Latest Car Insurance Trends

Insurance companies constantly advise their customers on certain measures that can be taken to lessen the chances vehicles getting stolen even with proper auto insurance in place. Auto security systems, common sense and theft deterrent systems all play a good part in lowering the risks of auto theft. Time is the key when it comes to auto theft and notifying all concerned agencies and the insurance firm of such is the first step. Most vehicles are stolen when their owners forget simple and basic security measures such as locking doors and leaving valuables inside their cars. Parked cars are some of the most likely targets for habits and time frames can be established giving thieves ample time to carry out their dastardly deeds.
Newer model vehicles carry built-in security options along with anti-theft and satellite tracking systems that further boosts security so ask for add-on options at the dealer. It also has the good side-effect of lowering your insurance premiums saving you time and money in the long run.

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In changing insurance companies, you do not have to wait until renewal to do it. All car insurance policies have a provision which gives you the option to cancel your policy any time you wish. The best time to cancel your policy is before a new one has been renewed. Should you cancel in med cycle, the insurance company will compute your premium payment up till the time you canceled and give back the rest to you. But there are insurance providers that charge a cancellation or pre-termination fee. To cancel a policy, you need to put it in writing to inform your insurance company. Specify in your letter the exact date when you want it canceled so that your new insurance company can coincide the expiry date of your old policy with the start of the new one. It is not a good idea to just walk away from your old insurance company because chances are, they will cancel your policy for non payment of premiums – which will make it harder for you to get a new policy with lower premiums.

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Gap insurance insures you for the difference between your loan amount on the car and the actual market value of the car. This insurance is a must for someone who is considering purchasing a new vehicle since a new vehicle depreciates right after it is driven off the dealer’s lot. In most cases, the value of your car plummets, by as much as 20%-30% once it leaves the dealer. So if you get into an accident, even with full insurance coverage, you’ll only receive the market value of your vehicle which will be lower than your purchase price. That means you’ll have to shoulder the difference. Gap insurance, covers the difference between your loan amount on the car and the car’s actual market value. Some insurance companies may not offer Gap insurance, so before deciding to purchase your new car, check with your current insurance provider about Gap insurance. If it’s not included in the premium, you may want to purchase Gap insurance for a reasonable additional cost.

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The Motor Insurance Repair Research Centre, also known as Thatcham because of its location in Thatcham, Berkshire (England) was established by British Insurers in 1969 to conduct research related to motor insurance claims. They are known for testing security systems and crash testing motor vehicles. They also train insurance engineers and repairers.

Thatcham groups security systems into five categories: electronic alarm and immobiliser, electronic/electromechanical immobiliser, mechanical immobiliser, wheel locking devices, and after-theft systems for vehicle recovery. Having a combination of approved devices in these categories is ideal for theft prevention and recovery. They could likewise lower your insurance premium. Ask your insurer about it.

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