Home Blog Page 3

Autonomous cars are on their way, and insurance companies aren’t ready

Share via email


“Level 4 AV technology might be ready before Level 3 insurance regulation amendments are ready”

Content item

Our future is automated self-driving cars, we’re told. Much of the technology is far beyond infancy, honed near perfection and already used in Advanced Driver Assistance Systems (ADAS) like lane departure warning and automatic emergency braking. In Ontario and some American states, they can even be driven among us. While frontrunners like Tesla duke it out with the not-far-behind legacy manufacturers (and Mercedes just one-upped the upstart in Germany), one thing is clearly emerging: having the vehicles is only one piece of the puzzle.

Advertisement 2

Content item

Just ask the auto insurance industry.

Canada is not ready to insure even partially automated vehicles (AVs), but the move towards fully-automated vehicles could be here by as early as 2026,” warns this article from Canadian Underwriter. With Canada’s patchwork of provincial insurance legislation, it promises a tangled path forward. “Current legislation does not adequately consider accidents involving Level 3 automation, and will likely fail to address considerations around even higher levels of autonomy.”

You’re probably familiar by now with the designations of autonomous vehicles: Level 0, no autonomous features; Level 5, fully automated and requiring no driver. In practical applications, we are currently mucking about between levels 2 and 3, both of which still require a driver to be ready and able to take control of the car.

Advertisement 3

Content item

Level 3 vehicles are not currently legal on North American roads, though that hasn’t stopped legions of Tesla owners (most notably) from testing the limits of the deceptively-named Autopilot in their cars — to sometimes tragic results. There are currently ongoing investigations by NHTSA into 30 similar events. The problem with technology that is outstripping the pace of legislation is an “if you build it, they will come” sort of situation: drivers know what their cars can hypothetically do, even if it’s not yet street legal. And even if their insurance expressly doesn’t cover it.

SEA Autonomy levels
SEA Autonomy levels Photo by Society of Automotive Engineers

From JD Power: “Level 3 is known as conditional driving automation. It uses various driver assistance systems and artificial intelligence to make decisions based on changing driving situations around the vehicle. People inside the vehicle do not need to oversee the technology, which means they can engage in other activities. However, a human driver must be present, alert, and able to take control of the vehicle at any time, especially in the case of an emergency due to system failure.”

Advertisement 4

Content item

Most manufacturers are extremely cautious in how they advertise the abilities of driver assistance technologies — and stress “assistance” over “replacement”. Most manufacturers.

The development and deployment of autonomous vehicles right now is being fostered in tighter applications, small fleets deployed for deliveries working in a geofenced area. Companies like Cruise explores the tangible, real-world ways to make autonomous vehicles good for cities and the environment. This is where we should be looking to learn the necessary steps to full automation.

Ten years ago, readers were asking when they would see savings on their insurance premiums because they’d purchased vehicles which sported the latest and greatest in crash-avoidance and occupant-protection technology. The expectation stood to reason: if you invest in something that will cut payouts, you should see savings. It did happen; it costs more to insure an older car than a newer one, all other things being equal. The problem? Premiums declined in one area while lurching ahead in another.

Advertisement 5

Content item

Debbie Arnold is a broker with Sound Insurance. “Repairs are far more expensive on the newer vehicles because of all the sensory components. For example, five years ago a bumper might have cost $750 to replace, whereas now it’s $3,000. The vehicle ratings have not caught up to the repair costs,” she says. She notes much of a premium is understood of liability and accident benefits. “Physical damage comprised a small portion of the premium comparatively, largely because physical damage is a finite cost. This will slowly change once repair costs catch up to ratings.”

In other words, the insurance industry is moving at glacial speed in an industry that is strapped to a rocket. “In a worst-case scenario, Level 4 AV technology might be ready before Level 3 insurance regulation amendments are ready,” says Canadian Underwriter.

Advertisement 6

Content item

In fact, the entire car insurance industry could be rendered unrecognizable by a shift to autonomous vehicles. If driver error is removed from the crash scenario — and nearly all crashes are caused by driver error — it stands to reason that the vehicle manufacturer should be held responsible for any damage or injury caused by their product. If a product fails, we go after the maker. If we remove impaired, distracted, and speeding drivers, we clean up the whole field.

