New Technology Promises to Revolutionize the Construction

There’s no question that technology is making an impact on the construction industry – even though construction is an industry that’s been historically slow to embrace innovation. The reluctance to change and evolve is due to fragmentation in the industry. With so many small firms specializing in different aspects of the construction process, it’s a challenge to adopt seamless processes and adapt to new technologies.

But recent advances that increase the efficiency, flexibility and adaptability of many emerging construction technologies are making them more cost-effective for firms to adopt. Just a few of the new technologies in use today include modular construction (using free-standing, integrated modules that are manufactured off-site and then transported to a site for installation), geospatial technologies (used to visualize, measure and analyze Earth’s features) and wearable technologies (such as head-mounted displays).

There’s more on the horizon. Some emerging technologies in the construction industry include mass timber (an engineered wood product), construction robotics (using robots to build) and autonomous construction vehicles (equipment operated by a computer).

To read a NAIOP report about new construction technologies, click here.

Source: century21.com

How to Attract Remote Workers to Your Apartment Community

Thanks to the pandemic, the number of employees who work from home swelled over the past year. Even though offices are beginning to open, with workers returning to the workplace, surveys show that many plan to telework at least part-time in the future.

Apartment owners and managers need to take notice of this trend. After all, at a time when unemployment remains high, remote workers are employed – and capable of paying their rent. They also represent a large pool of prospective tenants, so targeting them can turn into a competitive advantage.

Here are three things you can do to attract the work-from-home cohort:

  • Provide the tools teleworkers need. High-speed internet service and reliable cell phone reception are a must. The 2020 NMHC/Kingsley Apartment Resident Preferences Report found that 92% of tenants want high-speed internet access, while 91% said the community amenity they most desire is reliable cell phone reception. Tenants are even willing to pay higher rent for high-speed internet — $35.05 per month more, the survey found.
  • Tweak your marketing plan. Help the prospect envision working in your space. Stage model units (live or virtually) to include work spaces in bedrooms, or create zoom-worthy spaces on balconies or rooftops.
  • Don’t focus only on attracting new tenants; meet the needs of existing ones. Happy tenants are more likely to renew their leases, saving you the cost of turnover. They also can be a source of referrals. Convert business centers from open spaces to individual offices, and add programming designed to meet the needs of remote workers, such as a poolside yoga class to relieve stress or an online time-management workshop. People are craving human interaction these days, and programming can enhance a sense of community.

Source: century21.com

The Best Car Insurance Companies in Florida

The search for the best car insurance company entails digging into such factors as price, coverage options and customer satisfaction. And things get more complicated when you are choosing auto insurance in Florida. That said, we break down how you can choose insurance you’ll afford while feeling comfortable with your choice in auto insurance carrier.

Florida has some of the highest car insurance rates in the nation due to factors like its weather, its no-fault insurance law and the high rate of uninsured drivers. In fact, the Insurance Information Institute reports that Florida had the sixth highest in uninsured drivers in 2019 at 20.4%, the year with the most recent data.

That said, you can still find an insurance company in Florida that provides excellent coverage within your budget. We took a look at the best insurance carriers that serve Florida and picked our five favorite ones, including the best overall auto insurance company in Florida. (Spoiler alert: It’s Geico.)

The factors that influence how much car insurance companies will charge you include your age, marital status, driving history and even ZIP code. Each insurer weighs those factors differently. The best strategy for finding cheap car insurance in Florida will always be to compare quotes. Just make sure the quotes you get are comparable in coverage, and of course, check out our reviews below.

In this article

Methodology

When comparing Florida auto insurance companies, we used our SimpleScore Methodology to consider factors such as discounts, coverage, support, customer satisfaction and accessibility.

We also looked at authoritative reviewers and gatherers of auto insurance statistics such as J.D. Power, Bankrate, Insurance Information Institute and Consumer Reports. Bottom line: We’ve worked to give you the best advice about car insurance in Florida.

The best car insurance companies in Florida

These insurers were ranked at the top of J.D. Power’s 2020 U.S. Auto Insurance Study in the Florida region. J.D. Power is a global leader in customer service surveys. These insurance providers also have excellent marks on our own SimpleScore and have gained the notice of Consumer Reports and the Insurance Information Institute.

