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What Do Driverless Cars Mean For Auto Insurance?

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It seems like only yesterday that the public was being introduced to hybrids and EVs. With their typically high sticker price than purely gas powered cars, these vehicles can have higher insurance rates. Now it’s time to get ready for another technological vehicle breakthrough, known as the driverless car.

Google’s concept vehicle as well as several drawing board designs by German engineers has the entire automotive community buzzing. The idea is to completely control a vehicle through the use of electronic sensors.

These cars will still be able to function as a fully drivable vehicle – including the steering wheel, of course – but considering how a system of sensors both on the car and in the surrounding environment can practically eliminate collisions and allow passengers to relax or perform work during a commute is cause for both elation and alarm.

Google Robocar Racetrack Ride

Changes In The Industry

Google and other conceptual designers have indicated that the market will be ready to accept these vehicles by the year 2022. Much of the infrastructure associated with the operation of vehicles – specifically traffic lights, road signs, and driving lanes – will still be around, but threaded into this will be a system of sensors and warnings that communicate with the vehicle.

Satellites can already track the path of a moving vehicle, but the new design includes a complex computerized program that actually responds to traffic, weather conditions, and parking preferences.

If the idea is feasible in terms of ownership cost, automakers may have to prepare for a whole new platform on which to construct their car models. Because of the supposedly lessened chance of collisions, the business of auto repair shops may suffer. Even more likely is the impact this technology is likely to have on the insurance industry.

Insurance And Legal Considerations

The insurance community is already responding to the assertion by some experts that driverless vehicles will indeed become commonplace in less than two decades. Today, insurance costs are the result of studies performed by research specialists and the efforts of actuaries who determine when and where accidents are occurring.

Self Driving Car

Drivers are placed in risk categories based on their past performance – or lack of – and their experience in handling a vehicle. These cars indeed drive and park themselves, either using a preset direction that is ordered by the owner or by voice command once the journey is underway. If a fault in the car’s operating system causes a mess-up in information and results in a severe accident, who is liable?

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p>The insurance companies are already compiling a detailed list of scenarios that show how the legal system could get very mixed up in a hodgepodge of claims, lawsuits, and settlements. A driver could claim that an accident was not his or her fault because control was in the hands of the car, not the individual. No one can walk into traffic court today and use a defense that consists of statements referring to a lack of attention. Someday soon, this may no longer be the case.

Lower Insurance Rates?

The times are a changing. Most likely, insurance companies will initially charge a lot more for the privilege of owning one of these cars because they will have a high cost to repair. As for who or what is at fault in the event of an accident, the industry will probably have to accommodate a very intricate check system in each vehicle that can show clearly whether a collision was caused by a faulty sensor, bad programming by the vehicle owner, or something else.

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How Traffic Increase Your Traffic Car Insurance Rates

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The list of factors influencing auto insurance rates is nearly endless. Statistical data gathered by research groups, the IIHS, and police agencies are put together and examined in detail by actuaries who determine the exact cause and frequency or road incidents. The result is an accurate probability model used by insurance companies to place drivers in a risk category.

Everyone knows that age, gender, marital status, and type of vehicle is important in determining insurance costs. Of course, the actual driving history of the individual is paramount when it comes to the final cost of an auto policy. However, one of the first things an insurance provider wants to know before issuing a quote is the zip code where the car is parked at night.

Traffic on 2nd Avenue

Congestion = More Accidents

Insurance costs are in part determined by the driving habits of the policyholder. In addition to his or her accident record, a motorist is actually placed in a certain risk category through examination of the probable routes used to commute to and from work, to get to the neighborhood shopping center, and to travel from one part of town to another.

While traffic patterns in a metropolitan area are complex, and the patterns change from one hour to the next, statistics show that typically the denser the traffic where the person lives, the greater the likelihood of an a vehicle collision. There is simply less room to operate and more accidents.

For example, certain freeway interchanges are the site of a high frequency of fender benders and partial-impact collisions during rush hour. Complicated street light setups at intersections, especially those near the freeway entrance and exit ramps, are especially dangerous when traffic volume is heavy.

