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March 24, 2019 By Reports Reports

How To Stay Safe From Carjacking

Courtesy of iii.org

Having your vehicle stolen is bad enough, but carjacking—having it taken while you’re behind the wheel—is potentially dangerous, even lethal. Foil would-be car thieves and keep yourself safe with these precautions.


Having your vehicle stolen is bad enough, but carjacking—having it taken while you’re behind the wheel—is potentially dangerous, even lethal. Foil would-be car thieves and keep yourself safe with these precautions.

Motor vehicle theft takes a human as well as a financial toll

A motor vehicle—car, SUV, truck, bus or motorcycle—is stolen in the United States approximately every 45 seconds. In addition, parts of cars, like airbags and catalytic converters (which are stolen for their recycling value) are stolen out of the cars themselves. Cars and car parts stolen in the United States often wind up on overseas markets, making recovery impossible.

And, though armed auto theft represents a small percentage of the incidents, carjacking is a violent crime that can add a dire emotional toll and even bodily harm to the financial loss.

Auto theft is covered under the comprehensive portion of a car insurance policy. However, as always, it’s better to prevent a loss than to deal with the fallout of having your vehicle stolen.

Prevent motor vehicle theft

There are a number of things that make your vehicle attractive to thieves—including make, model and the value of certain parts. Know that it’s not always the most valuable, the flashiest or the most expensive car makes and models that are most desirable. So whatever your car, don’t make it convenient for would-be criminals. Take these precautionary measures—and check with your insurer; some may even help lower your premium.

  • Keep your doors locked and windows shut anytime you’re not in your car, even for a few minutes.
  • Make valuables invisible. Don’t give thieves more motivation to break into your car. If you have to leave personal property in your car, keep it in the trunk. Even in areas you think are safe, don’t leave a purse or other valuables on the car seat unattended.
  • Park in secure, highly trafficked and well-lit areas. In public parking garages or areas, stay as close as possible to guard booths or store entrances. Best case, keep your car in a garage and always lock the door to your home garage.
  • Make use of anti-theft devices. Use a security device like a steering wheel lock or a gearshift column lock—the more difficult it is to take the car, the less likely a would-be thief will target your vehicle. Most new cars include tracking devices, which can help locate a stolen car, but these are available for purchase and installation into older cars, as well. Check with your insurance pro about how your anti-theft device might qualify you for a discount.
  • Exploit your vehicle identification (VIN) number. The VIN number is utilized by a number of law enforcement agencies and databases and insurance databases to make it harder for car thieves to sell a stolen car or its parts.

The VIN is usually found on the dashboard on the driver’s side of the car. Mark your VIN prominently: Use paint or an indelible marker to put the VIN under the engine hood and trunk lid and on the battery. This will make it harder for thieves to unload the car, and make it easier for the police to identify the vehicle if recovered.

If the worst happens and your car is stolen, you’ll want to file a police report. Then check that your policy covers car theft and get the claims process started. Notify your insurance professional about the incident as soon as possible—the longer you wait, the harder it will be to remember the details. Note that many insurance companies now use mobile apps, which can help you get the claims filing process started immediately.

Prevent carjacking

Although carjacking is relatively rare, because carjackers are armed when they commit their crimes, it is especially dangerous. Avoid being a carjacking target with these additional precautions:

  • Always have your mobile phone handy—and charged.
  • Avoid being alone in your vehicle in certain areas, such as high crime neighborhoods, isolated roads and intersections and desolate areas of parking lots.
  • Be aware of your surroundings. Pay special attention to people who seem to be lurking or cars that suspiciously follow you into driveways. Call 911 and use your key fob or other car alarm if you feel a threat.
  • Be wary of how carjackers lure victims. These include bumping your car, pretending to be stranded motorists or flashing their lights as if there were something wrong with your car. In each of these scenarios, you might be tempted to pull over—only to have your car taken. Stay inside with the windows shut and the door locked and, if you feel a threat, drive to the nearest police or fire station.
  • Practice safe parking. Stick to well-lit areas. If you have any doubts about where you parked after the fact, find a security guard to accompany you to your vehicle.
  • Don’t sit in your car with the door unlocked or the windows rolled down.
  • Don’t stop at isolated ATMs, which might put you and your bank accounts as well as your car in danger.

 

Filed Under: Auto Insurance

August 12, 2018 By Cendra Ray

Helpful Tips for Auto Insurance in 2018

Courtesy of iii.org

The basic personal auto insurance mandated by most U.S. states provides some financial protection if you or another driver using your car causes an accident that damages someone else’s car or property, injures someone or both.

But to make the best decisions about purchasing other types of auto insurance coverage you might need, you’ll want to understand what’s covered, what’s not covered and what’s optional. In addition to understanding types of coverage, you’ll also want to consider coverage amounts.

Why? Because state-required minimums may not cover the costs of a serious accident, so it’s worth considering purchasing higher levels of coverage.

Here’s a rundown of the types of coverage available—some are required; others are optional; all are priced individually (a la carte) to let you customize coverage amounts to suit your exact needs and budget.