The booth of ZF Software company for autonomous mobility is seen during the International Motor Show (IAA), on September 7, 2021 in Munich, southern Germany.
The booth of ZF Software company for autonomous mobility is seen during the International Motor Show (IAA), on September 7, 2021 in Munich, southern Germany. Photo by Christof Stache /Getty

This report from Car and Driver parses the details of the insurance world post-autonomy, but even they can’t see a time without insurance. “However, some accidents may still happen because of manufacturing errors. These accidents will have victims, and the owner of the autonomous vehicle will need medical and repair bills.” I can understand needing insurance against theft or comprehensive damage, but if I have no control over the operation of a vehicle beyond feeding in some commands, I’m going to be hard-pressed to be held accountable when my car bluescreens because its maker screwed up and I end up burning a fiery death.

There is deep allure in considering the chance we could eliminate the tens of thousands of fatalities and injuries that occur on North American roads every year. Cutting congestion, exploring car-sharing, giving mobility back to those who don’t have it, getting rid of drunk drivers – all of it. But legislation can’t be a just-in-time commodity. The insurance industry is getting a head’s up to prepare — now.

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourages all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.



Source link

5 Questions To Ask Before Buying Auto Insurance

5 Questions To Ask Before Buying Auto Insurance


Have you ever been in an accident and had to pay for your car and the other driver’s car repairs? How did it feel? It certainly did not feel good, and now you see the need to get auto insurance as soon as possible.

However, before getting insurance for your vehicle, there are some things you need to know about your insurance policy. This article briefly defines auto insurance and discusses questions to ask before buying one.

What is Auto Insurance?

Auto insurance is an agreement between you and an insurance company that protects you against loss of money in the event of an accident or theft. The insurance company agrees to recover your losses as specified in your policy in exchange for you paying an annual premium.

Questions to Ask Before Buying Auto Insurance

Who and what does my insurance cover?

Does the policy cover you or only the other party? You need to know the type and coverage of the auto insurance you are getting. Third party insurance covers the damages and losses to the other person’s car. Comprehensive insurance, on the other hand, covers both the third-party damages and yours. It is imperative to familiarize yourself with the details of what you’re paying for.

Will my policy cover other drivers of my vehicle?

You need to ask this question to avoid getting comments such as “You were not the driver at the time of the accident.” For some insurance companies, paying claims is dependent on whether or not the driver of your car has authorization by you (the policyholder) to drive it.

For example, if you (the policyholder) gave a friend permission to drive your car and they had an accident, the insurer will still pay claims since the car is registered under the policyholder’s name.

How is the price value of my car determined?

This is important to ask as your insurance company has a way to determine the value of your car which reflects the amount to pay for your insurance. Also, the value placed on the car might be less than you thought so the best bet is to ask.

How soon will my car be repaired following an accident?

When a car gets towed after an accident, it is important to know how soon it would be repaired. Decide if the timeline stated in the policy works for you. If not, you can find another insurer with a shorter time period. The only way to gain such clarity, especially if it is not stated in the inquiry form, is to ask.

How much do I pay to get started on my auto insurance?

This largely depends on your budget and what you can afford. Various insurance companies have different prices for their auto insurance. Third party insurance is the cheapest auto insurance policy while comprehensive is more expensive because of its wider coverage. Weigh your options and choose what best suits your need.

Read more here on the difference between comprehensive and third party car insurance.

How To Get Auto Insurance

Now, we know what auto insurance is, and what to ask before purchasing one for our car. Ready to get started? Choose a plan from Leadway Assurance auto insurance plans and enjoy complete protection with millions of other Nigerians.

Leadway is an insurance company that offers a variety of benefits for each level of car coverage you choose. We offer detailed car insurance that covers loss or unintentional damage to the insured’s vehicle as well as third-party car/property damage or death.

For more information on the array of insurance covers available for you to access, please visit Leadway or call the Leadway Assurance Financial Management Experts on 01-2800-70 or email Lcs@leadway.com for professional advice. You call also Request a callback.



