According to the National Association of Insurance Commissioners, the average U.S. auto insurance expenditure increased by 5.3% (to $935.80) in 2016 (from $889.09 in 2015). Increases like these aren’t uncommon, but do you know why your car insurance premium seems to jump up suddenly?

An insurance agency will never raise your premium without a reason, but there are several root causes as to why your car insurance premium may have gone up. Some are fairly obvious, but others may not be. Here are a few common reasons an insurance agency may have increased your premium.

Violations and Accidents

This is one of the most common reasons that an insurance agency will raise your premium. Violations such as a DUI or multiple speeding tickets tell your insurance agency that you’re at a higher risk for an accident than drivers with no violations. Likewise, an accident signals to the company that you may be more likely to have another accident, prompting an increase in your rates.

Comprehensive Claims

Filing a claim can often lead to an increase in your insurance rates — even for incidents that are out of your control, such as hail damage and other acts of nature, fire, theft, glass breakage, and vandalism. In some cases, you may not have much of a choice but to file a claim. But for less expensive fixes, you may want to consider whether a potential rate increase is worth filing a claim over.

Claims in Your Zip Code

Rates are often calculated based on insurance data available for your zip code. This means that your rates may increase if your car is registered to an area wherein a high number of claims were filed for weather-related incidents or other comprehensive claims. As unfair as this may seem, it’s simply seen as a bit riskier for companies to cover vehicles in your area.

Age

Your insurance premium is likely to increase after you turn 70. Many insurance agencies view senior drivers in much the same way they view teen drivers. That said, senior discounts may be available in your area to help keep your rates lower.

Changes to Your Credit Score

If your credit score has recently gone down, you should expect your rate to increase. Many insurance agencies use credit scores as a way to gauge the likelihood of someone filing a claim. Currently, there are only three states in which insurers are prohibited from using a client’s credit score to help determine their rate.

There are a few other possibilities as well, such as the loss of a discounted rate, or a lapse in insurance coverage, but generally, your rate increase will be covered by one of these reasons. If you’ve found that your insurance rates have increased and you want to shop around for new coverage, we’re here to help. Contact us today for a quote or for additional information.

If you need reliable and responsive motorcycle insurance, you are not the only one. You would be surprised to find out how many people struggle to find motorcycle insurance that fits their needs. This article aims to provide you with frequently asked questions about motorcycle insurance that may be beneficial for finding insurance coverage that fits all of your needs as well as your budget.

Why Is Motorcycle Insurance Required by the Law?

The simple answer is that motorcycle insurance is essential and is required by state laws because it protects everyone. When a motorcycle owner has bodily injury liability coverage alongside property damage liability coverage, they are protected from losing their assets in case of an unexpected accident. Moreover, your minimum coverage can assist with covering court costs if you are sued following an accident.

How Much Does Motorcycle Insurance Cost?

Prices for motorcycle insurance vary. As a result, independent insurance agencies compare coverage options from a myriad of companies to ensure that they find the right one to fit your affordability requirements. However, motorcycle insurance can be more expensive than motor vehicle insurance because motorcycle drivers are perceived to be high-risk drivers due to several factors. There are considerations that you take to minimize your insurance costs such as, taking a motorcycle safety course, buying a motorcycle with a smaller engine, and speaking to your insurance agent about discounts.

Does Motorcycle Insurance Cover Theft?

It depends on the type of insurance coverage that you opt for. Generally, comprehensive insurance coverage options cover motorcycle theft regardless of where it happened. Moreover, an adequate comprehensive insurance policy will cover any other items that were stolen from your motorcycle. However, to ensure that your insurer pays for theft, you need to ensure that your losses exceed your deductibles. This means that to lower your deductibles, you may be required to pay more premiums. But you can negotiate the number of your deductibles before you purchase your insurance policy.

Will My Motorcycle Insurance Cover Other Riders?

You can tailor your insurance policy option to cover other riders. However, bear in mind that this is dependent on the type of insurance and the provisions that are set out by the insurer. In some instances, other riders may not be covered and a distinction needs to be made between a passenger and a person who borrows your motorcycle. It is important to discuss this alongside the additional costs with your insurance provider.