  • Geico — Best overall for Florida auto insurance
  • State Farm — Best for Florida auto insurance claims customer service
  • Allstate — Best overall for Florida auto insurance customer service 
  • Progressive — Best for Florida auto insurance coverage options
  • Liberty Mutual — Best for Florida auto insurance discounts

Best overall for Florida car insurance – GEICO

When compared to other Florida auto insurance providers, Geico got top marks both from J.D. Power and Consumer Reports. Why? This carrier’s scores for claims and non-claims service were excellent. In fact, Geico is our favorite all-round Florida auto insurance carrier.

J.D. Power Rating

3/5

AM Best Rating

A++

Standard & Poor’s

AA+

SimpleScore

4.8 / 5.0

SimpleScore GEICO 4.8

Discounts 5

Coverage Options 5

Customer Satisfaction 4

Accessibility 5

Among the auto insurance carriers we track, Geico’s premiums were among the lowest for average minimum coverage, at $433 (per Bankrate’s 2020 data), which is actually also one of the lowest among the Florida providers we like best.

In addition to ranking among the best with J.D. Power for auto insurance companies in Florida (846 out of a score of 1,000) in 2020, we found that Geico was one of the largest auto insurance providers in 2019, according to the Insurance Information Institute, with almost 14% market share. We found that coverage options were robust, with 11, and discounts were quite plentiful, with 16.

Best for Florida car insurance claims customer service – State Farm

We consider State Farm to be the best in claims service satisfaction, an assertion backed up by its strong ratings with Consumer Reports.

J.D. Power Rating

4/5

AM Best Rating

A++

Standard & Poor’s

AA

SimpleScore

4.6 / 5.0

SimpleScore State Farm 4.6

Affordability 4

Coverage Options 5

Customer Satisfaction 4

Accessibility 5

State Farm’s wide reach can be a major attraction for some, with more than 19,000 independent agents and over 16% of the market share among auto insurance direct premiums written. This ensures that such benefits as the number of coverage options (we counted 13) is at your fingertips.

Over at Consumer Reports, we found that State Farm gets a 4 out of 5 for both claims and non-claims service satisfaction, although the company doesn’t rank as well for premiums and policy review satisfaction.

Best overall for Florida car insurance customer service – Allstate

When compared to other Florida auto insurance carriers for overall customer satisfaction, Allstate landed on top, with a J.D. Power score of 851 out of 1,000.

J.D. Power Rating

3/5

AM Best Rating

A+

Standard & Poor’s

A-

SimpleScore

4.4 / 5.0

SimpleScore Allstate 4.4

Discounts 3

Coverage Options 5

Customer Satisfaction 4

Accessibility 5

Allstate is a solid provider of car insurance, with good coverage options, customer support and accessibility. This carrier offers two apps: QuickTrip, which provides support for routing daily trips and maintenance reminders, as well as Allstate Mobile, which can be used for filing claims and other tasks.

This carrier is not a favorite for premium prices: Consumer Reports only gives Allstate a 1 out of 5 in that category, although the company ranks well with claims satisfaction, with 4 out of 5.

Best for Florida car insurance coverage options – Progressive

Progressive is the best in coverage options in our estimation, when compared to other Florida insurance providers, with 13 at our count.

J.D. Power Rating

3/5

AM Best Rating

A+

Standard & Poor’s

AA

SimpleScore

4.2 / 5.0

SimpleScore Progressive 4.2

Discounts 4

Coverage Options 5

Customer Satisfaction 4

Accessibility 4

When it comes to claims satisfaction, Progressive performs well, says Consumer Reports, with a 4 out of possible 5. The Progressive app is also robust, with the ability to get roadside assistance, file a claim and more.

Progressive is middle to top of the pack in premium costs for Florida auto insurance. Bankrate found that average minimum coverage was $1,356, near the top of the providers we follow, while full coverage was middle of the pack at $2,573. That said, Progressive has definite advantages as a large, established insurer.

Best for Florida car insurance discounts – Liberty Mutual

Of the Florida auto insurers we compared, Liberty Mutual won out with its insurance discounts (we counted 17). Options include such discounts as rewarding you for driving a hybrid or electric vehicle and even if you get a quote from this company before your policy runs out.

