Thursday, July 29
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Car Insurance

A Guide to Rental Reimbursement Coverage

Car Insurance, Fannie Mae
You’re involved in an accident, your car is wrecked, and your insurer has stepped in to cover the damages. All is well, and you only have the deductible to worry about, but what happens before the car is fixed? How do you continue to get to work every day and take the kids to school when your car is in the repair shop for the next few days or weeks? That’s where rental car reimbursement coverage steps in. If you have this optional coverage on your car insurance policy, you won’t need to worry. Keep reading to learn how this coverage option works. Rental Car Reimbursement vs Rental Car Insurance Before we go any further, it’s worth clarifying the potential confusion surrounding rental car coverage and rental car reimbursement coverage. The form...

What Is High-risk Auto Insurance?  

Car Insurance, Fannie Mae
Insurance companies determine risk when calculating rates and offering coverage. If the company determines that your accident risk is higher than average, you’ll have to purchase high-risk auto insurance. Since companies base rates on risk, you can expect to pay more for coverage if you need high-risk insurance.  Find out why you might need high-risk insurance, how you can lower your premiums, and more. Then you’ll be ready to shop for high-risk auto insurance if necessary.    Reasons for High-risk Auto Insurance Insurance companies look at various factors when determining risk. You might need high-risk insurance if you: Have lots of at-fault accidents on your record  Have a large number of speeding tickets  Have reckless driving or racing violations Have been convicted ...

How Gaps in Coverage Affect Auto Insurance Rates

Car Insurance, Fannie Mae
A lapse in coverage increases your risk and your rates. It may be harder to find suitable and affordable car insurance and may mean that you need to make some sacrifices in order to keep those insurance premiums at an affordable level. But it’s not a complete disaster and is far from the worst thing you can have on your record. What is a Gap in Coverage? A lapse or gap in coverage is a period in which you were not insured. You owned a car during this period but you didn’t meet the state minimum insurance requirements. In some cases, a gap in coverage can be the result of negligence on your part. You may have allowed your insurance policy to lapse without purchasing a new one or it may have been canceled because you failed to meet your payment obligations. A lapse in aut...

What Is Uninsured Motorist Insurance?

Adjustable Rate Mortgages, Auto, Car Insurance
If you buy or lease a car, you’ll need to arrange for insurance coverage. Not only is it the law in most states, it will also protect your bank account in the event of an accident. However, if you’re involved in an accident and the other driver doesn’t have car insurance, you could run into problems. That’s the thinking behind uninsured motorist insurance.  Compare checking accounts here.  Uninsured Motorist Insurance Basics If two people who both have car insurance get in a car crash, they exchange insurance information. The other driver’s insurance company generally pays your expenses if you’re in a crash. So what happens if the other driver doesn’t have insurance? There’s no one to pay you, cover your car repair or replacement or foot your medical bills if you...