Everyone wants to run an established and successful business venture. As much as this is your dream, it is crucial to understand the various factors that need to be considered. The knowledge you have about businesses will help you find the right avenue and make the right decisions. Having insurance coverage for your business is among the crucial factors that you need to consider. Business insurance helps your company and staff recover quickly after accidents, has a strategic risk management platform and loss reduction. It can be hectic finding the best insurance coverage for your business with limited information. However, by seeking answers to the frequently asked questions about business insurance, achieving your goals becomes easier.

How much does business insurance cost?

Your insurance needs to determine how much you will spend to cover your business. The cost of insurance also differs with the size and history of the business. Small businesses with a small budget will aim for insurance coverage at a low cost, while established businesses with higher risks will opt for higher coverage.

What kind of insurance does a small business need?

Small businesses need to hold General Liability and Property Insurance. This should also be alongside Unemployment Insurance, Disability Insurance, and Workers’ Compensation Insurance. With small businesses, mistakes made by employees can be expected. Having Professional Liability Insurance will be vital in such instances. The nature of the business and the related activities will determine how to handle your insurance needs.

Is business insurance tax-deductible?

The costs of conducting the business are deductible from your income taxes, according to the IRS. The premiums you pay for business insurance are inclusive of the general costs. It is, however, crucial to talk to your accountant or tax attorney to gain in-depth knowledge on tax and insurance needs.

How does workers’ compensation insurance help?

Worker’s Compensation Insurance is beneficial as it covers lost wages, medical bills, compensation for permanent disability after accidents on the job, legal fees, and death benefits. You should note that to cover the premiums, you as the employer have to incur the costs regardless of the policies.

Can business insurance cover cars?

With the need for businesses to have functional automobiles, buying the right one is vital. The more business owners buy cars, the higher the need for effective insurance coverage. Did you know about 6 million cars are sold annually in the United States? It is advised that the company or individual applies for specific car insurance instead of depending on business insurance coverage.

Conclusion

Business insurance opens the right path to business success, especially for startups. It is, however, essential to understand your business needs against your insurance needs and how best to benefit by answering the frequently asked questions.

Winter is over, and you are ready to take your classic car for a drive. Before you get your automobile out of storage, review your insurance agency’s policies. Antique car insurance is a unique automotive insurance coverage that only benefits collector cars. Given that most people do not understand the different auto insurance plans, it has led to many poor insurance decisions.

There is no sweeter pleasure than driving your vintage car, knowing it is protected. So, what should you know about insurance for antique cars?

1. It Is Cost-Effective

Did you know that you can get up to a 40% reduction with antique insurance, unlike regular auto insurance plans? Most vehicles 25 years and older that are properly maintained are more likely to obtain this plan. If the driver and automobile qualify, it is advisable to select this lower-cost category.

2. Replacement Value

Antique car insurance gives you actual cash value if you lose your car in an accident, fire, among others. Cash value means your vehicle’s value has depreciated over time, which is the opposite of vintage cars. The older your automobile is, the higher its worth. On the other hand, insurance for antique vehicles offers the agreed value for compensation. That means you have to discuss with your agent and decide on an estimate of how much the automobile is worth.

Professional services are fundamental if you want a fair valuation. With your documented appraisal and the experience of an expert, you will get an approximate value.

3. Optional Coverage

Classic cars have lots of coverage options that are specific to that category. Fender benders, theft, and whiplash are the most common insurance claims. Old-fashioned vehicles are more likely to break down. They are also more likely to be stolen due to their worth. Therefore, ensure your coverage includes spare parts, roadside assistance, repair, traveling coverage, and other specific options that suit your car’s condition.

Insurance for antique cars covers the requirements of owning, maintaining, and driving unique vehicles. Additionally, your automobile will be protected even when it is in storage or a shop.

4. Standard Qualifications

Collector car insurance is not for all old-fashioned cars. First of all, it should not be your everyday vehicle. The vintage car should not exceed 8,000 kilometers per year. Next, your automobile should be more than 25 years old and well-maintained. However, age restrictions vary among companies. Some consider some old vehicles that were mass-produced ineligible. Other insurance carriers allow some newer models to considered classic cars.

It is also essential to ensure your car is at least at the original factory value, if not above. Even though some factors differ, these qualifications apply to most antique insurance plans.

Standard auto insurance policies are not the best option for your vintage car. A clean driving record is necessary if your vehicle falls under the antique category. Your automobile should also be in good condition or undergoing restoration. Always consult with your insurance agency before choosing a plan. When looking for reliable insurance for antique cars in Portland, look no further than AOA West Insurance – your number one family-owned agency.

