Insurance. In terms of confusion and frustration, it ranks right up there with actually buying the car. But at RelianceDirect, we want our customers to understand their choices. That way, when you choose us, it's for the right reasons--and we can plan on a long, satisfying relationship. So, why do you need insurance? Here are a few stats. How the rates are determined. (Or: Yes, youth is costly.) How those rates are regulated. Why you should read the fine print--even if it hurts. Settling claims vs. determining liability vs. maintaining sanity. How to save money every year on your auto insurance. So, why do you need insurance? Here are a few stats. In the United States, an accident happens just about every second. Granted, there are a lot of people behind the wheel in this country, but it's still cause for concern. Now, add in all the thefts and vandalism (a car is stolen every 20 seconds (no, not the same one)), and you'll know why you need protection. After all, your car is probably one of the most expensive things you own. (For some people, it's also the object of their greatest affection.) It's also one powerful piece of machinery. Even used properly, it can pose a real risk. Fortunately, most s (and all banks) require proper coverage. But even though most drivers carry insurance, many have no idea what the various coverages are for. Or why they cost what they do. For definitions of the various types of insurance coverage, check out our English-Insurance/Insurance-English Dictionary. How the rates are determined. (Or: Yes, youth is costly.) In every case, drivers are grouped by various characteristics to help insurers determine their level of risk. Most insurers divide people into four or five groups to assign rates. It stands to reason that the smaller, more narrowly defined the categories, the more accurate the rates for each individual. That's where RelianceDirect offers a great advantage--we classify drivers into many categories. So you aren't lumped into a group that looks nothing like you. As a starting point, there are some things we know about different groups: Way more accidents are caused by drivers under 25. So until you celebrate that birthday, you're going to be charged more. Different types of vehicles are more costly to repair or replace (If you're choosing between a Lamborghini and a Gremlin, all other things being equal, think of the premiums you'll save by going with the latter.) Plus, all cars are subject to damage testing, and some dent or crush more easily than others. Drivers who commute long distances during rush hours are more prone to accidents than those who drive for recreation or errands only. (Stands to reason, doesn't it?) Where you live can hugely affect your rates. Different cities have different theft and vandalism rates. And cities have more accidents than small towns. (It's a population-density thing: More cars = More cars go "boom.") You get the idea. Then, of course, your own driving record is factored in. Your years of experience. Accidents. Tickets. these help us determine your level of risk. How those rates are regulated. Don't worry. The insurance companies aren't just let loose to run roughshod over the citizens of your respective . Each has its own regulatory body set up to watch over the insurance companies and protect your rights. Still, there is some room for the insurance companies to be competitive. And there's no rule that says they have to be nice to you. That's why it pays to shop around. Why you should read the fine print--even if it hurts. Yes, trying to understand a policy can be like reading Shakespeare's complete works in Sanskrit. But you should still plow through it thoroughly. After all, it is a binding legal contract. If there is anything you don't understand, ask for an explanation. What's more, the last thing you need at claim time is a surprise. Settling claims vs. determining liability vs. maintaining sanity. Sometimes it's confusing. Often you can be compensated for auto repairs or medical expenses long before liability is even determined. But that works in your favor. Your bills can be paid while a claims adjuster from each side figures out who's going to shell out the cash in the end. This can be worked out quickly, or it can take what seems like forever, depending on how complicated the claim and how cooperative the parties. Plus, there are two philosophies on paying claims. Some companies recognize that you don't do this for a living and you're probably traumatized by the whole ordeal. Others put all the legwork--estimates, negotiation, repairs--in your hands. We're proud to say that RelianceDirect falls into the first group. We'll get you a rental car, get your car fixed and then worry about untangling the red tape. After all, who's paying whom here? (We'll show you the difference between "Our Way" and "Their Way" in another part of the site: Dollars & Sense (The RelianceDirect Difference)). How to save money every year on your auto insurance. Check out our list of money-saving tips, It's Your Money--Save It. That will put some extra change in your pocket. But if you really want to see a difference in your premiums, fill out our Direct Quote and see what RelianceDirect can do for you today.
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