Why do I need insurance since all other insured drivers in NC are required to carry uninsured/under-insured motorist coverage?
This was a question we got recently that I had to take a few seconds to formulate a politically correct response...but the question wasn't entirely left field and had some sound logic behind it. Here's how it breaks down.
North Carolina has an 8% average uninsured motorist rate. One of the lowest in the country! Which is great, but can still mean almost 1/10 drivers on the road is uninsured, not to even factor in out of state drivers or random acts of an almost old enough to drive child. So, why should you have insurance?
So...having been around the insurance industry for a bit, we often hear the same questions over and over, because they're common, and they are the things that get stuck in someone's mind until they hear what they want to......Good bad or otherwise, here's the predominant factors that go into a home policy rating:
6. Value of the Property
There is going to be some correlation between the value of the home and what is charged to insure it. However every market is different and there's a different rating table for high value homes from more modest or traditional properties.
Most policies also have a yearly inflation guard built in. Meaning the amount of insurance will automatically climb by X% every year. This will drive your premium up over time. Keep in regular contact with your insurance professional to ensure you're getting their best rate possible!
Auto insurance rates are determined by multiple factors, including coverage, driving experience, driving history, zip code, and that the insured vehicle. All these and many other variables to determine the premium on a car insurance policy.
The coverage varies according to the limitations and coverage options. Some examples of this would be if a consumer to buy a single policy, or multiple; liability only, or full coverage. So having lower liability limits will make your premium less, but it raises your exposure if you have an accident that goes over those limits. If you have a higher deductible, you will have a lower premium payment, since you as the consumer is carrying a heavier weight of any potential loss. I'm a big fan of having a lower comprehensive deductible, and a higher collision deductible. Meaning if it's my fault I will pay more, but in the event of something happening to me that I couldn't do a darned thing about, I pay less, or potentially-Nothing. (I prefer nothing since I get a lot of windshield time).
Some of the biggest factors that determine the premium is experience of operators have license and driving history. Less experienced drivers and the customers who have moving violations have historically caused more accidents. Insurance companies need to charge the appropriate premium for the amount of risk involved in insuring their customers. As a result, these drivers usually pay a higher premium. The key metric is 3 years. More than 3 years of driving experience= lower insurance premiums. 3 years after an accident or ticket, the violation drops from charging, depending a bit on the state, and the violation, major ones can potentially count for 5 years.
What it is, and where it is:
The vehicle is insured and the area that the vehicle is parked is also an important factor. Premiums for vehicles will parallel physical damage to the vehicle's value. Meaning; the more expensive the vehicle is higher the premium will be (2014 Aston Martin will cost significantly more than a 2004 VW Jetta). The address of the garage the vehicle itself varies depending on the region or postal code the vehicle is kept. In general, rural areas have a lower premium than most metropolitan areas. Insurance rates are based on historical averages and when creating a table rating review of accident insurance and flight frequency. Densely populated areas have more theft and medium collision. Albeit, no one has ever moved to get their insurance cheaper. But its something to be aware of.
In conclusion, the auto insurance premium varies with the historical average and statistics. Price charts are created to ensure that the higher the risk the insurance company the higher the premium on the policy will be. Find yourself an local insurance agent/broker, who can give you solid advise and build a policy around what's important to you. Once all your coverage needs are satisfied, price is a secondary consideration!
So a neighborhood woman here in Cary is coming under fire for posting a sign in her lawn that says "Nothing Inside is Worth Dying For"....What're your thoughts about detering would-be robbers from being tempted to your home? http://www.wral.com/news/local/video/13473821/
So....who needs life insurance? Honestly, not everyone needs life insurance. But the perspective on it, is that those who can't afford it don't get it. That's exactly the opposite of reality. Those who need it the most are the ones that don't think they can't afford it.
Who needs Life Insurance? Well, life insurance is a tool that will leverage your dollar when you need it the most, and by you, I mean your family, dependents, spouse, significant other, etc. With the exception of some cash accumulating policies, Life insurance won't help YOU, it will however help others immensely in the event of an untimely passing.
Typical reasons to buy life insurance:
The type of life insurance that's best suited to the individual will vary based on their need. So I recommend sitting down with your agent, or finding an agent that's been in the business for a while, and having a candid conversation about where you are in life, and where you want to be, so you can develop a plan that meets your long term financial goals and objectives
How much you pay for auto insurance depends on several factors, including your age and marital status, where you live, and what you drive. You can't do anything about your age, and few people will move just to lower their insurance premium. You can, however, choose a vehicle that costs less to insure.
In this article, we'll give you all of the helpful tips you need when getting car insurance.
What is your car insurance actually insuring? Although you're buying a single insurance policy covering a specific vehicle, a number of components make up the final cost:
More to come tomorrow!
Individuals who drive while sending or reading text messages are 23 percent more likely to be involved in a car crash than other drivers. A crash typically happens within an average of three seconds after a driver is distracted.
Facts About Texting & Driving
What're your thoughts?
With the impending re-occurrence of winter weather here in the south.....I thought we should offer some tips for driving in this junk! Be safe North Carolinian's, even though those northerners may mock you, we don't have the equipment down here to keep all the roads clear that they do up north! We're here
Most importantly, slow down, take your time, and if you don't have to go out in it, DON'T!
So, as I'm sitting here on a saturday morning sipping some coffee as the children absorb some cartoons that keep the house from being quiet, yet insure their silence, I wonder.....
What are you, as a client, or a consumer of our services, really looking for from an insurance company, or agent?
Carolina Insurance Alliance
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