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You should learn about insurance surcharge if you are covered with auto insurance. Sometimes, your insurer charges you more than usual. This happens because the insurance company levies a penalty or extra cost to your premium. And this extra charge is known as a surcharge. So, an auto insurance accident surcharge is an extra charge imposed by your insurer due to an accident you were involved with.

The surcharge can happen in several circumstances, with most of them being recent speeding tickets, besides accidents. In this article, you will learn about the surcharge due to accidents, how it works, and more. So, keep reading!

Definition of Auto Insurance Accident Surcharge

As a policyholder, you will notice that you have monthly expenses from your auto insurance. When there is an extra cost, you have to pay more than the usual monthly cost you have to spend, it means your insurer imposes a surcharge, and you have to know why.

The company will impose a cost due to a penalty usually caused by at-fault accidents or speeding. Your insurer would also do the same thing if your claim submission reached a certain number or value they assessed as excessive.

So, if you have recently been involved in an accident and were proven to be at fault, you can expect a surcharge after renewing the policy. While a surcharge by accident can be rare, beware of the most popular surcharge trigger: traffic tickets. When you see an extra charge, it will stay three to five years, depending on where you live and the company.

How Auto Insurance Surcharge Works

An insurance company will impose a surcharge due to something the policyholder did. In this case, your insurance covers the damage and injuries you cause when you are in an at-fault accident. When the victim claims your liability, the company may impose a surcharge to cover the cost that exceeds your insurance coverage.

However, the surcharge cannot happen immediately or in the middle of a policy period. The surcharge will apply when you renew your policy. If you want to flee from the surcharge by changing insurer, the new one can still impose the surcharge after reviewing your history and driving record.

The rate increase differs from one company to another. The lowest rate for at-fault accidents comes from State Farm, with a 21% increase. Surprisingly, GEICO imposes the highest rate at 73% for property damage due to at-fault accidents.

Meanwhile, another company like USAA will levy an auto insurance accident surcharge of 40%. If you choose to change your insurer after causing an accident to flee from an expensive surcharge, you must avoid changing to Allstate. The company has the most costly surcharge, which is $3,103 annually.

The difference also applies to different states. Drivers in Wyoming will get a 31% increase after causing property damage and injury. North Carolina only imposes a more expensive surcharge at 79% for a property damage accident. California drivers, meanwhile, suffer the highest increase of all states at 97% for injury accidents.

4 Things That Will Cause an Auto Insurance Surcharge

Although an accident will result in an insurance surcharge, you want to learn the others. Although you are never involved in an accident, a surcharge will remain due to the following.

1. Late Payment

Late payment is still a payment, but you won’t get away from it without consequences. Your insurer won’t cancel your coverage for this. However, they might charge a penalty for late payment. Luckily, some companies will give a grace period of 10 to 20 days if you forget your duty.

2. Coverage Gap

Late payment is one thing, but you can get away after failing to pay the premium on time, and continuing driving is another. This case can be explained with a scenario. After failing to pay your insurance, you continue driving. It means you are directly liable for any harm you do that needs medical bills or vehicle damage, which is costly. If you did this several times in the last few years, your insurer may levy a surcharge.

It is even worse if you fail to pay your surcharge. In some states, this will result in driver’s license suspension, not simply an additional surcharge. When your driver’s license is suspended for this, you have to pay the surcharges plus license-restoration fees.

3. Traffic Offence

At this point, avoid speeding and choose to drive safely. All companies will levy a surcharge for any traffic offense. Your insurer may pay for one to two traffic offenses, but not more.

4. DUI/DWI Convictions

Driving under the influence of alcohol or drugs will result in a surcharge or, worst, policy termination. You are lucky if you have a clean record and it is your first DUI/DWI; if it is otherwise, then you have to kiss your policy goodbye.

Can You Lower the Auto Insurance Accident Surcharge?

Are you feeling unlucky for an insurer charging a high cost for an accident? You can lower the cost by following these tips.

Ask for Discounts

It does seem awkward and wrong to ask for discounts after causing so much trouble with someone else’s car and/or body. But, there are possibilities that you are qualified for a surcharge discount. If you are going paperless, saving a few bucks in your bank account is possible. The other possibility is to inform your insurer that you no longer use your car for your daily commute.

Safe Driving

After you are in an at-fault accident, talking about safe driving can be awkward. But, if you believe to be a good driver, despite the accident, you can consider choosing usage-based insurance.