J.D. Power Rating

3/5

AM Best Rating

A

Standard & Poor’s

A

SimpleScore

4.8 / 5.0

SimpleScore Liberty Mutual 4.8

Discounts 5

Coverage Options 5

Customer Satisfaction 4

Accessibility 5

Liberty Mutual is also one of our strongest in coverage options, with 18 counted. One nice feature is that you can have the option for original manufacturer replacement parts, which means that if you have a Toyota Camry, you can get parts made by Toyota, not an after-market manufacturer.

Consumer Reports found that Liberty Mutual did not enjoy the satisfaction in premium prices that you might hope for, but satisfaction in claims processing was strong with 4 out of 5.

[ Read: Steps to Switch Car Insurance Companies ]

Choosing your Florida car insurance provider

One of the first decisions you’ll have to make when signing up for car insurance is whether to choose a local or national carrier. Both come with advantages and disadvantages.

Local carrier

Pros 

  • A personal relationship with your agent.
  • Services that are specific to your location.

Cons 

  • Fewer discounts.
  • Fewer digital tools.
  • Slower claims process.

National carrier

Pros

  • More discounts.
  • Faster claims process.
  • More money to invest in digital tools.

Cons 

  • May not have an individual agent.
  • Less of a personal touch.

Florida’s minimum insurance requirements

Florida’s minimum insurance requirements are the lowest in the U.S., with 10/20/10 in bodily injury liability and property damage liability. That’s as of March 2021.

What does that mean? Coverage must include up to $20,000 for everyone in an accident (middle number), subject to a limit of $10,000 for one person (the first number), and $10,000 for property damage (the last number). Also, instead of policy limits, policyholders can satisfy the requirement with a combined single limit policy. 

By comparison, Maine’s and Alaska’s minimum required coverages are at 50/100/25. (For Maine, policyholders must also carry coverage for medical payments.)

Property damage

Florida requires that all drivers carry a minimum of $10,000 in property damage liability insurance. This coverage will protect other drivers from financial loss in case you are at-fault for an accident and damage another vehicle. Failure to do so can result in the suspension of your registration or driver’s license.

Personal injury protection

Florida is one of a handful of no-fault auto insurance states. This means that regardless of a car accident, each driver is responsible for covering their own medical bills. As a result, the state requires that all drivers carry at least $10,000 in personal injury protection. This coverage will pay for 80% of medical expenses from a covered accident.

Taxi insurance

Florida requires that taxis carry extra car insurance to protect their passengers. Vehicles registered as taxis in the state must carry at least $125,000 bodily injury liability per person, $250,000 bodily injury liability per accident, and $50,000 property damage liability per accident.

How much does car insurance cost in Florida?

Drivers in Florida pay $2,364 annually for full coverage and $1,101 annually for minimum coverage, according to Bankrate records.

Florida car insurance can get high depending on the ZIP code, as much as $3,314 in Miami, the state’s largest metropolitan area. (Miami-Dade is one of the largest counties in population in the U.S., with almost 2.8 million in 2018, according to the U.S. Census.)

Meanwhile in North Florida, Tallahassee has some of the cheapest premiums for the state, according to Bankrate.

City Average annual premium for full coverage
Jacksonville $2,230
Miami $3,314
Orlando $2,405
Tampa $3,027
Tallahassee $2,043
St. Petersburg $2,662

Bankrate uses Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record and good credit.

Car insurance FAQs

Florida drivers face a variety of unique circumstances that make car insurance rates more expensive. Factors that cause Florida car insurance rates to be high include:

  • The state’s no-fault insurance law.
  • A high rate of older drivers.
  • A high rate of uninsured drivers.
  • High rates of inclement weather.

Florida requires that drivers carry $10,000 of both property damage liability and personal injury protection coverage. But you can certainly choose to purchase more insurance, and you may want to. Florida’s minimum requirements don’t provide any protection for your vehicle, only for other drivers. If you want your car to be covered in an accident, increase your coverages.

Both collision and comprehensive coverage protect you in case of damage to your vehicle, but they apply to very different situations. Collision coverage protects you in case of a car accident. Comprehensive applies to situations where your car is damaged for a reason other than an accident, such as vandalism, theft or inclement weather.

We welcome your feedback on this article and would love to hear about your experience with the insurers we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

Source: thesimpledollar.com

What’s the Average Cost of Car Insurance in the U.S.?

