Personal Auto Insurance – Avto Insurance http://avtoinsurance.net/ Wed, 23 Nov 2022 14:32:25 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://avtoinsurance.net/wp-content/uploads/2021/06/icon-2-140x136.png Personal Auto Insurance – Avto Insurance http://avtoinsurance.net/ 32 32 Auto loan balances increased by $22 billion last quarter. Are consumers in over their heads? https://avtoinsurance.net/auto-loan-balances-increased-by-22-billion-last-quarter-are-consumers-in-over-their-heads/ Wed, 23 Nov 2022 14:32:25 +0000 https://avtoinsurance.net/auto-loan-balances-increased-by-22-billion-last-quarter-are-consumers-in-over-their-heads/ Image source: Getty Images Rising car prices and loan rates could spell disaster for drivers. Key points Car prices have risen this year due to shortages in the supply chain. This forces borrowers to take on higher car payments – and put their finances at risk. Compare your total monthly expenses to your income to […]]]>

Image source: Getty Images

Rising car prices and loan rates could spell disaster for drivers.


Key points

  • Car prices have risen this year due to shortages in the supply chain.
  • This forces borrowers to take on higher car payments – and put their finances at risk.
  • Compare your total monthly expenses to your income to determine a monthly car payment you can afford.

Buying a car has always been an expensive prospect. But these days, vehicles are even less affordable due to a massive shortage.

The heart of the problem is actually a shortage of chips – a problem that started during the COVID-19 pandemic and has yet to be resolved. Ultimately, automakers saw their production slow, resulting in a limited supply of vehicles for sale. And whenever you have a situation where the quantity of a given good is not high enough to meet consumer demand, its price tends to increase.

It is therefore not so surprising to learn that auto loan the balances increased at the national level during the third quarter of 2022. It is by new report by the Federal Reserve Bank of New York. But what’s more surprising is that auto loan debt has increased by $22 billion. This indicates that many consumers have taken out large auto loans – and are at risk of falling behind.

If you need a car, you may have no choice but to finance it with an auto loan. After all, you probably don’t have $30,000 or $40,000 in your savings account pay for a new car directly.

But if you’re going to incur the expense of a car loan, you’ll need to make sure it really fits your budget. Otherwise, you could be setting yourself up for a world of financial stress.

How many cars can you afford?

There’s a formula consumers should follow when it comes to buying a home: Don’t let your housing costs exceed 30% of your income. But buying a car is more tricky, because such a formula does not really exist in this context.

Therefore, your best bet when buying a car is to look at your total fixed monthly expenses, compare them to your income, and see how much room you have left. Say you bring home $3,000 a month and currently spend $2,000 a month on essentials like housing, food, utilities, and health insurance. That leaves you with $1,000 left over — but that doesn’t necessarily mean you can afford a $1,000 monthly payment for the car.

You might need some of that $1,000 to pay for non-essentials like streaming content and social events — things you probably don’t want to cut out of your life entirely. And you might need some of that money to increase your savings or fund your IRA for retirement. So your best bet is to really take a close look at those numbers and land on a reasonable car loan payment.

Higher borrowing rates could be a problem

Unfortunately, not only are car prices rising these days, but so are auto loan rates. In fact, mortgage rates are higher across the board, making this a really bad time to finance a car.

If you are considering applying for a car loan, check to see if your credit score is in good shape. The higher this number, the lower the rate you are likely to qualify for. A lower rate could make you less likely to fall behind on your loan repayments.

Remember that taking an overpriced car can have many negative consequences. If you are late with your loan payments, it could cause your credit score to plummet and put you at risk of having your vehicle repossessed. So you better land on a reasonable car payment – even if that means resigning yourself to a vehicle that lacks some of the features you might otherwise have wanted.

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Five steps to take if you are injured in a car accident – ​​InsuranceNewsNet https://avtoinsurance.net/five-steps-to-take-if-you-are-injured-in-a-car-accident-insurancenewsnet/ Sun, 20 Nov 2022 13:52:30 +0000 https://avtoinsurance.net/five-steps-to-take-if-you-are-injured-in-a-car-accident-insurancenewsnet/ The crash lasts for a moment. You stop at a red light and suddenly a car hits you from behind. Your airbag deploys when you are pushed into the car in front of you. You are thrown forwards and backwards. Your neck immediately hurts. Then you get a headache. What should you do? Here are […]]]>

Your health and car insurance contracts probably require you to cooperate with your insurance company. After any accident, promptly notify your auto insurance agent of the accident. Provide health insurance information to referring physicians.

Accept interviews and other reasonable requests from these insurers. If you don’t report an accident to your insurer promptly and cooperate with them, you may not be covered for the accident.

Step 3: Do not make a statement to the opposing insurance company.

The other driver’s adjuster might call you a few days after the accident to ask about it. Do not give this person an interview.

Cooperating with the other drivers’ insurer at this stage will not help you. You may still be on medication as the adjuster asks detailed questions about the accident.

