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Medical Payment Coverage and Car Insurance

| Car Insurance | February 10, 2011

If you injure the driver or passenger of another car you will want to be sure that your medical payments coverage of your car insurance is up to date.

When you are looking for car insurance quotes to see the amount of coverage you currently have it is very important to remember that your policy is divided into at least three separate elements. The first part is liability which covers property damage of other people who are involved in an accident involving you. Second there is collision which covers damage suffered to your vehicle when you may or may not be at fault. The third element is medical payments coverages. This is the amount that will be paid to cover individuals who are injured due to your involvement in an accident.

What Does Medical Payments Coverage Cover?

Medical payments coverage is the element of your car insurance policy that pays for the medical expenses of your passengers and the driver of the other vehicle involved in the accident as well as his or her passengers regardless of whether or not you are at fault.

How Much Will My Car Insurance Pay For Medical Bills?

The amount that your insurer will pay is usually set at a fixed price. There are also minimums set by each individual state. Usually the lowest rate is set at $25,000 per incident. This may seem very high but imagine being hospitalized for up to a month. Then it wouldn’t be hard to exceed this figure at all.

Are Pedestrians Covered Under Medical Payments Coverage?

Pedestrians are also covered under medical payments coverage. This includes you and any member of your household or an individual who is involved in an accident when you are the driver of the automobile.

How Much Medical Payments Coverage Should I Carry?

You should carry at a minimum $50,000 dollars in medical payments coverage. This will be higher than many of the car insurance state minimums but be sure to check the state you do live in to make sure you are at the legal threshold of allowable coverage.

Are There Any Statues Of Limitations To Medical Payment Claims?

There is a three year statue of limitations to receiving payment for injuries suffered in an automobile accident. This is so car insurance companies can more readily estimate their costs and also after three years it can be very difficult to prove the injuries are related to the accident in question.

Review your Car Insurance Policy

It is a good idea from time to time to review your current policy and be sure that your medical payments coverage is up to date. Car insurance is a major expense but in the long run offers security if you should ever need to use it.

Source: Jersey Car Cash

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Buy Your Totaled Car and Repair It Yourself

| Car Insurance | February 10, 2011

Maybe you’ve been in a relatively minor accident, but your car insurance company considered your car to be totaled, meaning too expensive to repair. If you really liked that car, this can be very depressing to you. Now you have to go out and purchase another car and get car insurance quotes for it because you need transportation, but this may be not even possible at this point in your life. While the car insurance company will give you a certain dollar amount for your car, it may not be enough to purchase another car or at least not the car that you wish to have. There are things that you can do for yourself when this happens.

Repurchase From Your Car Insurance Company

Some car insurance companies consider a car totaled if the repair costs is more than 50% of what they consider the value of the car is at the time of the accident. You can choose to repurchase your car from the insurance company. You need to let the car insurance adjuster or claims department know that you want to keep the car. While they still have to pay you for what they consider to be the value of the car at the time of the accident, they of course will subtract any deductible that you would have had to pay should your car have been repaired plus the value they estimate they would have gotten when they sold the car at auction or to a salvage yard. This value is usually determined by the car insurance company obtaining bids on the car as is from salvage yards and utilizing the highest dollar amount.

Repair Your Car

The car is then yours to keep and you may do what you wish with it. Many people choose to have it repaired on their own or some even do the repairs on their own. With the insurance claim check, they purchase the parts to repair the vehicle on their own or they have the repairs done professionally, depending on the damage that was done as well as their mechanical ability.

Ownership

That being said, there may be a problem with retaining ownership of the car once the car insurance company has decided that it is totaled. Since the newer vehicle parts have a higher value, the car insurance company may wish to keep it and auction it off because it’s more beneficial to them financially to do so. In some states, anyone can attend the auctions and purchase whatever they want. However, in other states you must hold a special license to do so. Keep in mind that you will still need car insurance for your car.

