Insurer Rating Agencies

The first place to begin your quest for information is by visiting online insurer rating agencies. Such agencies assist in determining the financial valuation of a specific insurance company while boosting consumer confidence. Ratings provide insurers with valuable knowledge to make the decision process a little less daunting. The following are four of the leading free rating agencies:

1. A.M. Best- The rating agency provides an independent opinion of an insurance company’s financial stability and its ability to fulfill current insurance policies and contractual obligations. The rating is based on a comprehensive evaluation of the company’s operating performance, balance sheet efficiency and overall business profile. The rating scale ranges from “superior” (A++) to “liquidation” status (F).
2. Fitch Ratings – This rating agency offers an opinion of an insurance company regarding its capability for meeting commitments such as policy claims and interest rates. Ratings vary from “lowest credit risk” (AAA) to current or imminent interruptions in payments (C).
3. Moody’s Investor Service – A trustworthy insurer rating agency that provides insurance company ratings varying from “exceptional financial security” (Aaa) to “poor financial security” (C).
4. Standard & Poor’s – Another reputable rating agency that’s responsible for maintaining the S&P 500 as well as rating the credit risk of an insurance company. Ratings scale from “extremely strong” (A) to payment currently in default (F).

Final Caveats about Insurance Company

Before you can begin your research on one of the above agency’s websites, you must first register with the site to gain access to ratings. Although many online users grimace at the thought of registering, the process is quick, easy and free. A few minutes spent completing the registration information is definitely a worth-while investment.

Keep in mind while rating agencies do analyze the financial stability of an insurance company, the ratings are opinions of the respective agencies. Although rating agencies can provide relevant research statistics to serve as a guiding post, they can’t offer any guarantees that a specific insurance company will fulfill its obligations to policy holders.

Finally, it’s important to compare insurance company ratings between at least five choices. Also, read the guidelines on how each rating agency ranks and categorizes companies. A “B” rating on one scale indicates “good”, however, on another the same rating could suggest “poor financial security.”

Remember that finding a reputable vehicle insurance company doesn’t have to be a daunting task with the available tools to help you find affordable premium coverage from a reliable source!

References:

http://morethanfinances.com/selecting-insurance-company/
http://www.ambest.com/ratings/guide.asp

We have put together unbiased and objective information on how to compare car insurance so you can get the best coverage and save hundreds of dollars every year

As with any ordinary vehicle, anything can happen to a classic car, from a minor fender-bender to a catastrophic accident that leads to a total loss of the vehicle. Just as it is important to have insurance coverage on an ordinary vehicle, it is especially important to have coverage for a classic car, especially if you want to protect your investment. Insurance plans can get pretty expensive, depending on the number of cars insured and the value of the vehicles being insured, so even classic car owners are looking for ways to save on auto insurance.

The best way to save on auto insurance for classic cars is to compare prices from different classic car insurance providers. Thanks to the unique nature of classic car insurance, making direct comparisons between classic car insurance providers can be a bit difficult, but it’s not impossible to do. Here are a few ways you can effectively compare classic car insurance companies and get the best rates available:

1. Make a list of the classic car insurance providers that are available in your area. Many of these providers serve customers nationwide while others handle regional customers. It is tempting to ensure your classic cars with the same insurance provider that offers coverage for your regular vehicles, but chances are you’ll want to stick with companies that specialize solely in providing classic car insurance.
2. Determine the value of your classic car. This will definitely have a bearing on how much it will cost to have it insured. Underestimating the value of the vehicle could lead to it being underinsured, causing you to fall short of the vehicle’s total value in the event of a claim.
3. Do your homework and research the benefits, perks and pitfalls offered by each classic car insurance provider. These companies offer varied types of coverage, as well as different levels of service and rates.
4. If possible, use a comparison site to get a rough estimate of the insurance costs. Comparison sites make it easier to compare multiple insurance providers.

Also, keep in mind the terms, Actual Cash Value (ACV), Stated Value and Agreed Value. Most insurance providers, mainly those specializing in ordinary insurance, rely on ACV, which is a depreciated "book" value paid in the event of a claim. Unfortunately, the older the vehicle is, the less book value it has. Most classic car insurers offer "stated value" policies that allow owners to state a value greater than the book value. However, insurers are only required to pay up to that amount. A few classic car insurance companies require owners to negotiate an "agreed value" before the policy is issued. The difference between an agreed value and a stated value is the insurance provider is required to pay the full agreed value in the event of a total loss, as opposed to offering less than the full stated value.