When it comes to shopping around for car insurance, it can be difficult to figure out the pricing structure. Part of the issue is that the price varies significantly by where you live, the minimum coverage requirements and a number of other factors. 

Your auto policy and the premium will also depend on such factors as age; car year, make and model; driving record; and gender, which we get into more later.

The average cost of car insurance in the United States is $1,758 per year, which works out to about $146.50 per month. In Florida, the average monthly cost is 29% higher than the national average. A car insurance policy in Alaska, on the other hand, will cost you much less on average, at just $77.88 per month. Even ZIP codes in the same town can differ.

This means that your insurance premium and the premium of your friend living across town will likely be quite different.

With all those factors, how do you know what to expect when it comes to the cost of auto insurance? Well, we’ve got your back. We’ll go into how much auto insurance costs by state and by insurance provider, dive into the other factors, and talk about what you can do to save money on auto insurance.

Research Methodology

The Simple Dollar analyzed millions of car insurance rates in every U.S. ZIP code to determine the average cost by state, carrier, coverage amount, credit score, and other factors from Coverage.com. This includes analyzing thousands of rates from all 50 states that were publicly sourced from 2019 insurer filings. Rates are based on a 30-year-old male or female that had a clean driving record, and we looked at those who had both good and poor credit. These rates should be used to inform your car insurance shopping process, but your own quote may differ based on your unique driving profile.

In this article

What decides the cost of auto insurance?

Here, we’ll get into details about factors that decide the cost of your car insurance. They can be:

  • Age
  • Gender
  • Where you live
  • The car you drive
  • Your driving history
  • Education level
  • Profession
  • How long you’ve been driving
  • Your credit score
  • Your driving habits
  • The amount of coverage you choose
  • The type of coverage you choose

[Read: The Simple Guide to Car Insurance]

1. Why does where I live affect the cost of car insurance?

Car insurance rates vary dramatically by state and even ZIP code.

Let’s look at Louisiana. That state offers the most expensive rates for full coverage, with an average annual rate of $3,279.18. One of the reasons why car insurance is so expensive in Louisiana is because the state has one of the highest accident rates. The number of fatal accidents and frequency of collisions in the state is significantly higher than the national average, which leads to higher auto insurance rates.  

State car insurance rates are also determined by the number of uninsured drivers on the road. This leads Florida to be the most expensive state for minimal coverage — 26.7% of drivers don’t have car insurance. Uninsured drivers create more risk and ultimately increase the price of insurance for everyone.

Most expensive full and minimum coverage costs per state

State (Full coverage cost) Average Full Coverage Cost Average Full Coverage Monthly Cost State (Minimum coverage cost) Average Min. Coverage Cost Average Min. Coverage Monthly Cost
1. Louisiana $3,279 $273 1. Florida $1,544 $129
2. Florida $3,289 $266 2. Michigan $1,525 $127
3. Maryland $3,079 $257 3. Maryland $1,489 $124
4. Michigan $2,730 $227 4. Louisiana $1,488 $124
5. New York $2,609 $217 5. Rhode Island $1,445 $120
6. Pennsylvania $2,493 $208 6. Connecticut $1,309 $109
7. New Jersey $2,471 $206 7. New York $1,245 $104
8. California $2,417 $201 8. New Jersey $1,162 $97
9. Rhode Island $2,394 $200 9. Delaware $1,017 $85
10. Colorado $2,346 $196 10. Nevada $989 $82

Which states have the cheapest car insurance?

At an average premium of just over $300 each year, Iowa drivers pay the least amount for minimal coverage –– by a significant amount. Iowa’s low population density is one of the main reasons costs are so low. The majority of the state is made up of “dense rural” areas, rather than urban areas. With fewer drivers on the road, there is less risk of accidents overall.