Source: Jersey Car Cash

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When Auto Repairs Cost More Than The Car

| Car Insurance | February 10, 2011

What happens if you get into an accident and your car insurance company presents you with a repair cost estimate higher than what the car is worth? From the insurance company’s perspective, the car is deemed a total loss if the cost of repairs exceed replacement of the car. It is then the adjuster’s obligation to provide you with a settlement amount for the cash value of the car minus the deductible. How car insurance quotes are calculated depends on the insurance company. Some companies consider a vehicle to be totaled when the repair costs exceed 51% of the car’s actual cash value while others consider it a total loss at 80% of the value.

Disputing the Insurance Company’s Findings

The payment you receive should be adequate for purchasing a car comparable to the one you are replacing. Having your adjuster explain to you how the compensation for your car insurance claim was determined will help you conclude whether the assessment is fair. If you believe the cash value to be unwarranted, explain the reasons why to your adjuster and perhaps you can negotiate a mutual settlement. Receipts you may have for special equipment installed on the car or for specific maintenance and repairs would also be helpful.

If you feel like a compromise is not possible and you do not agree with the cost analysis of the claim, most car insurance policies carry an insurance appraisal clause that allows an individual to dispute the insurance company’s claim by way of an independent appraiser. Likewise, the insurance company will hire their own independent appraiser, and the two appraisers will review the gathered material and try to resolve the differences. If the two independent appraisers cannot agree on certain items, a selected arbitrator will make a ruling on the decision. The dispute ends with a final resolution being made between the arbitrator and one of the independent appraisers.

Understanding Your Insurance Policy

With any luck you will never have to file an automobile claim, but if you do, understanding your car insurance coverage before an accident occurs can save you a lot of heartache if you are in a situation where you need to file a claim.

Moreover, it is more amiable to review the ins and outs of your insurance policy with your agent beforehand when you are not in the middle of an unpleasant claim. The car insurance you purchase is after all designed to protect you and provide peace of mind.

Source: Jersey Car Cash

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Tips For Saving Money On Car Insurance Policies

| Car Insurance | February 9, 2011

For millions of people, car insurance has become a never ending battle that they will constantly face. Where, they will struggle in trying to find the lowest rates, with the greatest amounts of coverage. The problem is that all of the different carriers claim to meet this criterion, which makes finding affordable insurance even more challenging. To locate those companies that offer the lowest rates and the best amounts of coverage requires using time tested techniques. Below are several different secrets that you need to be aware of, when shopping for car insurance quotes. This will help you to save a substantial amount every single year.

Increase The Car Insurance Deductible

One of the easiest ways to help maintain and lower your car insurance rates is: through increasing the deductable. This is when you are agreeing to pay more upfront out of pocket expenses, before the insurance company takes over. The idea is that by increasing the amount that you are responsible for, the insurance carrier will have less exposure to any kind of possible claims from you (in the event of an accident). As a result, they are willing to give you a lower rate on the amount that you are paying for car insurance. Make sure you will be able to pay the deductible in the case of need.

Ask About Special Discounts

In general, most insurance companies will offer a wide variety of special discounts. This is when they will rate their customers lower, based up a number of different factors such as: low mileage, driving a particular kind of vehicle, installing car alarms / other anti theft devices and good driver discounts (just to name a few). This is important, because utilizing this tactic can help you to increase your overall savings on car insurance, by knowing what specific discounts are available.

Pay The Car Insurance Premiums Annually

Another tactic that can be utilized to lower your car insurance rates is: to pay the premiums annually. What happens is: the insurance company will charge interest to those customers, who are having the yearly premiums, broken up over a certain amount of time (i.e. monthly). Those customers, who pay their annual premiums upfront, will receive a lower rate. This is because they do not have to pay the interest on their auto insurance.

Clearly, there are a number of different secrets that you can utilize when shopping for auto insurance. Above are just a few of the various techniques that can be used, to help you  save hundreds of dollars a year. These ideas are important, because most people do not think about or consider them when they want to save money. As result, those individuals that use these tactics consistently will be able to save a substantial amount on car insurance every single year.

