Tag: liability insurance’
General Auto Insurance Rates
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When looking for car insurance for your automobile, there are a few things that you need to look out for, to ensure that you get the best rate possible.
First, you’re going to want to make sure that you know what you want. Since each car is going to change the car insurance rate, you’re going to want to make sure that you’re getting the best car for you, and your wallet. Just because your car is paid off, doesn’t mean that you’re going to be set for the next few years. You’re always going to have to pay insurance.
Know your terms – Insurance can be confusing for anyone, no matter how many times you’ve had a rate come to you. Make sure you know how much you want to deduct, as well as how much liability insurance you want, and more. You’re going to find that the higher your deductibles, and comprehensives are, the less you’re going to pay on your monthly premiums. But, remember that if you get into an accident, you’re going to have to pay more.
My word of advice to anyone is that you’re going to want to explore at least 5-10 insurance companies. There are a lot of them out there. Your best bet is to find an insurance search engine out there that does the work for you, and go from there. What you’re going to find out is that if you get 10 different quotes, you’re going to get the best rate possible for your car.
What is Auto Casualty Insurance?
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Casualty auto insurance has a common name of “liability auto insurance”. From the word liability, it settles all legal liabilities once a driver caused an accident. That includes damage to property and bodily injury liabilities. These two basic liabilities are the minimum a state usually requires for each car. While it gives security in financial aspects, it may extend its coverage for legal assistance in some instances.
What is damage to property liability?
Damage to property liability covers not only the damage to car in case of an accident. It also covers the damages to the property inside the car caused by collision. Auto casualty insurance pays for the cost of car repairs and even replacement of wrecked parts. It also covers damage costs once the car collides with stationary cars or structures. This includes parked cars, posts, fences, walls among others.
The state usually imposes for minimum of $5,000 damage to property liability coverage. The $5,000 damage to property liability coverage also gives you the minimum services you might need. In cases that the amount of damages you inflicted cost more than the maximum insurance coverage, you will have to pay the rest from your own pocket. So you have to make sure that you have enough of damage to property coverage for unexpected cases.
What is bodily injury liability?
Bodily injury liability is for the injuries to people caused by collision accident. It covers the liabilities of the blames driver in paying for medical services and the like. Bodily injury liability is could be very expensive. From the ambulance at the site of the accident, first aids, up to more expensive cost of medical attendance, the bodily injury liability insurance will cover the costs. Also included in the bodily injury liability is the cost of legal assistance if you are sued in court. Your fault or not, the insurance company is responsible for your defense which includes bail bonds.
In case the victim becomes incapable of working, you have to pay for its compensation loss which costs a really big amount of money. Plus, you have to finance the medical needs for the recovery of the victim. It may last for a long time depending on the injuries the victim acquired. The insurance will cover all the cost if your car is insured but only for certain amount. If it exceeds more than the insurance maximum responsibility, you also needs to settle the cost from your own pockets.
You need to make sure that you have the enough auto casualty insurance because you will never know when accidents will happen.
Liability auto insurance is mandatory in most US states
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Looking around the US, all but three states mandate drivers to carry liability insurance. Some states have no-fault schemes. Others add in a requirement to buy a personal injury protection policy. As the healthcare reform bill was signed into law, many asked whether all insurance mandates were unconstitutional. This is a fun debating topic which sounds possible but will get nowhere. States have always had the right to impose conditions on people’s voluntary activities. If you want to drive, you have to carry liability insurance to pay compensation to anyone else you may injure. A more interesting question is the amount of the minimum requirements imposed by your state’s lawmakers.
Most of these minimums have not been changed for thirty and more years. For example, in 1972, Maryland set $20,000 for a person injured subject to a maximum of $40,000 for losses arising out of a single traffic accident. This was intended to cover medical treatment, loss of earnings while recovering, and so on. In 1972, the average annual salary was $12,000 and most hospitals charged no more than a few hundred dollars for treatment. Most new vehicles cost less than $4,000 to put on the road. You could easily buy a new home for less than $30,000. Looking back now, you wonder how we managed on so little money. Prices have risen fast for medical treatment. Injure the wrong person and the claim against you for loss of earnings is going to be frightening. Why should this matter?The liability coverage only pays out the minimum. You get to pick up the bill for all the other losses. So any savings or property you have may be taken to satisfy a judgment against you.
Should states increase their minimums? Many are thinking about doing so, but the politics of actually making new laws is difficult. During the recession, people are under financial pressure. Forcing them to spend more on vehicle insurance is not going to be popular among the poorer sections of the electorate. For the middle classes, there is the option to buy more coverage including an uninsured and underinsured policy. This is the American way. Those who have money can use it to protect themselves against losses. Those who are poor must take life as it comes.
In Maryland, the legislators have just increased the minimums to $30,000/60,000. This is curiously unreal. An increase to match the rate of inflation since 1972 should make the minimums $100,000/200,000. But, the political situation does not permit the lawmakers to restore the value of the minimums overnight. The answer was annual increases to inflation-proof the amounts. We would have arrived at $100,000 without anyone being too upset about it. But we have grown used to accepting the cheapest solutions even though millions of people across America actually lose money because of it. Why millions of people? These are all the victims of bad driving who never recover anything more than the minimums and suffer major financial losses as a result. This is injustice on a massive scale. And it will never be cured because it would cost too much to make the necessary increases. The only people who come out of this smiling are the investors in the auto insurance industry. Their profits and dividends have been rising steadily despite the recession. To protect yourself, always get auto insurance quotes from this site to find the most affordable coverage. Insurance may be mandated but you don’t have to pay excessive premiums.