It’s one thing to get a car. It’s another matter entirely to invest in a classic car. Classic cars are more often owned by collectors than they are the average vehicle owner, and they have a specific appeal to car enthusiasts and those who want to financially invest in automobiles. While 6 million cars are sold every year in the United States, relatively few of them are classic cars. This is in part because many cars break down and are destroyed before they reach classic status, and in part because classic cars in collectible condition don’t often go up for sale. But when they do, buyers need to take their purchases seriously.

While new cars typically begin losing value as soon as they are sold, collectors’ items are entirely different matters. A classic car, if it’s considered a prized model and is in great condition, could potentially accumulate or at least retain its value over time if it’s well-maintained. This is why these cars need to be protected through not only typical car insurance, but classic car insurance that is meant for unique vehicles. But what does that mean? Let’s explore the concept below.

What Makes a Car Classic?

So, what is the difference between a typical vehicle and a classic car? Aren’t classic cars just old cars? Not quite. The exact definition of what makes a car classic varies, but generally speaking all classic cars at least 20 to 25 years old. Normally, the car will have some kind of unique feature that makes it historically interesting to car enthusiasts. This is why the car would be considered worth preserving or restoring rather than scrapping, and why it would need classic car insurance.

There are organizations that owners can refer to, like the Classic Car Club of America, that offer lists specifying different models of cars that have been designated as classic according to their standards. Classic cars, according to those standards, can be American or foreign built and must have been produced between 1915 and 1948. For cars produced after World War II, the definition of classic becomes a bit more difficult to navigate, but these cars can certainly be extremely valuable and collectible. Therefore, it’s a good idea to visit an insurance center to explore insurance options.

What Is Classic and Collector Car Insurance?

Classic car insurance differs from regular car insurance in a few significant ways, but at its basis, it also offers the same benefits that you would receive from standard car insurance obtained from an insurance agency. All vehicles in the United States must be insured with policies that meet minimum standards according to the state in which the car is registered. The reason why classic cars need additional insurance is that they often require more specialized and complex repairs if they are damaged, and they are more at risk of being stolen or vandalized than typical vehicles.

Classic car insurance will usually cover standard liability issues as well as collisions. It will also offer comprehensive coverage and the coverage of medical payments, typically. But if the car is completely lost, this form of insurance will also pay out the agreed or guaranteed replacement cost. Conversely, typical vehicle insurance will pay out the actual cash value of the vehicle, which is usually its depreciated value.

What Else Should I Know About Classic Car Insurance?

Usually, there are limitations that come with classic car insurance, which is why you should work with an agency to navigate the policy that is right for you. Most classic car insurance policies require owners to limit their use of the vehicles, as the more an older car is used the more likely it is to break down. Some will restrict the vehicle’s travel abilities. They also will typically require that the car is stored in a locked garage or storage unit. These policies are often not available to drivers with serious offenses on their records.

There is much for classic car owners to worry about, but the right policy can help abate those concerns and ensure the safety of their vehicles. If you’re interested in collecting cars, speak with a professional at an insurance center to ensure that you’re choosing a policy that works for you.

Insurance premiums are the amount you have to pay to an insurance company when you renew your policy. Most motor vehicle insurance companies have an insurance process that uses algorithms that analyze your details to determine your premiums. By understanding the factors affecting your premium rates, you stand a better chance of making informed decisions before you purchase that insurance.

1. The Type of Vehicle

The type of car you own impacts the premium rates that insurance companies will charge. For those who have classic cars and other unique vehicles, the insurer will likely charge higher rates. Additionally, the insurance process involves determining whether your type of car is prone to accidents. If it is, you will pay a higher rate.

2. Your Driving Patterns

The insurance firm has to analyze your previous insurance claims and whether you’ve received tickets. It also analyzes your accident history and whether you have personal insurance during the insurance process. Those with a tainted history are likely to pay higher car or motorcycle insurance premiums than those with a good track record.

3. Your Location

The insurance process analyzes your location to determine whether the places you frequently visit are prone to accidents, theft, or vandalism. The chances are high that insurance firms will charge higher premiums if your location is prone to such acts. Anti-theft features and your parking location will also affect insurance premiums.

4. Purpose of The Car

During the insurance assessment process, your insurance company determines whether you use the car for commercial or private purposes. The premiums will vary depending on the vehicle’s purpose, and the chances are good that you will pay higher rates for commercial vehicles than a private vehicle. Again, if the vehicle you are insuring, whether personal or commercial, is being used in high-risk situations, chances are your premiums will be higher.

