You’ve just driven off the lot with your shiny new car, truck or SUV. Don’t look now, but if for some reason that beautiful dream machine is considered totaled in an accident, you might be facing a financial debacle.
If you don’t have auto insurance that properly protects your sizable investment, you may regret it. The key danger: depreciation. New cars are notorious for their rapid rate of value loss, catching many owners by surprise.
“Surprisingly, a new car depreciates up to 30 percent during the first year, and many insurers will take a deduction for depreciation during this time,” said Ron Moore, manager of product development at MetLife Auto & Home. Read more . . .
You may think you’ve never been a victimof fraud, but the fact is all of us are victims of auto insurance fraud because it leads to higher premiums. Sadly, when it comes to automobiles, wide varieties of fraudulent activities abound. Experts say to beware of dishonest car owners and auto shops because they could cost everyone in the long haul.
New car insurance fraud scheme
While many types of auto fraud aren’t life-threatening, an increasingly prevalent gambit is– the staging of accidents on the road and then lying about injuries. That can happen when a car in front of you suddenly–and for no reason–stops. The result is a usually a fender-bender, but it can be far worse. Another oft-practiced fraud that a disreputable auto body shop may talk you into is inflating the Read more . . .
Purchasing auto insurance can seem like a simple task to many people. While basic policies are fairly standard, the real test is at claims time. Consumers can face several unexpected problems and inconveniences when they do not research the services of their insurance company and policy before making a purchase. Read more . . .
The shocking run-up in gasoline prices is getting a lot of ink and web space, but for the first time in a year, car insurance rates are on the rise as well, according to a recent study by the Insurance Web site, the largest online auto insurance agency in the USA. The company expects auto insurance rates to continue to rise at least through the balance of the year, which means consumers will need to be even more savvy shoppers as they try to keep their car insurance rates reasonable. (Unless you drive a Ferrari, of course.) Read more . . .