You may give inaccurate estimates of important matters such as time, speed, and distance. Your estimates will then be used against you.

If the other driver’s insurer calls you, respectfully decline to answer any questions. Tell the expert you’ll call them when you feel up to it.

This won’t harm your request and assures you that you won’t talk until you feel well enough (and possibly not until you’ve seen a lawyer — see step 5 below).

Step 4: Don’t settle the personal injury case until you’re healed.

Insurers generally require a release in exchange for payment for liability claims. Don’t settle with the other driver’s insurer until you’ve reached maximum medical improvement (MMI). In other words, wait until your accident symptoms are gone or until doctors tell you that your condition is unlikely to improve.

If you settle with the civil liability insurer and your condition worsens, you will not receive additional compensation if you have signed a receipt.

So wait until you have healed as much as possible before settling down. It can take a year or more. Usually, this doesn’t cause legal problems because statutes of limitations for negligence claims usually give you three years to sue (except for deaths in car accidents and claims against government entities).

Step 5: Hire a lawyer if you are unfamiliar with insurance and subrogation.

No law requires you to hire an attorney to help you with a personal injury claim. Many people settle their claims without a lawyer. This requires some understanding of subrogation (the obligation to reimburse health and disability insurers who have paid money to you or for you due to an accident). In simple cases with minor injuries that go away completely after minor medical bills, a lawyer might not add value to the claim.

However, when there is a significant injury with possible permanence and the medical bills are significant, a lawyer will generally add value and relieve the injured party of the burden of the claims process.

If you hire a lawyer, do it early. It usually doesn’t cost extra to hire an attorney early, as most personal injury attorneys accept a percentage of the recovery as fees. There’s value in the peace of mind that comes with an attorney who knows insurance and provides good advice to maximize your compensation.

Robert J. Kasieta is the founder and managing member of Kasieta Legal Group, LLCin Madison. His practice focuses on civil litigation, personal injury, civil rights, discrimination, business law and employment law. He is a member of the State Bar of Wisconsin Attorneys Referral and Information Service, which connects residents with attorneys across the state. Learn more about wislaw.org.

Know Your Legal Rights is a bimonthly column distributed by the Wisconsin State Bar. It is written by members of the Wisconsin State Bar Lawyer referral and information service (LRIS), which connects Wisconsin residents with attorneys throughout the state. Learn more about wislaw.org.

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3 good reasons to talk about money with your friends https://avtoinsurance.net/3-good-reasons-to-talk-about-money-with-your-friends/ Fri, 18 Nov 2022 12:00:28 +0000 https://avtoinsurance.net/3-good-reasons-to-talk-about-money-with-your-friends/ Image source: Getty Images Open and honest communication can improve your life in many ways. Key points An April 2022 poll showed that 56% of adults surveyed think talking about money with others is “taboo”. Your friends can be a source of financial advice and cheerleading. They can also be an attentive ear to evacuate […]]]>

Image source: Getty Images

Open and honest communication can improve your life in many ways.


Key points

  • An April 2022 poll showed that 56% of adults surveyed think talking about money with others is “taboo”.
  • Your friends can be a source of financial advice and cheerleading.
  • They can also be an attentive ear to evacuate financial mistakes and mishaps.

Talking openly about money can be uncomfortable or even scary, even in 2022. A study survey of 2,000 adults conducted by Questis and OnePoll earlier this year found that 56% of respondents thought talking about money with others was ‘taboo’. Additionally, 58% admitted to faking their financial situation on social media in order to appear more financially stable. Ouch!

I’m a big proponent of open communication and over the course of improve with money and by paying off my debts this year, I’ve also become a proponent of talking about personal finances with the important people in your life, whether that’s family or friends. Read on to find out why it pays to overcome your financial blockages and share your financial gains and losses.

1. You can get or give advice for free!

If money is something you can feel more comfortable with, you can ask a knowledgeable friend for financial advice. A little warning here: Unless you’re lucky enough to be friends with financial professionals, it’s best to take all free financial advice with a grain of salt. social media is full of people who have a free platform and as a result there is some really terrible financial advice out there. So if your friends advise you to apply for a particular credit card or use a certain brokerage firm, it’s a good idea to do your own research first, to see if that product is really right for you. On that note, consult a financial advisor is also a great idea.

That said, if you’re on the hunt for a new credit card and you know you’ll be doing a lot of your grocery shopping, it’s a good idea to ask around in your circle of friends and see if someone has a great recommendation for a card offer cash back for groceries. It’s good to get a real user’s opinion from someone you know and trust. Likewise, if you’ve never invested before, you probably have some questions about how 401(k)s and IRA work, and your investment-savvy friend may be willing to give you a brief overview.

If you’re more open about money, you might also become the person others turn to. I’ll share an example: A few months ago, a dear friend was having trouble with her banking situation and had to pay a pile of accumulated overdraft fees. Knowing that I work in personal finance content, she asked me about personal loans and how to get one. I was happy to point her to helpful resources. It feels good to help a friend.