Source link

Global Automotive Usage Based Insurance Market To be Driven by the Benefits Of Usage Based Insurance (UBI) in the Forecast Period Of 2022-2027

Global Automotive Usage Based Insurance Market To be Driven by the Benefits Of Usage Based Insurance (UBI) in the Forecast Period Of 2022-2027


The new report by Expert Market Research titled, ‘Global Automotive Usage Based Insurance Market Report and Forecast 2022-2027′, gives an in-depth analysis of the global automotive usage-based insurance market, assessing the market based on its segments like packages, vehicle types, technologies, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.

Get a Free Sample Report with Table of Contents – https://bit.ly/3GWWhxd

The key highlights of the report include:

Market Overview (2017-2027)

• Forecast CAGR (2022-2027): 21.4%

Benefits of usage-based insurance (UBI) include improved driving, possibly lower premiums, possible reduction in road accidents, enhanced road safety, and better insurance products with the help of the right kind of data. Such benefits are driving the global market growth. The increasing popularity of smartphones has provided insurance providers access to means to enhance and strengthen their relationships with clients, thereby propelling the market growth. Increasing automobile production and sales, particularly in developing nations, changing demographic trends, changing driving patterns, and an increasing number of affluent middle-class people are some of the primary factors driving the rise of global automotive usage-based insurance.

Industry Definition and Major Segments

Usage-based insurance (UBI) is a type of insurance in which the premium is proportional to the amount of time the insured product or service is used. Telematics insurance is another name for usage-based insurance in the car insurance sector. In industrialized countries, usage-based insurance is very common for automobiles. In a usage-based insurance scheme, the car insurance firm keeps track of how one drives; if one’s driving earns a good score, it may result in cheaper car insurance costs.

Read Full Report with Table of Contents – https://bit.ly/3Nr110s

By package, the market is segmented into:

• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)

Based on vehicle type, the market is divided into:

• Passenger Vehicles
• Light Commercial Vehicle
• Heavy Commercial Vehicle

By technology, the market is classified into:

• Black Box
• Smartphone
• Embedded Telematics
• On-Board Diagnostics (OBD)
• Others

On the basis of region, the market is segmented into:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Market Trends

The advancement and development of the Internet of Things (IoT) has generated a wave of connectivity, which had an influence on almost all industry verticals. The same wave has also created a significant impact on the automotive and insurance industry. Insurance companies are increasingly using IoT data to improve the precision in gauging risk, pricing policies, and estimating other necessary reserves. The advancement of IoT has led to the introduction of insurance policies, such as Automotive Usage-based Insurance (UBI). The market is also expanding due to the presence of telematics providers in various regions. The presence of robust telecommunications infrastructure and mobile communications technology globally is further driving the market growth.

Key Market Players

The major players in the market are Allianz SE, TomTom International BV, Vodafone Automotive SpA, Assicurazioni Generali SpA, Travelers Indemnity Company, Esurance Insurance Services, Inc., Trak Global Group, and AXA SA, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

MediaContact

Company Name: Claight Corporation
Contact Person: Irene Garcia, Business Consultant
E-mail: [email protected]
Toll Free Number: US +1-415-325-5166 | UK +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: https://www.expertmarketresearch.com

Also Read:

https://www.digitaljournal.com/pr/global-food-grade-alcohol-market-to-be-driven-by-rising-application-of-the-product-in-the-fb-sector-in- the-forecast-period-of-2022-2027

https://www.digitaljournal.com/pr/global-photoelectric-sensor-market-to-be-driven-by-rising-deployment-of-industrial-internet-of-things-iiot-in-the-forecast- period-of-2022-2027

https://www.digitaljournal.com/pr/global-traction-beds-market-to-be-driven-by-the-rising-application-of-the-product-in-hospitals-and-physiotherapy-clinics- in-the-forecast-period-of-2022-2027

https://www.digitaljournal.com/pr/global-non-ionizing-radiation-emf-detection-measurement-and-safety-market-to-be-driven-by-rising-application-in-various-end- use-sectors-in-the-forecast-period-of-2022-2027

Also, Check Procurement Intelligence which provides you Infallible research solutions.

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.



Source link

4 simple ways to lower your auto insurance

 Minimum insurance coverage required for Virginia vehicles set to increase Jan.  1


With gas and car prices hitting record highs, the cost of driving is only going up. Your auto insurance might be one area where you can save, especially if you are driving less.

Millions of Americans are now spending fewer days in the office. That means less time behind the wheel for Michelle Kostyn.

