. An Umbrella Policy provides added protection when the liability portion of your auto insurance is maxed out by a tragic or expensive accident. There is no reason to put your car, home, and savings on the line due to some bad luck.
Even if you bought the new sports car on a whim and fast-tracked the transfer of your old car insurance policy, you can still make changes now. Simply pick up your phone and have a discussion with your agent about completely protecting the new ride and your bank account today.
You did it — you finally paid off a credit card or made some serious strides with your finances. After this work has been accomplished, you may be awarded with a credit score increase. While this means it’s time to celebrate, you should also consider shopping around for better insurance rates.
Many factors impact our insurance premiums. Whether it’s a boat, auto, renter’s, or home insurance, many aspects play a role in determining our premiums. However, your credit score holds a lot of weight. If you experience a credit score increase, you could be entitled to a better deal.
Tips for Shopping Insurance Rates
After you see your score increase, it may be smart to shop around for cheaper rates. Here are some tips on how to do this effectively:
Car insurance is one area where it is typically beneficial to have multiple drivers on one policy. And since you now have a credit score increase, the savings can be substantial. That said, ask your car insurance provider how much you can save if you add a new driver. Another option is to shop around with other insurance companies to find the best quote. Combining different policies under one provider is another tactic to consider. For example, you may have a home insurance policy and car insurance policy under one provider. This will often lead to savings. By combining policies with an improved credit score, discounts are sure to follow.
Know the Numbers
When shopping around for insurance rates, many shoppers don’t even have a target number. This can lead to paying far more than you should. When getting quotes from providers, you should know what’s average, what’s cheap, and what’s far too pricey. Do research ahead of time to understand what’s a good rate for someone with your credit score.
Consider High Deductibles
Whether you’re dealing with car insurance or home insurance, you may consider raising your deductible for a better premium. However, not many insurance providers will tell you about this trick. And if you had a credit score increase, you could save even more. No matter what insurance policy you have, it may be possible to raise the deductible. Contact your insurance agent for assistance.
Only Get What You Need
If you just had a credit score increase, that might mean you’re doing better financially. While you may feel inclined to increase your premiums with better coverages, doing so might not be the smartest move. You may have more money to spend, but you should always only pay for what you need. To help in this regard, review your policies line-by-line and remove anything that isn’t necessary. When you do this after a credit score increase, the savings could be extensive.
Surprisingly, insurance companies sometimes have tons of deals they can give to their customers. However, not everyone takes advantage of them. While you can always ask your insurance agent if they have any specials, it’s more common when you have a credit score increase. You may get a lower premium, more extensive coverages, or discounts on other policies.
If you saw a boost in your credit score, following these tips can be the smartest move for your financial well-being.
There’s a really exhilarating feeling that comes along with getting a driver’s license and starting your career as a driver. However, there is something that doesn’t sound like as much fun as driving, and that’s car insurance. Sure, it might not seem to be the most thrilling thing, but it’s something that you as a teen driver need to know about. So, what is the real deal about auto insurance? What do you need to know? Here are seven things that teens should know about car insurance.
Having a teen driver can be extremely stressful on a parent. To the teen the words “driver’s license” sound like freedom, while to the parent they sound like a disaster waiting to happen. Understandably you’re worried, and you might wonder how you can lay down some ground rules with your teenager. One way to do that is by creating a parent-teen driving contract. Here are a few tips.
If you’re getting a new car, congratulations! That’s exciting. You’re probably pretty happy. But you also might be concerned about how much it costs to insure a new car. You want to get a brand-new, latest model vehicle … but what is the price tag going to be like on the insurance? Does it cost more to insure a new car? There are a lot of things that play a part in your insurance rates. Here are a few things to know about insuring a new car.
If you’re on the highway or even cruising down city streets, you’re going to have to share the road with big trucks and buses. Being in a passenger vehicle, even a hefty SUV, you might feel a bit nervous when you’re in close proximity to a semi-truck, particularly if you’re traveling at highway speeds or you’re close to one that’s making a turn. That truck is a LOT bigger and heavier than your car. There are a few things you can do to be cautious while driving around trucks, the first of which is to be aware of the truck’s blind spots, long stopping distance, and limited maneuverability. Here are some tips for sharing the road with trucks.
If you’ve got a car and you cruise around or commute, you never know when something could happen. Cars can be stubborn. They can break. Sometimes even the smallest thing can keep the car from cooperating – like a dead battery. And that’s where a little bit of preparation could go a long way. If you have a roadside emergency kit, you can get yourself back on track. Here are a few things you might want to keep in your roadside emergency kit.
Now that the weather is getting nicer, you might want to take the motorcycle out more often. You might prefer driving along on your bike to being in a car. Your bike is your pride and joy, and you’d be devastated if anything were to happen to it. So if your bike were to be stolen, that would be a disaster. Fortunately, there are a few things you can do to prevent motorcycle theft. Here are some tips.
When it comes to car insurance, there are a lot of complicated coverages, terms, and questions to juggle. You might have a lot of questions concerning car insurance, and one of the big ones is this: will car insurance cover your vehicle if you’re in an accident? (Even, err, if you were at fault?) The answer depends on what coverages you carry, and there’s one in particular that we’ll discuss in relation to this scenario – collision coverage.