Author: Sayan Dutta

A home insurance deductible is the amount you pay out-of-pocket for a covered loss before your insurance provider steps in to cover the remaining costs. Understanding how home insurance deductibles work and choosing the right deductible amount can help you get the most value from your policy. Understanding Home Insurance Deductibles What is a homeowners insurance deductible? A home insurance deductible is the portion of a claim that you have to pay before your insurance kicks in. For example, if you have a $1,000 deductible and file a claim for $5,000 in damage, you would pay the first $1,000 and…

If you are a teenager or a parent of a teenager, you might be wondering which car is the cheapest to insure for young drivers. Car insurance is one of the major expenses that come with owning a car, especially for inexperienced drivers who are considered high-risk by insurance companies. According to the Insurance Institute for Highway Safety (IIHS), the average annual premium for a 16-year-old driver in 2020 was $3,841, which is more than three times the average premium for a 40-year-old driver. However, not all cars are equally expensive to insure. Some factors that affect the insurance cost…

Gap insurance is a type of car insurance that covers the difference between the actual cash value of your vehicle and the amount you owe on your loan or lease if your car is totaled or stolen. Gap insurance can be a valuable protection for drivers who have a large gap between their car’s value and their loan balance, especially if they made a low down payment, have a high-interest rate, or have a long loan term. However, gap insurance is not always necessary or worth the cost, depending on your situation and preferences. In this article, we will explain…

Classic cars require specialized insurance coverage that takes into account their unique nature and increased value compared to regular vehicles. For classic car owners, finding the right insurance policy means understanding the different types of coverage available, researching carriers who specialize in insuring collector vehicles, and utilizing tips to minimize insurance costs while still getting adequate protection. This guide will explore the key considerations around insuring a classic car so owners can make informed decisions. What Makes a Car Classic? Before diving into insurance, it’s important to understand what makes a car “classic” in the eyes of auto insurers. Definition…

Buying a new car is an exciting time. But before you can hit the road, you need to make sure you have proper insurance coverage for your new vehicle. Understanding the timeline for getting insurance on a newly purchased car is important for avoiding penalties and remaining compliant with state laws. Understanding Insurance Requirements for a New Car Do you need insurance to buy a car? Your existing auto insurance policy will likely cover a newly purchased vehicle for a short grace period, usually between 5 and 30 days depending on your state. However, you need to contact your insurer…

A no-fault accident involves two drivers who are not at fault. No-fault jurisdictions pay for injuries and car damage by each driver’s insurance. No-fault accidents remove the need to assign responsibility, but drivers frequently question how they will affect their vehicle insurance premiums. While insurance rates don’t always increase after a no-fault accident, there are some factors that may cause your premiums to go up. Understanding how insurance companies calculate premiums and the specifics of no-fault accidents can help drivers know what to expect from their provider after a claim. Factors That Determine Insurance Premiums After a No-Fault Accident Insurance…

If you have a car loan or lease, you may have heard of gap insurance. Gap insurance is a type of optional car insurance coverage that can help you pay off your remaining balance if your car is totaled or stolen and you owe more than what it’s worth. But how does gap insurance work after a car is totaled? In this article, we’ll explain what gap insurance is, how it works, and what are its benefits and limitations. Understanding Gap Insurance Definition of Gap Insurance Gap insurance stands for Guaranteed Asset Protection. It’s optional coverage that you can add…

24-hour car insurance, also known as short-term or single-day car insurance, provides vehicle coverage for a limited period of time, usually 24 hours or less. It offers flexibility for drivers who need temporary coverage for specific situations. What Is 24-Hour Car Insurance? 24-hour car insurance provides coverage for a car or vehicle for a short period, typically one day or less. It allows drivers to obtain insurance coverage on demand when they need it, rather than maintaining a policy indefinitely. Unlike annual policies that auto owners normally carry, 24-hour insurance is meant for sporadic, short-term needs. It provides the basic…

Getting an accurate home insurance quote requires providing your insurance agent or company with detailed information about you, your property, and your specific coverage needs. Having these key details ready can make the quoting process quick and efficient. Here are the 10 most important pieces of information needed to obtain an accurate home insurance quote: Information Needed for a Home Insurance Quote 1. Property Details Insurers will need to know the specifics about the home being insured, including: Providing details like these allows insurers to accurately evaluate the risk and value of your dwelling. 2. Use of Home Insurers will…

Insurance policies protect homeowners against financial losses from specific events called “perils”. Understanding what perils are, the main types, and how they impact insurance is key for homeowners. This article will provide an overview of perils in homeowners insurance, the difference between perils, risks, and hazards, and why perils matter for coverage. Understanding Perils in Insurance Definition of a peril A peril is an event that causes damage, injury, or loss that may be covered by an insurance policy. Perils can include natural events like floods, fires, and storms, as well as man-made events like theft, vandalism, riots, and more.…