The World Wide Web re-invented the auto insurance business like no other development in history. The business as currently constituted bears little resemblance to what it was prior to the emergence of the WWW back in the early Nineties. Back then, when renewal time came up, it was automatic for almost two-thirds of the market to ultimately re-sign with the same insurer. Now that we can research and buy auto insurance, all that has changed.
Vehicle insurance companies, in fact, viewed a customer coming over from a competitor with suspicion and as a matter of policy would double check the new applicant's vital info on the suspicion the person had some type of outstanding matter that was behind the switch. That perspective has changed.
Thanks to online instant quotes, it is no longer the case that the average shopper is subjected to arbitrary review. The mystery has gone out of the actuarial process and along with it, the barriers to get the best rates for your particular needs and circumstances.
There comes a point in the lifetime of a vehicle when it is not worth repairing after an accident. In jurisdictions where the state mandates no-fault insurance, once this point is reached, there is no real financial reason to maintain full coverage. Simple liability (assuming a good driving record) can be quite a cost saver.
When we talk about no-fault insurance, we are generally talking about an optional or mandatory type of coverage in which a policyholder is compensated for losses due to traffic accidents by their own insurance company, regardless whose fault the accident was.
For good drivers, the no-fault insurance program is manifestly unfair. Nevertheless, variations on this theme prevail in 12 of the United States, Puerto Rico and four Canadian provinces. Do note that the phrase 'no-fault' is also used as a synonym for 'first-party coverage.' First Party coverage refers to any insurance contract in which the policyholder is indemnified against losses by their own insurance company, not the insurance company of the party who caused the loss (unless it was their own fault, of course).
Under the no-fault scenario, carrying collision insurance becomes a money losing proposition as the car ages. That is to say, why make a claim that is going to up your insurance rates for at least seven years? The damage would have be extensive to justify the claim. The nice thing about instant quotes online is that you can find out when your car has crossed that threshold age-wise. Using this feature, you can make a determination as to the best rates when you buy auto insurance online.
Vehicle insurance companies, in fact, viewed a customer coming over from a competitor with suspicion and as a matter of policy would double check the new applicant's vital info on the suspicion the person had some type of outstanding matter that was behind the switch. That perspective has changed.
Thanks to online instant quotes, it is no longer the case that the average shopper is subjected to arbitrary review. The mystery has gone out of the actuarial process and along with it, the barriers to get the best rates for your particular needs and circumstances.
There comes a point in the lifetime of a vehicle when it is not worth repairing after an accident. In jurisdictions where the state mandates no-fault insurance, once this point is reached, there is no real financial reason to maintain full coverage. Simple liability (assuming a good driving record) can be quite a cost saver.
When we talk about no-fault insurance, we are generally talking about an optional or mandatory type of coverage in which a policyholder is compensated for losses due to traffic accidents by their own insurance company, regardless whose fault the accident was.
For good drivers, the no-fault insurance program is manifestly unfair. Nevertheless, variations on this theme prevail in 12 of the United States, Puerto Rico and four Canadian provinces. Do note that the phrase 'no-fault' is also used as a synonym for 'first-party coverage.' First Party coverage refers to any insurance contract in which the policyholder is indemnified against losses by their own insurance company, not the insurance company of the party who caused the loss (unless it was their own fault, of course).
Under the no-fault scenario, carrying collision insurance becomes a money losing proposition as the car ages. That is to say, why make a claim that is going to up your insurance rates for at least seven years? The damage would have be extensive to justify the claim. The nice thing about instant quotes online is that you can find out when your car has crossed that threshold age-wise. Using this feature, you can make a determination as to the best rates when you buy auto insurance online.
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