When shopping for car insurance it is a good idea to check out the average car insurance rates for your area and time of year. Much like the stock market and price of oil car insurance rates fluctuate all over the country depending on the time of the year. If you are in the market for a new insurance policy this information could be useful in getting the lowest premiums possible.
The average car insurance rate for the nation for this year is currently $1,780. When you’re looking for a policy keep this information in mind as it is a good indicator of what you are saving in terms of money. However you have to take into account where you live in the country. Typically states on the north eastern United States and the west coast have the highest insurance premiums. Much of this has to do with the amount of traffic in the area along with state regulations for car insurance companies. Incidentally enough the rates of car theft and aggressive driving are higher in these areas of the country helping to contribute to the higher insurance premiums. Anyone who lives in the north east can attest to the amount of traffic on the major highways in New York, New Jersey, and the New England states.
To find out the current pricing trends the Car Insurance Premium Index keeps a monthly chart for the last year showing the pricing trends. If you look at the current chart for the last year you see that the cost of insurance starts to drop once school starts in the fall usually hitting its low during the months of September and October. This is a good indicator that if you do want to buy a new policy that doing so in the months of September and October. When you go to compare car insurance rates at this time for your new policy they will be at their lowest prices throughout the year. Once November hits and the holidays roll around prices start to slowly rise through the holidays and hit their peak at the end of spring and beginning of summer. This seems to be about the time kids get out of school and the amount of drivers on the roads increase due to the peak vacation time across the country.
One important piece of information to keep in the back of your mind is the age and sex of the driver. Teen drivers have some of the highest insurance premiums due to their high risk of accidents due to inexperience. Male teens have a slightly higher premium than female drivers and continue to do so until after the age of 25. However if you’re a married male driver under the age of 25 your rates will be lower than the equivalent single male driver. Female drivers no matter what age will always enjoy having lower insurance premiums than male drivers with the same driving record because they are considered to be less aggressive drivers.
Remember when shopping for car insurance that average car insurance rates fluctuate throughout the year. If you can try and do you’re shopping during the fall months of September through November for the lowest premiums throughout the year. While the overall trend suggests that the national average rate does rise from year to year this does not mean that rates rise straight through the year. Taking advantage of these monthly fluctuations throughout the year can save you money on your next insurance policy.
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Business owners are diligent about purchasing insurance to cover fire, theft, or injury to an employee but many never think of business interruption insurance. While not a part of traditional business insurance policies protecting your company from lost profits is an important consideration. Lost profits due to an accident or temporary closure of a business are often overlooked until something happens.
In the event of a problem business interruption coverage takes two to four days before it starts to kick into gear. While this may seem like allot of time if you have had a fire, flood, or other damaging industrial accident losing a few days profit is much better than loosing several weeks or months while the business is put back together. Most policies will also cover the costs of the operating expenses of the business. Electricity, water, and gas are all continuing expenses that build up even if your business is not running at all never mind the cost of your lease from month to month.
There are several things to keep in mind about a business interruption insurance policy before you do your shopping. An important thing to be sure of is make sure your policy allows for ample time for the worst disaster that may happen. One of the last things you want to happen in the wake of a stoppage of business is to have your interruption insurance coverage to run out because repairs or relocation is taking too long.
When it comes to obtaining quotes for your policy premiums they are affected in a few ways. First is the type of business you own. A small retail or office type business that does little in the way of physical work will have relatively small premiums. If your business is a bit more dangerous such as an auto repair shop or a machine shop where there is allot of machinery and flammable materials your premiums will be higher. This is not the only thing that will drive up premiums. If you have a niche business like automotive transmission repair it will be much harder to open a temporary place to continue business than if you ran a small accounting and bookkeeping business.
It needs to be said that the only drawback is that interruption insurance only covers net income losses. This is to be expected though and gross income in the case of a retail or manufacturing business includes the cost of goods and materials covered by other insurance policies. For service related businesses the coverage for things like rent and power are covered anyway so the loss is minimal.
While business interruption insurance many not initially be on an old or new business owner’s radar it is something to think about now. Like any other insurance policy there are some hoops to jump through to get what you need. Quotes need to be found and coverage’s need to be determined. But in the end no matter the amount of papers work and red tape to go through recovering any lost income and expenses while rebuilding a business after a disaster is worth the little time it takes to get the policy and get it to kick in.
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