Should You Insure your Vehicle with State Farm?

Cold Cold World Chaos Backpack Review

The Best Car Insurance in Ohio 2017

The best auto insurance in Ohio depends on a number of factors. We compared car insurance rates in the Buckeye state based on four hypothetical drivers. Here are the results.

If you’re a driver in Ohio, you’ve hopefully spent some time comparing auto insurance policies. Though, if you have, you may have wound up with more questions than answers.

Shopping for the perfect coverage through the right company–and meeting state requirements–can be tricky. So, we are here today to help your process along.

As you have probably figured already, comparing auto insurance options is much more than just looking at price tags and picking the cheapest option. You need to look at all aspects of the policy, from the types of coverage offered, to the deductibles and limits on each. And don’t forget each company’s customer satisfaction ratings.

You’re in luck, though! We combined our efforts and did the legwork for you. In this article, you’ll find everything you need to know in order to compare the best auto insurance policies in Ohio. When you’re done, you’ll have a clear idea of what your requirements are to drive in the state. You’ll also know exactly how to choose the perfect policy for you based on what’s offered in your state and which company is truly “best.”

With that said, let’s get started.

Our Top Five Picks for the Best Car Insurance in Ohio

As with most states, Ohio drivers have plenty of options for auto insurance companies. Choosing the right one, however, can be tricky.

While you shop, it’s important to keep in mind that your premiums will vary greatly depending on a number of personal factors. These include your exact location within the state, the car(s) you drive, your driving history, your age and marital status, and even your credit score.

After combing through the consumer ratings available and doing our own research on each company, here are our top five picks for auto insurance providers in Ohio:

• Best Overall Satisfaction: Cincinnati Insurance
• Best Customer Service: USAA (if you’re a member)
• Lowest Premiums: Grange Mutual
• Great If You Have a Perfect Record: Ohio Mutual
• Best If You Have a Less-Than-Perfect Record: Merchants Auto Group

Ohio Auto Insurance Requirements

Each state has their own unique laws regarding the type and amount of auto insurance coverage that drivers are legally required to carry. Here is a look at the requirements in order to drive in the state of Ohio. These include both bodily injury liability and property damage liability coverage.

Bodily injury liability coverage pays for injuries incurred by someone else as a result of an accident for which you are deemed at-fault. In Ohio, the minimum liability coverage required is $25,000 for one person. You are required to carry a policy that also covers a minimum of $50,000 in personal injury liability if more than one person is injured in a single accident. If this happens, the injured parties will divide the payout accordingly, up to the total maximum.

Because your insurance company will only pay up to the maximum, regardless of whether two people are injured or 12, it is worth considering additional coverage beyond the state required minimum. If your policy doesn’t cover all of the injuries sustained by others in your at-fault accident, it’s likely that you’ll be sued. If you have assets–like equity in your home, for example–you could potentially lose them.

Property damage liability coverage pays for damages sustained to vehicles, buildings, structures, and other objects from an accident for which you are deemed at-fault. This coverage even pays for things like road signs and light posts. In Ohio, you’re required to carry a minimum of $25,000 in coverage for property damage in your chosen auto policy.

When picking the policy that best suits you, you aren’t bound by these limits. You can certainly choose coverage that includes higher limits on bodily injury, property damage, or both. You can also include things like comprehensive and collision coverage, which protect your vehicle even if you’re at-fault or if it’s damaged in some other way (such as being stolen, broken into, or swiped by a hit-and-run driver).

Just keep in mind that the numbers below are the required minimums, in order to legally drive in the Buckeye State:

Coverage Type	Minimums
Bodily Damage Liability
Death or injury of one person in any one accident	$25,000 minimum
Death or injury of 2+ people in any one accident	$50,000 minimum
Property Damage Liability	$25,000 minimum

Opting Out

If you don’t want to purchase an auto insurance policy that meets the state minimum requirements, for whatever reason, you do have the choice to opt out.

In the state of Ohio, you have a few options.

• You can obtain a certificate from the Ohio Bureau of Motor Vehicles (BMV), validating that you have money or government bonds of $30,000 on deposit with the office of the Treasurer of the State of Ohio. This certificate requires both application and approval.
• You can obtain a certificate of bond, also issued by the Ohio BMV, in an amount of at least $30,000 that is signed by two individuals who own real estate that has equity of at least $60,000. This certificate requires both application and approval.
• Lastly, you can obtain a bond issued by an insurance company or other authorized surety, in the amount of $30,000.

Keep in mind that even if you go this “self-insured” route, you are still putting your assets at risk. If you have an at-fault accident that causes serious damages or injuries–or you simply hit an extremely high-dollar car–you can easily be sued for the things that you own.

Expenses related to an accident can add up quickly. Auto insurance is a safe, affordable way of preventing this.

Penalties

So, what happens if you don’t carry the state-mandated minimum auto insurance coverage, or otherwise obtain one of the certificates/bonds mentioned above in lieu of a policy? Well, the penalties can be steep. After all, failing to carry a valid policy at all times while driving in the state makes you an uninsured driver; this is illegal.

If you are stopped for a citation or get in a car accident and are convicted of failing to provide proof of adequate coverage (or proof of approved opt-out), you will be subject to a non-compliance suspension of your license. (If you simply don’t have your insurance card on you at the time but do have legal coverage, you can bring this proof to court and have the suspension dismissed.)

