A week after New York resident Juan Thomas bought a 2004 BMW 745i, in December 2012, the bank that financed the purchase—Wells Fargo—contacted him to say that he needed additional auto insurance for the vehicle. This was a bit odd, mainly because the car was already insured. “It didn’t sound right to me,” Thomas said. A month later, he heard again from a Wells Fargo representative, who again claimed his car wasn’t insured. Soon after, he received a bill and found that Wells had placed a collateral protection insurance policy on his account. “From then on, my [cost] just kept going up going up,” Thomas said in an interview. He repeatedly spoke with Wells Fargo representatives, sent along proof of his insurance, but nothing changed. With the insurance, Wells increased his monthly payment from $413.48 to about $600, at first, to, eventually, $1,000. “It seemed like I was never going to get out of debt for this car,” Thomas said. … [Read more...] about How Wells Fargo Screwed $80 Million Out Of Customers Using Unnecessary Car Insurance
Liability vs full coverage car insurance
DRIVERS are being warned about "too good to be true" car insurance scams on Facebook and Instagram. Thousands of Brits are have been victims of "ghost broking" leaving them illegally driving around without cover. And a fresh alert has been issued by cops after a recent case in Derbyshire. A woman was tricked into paying £120 to a man on Facebook who claimed he could organise cheap insurance. The 37-year-old only discovered the fraud after police pulled her over and seized the car. Reports of cases have soared in the last three years with unsuspecting motorists getting points on their licence, an unlimited fine, their vehicle taken off them and a hefty claim bill. How to avoid being caught out by 'ghost broking' Trust your instincts – if an offer looks too good to be true, then it probably is. Ghost brokers often advertise on student websites or money-saving forums, university notice boards and marketplace websites. They may also try to sell insurance policies in pubs, clubs … [Read more...] about Social media car insurance ‘ghost broking’ scam warning that could mean you’re driving illegally
So it’s time to renew your car insurance – what do you do? Do you shop around to find the best coverage and services, or do you simply renew whatever car insurance you already have? More often than not, regular motorists will choose the latter for its convenience. After all, switching to other insurers usually involves a lot of hassle, least of which is having to prepare a list of information and documents that aren’t usually known to you – things like the recommended sum insured, details of your existing car insurance, current NCD level, vehicle chassis number and such. No one is going to have all these information right off the top of their head. But what if there’s a hassle-free way around this? With AIG Car Insurance Online, switching from other insurers to AIG can’t get any simpler. All you need to do is key in your car number plate, your own IC number and the place of use (West Malaysia or Sabah/Sarawak). Do that, and voila, all the … [Read more...] about AD: AIG Car Insurance – hassle-free renewal online or easy switch from other insurers. As simple as 1-2-3!
During this weekend’s Amelia Island Concours d’Elegance, I sat down with Ford Heacock III of Heacock Classic Collector Car Insurance to talk about how the economy is affecting collector-car values, and what these changes portend for classic insurance. Heacock’s family has been in the insurance biz for eight decades (offering specialized classic car policies for the last two) and was instrumental in founding the famous 12-hour endurance race in Sebring, Florida, so he has a pretty good finger on the pulse of the market. He equates it to real estate, noting that beach-front property, like genuine numbers-matching rare Hemis, COPO Chevys and other blue-chip cars are holding their values pretty well, while the more ordinary fare slides a little, and Hemi clones and other fakes take a serious beating. What should you, the classic owner, do? Heacock has three tips: Make sure you insure your vintage or classic car on a dedicated classic car insurance policy that offers … [Read more...] about Three Classic-Car Insurance Tips for the Current Economy
Maine, the 23rd state of the Union, is home to fog, lobsters, and the lowest average car insurance rates in the nation, according to Insure.com. Residing on the top end of the insurance rates spectrum is Louisiana. The findings were calculated by averaging the annual policy rates for more than 2400 vehicles from six major carriers. Insure.com used 10 ZIP codes per state and based the rates on a 40-year-old, single male driver. Meant to represent the average Joe, the policies carried limits of 100/300/50 ($100,000 for injury liability for one person, $300,000 for all injuries, and $50,000 for property damage per accident), a $500 deductible on collision and comprehensive coverage, and uninsured motorist coverage. Joe commutes 12 miles to work, five days a week. Like determining your credit score, figuring out the exact methodology behind car insurance rates is, at best, an inexact science. Driver records and vehicles insured are important factors, but Insure.com senior managing editor … [Read more...] about Want Cheap Car Insurance? Move to Maine