Mandatory coverage

Nearly every state requires car owners to carry the following auto liability coverage:

  • Bodily Injury Liability — This covers costs associated with injuries and death that you or another driver causes while driving your car.
  • Property Damage Liability — This coverage will reimburse others for damage that you or another driver operating your car causes to another vehicle or other property, such as a fence, building or utility pole.

Frequently required coverage

Many states require that you carry the following coverage:

  • Medical Payments or Personal Injury Protection (PIP) — Provides reimbursement for medical expenses for injuries to you or your passengers. It will also cover lost wages and other related expenses.
  • Uninsured Motorist Coverage — Reimburses you when an accident is caused by an uninsured motorist—or in the case of a hit-and-run. You can also purchase under insured motorist coverage, which will cover costs when another driver lacks adequate coverage to pay the costs of a serious accident.

Even if these types of coverage are optional in your state, consider adding them to your policy for greater financial protection.

Optional coverage

While basic, legally mandated auto insurance covers the cost of damages to other vehicles that you cause while driving, it does not cover damage to your own car. To cover this, you need to purchase the following optional auto insurance coverages:

  • Collision — This optional coverage reimburses you for damage to your car that occurs as a result of a collision with another vehicle or other object—e.g., a tree or guardrail—when you’re at fault. While collision coverage will not reimburse you for mechanical failure or normal wear-and-tear on your car, it will cover damage from potholes or from rolling your car.
  • Comprehensive — This provides coverage against theft and damage caused by an incident other than a collision, such as fire, flood, vandalism, hail, falling rocks or trees and other hazards—even getting hit by an asteroid!
  • Glass Coverage — Windshield damage is common, and some auto policies include no-deductible glass coverage, which also includes side windows, rear windows and glass sunroofs. Or you can buy supplemental glass coverage.

Mind the gap… insurance

If you lease or finance your vehicle, auto dealers or lenders will likely require you to purchase collision and comprehensive. But keep in mind that collision and comprehensive only cover the market value of your car, not what you paid for it—and new cars depreciate quickly. If your car is totaled or stolen, there may be a “gap” between what you owe on the vehicle and your insurance coverage. To cover this, you may want to look into purchasing gap insurance to pay the difference. (Note: For leased vehicles, gap coverage is usually rolled into your lease payments.)

Who is covered—and when?

Your auto policy will cover you and other family members on your policy, whether driving your insured car or someone else’s car with permission. Your policy also provides coverage if someone not on your policy is driving your car with your consent.

Your personal auto policy only covers personal driving, whether you’re commuting to work, running errands or taking a trip. Your personal auto policy, however, will not provide coverage if you use your car for commercial purposes—for instance, if you deliver pizzas or operate a delivery service. Note, too, that personal auto insurance will generally not provide coverage if you use your car to provide transportation to others through a ride-sharing service such as Uber or Lyft. Some auto insurers, however, are now offering supplemental insurance products (at additional cost) that extend coverage for vehicle owners providing ride-sharing services.

Learn More: Check out this handy infographic on the types of required and optional drivers insurance coverages.

Filed Under: Auto Insurance, Car Insurance

June 24, 2018 By Cendra Ray

to Insurance and Teenage Drivers

Courtesy of iii.org

For parents, the excitement of having a first-time driver in the house is usually tempered with worry. With little driving experience, immature drivers are at a higher risk for accidents. Of course, safety concern is uppermost in most parents’ minds but other stressors—like the high cost of insuring your new driver and the financial liability implications of a teen driving mishap—can be reduced with these steps.

Before getting a learners permit, make a call to your insurance professional

Your agent or rep can clearly explain the costs involved in insuring a teenage driver. The good news is, as your teenager gets older, insurance rates will drop—providing he or she has a good driving record. Therefore…

Involve your teen in the car insurance discussion

From the outset, it’s important to talk to your kid about the relationship between driving a car and the attendant responsibilities, including insurance costs. Explain and reinforce driving safety tips and the serious consequences of driving infractions or accidents, including increasing the cost of insurance.

Encourage positive behaviors

Auto insurers offer discounts or reduced premiums to:

  • Students who maintain at least a “B” average in school
  • Teens who take a recognized driver training course
  • College students who attend school at least 100 miles away from home and don’t bring their car to campus

Choose the right auto insurance company

It’s generally less expensive for parents to add teenagers to their auto insurance policy than it is for teens to purchase one on their own. By insuring your teenager’s car with your insurer, you may also qualify for a multi-vehicle discount. That said, insurance companies differ in how they price policies for young drivers, so do some research into prices to be sure to find the best fit for you and your teen.

Assign your teen to the right car

Find out how your insurer assigns drivers to cars—some insurers will assign the driver who is the most expensive to insure (generally the teenager) to the car that is the most expensive to insure. If possible, assign your teen to the least valuable car.

Note that with this kind of arrangement there can be no exceptions; your teen must use only the car to which he or she is assigned, even in an emergency. If your teenager is involved in an accident with an unassigned car, penalties could be imposed and your own premiums might increase.