Traffic congestion is not limited to freeways and highways and downtown cores. Arterials in residential neighborhoods can have an extremely heavy traffic flow in the early morning and late afternoon. Boulevards and avenues near shopping malls experience a heavy dose of traffic on the weekends. Insurance companies know of these trouble spots and invariably connect them with the policyholders who live nearby.

Rural Roads = Less Accidents

On the other hand, those who live in rural areas experience little or no traffic problems. The chief concern for these drivers is roads that are maintained less often, falling trees, and animals crossing the roadway. Insurance costs are likely to be lower because the danger of high-speed collisions are much less. Low auto insurance rates tend to be found in medium sized cities and smaller.

Country Drive

New Technology Can Help You Lower Rates

Many of today’s newer cars have some rather high-tech safety equipment installed as standard equipment. Designed to alert the driver to possible problems when in heavy traffic, these advances in motor vehicle safety should – and often do – influence insurance rates. Blind side warning sensors, lane drift alerts, and daytime running lights are often listed on an insurance quote form.

Insurance providers are certainly willing to give drivers a break on their insurance rates if the car has these features included. However, the discount may actually be more than outweighed by the increased price that was attached to the policy to begin with. If a driver lives in an area known to have a high frequency of accidents because of the traffic volume, he or she may not even realize a savings when the discount is applied.

Always Be Comparing

this is the ABC rule of auto insurance. Motorists have a lot of insurance choices and should frequently compare rates. Use of an online search and comparison tool often to see if you can save, no matter where you live.

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Nationwide Vanishing Deductible Program

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This post is about another entry in the insurance company marketing battle to reward safe drivers – the Nationwide Insurance Vanishing Deductible program. This program competes with others launched by major insurers such as Allstate’s accident forgiveness, State Farm Drive Safe and Save, and The Hartford also offers a diminishing deductible policy.

Program Specifics

With the Vanishing Deductible program, qualified Nationwide insureds can earn $100 off their deductible for each year of accident/moving violation free driving. For example, if a Nationwide insured carries a $500 deductible, and then after three years in a row of safe driving is involved in a collision, their deductible would be reduced by $300 and they’d only have to pay $200 to the repair shop, instead of $500, due to the Vanishing Deductible program. Under this scenario, repair costs above $200 would be covered by the insurance policy.

Under the Vanishing Deductible program, if a Nationwide insured purchased a policy with a $500 deductible, after five years or more years of safe driving, their deductible would “vanish” completely and go to $0. The program has a limit of up to $500 in total savings.

This program is a nice reward for Nationwide customers with safe driving records, as the last thing you want after an accident is to pay out $500+ dollars to a repair shop, for your deductible amount, when you are already likely paying thousands of dollars per year for auto insurance. It also provides peace of mind for those on a budget.

Nationwide Vanishing Deductible Program

Do You Really Save?

As with any insurance company “savings” program, you should always compare rates before jumping in to a new policy. Nationwide policies with a vanishing deductible may cost more than other Nationwide policies, or policies offered by other insurers.

If you can find an auto insurance policy that costs $100 less than a comparable Nationwide Vanishing Deductible policy, it wouldn’t make much sense to switch to Nationwide. Also, the Vanishing Deductible program is not available on all states and exclusions may apply.

BestCarInsuranceCompanies.net offers Nationwide in many states, along with other leading insurers. Enter your zip code on our website to obtain free quotes and see who can offer you the lowest rate.

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State Farm Discount Double Check Program

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Would you like to reduce your auto insurance rates by as much as 40%? State Farm has an appealing introduction to its discount double check program. Who doesn’t love a good deal and the idea that you get to check for insurance discounts twice certainly has popular appeal and a solid marketing angle for America’s largest auto insurer. With the average cost of an auto insurance policy now exceeding, $1,500 there is certainly a lot of demand and need to find savings.

The concept of the program is simple enough. When you get a quote through State Farm’s website or a State Farm agent, the company pledges to review your eligibility for insurance discounts you may be entitled to.

