LEARN HOW TO ESTIMATE YOUR CARS TRUE VALUE FOR A MORE ACCURATE QUOTE

Getting the best quote from an insurance company is the goal of every driver. You can consider many factors to get the best insurance policy, such as driving history, location, years of experience, credit score, etc. Besides these, your car's actual value is the most important element you should consider for a more accurate quote.

However, it is often a difficult task to determine the actual value of your car. Experts recommend people to set aside their emotional attachment to their vehicles to create a realistic estimate. Knowing the methods car insurance companies use can help you determine the true value of your car.

Likewise, you should compare your car to other similar vehicles and their prices to calculate a reliable estimate. In today's article, we will give you some tips that will help you estimate your car's true value. Read on!

Record Your Car Information

Recording all the information about your car can help you determine the actual value of your vehicle. Make sure you write down the make, model, year, color, engine type, mileage, upgrades, and further necessary details. That way, you can set your car apart from other vehicles. It may also include information about modifications, dents, scratches, and newly replaced parts.

Research Your Vehicle's Book Value

Although the value book is not the ultimate source to estimate your car's true value, it can give you some useful information. Most book value sites don't offer accurate estimates of what insurance providers will offer you, especially if you have a claim.

The reason is that insurance companies have different estimation methodologies for calculating a vehicle's value. Most insurance carriers access the car database and base their quotes on similar cars' prices in your region. Well, "book value" plays a key role in calculating your car value, but you should not solely rely on it.

Compare Prices Online

Many websites offer tools to estimate your car's value. Visit online car sale sites to start comparing prices. You can narrow down your search based on factors like location, post code, car model, year, etc.

Most often, insurance companies use car sales data from your geographical location. If you search your city or post code and can't find any similar cars for sale, then it is important to do a broader search to find several similar cars.

Find the Average Price

After you have found all similar vehicles in your area, note down their prices. Average the prices for all the cars and then reduce the figure by 10% to 15%. It is because people bargain down the prices before finalizing the sale.

This number can help you calculate a good estimate for your car value for insurance purposes. However, the insurance company will adjust the value up or down based on your vehicle's current condition.

You can drive around local car lots to determine the asking price for similar cars. Keep in mind that most dealers finalize the deal by selling those cars for less than the listed price. Make sure you compare your car to others with similar features and mileage.

Final Words

Everyone wants to get the lowest possible rates while applying for insurance coverage. Knowing your car's true value can help you get the best insurance policy. Consider the tips and tricks mentioned above to calculate the actual value for your vehicle.

WHAT IS ACCIDENT FORGIVENESS?

Accident forgiveness is an add-on or an additional feature of the insurance policy. It protects you from increasing rates after an accident. Most people often add this as an optional feature to their car insurance coverage. Some insurance companies offer free accident forgiveness to people who have an insurance policy for many years and not involved in accidents.

Accident forgiveness does mean that an accident caused by you won’t be documented on your driving record. If you switch to another insurance provider after an accident, it can negatively impact your insurance rates.

Moreover, insurance companies apply this feature to only one at-fault accident. If you are involved in an accident again in the future, the company will increase your premiums. Therefore, you have to act carefully and not consider this feature as an absolute immunity.

How do Insurance Companies determine Accident Forgiveness?

Insurance companies consider various factors when determining the rates of accident forgiveness. These factors include your age, car, and location. Most companies also consider your driving history as a top factor while determining the rates of accident forgiveness.

If you are an experienced driver with a good driving record, you can get low annual rates and discounts. On the other hand, if you are involved in multiple accidents, you may lose perks like low rates and discounts. In fact, this may cause you to incur an accident surcharge.

Research reports highlight that drivers causing accidents will experience a 33% increased rate for several years. But, if you have an accident forgiveness feature added in your policy, you can avoid part of this increasing rate. Keep in mind that you will still lose the discount.

Example:Suppose you have an accident forgiveness discount and pay £500 per year for auto insurance. If you are involved in a car crash and found at-fault driver, you would lose the privilege, and the insurance company will raise your rates, especially when you renew your policy.

Likewise, the insurance provider will apply an accident surcharge on your rates, increasing them to £650 for the next 3-5 years. Besides the surcharge of the accident, the company can charge you an additional amount of £800.

