Online Auto Insurance Advises Consumers on Protecting Against Theft
Charlotte, NC, June 27, 2011 --(PR.com)-- In a new FAQ published on OnlineAutoInsurance.com, the writers discuss how to get financial protection for an event that no motorist wants to see happen: the theft of an automobile.
Despite the penalties against motor vehicle theft in the United States, cars were stolen more than 700,000 times in 2010, according to a preliminary report from the FBI. While that’s a large number of vehicles getting swiped each year, the annual number in 2010 actually represents a 7.2 percent decline from the year before and a 40 percent drop from 2005, when there were more than 1.235 million such incidents.
Source: http://www.fbi.gov/
There aren’t any national statistics for how many of these thefts were covered under auto policies, but chances are not all of them were. That’s because theft is only covered under comprehensive insurance, a type of coverage that no state requires its resident drivers to carry.
However, most institutions that provide auto loans require drivers who finance their vehicles, as a condition of the loan, to purchase comprehensive coverage. But as the vehicle gets older and becomes paid off, the owner may elect to drop it in order to keep those would-be premium dollars in the bank.
One industry group that provides car insurance coverage recommendations says that it may not be cost effective to have a comprehensive portion of policy on cars that are worth less than 10 times the premium.
For an idea of the rate at which drivers purchase comprehensive insurance, in North Carolina in 2009, there was about seven comp policies issued for every 10 bodily injury policies.
Comprehensive protection will also provide coverage for acts of nature and vandalism. According to the National Association of Insurance Commissioners, the average expenditure for a comp policy in 2008 was about $133. Prices will vary based on location and car type, though.
To learn more about this and other coverage issues, readers can go to http://www.onlineautoinsurance.com/coverage/ where visitors will find informative resource pages and a quote-comparison generator that can help consumers find the best rates for a policy quickly.
To access the full FAQ, visitors can follow the “Questions” link located at the top of any page on the site.
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Despite the penalties against motor vehicle theft in the United States, cars were stolen more than 700,000 times in 2010, according to a preliminary report from the FBI. While that’s a large number of vehicles getting swiped each year, the annual number in 2010 actually represents a 7.2 percent decline from the year before and a 40 percent drop from 2005, when there were more than 1.235 million such incidents.
Source: http://www.fbi.gov/
There aren’t any national statistics for how many of these thefts were covered under auto policies, but chances are not all of them were. That’s because theft is only covered under comprehensive insurance, a type of coverage that no state requires its resident drivers to carry.
However, most institutions that provide auto loans require drivers who finance their vehicles, as a condition of the loan, to purchase comprehensive coverage. But as the vehicle gets older and becomes paid off, the owner may elect to drop it in order to keep those would-be premium dollars in the bank.
One industry group that provides car insurance coverage recommendations says that it may not be cost effective to have a comprehensive portion of policy on cars that are worth less than 10 times the premium.
For an idea of the rate at which drivers purchase comprehensive insurance, in North Carolina in 2009, there was about seven comp policies issued for every 10 bodily injury policies.
Comprehensive protection will also provide coverage for acts of nature and vandalism. According to the National Association of Insurance Commissioners, the average expenditure for a comp policy in 2008 was about $133. Prices will vary based on location and car type, though.
To learn more about this and other coverage issues, readers can go to http://www.onlineautoinsurance.com/coverage/ where visitors will find informative resource pages and a quote-comparison generator that can help consumers find the best rates for a policy quickly.
To access the full FAQ, visitors can follow the “Questions” link located at the top of any page on the site.
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Contact
Online Auto Insurance
Benjamin Zitney
909-784-2475
http://www.onlineautoinsurance.com/
Benjamin Zitney
909-784-2475
http://www.onlineautoinsurance.com/
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