Teen Driver

What are the Available Discounts?

While auto insurance rules vary from state to state, those receiving a State Farm discount double check are likely to have their eligibility checked on the following potential discounts:

  • Accident Free Discount
  • Multi-Car Discount
  • Good Driver Discount
  • Vehicle Safety Discount

In addition to these discounts, those receiving a State Farm quote or already holding a policy, should inquire on their eligibility for programs such as the Steer Clear Safe Driver Discount and the Drive Safe and Save Program.

Takeaways Even if You Aren’t a State Farm Insured

The bigger picture here is that drivers should shop for auto insurance regularly as rates can fluctuate, keep a clean driving record to limit rate increases, and they should make an effort to ensure they get credit for all the available discounts available, regardless of whom your insured is. Even if your discounts are “double checked” by State Farm, that doesn’t not necessarily mean that they will pay lower rates by having their insurance with State Farm.

Nonetheless, the State Farm Discount Double Check has been a powerful marketing tool for the company, as evidenced by this video, which has been viewed more than 230,000 times on State Farm’s YouTube channel.

How Much Will You Save?

While it may be possible to save up to 40%, actual savings will vary widely as auto insurance rates vary widely by state and by company. Unfortunately, many drivers are simply overpaying for their auto insurance so it makes good sense to shop regularly for insurance.

Get free insurance quotes and compare rates on our website to see if you can save by switching to State Farm.

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Propel Insurance Review

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In 1923, a small company called Bradtrud Middleton began acting as an insurance broker for businesses and individuals. This small Pacific Northwest firm eventually became the largest privately held insurance agency in the Puget Sound region.

Today, Propel Insurance is a diversified agency known for its attention to detail, its ability to customize the perfect insurance policy at affordable prices, and its personalized, prompt service when it comes to filing claims with the provider.

Seattle Pan HDR--Over 20k Views

Auto Insurance and Much More

Propel Insurance not only offers customized insurance packages for businesses, it specializes in personalized coverage for individuals. What started as an agency dedicated to the small business owner has grown to become a reliable source of financial advice and combined insurance protection.

Propel is a full-service agency that offers:

  • Commercial insurance including builder’s risk, general liability, and employment practice protection
  • Surety and bonds for banking, construction, and residential trust
  • Workers compensation
  • Personal insurance coverage including auto, home, and personal property

Propel is noted for its sensitivity to the customer’s needs, especially when it comes to at-risk capital, possibility of a large monetary loss through no fault of the client, and suitable pricing structures for complicated insurance packages. Although Propel is not itself an insurance provider, the company works with a large number of insurance firms and has built a solid relationship with every one of their partners.

The Smouldering Beauty

Aware Of The Changing Business Climate

One of the best things about doing business with Propel Insurance is the satisfaction of knowing the company is always tuned in to the ever-changing economic landscape. Noting changes in the way monies are lent, paying attention to the stock market, and looking at the effect the economy has on average insurance rates are all part of the service. Customers who enter into an agreement with Propel Insurance can rest assured that their best interest are the agency’s top priority.

However, this dedication is not limited to the company’s business clients. Homeowners, those who purchase insurance for their personal vehicles, and individuals who choose to insure their property and recreational vehicles through Propel Insurance will experience plenty of personal attention after the policy is activated.

Many of the comparison styled insurance agencies and affiliates reel in customers through the process of offering a side-by-side look at what the competition offers. Propel Insurance works in a slightly different manner. After putting together an insurance policy for the customer, the agency offers business advice and keeps its clients abreast of the latest insurance news, pricing trends, and claims statistics.

Member of the Washington Bankers Association

The expertise shown by the senior management at Propel Insurance has earned them a high rating form the Washington Bankers Association. Business clients who hold a policy through Propel Insurance are delighted to learn that nearly every concern – from stock share questions to lending laws – can be answered in full. The entire focus of Propel Insurance is on the banking and financial industry because this is the backbone of the nation’s and the Pacific Northwest’s economy.









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