“I don’t go very far anymore, not very far,” she told us while filling her SUV with $75 in gas.

Cam Ray has cut back the miles he drives, too. “I’m definitely driving less,” he said. “If it’s not needed, I’m not driving.”

How to cut that insurance bill

But are you still paying the same, or even more, for auto insurance right now, even though you’re driving less than you were two or three years ago?

In that case, it’s time to pick up the phone. According to John McCormick of CarInsurance.com, a quick call to update your mileage could really save you some cash.

“People don’t think about car insurance but they really should,” he said. “There are a lot of programs where you have low mileage discounts, and it can save you a lot of money.”

Another option is “pay-per-mile” car insurance, offered by companies like Metromile.

“Instead of a flat rate for insurance,” Gina Minick of Metromile explains, “our customers pay a low base rate but they also pay a few cents each mile that they drive.”

Minick says the savings can add up quickly for remote workers, and low-mileage drivers.

“To us, that means you drive about 10,000 miles a year or less,” she said.

There are things to think about before making any switch, however.

John McCormick says any low-mileage program will monitor how many miles you drive. Metromile says that’s not necessarily a bad thing, especially if you ever have an accident.

“If our insured wasn’t at fault we have the data that shows that,” Minick said.

Ways to save even if you are not driving less

If you’re not driving less, however, there are other cost-saving options for you, too.

  • Ask about discounts for safe driving or for student drivers
  • Look at bundling options
  • Comparison shop companies
  • Be honest about how much you drive. If you aren’t: “The car insurance could deny the claim,” McCormick said.

So make some calls, so you don’t waste your money.

__________________________

Don’t Waste Your Money” is a registered trademark of Scripps Media, Inc. (“Scripps”).

Like” John Matarese Money on Facebook

Follow John on Instagram @johnmataresemoney

Follow John on Twitter (@JohnMatarese)

For more consumer news and money saving advice, go to www.dontwasteyourmoney.com

.



Source link

5 Tips for Finding the Best Pet Insurance Policy

5 Tips for Finding the Best Pet Insurance Policy


Image source: Getty Images

Getting the right insurance could be the difference between life and death for a beloved pet.


Keypoints

  • Pet insurance can help ensure that animal companions get the best medical care.
  • There can be big differences between different policies and insurance providers.
  • It’s important to take steps to get the best coverage, including getting multiple insurance quotes.

Pet owners typically want to provide the very best care for their animal companions. This means making sure that pets can get high-quality veterinary care and treatment for any illness or injury that happens to develop throughout their lifetimes.

Buying pet insurance can make getting even costly medical services possible, as insurance policies can pay a good portion of the cost of covered services. But not all pet insurance policies are created equal, and individuals with animal companions will want to make sure they get the right type of protection in place so their animals can get the help they need if things go wrong.

So, how can pet owners find the ideal pet insurance policy? Here are five steps to making that happen.

1. Understand the terminology

Many pet insurance policies have deductibles, coinsurance costs, and coverage limits. It’s important to understand all of this different language to know what a policy will cover specifically and what is excluded.

  • Deductibles are the amount that must be paid out of pocket. Owners want to make sure they can cover it since an insurer won’t pay for a pet’s treatment until the deductible is met.
  • Coinsurance costs are the portion of vet bills the owner must pay. If there are 20% coinsurance costs and a pet needs $1,000 in care, the owner would pay $200 and the insurer would cover the rest.
  • Coverage limits are caps on the amount of money an insurer will pay. There may be an annual, lifetime, and/or per-incident limit.

Pet owners need to know these words, as well as understanding what pre-existing conditions and genetic conditions are as many insurance policies exclude them from coverage.

2. Decide what coverage is needed

Insurers offer different kinds of pet insurance policies, including accident-only coverage, accident and illness protection, and wellness care.

The first covers only accidental injuries such as being hit by a car. The second covers any accidents and illnesses such as cancer or heart disease. And wellness care policies pay for routine care such as vaccines and an annual exam.

Pet owners should consider their budget and what level of risk they wish to transfer to an insurer when deciding what type of coverage to buy.

3. Shop around and get quotes

There are many different pet insurers out there. Owners should get quotes from several companies before committing to buy a policy.