Cheapest full and minimum coverage cost per state

State (Full coverage rank) Average Full Coverage Cost Average Full Coverage Monthly Cost State (Minimum Coverage rank) Average Min. Coverage Cost Average Min. Coverage Monthly Cost
1. Idaho $1,094 $91 1. Iowa $306 $26
2. Maine $1,242 $103 2. South Dakota $382 $32
3. Hawaii $1,264 $105 3. North Dakota $390 $32
4. Iowa $1,275 $106 4. Wyoming $393 $33
5. Vermont $1,366 $114 5. Nebraska $412 $34
6. Ohio $1,397 $116 6. Idaho $429 $36
7. Nebraska $1,397 $116 7. Hawaii $439 $37
8. North Carolina $1,417 $118 8. Montana $441 $37
9. North Dakota $1,419 $118 9. Ohio $462 $38
10. New Hampshire $1,487 $124 10. North Carolina $482 $40

2. What are my choices of insurance coverage and which are more expensive?

Though every state sets its own regulations, there is a minimum amount of insurance you must carry in each of the 48 states that require car insurance. (New Hampshire and Virginia don’t require insurance.) You can choose to carry higher limits, which will result in a higher premium.

What type of auto insurance coverage should I choose?

You can also choose to add collision and/or comprehensive coverage to your policy to create “full coverage.” While minimum coverage only protects you against liability claims from others, full coverage also protects your vehicle. Collision coverage, as the name suggests, protects your vehicle when it collides with another vehicle, building or other objects. Comprehensive coverage protects your vehicle in non-collision incidents, such as theft or a natural disaster. 

Not everyone needs full coverage. Here are some things to consider if full coverage is right for you:

  • Older vehicles may not need full coverage since the deductible could be higher than the value of the car.
  • Full coverage may not be worth it if you rarely drive and have little to no history of accidents.
  • If you have a lease or a car loan, check with your lender. You may be required to maintain full coverage.

Your policy limits and deductible will fine-tune your car insurance costs, whether you choose minimum or full coverage. The policy limits are how much the insurance company will pay for each type of incident. The deductible is how much you are responsible for paying before the insurance company starts to pay.

Should I choose minimum coverage vs. full coverage?

Minimum coverage car insurance differs in every state, but it usually includes: bodily injury, liability coverage and property damage liability coverage at a minimum. This is the cheapest coverage you can buy, and you can’t legally carry less than the minimum amount.

Full coverage car insurance, on the other hand, is more expensive because it offers significantly more protection. However, it’s worth the added cost. If you settle for the state’s minimum insurance requirements, you run the risk of being underinsured.

Full coverage car insurance usually includes:

You will see coverage amounts listed as three numbers separated by slashes, such as 30/50/30. These numbers represent, in order, bodily injury liability per person, bodily injury liability per accident and property damage liability per accident, in thousands of dollars. So 30/50/30 insurance covers $30,000 of bodily injury per person, $50,000 of bodily injury per accident and $30,000 of property damage per accident.

Drivers can also elect to purchase additional coverage for things like roadside assistance, rental car reimbursement and accident forgiveness.

If you get into a costly accident, there’s no guarantee that you’ll have enough coverage to pay for the full extent of the damages. In that case, you would be financially responsible for paying the difference, which would come out-of-pocket.

3. Can my credit score impact the cost of car insurance?

Your credit score can have a massive impact on your car insurance rates, regardless of other factors. Only three states — California, Hawaii and Massachusetts — ban insurers from factoring in credit score, while in many states your rates could more than double if your credit is poor.

Car insurance cost: poor credit vs. good credit

Carrier Good Credit Full Coverage Average Cost Poor Credit Full Coverage Average Cost Difference
Allstate $2,457.21 $3,528.41 $1,071.19
American Family $1,728.63 $2,897.22 $1,168.59
Farmers $1,534.08 $2,560.31 $1,026.23
Geico $1,336.58 $2,197.10 $860.52
Nationwide $1,379.07 $1,931.89 $552.82
Progressive $1,915.07 $2,976.39 $1,061.32
State Farm $1,902.69 $2,701.59 $798.90
Travelers $1,952.91 $2,635.82 $682.91
USAA $1,178.28 $3,486.49 $2,308.21
Average Difference     $1,058.96

4. Do my age and gender affect the cost of auto insurance?

In a word, yes. Even your basic demographics can have a strong impact on your car insurance costs. Most (though not all) states allow drivers to be rated based on:

  • Age: Younger drivers and those over the age of 75 generally pay more.
  • Gender: Among drivers under age 25, men typically pay more than women — this discrepancy tends to go away for more experienced drivers.
  • Marital status: Married people are considered lower risk, and thus tend to pay less for car insurance.

5. Can my type of car affect the cost of my insurance?

Which car you choose can have a surprisingly big effect on your insurance rates.