Advantages and Disadvantages of Accident Forgiveness

Although accident forgiveness is a great feature in your insurance policy, it is not a perfect solution for many drivers. The primary advantages of this type of feature are that the insurance provider won’t increase your rate after your first car crash. Another benefit is that the insurance company include small accident forgiveness in your policy for free if you have a clean driving record.

The downside of accident forgiveness is that this feature often costs an additional amount, raising your premium rates. The insurance company can increase your rate after a collision and remove all discounts from your policy. Furthermore, accident forgiveness is not offered to all drivers.

Final Words

Accident forgiveness is a useful feature for some drivers. Based on the advantages and disadvantages mentioned above, it is not worth for every driver. It is beneficial for those who have a clean driving history and meets eligibility requirements. So, if you are a safe driver, you must include it in your policy.

HOW TO LOWER YOUR CAR INSURANCE QUOTE

Car insurance is an unwelcome expense for most people. However, its primary benefit is shielding or covering you from financial loss due to property damage or injuries related to an accident, natural disaster, auto theft, or some other unpleasant event.

It is crucial to get dependable coverage without breaking the bank. You can find hundreds of insurance companies, but you have to look for a provider offering a policy that best fits your needs. In today’s article, we will give some tips that will help you lower your car insurance quote. Read on!

Compare Quotes or Rates

If you are looking for affordable quotes, you will have to shop around. Many people consider getting quotes from national auto insurance companies. Although this is good, experts recommend getting insurance quotes from smaller insurance providers. That way, you can find the best and affordable deals.

The best way to shop around is to take advantage of the internet and compare car insurance quotes online. Another way to review insurance options is by working with an experienced car insurance companies.

Consider Liability Coverage Limits

It usually consists of bodily injury, property damage, and uninsured motorist coverage. The U.K has its minimum coverage requirement. However, you can choose more coverage if you can pay more. Bear in mind that a higher coverage is directly proportional to a higher insurance quote or rate.

Consider your assets such as investments, savings, or home before settling for the minimum coverage requirement. You can risk your assets if you cause an accident resulting in higher medical or property damage costs. Choose minimum coverage limits that go in line with the value of your assets.

Increase Your Deductibles

It is the amount of money you pay toward the cost of a car insurance claim. Increasing your deductible can help lower your monthly premium. Before you decide on a deductible, it is crucial to review your overall financial situation. A higher deductible above your limit or too high can cause financial instability if you ever make an insurance claim in the future.

Look for Discounted Quotes

Do you have a clean driving record? Are you a student who has got straight A’s? Some insurance companies offer discounted quotes based on group memberships and car safety features like anti-theft devices and policy ownership, driving history, etc.

Although it depends on the insurance company rules, most of them offer discounts to military personnel, veterans, drivers with a clean record, and full-time students with an excellent academic record, and people who have taken a driver’s learning course.

Moreover, you may also get lower insurance quotes if your car has safety features like antilock brakes, airbags, and anti-theft systems. If you are an active or retired federal employee, the chances are that you will lower quotes.

Final Words

If you want to lower your car insurance quote, it is crucial to get a least three quotes from the insurance agents or companies. That way, you will get a good price for the policy you want. Consider coverage limits while comparing quotes and review deductibles as well.

CAR INSURANCE GROUPS AND HOW THEY WORK- EXPLAINED

Do you know the right type of car insurance can help protect you, your family members, passengers, drivers, and motorists? A car insurance coverage policy can cover bodily injuries and property damage costs that may arise after a car accident.

If you want to save money on your premium, it is wise to understand the car insurance groups and how they work. In today’s article, we will talk about car insurance groups and their effects on your policy’s price. Read on!

What are car insurance groups?

There are 50 car insurance groups, and each group has categorized specific cars based on their prices. It starts from the cheapest (group one) and ends with the most expensive (group 50). For instance, if you have a cheaper car, it will end up in a lower group. On the other hand, if you have an expensive car, it will be categorized in a higher group.

Generally, insurers use a specific “Group Rating System” to calculate premiums. Research institutions usually run the group rating system in collaboration with insurance companies. However, some car insurance companies use their own grouping systems. A car in a lower insurance group has lower premium costs than a car in a higher insurance group.