This program will track your driving habits. After tracking your driving actions for quite some time, you can get the score and driving tips that show the area you need to improve. You may be qualified for a discount if you get a good score.

Shop Around

If you are still unhappy with the discounted price after doing all the tips, the last thing you can do is change the insurer. Try comparing the surcharges of all insurance companies in your state. Pick the one that gives you a much cheaper surcharge than your ex-insurer.

Does the explanation satisfy you, or do you still have questions regarding the auto insurance accident surcharge? Comment down below!

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What Is Auto Insurance Accident Surcharge?

You should learn about insurance surcharge if you are covered with auto insurance. Sometimes, your insurer charges you more than

When you want to purchase a car using a loan, you might need to consider the type of loan that fits your budget. Secured loans can be your option to buy a car. But, what is a secured auto loan? Aren’t you familiar with it? Worry not, we’ll explain everything about this secured loan program in this article. Take a look closer!

What is a Secured Auto Loan?

The word “secure” in a secured auto loan means that if you can’t pay your loans, the lender has a right to take away an item of value. This method will help to reduce the lenders’ risks and keep the rates competitive. Moreover, secured auto loans are suitable for people with bad credit or no credit history.

Aside from the fact that the lender will take your car if you default, the secured auto loan is a good deal. This auto loan usually offers a lower rate and a reasonable term length. Additionally, the application process is relatively quick. Therefore, you can qualify for the requirement as soon as possible.

How Does It Work?

Related to the “What is a secured auto loan” question, you may want to know how it works. For this kind of auto loan, you will need a guaranteed item called “collateral”, which is usually the car itself.

You’ll need this collateral as the guarantee item to your lender. If you can’t pay off your debt, the lender will repossess the collateral and sell it to recoup a loss.

Aside from collateral items, how a secured auto loan works is similar to other auto loans. You can find secured loans at the majority of banks, credit unions, and online lenders that provide secured auto loans. But the requirements might be different for each lender, so make sure to shop around to find your ideal loan.

What is a Secured Auto Loan and an Unsecured Auto Loan Difference?

When we talk about a secured auto loan, there’s also an unsecured auto loan. These two types of auto loans have several differences. As you know, a secured auto loan needs collateral as the lenders’ risk prevention.

On the other hand, an unsecured auto loan doesn’t require collateral. It means the loan is a high risk for the lender. Therefore, if you default, the lender can’t seize your car.

However, unlike secured auto loans, unsecured loans usually have high interest rates, small amounts of loans, and short loan terms. Moreover, you must have good credit to make an unsecured auto loan. Therefore, the application process for unsecured loans is daunting if you have a bad credit history.

In short, an unsecured auto loan fits you if you search for a small loan and a shorter term. This loan allows you to keep your car even if you default. Still, you must be careful if the lender takes legal action or your debt to a debt collection agency.

You must have good credit to claim the loan. Furthermore, the interest rates of unsecured loans are typically higher than secured loans.

Meanwhile, a secured auto loan fits you if you have bad credit or need a larger loan. It has small interest rates and a longer loan term. There’s also the possibility of repossession if you fail to pay.

The Benefits and Drawbacks of Secured Auto Loans

After you know the answer to “What is a secured auto loan?”, there are some benefits and drawbacks of secured auto loans you might need to consider before you buy.

1. Advantages

The list below is the benefits of secured loans.

a. Easy to Qualify

One of the benefits of secured loans is that it’s easy to qualify for. Besides your credit score, credit-to-income ratio, and income, the lender will also consider the value of the car you want to buy.

The car’s value is the crucial aspect of qualifying for your loan. Because the lender has your car as the collateral, you might be eligible to qualify for a secured auto loan.

b. Low Interest Rate

The lenders of secured auto loans tend to offer low interest rates compared to unsecured auto loans. If you buy a new car, the average interest rate is 6.58%. Meanwhile, if you buy a used car, the average interest rate is 11.17%.

On the contrary, an unsecured loan has more expensive interest rates. The average rate for a new car is 11.27%, while for a used car, there is no significant change. Still, the secured auto loans tend to have more competitive interest rates.

c. Larger Loan Amounts

Another great thing about secured loans is that they allow you to borrow a larger loan. When you purchase a secured loan, the lender will finance around 110%-125% of the car’s value.

