blaire576
05-09-2006, 06:53 AM
1. Don't lie on an application. This is about the worst thing you can possibly do. If you lie, you'll get caught at some point. You'll then be cancelled/declined, and that will follow you around for years. You'll notice on each application, there is a question something along the lines of, "Have you ever been denied insurance or had a policy cancelled before?"
They'll check. They'll also pull your MVR (Motor Vehicle Report). They'll also likely run a CARFAX on your vehicle to see if it has been involved in any prior accidents.
2. Pick the highest deductible that you can afford. This is difficult for many people to comprehend. Many times, people will choose $500 or $1000 deductibles because it makes the premiums very attractive. Unfortunately, when you get into an accident (your fault or not), you then have to pony up the deductible (unless the other carrier pays for your damage). As an adjuster, one of the most common complaints that I'd hear is, "Well, I don't have $1000 in the bank to repair the car. The accident wasn't my fault. What are you going to do about it?"
Unfortunately, the answer typically is that the adjuster is not going to do anything about it, aside from try to get your deductible back from the responsible party, either by the process of subrogation (one insurance company going after another) or a lawsuit if the person is uninsured. Neither guarantee success, and in most cases, the adjuster is going to require that
your vehicle be fixed prior to taking any action against a responsible party because, if we do it beforehand and the repairs cost more than the demanded amount, the insurance company is out that additional money.
So, the rule of thumb is as follows: If you don't normally have $1000 in the bank, then don't take the $1000 deductible. If you really only have $500 or $250 in the bank at any one time, choose that as your deductible amounts.
3. Know the value of your vehicle. Many people throw out thousands of dollars per year on useless insurance. A good and honest insurance agent will help you determine if you need Comprehensive and Collision insurance. A less-than-good agent (not necessarily dishonest, but let's leave it at inexperienced) will write you up any coverage you want without asking money-saving questions..
To recap, a $500 deductible might wind up being more than that when depreciation is factored into the mix. Sometimes, with engines for instance, the depreciation can be several thousands of dollars and also check insurance companies current price at http://www.oneshopinsurance.com (http://www.netquote.com/?nqid=11833&status=00bentanijend)
They'll check. They'll also pull your MVR (Motor Vehicle Report). They'll also likely run a CARFAX on your vehicle to see if it has been involved in any prior accidents.
2. Pick the highest deductible that you can afford. This is difficult for many people to comprehend. Many times, people will choose $500 or $1000 deductibles because it makes the premiums very attractive. Unfortunately, when you get into an accident (your fault or not), you then have to pony up the deductible (unless the other carrier pays for your damage). As an adjuster, one of the most common complaints that I'd hear is, "Well, I don't have $1000 in the bank to repair the car. The accident wasn't my fault. What are you going to do about it?"
Unfortunately, the answer typically is that the adjuster is not going to do anything about it, aside from try to get your deductible back from the responsible party, either by the process of subrogation (one insurance company going after another) or a lawsuit if the person is uninsured. Neither guarantee success, and in most cases, the adjuster is going to require that
your vehicle be fixed prior to taking any action against a responsible party because, if we do it beforehand and the repairs cost more than the demanded amount, the insurance company is out that additional money.
So, the rule of thumb is as follows: If you don't normally have $1000 in the bank, then don't take the $1000 deductible. If you really only have $500 or $250 in the bank at any one time, choose that as your deductible amounts.
3. Know the value of your vehicle. Many people throw out thousands of dollars per year on useless insurance. A good and honest insurance agent will help you determine if you need Comprehensive and Collision insurance. A less-than-good agent (not necessarily dishonest, but let's leave it at inexperienced) will write you up any coverage you want without asking money-saving questions..
To recap, a $500 deductible might wind up being more than that when depreciation is factored into the mix. Sometimes, with engines for instance, the depreciation can be several thousands of dollars and also check insurance companies current price at http://www.oneshopinsurance.com (http://www.netquote.com/?nqid=11833&status=00bentanijend)