Automobile Insurance FAQ

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Motorists can have some questions they would like to find the answers for regarding their coverage, prices, quotes, vehicles and policy terms. They do not feel comfortable to ask to an Car Insurance Agent or broker each time they like to find out something. Most of the time can find substantial information online. We try our best to be helpful here as well. However, policyholders should not hesitate to call their insurers when they have important and specific questions.

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Here are some of the questions we come across often. These answers are not extensive and you may be able to find more on posts within this site addressing specific topics.

Does my policy cover me for driving cars belonging to others?

Usually, the owner of the car should have arranged coverage if he will let others drive his car. Your policy can cover cars belonging to others while you are driving, if you ask for it. However, this will probably cover the liabilities you may face after the owner’s policy exhausted and not the damages to the car.

Will my Insurance Policy cover the rental car as well?

You can get your private policy to cover the liabilities section when you rent a car. However, it is unlikely that they will cover any car you rent for damages. You may have to buy damage waiver from the rental company.

Why the agent likes to know who else can drive in my household?

Companies assume that at some stage you may allow them to drive your automobile. They like to accommodate this possibility in their calculations.

What extras I should buy on top of the liabilities to insure my car properly?

Collision coverage pays for any crash related damages your car may suffer.
Comprehensive coverage will include most other damages to it except the collision like weather related damages, theft, vandalism, falling threes and so on.

How come rates are so different in the market?

Every company has their own preferred risk profile and every policyholder carries specific risks. When an insurer comes across a driver meeting their acceptable risk criteria, they will offer better rates. If they do not like the driver history or the car he is driving, they will offer much higher rates. You just have to find your ideal insurer to get the best rates.

What is deductible and how does it affect the rates?

Deductible is the first portion of a damage that will be paid out of the pocket of the policyholder before insurance kicks in. The more risk you take away from the carrier by increasing the deductible the lower the premium should be.
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How much my rate can go up if I move from a town to a large city?

A lot is the short answer. Depending on how safe is your current location and how risky the city center you are moving to, the premium can be as much as double.

How come some cars are cheaper to insure compared to similar cars of different manufacturers?

Some manufacturers build safer cars than others. These safety features can reduce the injuries to people and damages to cars. As a result, insurers are likely to pay less for claims and therefore offer better rates to those owners.

Can auto insurance companies reject certain claims?

Yes, in some cases they will have to. If you were drunk when you caused the accident or deliberately damaged it, they will not be happy to pay.

If my car is totaled, would the insurance pay for my loan on it?

Not automatically, but yes if you bought a gap insurance. These are special additions to make sure that the payment is not less than the loan when the vehicle is totaled.

Can insurance companies refuse to insure certain people?

Yes, they do not have to accept every risk especially bad drivers with several accidents in a short time or many traffic violations are not necessarily welcomed.

What happens if I stop paying the premium installments?

Probably, the policy will be cancelled. Some companies can cancel automatically as soon as you stop paying and few may allow a grace period even though they do not have to.

Is it easy to get quotes online?

It is pretty easy when you find an efficient website like to carry out the search. It should not take more than thirty minutes to properly compare Car Insurance rates and buy.About us | Contact us |

China acquires Smithfield Foods

smithfieldChinese companies are collaborating with their government in trying to acquire assets from all around the world. This is a trend that has been on for quite some time now. They have been buying things like tech companies, international banks and also seem to be investing a lot on real estate. However last week it was announced that a meat producer from China is planning to take over Smithfield Foods a Virginia based food processing company has taken everyone by surprise. It is considered to be the world’s largest producer processed pork; they are famous for their widely loved range of hotdogs , ham and bacon under the household names like farmland and Armour.

U.S economists are kind of worried over this trend, as they worry whether this would give China an additional leverage on the U.S economy. Many also see it as a threat, as China also has the biggest military force in the world. At the same time, state and local chambers of commerce see it as a welcome change as well as suggest that there would be a boost in the local job markets. There are also other economists, who see it a much brighter light and say that the low of investments should not be frowned upon and rather be seen as an opportunity for good business and employment.

Thilo Hanneman, who analyses Chinese investment for Rhodiun, which is an economic research group, dismisses all the negative concerns and with quite an impressive assurance point out that it would be beneficial in the longer run because of an increase in tax revenue as well and suggest that the primary reason why mayors and governors go to China for endorsements is to promote these kinds of investments. However amidst of all the speculation and rumours, The Smithfield acquisition has not been confirmed yet, as there are strict rules and regulations to be fulfilled and also it is mandatory for to get the approval of the committee on foreign Investment.