Further, it allows you to buy other expenses, like gap insurance or an extra warranty. Also, keep in mind that the amount of the loan you can borrow depends on your income and other debts.

2. Disadvantages

Although a secured auto loan might be a great option to buy a car, you might have to consider these possible drawbacks:

a. Vehicle Restrictions and Less Flexibility

To secure the car, the lenders sometimes set the mileage and age limits on the vehicle. Although the secured loans give you many benefits, you can only use the money for the expenses related to the vehicle.

b. Collateral Repossession

The worst case if you can’t pay your loan is that the lender will seize your car. While for unsecured loans, the lenders won’t take your car away, even if you default.

Tips Before Purchasing a Secured Auto Loan

After knowing the answer to “What is a secured auto loan?”, are you interested in purchasing this loan? Before you qualify for this loan, there are several things you need to consider.

1. Check Your Credit Score

You can be eligible to qualify for secured loans. Still, your credit score can influence the amount of loan and the interest rate you get. If you have bad credit, consider improving it before applying for loans.

2. Shop Around

Every lender might have different requirements for a secured loan. Make sure to compare each lender to find your ideal loan. You may compare their qualifications, interest rates, term length, and the penalties if you default.

3. Get the Pre Approved for Auto Loans

Once you get your ideal lender, consider applying for a pre approved auto loan. You will know the estimated interest rate, loan amount, and the term length you will get with a pre approved auto loan. This preapproval for an auto loan allows you to negotiate at the dealership more clearly.

4. Find the Car and Finalize Your Loan

After you get the financing offers and a maximum car price, you can find the car. However, be sure that the vehicle you buy matches the lender’s requirements.

Once you decide on the auto loan, always check the contract. Read whether there is any hidden fee, penalties, or additional requirement you didn’t ask before signing the contract.

Have You Understood “What is a Secured Loan?”

Now you know the answer to the question of what is a secured loan. Are you interested in purchasing a secured auto loan? If you have not-so-great credit, then this auto loan is for you.

Furthermore, this loan is also suitable if you want to buy a more pricey car since the loan has a lower rate and long-term to pay. However, since the lender can seize your car if you default, be careful when paying off the debt.

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Finding the best and cheap auto insurance masters West Palm Beach can be challenging. This is because the average price of auto insurance in the region is nearly double the national average cost of auto insurance.

The average cost of auto insurance in West Palm Beach is $3,331 per year for maximum protection. It is about $278 per month. Meanwhile, it is $1,204 per year for minimum protection, which is about $100 per month. That explains why finding the best and cheap auto insurance can be challenging.

But look no further. Below are our carefully curated auto insurance companies in West Palm Beach recommended for you.

5 Best and Cheap Auto Insurance Masters West Palm Beach

The following recommendation is curated based on several factors. Although picking one of them is quite safe, some of them are the best for certain conditions and provide particular benefits.

So, rather than choosing the insurance company that comes up right away, we recommend you read these companies’ offerings. Then, you decide which one suit your condition better.

1. GEICO

GEICO is considered the best and cheapest insurance for maximum and minimum policies and is quite popular in West Palm Beach. And this would be the perfect choice for drivers with military backgrounds as they would get the lowest rates the company will offer.

Considering the city’s annual premium for maximum coverage is $3,331, the $2,339 offering from GEICO is much more affordable. But wait until you find out the minimum coverage, which is way cheaper at $721 per year compared to the average $1,204.

Besides offering low average rates, the company offers cheap rates for high-risk drivers. They also have online and mobile apps with user-friendly navigation. The apps allow people to change their policies, pay their bills, and file claims. The company does not stop there. They offer various discounts for students and young drivers as well.

2. State Farm

State Farm is the second-cheapest of all companies of auto insurance masters West Palm Beach in the list. It offers cheaper average rates for both maximum and minimum protection. The average premium for full protection is $2,706 per year, while the minimum is $1,076. It may not sound better than GEICO, but we don’t recommend it without reason.

The company has a powerful mobile app to help you manage the policy and easy process of claim submission. The company also provides coverage for car rental and travel expenses. An interesting offering exists for drivers with offenses whom we highly recommend considering this insurance master.

3. Allstate

Although Allstate does not offer the cheapest coverage rate, its average annual premium still does not exceed the abovementioned national average cost. Its average annual cost for full coverage is $3,071, while the average annual cost for minimum coverage is $1,114.

