When should I shop my auto insurance? Have you ever asked yourself that question? The rate, or premium, you pay for your auto insurance should be based on what kind of driver you are, right? If only it were that simple. Understanding how your auto insurance premium is calculated can be a complicated subject and our agents make it easy to understand.
We recently posted a lengthy article about how the Nevada DMV fines vehicle owners if they have a lapse in their insurance coverage, you can read the article here.
If you already have a fine, or you had a lapse in your insurance coverage, then we need to talk. While we can’t fix every situation, we can help to fix the majority of situations. Here’s what we can do.
Yes – we can likely start a new policy for your vehicle with a company that will allow us to backdate up to 30 days. You will be required to sign a statement saying that you haven’t had any accidents during the time of your lapse.
No – if your lapse is over 30 days, it may still make sense to backdate a new policy. The DMV has higher fines for lapses over 30 days, so if we can get your lapse under the 30 day mark then you’ll pay a lower fine.
Fill out the form below to request a quote from us. In the comments section write something like “DMV fix” or “Need help with DMV fine” so that we know exactly what you need help with.
This isn’t new but it’s worth discussing to remind drivers how our DMV verifies auto insurance and what the consequences are if you have no insurance for any period of time while your car is registered. Fines range from $250 – $1,751
Why do my auto insurance rates keep going up even though my car is getting older? At Advance Insurance, many of our clients ask this question so I would like to address it from a couple of angles.
First things first, even though it’s called car/auto insurance, it covers more than just your car. It should technically be called “auto-owners” insurance, similarly to how home insurance is actually called “home owners insurance”.
It’s important to understand that there are a lot of variables that go into insurance premiums, and with auto insurance, it’s no different.
The insurance company is much more concerned with you crashing into someone and causing them (or yourself) bodily harm, or death, than they are about your car. A car is a material possession which can be replaced.
A human life is not.
When is the last time you looked at your auto insurance policy?
If you look at it you’ll notice there are a lot of different coverages on your auto policy.
Bodily injury liability
Property damage liability
Un-insured motorist
Under-insured motorist
Medical Payments
Loss of use
Rental Reimbursement
These are all things that you are covered for on your auto policy. How many of them have to do with your car?
None.
How many of them have a price next to them on your policy?
All of them.
Your car isn’t the only thing you’re being charged for on your policy
That’s because auto insurance covers far more important things than your car as mentioned above.
Let me re-phrase that: your car insurance rate isn’t just based on your car.
You’re not the only one…
It’s also important to understand that you are not the only person your insurance company insures. You are one fish in an ocean of other fish, sharks, and sea creatures, all who have different characteristics and risk profiles.
Insurance is all about spreading costs over a large number (risk pool) of people, which each person paying their fare share. That risk pool is constantly changing, and is impacted by a ton of different things, including the overall economic climate.
This means that you are sharing in the cost of millions of other people, many of whom may have poor loss history and/or credit.
That’s what insurance is though — sharing in the cost.
The next time your auto insurance rates go up, take a look at the big picture. Make sure you’re looking at ALL of the coverages, and corresponding rates.
Hope this helps! If you would like to know more about Car Insurance be sure to visit our page dedicated to it.