Less expensive to insure

  • Big vehicles
  • Family vehicles such as SUVs or sedans

More expensive to insure

  • Small cars
  • Sports cars, especially those that are considered high-performance

6. How can my driving history affect the cost of auto insurance?

As you might expect, insurance companies don’t particularly like paying claims. So if your driving history is poor, you can expect higher premiums. In order of costliness, some things that could raise your rates include:

7. Do auto insurance companies care about my driving habits?

Statistically, the more you drive, the more likely you are to get into an accident. Likewise, parking on the street is more likely to result in damage than parking in your own garage. To save money on car insurance, consider:

  • Taking public transportation to work
  • Reducing your commute
  • Carpooling
  • Paying for off-street parking

8. How does the car insurance company I choose affect my cost of auto insurance?

Of course, all insurance carriers are free to set their own prices. Some carriers offer discounts for which you might qualify, such as safe driving bonuses or discounts for military families, and some may rate your particular risk level lower than others. So it always pays to shop around.

As you can see below, most major car insurance providers are in the same ballpark for rates, but there are some clear outliers. You’ll get the most expensive full coverage auto insurance premium from Allstate, and the most affordable from USAA.

On the opposite end of the spectrum, Travelers offered the most expensive minimum coverage rate of $815.41, and USAA offers the cheapest rate by far – just $487.04 each year. This makes USAA seem like the obvious choice, but USAA doesn’t provide coverage to just anyone — it has strict military and immediate family restrictions.

Carrier Full Coverage Average Cost Full Coverage Monthly Cost Minimum Coverage Average Cost Minimum Coverage Monthly Cost
Allstate $2,457.21 $205 $800.53 $67
American Family $1,728.63 $144 $813.48 $68
Farmers $1,534.08 $128 $614.64 $51
Geico $1,336.58 $111 $568.88 $47
Nationwide $1,379.07 $115 $830.00 $69
Progressive $1,915.07 $160 $742.80 $62
State Farm $1,902.69 $159 $801.81 $67
Travelers $1,952.91 $163 $815.41 $68
USAA $1,178.28 $98 $487.04 $41

How can I save on car insurance?

There are a few tricks for saving on auto insurance, including lowering the amount you drive, improving your credit score, and of course, driving more safely. You can also get a host of discounts, depending on your choice in insurance provider.

To get the best deal for your circumstances, conduct a car insurance comparison.

Different insurers offer different discounts. Insurers like Geico, State Farm and Progressive are frequently recognized for having cheaper car insurance rates.

Common discounts include:

  • Good student savings
  • Certain organization membership
  • Active duty military
  • Bundling other policies with the same company
  • Driving a low-risk car
  • Infrequent driving
  • Having a good credit score

Boost your credit score

Taking the steps to improve your credit score is a powerful way to save money on your car insurance. As an added bonus, it will help reduce costs in other areas like credit card APRs. Start by paying all of your bills on time, checking your credit report for errors and keeping your credit card balances low. Remember, improving your credit score is a marathon, not a sprint. It will take some months to see your score increase.

[Read: Car Insurance Rates Are Up – Here Are Eight Ways to Get Yours Back Down]

Car insurance cost FAQs

It varies by state, but in general, you can expect to need coverage for bodily injury liability, property damage liability and uninsured/underinsured motorist protection. States like New Hampshire don’t require car insurance, though additional requirements are in place.

It depends on a few factors. You should consider the likelihood of your car being damaged (based on your area, your vehicle’s age and similar factors) and your ability to pay for repairs if damages were to occur. Also think about how often you drive. From the start, driving more will put you at a higher risk for an accident.

After an at-fault accident, you can expect to see a 42% rise in your premium, according to data from InsuranceQuotes and Quadrant Information Services. Unfortunately, these rates were measured from people with relatively clean driving histories. If you have a less-than-perfect record, you may be subject to even higher premium increases. How much your rate will increase will depend on the claim type, if you were at fault, your carrier and what state the accident took place in.

We welcome your feedback on this article and would love to hear about your experience with the car insurance we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

Source: thesimpledollar.com

Cheapest Cars for Car Insurance

  • Car Insurance

It’s your first car; your first foray into the automotive world. You’re excited, eager, and you spend your time looking for cars that you can show off to your friends, cars made for speed, power, performance.

Find your best rate on Car Insurance!