In order to lift the non-compliance suspension the first time, you’ll need to complete two requirements:

• Pay a reinstatement fee ($100)
• Carry an SR-22 certificate for three years

The second time you’re convicted of a non-compliance offense in a five-year period, the penalties get a bit steeper. In order to lift this second suspension, you’ll need to:

• Serve a one-year suspension
• Carry an SR-22 certificate for five years
• Pay a reinstatement fee ($300)

The third time you’re found guilty of non-compliance in a five-year period, you can expect your penalties to get more severe. This time around, you will have to:

• Serve a two-year suspension
• Carry an SR-22 certificate for five years
• Pay a reinstatement fee ($500)

Random Selection Program

The state of Ohio has a unique method of auto insurance verification. It has implemented the Random Selection Program. They select 5,400 random, registered vehicles each week from across the state, who are then required to show proof of insurance for a specified date.

Drivers of the selected vehicles will be mailed a letter notifying them of their selection, as well as the date for which they need to prove adequate insurance coverage. Failing to provide this proof, or failing to have coverage for the date requested, will result in a random selection suspension.

If you are convicted of a random selection suspension, you will be subject to the same reinstatement requirements as those with a first-time non-compliance conviction. You’ll need to:

• Carry an SR-22 certificate for three years, and
• Pay a reinstatement fee ($100)

Once you do both of these, your license will be reinstated.

There are a few exceptions to the proof requirement through the Random Selection Program. These are if:

• the vehicle was inoperable at the time
• the vehicle is only operated seasonally and the date in question was outside of this seasonal timeframe
• the lapse of financial responsibility was due to excusable neglect, and caused by circumstances that are unlikely to occur again
• the vehicle was sold or traded in
• someone other than the vehicle’s driver or owner was at fault for the lapse in financial responsibility, through no fault of the driver/owner in question

To learn more about the Random Selection Program, you can visit the BMV’s page here.

SR-22 and FR-44

If you’re convicted of specific driving offenses, such as the non-compliance offenses mentioned above, you’ll likely be ticketed and fined. You may also have your license and ability to drive suspended. On top of that, though, you’ll earn yourself an SR-22 certification requirement.

If your license is suspended due to inability to maintain adequate auto insurance coverage in Ohio, obtaining an SR-22 will be a condition of your reinstatement. This is not an insurance policy on its own–instead, the certificate simply affirms (from your auto insurance company) that you do have valid coverage in the state as a high-risk driver.

Unfortunately, the simple act of filing for this form will all-but-guarantee a considerable spike in your insurance premiums. The longer you hold the certificate, the longer your premiums will be higher-than-normal.

The best way to avoid this “high-risk” notation–and the added cost it entails–is to be a safe driver who maintains legal coverage at all times.

Proof of Insurance

Simply holding a valid insurance policy on your vehicle isn’t enough. You also need to carry proof of this coverage with you, every time you get behind the wheel.

As Ohio drivers are allowed to opt out of minimum coverage–instead “self-insuring”–you’ll either need to be able to provide proof of coverage or proof of your bond/certificate from the Ohio BMV. These will need to be presented any time you’re pulled over or in an accident, or in the case of a random selection as mentioned above. If you’re unable to provide such, you’ll likely be ticketed for failure to provide proof of coverage.

As mentioned above, if you do have coverage but simply don’t have it on-hand when needed, you can usually get the citation (and potential suspension) dismissed. Simply take the proof to the court and they’ll clear out the penalty–though you might have to pay a lesser amount in court processing fees.

So, where do you get this proof? Well, most insurance companies will automatically provide you with hard copies of your insurance cards, at the start of your policy and as it renews. They may also provide you with a PDF link, so you can print your own copies at home.

Some insurance companies also have mobile apps, so you can pull up your proof of coverage on the spot, any time. However, it’s still wise to carry a hard copy in your vehicle at all times–if the app is down or your phone’s battery dies, you won’t be able to pull up the insurance card when requested.

Your insurance card will contain a number of identifying details. These include your name and address, the policy number and dates that it’s valid, vehicles covered by the policy, and the contact information for your insurance company.

Average Cost of Coverage in Ohio

So, how much can you expect to pay for state-minimum auto insurance in the state of Ohio? Well, as always, the answer is: it depends.

Taking a look at the information provided by QuoteWizard, we found that the average total cost of annual premiums in the Buckeye State is $682.70. This is actually one of the lowest averages among the other 49 states. And it’s well below the national average of $866.31.

We can break that average down further, though. In Ohio, drivers spend an average of $388.88 on liability coverage alone (the state minimum coverage that we’ve been talking about here). In addition to that, though, they also spent an average of $260.20 on collision coverage and an average of $117.58 on comprehensive coverage for their vehicles.

Of course, your own policy premiums could certainly vary from these numbers, as they are simply an average. Your own factors as an individual and as a driver will impact how much you pay for coverage. As will the actual policy and company you choose.

Cheapest Car Insurance in Ohio

When talking about auto insurance, it’s tricky to ask which company is the “cheapest.” After all, the company that offers the most affordable coverage for your perfect-record, perfect-credit grandfather probably won’t be the one that offers the most affordable coverage for your twice-cited, sports car-driving teenager.

However, we took the time to compare some of the most popular companies in Ohio. We wanted to see how they really measure up against one another. We leveled the playing field by using the same test subject for all of our quote-seeking: he’s a single, 30 year-old male with a clean driving record and Good credit rating. He lives in Cortland and drives a 2013 Chevy Malibu.

Here’s a look at how our insurance providers measured up:

Insurance Company	Annual Premium
Grange Mutual	$13
Frankenmuth	$20
Merchants Insurance Group	$22
Westfield	$22
State Farm	$25
Ohio Mutual	$25
Atlantic States	$26
State Auto	$28
Central Insurance	$33
Farmers	$35
Nationwide	$42
Allstate	$46
21st Century	$50
Encompass	$52

Now, let’s take a look at how our guy would fare change if he lived further north–say, in Cincinnati.

