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Finding Gap Insurance

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 06/29/2016

Question: Hi I have Chevy Malibu 2012 I owe 14000 but car worth 11000 my gieco insurance told me I don’t have gap my lean holder capital one told me is better to find insurance offers gap i can’t find one know do you have any advice thanks.

Answer: Getting insurance quotes from other insurance companies for Gap insurance is how you are going to find Gap insurance from an insurance company. The only thing I would advise you though, is that your vehicle is no longer a new car and many insurance companies do not offer Gap insurance on anything but new vehicles. However, some do have loan coverage that works like Gap that you can ask about.

Also, your lien holder is right about it being better to get Gap insurance through an insurance company as it is cheaper that way.

Change of Address and Your Insurance Rate

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 06/29/2016

Question: Why does my insurance rate go up $21 dollars when I just change my address and also my email?

Answer: Part of what makes up your insurance rate is where you live.  Insurance companies rate on the safety of a neighborhood, the likelihood of a claim in that neighborhood, as well as other factors.  Your insurance rate went up because where you moved to has higher rating factors than where you used to live.  Your email address has no affect on your insurance rate.

Raised Insurance Rates?

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 06/28/2016

Question: I live in Montana and have Geico. I’m 46 with a spotless record and great credit history, because I know that matters. Newer Harley lost traction around a corner, only doing 10-15 mph. No ticket, no other vehicles involved, just slid out on loose gravel. Estimate for damages around $1800. Deductible $500. What do you think? Raised insurance rates?

Answer: Most likely not going to see raised insurance rate.  It’s under $5,000 and your driving record is clean and you have a good credit score.  But, you just never know if you will have raised insurance rates or not until you get your renewal.

At- Fault Accident = Rate Increase

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 06/01/2016

Q: so i got into my first accident on may 14 2016. i got t boned and the car that hit me is totaled and my truck just had a few dents. will my insurance go up because the officers said it was my fault for the accident

A: With knowing so few details, my first inclination is, yes. Major accident that you were found at fault for will almost certainly increase your insurance premium.

Subrogation

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 06/01/2016

(This was a comment that was posted to a bad review for an insurance company. It was significant enough that we felt it deserved it’s own post.”

Comment: If you had good insurance, your insurance provider would pay you and then go after the other provider. You cant control the other guy but you can get a good policy. Sounds like your insurance is trying to play the blame game. Get a better provider.

Our Response: First, it depends on what you are expecting your insurance company to pay for you. If you have damages to your vehicle but you failed to purchase comprehensive and collision coverage, your insurance company is under no legal obligation to pay for those damages. You didn’t purchase their product, why would they have to pay out a claim for you?

If you did purchase collision coverage and were in an accident, then yes, your insurance company would pay out for the damages and then “subrogate” (go after) the other person’s insurance company to get their money back. However, you will still have to pay for your deductible.  Not fair? Maybe not, but that’s what you agreed to when you signed your insurance contract.

 

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