The Story of Your Insurance Matrix Lifeby A. Montalbano on 06/06/18
The auto insurance industry is driven by statistics and personal factors about YOU. Insurance premium is made up of a matrix of factors. So buckle up, as we count down to the behind the scenes of your insurance matrix:
10. Married vs Single: Its fact, two heads are better than one with the insurance industry. Most SMART married couples tend to pave the road to longevity. Couples not only combine their resources, they combine policies, guard credit better, budget household funds better and file less claims. They have legal and economic benefits that make for a champion of stability, investment and family growth(the backbone of a thriving society). George Clooney, a lifelong bachelor knows tying the knot has its perks.
9. Sedan vs Sports: Your car represents you...well, at least, this is the idea the auto industry wants you to buy. A sedan is much less costly when it comes to repair after a loss and a much safer way to get around. If you don't believe it, check out your collision coverage and compare it. Your driving pattern impacts your finances. So the better the driving pattern, the better the finances(get it?) which can lead to increasing that deductible and lowering that rate.
8. Keep your insurance history in CHECK. Prior insurance with lapses or cancellations is a huge impact on you and a driving history report. The insurance companies are surcharging you and adding penalties when you teeter with coverage in Texas. Too many can bump you to non-standard rates(higher than standard, again more money to the insurance companies and less in your pocketbook) until you prove a positive insurance history.
7. If you sold your car a month ago or don't own a car, but hold a license, you still must carry liability coverage in the state of Texas. Its the law. Its fact, got a license, and the insurance industry knows you will likely get behind the wheel of someone's car. A non-owners policy is inexpensive and once you own again, this policy will help you transition smoothly to a standard auto insurance policy...without the surcharges.
5. Lending out your car: Cousin Eddie wants to borrow your car but has a reckless life. He has no insurance coverage, is risking a claim and tarnishing your no-claims history. Think about it! He walk away from an accident with no accountability and claim against your coverage. companies, stays on your record for 5 years. Require Cousin Eddie to purchase a simple non-owners policy which is cheap and guards your no-claims history.