By comparison shopping, pet owners can make sure they pay the most affordable premiums possible for the most comprehensive coverage for their animal companions.

4. Check out customer ratings and reviews

Some pet insurers are better than others. It pays to check out customer service ratings and reviews. Watch specifically for what people say about the ease of making a claim, as no one wants to fight a pet insurer for money when an animal is sick and needs quick assistance.

5. Buy a policy ASAP

Finally, it’s important to buy a pet insurance policy as soon as possible before an animal develops pre-existing policies that would be excluded from coverage.

The sooner a pet owner shops around for the right insurance and finds a company they trust, the greater the chances the policy will cover all they need and provide the best possible protection for their animal companion.



Source link

“Trash,” by Souvankham Thammavongsa | The New Yorker

 “Trash,” by Souvankham Thammavongsa |  The New Yorker


Thrilled

This content can also be viewed on the site it originates from.

Audio: Souvankham Thammavongsa reads.

I don’t know why I didn’t think of someone like Miss Emily. It never occurred to me to imagine her. I guess you could say I lacked imagination. I married her son after knowing him for only five days. A whirlwind romance.

I was the cashier at the local supermarket. Her son came in on Tuesdays to shop, to get discounts. I thought he was someone who didn’t spend lavishly even though he could. I could tell he came from good people. He always wore a nice suit, and he had this beautiful coat, the kind of fabric that made you want to reach out and touch.

Of course, I could never do anything like that. I am not that bold. And, anyway, we weren’t allowed to behave that way with customers. I wasn’t selling clothes. I scanned bar codes. We were instructed only to take the coupons and the cash, or to press the buttons for the credit-card machines. We don’t accept personal checks anymore, we were told to say.

The evening I actually met Miss Emily’s son, I was finishing up my shift when I saw him come in. He seemed real glamorous, and I hadn’t seen someone like that before so close up, looking right back at me. He certainly was not like the kind of people I’d grown up around. The kind who cuss, grab their crotch, belch. If they didn’t like you, you’d know about it and they’d say it to your face. There was no pretending.

I helped him carry some things to his car, and we got to talking. I liked talking to him. He was funny and friendly and polite. That’s all I really need to know about anyone. I remember now that it snowed. Large, fluffy, soft flakes that made you think of diamonds. That night, I went home with him, and the rest, as they say, is history. We got married.

I put Miss Emily not long after marrying her son, on a Friday evening. She took the earliest flight she could get to come see her son. She thought I was pregnant because of how sudden it was. I was not.

She was so eager to meet me. She made her son drive her to the supermarket, and they waited in the parking lot for two hours until I finished my shift. I had been on my feet for eight hours, so I wasn’t looking too hot or feeling that great about myself. But I didn’t think of things like that, impressions—first impressions—what they mean and how people don’t change their feelings about you even years after.

I was wearing jeans and a pair of old runners, and a sweatshirt several sizes too large. My hair was tied back in a low ponytail. I wasn’t wearing any makeup. Like I said, I didn’t think of things like that at the time.

I got into the back seat, where Miss Emily was sitting alone. She took my face in, all its details and pores, assessed what kind of skin care or serum I might need, and kept those thoughts to herself. She smiled politely, and told me she was so glad to meet me—the girl her son had married.

I was family now, she said, and it wasn’t up to her to say anything about that. His son was, after all, his own man.

For as long as she could remember, all she ever wanted was a family, too. Her husband had died a few years ago. Heart attack. Sudden. She had married him right after college. Gone to law school, made partner, owned her own practice. Had three children. Bought property. She could afford to travel and take vacations abroad.

She had bettered herself. She’d worked very hard for what she had, she said. She had been—at one point in her life, so she knows these things—what people called trash. She’d improved herself, she said. Moved on up, pulled herself up by her bootstraps, got to work, and no one could use that word to describe her anymore. She made sure of that, she said.

Over dinner that night, at a restaurant, she told me loving stories of her son when he was a child. How he’d wanted to be a grass cutter at a baseball stadium in a big city when he grew up. His first girlfriend, his crushes and heartbreaks. His prom, and his pets. I loved hearing these stories. She made them so vivid and funny.

