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.
A generation ago, insurers would get uncomfortable when approached by a new car insurance customer. If they had just acquired a car and had no insurer - that was one thing. But if the would-be client already had an automobile insurer and they just wanted to switch companies, they were typically viewed with suspicion and their application scrutinized closely.
The relevant info for the actuarial process to occur is now common knowledge. Online auto insurance brokers had no choice but to reveal the inner workings of the process if they wanted to be able to present instant quotes for online auto insurance.
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.
Even for good drivers, no-fault can mean that your rates are going to go up if you are in an accident no matter what. As of this writing, in North America this includes 12 states (California, Florida, Michigan, Pennsylvania, New York and New Jersey, Hawaii, Kansas, Kentucky, Massachusetts, Minnesota, North Dakota and Utah) as well as the Canadian provinces of Quebec, Ontario, Manitoba and Saskatchewan.
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.
A generation ago, insurers would get uncomfortable when approached by a new car insurance customer. If they had just acquired a car and had no insurer - that was one thing. But if the would-be client already had an automobile insurer and they just wanted to switch companies, they were typically viewed with suspicion and their application scrutinized closely.
The relevant info for the actuarial process to occur is now common knowledge. Online auto insurance brokers had no choice but to reveal the inner workings of the process if they wanted to be able to present instant quotes for online auto insurance.
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.
Even for good drivers, no-fault can mean that your rates are going to go up if you are in an accident no matter what. As of this writing, in North America this includes 12 states (California, Florida, Michigan, Pennsylvania, New York and New Jersey, Hawaii, Kansas, Kentucky, Massachusetts, Minnesota, North Dakota and Utah) as well as the Canadian provinces of Quebec, Ontario, Manitoba and Saskatchewan.
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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