Let’s take a look at how our guy’s premiums would fare if he lived in Kettering instead.

Insurance Company	Annual Premium
Grange Mutual	$15
Frankenmuth	$25
Merchants Insurance Group	$25
Westfield	$23
State Farm	$30
Ohio Mutual	$22
Atlantic States	$43
State Auto	$34
Central Insurance	$44
Farmers	$39
Nationwide	$35
Allstate	$43
21st Century	$48
Encompass	$49

His premiums changed slightly with certain insurance companies, but remained the same on average. Since Ohio is one of the lowest-cost states for auto coverage, it’s not too surprising that the difference in premiums from city-to-city is minimal.

Cost of Auto Insurance in Ohio

Of course, you shouldn’t expect one single answer to a question like,”How much does auto insurance cost in Ohio?” Depending on your own personal variables, there are literally hundreds of possibilities. In Ohio, these factors include:

• Gender
• Age
• Marital status
• Driving history
• Vehicle(s) driven
• Education
• Whether you own or rent your home
• How many miles you drive each year
• The amount of coverage desired
• Your credit score

There’s no quick way to answer how much your insurance will cost without having all of your personal information first. However, you can expect to pay somewhere around the average state premium of $683 (or an average of $389 for state minimum coverage).

Let’s take this a step further, though, and see if we can narrow these numbers down even more. That way, you can get a better idea of what you can expect to pay for your own policy.

In order to do so, we took four different sample driver profiles and pitted them against one another. Each has their own unique profile and, because of this, receives a different quote for their premiums. This way, we can see how each of their histories, habits, and personal information affects the cost of their auto insurance.

'

Our Subjects

Each of the sample profiles we looked at live within ZIP code 45215, in Cincinnati. Keep in mind that other cities within the state could have higher or lower premiums, just based on the area.

Little Timmy is a exactly what you would envision when you think of a young, high-risk driver. He is a 22 years-old and still in college. He has Fair credit and drives around in a 2012 Chevrolet Impala that he financed. Little Timmy has a bit of a lead foot, with two recent speeding tickets to show for it. However, he doesn’t have any accidents. He drives an average of about 15,000 miles a year, and rents an apartment across town.

Meet John and Jane Smith, your average 42 year-old parents. They have a mortgage on their modest home, both graduated college, and they drive a 2011 Chevrolet Equinox (paid off) as well as a 2014 Toyota Sienna (financed). They drive their kids around for an average of about 16,000 miles a year. Both have Good credit scores, but Jane did accidentally rear-end someone a couple of years ago (a very minor incident).

Next, we have Straight-Laced Sally. She is 35, owns a 2010 Toyota Camry, and drives close to 10,000 miles a year. She owns her condo, has a bachelor’s degree, and boasts a perfect driving record–she hasn’t had an accident or traffic ticket in over a decade! As you can probably guess, her credit is also Excellent.

Last but not least, we have Grandpa Joe. He’s 65, drives a ‘98 Civic somewhere around 8,000 miles a year, and owns his home. He has a clean driving record and a Good credit score.

No, none of these profiles is likely to be a perfect match for you, but you can probably relate more to one than the others. So, let’s see how they each measure up to one another when we seek out some insurance quotes for basic liability coverage in Ohio.

	Little Timmy	John & Jane Smith	Straight-Laced Sally	Grandpa Joe
Merchants Insurance Group	$34/mo	$47	$22	$21
Allstate	$50	$73	$37	$47
State Farm	$60	$50	$26	$17
Grange Mutual	$67	$30	$17	$54
21st Century	$75	$64	$26	$42
Ohio Mutual	$76	$39	$18	$16
Cincinnati Insurance	$84	$59	$25	$26
Nationwide	$86	$75	$34	$33
Central Insurance	$92	$72	$34	$37
State Auto	$136	$61	$29	$35
Encompass	$158	not given	$44	$49
The General	$178	$100	$68	not given

As you may have predicted, a history of accidents and citations seems to have more of an impact on these premiums than any other factor. This seems to be followed by one’s credit score and age.

Ohio’s Unique Car Insurance Rules

There are a few insurance rules in Ohio that will impact your premiums in either direction.

Discounts

Drivers in Ohio can take advantage of a number of discounts from their auto insurance company. These include:

• Safe driver discounts
• Good student discounts
• Anti-theft device discounts
• Multi-car discounts

The insurance company you choose to purchase a policy from will determine whether these discounts are available to you. However, the majority of companies in Ohio will offer most, if not all, of them.

Credit Plays a Role

In many states, insurance providers will look at an insurance industry-specific credit score when determining your insurability and the premiums they will charge. If you are insured in Ohio, expect to be quoted based on your creditworthiness.

For drivers in the state, credit history will play a factor in determining both their approval coverage and the premium costs they’ll pay. Depending on the credit history you’ve built over the years, this may be a good thing or a bad thing for your budget!

Location Is, Too

Location doesn’t play as significant a factor in Ohio as it may in other states, but it will impact your premiums. Living in a rural part of the state will likely mean much lower premiums than if you lived in the heart of Northern Ohio.

You can expect your locale to be less important than your driving record, personal factors, and credit history, but just know that it’s still a part of the calculation.

Ohio-Sponsored Program

If you have trouble getting approved for the state-required minimum coverage ($25,000/$50,000/$25,000) in Ohio, you may be eligible to get help from the state-sponsored insurance program. This program was designed for high-risk drivers who may find it difficult to get access to adequate coverage on the voluntary market.