2. You can find allies

Just as it’s important to have financially knowledgeable friends in your life, it can also be great to have cheerleaders for money. If you feel comfortable talking about money, you can share your financial gains and maybe get some encouragement to pursue your money dreams. No one wants to be nagged about money, but if you can be honest with your friends about your intention to spend less on eating out or buying clothes, they might be willing to help you achieve that goal (or some unless not actively working against you). If you normally go shopping and then have lunch on an odd Saturday, you can all work together to find another, less expensive way to spend time together. And unless you exclusively hang out with the wealthy, chances are your friends will also appreciate being encouraged to to save money at a time when inflation is so high and the cost of daily living has skyrocketed.

3. You can ventilate in a safe environment

Again, unless all of your friends are wealthy (and sometimes even if they are!), chances are they’ve experienced financial frustrations from time to time. If you apply and get denied a credit card you really wanted, or if you’re in a car accident and need to grab your car insurance deductible so you can get your car fixed, it’s nice to have people to talk to. Sometimes you have a bad financial day (or week, or month…), and a sympathetic ear can make all the difference, even if that friend cannot help you concretely.

Let’s end the taboo against talking about money. Being open and honest with your friends about your financial situation can help you improve, help them improve, and even strengthen your friendships. For all these reasons and more, it can be very good for your finances.

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The Ultimate Personal Injury Checklist https://avtoinsurance.net/the-ultimate-personal-injury-checklist/ Tue, 15 Nov 2022 18:49:44 +0000 https://avtoinsurance.net/the-ultimate-personal-injury-checklist/ The law allows you to recoup lost earnings if you had to take time off work to recover from your injuries. When someone’s negligence causes you injury, the last thing on your mind may be that you’ll have to take legal action. Perhaps you have been hospitalized or are still recovering from your injuries. You […]]]>

The law allows you to recoup lost earnings if you had to take time off work to recover from your injuries.


When someone’s negligence causes you injury, the last thing on your mind may be that you’ll have to take legal action. Perhaps you have been hospitalized or are still recovering from your injuries. You absolutely must take appropriate measures to protect your health.

The time shortly after the accident is also essential to gather the evidence you will need for a trial. However, you may not know what documents or evidence you will need, so you would probably benefit from having a comprehensive personal injury checklist to guide you.

The Law Firms of Theodore A. Naima has created this Personal Injury Checklist to specify the documents and evidence you need to collect to help you prove your claim. Although the documents may vary depending on the type of accident and the extent of your injuries, the following documents are useful in the majority of injury cases.

Medical records

Medical records are first on the personal injury claims checklist, and for good reason: one of the legal requirements to prove a personal injury claim is to show an injury. Medical records will indicate the extent of your injuries and how much recovery time you will need. In addition, the doctors who treat you will be important witnesses in your case.

Official reports

The police or a medical team can intervene depending on your accident. New York The law requires people to report a car accident with an injury to the police.

Police and other emergency personnel keep accident records. If you or a witness made a 911 call, you can also request a recording of the call as this can help prove details of your accident.

Insurance Information

If you were involved in a car accidentyou will need to collect the other party’s auto insurance information. Car insurance is compulsory for all cars registered in New York. In a car accident, the auto insurance company often represents the negligent party in negotiations and even in a lawsuit. If the negligent driver is uninsured, you must also collect information or a statement to that effect.

Photos, video or audio evidence

Photographic, video, or audio evidence is on this personal injury case checklist because it is valuable to your case. You need to gather this type of evidence to:

  • injuries—Images showing your injuries at or near the time of the accident;
  • Property damage—Images showing damage to your personal property, such as your car, and any other property damage;
  • scene of the accident— Photographic or video evidence of where the accident occurred; and
  • Witnesses—Audio testimony from witnesses recorded at or near the time of the crash.

These elements can help to prove the cause of the accident. Plus, juries and judges in a personal injury case find this evidence compelling if you have to go to trial.

Witness Information and Statements

Then on the bodily injury checklist are witness statements. Witnesses are people who saw or heard the accident. They may also include people who have information about the incident. For example, if several people have recently slipped and fallen in the same store where you slipped, these people could be useful witnesses in your case. The police also take witness statements.

victim impact statement

Although it can be difficult, writing or recording your statement as soon as possible helps your case. You should ask a trusted friend or lawyer to write down what happened as soon as your mind is clear. It’s also important to let your lawyer know if you’ve made any other statement to the police or another party, especially if you’re partially responsible for the accident.

Medical bills

Photo by Mikhail Nilov from Pexels

If someone else is responsible for the accident that caused your injuries, they will have to pay compensatory damages. These damages include the cost of treatment and medical care. This is any treatment for your physical injuries, but it also includes the cost of treating emotional distress from the accident or other psychological effects. Medical bills and treatment costs will help your attorney create a comprehensive assessment of damages in your case.

Payslips or W2 forms

The law allows you to recoup lost earnings if you had to take time off work to recover from your injuries. Previous payslips and W2 the forms show the income you previously earned, which establishes the income you lost when you were unable to work.

