Big data

How insurance companies decide your rate

Does low scores equal bad drivers?

There's different factors that determine your auto insurance  rate, including your credit rating, age, gender, marital status, driving record and address.  Also statistics about your neighborhood and traffic counts in your area.

Crystal Ball


Insurance companies look at your credit and other data to predict if you're more likely to be a risk, have crashes and file claims. 

Type of car, deductible and coverage

It's difficult to compare rates, people have different driving records and different cars.  The best way to compare policies is to look at the deductibles and coverage.

Ways to keep cost down

Higher Deductible
High vehicle safety ratings
Discounts

Drive less 

People who drive  more miles during the year have a higher chance of getting into a crash.  Low annual mileage  might give you a lower rate.

The value of an agent

Talking to an agent about  coverage and discounts can save you money.

Under my Umbrella Ella ella

Could Save You Millions

Now that it's raining more than ever

Umbrella protects all your assets.  It pays your legal fees if you're sued.  And the couple of  hundred dollars for annual premium is about the same as an hour's consultation with a lawyer.  It provides an additional layer of protection.  1M,  2M, 5M or more above the liability limits of your auto and  Homeowners Insurance.  With an Umbrella policy you'll have a team of attorneys working on behalf of your insurance co protecting your assets.

Umbrella

What ifs...

"HERE’S the nightmare: Your car skids. You crash into a Mercedes with a highly paid business executive at the wheel. He’s hurt so badly he cannot return to work. A jury awards him millions of dollars and you have to pay it."

New York Times article

“After attending a Christmas party, my client got involved in a fatal auto accident where the other driver was killed… My client was given a breathalyzer on the scene and exceeded the legal alcohol limit. He was sued for something like $1.25 million by the claimant’s family and was legally liable for the damages, which were paid by the umbrella policy. The client was otherwise an upstanding citizen with no past history of these kinds of events.”

I.O.U. and sometimes Y

Actually... O.E.M.

OEM VS Generic Crash Parts

Does your insurance co pay for OEM parts?

Replacement crash parts like fenders, hoods and doors panels provided by the manufacturer are called original equipment manufacturer (OEM) parts. Parts that are made by generic companies or aftermarket crash parts are usually at a lower cost.

Ranking

Source: S&P Global Market Intelligence

[hugs]
Teresa

Business Insurance

Fast Quote ... Bear with me

 Click here to play

   

Cutting off your nose

Cut off your nose to spite your face

I get calls almost everyday from people looking for ways to save money on their insurance.   Some of these callers are regulars, calling every few months - Most of  them refuse to take the Defensive  Driving Course.

Rental Reimbursement

You should never remove rental.  Especially if you only have 1 car.  This coverage pays for a rental car.  If you're in an accident and the car ends up in the shop for repairs, you'll need a car to get around.  This coverage provides you with a car rental while the car's being repaired.

Remove Emergency Road Side Service, I have AAA

ERS coverage costs only a few dollars. Even if you have AAA or towing through the dealership, you should  have ERS on your auto policy.  If you break down in a remote area, it's good to have a back up.

Lower my limits...State requirements are only 25/50/10

10 is 10,000 and it pays for repairs to the car you just accidentally rear ended.  If that car costs more than 10K to repair (probably), or if it was pushed into another car in front, causing a multi-car pile up, you will not have enough coverage.  So you've just compromised your coverage.  Trying to save a few dollars can expose your home and assets.  For a savings of maybe $5.00.

Other ways to save 

Maybe choose the $200 Deductible on your Personal Injury Protection coverage. This coverage pays at least $50K of your Medical bills in the event of an accident.  If you or household relatives go to the hospital,  choosing the $200 Hospital deductible saves you a little bit of money.

Discounts

Take the Defensive Driving Course.  This discount saves 10% and lasts for 3 years.

Here's the link to the course
New York Defensive Driving Course


If you have young drivers in the house, and they maintain a 3.0 GPA or B average, get the Good Student Discount just by getting a printout of their school transcript.

[hugs]
Teresa

Bubble Wrap

Moving 

Inland Marine policies cover items when being moved from place to place over land.  In transit or mobile equipment are other names for this type of coverage.

The day of the move

Most contractors use Inland Marine policies to protect their equipment on the way to job sites, but Homeowners can also buy this coverage when they move, as a one time policy for the day of the move.  Homeowners and renters policies provide coverage for personal property but will not pay for a loss while in transit in care of the  moving company.  Inland Marine Coverage is different  from Homeowners Insurance,  it covers all risks, including flood.

Moving can be an emotional time.  Next time you move think about purchasing a one time trip transit Inland Marine policy-  One less thing to worry about. And it can save thousands of dollars, protecting your belongings while in transit with the moving company.

Busiest day in the moving industry is July 31st
Americans on the Move

Top 5 Most moved-to states:
1. Florida
2. Texas
3. Washington
4. North Carolina
5. Colorado

Top 5 Most moved-from states:
1. New York
2. Illinois
3. New Jersey
4. Massachusetts
5. Pennsylvania

Bubble Wrap 

Is $5.6 billion industry, according to the Freedonia Group. That’s right—$5.6 billion.

Back to the future

A big day for  Tesla

Tesla's first "affordable", pure-electric car is off the assembly line today. Delivery of the  370,000  Models 3 ordered in advance will start at the end of the month.

Creating the future

Uncertainty about the future it helped create.  Read full article Here

If you build the industry will follow 

Volvo announced this week that by 2019 it will use only electric or hybrid motors in its vehicles.

"What Tesla has done is quite remarkable, and it has forced other automakers to get into the game," said Michelle Krebs, executive analyst at Autotrade.



Welcome to the future
[hugs]
Teresa