This program is called the Ohio Automobile Insurance Plan (or OAIP). It isn’t an insurance policy in and of itself, however; it’s an organization of multiple insurance companies that takes high-risk drivers who otherwise aren’t eligible. They collectively share the risk of providing them coverage.

Your policy, premiums, etc. will all be managed by the individual insurance company once you’ve been assigned, not OAIP. Keep in mind that you also cannot request a certain company. And your premiums are still likely to be quite high. The purpose of the program isn’t to obtain low-cost insurance, though–it’s to simply get you approved for any insurance.

In order to qualify, you’ll need to meet a few requirements. These include having a valid driver’s license, living in Ohio, and having a vehicle that is (or will be) registered in Ohio. You also much show proof that you’ve attempted to obtain coverage on the voluntary market within the last 60 days, but were rejected.

To find out more and learn if you qualify for OAIP, visit this page.

Top Car Insurance Companies in Ohio

Wondering which auto insurance companies are the most popular in the state? Here’s a look at seven of the top providers which, combined, hold 65% of the total market in Ohio:

Customer Satisfaction

Now, you might be curious as to how each of these companies measures up in customer satisfaction. Well, we took a look at scores and ratings from two of the most popular ratings bureaus, A.M. Best and JD Power, for these top seven insurance providers in the state, to answer that question.

It’s interesting to note that while JD Power conducted a few state-specific auto insurance surveys, they didn’t do one for Ohio. Instead, there’s a study based on the “North Central” area of the country, which includes the Buckeye State.

State Farm

This company is the largest auto insurance market shareholder in the state, insuring 18.9% of Ohio drivers. Here’s what its customers think:

• A.M. Best: “A++” rating
• JD Power: #10 in the North Central region with a 3-star overall satisfaction rating

Progressive

Progressive is the second-largest insurer in Ohio, snagging an 11.4% market share.

• A.M. Best: “A+” rating
• JD Power: #15 in the North Central region with a 3-star overall satisfaction rating

Nationwide

Nationwide is the third-largest insurer in Ohio, holding an 11.2% market share.

• A.M. Best: “A+” rating
• JD Power: #6 in the North Central region with a 3-star overall satisfaction rating

Allstate

Allstate brings up the fourth spot, insuring 9.9% of the state.

• A.M. Best: “A+” rating
• JD Power: #14 in the North Central region with a 3-star overall satisfaction rating

Grange Mutual

Grange Mutual is the fifth-largest insurer in Ohio, holding a 6.2% market share.

• A.M. Best: “A-” rating
• JD Power: #12 in the North Central region with a 3-star overall satisfaction rating

Liberty Mutual

Next up is Liberty Mutual. They are the sixth-largest insurer in Ohio with a 3.8% market share.

• A.M. Best: “A” rating
• JD Power: #18 in the North Central region with a 2-star overall satisfaction rating

GEICO

Last on our list is GEICO, as the seventh-largest insurer in Ohio. They hold a 3.6% market share in the state.

• A.M. Best: “A++” rating
• JD Power: #7 in the North Central region with a 3-star overall satisfaction rating

Need More?

If you want to learn more, the state of Ohio has created a helpful webpage dedicated to insurance. It’s not limited to auto coverage, but you’re sure to find many of the resources you need–and answers to your questions–by browsing the site.

Topics: Auto Insurance

The post The Best Car Insurance in Ohio 2017 appeared first on The Dough Roller.

from The Dough Roller http://ift.tt/2BnJzFR

How to Find the Best Car Insurance in California

We researched the best car insurance in California, including the cheapest options and best customer service. Here are the results.

Table of Contents

• Our Top Five Picks for the Best Car Insurance in California
• California Auto Insurance Requirements
• Average Cost of Coverage in California
• Cheapest Car Insurance in California
• Cost of Auto Insurance in California
• California’s Unique Car Insurance Rules
• California-Sponsored Programs
• Top Car Insurance Companies in California
• Customer Satisfaction
• Need More?

Comparing policies is more than simply looking at price tags, too. It’s important to look at customer satisfaction ratings, coverage limits, and deductibles when choosing the company that will protect you as a California driver.

In this article, we are going to take you through everything you need to know about acquiring an auto insurance policy in the state of California. We will talk about what the law requires you to hold in the form of policy coverage, as well as the factors that will impact your premiums, the companies that are most likely to serve you best, and the impacts of driving with little or no coverage.

By the end of this article, you should not only have an excellent idea of exactly what you need from your next auto insurance company, but where to look when you’re ready to buy.

Our Top Five Picks for the Best Car Insurance in California

If you’re looking for auto insurance in the Golden State, you have a number of options. Keep in mind that your rates will vary depending on the coverage you choose, your personal driving record, and even your location.

Based on our research and consumer ratings, here are our top picks for your next auto insurance policy:

• Best Overall Satisfaction: Esurance
• Best Customer Service: Mercury
• Lowest Premiums: Mercury
• Great If You Have a Perfect Record: AAA
• Best If You Have a Less-Than-Perfect Record: Mid-Century (Farmers)

California Auto Insurance Requirements

Here is a look at your legal requirements for minimum auto insurance coverage in the state of California. These include both bodily injury and property damage liability coverage.

Bodily injury liability coverage pays for any injuries that you may cause to someone else. Keep in mind that if multiple people are injured, your total bodily injury coverage will be split between the parties.

Property damage liability coverage pays for any damage caused to someone else’s property, for which you are responsible. This may include other vehicles, structures/buildings, or objects.

You’re welcome to choose a policy that provides additional coverage, of course, but these are the minimum amounts of liability coverage that you are required to hold in order to drive in the state.