Like State Farm, Allstate provides other coverage, including sound system insurance, umbrella insurance, and auto insurance for tourists in Mexico. And that’s not the end. Their highest customer satisfaction rating comes from the company urging local agents in all states to offer assistance. It is to make sure you have the best insurance guides.

4. Progressive

You might stop at Allstate and start reconsidering which of the previous three insurance companies you would choose, but you need to hear this. This company offers unique coverage options that you might need for custom parts, equipment value, and pet injuries.

Yes, it is expensive, and the average cost exceeds the national average, with $4,178 annually for full protection and $1,580 annually for minimum protection. If you consider the cost a bit higher, check their discount programs, like the Snapshot telematics program and Name Your Price Tool.

As one of the auto insurance masters West Palm Beach, Progressive offers special coverage for company drivers. You can choose rideshare coverage if you are a driver for a company like Uber. As a rideshare driver, you won’t get full coverage in the event of an accident. So, this option will help you obtain full protection when bad things happen.

5. Nationwide

Nationwide is the most costly insurance on the list if you consider the average of full and minimum coverage only. If you have teens and need to protect their cars, however, this insurance is the best as it provides a much cheaper premium compared to the cheapest insurance on the list: GEICO. How so?

The annual cost for female teens is $4,879 and $5,495 for male teens. Meanwhile, GEICO’s annual cost for female teens is $6,002 and $6,075 for male teens. Noteworthy is that the cost only applies to teens ages 16 to 18. For those older than 19 years old, Nationwide offer different cost and is still the cheapest on the list.

Tips for Choosing the Cheapest Auto Insurance in West Palm Beach

Choosing the cheapest auto insurance masters West Palm Beach should be easy with the provided explanation. However, you should keep in mind that affordability and quality are priorities. Thus, the following tips will help guide you.

1. Comparing

Each company has its unique coverage options and different rates. While finding the most affordable rates is crucial, you must consider their coverage options and strengths.

If you want to cover your kid’s auto, choosing GEICO as your insurer won’t be an option despite their cheapest average cost. Likewise, rideshare drivers are highly recommended to consider Progressive, while high-risk drivers and those with military backgrounds may choose GEICO to get their special offerings.

2. Safety First

GEICO is the star on the list. This makes choosing a company other than GEICO seem like a loss. But, you can ask for a better price from any company you like with a proven safe driving record.

If you or all people mentioned in your insurance maintain a clean auto driving record and are free from accidents, you can save money on your premiums. Any company you choose will happily offer additional discounts for being good drivers.

Does this article answer your questions? Let us know in the comment below!

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If you get an offer for an affordable house, it would be a shame to miss it. On the other hand, you don’t have enough money to buy it in cash or want to apply for a home loan but your credit score hinders you. You may consider using a co-signer and you will be the one paying the monthly installments. But, can a parent cosign on a VA loan?

Let’s find the answer by digging up the information through the discussion below!

What Is a Co-Signer?

A co-signer is someone willing to sign the loan for the primary borrower if they are unable to complete the loan payments. Being a co-signer means you are ready to take financial responsibility if the primary borrower fails to pay the mortgage. Even though you don’t live in the house, you have to pay the missed loan.

The contract is binding and has legal force. Consequently, you will deal with the law if you don’t want to pay the missed loan because you signed the loan contract. Typically, they want to be co-signers to help families who want to purchase a house. Given the huge responsibility of a co-signer, ensure to consider it carefully first.

What are the Requirements to Become a VA Loan Co-Signer?

Although you can have a co-signer to apply for a mortgage loan, not everyone is eligible to be a co-signer. Below are some eligibility criteria to become a co-signer.

The co-signer and borrower must have an excellent credit history and be able to demonstrate it.

Co-signers are unmarried military members or military spouses.

Borrowers and co-signers are required to have stable income because it is related to the ability to pay the loan.

Both the borrower and co-signer are willing to provide required documents such as tax returns, proof of payment, and necessary bank statements.

So, can a parent cosign on a VA loan? Yes, as long as the parent has an excellent credit score and stable income, you can appoint him as a co-signer. A significant point to remember is that co-signers must consciously understand their obligations and responsibilities before signing a VA loan contract.

To prevent conflicts that might arise in the future, ensure the primary borrower and co-signer communicate honestly and transparently. That will give the co-signer peace of mind and not feel disadvantaged.

What Are the Possibility of Being Approved If You Have A Co-Signer?

