Do You Own One of the Top 10 Most Stolen Vehicles in the Country?

Did this thief find one of the most stolen cars?

Is your car one of the most stolen cars in America?

Every year, over 1.3 million cars are reported stolen. According the National Insurance Crime Bureau (NCIB), many of the same cars rise to the top in their annual list. Surprisingly, the most stolen cars are usually the most common on the road. Every 24 seconds another car is stolen – will yours be next?

Thieves Prefer Common, Japanese Cars

You may be shocked to discover Porches and BMWs don’t top the list. No Lexus is in the top ten. Evidently, thieves aren’t looking for cars with the most prestige. Most likely they want the more available cars. Simply put, there are more Honda Civics on the road than Lotus Elises.

Moreover, thieves don’t prefer American-made vehicles. In fact, the three most stolen vehicles in the United States aren’t made by US companies. Reviewing the Top 10 most stolen cars, this particular crime of opportunity lends itself more to Japanese-made automobiles than those made in Detroit.

Coverage for Stolen Cars

In case you’re wondering, comprehensive insurance usually covers a stolen car. If it ever happens to you, contact your insurance company. Your adjuster should be able to take care of the loss, minus your deductible in a timely fashion. If not, you can always leave a review for how they treated you: Customer Reviews

Check out the list. If your car is listed below, you might want take extra precautions to keep it safe. Otherwise, you could be looking for a new ride sooner than you’d like.

*The NCIB publishes the most stolen cars list. According to their website, the NICB “is the nation’s leading non-profit organization dedicated exclusively to preventing, detecting and defeating insurance fraud and vehicle theft through information analysis, investigations, training and public awareness.”

Four Questions To Ask Before Dropping Comprehensive And Collision On Your Vehicle

When To Drop "Full Coverage" On The Old Beater

Knowing when to drop full coverage auto insurance can be tricky. As your car ages, keeping comprehensive and collision coverage may not make sense any more. At some point, you could be paying more for insurance than what your car’s worth. Since you’re aiming to save money, it’s worth exploring when to drop full coverage. You may be wasting money by keeping it.

“Full Coverage” Is Physical Damage Coverage

Before knowing whether to stop carrying it, it’s good to understand what “full coverage” is. Full-coverage insurance is another way of saying comprehensive and collision – with liability coverage. Comprehensive coverage (comp) covers the physical damage of your car when not involved in a collision. Shattered windshields, vandalism, even hitting an animal could all be damage covered by comprehensive insurance.

Collision coverage is different. If you are involved in an at-fault accident, your vehicle could be damaged. Collision covers the physical damage to your own car if you hit another car, a telephone pole, or another object and the accident is your fault. Both collision and comprehensive make up “full coverage”. Check out our article on Full Coverage Auto Insurance for more information.

There are several considerations to make before dropping full coverage. Make sure you review these questions before contacting your agent.

Question #1: What Do You Owe On The Car?

If you owe money on your car, then your finance company will probably require you to keep comp and collision. If you lease your car it’s usually the same deal. Before you drop full coverage when you owe or lease, talk to your bank first. Otherwise, keep both coverages until you fulfill your financial obligation.

Question #2: What’s Your Replacement Cost?

Comprehensive and collision covers the physical damage to your vehicle. If your vehicle is not worth much, it may be time to consider dropping full coverage. For instance, if it costs $400 a year for comp and collision and your vehicle is only worth $1600, think about dropping it. In four years time ($400 x 4 = $1600) you could have paid for the vehicle with the comp and collision premium – assuming you did not make a claim. Still, consider your driving history and cash in the bank before you call your agent.

Question #3: Should You Drop Collision or Raise Deductibles?

Collision is more expensive than comprehensive. On my policy for this period, I’m paying $23.70 for comp, but I’m paying $53.60 for collision. Granted, I carry a $250 deductible on comp and a $1000 deductible on collision, but that’s still a significant difference. If you’re a safe driver, you may consider dropping collision on an older vehicle.

