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Auto Insurance
Auto insurance (or vehicle insurance) refers to the insurance purchased to protect vehicles against loss or damage caused by accident. It is usually a compulsory requirement in most countries for all vehicle owners.
10,288 Questions
Is Ohio a no fault state insurance?
No it is not a no fault state. Ohio is a tort state meaning that someone must be found to be at fault in each accident.
Do you need extra coverage for your daughter who lives with her mother?
If she ever stays with you or drives your vehicles you need to let your insurance company know about her so that you have coverage.
Is there a formula the insurance companies use to determine salvage value of your car?
Different insurance companies use different figures to determine whether or not a vehicle is a total loss or not. Usually it is between 70 to 80 percent of the value of the vehicle. There is usually a special total loss adjuster who handles these cases once the normal property damage adjuster has determined it to be a total loss.
Within all insurance policies it spells out that your insurance company has the option of paying to repair your vehicle, replace the vehicle, or pay you the actual cash value of the vehicle. All of these cases will be less your deductible of course. If they pay you the full actual cash value of the vehicle then of course the vehicle belongs to them. Sometimes you can buy it back from them if you like. I always recommend that people do not buy the car back because of the issues involved with this. In order to be able to get a tag for it again you will have to repair it completely and it will have to be inspected by the state. After this you will receive a salvage title that shows the new owner and all future owners that it was a total loss at one time. This makes it worth far less than any others if you want to sell it in the future.
How much car insurance do you need to drive in MN?
Minnesota is a state that requires a minimum of liability insurance. The minimum amount of coverage allowed to drive in Minnesota is 30/60/10.
Generally a homeowners policy is set up on a direct bill arrangement where the company sends the bills to the policyholders and then the company pays a commission directly to the agent. The independent agency is not allowed to charge any additional fees or commissions to the policyholders. The independent agency will perform all service to the clients such as writing new policies, making changes, answering questions, etc.
Agency Fees in TexasYes, Agency Fees are allowed in Texas. Commissions however are set by the insurer issuing the policy and will vary company by company.In Texas you have many choices of professionals for your Insurance needs. You can use the services of a Standard Insurance Agent, an Independent Insurance Agent, an Insurance Broker or even a Risk Manager as well as that of an Independent Insurance Claims Adjuster. You may decline to pay Agent, Broker or Adjuster Fees, However, these professionals may also decline to accept you as a client or may decline to offer you representation or service.
Best practices for Independent Agents is to maintain a single master one page "Fees Disclosure Schedule" indicating what services and any assigned fees disclosed with all originating service offerings. This practice provides for an informed insured customer and promotes fair and consistent application within the agency. Any custom risks subject to hourly rates should be included in a signed addendum to the agents fees schedule and should be reviewed and provided with applications and service offerings.
Whether or not you incur an agency fee can depend on many things. 1.Who handles the billing and payments for your insurance policy. 2. Who is responsible for the production, printing and mailing of your insurance policy. 3. Is the carrier local, foreign or an alien (international) insurer. 4. The complexity of your risk or the time consumed in finding an appropriate market. 5. The type of insurance policy you purchased. 6, Insurance regulations in your state and the established agency fees schedule of your producing agents.
Agency fees are typically not allowed on policies placed through government sponsored assigned risk programs such as the Texas Windstorm Association and the National Flood Insurance Program. Due to low commissions some agents simply can not afford to participate and do not offer these government insured programs. Some standard line direct bill offerings the company underwriting rules may not allow an agency fee. So some policy offerings and services may have agent fees while others may not. Your agent should be able to provide you with a Fees schedule.
Most Standard lines Insurance agents represent only 1 primary carrier, Some may have 1, 2 or 3 backup markets in place. So most policies are direct bill and issued by the insurer and usually require no agent fees as all servicing costs are built into the premium.
Independent Agents typically have a dozen or 2 dozen markets, both standard and Non Standard, Admitted and Non-Admitted carriers, some larger independents will have over a 100 markets or insurance brokerages to offer and each insurer has it's own underwriting and production guidelines. Some will offer direct bill programs and many may require the Agency have billing, underwriting and production capabilities.
Most states, including Texas Insurance regulations, do allow regulated agency fees. Regulations depending on your state may limit the amount and types of fees but all require fees disclosure in various ways.
With an independent insurance agent, it is true that you have access to many more potential insuring markets, but it is not unusual to incur fees for the extra services and market access available.
Example 1. We recently found replacement coverage for a residential property risk (Homeowners Policy), Previous annual premium was $4,600 on a direct bill program, new company came in at $2,100 for matching coverage with a $100 Agent Placement fee. total savings to the insured was $2,400 per year, same coverage, different brokering market with an agency billing and production requirement.