Asking a family member who meets the requirements to become a co-signer has a high chance of getting a VA loan approval. Lenders consider a co-signer to be a sufficient layer of security for the loan you are applying for.

Thus, a co-signer can lower the risk of loss to the lender if the primary borrower fails to pay the loan. Correspondingly, the opportunity to procure VA loan approval is also wide open if the co-signer meets the income ratio, good credit history, and stable income.

Even though having a co-signer enhances the opportunity of your VA loan being approved, you cannot use it as a definite guarantee. Lenders will still evaluate and consider some factors. The factors referred to include loan credit history, ability to repay the loan, and credit score.

Alternatives To Having a Co-Signer

If you are not sure whether you are worthy of getting a VA loan even though you have a co-signer, there is no need to be discouraged because you can choose the following alternatives. Check them out!

1. Work on Your Credit

A bad credit score often becomes an obstacle for those who want to get a VA home loan. If you have a similar issue, then take your time first. To strengthen your credit score, you can work on your credit by paying it off right away. Along with that, you can also limit your credit card use so as not to increase your debt ratio.

Reducing credit card use and paying off debt will give a significant boost to your credit score. Once your credit score strengthens, you will be more confident in applying for a home VA loan.

2. Look for Government-Backed Mortgage

The discussion above may provide a “yes” answer to the question “Can a parent cosign on a VA loan?”. Yet, parents as co-signers do not guarantee that your VA loan application will be approved because it must meet eligibility criteria.

In this case, you can take the alternative of looking for a government-backed mortgage. Generally, government-backed mortgages provide more affordable down payment requirements or even 0%. Other alternatives to a home VA loan include USDA for those who live in rural areas or FHA.

3. Seek Homeownership Programs and Down Payment Assistance

If you still have a low income when you apply for a home loan, then your chances of getting approval are slim even if you have a co-signer. Lenders will be more concerned about your ability to pay the loan. As a solution, you must be willing to make extra effort to look for a homeownership program or down payment assistance.

Typically, government housing agencies offer special mortgage programs for those with low incomes to be able to purchase a home. Additionally, non-profit organizations or government housing agencies also offer grants to help you make a down payment.

4. Strong Work History

Before providing a loan, lenders will assess your work history. Ensure you do not change jobs within a short period of time because it will affect your eligibility to get a loan. To get a strong work history, the lender will check you over two years. If you work in the same industry during that time, the chances of getting a loan are higher.

Does The Post Can a Parent Cosign on A VA Loan Enlighten You?

To put it briefly, a VA loan is a mortgage loan for living military members or veterans. You can use a VA home loan to purchase a house with an affordable down payment. However, if you still have other ongoing loans, you can use a co-signer to assist you.

Can a parent cosign on a VA loan? The article above has clearly explained how a parent can become a co-signer as long as they meet the eligibility requirements. Furthermore, as the primary borrower, you also have to meet the eligibility requirements to obtain approval from the mortgage lender.

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Road accidents can cause personal injuries to the involved parties with varying severity. If you sustain an injury from an accident, you must understand the mechanism of an auto accident personal injury insurance claim. Knowledge in this matter can help you optimize your claim.

Understanding Personal Injury Protection in Auto Accidents

Personal injury protection, also commonly referred to as no-fault insurance, covers expenses related to personal injuries sustained in auto accidents. The forms of coverage included in this plan are:

Medical expenses; it covers medical bills for the driver and passengers (if any) as well as health insurance deductibles.

Work disruptions; as injuries may cause the person to be out of work, the insurance plan will cover lost wages. It also applies to self-employed individuals who need to hire replacements to do their jobs.

Funeral costs; the coverage can assist with funeral, cremation, or burial expenses following an auto accident.

Survivors’ loss; the protection provides income replacement for surviving dependents of the driver who passed away in a car accident.

Essential services; personal injury insurance also covers activities that you normally do when uninjured, such as house cleaning and childcare.

Regardless of who’s at fault in the accident, the personal injury coverage will protect the policyholder. Each state has different regulations regarding the extent of personal injury protection. Because of that, every driver should fully understand their insurance policy.

Note that you can still get personal injury protection even if you’re not driving. For example, a vehicle may hit you while walking down the road. You’re eligible to receive coverage for injuries sustained in that accident.