Instead of dropping full coverage, you could also raise your deductibles. By carrying a higher deductible, you carry more of the risk associated with driving. That’s why it’s cheaper to have a $1000 deductible versus $250. If you want to save money, but don’t feel safe dropping comp and collision completely, just raise your deductibles.

Question #4: What About Full-Coverage Peace of Mind?

You may be looking to save money. But if you get nervous driving down the highway without comp and collision, it’s probably not a good idea to cancel the coverage. An anxious driver is a bad driver. Even if you’re not normally edgy, dropping certain coverages can be unnerving. Before dropping full coverage, just make sure you’re comfortable with the new arrangements. You will save money – but you may lose sleep. Weigh your options and make an informed decision.

One final thought: you could also just cancel collision. Since comprehensive is fairly inexpensive, you might want to leave it on your policy – even if it’s an older vehicle. Comprehensive covers your car it’s stolen, a tree falls on it, and more. You may not have coverage for physical damage in an at-fault accident, but it would cover other unforeseen incidents.

See what actual customers have said about their auto insurance company – the good, the bad, and the not-so-pretty

She likes her insurance company.

We’ve collected one hundred plus consumer reviews for auto insurance companies. Each review comes from actual customers, collected over many months, and time-stamped. Reviewers post actual experiences they’ve had with insurance companies. Sometimes they’re current customers – often they’re former customers with bad experiences.

Consumer Reviews for Car Insurance Companies

Consumer Reviews for the Big and Small Insurers

Consumers review the big names. Sometimes you’ll hear about large insurers not keeping their promises. Problems from Katrina and other natural disasters often suggest those guys are just out for themselves. But read how they treat regular customers – from the customers’ own words.  

Not only that, but we also provide consumer reviews for many smaller insurers. If you’re shopping for car insurance, you need to see what other customers have said – before you buy. This is especially true for smaller carriers.

Leave A Review About Your Own Experience

One more thing: you can help other consumers as they shop for insurance. If you have an experience with a particular company, feel free to leave a review – even if it’s a negative experience.

I’ve included links below for all the insurance companies we have reviews for. If you don’t see the company you want to review – no problem. Send me a message. Write up a short review and give them a 5-star rating for Overall Rating, Price, Service, and Claims. I’ll post it as soon as possible.

As always, everything on Car Insurance Guidebook is FREE.

AAA Customer Reviews

AIG Customer Reviews

Allstate Customer Reviews

American Family Customer Reviews

Arbella Customer Reviews

Commerce Insurance Customer Reviews

Eastwood Customer Reviews

Empower Insurance Customer Review

Erie Customer Reviews

Esurance Customer Reviews

Farm Bureau Customer Reviews

Farmers Customer Reviews

GEICO Customer Reviews

Guide One Customer Reviews

Liberty Mutual Customer Reviews

Nationwide Customer Reviews

Plymouth Rock Customer Reviews

Progressive Customer Reviews

Shelter Customer Reviews

State Farm Customer Reviews

Sun Coast General Customer Reviews

Teachers Customer Reviews

The Hartford Customer Reviews

Travelers Customer Reviews

USAA Customer Reviews

Wawanesa Customer Reviews

What you should know about getting insurance for your new car

Don't Forget Your Insurance Binder.

So you’re considering a new car – now it’s time to get new car insurance. After striking a bargain at the dealer, getting all the discounts, rebates, and other incentives, you’re ready to sign the paperwork. Before you speed off the lot with your new wheels, you need to get some coverage. Here’s what you should know about insuring that new car.

Do You Have An Existing Policy In Place?

If you have an existing auto policy, then your new car should be automatically covered. The same coverage on your current policy usually extends to the new vehicle. Typically, you have 14-30 days to inform your insurance company about the new purchase – depending on your state and insurer. Call your insurance company in the first couple of weeks after buying the new car. That way you won’t drive uninsured – the sooner you call the better.

Bear in mind, your current coverage may not be the same coverage you need for the new car. For instance, if you don’t have comprehensive and collision on your current policy, it will not magically appear on the new vehicle. Also, if you’re financing the car, the bank usually requires comp and collision to cover the note. They’ll need a copy of the insurance binder describing your exact coverage before you take the keys.

