Why are car insurance rates higher for males?

Like it or not, men pay more on the average for auto insurance than women do. The main reason for this is the statistics that surround male drivers. Statistically speaking, more male drivers under the age of 25 are involved in auto accidents than women. This is the leading force behind the increase in auto…

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When do I need business auto insurance?

When do I need business auto insurance? You may need business auto insurance because personal auto insurance isn’t the type of financial product that’s designed to cover business vehicles. Unfortunately, the definition that you use to define the business use and the definition that the insurance company uses can be dramatically different. You may need…

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When do I add a new car to insurance?

Any time you buy a new car, it’s important that you know how your insurance will cover the vehicle when you become the owner. You may not have to pick up the phone and call your agent to inform them of your purchase right when you step foot out of the dealership, but you’ll need…

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Why do you pay auto insurance?

Paying for car insurance may seem like another bill that you aren’t benefiting from on a month-to-month basis, but in the event that you get into a serious car accident, it can make all the difference. Find out why you pay car insurance and what you are gaining from those payments. Start comparing car insurance…

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When is the best time to get auto insurance?

You can switch your car insurance at any time. However, you may benefit from waiting several months before switching. Research has shown that car insurance premiums are lowest in December and most expensive in March. It is also important to note that some insurance carriers may charge cancellation fees if you cancel before your renewal…

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How long does a car accident affect insurance?

Getting into a car accident can be one of life’s most stressful situations. The sad part is sometimes that stress does not stop after the accident is over. If you happen to be at-fault, your insurance premium will probably increase, leaving you stressed and under financial strain. Understanding your insurance company’s policies on surcharges and…

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Who regulates the auto insurance industry?

Auto insurance is regulated at the state level. Different states will have more or less stringent restrictions for auto insurance companies and consumers. States protect consumers by setting the standards by which auto insurance companies can raise premiums. This also applies to the way your policy is explained to you as well as any rate…

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When did auto insurance become mandatory?

Generally, auto insurance became mandatory in 1927. The first state to offer auto liability insurance was Connecticut, in 1925. Connecticut required drivers to demonstrate financial responsibility in the event of an auto accident resulting in injury, death, and property damage. Auto insurance was simply one of the most cost-efficient ways to protect the driver from…

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