Car Insurance Rates

Car Insurance Rates

There’s no one price fits all scenario when it comes to insurance. Here are some factors to consider that may impact your auto premiums:

  1. Previous coverage: Those who have had a lapse in insurance or a gap in coverage and/or carry state minimum liability limits tend to pay more for car insurance.
  2. Credit history: According to research a higher credit-based insurance score typically means you are less likely to file a claim, so as a result more favorable premiums are offered to those with higher scores.
  3. Your home: Where you live and whether you rent or own your home can impact your premiums. For example cities, tend to have more traffic and street parking and as a result are more susceptible to losses and therefore may pay a higher premium than those who live in less densely populated areas.
  4. Your vehicle use: The more time you spend on the road, the higher the chance of something happening. If you have a long commute your rates may be higher than someone who works from home and qualifies for a low mileage credit.
  5. Vehicle symbol: Vehicle symbols are determined by safety ratings, cost of parts and labor, and the likelihood of theft and/or break in. The higher the symbol the more costly to insure.
  6. Marital status: Believe it or not, those that are married are proven to have fewer auto accidents than non-married drivers. As a result more favorable rating is offered to married drivers vs. single drivers.
  7. Age: Younger inexperienced drivers tend to pay more, so qualifying for a good student discount and/or taking a driver improvement course might help offset the dreaded “youthful” surcharge.
  8. Deductible: Often, the higher your deductible, the lower your premium. We recommend that clients only carry the highest deductible they can manage at the time of a loss. Don’t forget you have to pay that deductible out of your own pocket in the event of a covered loss.
  9. Driving history: If you’ve ever been in accident or received a ticket, then I’m almost certain you experienced an impact to your insurance premium. Watching the speed limit and not driving distracted are two ways to stay safe but also reduce premiums with a clean driving record.

Car insurance costs can vary greatly form driver to driver, carrier to carrier and even state to state, which is why an independent agent, with multiple markets is invaluable. If you want to better understand how your policy was rated or are interested in a no-obligation review, contact us at Knight Magee Insurance.

*Look out for our next blog where we will address how car insurance companies base annual premium rates on a number of “other” factors, all of which are out of your control.

 


It’s Boating Season

It’s Boating Season

Every summer, our team gets calls from customers after a fun weekend on the water takes a turn for the worse. Often, these accidents could have been prevented with just a few simple precautions. Here are a few tips we like – courtesy of our partners at Safeco.

Don’t let an accident wreck your fun!

Life Preservers Aren’t Just for Kids. It’s not enough to just have life jackets on board — wear them! In an accident, people rarely have time to reach for a life jacket. This rule applies to adults, not just children: More people in their 30s die in boating accidents than any other age group. Life vests have come a long way in style. Today, you can even get vests for your water-loving dog!

Watch the Back of the Boat. Carbon monoxide kills in minutes. So tell your passengers where your exhaust pipes are located and turn off your engine when people are in the water, and don’t let passengers “ski” or “teak-surf” by holding on to the back of the boat. Both Washington and Oregon made teak-surfing illegal in the last few years, after several tragic deaths. Carbon monoxide detectors are standard on most new boats; older boats install devices for less than $100!

Alcohol and Boating Don’t Mix. More than 50 percent of drowning’s result from boating incidents involving alcohol. You don’t drink and drive, so don’t boat and drive.

Boats Need TLC Too. When you’re out on the water, make sure your gas tanks are vented and bilges are free of vapors, oil, waste and grease. Carry a charged fire extinguisher. Have your boat’s operating systems checked yearly by a certified marine technician. The Coast Guard Auxiliary and United States Power Squadrons also offer free vessel safety checks.

Experience Counts! The U.S. Coast Guard says that operator errors account for 70 percent of all boating accidents. Make sure anyone who drives your boat is properly trained. You can also earn boat insurance discounts from Safeco and other insurers if you complete a safety course with the Coast Guard Auxiliary or U.S. Power Squadrons.

Sites for Information:

Coast Guard: www.uscgboating.org

Coast Guard Auxiliary: nws.cgaux.org/

Safeco tips: www.safeco.com/insurance-101/consumer-tips/your-boat

*Most home insurance policies have limited coverage for boats. If you own a boat, watercraft insurance is your best bet: It covers theft, damage, and injuries or accidents while you’re on the water, as well as some of your expensive watersports gear.

We have a variety of boat insurance options. Give us a call at (804) 320-0129 or email myagent@kmicoverage.com


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