We had a caller this recemtly who lost their car in a recent hail storm. It was totaled with less than 10,000 miles. He made the statement ďthank goodness for GAPĒ. I moved on to try to help him, but it hit me that some people may not know about this terrific insurance and thought I would take the time to explain GAP insurance.
What Is GAP Insurance?
Generally, when you buy a car, you get offered the opportunity to purchase certain insurance policies when it comes time to sign your final papers. They include credit life insurance, sometimes disability insurance, an extended warranty, and GAP insurance among other optional products. Read More
A DFW listener called last weekend dismayed because he was hit by another driver, causing a wreck that was not his fault. The other partyís insurance said he was not eligible to collect his loss of value because his car was too old. This was not true. Diminished Value There is not much worse than having a wreck in your car. It is even more upsetting when the collision is not your fault. You have to deal with your insurance company, or worse, the other partyís insurance. In many cases, you Read More
Usage-based car insurance based on info from connected vehicles appears to be becoming a thing. Earlier this year, Toyota and Nationwide teamed up for TIMS BrightDrive, a way for drivers to obtain usage-based insurance based on connected vehicle data.
Now, Ford and State Farm are offering something similar called Drive Safe & Save. Itís a new program available to owners of eligible 2020 model year connected Ford and Lincolns, with, of course, the consent of the Read More
Car insurance is a huge consideration for many Car Pro shoppers when buying a new set of wheels. Things like your age, where you live and driving history make a difference, as do different makes and models and even trim levels. The age of a vehicle matters, too, as well as crash test ratings and even vehicle theft rates. The list goes on.
Quote Wizard by Lending Tree compiled some interesting data to give you a better idea of how some of these factors Read More
Jake. From State Farm. Called with good news! State Farm is cutting rates due to driving behaviors during the ongoing pandemic.
As driving behaviors evolve during the COVID-19 pandemic, State Farm says it continues to identify ways to support customers. Based on current trends, the insurer says its working to reduce auto rates in every state. The national average for those rate reductions is Read More
Customers are more satisfied than ever before with auto insurers, according to a new J.D. Power study. Whatís more, theyíre having a better experience on insurance company websites than they are with agents.
Those are the findings of the J.D. Power 2020 U.S. Auto Insurance Study. For the first time in the studyís 21-year history, insurance company websites officially surpass agents in terms of importance to client interaction and service because they Read More
If you live in Texas, chances are you are no stranger to rough weather and hail storms. Itís the number one state when it comes to hail loss claims, according to the National Insurance Crime Bureau.
The NICBís recent three-year analysis of insurance claims associated with hail storms in the United States is based on claims data from January 1, 2017 through December 31, 2019. There were 2,769,362 hail loss claims during this period.
As weíd hoped, a number of automakers are taking Allstateís lead by providing some financial help to drivers during the COVID-19 crisis by way of returning some premiums. (Makes sense, given people arenít driving nearly as much.) To date, the list includes Allstate, Geico, Liberty Mutual and Safeco for personal auto insurance. Farmers Insurance is currently extending premium relief to its business customers.
AllstateAllstate was the first to announce a Shelter-in-Place Read More
This is actually nothing new and it could save you money if you are a super good driverÖ.and if you donít mind someone tracking your every move. The decision comes down to privacy versus saving money, and that is an individual decision being made by many drivers as monitoring becomes more popular among the insured.
Toyota and Nationwide Offer Connected Car InsuranceToyota is teaming up with Nationwide to offer a new Connected Vehicle insurance option Read More
As expected, we have heard from a ton of Hurricane Harvey victims who have lost cars in the flood. They are rightfully concerned about getting transportation so they can rebuild their lives and get back to making money. One trend I am seeing is people rushing to settle with their insurance company on their old vehicle. Thatís exactly what the insurance company wants you to do.
If your vehicle is totaled by wreck or flood damage, or stolen and not recovered, you are going to be forced to Read More
New data released by the National Insurance Crime Bureau (NICB) shows a total of 22,879 vehicles were reported stolen on the 11 holidays in 2018 covered in its latest report. NICB theft data is pulled from the National Crime Information Center's (NCIC) stolen vehicle file.
New Year's Day tallied the most holiday thefts with 2,571. It was followed, in descending order, by Presidents' Day (2,380), Halloween (2,275), Labor Day (2,235) and Memorial Day (2,167). Read More
What you pay for car insurance depends on more than just where you live, how old you are and whether you have a clean driving record or not. It also depends heavily on your credit. Most car insurers use parts of your FICO (Fair Issac Corp) credit score as a factor in determining what premiums to charge, except in California, Hawaii or Massachusetts where itís illegal to do so.
FICO Credit ScoresFirst letís looks at the different groups of the FICO score according to Experian. 800-850 = Read More
The 2017 Nissan Altima, 2017 Toyota Camry, and 2017 GMC Full-Size Pickup were the top three 2017 models stolen last year according to the National Insurance Crime Bureauís latest Hot Wheels report. 2017 Hot Wheels ReportThe annual report IDís the most stolen vehicles in the United States in its given year using data from the National Crime Information Center. Overall, the NICB notes an 11% increase in vehicle thefts from 2014 to 2016. While anti-theft technology has gone a long way to Read More
Vehicle collisions with animals may be down slightly from 2016 to 2017, according to the National Insurance Crime Bureau (NICB). But overall, the number of animal-related crashes is up six percent over the past four years.
2014-2017 Animal-Related Crash ClaimsThe nonprofit insurance group recently released a report on the number of animal-related insurance losses between the years of 2014-2017.
Overall, a total of 1,740,425 animal-related insurance claims were filed over that Read More
Some good news for those of you with tailgates. The National Insurance Crime Bureau (NICB) reports that insured tailgate thefts have stabilized since 2014. They also fell slightly in 2017 over 2016 numbers.
Tailgate Thefts Down SlightlyNICB analysis presented in its press release shows that in 2016, there were 1,877 claims for tailgate theft identified in ISO ClaimSearch, an insurance industry claims database. That number decreased to 1,788 in 2017. There were 17 fewer thefts noted in this Read More