Auto Insurance Price Quotes
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Auto insurance will protect your investment and to protect yourself from catastrophic losses. This independent guide will help you select the appropriate level of cover you need, and to avoid paying more than you need to by selecting the wrong level of insurance cover.
Auto Insurance Coverage Types.
Here are the major types of car insurance coverage, a brief description of each, and guidance on when to purchase these coverages:
Bodily Injury Liability – if someone in the other car is injured due to your negligence, you will be covered up to the limit specified in your policy. Every driver should have this coverage. To get license plates for your car, almost all states require proof of both Bodily Injury and Property Damage liability insurance. The amount of required insurance varies by state.
Property Damage Liability – same as Bodily Injury Liability, but applies to damage to the other car.
Collision – if you sustain damage during an accident, the insurance company will pay regardless of who was at fault. Collision insurance is required by lenders as long as they hold a lien on the car.
Comprehensive – if you sustain damage, caused by something other than a collision, like having a tree limb fall on your car or a rock hit your windshield, the insurance company will pay. Comprehensive insurance is required by most lenders as long as they hold a lien on the car.
Other coverages to be aware of include:
* Uninsured Motorist Bodily Injury
* Underinsured Motorist Bodily Injury
* Uninsured Motorist Property Damage
* Underinsured Motorist Property Damage
What factors will affect my rate?
The basic equation is: the higher the risk, the higher the rate. Some factors weigh more heavily than others, based on the statistical connection between the factor and increased risk.
* Age – quotes go down at age 25, unless you have a history of accidents or claims. After age 65, quotes go up again.
* Sex – males generally get a higher quote until age 25; then quotes are similar between the sexes.
* Marital status – a single person will generally get a higher quote than a married person.
* Driving record – an increased number of certain traffic violations will raise your quote. On the other hand, having a good driving record could get you a Safe Driver Discount.
* Geographic location – cities have higher quotes than rural areas. Areas with more accident histories or more stolen cars will have higher quotes. Moving residence might not be practical but installing an anti-theft device is. Check http://www.auto-theft.info for the cities with the most stolen cars, as well as for the most popular cars to steal.
* Car make/model – the claims history of the people who drive the same car will affect your quote. Car color will not affect your rate. Some cars are more popular with thieves.
* Car safety – a better safety record for your car will lower your quote. Things like anti-lock breaks, airbags, and automatic seat belts will also lower your quote.
* Car value – the more your car is worth, the higher the quote.
* Insurance score – many insurance companies compute this to help them determine what rate to charge you.
The insurance score is comprised of:
o Credit report information accident
o Insurance claim history
o Occupation – some occupations garner lower quotes.
o Annual mileage – the more miles you drive, the higher the quote. A shorter commute to work can save you here.
Save On Auto Insurance Quotes.
Beyond what’s stated above, you can get save on quotes using the following strategies:
* Multiple policy discount – Get your auto insurance quote from the same place you have your homeowner’s or renter’s insurance.
* Multiple driver discount – get on the same policy as your parents, spouse, or kids.
* Raise your deductibles on various coverages. Comprehensive coverage is a good place to raise your deductible and save money.
* Consider dropping Collision coverage if your car isn’t worth much.
Expanding Your Auto Detailing Business – The Pros and Cons to Aircraft Cleaning
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As the founder of an aircraft cleaning business, and after franchising it all over the country, I often get asked about the industry. Detailing and Cleaning corporate aircraft is a great business and the pay is very good. Recently, a successful operator of a car detailing company asked me about the aircraft-detailing sector as a potential place to expand his business.
Subject: Expanding into Aircraft – Looking at expanding our current detail business into the aircraft industry. Where is the best place to investigate the pro and cons of this segment of the detailing business?
Well, perhaps the biggest cons to adding Aircraft Detailing to your mix is Time, Aggravation, and Cost.
Time:
It takes time to develop Aircraft Corporate Detailing Accounts, but once you have a few the word of mouth is good and brings you in lots of business.
Aggravation:
It is aggravating to have to deal with the many airport rules, background checks for all employees and the time it takes the bureaucracy to process your “Airport Activity Permit”, but once completed it acts as a barrier to entry keeping out competition and gives you an exclusive on the captured customer base. Generally, there are only 2-3 aircraft cleaning companies on an airport.
Cost:
Cost is a huge consideration, as the airport will require increased liability insurance, and that could run you several thousand dollars, depending on the situation. Generally the airport wants to be additionally insured for 5 million or more in liability insurance. Insurance companies need you to pay some of that upfront, yet realize you have not cleaned your first aircraft yet. Worse, the permit at the airport can take as long as 3-months to process, usually faster, but it gets ridiculous sometimes.
Those are the biggest negatives.The pros are that you make a lot more money cleaning aircraft than anything else you will wash in the transportation industry, so it is a good business and the work is a lot easier too. Perhaps you should consider this if you wish to expand your auto-detailing company?