Coverage Type	Minimums
Bodily Damage Liability
Death or injury of one person in any one accident	$15,000 minimum
Death or injury of 2+ people in any one accident	$30,000 minimum
Property Damage Liability	$5,000 minimum

California also allows drivers to self-insure, if they’d rather bypass a liability insurance policy through another company.

In order to self-insure as a driver in California, you’ll need to prove financial responsibility to the state. You’ll receive a self-insurance certificate issued from the DMV, which usually requires a $35,000 cash deposit. You can also obtain a surety bond for the same amount, from a company licensed to do business in the state.

To learn more about self-insuring in California, contact the state DMV’s Financial Responsibility Unit.

Penalties

If you do not hold at least a liability coverage policy, you are unable to register your vehicle in California. You are also considered “uninsured” and, as such, are unable to legally drive a motor vehicle in the state.

If you get pulled over and cannot present proof of valid liability coverage when asked, you’ll be ticketed for being an uninsured driver. The fine for this ranges from $100-200 for the first offense, plus court costs. Subsequent offenses bring with them penalties between $200-500 each, plus court costs.

If you don’t actually have coverage that meets the state’s required minimums, there’s also a possibility of your vehicle being impounded and your driver’s license suspended. This is in addition to the fines for being unable to produce valid proof upon request.

If you get in an accident and aren’t carrying the minimum liability insurance–regardless of whether the wreck is your fault or the other driver’s–you’re looking at some pretty serious consequences. Keep in mind that these are in addition to being responsible for the cost of any damages and injuries for which you’re at fault (which could financially ruin you, were you to be sued for your assets!).

First off, if you’re in an accident and are uninsured/underinsured at the time, your license is likely to be suspended. This penalty could last for up to four years. In some cases, you can have it reinstated after 12 months by acquiring valid auto insurance and paying a license reinstatement fee to the DMV.

On top of that, you’ll now be required to carry a pricey SR-22 insurance policy in addition to your regular policy, and also obtain an SR-22 Proof of Financial Responsibility certificate.

Proof of Insurance

Simply having a policy with the minimum required coverage isn’t enough. You actually need to carry proof of that coverage with you every time you’re behind the wheel.

In California, you are required by law to carry proof of insurance. This may be in the form of an insurance card, which the company may mail you or provide online for you to print out. Some companies also provide a mobile app, from which you’ll be able to pull up a digital version of your insurance card. While this is handy, you should probably also keep a hardcopy version in your vehicle, just in case.

Your proof of insurance card will include the policy number, name of the policyholder, all vehicles covered under the policy, and the dates of valid coverage. Insurance companies will report to the DMV if you stop paying your auto insurance premiums. So, even if your insurance card still shows a valid date, if your payments have lapsed and you get pulled over, the officer will know.

California also allows you to self-insure, as mentioned above. If this is the case, you’ll need to carry your proof of cash deposit or surety bond. Contact the state’s DMV to learn more about self-insuring options and requirements.

Average Cost of Coverage in California

Ever wondered how your own coverage cost compares to others in your state. Well, if you live in California, here’s how your policy measures up.

According to QuoteWizard, the average total cost for coverage in the Golden State is $814.82, which equates to $67.90 a month. This breaks down to an average annual cost of $482.18 for liability coverage, $374.31 average for collision coverage, and $98.73 average for comprehensive coverage.

Coverage	Rates
Liability	$482.18
Collision	$374.31
Comprehensive	$98.73
Total Cost Per Year	$814.82
Price Per Month	$67.90

Of course, your actual policy cost could vary greatly depending on many factors. These could include your personal driving record, age, location in the state, what kind of car you drive, and whether you qualify for any discounts.

Cheapest Car Insurance in California

As you can expect, insurance rates have a wide range based on each insured individual. It’s hard to compare companies when looking for the one with the “cheapest rates,” since averages include 18-year-old male drivers with sports cars just as much as they include 35-year-old women with minivans (and everyone in between).

'

However, we took the time to compare some of the more popular companies, to see how they measured up in the state of California. They were pitted against one another with the same search criteria. Our sample policyholder was a single male, age 30, with a clean driving record. He lives in the Sacramento area and drives a 2013 Chevrolet Malibu.

Here’s how some of the most popular companies measured up:

Insurance Company	Annual Premium
Mercury	$504
California Capital	$684
Unitrin	$720
Allstate	$732
Nationwide	$816
Allied	$816
State Farm	$840
Farmers	$1,020
Esurance	$1,138
Bristol West	$1,488

Let’s take a look at how our same example guy would fare if he instead lived in Los Angeles:

Insurance Company	Annual Premium
Mercury	$588
California Capital	$684
State Farm	$720
Nationwide	$972
Allied	$972
Allstate	$1,008
Unitrin	$1,080
Farmers	$1,140
Esurance	$1,256
Bristol West	$1,920

Your results may vary based on your specific zip code. However, if you live in California, you can probably bank on California Capital and Mercury being two of your cheapest insurance providers in the state.

Cost of Auto Insurance in California

“How much does auto insurance cost in California?” is a question with literally hundreds of answers. It depends on so many variables, including:

• Age
• Gender
• Marital status
• Driving record
• Education
• Vehicle(s) covered
• Whether your vehicle is financed, leased, or paid in full
• ZIP code
• Whether you own or rent your home
• Miles driven each year and the purpose of those miles (work commute, pleasure, etc.)
• How much coverage is desired

There would be no way to precisely answer that question without knowing your individual factors. As mentioned above, though, the average cost of an auto insurance policy across the entire state of California is about $815 a year.

Let’s narrow that down a bit further, though, and see if we can give a better idea of how much you can expect to pay in the state. We will compare four different “profiles” and see how our auto insurance quotes change.