No longer will insurance costs be a factor for new car purchases in Oregon and Washington. Snot-nosed teens chomping at the bit for the latest Transformers edition Chevy Camaro will no longer be stopped by high insurance premiums because General Motors has thrown residents of Oregon and Washington a bone. Anybody who purchases a new 2010, 2011 or 2012 Chevrolet, Buick, GMC or Cadillac car, truck, SUV or crossover between today and September 6 will receive a year of insurance coverage (for free) from MetLife. GM is testing the waters with “standard” auto insurance in Oregon and Washington to see if customers bite—if the program does well enough, there could be potential for a similar program to be rolled out nationwide. GM say’s that part of the reason for the insurance offer is to streamline the new car-buying process. No longer will customers in Oregon and Washington have to prepare to duke it out with the F&I guy; they’re taken care of. The … [Read more...] about GM to Offer Year of Free Car Insurance in Oregon and Washington
You really have to feel pity for “the other guy.” He’s the one you always hear about, and bad luck seems to be his constant companion. Maybe his car was stolen, wrecked in a crash, or burnt to a cinder in a fire. May 5, 2007, was the day I became the other guy. I had just taken my ’68 Camaro out of the shop, and was finishing the last details. Two weeks on the road and 500 miles on the odometer was all I got to enjoy before an inattentive driver crushed my car, along with my hopes of a summer filled with cruising. I was just happy the guy had insurance, and that I wasn’t on a gurney. I was simply in the wrong place at the wrong time, and it can happen to anyone. In a way, I lucked out. I was zero percent at fault, and the other guy had a good policy through State Farm. My car was also freshly done and heavily documented. The rough estimate to fix the carnage was $35,000, and State Farm offered $21,000 to fix it, to which I chuckled. Insurance companies … [Read more...] about Car Insurance Tips – Worst-Case Scenario
Sometimes you love ’em, sometimes you hate ’em, but however you look at it, we live and die by them. What exactly am I talkin’ about? The facts of life. Face it: There are certain things in this world that we are just going to have to accept. For one, as much as it sucks and is a complete waste of time, I somehow find myself giving into the Detroit Lions playing on Thanksgiving Day. Deal with it, they could go 0-16 three years straight and they’re still going to play on Turkey Day! At least someone finally wised up and put the Chiefs on TV for Turkey Day, but then again, that’s a rather bittersweet victory seeing as how the game was only on the NFL Network, and America’s top three cable providers don’t carry the NFL Network! Here’s another one for all the skeptics and hopefuls out there: Elvis is dead…get over it. The list goes on and on, but there’s still one thing out there that never seems to quite settle with me: car … [Read more...] about Car Insurance Companies Editorial – Off The Wall
Race Insurance Update Before we dig into this month’s mail bag, let’s return to the topic of race-car insurance. In a recent Ask Anything, a question regarding the existence of on-track damage insurance for race cars was broached. At the time, the only coverage we could verify was for the off-track aspects of a day at the races. You know, stuff like theft of gear, low-speed fender benders in the parking lot, trailer damage, and that kind of stuff. The actual “race car at speed on the racing surface” was excluded entirely from these policies. Kinda defeats the point, huh? But we recently learned about Lockton Affinity Motorsports Insurance (866/582-4957; LocktonMotorsports.com), and it looks like a step in the right direction. We called to learn more and discovered that Lockton offers single- and multi-event coverage that actually applies to damage done to your car on the race surface. But the on-track action must be of the HPDE type—that stands for High … [Read more...] about Car Insurance Update, Dennis Hopper’s GTO Movie, and More!
The term "full coverage" gets tossed about with some frequency when discussing auto insurance, but it's less a reality than what most drivers actually think they're paying premiums for. According to Allstate, insurers don't offer anything specifically called a full coverage policy, but it typically means you're covered for both liability and property damage. To really insure yourself to the hilt, take advantage of all the protections your insurer offers, and also meet or exceed the highest thresholds of coverage required by your state. Liability coverage is requiredAllstate indicates that liability insurance is required in all 50 states. This coverage is the part of your policy that protects you if you cause damage to others - either property damage or personal injury - because you're at fault in an accident. Each state requires that you carry minimum amounts of coverage for bodily injury per person and bodily injury per accident, as well as for property damage, but the required … [Read more...] about Full coverage auto insurance: what is it really, anyway?