5. Credit History

Your car insurance company may also refer to your credit history during the insurance process. They analyze your profile and determine your level of risk. A poor credit score might affect your insurance premium. However, with a good score, chances are you will pay lower premiums than defaulters.

6. Age of the Vehicle

Before you can be insured, the insurer will have to determine the insured declared value and your car’s depreciation. If you have a unique vehicle, the insurance assessor will have to determine the asset value resulting from wear and tear over a given duration. Old vehicles have higher depreciation. Hence, insurance companies will charge you higher premiums compared to newer vehicles.

7. Age and Driving Experience

Studies conducted in 2016 show that over 268 million vehicles had insurance coverage on U.S. roads. They also revealed that young males were more prone to accidents compared to females of similar age. The insurance process considers such demographics when determining your insurance premiums. Chances are high that young male drivers will pay higher premium rates compared to female drivers. However, most insurance companies adjust the premium rates once a driver reaches 25 years of age.

Several factors will determine your insurance premiums. It’s important to analyze different insurance providers’ policies before settling for one. When picking an insurance company, consider the availability of agents, customer service, and insurance policies.

Home insurance is a must-have. But that does not mean you have to overpay to have great coverage. There are ways that you could be saving on your home owners insurance. In fact, saving on your home insurance could be easier than you think.

One of the ways you can save on the home insurance Tigard homeowners rely on is to connect with the right insurance agent. Having personalized care for your home owners insurance can provide you with discounts you would not even know to look for. What else should you know about saving on these home policies?

Audit Your Policy

If you are like most American homeowners, you may be a little slack when it comes to reviewing your policy annually. In many cases, saving on your home owners insurance can be as simple as comparing what other carriers have to offer. Making this an annual activity (right before your policy is up for renewal) can literally give you an opportunity to claim hundreds of dollars in savings.

Having a trusted insurance agency looking out for your best interests can come in really handy when it’s time for renewal. Your agency will put in all the work for you and do the brunt of the comparisons for savings so you do not have to.

Surprising Ways to Get Discounts

Did you know that if you keep a fire extinguisher in your kitchen, it may make you eligible for a home owners insurance policy discount? Fire extinguishers, smoke detectors, carbon monoxide detectors, and other fire safety equipment can all add up to savings. Ask your agency as to whether installing this equipment can save you some money.

Fire protection equipment isn’t the only thing that can lower your premiums. You can get discounts for having a security system, as well. Have you had a new roof installed that is rated for hail damage? That can get you a discount, too. If you have a pool with a fence around it, this can lower your premiums. You may also get up to a 20% discount if you have not filed a claim in the last decade. Don’t be afraid to ask your agent about home improvements that can translate into savings.

There are plenty of discounts that you could be taking advantage of. Finding discounts is a lot easier when you have an insurance agent working for you. A well-established insurance center will have the agents that know how to find the discounts that you deserve. Find the savings and the support that you need with a local agent that is committed to putting your best interests first.

Collector vehicles are no ordinary cars. The classic, collectible, or antique car in your garage needs more than the ordinary auto-insurance. You may require special insurance coverage to protect your high-value investment. Classic car insurance reflects the uniqueness and value of your ‘baby.’ Special coverage for your unique vehicles includes a standard liability, collision, and comprehensive coverage.

The top three insurance claims are for ‘fender bender,’ theft, and whiplash. If an accident or any other loss occurs, the insurance company will pay for the repairs or replacement of the car as a unique vehicle, not some old junk.

Collector Car Insurance Vs. Standard Auto Insurance

Nearly half of all unique vehicle owners wrongfully place their cars under a standard motor vehicle insurance. Typically, classic car insurance covers differ from ordinary policies in two significant ways.

Lower Premium Rates

The American driver clocks an average of 13500 miles on their vehicle annually. This significantly increases the risks associated with insurance claims, including accidents and theft. Collector vehicles travel less frequently, spending most of their time in storage. Most insurance providers will offer lower premium rates, ranging between 20-40% less than the regular policy.

Guaranteed Value

Insurers calculate ordinary car policies from the ‘actual value’ of the vehicle. The total compensation will be the actual value insured minus depreciation. Unlike ordinary cars, unique vehicles tend to appreciate. Most specialty insurers offer the full cost, ‘guaranteed value,’ for the car as compensation.