Attention: Still Open During the Financial Crisis…

Tip: Act now to see if you qualify for lower rates!

Compare free personalized quotes from the nation’s top providers.

But none of those things really matter when you’re buying your first car. Your main goal should be function and cost; a car that can do what you need it to do without costing the earth. And when price is your priority, car insurance is just as important as fuel economy and maintenance, potentially saving you up to 50% on your premiums.

The Cheapest Cars for Car Insurance

Before we look at the types of cars that insurers prefer, the types that offer the cheapest rates, let’s focus on the cars that are consistently generating the lowest insurance quotes.

Most of these vehicles are SUVs, as they score the highest average ratings in safety tests, but once you venture outside the top 10, you’ll find some sedans and luxury cars as well.

  1. Honda Odyssey: A highly rated minivan with a retail price that begins at around $31,000.
  2. Jeep Wrangler Sport: A sporty, convertible SUV with an average cost of around $35,000.
  3. Subaru Outback: A powerful SUV with a suggested retail price of less than $30,000.
  4. Mazda CX-3 Sport: A low-cost, powerful and sleek subcompact SUV.
  5. Honda HR-V: A 1.8l SUV that begins at less than $21,000.
  6. Honda CR-V LX: Another safe and affordable Honda SUV.
  7. Jeep Renegade Sport: A cute and powerful Jeep for less than $23,000.
  8. Ford Escape: Compact, with an engine size ranging from 1.5l to 2.5l.
  9. Subaru Forester: 182 horsepower and an MSRP of less than $25,000.
  10. Jeep Compass Sport: Yet another stylish Jeep. This one packs 180hp into a compact design.

Other Cars

The aforementioned vehicles aren’t the only ones that come with low car insurance quotes.  The Subaru Crosstrek, Jeep Cherokee, Nissan Frontier, GMC Canyon, and Chevrolet Traverse are all up there, and you’ll also get good deals on a host of other reliable vehicles, such as those manufactured by Hyundai, Fiat, Kia, and Toyota.

But as soon as you venture into sports car territory, such as more expensive vehicles made by the likes of Mercedes, Porsche, BMW, and even the higher-end car models offered by Nissan (Nissan GT-R) and Ford, those car insurance premiums increase.

How Are Car Insurance Rates Calculated?

The goal of all insurance companies is to ensure that premiums are higher than projected costs. Underwriters use a series of statistics to calculate these premiums, knowing that probability is always on their side.

This is true for all types of insurance and allows these companies to operate at a profit even in the face of extreme outliers and exceptions. With term life insurance, for instance, they’ll look at your age, sex, medical conditions, and smoking status to predict if you are likely to die during the term; with homeowner’s insurance, it’s all about the risk factors in your area, as well as the size and cost of the house.

Where auto insurance is concerned, there are many factors that insurers can consider and these either revolve around you or your vehicle. They know, for instance, that a driver under the age of 18 is more than twice as likely to have an accident than a driver over the age of 18. They also know that renters and individuals with low credit scores are more likely to be involved in an accident.

Many of these factors can’t be influenced by the policyholder. They can promise to drive safely and insist they are not as reckless as their peers, but until they have established a long and clean driving record, the insurer won’t care.

However, the policyholder can influence the risks associated with the vehicle. By choosing a safer, more sensible ride, they can win favor with the car insurance company and potentially save hundreds of dollars on annual insurance premiums.

When judging the safety of a particular vehicle, car insurance companies will consider the following:

Anti-Theft Features

New cars are fitted with a host of features designed to make criminals’ lives harder. In the old days, cars could be stolen with a wire hanger/screwdriver and a little persistence. These days, thankfully, they’re much harder to crack and these features provide insurers and owners with a little peace of mind.

Safety Features

The National Highway Traffic Safety Administration (NHTSA) applies rigorous safety tests to all new vehicles, giving them a safety rating of between 1 and 5 stars, with 5 being the highest.

The NHTSA runs collision checks to see how the vehicle fares when hit from the front or the side, while also looking at stability, air bags, tires, and additional safety features. The higher the rating, the lower the insurance premiums, at least in theory.

Repair Costs

How much does your car cost to repair, are the parts widely available, does the car have any specific features or requirements that make a mechanic’s job harder? All these things will be considered during the underwriting process.