Get organized

Gather all the evidence listed above in a box. You may be able to create an Excel document or spreadsheet to track what you request and receive. Use this personal injury checklist as a guide to help you stay organized. Tracking, requesting and collecting this evidence can seem overwhelming when recovering from an injury. You should consider hiring An experienced personal injury lawyer from Law Firms of Theodore A. Naima to help you gather the evidence you will need for your case as soon as possible.

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Is tenant insurance worth it? (2022) https://avtoinsurance.net/is-tenant-insurance-worth-it-2022/ Sat, 12 Nov 2022 03:36:34 +0000 https://avtoinsurance.net/is-tenant-insurance-worth-it-2022/ Some renters assume that because they don’t own their home, they don’t need home insurance. While it’s true that you can’t get home insurance as a tenant, you can and probably should get tenant insurance. In fact, some landlords require it as a condition of the lease. In addition to examining the best tenant insuranceWe […]]]>

Some renters assume that because they don’t own their home, they don’t need home insurance. While it’s true that you can’t get home insurance as a tenant, you can and probably should get tenant insurance. In fact, some landlords require it as a condition of the lease.

In addition to examining the best tenant insuranceWe at Home Media’s review team have compiled a guide to what a renter’s policy does and does not cover, whether renter’s insurance is required and what the alternative is.

What does renters insurance cover?

Renters insurance covers personal effects that are damaged, stolen, lost or destroyed by a covered event. He can pay either the actual cash value (ACV) of these items or the full replacement cost, depending on the policy. ACV coverage takes depreciation into account, while Replacement Cost Value (RCV) coverage does not deduct depreciation.

Common perils covered by tenant insurance include theft, vandalism, fire, smoke, explosion, lightning, wind, hail, falling objects, and cave-ins due to ice or snow. Mold and water damage may also be covered, depending on the terms of your policy.

In addition to the personal property coverage described above, a the renters insurance policy covers what follows:

  • Additional living expenses (loss of use): If a covered peril makes your home uninhabitable, your living expenses may temporarily increase. Renters insurance will help cover these additional expenses, such as hotel rooms and take-out meals.
  • Personal responsibility: You may be held liable for bodily injury or property damage occurring in your home. A renters policy will help cover the costs associated with these accidents.
  • Medical payments: If a guest is injured in your home, your tenant insurance will help pay for their medical expenses up to a predetermined amount.

Most companies offer additional coverage options, also called endorsements or add-ons, to cover items or risks that would otherwise be excluded. You can also adjust your coverage limits to ensure comprehensive protection.


What does renters insurance not cover?

All insurance policies have certain limitations and exclusions. When evaluating a tenant’s insurance policy, there are two main things to consider: the list of named or excluded perils and the coverage limits.

Risks not covered

Your tenant’s insurance policy documents will tell you what risks the policy does or does not cover. A named perils policy lists the perils it covers and excludes everything else, while an all perils policy lists the perils it excludes and covers everything else.

Most renters insurance policies do not cover damage caused by the following:

  • Earthquake
  • floods
  • Landslides
  • pests
  • Rodents
  • Chasms

Coverage limits

A policy’s coverage limits determine how much renters insurance will pay for different items or situations. Your tenants policy will have both an overall limit and sub-limits for individual items or categories. If the cost of your claim exceeds your policy limits, you will need to make up the difference, so make sure the coverage amounts match the value of your belongings.

Other exclusions

Tenant insurance is intended to cover the personal effects of the policyholder. This means it will cover the contents of your home, but not the structure. Only the owner can insure the building and all structural elements or common areas. Although renters insurance may cover personal effects that are stolen or damaged while in your car, it does not cover the car itself. Also, it won’t cover your roommate’s belongings unless their name is also on the policy.


Why should I buy tenant insurance?

Renters insurance can save you money in the event of an accident, theft or natural disaster. Here are some reasons to consider tenant insurance:

  • It’s surprisingly affordable. Compared to other policies, such as home insurance, tenant insurance is a bargain. Lemonade offers some of cheapest renters insurance policies with prices as low as $5 per month depending on your location, age of the property, and other factors.
  • It costs less than replacing your belongings. The cost of replacing your belongings after an accident, disaster or theft will cost far more than what you would spend on renters insurance.
  • He can pay medical and legal expenses. The liability insurance included in your renter’s policy will help pay for medical and legal expenses you may face after someone else is injured on your property.
  • It can help you save on car insurance. Most insurance companies offer a multi-policy discount for those who bundle their auto insurance with renter’s insurance.
  • It often pays off. With generous multi-policy discounts, you may be able to add renter’s insurance without seeing a change in your insurance premium.
  • It protects your savings. After a covered event, your renter’s insurance policy will help pay for expenses that might otherwise drain your savings account.
  • It may be required by your landlord. Some landlords require their tenants to purchase a tenant’s insurance policy as a condition of their rental agreement.