Our Subjects

All four of our example drivers live in ZIP code 95338, which is one of the lower-cost auto insurance areas in the state. Keep in mind that ZIP codes in cities like San Diego, Los Angeles, or Sacramento could potentially be much, much higher.

[insert image boxes]

Little Timmy is your typical high-risk insured driver. He’s 22 years-old, still in college, and cruises around in a financed 2012 Chevrolet Impala. He has a bit of a lead foot: in the last three years, he’s managed to acquire two speeding tickets (though no accidents). He drives to work everyday, for an average of about 15,000 miles a year, and rents an apartment across town.

John and Jane Smith are your average 42 year-old parents. They’re still paying off the mortgage on their home, though they own a 2011 Chevrolet Equinox and have a financed 2014 Toyota Sienna for carting their children to soccer practice (for an average of about 16,000 miles a year). Both have bachelor’s degrees, and Jane was in a small fender bender a couple of years ago.

Then there’s Straight-Laced Sally, 35. She owns her 2010 Toyota Camry, which she drives about 10,000 miles a year. She owns her condo outright, graduated college, and hasn’t had an accident or traffic ticket in over 10 years.

Lastly, we have Grandpa Joe. He’s 65 years young and still cruising around in his ‘98 Honda Civic (about 8,000 miles per year). He owns his home, hasn’t had a traffic ticket or accident since his 40s, and earned his bachelor’s degree long ago.

So, which of these folks do you most closely relate to, for insurance purposes? Let’s see how they each measure up when it comes to obtaining policy quotes in the state of California for basic, state-minimum liability coverage. (Quotes provided by thezebra.com.)

	Little Timmy	John & Jane Smith	Straight-Laced Sally	Grandpa Joe
Mercury	$58/mo	not given	$28	$29
Unitrin	$77	$67	$37	$32
California Capital	$93	$65	$36	$34
State Farm	$131	$82	$43	$31
Allstate	$132	$90	$40	$42
Farmers	$141	$113	$50	$47
Nationwide	$148	$91	$45	$45
Allied	$148	$91	$45	$45

As you can see, accidents and citations seem to have more of an impact on premiums than anything else, followed by age.

California’s Unique Car Insurance Rules

There are a few state-specific laws that will affect your premiums in California. Let’s talk about them and see how they will impact the price you pay for insurance coverage.

Proposition 103

This California law requires insurance companies to give good drivers a discount of at least 20 percent, if three criteria are met. This reward is guaranteed as long as the driver:

• has been licensed for at least three years,
• has no more than one point on their record in the past three years, and
• hasn’t been found at-fault for an accident in the past three years.

If you look at our four example policyholders above, you can see that this definitely applies. The two who had citations or accidents on their records (Little Timmy and Jane Smith) also paid higher premiums on average.

Credit Isn’t a Factor

In many states, insurance providers will take into account your credit history when determining your insurability. In California, this isn’t the case.

For drivers in this state, credit history won’t play a factor in determining your approval or premium costs. Depending on the credit history you’ve built over the years, this may be a good thing or a bad thing for you!

…Location Is, Though

Thanks to 90210, we already know that ZIP codes matter in California. However, did you know that they will play a factor in determining how much you pay for auto insurance?

Where you live in the state plays a role when it comes to calculating your premiums. Can you imagine moving down the road and seeing your auto insurance costs double or triple?

Of course, California law dictates that your location be used as a secondary factor in figuring out the rate you’ll pay. This makes locale less important than your driving record, of course, but it’s still a pretty significant part of the calculation.

California-Sponsored Programs

If you have trouble obtaining, and paying for, the state-required minimum coverage ($15,000/$30,000/$5,000) in the state of California, you may be eligible to apply for the California Low Cost Automobile Insurance Program.

In order to apply, you’ll need to meet a few requirements. These include being at least 19 years of age, having a valid California driver’s license, owning a vehicle that’s worth $25,000 or less, and meeting income eligibility requirements.

To find out if your qualify for the low-cost program, you can visit this page and answer the questionnaire.

Top Car Insurance Companies in California

Wondering who the most popular, and most widely-used, insurance companies are in the Golden State? Here’s a look at seven of the top providers, and the market share that they hold in the state.

Customer Satisfaction

Curious to see how these insurance companies measure up in customer satisfaction? Here are some scores from two of the most popular ratings bureaus, for the top five insurance providers in the state. We looked at both A.M. Best and JD power ratings for these comparisons.

AAA Northern + Interinsurance Exchange of the Automobile Club

These two companies combine to serve the northern and southern halves of the state, and account for the biggest auto insurance market share in California. Here’s how they are rated in customer satisfaction and stability:

• A.M. Best: A+ rating (AAA Northern) and A+ rating (Interinsurance Exchange of the Automobile Club)
• JD Power: #5 in the state with a 5-star rating in overall satisfaction (Interinsurance Exchange of the Automobile Club) and #11 in the state with a 3-star rating in overall satisfaction (AAA)

State Farm

This company is the second-largest auto insurance market shareholder in the state. Here’s what its customers think:

• A.M. Best: “A++” rating
• JD Power: #7 in the state with a 4-star overall satisfaction rating

Allstate

Allstate is the third-largest insurer with a ~7% market share.

• A.M. Best: “A+” rating
• JD Power: #13 with a 3-star overall satisfaction rating

Mercury

This company insures only 6.5% of drivers in the state, but its justified complaints ratio is the lowest of all the California auto insurance companies.

• A.M. Best: “A+” rating
• JD Power: #15 in the state with a 3-star overall satisfaction rating

Mid-Century

This company is under the umbrella of Farmers Insurance insures 5.7% of the California market, making it the fifth most popular insurer in the state.

