Can Your Smartphone Lower Your Auto Insurance Premium?

We recently reported that auto insurance companies would be relying on driver data to determine how much to charge you for your premium. Yet, in the past, it could be a real hassle — requiring the installation of a special box in your car. Now State Farm and Ford are teaming up to turn your smartphone into an auto insurance premium lowering device. Through the “Sync” platform, State Farm will be able to determine: how often you drive, how fast you drive,  and how often you slam on your brakes. Sync supports 3G and 4G smartphones and bluetooth technology already, so…

How Shopping Around Can Save You Money On Your Auto Insurance

You’ve probably seen the commercials and heard people tell you to “shop around” for auto insurance. This sound advice could save you hundreds — if not thousands — on your premium. It’s recommended that you get at least three quotes. If you want to save even more, get six quotes. A 2004 Progressive Insurance survey of 100,000 consumers nationwide found that auto insurance rates can vary by over $1,o00/year!! Why Do Some Auto Insurance Companies Charge More Than Others? Every company has its own secret algorithm for determining your risk value and how much money they’ll charge to insure you….

High Risk Driver Auto Insurance

No one ever wants to be labeled a high risk driver, but there comes a time when your luck just runs out and you can no longer deny that the stack of tickets you’ve received lately qualifies you as a risk pool driver. Even if you’re confident driving at high speeds or you feel that you were not at fault for the last accident, auto insurance companies see that there is a pesky black “bad luck” storm cloud following you around — and insuring you is costing them more. So, you may ask, “Are exorbitant rates just part of my…

Perks of Marriage: Cheap Auto Insurance

There are many financial perks of marriage — lower taxes, access to employer benefits, better health insurance rates, and lower auto insurance premiums too. Most companies offer some type of discount for married drivers, although some companies may also offer cheap insurance for people who live together. States like California, Washington, Oregon and Illinois recognize “domestic partnerships” with discounts of up to 15 percent for drivers, according to Fox News. How Do Married Couples Save On Insurance? Multi-Car Discount – Typically, you’ll save significant money by switching to the same policy and signing up multiple cars with a carrier. Multi-Line Discount…

Telematics Auto Insurance: What Does This New Technology Mean For The Future?

In George Orwell’s 1984, all daily activities were overseen by a seemingly omnipotent being known as “Big Brother.” Telematics auto insurance seems like one step closer to “Big Brother” watching over us. Yet, on the other hand, telematics may also be the key to reducing the number of car crashes and also reducing our auto insurance premiums. What Is Telematics? Telematics involves satellites tracking a person’s driving habits — including the miles driven, the amount of time spent behind the wheel, as well as braking and acceleration patterns — to calculate a safe driving score. The score is then used to…

News: Auto Insurance Companies Raise Rates In Illinois

Allstate Corp. plans to raise car insurance rates for Illinois drivers by 3 to 5 percent, according to company filings with the Illinois Department of Insurance. New rates will go into effect May 17th. According to the company, this decision reverses the “hometown discount” advertised since 2009. They added that the size of the increase will depend upon how long a customer has been with the insurance company. This decision comes after Allstate posted its largest profit gain since 2007. Why Raise Rates? Allstate has been struggling to keep pace with the lower-priced competition lately. This last price hike is their attempt to gain…

Oklahoma Auto Insurance Tune-Up

The Oklahoma DMV says there is minimum mandatory auto insurance everyone is expected to carry in this state. However, as one Tulsa driver found out — the bare minimum is not always enough. “Alberto” told Channel 2 News that he signed up for a cheap “name your own price” policy — only to find that he had to pay off an auto loan and the expense of towing for a car that was too smashed-up to drive. To avoid this fate, take a moment to consider what type of coverage you actually have. Minimum Auto Insurance Coverage In Oklahoma By…

Best Auto Insurance For College Students

Statistically speaking, younger drivers get in more accidents. Drivers under 24 account for 13.2 percent of all motor vehicle crashes, according to the Census Bureau. Worse yet, 13,957 of those crashes involving young drivers are fatal, and accidents are the leading cause of death for young people. So naturally, auto insurance companies will charge you a higher rate. I know… it sucks. But the good news is that there are still ways to keep what you pay for insurance relatively low. Choose A High Deductible. Opt for the $1,000 deductible, rather than $500 deductible if you can. Sure, you’ll need to…