Qualification for Classic Car Insurance

Standard auto insurance may not have strict requirements before the purchase of a particular policy. A special cover for your unique vehicles may demand specific qualifications. Some of the common conditions include.

1. Limited Use

Your collectible may not be suitable for everyday commute and running of errands. Some insurers place mileage restrictions, in which owners may not exceed 7500 miles a year. You may need to prove you own a primary, ordinary car that you will use for your multi-day, high-mileage drives. For trips to classic car shows and events, your insurer can create a custom package that protects your unique vehicles during the journey.

2. A Clean Driving Record

Serious offenses that taint your driving record may disqualify you from the classic car insurance program. Some traffic offenses such as driving while intoxicated, excess speeding and reckless driving may contribute to your policy being rejected. Some insurance companies may require the driver to be above 30 years or have five to ten years’ experience.

3. Secure Storage

You may need to provide proof of secure storage spaces for your unique vehicles. Most insurance firms will accept private garages, pole barns, or storage units. The protected areas not only safeguard your car from thieves but also shield it from nature’s destructive elements.

4. Age

Your vehicle may need to be well-maintained for the insurer to enlist it for a classic car insurance package. Each insurance agency has its method to classify collector vehicles as classic, antique or vintage. An insurance expert may help determine the value of your car, depending on its age and condition.

It is not right to place your unique vehicles under standard auto insurance policies. Proper care of your beloved collectible is not enough; you need to purchase the right classic car insurance cover. AOA West Insurance can help you source the best policy for your vehicle and address your other insurance needs.

Every year in the U.S., around six million cars are sold. People are buying new cars all the time, but true collectors know it’s the classics that matter. The rare cars, the old cars, the really cool cars — only these cars are worthy of being collector vehicles. You can have a very small collection — just one car, actually — and still call yourself a car collector. That’s what’s so great about having collector vehicles.

And once you’ve got one, you definitely won’t want to stop. There are many ways to get collector vehicles, and it can be affordable if you do a lot of the work on them yourself. However, there’s something very important you don’t want to forget about the cars in your collection: they all need to be insured. But do you know what kind of insurance you need and where to go to get it?

The Difference in Insuring Collector Vehicles

For most people, collector vehicles are not everyday vehicles. You take your regular car to work and to the supermarket. You take your usual ride out when you’re running errands. But your collector vehicles or vehicle, now that’s special. Whether you have classic cars, unique vehicles, or even a motorcycle, you don’t drive these vehicles often. These are special vehicles for special occasions. So you don’t need regular everyday insurance for collector vehicles that aren’t regular everyday cars.

Insurance for antique cars, classic cars, and other cars that aren’t driven very often is different fro the insurance you get on your regular vehicle. These cars don’t have to meet the same state minimum requirements. However, there are requirements that these cars do need to meet. Only an expert can help you figure out exactly the right policy for your collector vehicles. Not all insurance agents know what needs to be done to insure those collector vehicles. You need to know how to find the right agents to give you the exact right insurance for the collector vehicles that you have.

How can you find the right insurance agency for your collector vehicles? Once you know how to find the right insurance agency, you can find the right insurance for all your collector vehicles.

Finding the Right Insurance Agency

Insurance agents have a bit of a bad reputation. You’ve heard the jokes and seen the characters in the movies. You’ve been told that insurance agents are annoying. And it’s all pretty funny. Insurance agents laugh at these jokes, too. But the truth is, sometimes you really need insurance gents. These people specialize in knowing insurance and knowing what the state requirements are.

They know exactly how to insurance collector vehicles so that you pay as little as possible to get the insurance that you need. Focus on finding insurance agencies and agents that provide insurance for collector vehicles. If you have a specific type of collector vehicle, such as a classic car, look specifically for insurance companies and agents that provide services for this.

Search online to find insurance agents in your local area, or at least within your state. These professionals will have in-depth knowledge of your state requirements for insurance and they can provide you with answers quickly. It’s often easier to work with an insurance agent in your local area rather than turning to a large, national company to get our own estimates.

An agent can get estimates from several different insurance agencies so you can compare prices and pick the best policy for your specific needs. They can perform the work much more quickly to get estimates and help you get the best deal. You’ll pick the policy you want and if there are any problems, you contact your agent to give you help almost immediately. Having an insurance agent is the best option for your collector vehicles because you need someone with expert knowledge to advise you on the right policies.