• A.M. Best: “a” rating
• JD Power: #16 in the state with a 2-star overall satisfaction rating

Need More?

If you want to learn more about being an insured driver in California, the state provides a wealth of free guides and useful educational materials on their website. You can view them here.

Topics: Insurance

The post How to Find the Best Car Insurance in California appeared first on The Dough Roller.

from The Dough Roller http://ift.tt/2jY0o5T

CIT Bank Review — High Yield Rates with Low Fees

How to Finance a Car the Right Way

Buying a new or used car? Read our guide on how to finance a car the right way before signing the sales contract. It could save you a fortune.

The best way to buy a car is with cash. It can stop you from overspending. It also avoids paying interest on a loan for years. Of course, paying cash isn’t always an option.

Sometimes you just have to have a new ride, especially if you have to drive to get to work. But when you find yourself in this situation, what you don’t want to do is simply pick a car from the dealer and accept whatever financing terms they offer.

Instead, use these steps to make sure you’re financing your car in the smartest way possible.

How to Finance a Car

1. Get your credit score in order first

Before shopping for a vehicle, check your credit score. Chances are you can check it for free. However, some free options are actually based on estimates. So they may not actually show the score lenders will see. Because of this, you might want to spring for your official FICO score from at least one, if not two or all three, credit bureaus.

(Remember, though, there are many different FICO and VantageScore models. Your lender may not pull the exact model you purchase. So your score could still vary, though usually not by more than a few points.)

Is your credit score in the low-to-average range? If possible, take some time to bring your score up before you apply for auto financing. You’d be amazed at how much interest you can save just by boosting your credit score.

Not sure where to start? Check out out these articles:

11 Simple Ways to Improve Your Credit Score Today

Podcast: How to Improve Your FICO Score with Credit Expert Tom Quinn

How to Build Credit When You Are Just Starting Out (the Smart Way)

Yes, improving your credit score can take time. But if there’s any way you can take public transportation, rideshare, or stretch your current vehicle’s life for a few months, it’ll be worth your while.

2. Save up for a down payment, or trade in

Again, this is a step you’ll need to start a few months before it’s time to purchase your next vehicle. It’s possible to qualify for financing for a vehicle with no money down. But this isn’t the ideal way to finance a vehicle.

For one thing, 100 percent financing will get you a much larger loan and a larger payment. Plus, putting no money down generally means you’ll have a higher interest rate. And since cars depreciate quickly, you may owe more on the car than it’s worth as soon as you drive off the lot.

Your best bet is to put at least ten to 20 percent towards a down payment. However, since used cars depreciate more slowly, you can get away with a smaller down payment on an older car. However, if you have a low credit score, be ready to offset it with a larger down payment. This can get you into a much better financing arrangement.

As you’re calculating your down payment, be sure to account for the value of your trade in. Even an older vehicle can bring some extra money to the table when you’re buying a new vehicle. Use tools like Kelley Blue Book to figure out about what your trade in vehicle will be worth.

3. Get an idea of what you need to spend

Once you have your credit score and down payment sorted, it’s time to start shopping around. This is where you need to make your list of minimal must-haves for your vehicle. The shorter this list, the more options you’ll have to choose from.

Your must-have list might include several features. For example, the amount of seating or ability to haul extra stuff, a certain level of gas efficiency, or a certain rating for used vehicles may be important to you. Once you have a must-have list, start looking around on sites like Edmunds. This will give you an idea of what you’ll need to spend.

Your spending level will depend on the type of vehicle you purchase. Larger vehicles are more expensive, as are newer and lower mileage options. Your goal is to get what you really need out of a vehicle without spending more than you absolutely must.

4. Understand taxes and fees

Before you can shop for financing, figure out exactly how much you’re likely to pay in additional fees and taxes. This can include dealer and licensing fees, for one.

You’ll want to pay these additional fees in cash. So this can eat into the cash you have available for your down payment. It’s important to know this before you shop for financing.

You can get an estimate of additional taxes and fees with this car payment calculator from CarMax. This is just an estimate, but it’ll give you a starting place. If you want a more specific estimate, check your local DMV/BMV site or call a local dealership.

Subtract your taxes and fees from the cash you have on hand to buy a new car, and that’s your total down payment amount.

5. Shop around for financing first

Now that you have all this done, you might think you’re ready to walk into a dealer. Not so fast!

Dealerships don’t often offer the best financing terms, especially for those with less than perfect credit or those buying used vehicles.

You should check at least two or three potential options for financing. Rate shopping won’t harm your credit score, so long as you do your shopping within a two-week period. And shopping around can help you find the best possible financing terms.

Where should you shop around? You can look online for auto financing, and you can even compare potential rates with some interfaces. But you should definitely check out one or two local credit unions, too. They often offer lower rates and better terms, particularly for those with less-than-perfect credit.

Key Resource: Get multiple car loan quotes for free from LendingTree.

6. Opt for a shorter term when possible

Lenders typically give you a few financing options to choose. You’ll likely notice that a lower term gets you a lower interest rate, as well. Plus, financing for a shorter terms means you’re taking a bigger bite of the loan’s principal with every payment. This means that you’re less likely to owe more on the vehicle than it’s worth at any point in the life of the loan.

Of course, you don’t want to choose a shorter term than you can’t actually afford. If you jack your monthly payment up too high, you risk missing payments or having to make them late. And that can tank your credit score and lead to additional fees.

7. Show up with financing in hand

One of the advantages of shopping around for financing before you go to the dealership is that you can use this financing to negotiate with the dealer. Having secured financing gives you leverage to negotiate for a lower purchase price on a vehicle. But you can also challenge the dealer to come up with a better financing option for you, if possible.