Increase your liability insurance for greater protection

If your teen gets into an accident, state minimums for liability insurance will not be enough to fully protect you from lawsuits. Consider purchasing higher amounts of liability coverage—if your teenager is found negligent in an accident and the damages exceed your insurance limits, you will be held financially responsible and could be sued in court for those amounts not covered by your insurance. Depending on the value of your financial assets, you may even want to have the extra protection that a personal umbrella liability policy provides.

Raise your deductible to save on your premium

The higher your deductible, the more money you can save on your premium, so consider raising your deductible from the minimum amount required. You may want to use those savings to increase your liability insurance.

Filed Under: Auto Insurance, Car Insurance

April 29, 2018 By Cendra Ray

Car Insurance Non-Renewed or Cancelled?

Courtesy of iii.org

There’s a difference between an insurance company cancelling a policy and choosing not to renew it. Learn why your insurance might not be renewed

Auto insurance cancellation

Insurance companies cannot cancel a policy that has been in force for more than 60 days except when:

  • You fail to pay the premium
  • You have committed fraud or made serious misrepresentations on your application
  • Your drivers license has been revoked or suspended.

Auto insurance non-renewal

Either you or your insurance company can decide not to renew the policy when it expires. Your insurance company must give you a certain number of days notice and explain the reason for not renewing before it drops your policy (the exact timeframes and rules will depend on the state in which you live).

There are a number of reasons an insurance company may choose not to renew a policy, and it may have nothing to do with you personally. For example, your insurer may have decided to drop that particular type of insurance or to write fewer policies where you live.

However, a nonrenewal can also be due to your record or your actions. Doing something to considerably raise the insurance company’s risk—like driving drunk—would be cause for non-renewal.

If you’ve been told your policy is not being renewed and you want a further explanation or think the reason is unfair, call the insurance company’s consumer affairs division. If you don’t get a satisfactory explanation, contact your state insurance department.

Note that nonrenewal at one insurer doesn’t necessarily mean you’ll be charged a higher premium at another insurance company.

Filed Under: Auto Insurance, Insurance, Insurance News

December 26, 2017 By Cendra Ray

The Holidays & Automobile Theft

Courtesy of iii.org

The FBI includes the theft or attempted theft of automobiles, trucks, buses, motorcycles, scooters, snowmobiles and other vehicles in its definition of motor vehicle theft. About $5.9 billion was lost to motor vehicle theft in 2016. The average dollar loss per theft was $7,680. Motor vehicles were stolen at a rate of 236.9 per 100,000 people in 2016, up 7.6 percent from 2015 but down 35.1 percent from 2007.

Vehicle thefts have been trending downward in the 23 years since they peaked at 1,661,738 in 1991, falling 58 percent to 699,594 in 2013, according to a 2014 report from the National Insurance Crime Bureau (NICB). As a result, 56 percent of Americans rarely or never worry that their car will be stolen, according to a 2014 Gallop poll. The NICB credits law enforcement efforts, along with the creation of specific antitheft programs, technology and insurance company-supported organizations such as the NICB for contributing to the theft reduction.

Despite the reduction in vehicle thefts over the past two decades, industry observers caution that thieves constantly devise new and sophisticated means of stealing autos. Tactics include acquiring smart keys, which eliminated hot-wiring to steal cars; switching vehicle identification numbers; and using stolen identities to secure loans for expensive vehicles. The number of vehicles stolen with the key or keyless entry device left inside by the owner climbed 22 percent in 2015 to 57,096, according to the NICB.

Motor Vehicle Theft In The United States, 2007-2016

Year Vehicles stolen Percent change
2007 1,100,472 -8.2%
2008 959,059 -12.9
2009 795,652 -17.0
2010 739,565 -7.0
2011 716,508 -3.1
2012 723,186 0.9
2013 700,288 -3.2
2014 686,803 -1.9
2015 713,063 3.8
2016 765,484 7.4

Source: U.S. Department of Justice, Federal Bureau of Investigation, Uniform Crime Reports.

View Archived Tables

  • Motor vehicles were stolen at a rate of 236.9 per 100,000 people in 2016, up 7.6 percent from 2015 but down 35.1 percent from 2007.
  • About $5.9 billion was lost to motor vehicle theft in 2016. The average dollar loss per theft was $7,680.

Top 10 U.S. Metropolitan Statistical Areas By Motor Vehicle Theft Rate, 2016

 

Rank Metropolitan statistical area (1) Vehicles stolen Rate (2)
1 Albuquerque, NM 10,011 1,114.01
2 Pueblo, CO 1,325 899.43
3 Bakersfield, CA 7,176 854.66
4 Modesto, CA 3,820 767.69
5 Riverside-San Bernardino-Ontario, CA 25,708 679.05
6 Anchorage, AK 2,273 669.38
7 Merced, CA 1,622 660.65
8 San Francisco-Oakland-Hayward, CA 29,414 640.26
9 Fresno, CA 5,682 631.79
10 Billings, MT 877 625.38

(1) Metropolitan Statistical Areas are designated by the federal Office of Management and Budget and usually include areas much larger than the cities for which they are named.
(2) Rate of vehicle thefts reported per 100,000 people based on the 2016 U.S. Census Population Estimates.

Source: National Insurance Crime Bureau.

Filed Under: Auto Insurance, Featured, Insurance

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