The bill came, and she paid. I begged her to tell me one more story. She thought for a moment. And then she told one about a pigeon her son had picked up off the road in front of their house when he was about ten years old. She didn’t know that what he had there with him was a pigeon. She thought that he had been injured, that there had been an accident somewhere, but he was smiling at her with all that blood on him, and she was relieved to find out that he just had a dead bird. She said her son was always finding things like that—dead animals, caps and bottles, old books—and bringing them home. She said he always asked her to make something out of them.

When her son drove us back to his apartment, she asked me about my family. I said it was just me. My parents weren’t around anymore. They died in a car crash. I should have left it at that, but Miss Emily had spent all evening telling me stories, and she was so open and honest that I wanted to say more. My dad had been drinking and really shouldn’t have got behind the wheel. He was speeding. Ran a red light. It was raining. The car, a cheap old thing, was totaled.

I was in my last year of high school when all this happened. My parents didn’t have life insurance. The car insurance had expired and no one had bothered to renew it. There were no savings or anything like that. So I had to quit school and get a job to pay rent. I wasn’t in a position to spend a few weeks or months sending out summaries, going on interviews. I needed a job right away, and the supermarket gave me one.

I didn’t want to live with anyone and was proud to find a place I could have all to myself. It was across the street from a park. It had one window. Hardwood floors, a bathtub, toilet, a stove, and a fridge. I wasn’t a person who needed much. I put up bookshelves and set a mattress on the floor. An actress, I was told, had lived there. She gave up the place when she got a big break out in Los Angeles. I thought it was good luck to move into that space. Maybe I would catch a big break myself. I didn’t know what, exactly, that might be, but it was something to believe in and hope for, too.



Source link

4 simple ways to lower your auto insurance

 Minimum insurance coverage required for Virginia vehicles set to increase Jan.  1


With gas and car prices hitting record highs, the cost of driving is only going up. Your auto insurance might be one area where you can save, especially if you are driving less.

Millions of Americans are now spending fewer days in the office. That means less time behind the wheel for Michelle Kostyn.

“I don’t go very far anymore, not very far,” she told us while filling her SUV with $75 in gas.

Cam Ray has cut back the miles he drives, too. “I’m definitely driving less,” he said. “If it’s not needed, I’m not driving.”

How to cut that insurance bill

But are you still paying the same, or even more, for auto insurance right now, even though you’re driving less than you were two or three years ago?

In that case, it’s time to pick up the phone. According to John McCormick of CarInsurance.com, a quick call to update your mileage could really save you some cash.

“People don’t think about car insurance but they really should,” he said. “There are a lot of programs where you have low mileage discounts, and it can save you a lot of money.”

Another option is “pay-per-mile” car insurance, offered by companies like Metromile.

“Instead of a flat rate for insurance,” Gina Minick of Metromile explains, “our customers pay a low base rate but they also pay a few cents each mile that they drive.”

Minick says the savings can add up quickly for remote workers, and low-mileage drivers.

“To us, that means you drive about 10,000 miles a year or less,” she said.

There are things to think about before making any switch, however.

John McCormick says any low-mileage program will monitor how many miles you drive. Metromile says that’s not necessarily a bad thing, especially if you ever have an accident.

“If our insured wasn’t at fault we have the data that shows that,” Minick said.

Ways to save even if you are not driving less

If you’re not driving less, however, there are other cost-saving options for you, too.

  • Ask about discounts for safe driving or for student drivers
  • Look at bundling options
  • Comparison shop companies
  • Be honest about how much you drive. If you aren’t: “The car insurance could deny the claim,” McCormick said.

So make some calls, so you don’t waste your money.

__________________________

Don’t Waste Your Money” is a registered trademark of Scripps Media, Inc. (“Scripps”).

Like” John Matarese Money on Facebook

Follow John on Instagram @johnmataresemoney

Follow John on Twitter (@JohnMatarese)

For more consumer news and money saving advice, go to www.dontwasteyourmoney.com

.



Source link

Spain’s DGT explain what weather damages are covered by car insurance

Spain's DGT explain what weather damages are covered by car insurance


Spain’s DGT explain what weather damages are covered by car insurance Credit: Twitter @DGTes

On Friday, June, 3, Spain’s Directorate-General for Traffic issued a reminder on car insurance in Spain, specifically focusing on weather phenomena.