To find the best deal, we recommend that you collect renters insurance quotes from several companies. If you have auto insurance, checking to see if that provider also offers renters insurance is a good place to start. You can also ask about bundled discounts when you get renters insurance quotes to compare.

Is tenant insurance compulsory?

Most states require drivers to carry auto insurance, and mortgage lenders require borrowers to carry home insurance — but what about renters insurance?

Although renters insurance is not required by state or federal law, it may be required by the terms of your lease. Many landlords require their tenants to take out tenant insurance. This requirement can help landlords and their tenants avoid costly litigation when a tenant’s property is lost, stolen, damaged or destroyed.

Above all, having tenant insurance protects you, the tenant. Even if your landlord has insurance, you will be responsible for your own property. Your landlord’s insurance is supposed to cover the building itself and property belonging to the landlord. It may also include liability protection for accidents that occur on the property. However, it will not cover your personal effects.


What is the alternative to tenant insurance?

The alternative to tenant insurance is an emergency savings fund. Instead of paying a company to insure your belongings, you set aside enough money to cover them yourself.

While skipping your renter’s insurance premium might seem like a way to cut expenses, be sure to crunch the numbers before you choose to forgo it. You can take inventory of your belongings and calculate how much it would cost to replace them if you lost all of your belongings to fire, flood or theft.

If you don’t have enough emergency savings to replace your belongings to your satisfaction, you may not have a viable alternative to renters insurance.


The Bottom Line: Is Renters Insurance Worth It?

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected losses, renters insurance can be worth it. For a relatively low monthly cost, you can provide coverage for all your belongings and liability protection if someone is injured on your rental property.

If you already have a car or other insurance policy, you can save money by bundling it with renter’s insurance, which will make it even more affordable. Comparing renters insurance quotes from two or three different insurance companies will help you find the best deal.

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New car prices are finally falling. But not by much https://avtoinsurance.net/new-car-prices-are-finally-falling-but-not-by-much/ Thu, 10 Nov 2022 16:48:00 +0000 https://avtoinsurance.net/new-car-prices-are-finally-falling-but-not-by-much/ CNN — New car prices are finally falling. A bit though. Cars still sell, on average, for more than manufacturers’ list prices, but at least they’re closer, analysts say. And a number of car brands are now selling for less than the sticker price, which was once normal but has become rare over the past […]]]>



CNN

New car prices are finally falling. A bit though.

Cars still sell, on average, for more than manufacturers’ list prices, but at least they’re closer, analysts say. And a number of car brands are now selling for less than the sticker price, which was once normal but has become rare over the past year or so.

For the first six months of this year, new car prices averaged $700 above the manufacturer’s suggested retail price, or MSRP, according to Edmunds.com analyst Ivan Drury. In recent months, however, prices have fallen to around $230 off MSRP, on average, according to Edmunds.

However, some car brands go much further. Land Rover modelson average, still sell for $4,500 above the list price while Kia Models sell for about $1,600 more than the list price. Hondas sell for about $1,360 more than their suggested retail price, on average, according to data from Edmunds.com.

In general, buyers who buy non-luxury mainstream vehicles tend to pay more than buyers of luxury cars, according to analysts at Cox Automotive. While luxury car buyers, who make up about 17% of the market, still pay higher prices, overall – $66,000 compared to an average of $44,000 for non-luxury brands – they were paying at least closer to the mark. ‘sticker. The slight difference in price markups may reflect the fact that non-luxury cars, in many cases, have similar appointments and features as luxury cars, Cox spokesman Mark Schirmer said. . Dealerships now simply require customers to pay for what the product actually provides rather than a lower price dictated by the manufacturer. He added that luxury car dealerships may place more value on the customer experience and, therefore, be less price aggressive than traditional dealerships.

Overall, Cox auto pricing analysts show buyers are paying an average of $527 off the sticker. That’s higher than Edmunds claims but, again, lower than at the start of the year. (The difference has to do with analysis methods and specific data sources, according to spokespersons for the two companies.)

Dealerships asking customers to pay more than the list price for a car are normally considered unusual, which is only done for particularly desirable or hard-to-find models like high-performance sports cars. Over the past 17 months, however, according to Cox Automotive, out of stock vehicles allowed auto dealers to push prices above MSRP. Unlike most things, car prices are usually negotiated individually by dealerships, which allows for a lot of pricing flexibility. Manufacturing slowdowns caused by supply chain issues – automakers have struggled to get certain parts, like computer chips – have meant few cars are available for sale, giving dealers automobiles enormous bargaining power.

Some automakers, like Ford and Honda, have noticed customers’ willingness to deal with low inventory, higher prices and longer wait times to get their vehicles. Executives at these companies said they never plan to return to the days when dealership lots were filled with cars and SUVs waiting to be sold.

Although still tight, especially for some automakers like Honda, vehicle inventories are at their highest level since June 2021, according to Cox.

“If consumers are flexible about make and model, it will be possible to find a bargain at year-end sales events,” said Rebecca Rydzewski, for Cox Automotive.

