Accident Checklist

By , September 5, 2012 7:04 pm

More than 12 million motor vehicle accidents annually include more than 20 million cars or trucks. A motor vehicle death occurs on average every 12 minutes and an injury every 11 seconds accord to the National Highway Traffic Safety Administration (NHTSA). If you are in a collision, are still alive, and without injury think of how lucky you are.

Even if you are shaky after the accident, you will need to try and follow the steps of this checklist.
If you have this checklist handy, it will help you get through the next hour or so as you exchange information and figure out how to deal with the situation at hand.

Continue reading 'Accident Checklist'»

GAP Insurance

By , September 5, 2012 6:45 pm

What you need to know about GAP insurance.

Car owners often assume that if their car is totaled, it will be replaced at the amount they paid, or at least the amount they owe, by their car insurance company. This is not always so.

Most car insurance policies will pay only up to the actual cash value of the car — what it was worth right before the accident. That will almost certainly be less than you paid, and in many cases it can be less than you owe. Negative equity has become more common as auto loans have lengthened to 60 months, 72 months and even longer. Cars depreciate more rapidly than the loan balance shrinks, leaving owners “upside down” in their cars — and on the hook if the car is totaled.

Many car insurance companies offer gap insurance (sometimes called loan/lease gap, or LLG) so that if you have negative equity in your vehicle when it is totaled, you’re not left owing money to your lien holder. Many car dealers and banks will offer you the coverage as well, but it’s typically much cheaper to buy it from your insurance company.

Gap insurance isn’t required by law. Lenders will usually require gap insurance on their lease contracts, but it’s less common for them to ask for it on loans. The dealer cannot require it (unless, of course, it is also the lender.)

Buy gap insurance if you have a long loan or a small down payment. If you have both, it’s an absolute must.

If you are thinking about leasing a new car, you may be surprised to know that your car insurance will not be the same as when you purchase a car with a car loan. Not only will your registration reflect the bank as the owner of your leased car, but you may be required to obtain GAP insurance, also called GAP coverage. Before you lease your car, it is a good idea to get an online quote for Florida affordable car insurance. This way, you will be able to review the different policies and prices available to you in order to choose the best option to fit your needs and your wallet.

GAP insurance is fairly new. It was created in the early 1980s to protect customers who lease a new car. Right after a car is purchased there is a sharp decline in its value. This means if the car is in an accident, the loan or lease amount of the car actually exceeds the car value. This means that the owner could owe hundreds or even thousands of dollars on the loan for a car that was damaged beyond repair. GAP insurance is protection for customers during this time when their loan is more than what the vehicle is worth. In the majority of situations, GAP insurance will also pay the deductible on the primary insurance policy. GAP insurance is an add-on to regular auto insurance.

It is also important to note that when Florida affordable car insurance includes GAP insurance, it may not include any unpaid or delinquent insurance premium payments, extensions or payment deferrals, refinancing, or any late fees or administrative costs. The car owner will be required to pay those back out of their pocket. As you can see, GAP insurance isn’t a cure-all, but it will help in the event your newly leased car is totaled in an accident.

Where to Get Cheap Auto Insurances in Florida

By , May 4, 2011 11:40 am

It has already been established that auto insurances in Florida are mandatory and that they are required before a driver can have its car registered and obtain a license plate. Without this, a person’s car won’t be registered or that his/her driving privileges will be suspended for three years. And so, whether to get car insurance in Florida is out of the question. The problem will then be where to look for cheap auto insurance in Florida.

Nowadays, buying cheap things doesn’t necessarily mean your poor. It only conveys practicality. The same goes with getting auto insurances. You do not need to have expensive auto insurances. Buying cheap ones is a lot more practical considering all the other necessary expenses you have to face. However, before getting cheap auto insurance for yourself, it is important to consider that there are certain required insurances needed to be taken. They are the Personal Injury Protection (PIP), Property Damage Liability, and Bodily injury

Liability. The first two are required to be a minimum of $10,000 while the last one is recommended to be of the same minimum level.

With this, various insurance companies have open up and lend their helping hand towards people looking for cheap auto insurance in Florida. One good way to look for these companies is through browsing the internet. In this generation, many companies are now utilizing the internet to reach through a vast number of clients.

The internet has now served as a new medium for advertising products of different companies. Auto insurances are of no differences. You can easily find insurance companies in the internet that can give you insurances in a relatively low price. Chances of getting free auto insurance quota are also high. Auto insurance companies like the Progressive, Liberty Manual, Geico, Allstate, Nationwide, AAA, and AIG have now made their services available through the internet. These companies know exactly what the auto insurance is required in Florida. Because of that, they have known to be good providers of cheap auto insurance in Florida.

Getting auto insurance through his company via the internet is a safe and efficient method. Moreover, it allows for a faster process with some company claiming that they can draw up your policy within 30 minutes. Purchasing auto insurance online is basically the same as with any other purchase you make on the internet. You will have to send your payment online through your preferred online payment method. You can also mail your check or eve n use automatic debit. Whichever way, you can be assured that the process is secured and will go as expected.

With all those companies making their services available online, getting cheap auto insurances in Florida will not be more of a problem. You will only have to face the task of choosing the right auto insurance company that suits your needs and your budget best. Just remember that having to purchase something cheap does not reflect your economic status directly, it just conveys your practicality.

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