But I Don’t Have a Current Auto Policy…

If you don’t have a current policy, you need to pick up some coverage. Most states require liability insurance. If that’s the case, your dealer will probably require a binder before you drive off the lot. In addition, you will probably need comp and collision if you’re financing the car. Your insurance company can provide a binder that shows both types of coverage.

Don’t wait until you’re at the dealer to get a new policy. Sign up for coverage before you buy the car. You can always post-date the coverage with your insurer – that way you’re not paying for insurance before you need it.

As always, we recommend getting several quotes before you get a new policy. Prices fluctuate and vary across the industry and by driver. To get multiple quotes from our online quote aggregator, go to…

Get Quotes for New Car Insurance

Budgeting Insurance For Your New Car

A new car can be more expensive than you expect. Make sure you can afford the extra hundreds of dollars for the payment as well as the insurance for the new vehicle. Because it’s a newer car with more value, insurance tends to be higher. Also, if you buy a sports car, be prepared to pay a handsome sum to insure it.

Bottom line, budget for your new car. From payment, to gas mileage differences, to the extra cost for insurance – a new vehicle can be an expensive toy. Even still, it’s a fun toy.

Any thoughts about insuring a new car? Feel free to leave a comment.

How your credit score will affect your auto insurance rates – and what you can do about it.

Your Credit Report Could Affect Your Auto Insurance

Is there such a thing as bad credit car insurance? In a manner of speaking, anyone who has auto insurance with sub-par credit has it – and you probably know it. Bad credit raises your insurance premiums, as does no credit. Like it or now, credit scores are a determining factor for most new auto insurance policies.

Credit Scores Affect Your Auto Insurance Rates

Auto insurance companies rate risk in a “black box” manner. In other words, it’s very difficult to find out exactly why insurers charge the premium you owe. There could be 1,000 factors that determine how AAA rates you as a driver. Your insurance agent probably doesn’t even know all the rating factors and their weighting.

But one thing is certain – in many states, credit score is now a determining factor on how much you’ll pay for auto insurance. If you have an identical driving record with someone who has better credit, they’ll probably pay less to insure the same vehicle. You could even be denied coverage with bad credit.

Credit scores may affect your rates when you sign up for a new policy, but credit may diminish in importance after time passes. A few years ago, State Farm used credit scores when signing up new drivers, but not at renewals. Even then, credit factors were still less important than your driving record.

Reasons Why Insurers Review Your Credit History

Keep in mind, insurers are in the business of being profitable, not giving away all the premiums. Actuaries (those responsible for determining risk) have discovered drivers with bad credit or no credit are more likely to file a claim. That’s why they usually pay more. Kimberley Lankford at Kiplinger’s writes:

Insurers have found a strong correlation between credit scores and insurance claims. People with low scores are more likely than people with high scores to file claims. And when insurers looked more closely, they discovered that people who made late payments were the ones who tended to have more claims. They didn’t find as strong a correlation with other factors, such as taking on too much new credit, which lenders care about because they worry that you won’t be able to keep up with your payments.

Shopping Around With Bad Credit

If you have bad credit and you need car insurance, you ‘gotta bite the bullet’ and get some coverage. Yes, you’ll probably pay more for it now. But, the cost will be negligible if you get into a claim situation – especially when you’re at fault.

We recommend getting several quotes from major insurers. You can always call a few companies to get prices. To make it easier, you can also use our Online Quote Aggregator to get a few quotes fast

Get Auto Insurance Quotes With Credit Issues

Dealing With Bad Credit And Car Insurance

If you’re denied coverage for credit reasons, you still have options. According to the Fair Credit Reporting Act the insurance company must provide the name and address of the reporting agency. Write the agency for a free copy of your credit report.

If you’re already insured, you should address your credit issues for the next time you shop. Order a credit report from one of the major reporting agencies. Address any outstanding issues on the report, pay all your bills on time, and manage your expenses. If you don’t have credit, a bank debit card might be able to help you establish credit – ask your banker or financial advisor.

Any thoughts on bad credit car insurance? Feel free to leave a comment.