Claiming Insurance Coverage for Auto Accident

If you’re unlucky and get involved in an accident, you should follow this standard auto accident personal injury insurance claim procedure:

– Do medical check-up

Once you’re involved in an accident, immediately seek medical treatment. You should visit establishments like the emergency room or a primary care clinic to receive treatment from a licensed physician. Sometimes, the victim doesn’t realize their injuries due to the adrenaline rush. Getting checkups can prevent severe symptoms that may be fatal.

Aside from preventing unwanted consequences, getting examined by a licensed physician also provides you with the necessary documents to show to the insurance company.

– Prepare the necessary document

The next step is to submit all necessary documents to claim personal injury coverage. Documents include proof of injuries (usually photographs), proof of damages to the car, medical bills, and statements of lost work.

It may take about more than a day to gather all documents needed. You may even need to ask for assistance if your injuries render you immobile. Ensure that all of those documents are high-quality. For instance, don’t submit blurry photo proofs to the insurance company.

– Claim the coverage

In the past, people needed to visit their insurance company’s office to submit their claims. These days, insurance companies have established digital portals to make the claiming process more seamless for their customers.

Insurance providers will distribute the insurance coverage if policyholders submit all required documents and, upon assessment, the company determines the validity of the documents. However, there are cases where providers will deny the claim. In this case, the policyholder may need to hire an attorney experienced in personal injury cases.

You don’t always be in court if you decide to hire an attorney. Legal representatives of the policyholder and insurance companies may negotiate a settlement acceptable to both parties before the case goes to court.

Tips to Optimize Personal Injury Claims

An auto accident personal injury insurance claim process may not be smooth sailing for everybody. You can optimize your personal injury claims by following these tips:

1. Keep the evidence

You can’t make a compelling case without the support of comprehensive evidence. Preserve as much from the accident scene as possible, including photographs of your injury and car damage. Back up the image files in multiple accounts to ensure that you don’t lose the proof.

If there were witnesses present at the scene, you could get their names and contact information. Getting a copy of the police report about your accident is also necessary. In an emergency event like a car accident, it’s easy to get lost in panic. Nonetheless, make sure to gather as much evidence as possible to strengthen your case against the insurance company.

2. Avoid social media

People are always on their social media accounts these days. If you’re in the middle of an insurance settlement process, it’s advised to stay off social media for a while. It’s because sometimes people can’t help but share their deepest thoughts.

You don’t want to share information regarding your personal injury on social media because your own posts and comments can be used against you in court. The insurer’s lawyer may use them to lower your compensation benefits. In the worst cases, you may fail to get your compensation.

3. Consider future damages

When someone makes an auto accident personal injury insurance claim, they often don’t consider future damages. Physical injuries are easy to detect, especially if you immediately receive medical attention following the accident. However, there are risks that you develop other conditions that can be detrimental, such as stress and anxiety.

People also often don’t look closely at the impact of an accident on their jobs, especially since personal injury protection includes coverage for work loss. Missing work can make you lose chances for advancement. You may miss out on training opportunities or potential projects that can give you a significant financial impact.

4. Claim the full coverage value

Another thing to consider when claiming personal injury coverage is making sure that you claim your full rights. Recovery programs from your injury can be expensive, especially if you pay out-of-pocket. Not to mention other psychological risks that an accident survivor may experience.

When you’re injured, especially if you’re not receiving income because you can’t go to work, you may be eager to receive any form of compensation from the insurance company. However, don’t immediately accept the first few offers from the company. Consider whether the compensation can cover all of your expenses first before agreeing.

Getting into an accident is already stressful without having to deal with an auto accident personal injury insurance claim. If you can afford it, you should consider paying for a legal representative.

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Auto insurance rates are affected by – not one, not two, but – multiple factors. The place where you live, like Massachusetts, is only one of them. And it is funny that gender and age are also considered factors affecting insurance costs. Here, we will talk about auto insurance rates in Massachusetts.

The average insurance rate in Massachusetts is $1,262 per year for full coverage. It is about 37 percent cheaper than the national average cost of $2,014 annually. Meanwhile, the average insurance rate for minimum coverage is $429 per year. It is about 31 percent cheaper than the national average cost of $622 annually.

That said, we now move on to auto insurance rate variations based on factors affecting them, like marital status and gender. Read to know how much your estimated auto insurance rates are based on the following categories.

Auto Insurance Rates in Massachusetts by Categories

The following categories are selected by factors commonly used in insurance rating.

