Archives for June 2016

27 Fun & Interesting Facts about Car Insurance

I am sure you must be thinking what is interesting about car insurance or what fun is it? Surely, there are some interesting facts worth knowing, as auto insurance has existed almost a century. Fun & Interesting Facts about Car InsuranceInsurance doesn’t always deal with car accidents, injuries, thefts and other problems, but sometimes super interesting things also happen.  Read some of the facts here:

  • Till the time your car is on lease, some companies add free collision insurance
  • The car you select does not only affect the way you drive but also the premium rates
  • It is a myth that the colour of your car effects the price of your insurance
  • Your occupation plays an important role in your auto insurance rates
  • It is not necessary that all insurance companies will reduce premium after you turn 25
  • Main types of car insurance policies include liability coverage, collision coverage and comprehensive coverage
  • Premiums will also increase if you buy a new car
  • Some states in US for example Connecticut have bigger insurance markets than entire countries such as Brazil and Sweden
  • America’s top five companies have earned largest premiums by selling policies to low-risk groups such as farmers
  • 16 percent of drivers are uninsured at any point
  • National Car Insurance Day in USA is celebrated on 01 February
  • First car insurance policy was written in 1897 by Travelers Insurance
  • Massachusetts was the first state to make insurance mandatory for automobiles.
  • New Hampshire and Virginia are the only states where automobile insurance is not required
  • Michigan, Louisiana, Kentucky, West Virginia, Mississippi are top five most expensive states for car insurance
  • Massachutes, North Carolina, Hawaii, Alaska and Oregon are top five least expensive states for car insurance
  • In Ireland auto insurance rates can go high up every year even though the policy remains same. It is due to lose insurance regulations
  • In Indonesia and Australia drivers are required to register with the government. The registration cost includes a third party insurance
  • In South Africa the government has allocated a percentage of gasoline profits towards Road Accidents Funds. This is the form of auto insurance there
  • There are some specific female oriented insurance schemes. They offer perks like road side assistance, coverage for the stolen purse etc
  • Statistics show that married people have less accidents
  • If you can manage pay your auto premium bi-annually rather than monthly. This will decrease your premiums considerably
  • Your driving record can help in determining how long you will live. If you drive safely, chances are that you will live long, no matter whatever is the cause of the death
  • If your friend have borrowed you car and met an accident, you will have to file and process the claim
  • Car owner is responsible in case of an accident, therefore make sure that you transfer the ownership rights at your earliest possible after selling a car
  • 50 percent of your car premiums go towards administrative costs not for claims
  • 21 states have compulsory coverage for uninsured motorcyclists