How To Save On Your Auto Insurance Policy

Car Insurance Savings

The 2015 spring season is here, and while you are planning all of your summer trips, you may be looking for ways to save money. As you start pinching pennies to afford that Hawaiian vacation, take a look at your auto insurance policy to see if you can save money with your coverage. Keep these car insurance savings tips in mind to see when you can save on your car insurance policy.

  • Shut your sunroof – while your car is parked, make sure that your sunroof is completely closed. If you leave it open and a sudden spring rainstorm hits, you will most likely be left paying for the damage to the interior of your car out of your own pocket, especially if you do not have comprehensive coverage.
  • Figure out how much you drove – if you have cut down on the number of miles you drive each year, such as if you retired or started working from home, you may be able to drop your premiums. The less you are on the road, the less likely you are to get into an accident, which may help to keep the cost of your policy low.
  • Raise your deductible – increasing your deductible is a great way to lower your monthly payments. Keep in mind that your deductible is the amount that you will have to pay out of your own pocket before your coverage kicks in, so make sure your deductible is something that you can actually afford.
  • Look for discounts – the more discounts you qualify for, the more money you can save. Ask your insurance agent if there are any discounts that you can qualify for but are not already taking advantage of.

Contact The Insurance Shop in White Bear Lake, Minnesota for all of your car insurance coverage needs this season.

How a Teen Driver Will Affect Your Auto Insurance

Driving Car

Cost of Teen Drivers

If you have recently added your teen driver to your auto insurance policy, you know what a difference it meant for your premiums. If your teen is getting their license soon, get your wallet ready. The cost to add your teenager to your auto insurance policy can more than double your auto insurance rates each year.

The reason that you will see a huge increase in your premiums is that insurance companies rate teen drivers as some of the riskiest drivers on the road. According to the Centers for Disease Control and Prevention, the crash rate per mile driven for 16 to 19 year olds is four times higher than the same risk for older drivers. Teen drivers who are 16 years old are the riskiest drivers, and have a crash rate of two times higher than teens 18 to 19 years of age.

One study compared auto insurance rates from 10 different cities in each state on a 2014 Honda Accord. The study quoted auto insurance rates from a 40 year old male investing in full coverage, and then the same policy for a 16 year old male. The study showed that on average, the auto insurance premiums rose 152 percent across the country. By adding a teenage girl to the policy instead of a boy, the rates only rose, on average, 129 percent.

When looking for the right auto insurance policy for your family, contact The Insurance Shop in White Bear Lake, Minnesota. As an independent insurance company, we will work with you to ensure that you have the right amount of coverage, all at the right price.

Most Expensive Insurance Claims

Family protection

Pricey Insurance Claims Around the World

When determining your premiums, your insurance companies will decide just how much of a risk you are, and the higher your risk, the more you will end up paying for your policy. However, there have been some extremely expensive insurance claims that no insurance company could be prepared for. These insurance fun facts about the most expensive insurance claims can help put your risk level at a more acceptable rating.

  • September 11th – while there is no way to put a price on the real loss of September 11, 2001, insurance companies did have to payout more than $40 billion for claims including property damage, business interruption, life insurance, and many other claims related to disaster.
  • Japanese Tsunami – the earthquake and tsunami that hit Japan in 2011 caused enough damage to bring the total cost to just under $40 billion. However, some experts suggest that the real amount of damage was much closer to $100 billion, just not for the insurance world.
  • China’s SARS Outbreak – the SARS epidemic began in the Guangdong province of China, but soon spread to 37 other countries in just weeks. Insurance payouts for people who passed away from the disease, travel cancellation, and business interruption insurance claims reached around $1 billion.
  • Northeast Blackout – a blackout in 2003 affected 10 million people in Canada and 45 million United States residents across eight states. The blackout brought on a $6 billion insurance payout due to looting, business interruption, grounded flights, and other issues.
  • Indian Ocean Earthquake and Tsunami – the earthquake and tsunami that hit the Indian Ocean on December 26th in 2004 affected many countries, which lead to insurance claims exceeding $1 billion.

For all of your insurance needs and to ensure that you have the right amount of protection in case of any disaster, contact the insurance professionals at The Insurance Shop in White Bear Lake, Minnesota.

The Most Expensive Car To Insure

Auto Insurance Premiums

When your auto insurance company is determining your auto insurance premiums, the faster your car can go, the more you will be paying each month. Nissan has recently released the most expensive car to insure on the road, the GT-R Nismo.

The 2015, 600 horsepower GT-R Nismo has a price tag of $150,000, and costs an average of $3,574 to insure each year. However, it is important to keep in mind that the actual cost to insure the GT-R varies from state to state. Someone driving the GT-R in Montana will pay around $6,600 a year, while someone driving the same vehicle in Hawaii will only pay just over $2,000 on average. The GT-R is followed by the 621 horsepower Mercedes-Benz SL65 AMG convertible and the 645 horsepower Dodge SRT Viper as the second and third most expensive cars to insure.

Since people who purchase vehicles with enough power to reach high speeds will most likely test their skills at some point, insurance companies have to charge higher premiums for the increased risk. The higher premiums also come from the much higher cost to repair these vehicles if they are damaged during an accident.

If you are looking to save money on your auto insurance rates, look for a vehicle that is inexpensive to repair and has a low claims history. Some of the cheapest cars to insure include the Jeep Wrangler Sport, Jeep Patriot Sport, and Honda CR-V LX.

No matter what type of vehicle you are driving on the road, having the right auto insurance policy will help to ensure that you stay safe from any unfortunate situation that you encounter. Contact the insurance professionals at The Insurance Shop in White Bear Lake, Minnesota for all of your auto insurance needs. We will work with you to ensure that you have the coverage that you deserve at the right price.

Protection From Rising Waters

Flood Insurance

Flood Insurance Basics

Your house is probably the biggest investment you have ever made, which is why choosing the right homeowner’s insurance policy is so important. However, your home insurance policy is not the only insurance policy needed to protect your home and assets, since it will not provide coverage for every situation, including a flood.

The only way to ensure that your home and personal belongings are protected in case of a flood is to invest in a specific flood insurance policy. When deciding on the right policy to meet your needs, it is important to keep in mind that flood insurance policies take 30 days to kick in, so if you are waiting until the first storm to invest in a policy, it may be too late. If your flood insurance policy is still in the waiting period when a flood hits, you will be left paying for the repairs to your home out of your own pocket.

The cost of a flood insurance policy will depend on many factors. The biggest factor that is taken into consideration when choosing the right policy is where your house is located. If you live in a high risk flood area, you will be left paying more for your coverage than if you live in a low risk area. The size of your house will also help to determine your premiums. The larger your house, the more it would cost to repair it after a flood, which means that you will pay more for your policy.

When looking for the right flood insurance policy that will properly protect your home, contact the insurance professionals at The Insurance Shop in White Bear Lake, Minnesota. As an independent insurance agency, we will work with you to ensure that you have the right amount of coverage, all at the right price.