In simple words, if your car is in group one, you will pay the lowest premiums, and if it is in group 50, you will pay the highest premiums every month. The insurance company will decide your monthly premiums based on the group of your car.

For instance, a Skoda Citigo 1.0 SE is in Group one because it the cheapest vehicle to insure. On the other hand, Bentley Flying Spur is a luxury car categorized in the highest group, i.e. group 50.

How do insurance groups work?

Research institutions associated with the car insurance industry analyze and categorize cars in different groups based on different factors. Among them, the most important factor is the price of the car. Research institutes also consider other factors, which are:

New car values: the institute considers the prices of new cars to determine the cost of repair and replacement.

Repair times: the longer the repair time of the car, the higher is its cost and group.
Parts cost: the cost of damage and parts involved in the repair process. The higher the

costs, the more chances of a higher group rating.
Safety: cars with an autonomous braking system are categorized in higher groups.

Security: Researchers also consider factors like alarms and immobilizations system end up in higher groups due to reduced claim costs.

Bumper compatibility: a car with a stronger bumper will be categorized in a higher group. Bumpers prone to damages after accidents end up in lower groups.

Final Words

Checking or knowing the car insurance group is worth your time because it helps you understand the insurance premium. It helps you know how your next car will impact the insurance price.

WHAT TO DO IF YOUR CAR INSURANCE CLAIM IS DENIED

Most insurance companies deny claims regularly. If you have filed a claim after an unfortunate car accident, it is your right to get a fair settlement from your car insurance company. The insurance company can deny your claim for the following reasons:

•   You are behind on your monthly premiums.

•   You failed to get medical treatment for injuries.

•   Your claim does no go in line with the other party’s policy limits.

•   You failed to report or file a claim on time.

•   You are an at-fault driver or violated the law at the time of the crash.

         You have not represented facts in your claim.

Typically, the company investigate your case and compensate you for the damages and medical costs. However, if the company has denied your claim and you think they have done wrong, you can take actions to make them reconsider or reverse their decision.

Insurance companies may use unfair means to get out of paying claims. It is possible that your insurance company draws out investigations, delay payments, or deny valid claims. Most insurance companies deal with a claim unjustly to save money.

Remember, denying a claim in bad faith is an offence that can lead to a legal action again the insurance company. You can file a lawsuit for compensation if you think the insurance company rejected your claim in bad faith. Here are a few steps you can take to get compensation for damages.

Step 1: Review Evidence

Before you appeal to the insurance company for negotiation or hire a solicitor to represent you in court, it is essential to review all evidence. Make sure you know why the insurance provider denied your claim.

Then, go through the evidence you submitted with the claim. Write a report or inscribe a document that proves the insurance company has made a wrong decision. Include copies of evidence, including the police report, medical records, eyewitness reports, photographs of the accident scene, medications, etc.

Step 2: Contact the Insurance Company

It is your right to contact the insurance provider and discuss the problem of denial. Provide all the necessary evidence you have collected and reviewed to the insurance adjuster. The company may reconsider its decision and reverse its denial.

Most probably, the insurance provider will negotiate a settlement with you. However, if the company sticks to its previous decision, then you need to hire a solicitor to help you appeal the company’s decision to the insurance commissioner. A successful appeal can lead to compensation for your losses.

Step 3: File a Civil Claim

If your attorney believes your claim was denied in bad faith, he can help you file a civil claim against the insurance company. Make sure you cooperate with the solicitor by providing him or her with all the necessary documental evidence.

Your solicitor will prove the insurance provider violated flouted the law. The insurance company will do its best to avoid a court trial and re-negotiate with you for a settlement. Seek guidance from your car insurance solicitor because he or she can get you the compensation you deserve.

WHAT IS TEMPORARY CAR INSURANCE?

As the name indicates, temporary car insurance refers to a short-term insurance policy. It enables you to get car insurance for a specific period, which can be two days, one week, or one month. If you need coverage for a shorter period, you can consider the option of temporary insurance. For instance, you may need to cover yourself for one month instead of six or twelve months.