Some large SUVs like the Lincoln Navigator and Volvo XC90 are selling for relatively deep discounts of $1,400 and $1,900 below the sticker, on average, according to Edmunds. Volvo and Lincoln, in general, are the two car brands with the biggest MSRP discounts, according to Edmunds data. Buick is another brand offering fairly deep discounts, according to Cox.

In terms of new auto loans, customers can now get pretty good interest rates on short-term loans of 36 to 48 months, Drury said. These shorter loan terms mean higher monthly payments, of course, but with the added bonus that buyers can save thousands of dollars in interest, especially with rising interest rates. The Federal Reserve should continue to raise its benchmark rate, which may, in turn, drive up interest rates on things like auto loans. An individual’s credit rating has the biggest impact on how much auto lenders charge, but there are still good financing deals available for well-qualified individuals. according to Bankrate.com. 0% interest rate offers rose sharply earlier this month, according to a report from Cox Automotive.

Used car prices are also starting to drop a bit, which could entice new-car buyers back into the market, Drury said.

“Consumers who have been waiting on the sidelines watching their trade-in appreciate will now begin to feel the need to take action if they are to extract the maximum trade-in value from their vehicle,” he said.

With inflation and high gas prices, owners of cheaper, fuel-efficient models will get the best values ​​for their trade-ins, Cox Automotive analyst Brian Finkelmeyer wrote in a recent report. Those selling larger, more expensive vehicles, however, might be disappointed.

“Used car inventories across the country are currently bloated with expensive used goods priced above $35,000,” he wrote.

it’s gonna be a long wait before shopping goes back to how it used to be, with buyers able to negotiate deep discounts on most vehicles, Edmunds’ Drury said. It won’t start until late 2023 or even 2024, he said.

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Chubb and Hudson confirmed in denial of insurance for couple accused of delaying son’s murder case https://avtoinsurance.net/chubb-and-hudson-confirmed-in-denial-of-insurance-for-couple-accused-of-delaying-sons-murder-case/ Fri, 04 Nov 2022 15:11:46 +0000 https://avtoinsurance.net/chubb-and-hudson-confirmed-in-denial-of-insurance-for-couple-accused-of-delaying-sons-murder-case/ New You can now listen to the Insurance Journal articles! Pennsylvania parents who allegedly found but did not turn over to authorities a gun their son allegedly used to murder a friend are not entitled to insurance to defend them against claims of emotional distress brought by the friend’s mother . Howard I. Rosenberg and […]]]>
New You can now listen to the Insurance Journal articles!

Pennsylvania parents who allegedly found but did not turn over to authorities a gun their son allegedly used to murder a friend are not entitled to insurance to defend them against claims of emotional distress brought by the friend’s mother .

Howard I. Rosenberg and Kimberly L. Rosenberg sought defense and indemnity coverage under a home insurance policy issued by Chubb Indemnity and a personal umbrella from Hudson Insurance. Both insurers denied coverage citing language in their policies that prohibits coverage for intentional acts. The parents argue that their actions should be covered because they did not intend to cause the emotional distress alleged by the mother.

The federal district court for western Pennsylvania this week sided with insurers, calling the parents’ conduct a textbook example of actions not covered by insurance.

The Rosenbergs are sued by the mother of the boy their son allegedly killed in their residence, then dragged to a nearby public park to hide the body. The deceased’s mother alleges that the Rosenbergs found a handgun that could have been used in the murder and gave it to their marriage counselor, “for the purpose of preventing or delaying the arrest and prosecution” of their son, because that would probably be evidence. The marriage counselor then reportedly turned the gun over to homicide detectives, telling them she had found the handgun rather than revealing the gun was from the Rosenbergs. The mother claims their actions caused a delay in the police investigation and the discovery of her son’s decomposed remains. She is suing for intentional infliction of emotional distress.

The Rosenbergs argue that Chubb and Hudson should have provided cover despite the possibility that the underlying case against them would become moot, according to the appeal’s decision.

Chubb denied coverage under Masterpiece’s owners’ liability policy because she said the factual allegations made against the Rosenbergs did not constitute bodily injury caused by an “event,” as required. “This conclusion stems from the fact that the acts you are accused of having committed were intentional and not accidental or fortuitous,” the insurer told the Rosenbergs.

The court agreed with Chubb. The factual allegations contained in the deceased’s mother’s complaint, the wording of the policy and the case law regarding “events” and “accidents” lead to the “inevitable conclusion that the bodily harm suffered by the mother was not caused by an event within the meaning of Chubb policy,” the court concluded. The complaint is “full of factual allegations that cannot be characterized as incidental or accidental,” including that the Rosenbergs found the handgun, knew it was likely evidence of the crime, and transferred the possession of the weapon to their marriage counselor for the purpose of preventing/delaying the arrest and prosecution of their son. Due to these alleged actions and inactions, the police investigation and discovery of the body was delayed.