Insurance Rate by Age

Age is one factor that, by the state’s law, should not be used by insurers to determine insurance rates. But this category can be used to determine years of driving experience by age.

Considering age as one factor affecting rates exists because driving requires maturity. Although some states regulate drivers to be at least 16, they are still considered immature. Therefore, the insurance company will use this to determine whether the policyholder is a high-risk or low-risk driver.

The average insurance rate for a 16-year-old driver is $5,046 annually. Meanwhile, it is just $1,030 per year for a 50-year-old driver in the state.

Insurance Rate by Gender

The other thing that is taboo to be used as a rating factor in Massachusetts is gender. Some companies use this information in rating, although it does not significantly affect the rating. On average, female and male drivers should pay around $1,150 annually.

Insurance Rate by Marital Status

Besides gender and age, the state bans marital status from being included as one of the rating factors. In other states, meanwhile, this is a factor that affects insurance. A married person will get cheaper insurance because married drivers are considered low-risk.

In other states, marital status means a reduced cost of up to $100. It is divided into four statuses, single, married, divorced, and widowed. While this prohibition won’t be a reason for a single driver to marry, it’s worth noting that Massachusetts’s average auto insurance rates are cheaper than most other states.

Insurance Rate by City

In America, all insurance costs are varied by state. But, in every state, the costs are also varied by city. Every city has different driving characteristics. Factors affecting the costs include driving patterns, cost of car repairs, rates of theft and vandalism, and claims frequency.

If you live in Lowell, you likely get 10% higher insurance rates compared to the average annual costs in the state. In Newton, meanwhile, drivers will get four percent cheaper insurance rates which are the cheapest in the state.

Insurance Rate by Credit Score

Insurance companies use credit scores to determine the driver’s risk level. A high credit score indicates that the driver is categorized as safer than those with a low credit score. Safer drivers will be less likely to file claims. Thus, they will get cheaper rates.

In Massachusetts, however, the credit score doesn’t matter as the state prohibits auto insurers from using this as a rating factor. So, the average auto insurance rate in the state remains at $1,150.

Insurance Rate by Coverage Level

Your insurance rate will also depend on your coverage level. A liability-only policy is generally cheaper than full coverage. For example, a 100/300/100 liability-only policy costs $716 annually, while full coverage in the same 100/300/100 setting costs $1,330 annually.

Insurance Rate for High-Risk Drivers

You are considered a low-risk driver if you have a clean driving report and haven’t made any claims in the past three years. Hence your insurance rate will be low. The more violations made, the more costly the insurance rate gets.

While the average insurance rate in the state is $1,150 per year, the first at-fault collision will charge an additional $678.18. For the most serious driving offense, the value changes to $1,091.50.

How Driving Record Impacts Auto Insurance Rates in Massachusetts

Driving record is one of the factors affecting insurance rates. But in what way it impacts the rate? Insurers will surcharge drivers with multiple traffic offenses records, like speeding tickets or DUI. The company uses the extra cost to cover the claims against the driver’s insurance.

A speeding ticket will raise 32 percent of the average rate in Massachusetts. Meanwhile, at-fault accidents and DUI convictions will rise 68 and 90 percent, respectively. The percentage is estimated based on one event only. Multiple events will raise more than that.

Tips to Save on Auto Insurance

While auto insurance in Massachusetts is cheaper than in many other states, you may still want to look for ways to save some money from it. You are right. Below are ways to help you save some money in your bank account.

Review Your Annual Mileage

For those who will drive a newly-bought car are lucky. You may get cheaper auto insurance for a car that runs less than 11,500 miles, which is the national average annual mileage.

Believe it or not, some companies offer insurance rates cheaper than commuter rates for low mileage. You can even try pay-per-mile car insurance for a cheaper deal if you work from home and prefer public to personal transportation.

Check All Discounts

The best deals always hide somewhere. Ask for all discount opportunities in every insurance company you visit. You may get lucky with a professional or student discount.

Use Driving Habits Test

There is a program that monitors driving habits which is then converted into a reward. If you believe you are a good driver, find a company that offers this program to save some money and help you gain a clean driving record that is useful in the future.

Shop Around

Whether or not you are in a hurry, always request quotes from multiple companies. Comparing auto insurance rates in Massachusetts will help you select an insurance company that suits you.

Taking a long time to get the best insurer can keep you away from disappointment and a heavy burden.

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