In an article on Spain’s car insurance on weather phenomena that they had previously published on their official website on March, 14, the DGT explained the difference between regular insurance and “Consorcio de Compensación de Seguros” in English, Insurance Compensation Consortium.

The Consortium is an entity that goes further than Spain’s private car insurance policies taken out with private entities when extraordinary situations arise due to extreme weather phenomena or natural catastrophes.

In principle, the distribution of roles is clear between the insurance companies and the Consortium: accidents derived from traffic, regardless of their cause, are assumed by the insurance company; damage caused by external natural agents falls on the side of the Consortium.

Roughly speaking: a traffic accident is covered by car insurance in Spain, but if an earthquake or a hurricane damages a vehicle it is the Consortium’s responsibility.

The Consortium’s statistics do not differentiate between the types of property affected, but the accumulated figures give clues as to the most frequent phenomena: floods lead the ranking, accounting for 64 per cent of its payments from 2004 to 2020; winds and heavy rains – what the Consortium calls “atypical cyclonic storms” – account for almost a quarter of the total, with 23 per cent; and earthquakes, 10 per cent.

These are precisely the three large blocks of claims that the Consortium deals with. In other non-extraordinary situations, it is Spain’s normal car insurance that take care of them, such as rain, hail, snow or lightning.

Insurance companies deal with:

  • Rain: Direct damage caused by water seepage above the threshold established in the insurance policy.
  • Hail: Aesthetic damage to the bodywork.
  • Snow: This includes both aesthetic damage and internal damage, for example to the brakes, if it has been buried.
  • Lightning: Burns or teeth. Vehicle should be closed and devices switched off and it should not affect anything else.

The Consortium deals with:

  • Flooding: Damage caused by waterlogging of the land due to rain or thawing, lakes or the ravages of the sea.
  • Eruptions: All damage caused by the volcano is covered by the Consortium.
  • Earthquakes and tidal waves: Damage covered when the National Geographical Institute certifies the phenomenon.

Damages caused by winds up to 120 km/h are covered by Spain’s insurance companies, any higher and from then on, the Consortium deals with it.


Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.





Source link

What Insurance Do You Need for a Leased Car? | Car Insurance


If you decide to lease a car, you should understand your insurance requirements before signing the paperwork. This guide will help you understand what coverage you should have, how much it might cost, and the best way to get cheap insurance for your leased car.

The type and amount of insurance you need for a car varies by state, but those requirements are the same whether you finance, lease, or own your car outright. In all states except New Hampshire and Virginia, you are required to carry a minimum amount of liability protection, including:

  • bodily injury liability insurance. If you’re found at fault for causing an accident, bodily injury coverage will help pay for the medical expenses and lost wages of persons other than yourself or your family who have been hurt.
  • Property damage liability insurance. This coverage will help pay for repairing any damage to others’ vehicles or property if you’re found at fault in an accident. As with bodily injury protection, this coverage does not apply to you or your family members.

Depending on where you live you may also be required to carry additional coverage, such as:

  • Uninsured and underinsured motorist insurance. This kicks in if you’re hit by another driver who doesn’t have insurance or doesn’t have enough coverage to pay for your related expenses. It will also pay if the car is involved in a hit-and-run accident.
  • Personal injury protection (PIP). A handful of states require drivers to carry personal injury protection insurance, also known as no-fault insurance. This covers medical expenses for you and your passengers in the event that you’re hurt in a collision, no matter who may have been at fault. It does not cover the medical bills of other drivers and their passengers, nor does it cover repairs to your vehicle or those of other drivers.

Leasing a car requires a payment agreement with a lender, just like financing a car with a vehicle loan. The lender, or lessor, will typically have additional coverage requirements you must meet to satisfy the insurance part of the leasing agreement. These are commonly referred to as full coverage because they protect you and the car. Besides liability insurance, you may need to purchase:

  • Comprehensive coverage. This applies to damage to your vehicle caused by events that are outside of your control, such as fire, theft, vandalism, weather events, and hitting or being struck by an animal.
  • Collision coverage. This applies to damage to your vehicle that is caused by hitting another vehicle or object, like a fence, guard rail, or building, or if your vehicle overturns.

