Automobile Rates

auto savingsAutomobile insurance has always been a hot topic since it affects virtually all of us. The premiums involved are significant.

Thankfully, rates have stabilized and, in many cases, premiums are declining. There are a number of reasons why this has occurred.

Companies now share information with each other.  Because of this the correct premium can be established right from the very start since the applicant’s record is readily available. Before this system was implemented, insurance agents and companies had to rely on the “memory” of the prospective insured who often failed to disclose every incident. Now every individual is charged the appropriate premium based on his or her motor vehicle record and loss history.

People are more safety conscious and certainly are more aware of the dangers and penalties of driving under the influence of alcohol. Teen-awareness seminars and “safe ride programs” have done much to curtail the high incidence of youthful accidents.

Cars aren’t made like they used to be – and thank goodness! Automobiles are much safer now with the advent of airbags, anti-lock brakes and other safety features. The better vehicular design has done much to reduce bodily injury claims.

Even though premiums are on the decline, be careful of companies that use the overused slogan “great rates for safe drivers”. Some insurance carriers advertise low rates for a safe driver but as soon as you have an accident you may be considered “unsafe” – and you might be dropped like a hot potato. Choose an insurance carrier that won’t cancel you at the first sign of trouble and, above all, choose an agent that will go to bat for you if you are unfairly treated.

The author of this blog, Guy Hatfield CPCU CIC, can be reached at 203.256.5660.

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