Finding the right classic car insurance provider can be a laborious and complicated experience, but having complete insurance coverage for your classic car makes it worthwhile. Fortunately, classiccar.com features a wealth of information on the best classic car insurance companies in the business along with other helpful tips on how to save on auto insurance.

So, with such a wide audience currently being under-served, an insurance company using common sense would market products and services specifically to the niche.  Myths surrounding auto coverage, however, tend to make insurance company providers a bit uneasy when offering policies.

What the Law Says…

Almost everyone is somewhat familiar with The Americans with Disabilities (ADA) Act of 1990, especially individuals with disabilities and advocates active in the disability community.  While it’s often a misconception the people with disabilities are only guaranteed protection of rights regarding public transportation, the ADA also entitles the same individuals to vehicle coverage from an insurance company of their choice without the fear of discrimination.

Insurance companies are prohibited to deny auto coverage or require a higher premium based solely on the fact of a disability, unless there’s documented evidence to prove or suggest an individual’s disability increases the driver’s personal risk and/or to others while beyond the wheel.

For example, an insurance company may rightfully consider a diabetic with driver license’s restrictions prone to frequent hypoglycemic as a potential high-risk policy holder.  On the contrary, an insurance company can’t raise premiums on an individual suffering a loss of limb.  Why?  Research indicates drivers with such disabilities are more cautious and less of a threat than non-disabled drivers.

The Insurance Company’s Rights

An insurance company has the right to select what policies and coverage offered.  Premiums and deductibles are calculated based on individual driving records, insurance scores and those deemed as a potential high risk policy holder.

Although an insurance company is not allowed to discriminate against customers with disabilities, if the individual has serious infractions on a driving record (whether directly related to the disability or not), then the insurance company does have the legal right to deny or cancel existing coverage.   .

Fortunately, the majority of reputable insurance companies understand the laws as well as the severe legal ramifications for intentionally denying a person with a disability vehicle coverage or charging illegitimate premiums.

The Individual’s Right

As a person with a disability it’s your right to notify your insurance company of things such as changes in your medical condition that may affect your ability to drive, vehicle modifications, and any existing restrictions on your driver’s license.  You also have the right to request a quote for any insurance company of your choice and expect to receive the same level of customer service as others.

Related Links to Insurance Company Coverage:
-http://www.allstate.com/auto-insurance/auto-insurance-coverage-options.aspx
-http://californiaautoinsurancezone.com/Car_Insurance_For_People_With_Disabili ties.html
-http://ezinearticles.com/?Are-Car-Insurance-Companies-Discriminating-Against-the-Disabled?&id=2889671

Getting Started to Compare Insurance Quotes

Before firing up your computer and breaking out the keyboard, there are a few things you need to have handy when comparing insurance quotes. The most essential piece of information you need to be familiar with is the state laws regarding licensed motorists in the state in which you reside.

In addition to brushing up on your legal responsibilities, there a c couple of other things you’ll need including:

Comparing Insurance Quotes Locally

Once you have all of the essential information together, it’s often best to begin your search locally. Thanks to the advances in technology, nowadays many smaller companies are representing a fierce online global presence. Consider advising Google or Yahoo to find local providers, or consult the almost obsolete local telephone directory for more options. Select at least 5 establishments to get an average baseline when you compare insurance quotes. If you talk to a live person, be sure to jot down the representative’s name and telephone number for future reference.

Comparing Insurance Quotes Nationally

Thanks to the same technological advances, it’s becoming routine practice to compare insurance quotes from national providers. A simple search yields numerous results in which you can narrow down to the top five. Online insurance companies allow you to plug in some basic information and within a couple of minutes generate a free quote. Other virtual providers may ask for a valid telephone number in which a representative gives you a personal call to review your quote information.

Why Do I Keep Getting Quotes?

When you compare insurance companies online, don’t be surprised if you get a wide range of different quotes. Why? Each individual insurance company has its own formula to calculate individual quotes.
Factors such as age, state of residency, previous claim’s history, prior driving record and where your vehicle is garaged influences personal quotes when comparing insurance coverage. Also companies are always changing their rates, so a quote you receive today may be different next week.

When comparing insurance quotes, keep in mind that certain situations usually affect your auto insurance coverage. These may include:

1. Milestone birthdays
2. Buying a new car
3. Purchasing a new home
4. Changes in credit score
5. Marriage
6. Having children.