You won’t always be able to get a better deal, but sometimes you can.

8. Consider gap insurance, if necessary

When you buy car insurance, chances are that it will only cover the car’s current value. So if you owe $5,000 but total your car when it’s valued at $4,500, you’ll be on the hook for the extra $500.

With those low dollar amounts, that’s not a huge deal. But what if you were on the hook for a few thousand bucks? This is an expense many of us can’t handle.

That’s where gap insurance comes in. It essentially pays the difference between your car’s actual value and what you owe to the lender. If you’re able to follow all these smart financing steps, you shouldn’t need gap insurance because you’ll have a good down payment.

But if that’s just not possible, gap insurance can protect you from going even further in the hole if you total your car while you’re upside down on the loan.

9. Look towards refinancing in the future

Finally, what do you do if you can’t follow all these smart financing steps? For example, what if you have to buy a car before you have time to improve your credit score?

In this case, start off by doing the best you can. Buy an older, cheaper car, for one. But then keep an eye on your credit score and auto loan rates. You may be able to refinance in the future. And if you can trim your interest rate by a few points, that could be well worth your while!

So there you have it. These are the steps you should take to finance your car the smart way. Do you have experience with this? Let us know in the comments!

Next Steps

Get free auto loan financing quotes online
Get multiple online quotes for free online in just minutes. All credit levels accepted.

See dealer pricing online
No need to drive from dealer to dealer. See pricing online for free on any car, new or used.

Topics: cars

The post How to Finance a Car the Right Way appeared first on The Dough Roller.

from The Dough Roller http://ift.tt/2BjHevo

The Windsor 2425 Kingsway – Availability, Prices, Plans

At a Glance

• located at 2425 Kingsway
• 4-storey, mixed-use building with 12-storey tower
• 120 condominiums, 6 townhomes
• 9,000 sq ft of retail space
• large shared amenity roof deck & garden
• near Nanaimo Skytrain station
• walking distance to Kingsway restaurants & shopping

Elevated Vision
The Windsor is a new 12-storey, mixed-use development coming to Norquay Village, along Kingsway, in the heart of Vancouver. Located on one of the highest points in the city, The Windsor is designed to take advantage of the stunning, unobstructed and endless views of the downtown skyline, North Shore mountains, and beyond.

Be A Presale Condo VIP!

Find Out About New Presales & Get Access to VIP Openings & Special Promotions!

Are you a realtor? Click here

• First/Last Name *
• E-mail *
• Phone
• *
  Select A Region * Vancouver Downtown Vancouver East Side Vancouver West Side Vancouver South North Shore Burnaby/New West Coquitlam/Tri Cities Richmond Langley/Surrey
• I Am Interested In *
  New Vancouver Presale Condos Buying a Condo Selling my Condo
• Realtor Status *
  I already have a Realtor I don't have a Realtor yet
• Comment/Notes
• Page Label
• Type
• Receipent
• Security Code *
  

  
• Should be Empty:

Norquay Village, a new master-planned community in Vancouver, is a vibrant, diverse district with deep roots and a clear vision for the future. It’s an energetic, walkable neighbourhood with a rich mix of shops, services and community amenities. The Windsor is led by Imani, a Vancouver-based developer with a track record of projects that complement their communities. They share the vision for the community, and believe The Windsor presents a bold opportunity to be part of something special, something historic.

Pricing for The Windsor
The Windsor is currently in pre-construction phase. Sign up to our VIP list above for priority access to updates.

Floor Plans for The Windsor
The Windsor will offer a mix of 67 x 1-bedroom, 38 x 2-bedroom, and 21 x 3-bedroom homes, of which six are laneway townhouses. Contact me to discuss availability and plans according to your needs.

strong>Amenities at The Windsor
Residents will have use of a rooftop amenity area that includes a lawn, lawn chairs & patio umbrellas, childrens play area, covered dining area with barbecue and sinks, a play hut, and gardening beds. Many units are provided with either a balcony, solarium, or private roof deck.

Parking and Storage
The Windsor will provide 34 commercial and 132 residential vehicle spaces in two levels of underground parking, as well as six bicycle stalls for commercial tenants and 164 stalls for residents. There will also be one commercial and one residential loading bay.

Maintenance Fees at The Windsor
TBD.

Developer Team for The Windsor
With more than thirty years of construction and development experience in Vancouver, Imani Development has been involved in some of the most iconic buildings in the Lower Mainland – big, complex, city-defining projects. Today, we are applying that understanding to new collections of homes across Metro Vancouver – design-focused homes built for the people who will invest in, and live in, our city for the long term.

Ankenman Marchand Architects is experienced in a broad spectrum of architectural, urban design, and community planning projects, including multi-residential developments, commercial projects, heritage restoration, and resort planning. At AMA, fresh ideas are paired with technical skill to produce award-winning results. Their multi-disciplinary team finds thoughtful solutions to clients’ needs, using sustainable building practices and building information modelling. AMA’s strengths are in quality of service and the form and function of the resulting architecture.

i3 is a multi-disciplinary design firm offering a full range of services to both single- and multi-family home builders. Their areas of expertise cover the complete range of project needs from the most preliminary design stages to final completion.

Expected Completion for The Windsor
Sales begin this fall. The completion date has yet to be announced.

Are you interested in learning more about other homes in Mount Pleasant, Kensington-Cedar Cottage, or Norquay Village?

Check out these great Mount Pleasant Presales!

The post The Windsor 2425 Kingsway – Availability, Prices, Plans appeared first on Mike Stewart.

from Blog – Mike Stewart http://ift.tt/2zAH6dK