Comparison Shopping: Do it Online

Posted January 22nd, 2010 & filed under Advice & How-to.

Every good business adviser or financial planner will tell you: when you’re ready to shop for any big ticket item, whether it’s a new refrigerator, a new car, or insurance for your car, the best thing you can do is comparison shop. Doing so is likely the only way to be certain you’re getting the very best deal on whatever you’re trying to buy.

In today’s world, with demanding work schedules, homes, children, and dogs to take care of, and the fact that many people feel pressured to buy when dealing with sales representatives face to face, more and more consumers are turning to the Internet to do their research. It is for this reason that so many insurance companies are offering quotes via the web.

Comparison shoping online gives consumers the ability to obtain free insurance quotes without having to provide detailed personal information. Instead, most websites require fairly basic information – the make and model of the car you want to explore, your age, gender and marital status, and sometimes, a zip code. Using this, almost every insurance company has enough data to generate at least a basic quote, subject to documentation of all the input information, of course.

How do you pick which companies to request quotes from? Do your research. If Titan is one of the insurers your considering, find and read a Titan Auto Insurance review; if Geico strikes your fancy, check out what Consumer Reports says about them. Ask your friends and colleagues which companies they use, and check out their websites.

Is Shopping Online Safe?

If you’re concerned that online research isn’t enough, or that it’s not safe, consider what the Missouri Department of Insurance had to say, “The Department recommends that you get three quotes when shopping. But with Internet shopping, three quotes take no time at all. You could probably get 20 quotes in the same amount of time it takes to drive to or call three agents.”

Online comparison shopping would seem to be the best way to research prospective insurers, then. It’s efficient, it’s inexpensive, and you can do it from work during your lunch hour, or even at home in your pajamas.

Nationwide Insurance Foundation Donates $150,00 to Aid Haiti

Posted January 21st, 2010 & filed under Car Insurance, Insurance and Social Justice, Insurance Briefs.

It’s both trendy and appropriate for major corporations to cough up funds when disaster strikes, but even if the motives behind such actions are not entirely altruistic, they deserve recognition. Today, we’re congratulating Nationwide Insurance Company’s Nationwide Insurance Foundation for making a donation of $150,000 to aid Haiti.

The Foundation’s funds have been pledged to the Red Cross Haiti Disaster Relief Fund. In additin, the insurer has told the press that it will match employee contributions of $25 or more made to the United Way Worldwide Disaster Relief Fund, another organization rallying to help Haiti after a devastating earthquake leveled much of the island on January 12th.

In a press release, Nationwide CEO Steve Rasmussen said, “It’s impossible to see the devastation in Haiti and not want to act. We hope our gift, along with those of others across the country, will help the American Red Cross bring the much needed relief to the people of Haiti.”

The Red Cross Disaster Relief Fund is one of various organizations pledging time and funds to support long-term recovery efforts, and rebuild lives and infrastructure, including addressing health care, financial changes and educational issues now faced by the people of Haiti.

Chad Jester, president of the Nationwide Insurance Foundation also spoke on the issue, telling reporters, “We’re very pleased that the Nationwide Insurance Foundation is able to support associates who choose to help Haiti through the United Way by matching their contribution dollar for dollar. Together we can make a greater impact on the lives of those impacted by the earthquakes.””

The Nationwide Insurance Foundation is an independent corporation that was founded in 1959, and funded by contributions from many Nationwide companies, including Nationwide Insurance. Since 2000, the Foundation has provided more than $190 million to help nonprofit corporations in communities where corporate associates and their families live and work. In addition, the Foundation’s involvement in its home communities extends to the support of organizations that help people in times of critical or immediate need.

Progressive Brings MyRate to Georgia

Posted January 20th, 2010 & filed under Car Insurance, Georgia Car Insurance.

Georgia drivers looking for competitive pay as you drive insurance rates may want to check out Progressive. The insurance company, known for being innovative, has made their “MyRate” plan available in Georgia.

According to Progressive, people who don’t drive much, business travelers who often leave their vehicles parked at the airport, and drivers with incredibly clean records are all deemed “low risk” and deserve to pay less for their auto insurance coverage. Under “MyRate” such motorists receive a personalized price based on their actual driving habits, as tracked by a small tracking device installed in their cars. At renewal time, the collected data could result in savings of 25% or more. Cars driven less often, in safer circumstances, earn discounts for their drivers.

The program is available to Georgia drivers either directly from Progressive (online or via the telephone) or from more than 2,700 independent insurance agents throughout the state. It’s also available in other states, including Alabama, Colorado, Connecticut, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Missouri, Nevada, New Jersey, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, and Texas.

Drivers who are new to Progressive may be able to qualify for a first-term discount, but there is also a $5 monthly fee for the tracking technology. Drivers can opt out of the program at any time.

Boss 302R Mustang is Ready to Race, Ford Says

Posted January 19th, 2010 & filed under Racecar Insurance.

