Warning: mktime() expects parameter 1 to be long, string given in /home/bettyt45/public_html/insurance-integrity/wp-content/plugins/oldpostlinks_v1_1-disable-allcats.php on line 119
Warning: mktime() expects parameter 1 to be long, string given in /home/bettyt45/public_html/insurance-integrity/wp-content/plugins/oldpostlinks_v1_1-disable-allcats.php on line 119
Warning: mktime() expects parameter 1 to be long, string given in /home/bettyt45/public_html/insurance-integrity/wp-content/plugins/oldpostlinks_v1_1-disable-allcats.php on line 119
Car owners who are changing their motoring habits cause of soaring gas prices may be able to save a few bucks on automobile insurance.
Major automobile insurance providers including State Farm Mutual Insurance Cos., Travelers Cos. and Farmers Insurance Group say that drivers who log less than about 7,500 miles a year may be eligible for “low mileage” programs that reduce premiums an average of about 10% to 12%. State Farm’s program earns drivers discounts ranging from 12% to 18%, claims spokesman Dick Luedke.
Car owners who motor more than that but less than they used to — perhaps cause they have started using public transportation or walking to work — may also save on premiums, according to a study by the Consumer Federation of America. The group released a study Tue. showing consumers could save 5% to 15%, amounting to $47 to $142 a year based on 2005 rates, when the average U.S. premium was $949, by cutting their mileage enough to drop into a different ratings category, say, from “motor to work” to “pleasure motoring,” claims J. Robert Hunter, insurance director for the Consumer Federation of America.
“Most insurance outfits have a scale, and ya pay more based on how much ya motor. Each time ya motor more, they charge ya more,” Mr. Hunter claims. Depending on ratings factors allowed by state regulators, the savings can be even better, that meandoring malchuck claims.
In Ca., for example, outfits charge motorists based mainly on their motoring history and miles driven, so motoring more or fewer miles significantly affects the premium drivers there pay. Consumers should inform their agents of any huge changes in their motoring habits, claims Mr. Hunter.
A few insurance providers in some states also give discounts to drivers who enroll in programs that use an installed monitoring device to track motoring habits. The insurance providers charge drivers according to when, how, and how many miles they motor, so that those who log fewer miles pay less.
Progressive Group of Insurance Cos. pioneered its “MyRate” program, formerly known as “TripSense,” in Minnesota, Oregon and Michigan several years ago, and anticipates rolling it out in 6 more states in the next few months, pending regulatory approval. In those states, drivers get a 25% discount off regular rates for participating. The discount is expected to be even larger in the expanded program, claims Richard Hutchinson, usage-based insurance general huge boss. Progressive also offers a low-mileage discount in 4 states. Since Jul. two thousand and seven, GMAC Insurance from General Motors Corp. has offered eligible On-Star subscribers who motor less than 15,000 miles savings of up to 54% on their premiums, including an automatic 11% discount. The program is procurable in 34 states.
Several insurance providers, including Travelers and Farmers Insurance Group, a unit of Zurich Financial Services, also have rolled out discounts for drivers who switch to hybrid and other gas-saving vehicles. Since 2005, Travelers recently started offering a 10% discount on most coverages for owners of hybrid or other gas-saving automobiles in 44 states. The company claims that hybrid-automobile owners are generally good risks. Farmers also offers an average 5% discount nationally on all major coverages including liability and property damage, claims spokesman Jerry Davies.
Post a Comment