Your lessor may require you to carry a specific amount of coverage, like a maximum deductible of $1,000 for comprehensive and collision coverage. You may also have to carry more than the state-mandated minimum amount of liability insurance. It’s important to check the lease agreement details to ensure you’re meeting or exceeding the minimums when getting insurance on a leased car.

If your car is stolen or totaled in a collision, the amount you still owe on your lease (or on your loan, if you’ve financed the vehicle) may be greater than the car’s book value. Reimbursement from your insurer will go directly to the leasing company, which holds the title to your vehicle, leaving you responsible for any remaining balance on the loan. For example, if your car is valued at $25,000 at the time of the accident, that’s how much your insurer will reimburse. If your loan balance is $30,000, you’ll have to pay the remaining $5,000 yourself.

Gap insurance protects you from such a financial catastrophe by covering any such balance you may owe. It will not provide compensation for things like medical bills, lost wages, or legal costs. You may be offered gap insurance as part of the lease agreement, which will roll the cost of the gap insurance into your monthly payments. You might also be able to buy gap insurance directly from your insurance company, although not all insurers offer this kind of coverage.

Car insurance for a leased car can be expensive because you must carry full coverage, rather than only the state-mandated minimum. How much you’ll pay for leased car insurance varies by company and the city and state you live in. The year, make, and model of the car you lease also affect the cost of car insurance. For example, an expensive sports car may be more expensive to insure than a smaller and safer sedan. Your personal and household characteristics also make a difference, including your age, gender, claims history, and driving record.

Although you might have to pay extra for coverages to insure a leased car, there are still ways you can lower the overall cost of insuring a leased car:

  • Bundle your policies: Often the discount with the biggest impact on your car insurance premium is the bundle, or multi-policy discount. If you insure both your car and home or renters insurance with the same company, you might be able to save on leased car insurance.
  • Shop around: Getting at least three quotes from different insurance companies can help you find the lowest rate. Just make sure you get quotes for the same coverages so you’re doing an apples-to-apples comparison.
  • Ask about discounts: Bundling isn’t the only discount opportunity you have to lower the cost of insuring a leased car. You may be able to lower your premium with savings for driving safely, paying your policy in full, reducing the number of miles you drive, and other discounts for working in a specific occupation or being a member of an organization.
  • Raise your deductible: Increasing your comprehensive and collision deductibles may lower your premium, but you’ll have a higher out-of-pocket cost if you have to file a claim. If you are thinking of raising your deductible to lower the cost of insuring a leased car, make sure you don’t exceed the maximum deductible outlined in your lease agreement.

No, car insurance is not included in a lease. This is no different than financing a car, which also does not include car insurance as part of the loan agreement. Before you lease or finance a car, it’s a good idea to contact your current insurance company to find out if getting a new car will cause your rates to change and by how much. If you don’t have car insurance currently or think you could save money by switching insurers, our car insurance comparison tools can help you find a policy to fit your needs.

The cheapest car insurance depends on many factors, including the coverage levels you choose, where you live, your age, and your driving history. Each company has its own rate structure, too, so it’s best to get quotes from at least three different insurers to find out which one has the cheapest car insurance for your personal and household characteristics. Though USAA and Geico often have the cheapest car insurance premiums on average, based on our research, your rates may be cheaper elsewhere.

Learn More

For more information about auto insurance, see the following guides:

Other Ratings from 360 Reviews

For more information on other types of insurance, see the following guides:

At US News & World Report, we rank the Best Hospitals, Best Colleges, and Best Cars to guide readers through some of life’s most complicated decisions. Our 360 Reviews team draws on this same unbiased approach to rate insurance companies and agencies. The team doesn’t keep samples, gifts, or loans of products or services we review. In addition, we maintain a separate business team that has no influence over our methodology or recommendations.

US News 360 Reviews takes an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.

.



Source link

Do You Need a License to Buy a Car?

Driver


For some people, buying cars is like a second-nature process. If you’ve purchased a few vehicles in your life, you might even feel like you know the ropes. But for others who may have never been through the traditional car-buying process, it can be challenging.

You might have questions about all the new digital ways of buying. Or should you venture into a dealership to get help? What about financing? And for many first-time car buyers who may not have a driver’s license, is purchasing a car even possible? States will vary with their requirements. But here’s what everyone should know about trying to buy a vehicle without a license.



Source link