Every savvy car shopper knows that you should shop for insurance at the same time you’re pricing your prized auto, but what if you’re looking for for something a bit beyond the norm? Does that still hold true? Actually yes.

Consider the newest in Ford’s line of Mustangs, the Boss 302R. It’s a race-ready machine that was designed as an homage to Parnelli Jones’s championship winning car, the 1970 Boss 302 Trans-Am race car. In the Boss world, the “302″ refers to the engine size – 302 cubic inches, or 5.0 liters.

This year’s Boss – the 302R – is based on the same basic design as the street-legal 2011 Mustang GT, but the interior’s been replaced by a roll cage, racing seats, and safety harnesses, and there’s also a race-spec suspension and a telemetry system onboard, not to mention the racing tires and Brembo brakes. Ford says that the car, which also comes with a $79,000 price tag, is race ready, and can be ordered from any dealership – ask at the parts desk – though only 50 units will be built, with delivery planned for Fall 2010.

If that isn’t enough to get you thinking about race car insurance, consider that Ford is also selling the Boss 302R1, which has been built with the intent to qualify for the Continental Tire Sports Car Challenge series (previously known as the Koni Challenge series). It’s a direct descendant of another Mustang, the FR500, and it comes with a sealed, high output 5.0-liter V-8 engine and a close-ratio six-spped manual gearbox, among other powerful features. Five of thse cars will be delivered to race teams in time for racing season to open this month.

Why would a buyer have to even be responsible for racing insurance? Because the driver is the at-risk party, and if you’re buying a car to race yourself, you must have insurance. In fact, not only must you have special insurance as the driver – but your car, equipment, and tow trailer must be insured as well.

Race car insurance is generally sold by specialty companies…but even though the product is different, certain rules still apply: experienced drivers with clean records will spend less than younger, inexperienced motorists, and the lower deductible, the higher the premium.

Alternatively, you can buy a 2011 Mustang GT, and merely dream of racing on a professional track.

Motorcycle Fatalities on the Rise

Posted January 15th, 2010 & filed under Motorcycle Insurance, Motorcycle Safety.

This month, the Southern Medical Journal is making a case for mandatory motorcycle helmet laws throughout the nation, citing a higher risk in motorcycle fatalities since states like Texas repealed such laws.

According to a study ledt by Al Bavon, PhD, and Christina Standerfer, PhD, of the University of Arkansas Clinton school of Public Service, in Little Rock, the Lone Star State repealed its mandatory helmel law in 1997, making helmet use optional for all bikers over the age of 21. Since then, a significantly smaller number of riders is choosing to wear protective headgear, which is resulting in a greater number of fatal injuries and accidents.

Overall, the number of motorcycle deaths grew by 30% after the law was amended to make helmets optional, and while this is partly explained by a greater number of people riding motorcycle, other statistics point to helmets (or the lack thereof) being a significant factor. For example, the number of deaths per 100,000 registered motorcycles increased by 15% (from 89 to 101) between 1994 (before the helmet law repeal) to 2004 (after it). The number of motorcycle fatalites per vehicle mile also increased – this time by 25%.

There are, of course, other factors that have made motorcycling substantially more risky today than it was twenty years ago. For example,

In 1990, only 1 in 10 motorcyles owners were over 50 years old; by 2003, mature riders account for one in every five owners. In the ten years from 1997 to 2007, fatalities among bikers under 40 increased by 85%, while those among riders over 40 increased by 263% (according to IIHS data).
Modern motorcycles have larger engines than the most popular models from 1990. Then, 26% of on-highway bikes had engines under 450 cubic centimeters (cc), while 41% had engines larger than 749 cc. By 2003, 75% of on-highway bikes had engines larger than 749 cc, and only 7% had engines under 450 cc. Especially for novice riders, these more powerful machines can be difficult to handle, thus increasing the risk of a fatal crash.

Despite this, it’s the decline of helmet use that is really frightening. Riders know that the cost to insure a motorcycle is a necessary commitment but eschew the use of an inexpensive piece of fiberglass and/or plastic that could save a life. Just how bad is the epidemic of helmet-less motorcyclists? The National Highway Traffic Safety Administration (NHTSA) estimates that out of every hundred fatalities suffered by unhelmeted bikers, over a quarter – 37 to be exact – could have been avoided if the biker had been wearing a helmet.

Don’t expect to see any improvement in these statistics any time soon, however, because the NHTSA also reports that helmet use nationwide has decreased from 67% in 1997 to 58% in 2007. Even worse, as of 2009, only twenty states and Washington, D.C. had a universal helmet law in place. Twenty-seven make helmet mandatory only for young riders (those under the ages of 21 or 18, depending on location), and three states have no helmet laws at all. Further, in the last 12 years, six states have reduced their helmet laws from universal to partial despite evidence that universal helmet laws increase helmet use and reduce fatalities.