Source: Jersey Car Cash

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Comparative Shopping for Car Insurance

| Car Insurance | February 9, 2011

Shopping for car insurance is never a simple task. In the old days, you would find an insurance agent that you trusted and felt was giving you fair car insurance quotes and you would not only use him for yourself, but you would probably get your whole family to use him.

Well, it is no longer the old days! Information is certainly power. Basic economics has always told us that we are to trust the professional. We would always trust the car insurance agent that he was giving us the best deal, but we assumed that he was probably profiting a bit more than he needed to, but what were we going to do about it?

It would be a very large task to go from agent to agent and compare different car insurance policies and rates, it usually would not be worth the trouble to save a few dollars a month, so the majority of us would decide not to even bother, and to just trust our agent that he was doing the right thing for us and not ripping us off too bad!

The Price Of Information

Unfortunately for the old auto insurance agent, the internet has been driving down prices. The consumer now has almost as much knowledge and access to information as the professional. This means that the car insurance companies can no longer over charge their clients. If we feel that we are paying too much for auto insurance we can now do something about it in just a few strokes of our keyboard.

Comparative Shopping for Car Insurance

One way that we can make sure that our insurance company is not over charging us for insurance, or over selling us on products we don’t need, is to do comparative shopping. This can be done very easily and very quickly online. There are many websites you can visit to shop car insurance quotes e.g. you can just use our form above and get several quotes in a matter of minutes. You will just need to plug in some of your personal information as well as information about your vehicle and you are done. In moments you will have different quotes from around the state. You will see different prices and different insurance plans, it is very easy.

With comparative shopping car insurance companies can not drive up prices or charge for unnecessary items. It is too easy for the consumer to know that what they are paying is not right. This is why insurance costs have steadily been dropping as the information about the industry has become easier to access to the consumer. Go online today to find the best car insurance policy for you!

Source: Jersey Car Cash

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Lower Your Luxury Car Insurance Premiums

| Car Insurance | February 8, 2011

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A luxury car is a high-end investment, with cars starting at over $50,000 you would expect auto insurance to be equally high. Luxury vehicles identified by insurance carriers include Bentley, Aston Martin, BMW, Ferrari, Jaquar, Maserati, Mercedes, Porsche, and Lamborghinis. As expexted Luxury insurance policies come with higher auto insurance quotes, but as well with higher levels of coverage, than the standard policies.

One of the reasons for this is the unfortunate fact that luxury cars are an attractive target for car thieves. Therefore, luxury policies carry unlimited coverage for both stereo and audio parts with higher limits on your legal expense.

Luxury Car Drivers

Statistics of luxury auto insurance companies report, that luxury cars are usually only driven on the weekends or used exclusively for special events. Insurance companies categorizes the owners of luxury cars, as men in their 40s, where speed is an important feature in the performance of these vehicles. Because owners demand more horse power, especially in the sports models, auto insurance companies recognize them as a higher risk group.

How To Lower Your Luxury Car Insurance

Luxury car owners are encouraged to use an insurance company that offers specialty insurance. More expensive, yes, but your peace of mind should be priceless. It is best to apply for the “Agreed Value” auto insurance policies. This type of policy guarantees that you will recover the full value of the vehicle if it is a total loss. There is also no depreciation in the value of the car.

Even luxury car owners need to shop around for the right auto insurance. One of the things that helps to reduce premiums is that insurance carriers look at your mileage. Lower rates are factored in, for people who do not place a lot of miles on their cars. Also, consider a membership in a luxury brand car club. As a member you can receive information from other members regarding the best auto insurance to purchase. Insurance companies reward luxury car club memberships, in lowering rates.

Contact your home owner insurance company, and ask if they offer a package, to include insurance for specialty cars.

Benefits that luxury car policies include are: theft, fire, accidents; bodily injury; property liability; uninsured motorist coverage; medical payments and depending upon the State and personal injury protection.

Despite the economy, the future for luxury car owners is good. Manufacturers are forecasting by building future, engineered platform and architectured green cars, with lower fuel parts and emissions being set by the world’s standards. Albeit, luxury auto insurance rates will depend upon the components of these vehicles.

Original Source: Jersey Car Cash – Get cash for used cars in New Jersey.

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