All of these alleged actions or inactions demonstrated that the Rosenbergs “acted with intent to accomplish their particular purpose” of preventing and/or delaying the prosecution of their son. “Such alleged conduct presents a simple example of actions that fall outside the realm of the accidental,” the court concluded.

The court asserted that “conclusive allegations of recklessness do not convert Rosenberg’s actions to events or accidental to trigger coverage in this case.”

Chubb also argued that even if the court found the underlying complaint alleged an “event,” the policy’s “intentional acts” exclusionary wording would exclude coverage. The court again agreed with the insurer.

Rosenberg’s Hudson policy was a personal umbrella policy providing excess insurance beyond the existing limits and coverages of other policies, such as a home or auto insurance policy. Hudson’s motives for denying coverage and the court’s analysis of Hudson’s politics generally follow the same path as Chubb’s situation, but with a little nuance.

The Rosenbergs, along with the mother suing them, argued that Hudson’s duty to defend was triggered by Chubb’s denial of coverage, even though Chubb’s policy limits had not been exhausted. They argue that when an underlying insurer, in this case Chubb, denies coverage for claims otherwise covered by the umbrella policy, the umbrella policy must “stand down” and provide a defense to the Rosenbergs.

However, the court asserted that its analysis and findings under Chubb’s policy of “occurrence”, “recklessness” and public order also apply to Hudson’s policy. Hudson’s duty of defense would only be triggered by an “event”.

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Stock market | Financial Content Business Page https://avtoinsurance.net/stock-market-financial-content-business-page/ Fri, 28 Oct 2022 21:54:00 +0000 https://avtoinsurance.net/stock-market-financial-content-business-page/ If a business faces a lawsuit or settlement that could cost millions of dollars, commercial insurance can help protect it and the owners’ personal assets. When a business is facing a legal battle or settlement that could cost millions of dollars, commercial insurance can help protect the business and the personal assets of its owners. […]]]>

If a business faces a lawsuit or settlement that could cost millions of dollars, commercial insurance can help protect it and the owners’ personal assets.

When a business is facing a legal battle or settlement that could cost millions of dollars, commercial insurance can help protect the business and the personal assets of its owners. Ensuring commercial liability coverage limits are high enough should be a cornerstone of any successful business plan. have enough small business insurance in place to protect the business is not optional if you don’t want to risk losing the business or having to pay the costs of a loss out of your own pocket. If you don’t want to be forced to give up on your business, getting enough small business insurance is absolutely essential.

Learn more about the types of insurance policies, their costs, and the coverage needed for your small business. In the United States, only two types of commercial insurance are mandated by law, and even then, often only in special circumstances: any employee who does not own a small business must have workers’ compensation insurance in every state (except Texas). All company-owned cars or trucks registered in the company’s name must be covered by a commercial vehicle insurance policy.

Whether or not to protect their own assets with company insurance is entirely up to the individual. When it comes to protecting your small business, no one insurance policy covers everything. Accidents, losses and lawsuits can completely devastate a business’s finances if not adequately covered by one of the many commercial insurance policies available. The buyer is protected against some of the most common threats to a business.

Similar to auto insurance, your rates can go up if you make a claim often. Insurance premiums tend to increase once claims have been filed against a policy. Similar to health insurance, reducing the deductible on small business policies will lead to higher premiums. Higher deductibles or out-of-pocket expenses often result in a lower rate. Insurance rates often increase as the number of people employed by a business increases. How long an organization has been in business can determine whether or not it receives preferential pricing over newer, less established companies.

Considerations such as postcode can have a huge impact on the price. If a company moves its operations to Calistoga from Los Angeles or San Francisco, for example, it may find that its business insurance costs are lower than either city. The limits of your coverage are something to consider when purchasing a policy, but be aware that this will likely result in a higher monthly cost. For example, a policy with a $300,000 limit on claims under general liability insurance would cost more per month than a policy with a $1,000,000 maximum.

Everyone, from a small child to a salaried worker to a doctor to a homeless person, can be injured in a car accident. The costs incurred as a result of the accident can be quite minor or run into the millions of dollars, depending on the victim and the extent of their injuries. By investing in commercial auto insurance, your business will be protected in the event that one of your vehicles causes physical harm to a customer or damage to their property.

Media Contact
Company Name: General liability insurance
Contact person: Ethan Andre
E-mail: Send an email
Call: 484 800-1000
Address:99 Wall Street
Town: New York
State: NY 10005
Country: United States
Website: https://generalliabilityinsure.com/small-business/

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Insurers say poor driving and inflation are among the factors driving higher auto loss ratios https://avtoinsurance.net/insurers-say-poor-driving-and-inflation-are-among-the-factors-driving-higher-auto-loss-ratios/ Wed, 26 Oct 2022 05:00:56 +0000 https://avtoinsurance.net/insurers-say-poor-driving-and-inflation-are-among-the-factors-driving-higher-auto-loss-ratios/ U.S. auto insurers face largest out-of-pocket loss ratio in 20 years due to factors including historic inflation, deteriorating driving behavior and sky-high jury awards, the American Property and Casualty Insurance Association said in a new report. APCIA said the direct loss rate for physical damage to automobiles reached 77.1% in the third quarter of 2021 […]]]>

U.S. auto insurers face largest out-of-pocket loss ratio in 20 years due to factors including historic inflation, deteriorating driving behavior and sky-high jury awards, the American Property and Casualty Insurance Association said in a new report.