Most car insurance companies offer policy options based on six months and twelve months term lengths. An insurance company makes efforts to keep their clients for a longer period. A driver who wants to carry an insurance policy for a short period is a less-than-ideal customer for an insurance provider.

It is illegal to drive a car without car insurance. Driving without an insurance policy can result in hefty fines, a ban and even  a prison sentence.  It becomes even more difficult for a person to deal with an unfortunate situation like a car accident in which he or she is declared the at-fault driver.

When do you need temporary car insurance?

There are various situations where it makes a perfect sense to purchase a short-term insurance policy. These are:

•   Renting a car without having a standard insurance policy

•   Borrowing a car from your friend for a few days without having a coverage policy of

  your own

•   Going on a road trip with relatives and driving a friend’s car

•   Your car is at the repair shop, and you need one for your daily chores

•   A friend has borrowed your car, and you need to drive another car

    You are driving a car in a different state and don’t have a home-state license

    You purchased a car for a short period and plan to sell it soon

What is covered by temporary car insurance?

Different car insurance companies that offer temporary coverage have different policies, rules, and regulations. So, the coverage options depend on the kind of temporary insurance you decide to buy. However, most insurance companies will cover liability, collision coverage, comprehensive coverage, medical payments, and towing, underinsured and uninsured drivers.

How much does temporary car insurance cost?

Many factors determine the cost of a temporary insurance policy, such as the type of car you want to insure, how you will use it, your insurance record or history, and the period for which you need short-term insurance.

In general, the cost of temporary insurance varies greatly depending on where you purchase it. For instance, if you buy temporary car insurance from a rental company, it will cost you more than the one you purchase from a regular insurance provider or agency.

Research shows that temporary insurance is a bit pricy than the standard one, and can cost up to £150 a day. Because most insurance companies do not offer temporary coverage for rental cars, you can save money by purchasing a non-owner policy.

It is essential to shop around and find a reliable insurance company that offers temporary coverage for an affordable price – the one that comes within your budget. That way, you can make an informed decision and buy temporary insurance that will benefit you in terms of coverage and price. Good Luck!

HOW TO CANCEL YOUR CAR INSURANCE

There are many reasons people want to cancel their car insurance policy. For instance, you may want to switch to another car insurance company or you have sold your car, and you don’t need the insurance anymore. Whatever the reason is, it is important to cancel your insurance the right way to avoid suffering from any unexpected consequences.
Most insurance companies allow people to cancel their coverage policy at any time. You just need to contact the company or send them a letter with the cancellation date. Experts recommend notifying your old insurance company when you want to switch to a new insurance provider. In today’s article, we will talk about how you can cancel your insurance policy efficiently and quickly. Read on!

Ways to Cancel Your Car Insurance
There are several ways to cancel your car insurance. For instance, you can send them a written letter or email them to start the process of cancellation. Keep in mind that the date of cancellation is an important element that you must mention in your written request.
If you are considering a new insurance company, make sure you have everything in place or activate your insurance policy before cancelling the current one. Otherwise, you will put yourself at risk driving your car without any insurance policy. You never know what could happen on the road. So, again, you must have active insurance coverage before you cancel the old one.

Call the Insurance Company

One of the quickest ways to initiate the process of car insurance cancellation is to call your agent. Some insurance companies require no paperwork and will end your policy with a phone call. However, if the insurance company requires you to sign a cancellation notice or complete the procedure, ask the company to send you the cancellation documents.

Email or Fax the Insurer

Your insurance agent may not receive your phone call. Whatever the reason, you can use other options like mailing or faxing in your cancellation letter to the company. If you are dealing with an insurance agent, it is essential to send a letter to his office, send him an email, or fax it to his fax number.
On the other hand, you can also send a letter to the insurance company. Make sure you include all details in the letter, such as your name, address, contact number, and requested date of cancellation.

Visit the Insurance Company

Visit the insurance company and meet the staff in-person to start the cancellation process. The insurance officer will convince you to stay with the company, but if you have already made up your mind, say no and move on.
The insurance officer will most probably give you good offers, such as lowering your monthly premiums and give you a chance to reconsider your decision. Again, if you don’t want to continue with the company, simply decline and sign the cancellation form. Lastly, if you don’t have time, you can request the new insurer to get the job done for you.