What Is Florida No Fault Insurance & Why Should It Be Scrapped?
The original goal of no fault insurance was to lower auto insurance premiums by avoiding litigation expenses. Feasibly, when an accident occurred, both parties would be equally culpable for covering the damages. Say someone rear-ended you while you were just sitting at a traffic light, minding your own business. In a Florida no fault scenario, your insurance company would pay out the claim to cover the damage to your car and injuries. The guy who hit you would be charged a higher annual premium for his insurance. Since both companies will have accident claims, it’s believed that eventually the costs…
Auto Policy 101: What Is A Deductible?
An auto insurance deductible is the amount of money you’re responsible for paying before your insurance covers the rest of the damages incurred in a claim. This amount may range from $100 to $1,500, depending on the state and insurance provider. So, for example: if you have a $250 deductible and you are in an accident that caused $2,500 in damages, you will pay $250 and your auto insurance company will pay $2,250. Insurance Deductible Explained So why would anyone choose to pay $1,000… if they could get away with paying only $100 instead? One way you can lower the…
Competition Drives Down Price Of California Auto Insurance
Competition is good for consumers of California auto insurance. The National Association of Insurance Commissioners reported that the cost of auto insurance has gone down every year from 2005-2009, due to increased competition from various providers. According to their research, the ratio of car insurance cost to family income dipped from 1.25 to 1.05 percent, which is an encouraging sign. How To Get Low Cost Auto Insurance In California Find a company that lets you pay per mile. Opt for lower medical care coverage. Drive in a state that has cheaper auto repair costs and instances of insurance fraud. Have an…
Texas Dept of Insurance: State Driving Insurance Information
Currently, the average cost of auto insurance in Texas is $1,661 per year — which ranks the state #12 in “Most Expensive Insurance,” according to a 2012 survey by Insure.com. Consumer advocates have been complaining that the cost of Texas auto insurance has been creeping up in recent years. According to a study by the National Association of Insurance Commissioners, the cost of damage repair has been climbing and the price of collision coverage is the fifth highest in the land. Mandatory Driving Insurance Coverage In TX You MUST purchase Texas insurance to pay for the accidents you cause. Minimum liability limits are…