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Report finds that NJ has 15th highest car insurance cost burden in nation

Report finds that NJ has 15th highest car insurance cost burden in nation

New Jersey is the 15th-most expensive state to insure a car, according to a survey by CarInsuranceQuotes.com released Monday. The average New Jersey household pays 3.1 percent of its annual income toward car insurance, or about $2,556 per year. By dividing the median car insurance rate by the median yearly household income, the survey found […]

The most and least expensive states for car insurance

The most and least expensive states for car insurance

By Nolan Hester, Insure.com – Last updated April 9, 2010 Insure.com’s new national survey of car insurance rates reveals that Louisiana has the highest average rates in the nation, followed by Michigan. Maine can boast the lowest average rates. The results came from a study that collected average auto insurance rates for more than 2,400 […]

What is insurance scoring?

What is insurance scoring?

Insurance scoring is one of many tools that some insurance companies use to appropriately match price to insurance risk. Your insurance score is developed from a formula that weighs and measures credit information such as number of collections, bankruptcies, your outstanding debt, your credit history, the number of new applications for credit and types of […]

Insuring Property in Storage

Insuring Property in Storage

Question: Answer: This is what the “ISO standard” policy says: COVERAGE C – Personal Property We cover personal property owned or used by an “insured” while it is anywhere in the world. At your request, we will cover personal property owned by: 1. Others while the property is on the part of the “residence premises” […]

Life Insurance Basics: Term vs. Whole Life

Life Insurance Basics: Term vs. Whole Life

Term life insurance is usually defined or described as pure protection against the risk of premature death. In exchange for an annual or other periodic premium, the insurer agrees to pay the fact amount of the policy (such as $100,000) if the insured dies while the policy is in force. That, more or less, is […]

Tax Benefits of Life Insurance

Tax Benefits of Life Insurance

Insurance textbooks tell us that the primary purpose, if not the sole purpose, of property and casualty insurance is to indemnify the insured against physical and financial losses. In plain English, this means that the insured is supposed to be “made whole” but is not supposed to make any profit. There are only a few […]

Teenage Drivers

Teenage Drivers

Inexperience and immaturity make it much more likely that a teenage driver will have an accident than an adult driver. A driver in the age group of 16-19 is FOUR times more likely to have an accident than an older adult and TWICE as likely to die in an auto accident (in some states, a […]

The Homeowners Policy and College Students

The Homeowners Policy and College Students

Question: Answer: The homeowner’s policy covers any personal property “owned OR USED by” an insured if it is damaged or lost due to a covered peril. The student was certainly using the property and theft is a covered peril. The term “insured” includes a resident relative, and courts have determined consistently that a dependent child […]

The Personal Auto Policy & Company Cars

The Personal Auto Policy & Company Cars

Question: Answer: This being the case, the employee faces a huge gap in coverage. The solution is easy though: simply add an endorsement commonly referred to as the Extended Non-Owned Coverage for Named Individuals to the policy for about $20 per six months and the exclusion disappears with regard to liability and medical payment claims. […]

The Personal Auto Policy & Diminished Value Claims

The Personal Auto Policy & Diminished Value Claims

When a car is damaged in an accident, then repaired, the resale value may be less than that for a comparable car that has not been damaged. In other words, the damage results in a reduction, or “diminution,” in the resale value of the auto. An insured’s claim for this reduction in value may be […]