It’s always practical to compare insurance rates to obtain the most savings without sacrificing coverage!

Links Related to Comparing Insurance Quotes

-Car Insurance comparison tips

-Important factors when compare car insurance companies

Types of Auto Insurance Coverage

1. Property Damage Liability Coverage – This type of Insurance protects you if your vehicle causes damage to someone else’s property. Although this is most often their vehicle, it also covers structures, landscaping elements or other property.
2. Bodily Injury Liability Insurance – This coverage option covers other people’s death or bodily injury for which you are responsible. In addition, it can be used to provide legal defense if another party involved in the accident take you to court. Claims that pertain to bodily injury lawsuits include medical bills, loss of income and pain and suffering of the other involved party, not you personally. Liability Coverage is required in most states.
3. Collision Coverage- This type of Insurance Coverage is for vehicular damage caused when your automobile hits, or is hit by, another vehicle or object. It pays to repair your vehicle, less the amount of the deductible you choose. This form of auto Insurance Coverage is not necessarily required, except in cases where the vehicle is rented or leased.
4. Underinsured Motorist Bodily Injury – If the person who hits your vehicle has insufficient Insurance Coverage to provide for injuries, death or damages to your family and passengers, this insurance policy makes up the difference, up to a pre-set amount.
5. Comprehensive Coverage Insurance – This type of coverage protects your vehicle(s) and occasionally those of someone else (scenario depending) in situations other than a collision. Examples of this coverage are damage caused by flood, fire, animals or theft. While it is not required to have collision insurance, if you rent or lease a vehicle, most of these companies will require it.
6. Uninsured Motorist Bodily Injury- When you are not at fault for the accident, but the offender has insufficient Auto Insurance this coverage option will cover members of your household and passengers for injuries, damages or death caused by the other driver’s negligence. This is also used in scenarios where the other driver has no insurance.
7. Uninsured Motorist Property Damage- This insurance policy is applied in situations where the offender caused property damage and has none/minimal coverage. It typically pays up to a specific amount (varies by state) based on the policy.

Having sufficient Insurance Coverage is simply part of being a good driver. Yes, it is an expense but it is not something that you can afford to skimp on. If you are shopping for new auto insurance, do your homework carefully so that you have all the types of Insurance Coverage you need.

Related resources for Coverage of Insurance

-Definition of Auto Insurance Coverage
-Car Insurance Coverage options – AllState
-Liability Insurance covered in detail
-Coverage characteristics of auto insurance

What to Look for when you Compare Insurance?

When you begin to compare insurance quotes, it is vital that you also compare insurance coverage for the following:

•    Collision
•    Personal injury
•    Property damage
•    Uninsured motorist
•    Comprehensive

When you compare insurance, be sure you know what the minimum coverage is for your state. As you begin to compare insurance quotes, you should also take time to check out any potential candidates with the BBB or sites like J.D. Powers and Associates, which will allow you to check the validity and reputation of the company.

7 Factors to Keep in Mind When You Compare Insurance Quotes

Once you have determined which companies are a potential fit for your needs, you are ready to begin to compare insurance quotes. Keep in mind these factors when you compare insurance providers:

1.    Coverage rates-as you compare insurance quotes, ensure you are comparing like with like.

2.    Write down the company’s phone number, so you can talk to a person and ask any questions you may have about how the insurance quotes compare and exactly what they cover.

3.    Compare insurance company discounts; remember discounts are part of how companies compete.

4.    Be sure to compare insurance companies based on quantity and type of consumer complaints.

5.    Quite often, it is faster to compare insurance quotes over the phone than online. Create a chart that allows you to compare insurance coverage based on needs and cost. As you compare insurance companies via the phone, have basic information-driving record, vehicle safety features, etc. handy, as these lower insurance rates.

6.    As you compare insurance companies, pay close attention to any requirements. If a company requires you use new factory, like kind and quality or aftermarket parts, find another company.

7.     Compare insurance companies by talking to local body shops; comparing insurance quotes this way can a bit time consuming, but allows you to compare insurance providers based on their “in need” response time.

Finally, as you compare insurance quotes, remember that the most insurance providers don’t have your best interest at heart. In fact, some companies will have affinity programs where they team up with a union, auto manufacturer, etc. so people whose vehicle is from that group get a discount. However, specialists in comparing insurance do not recommend these companies, as they are not known for solid customer service.

Don’t settle for an insurance company, just because you have always used them. Taking the time to compare insurance quotes can save you money.