APCIA said the direct loss rate for physical damage to automobiles reached 77.1% in the third quarter of 2021 – after hitting an all-time low of 45.2% during COVID-19-related business closures in the second quarter of 2020.

The report says traffic levels have recovered as pandemic restrictions eased and were within 1% of pre-pandemic levels in the first half of this year. The return to the roads has been accompanied by a 10% increase in the fatal accident rate from 2020 to 2021, the largest percentage increase in history. US passenger car losses jumped 25% between 2020 and 2021.

Robert Passmore

“One of the things we ask in the report is, is this the new normal?” said Robert Passmore, APCIA’s vice president for personal lines. “What is the new normal?

Normal is definitely more expensive. The report notes that the inflation rate peaked at over 9% in July, before dropping to 8.3% in August. But U.S. auto insurers face a variety of additional factors that are expected to continue to drive claims costs up through 2023 or beyond.

The report includes several statistics that illustrate this trend:

  • Private passenger collision claim severity reached a record $5,743 in the first quarter of 2022, up 36.5% from the same period in 2020. Average personal injury claim severity increased by 24 .2%.
  • Personal auto loss ratios climbed to 78.4% in the second quarter of 2022, compared to a quarterly average of 65% from 2016 to 2020.
  • The number of miles traveled on U.S. highways rose to 1.305 billion in the first five months of 2022 from 1.119 billion in the same period of 2020, according to the Federal Highway Administration. The latest figure is only slightly lower than the pre-pre-pandemic level, which was 1.316 billion miles in the first five months of 2019.
  • The road fatality rate reached 1.33 per 100 million vehicle miles traveled in 2021, up from 1.1 per 100 million in 2011, according to data from the National Highway Traffic Safety Administration.
  • The average verdict for a lawsuit awarded over $1 million increased almost tenfold from 2010 to 2018, from $2.3 million to $22.3 million, according to the American Transportation Research Institute. Personal injury judgments have increased 320% in 10 years, from $39,300 in 2010 to $125,366 in 2020, according to data from Current Award Trends in Personal Injury.
  • The number of car thefts jumped 25% from 2019 to the first half of 2022, reaching nearly 500,000 stolen vehicles with losses amounting to $4.5 billion.

The report says car insurance rates have not increased enough to keep up with rising costs. Personal auto direct written premiums rose only 4.6% from a year ago, well below the rate of growing losses.

Passmore said insurers’ ability to raise premiums is limited by intense competition in the industry. He said APCIA released the report, in part, to educate the public and regulators about the pressures that are forcing insurers to seek back-to-back rate increases.

Harvey Rosenfield

At least once, the consumer advocate is skeptical of the industry’s unfortunate history.

Harvey Rosenfield, the founder of Consumer Watchdog in California, said very few insurers cut rates during the pandemic, even as miles driven dropped. While APCIA says the industry has reimbursed consumers $14 billion, Rosenfield said a study by his organization found the industry saved far more than that due to a drastic reduction in claims. .

“There was a reduction because our cars were sheltering in place in our driveways,” he said.

Rosenfield said the insurance industry will seek any means necessary to distract the public from its “massive theft” during the pandemic.

“The insurance industry will use any excuse to justify the need for them to raise premiums,” Rosenfield said. “It’s all driven by their desire to maximize their profits at the expense of consumers.”

Top photo courtesy of APCIA.

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Coverage for underinsured motorists vs. coverage for uninsured motorists https://avtoinsurance.net/coverage-for-underinsured-motorists-vs-coverage-for-uninsured-motorists/ Fri, 21 Oct 2022 23:31:01 +0000 https://avtoinsurance.net/coverage-for-underinsured-motorists-vs-coverage-for-uninsured-motorists/ Insurance is a necessity that comes with owning a car. Acquisition of automobile insurance also drives the need to understand the terms of auto insurance when reviewing your policy. This ensures that you get the most suitable offer. However, some terminologies may be ambiguous or unfamiliar, and some guidance is needed to give you an […]]]>

Insurance is a necessity that comes with owning a car. Acquisition of automobile insurance also drives the need to understand the terms of auto insurance when reviewing your policy. This ensures that you get the most suitable offer. However, some terminologies may be ambiguous or unfamiliar, and some guidance is needed to give you an idea of ​​what is covered. Such knowledge can help you minimize claims rejected.

What is underinsured motorist coverage?

car accident | Getty Images

When a driver is responsible for an accident, they are usually responsible for paying liabilities such as injuries and damages to third parties. But sometimes their liability insurance limit may not be sufficient to cover the consequences of the accident. This is where underinsured motorist coverage comes in.

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