Sunday, June 28th, 2009 at
Review car insurance James – Nevada : I just received a non-renewal notice from my company for my car insurance policy? I do not understand this since I have paid my premiums regularly and never been involved in an accident? What should I do?
Non renewal notice – Comapre auto insurance quotes online.
Response : James, do not worry the solution to this is to compare auto insurance quotes online or reveiw car insurance coverage and am sure you will get a low auto insurancr rate. However, it is best that you understand the why the auto insurance company issues you a non-renewal notice.
Non renewal of an auto insurance policy is not necessarily a cause to worry. non renewal notice can be given for DUI, bad driving record or high claims.
James, any person with car insurance can find themselves in a similar situation. A non-renewal notice can be given either by you or the insurance company on expiry of the policy. If the insurance company is giving you the notice than the reason for non-renewal are stated and the notice period would depend on the state you live in. You can either call the insurance company customer care division or ask for an explanation of non-renewal. You can also call your state department if you are not satisfied with the response from the insurer.
Sometimes insurance companies send you the non-renewal notice if they are getting out of the business for the particular class. The non-renewal can also be given if you got involved in drunken driving incidents, bad driving record or high claims and so the risk is higher which the particular company is not underwriting i.e. high risk business which is underwritten in the non-standard or specialty market.
If your policy has not been renewed, you will not necessarily be charged a higher premium at another insurance company. The best course would be to shop online and check out and comapre auto insurance quote available. You would also rceive a higher discount for insuring your policy online.
Thanks.
Kamlesh
low auto insurance rate
Friday, June 19th, 2009 at
Compare car insurance Reader: What does my credit rating have to do with my auto insurance quote or rating?
Low auto insurance rates can be obtained with good credit.
Auto insurance quote credit rating
Response : One thing you need to remember when you review car insurance or compare auto insurance quote to get low auto insurance rate is that your credit score should be good. Normally one would think that there should be no relation between the car insurance rate and a credit score.
The credit score is generated from a person credit history. Credit history is the score of the time-line and the default in paying your bills like the telephone bills, loans or any outstanding bills. The insurance premium for any risk including the auto insurance is based on the probability of loss; the higher the probability of loss, the higher the risk and the higher the rating.
The actuarial department of the insurance company has analyzed the “insurance score” and based the auto insurance premium on this. The “insurance score” is generated from a numerical rating of the person credit history. Based on the “insurance score” the underwriting of the auto insurance is done. The insurance companies have found that if the credit score of a person is low than the risk is higher. Statistically it has been found that a person with a low score for credit history is more likely to place a claim or meet with an accident than one with a higher score. This may be the case since a person with poor credit has financial problems and is under stress.
So the next time you reveiw car insurance coverage or compare auto insurance quote, whether online or through an agent, please check your credit score. If it is good – you have a ticket to low auto insurance rates. The agent is not giving you low auto insurance rates – you are entitled to low auto insurance rates.
Low auto insurance rates
Wednesday, June 17th, 2009 at
Compare auto insurance Eben Pagan : How is the auto insurance rate determined? Will knowing this help in getting low auto insurance rate or low auto insurance rates?
Low auto insurance rates – easy way is review car insurance
Response : Eben,an easy way to get a low auto insurance rate is to reveiw car insurance coverage and compare auto insurance quote online. Yest you will need to understand how the rates are determined. The reason is we think logically, hence if we know the reasoning behind we can work accordingly.
It would be interesting to know exactly on what basis the rates are decided by the insurance companies so that you will learn why the auto insurance quotes differ from state to state or from company to company.
The insurers basically take into consideration their expenses for paying claims and operating the business, plus some amount of profit for shareholder. Secondly they want to charge higher rates to the persons who have had claims to balance the risk. Lastly the insurers want to take into consideration the competition existing in the market.
Besides this is most important for car insurance is that they have the governing rates or limits imposed by the state authorities. Here is the link to the web-site where one can know more about the State Government Regulations.
Generally the insurance companies divide the risk as per the expected exposure of the risk in three categories a) Low risk (preferred) b) Medium risk (standard) and c) High risk ( Non-standard). The classification into categories is done based on the type of car, the purpose of use of the auto, the driver who is driving the auto, geographical region and other considerations.
It is this classification that might vary from insurance company to company based on the underwriting philosophy, claim experiences and business portfolio. This is why a prudent person needs to compare auto insurance quote.
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