Example 2. You pay your insurance renewal bill of $1500 through your independent agent with your Credit Card, Visa International will likely charge the agent 40 to 80 dollars to process the charge from your card. If the agent does not collect an agents processing fee, that agent will not have the entire 1500 to transmit to the insurer as it will have been intercepted by the credit card processor. This is why as mentioned above. If you are placed with a direct bill program carrier you would likely not encounter an agency fee, but you still might encounter a payment fee depending on the company and your method of payment.
Example 3. You have an efficient affordable policy placed with a London Insurance Exchange, These international markets have little or no direct bill capabilities so standard annual agency servicing fees are in the 100 dollar range due to the overhead cost of Policy Production, Premium Collection and Transmittal.
The best place to learn about agency fees pertinent to your policy is with your Insurance Agent.
Information about regulation of insurance agents and agency fees can be found with your State Insurance Commissioner or Administrator.
No insurance company will cover you for driving whilst suspended. Any illegal activity will deem your policy null and void.
Approximately how many people have Geico Auto Insurance?
The Government Employees Insurance Company (GEICO) is a pretty large auto insurance company and has many policy holders. Approximately, more than eleven million people have GEICO auto insurance.
In what circumstances does a liability release apply?
A liability release applies in circumstances when a "Releasor", the person filing the release, is absolving the Releasee of all actions, suits, liabilities and claims. They are used when one wants to release someone from liability. For example, if one is in a hit and run accident and does not want to press charges, they may file a liability release to state that you do not hold them liable for damages resulting.
When is the best time to drop full coverage auto insurance Vs collision comperhension?
You have to weigh the value of your vehicle versus the cost of the insurance. If your vehicle is still financed you are required to keep full coverage on the vehicle. Another good option is to drop collision and keep comprehensive on the policy. Collision is if you hit something or turn it over and comprehensive is everything else including animal collisions and broken glass. The higher premium is on the collision.
I'm not sure about Minnesota in particular but most policies state that you are required to list all household members and regular drivers on your policy. This means that everyone needs to be listed.
What are premiums for auto insurance?
The premium is the price you pay for your auto insurance. This will vary greatly depending on location, drivers, accidents, vehicles, etc.
How long do you have to get auto insurance for a new car?
This is an issue that you need to make certain of before you drive off the lot. Different policies are all different and you need to make certain with your agent as to whether or not you have automatic coverage. Sometimes it depends on the coverage you have on your other vehicles on your policy.
Can car insurance companies change your policy based on a quote?
A quote is just an estimate and nothing more. The more accurate the information you give them the more accurate the quote will be. If you have more claims, tickets, accidents, etc. than you tell the agent then the quote will be different. Often times the VIN number of the vehicle shows a different symbol than the quote does so the price is higher or lower.
Who is at fault if you hit a car that is reversing out of their drive and the damage is to my car?
You were on the road so had the right of way. The person in the driveway is at fault. He/she didn't yield. They hit you. You DIDN'T hit them. Remember that if you go to court or talk with insurance.
Is it a bad thing to change auto insurance?
There is nothing wrong with shopping and changing insurance companies from time to time. Remember that price should not be the only factor in making a choice for your carrier. The only time I recommend people not change carriers is after they have reached an age of about 65 years old. At this point they should build a record with a good carrier and try to stay with them. The reason for this is if you change companies and all of a sudden have a few claims the company may look at you as a person who may have trouble driving and you may be subjectto being cancelled and it gets harder to get good coverage and keep it.
It is not possible
Can you register a vehicle without insurance in Texas?
No. Mandatory auto insurance is a state law in Texas.
Can you add your grandson to your car insurance policy?
Yes, you can add your grandson to your car insurance policy. Speak to your insurance broker.
Where can I find and purchase cheap auto insurance?
There are many websites offering cheap automobile insurance but be careful. It is best to go with a well-known and reliable insurance carrier to make sure you are covered adequately and can get payments should an accident occur.
What are some well known car insurance companies in North America?
Some well known car insurance companies in America include State Farm, Geico and Allstate. Esurance is also becoming more popular and is a division of Allstate.
The car insurance in which you are looking for is called 'no fault insurance'. It is regulated state by state and not all states require you to have such insurance, some states have only require one to have liability insurance.
Why would someone want to get a car insurance compare?
One would want to get a car insurance compare because many car insurance businesses have much better rates for certain drivers, much lower prices in general, and are easier to sign on to. Thus it is best to look around before purchasing one.
Why would some want to get car insurance quotes online?
Someone might want to get car insurance quotes online due to the ease of the system. It is convenient to be able to get quotes from home, and it also makes it easy to compare prices.
How do you find your current instant car insurance quote?
As of the moment, my current instant car insurance quote is very good. They are reliable, they act fast on claims and they also give discounts. The good part is, they offer good things online ad you don't have to go to their office for transactions, which makes it very convenient.