It’s one of the reasons sports cars have higher insurance premiums. Not only are they faster and involved in more high-speed accidents, but they’re also very expensive cars to fix.

Statistics

Underwriters don’t simply focus on safety ratings, repairs, and built-in features. They want to know how the car fares in the real world; how those features translate into practical costs. Generally speaking, a new car with advanced anti-theft features will be stolen less often than an older car. 

However, if the statistics suggest otherwise, for whatever reason, you may not be offered the low premiums you’re expecting. Maybe there is a serious security flaw in the car’s anti-theft mechanism, and this has resulted in a spate of thefts; maybe it’s just really popular with criminals. 

Whatever the reason, a car’s safety mechanisms are only as good as their real-world applications.

Other Things to Consider

Your driving record and type of car aren’t the only things that can impact insurance costs, nor are they the only things you can influence:

  • Driving Courses: Defensive driving courses can reduce the cost of your insurance policy as it proves you’re a capable driver and suggests you’re less likely to be involved in an accident.
  • Parking Your Car: Where you park your car on an evening can have a serious impact on your insurance premiums.

How Much you Drive: It stands to reason that a policyholder who drives for one or two hours a week is less likely to be involved in an accident than someone who spends all day on the road.

Source: pocketyourdollars.com

Cheap Car Insurance for High-Risk Drivers

  • Car Insurance

Insurance companies profit by carefully calculating probability and then accounting for it. Your insurance premiums are closely tied to your risk factors; the more at-risk you are, the higher those premiums will be. But that doesn’t mean that you can’t get affordable insurance just because you’ve had a few violations.

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What Makes you High-Risk?

You may be deemed high-risk if you have received a violation of any kind. There are minor and major violations, ranging from parking fines, moving violations and traffic violations to drunk driving and more. The most serious and destructive violations include:

Driving Under the Influence (DUI)

A DUI, also known as a DWI, can have a big impact on your car insurance premiums. It’s a citation that results in more bodily harm and property damage than any other, and it’s also connected with more death benefit payouts than any other type of driving citation, making DUIs a huge red flag for all insurance companies.

If you have a recent DUI conviction on your record, you’ll struggle to get comprehensive insurance coverage for a reasonable price, but there are a few things you can do, as discussed in our guide to Getting Car Insurance with a DUI.

Racing and Speeding

Speeding increases your risk and many insurance carriers will charge you over $100 more for every speeding ticket that you receive. If you’re charged with “Racing”, the penalties are more severe and you may be charged an additional $1,000 a year.

It only makes sense, as street racing turns you into a high-speed liability. Your car insurance premiums increase because you’re more likely to do harm to yourself, your car, your passengers, and all innocent bystanders. It doesn’t matter how good of a driver you think you are, in the eyes of an auto insurance company, you’re an expensive disaster waiting to happen.

At-Fault Accident

A car accident that was caused by you and led to significant payouts by the insurance company can have a massive impact on your auto insurance rates. 

Collision coverage and liability coverage are essential components of any insurance policy and if there is extensive property damage and motorist injuries, resulting in major repair work and liability claims, the provider will be hit with a sizable bill.

It should come as no surprise, therefore, that an at-fault accident can increase your insurance premiums by over $600 a year.

Reckless Driving

If you’re cited for reckless driving, your premiums may increase by anywhere from $300 to $1,000 a year. The risk of bodily injury and property damage increases, as reckless driving is defined as driving without care and putting yourself and others in danger.

Other High-Risk Factors

You are also considered to be a high-risk driver if you’re young and male, as young drivers are significantly more likely to claim than drivers aged 25 or older and male teen drivers are twice as likely to claim as females. That’s why young drivers pay higher car insurance rates on average.

But your demographic and driving record aren’t the only things that can prevent you from getting a cheap auto insurance policy. You’ll also be charged higher rates if you:

Have a Poor Credit History

Your credit score impacts pretty much everything that you do financially. It can reduce your chances of getting a credit card or mortgage; it can stop you from getting security clearance and securing the job of your dreams. 

Believe it or not, your credit score is also considered by your insurance provider, as studies suggest that bad credit policyholders are more likely to claim.

Live in a High Claim Area

The best safety features and the safest cars won’t matter much if the driver lives in a high claim area and drives a car that is frequently stolen. In this case, you’re paying for the mistakes of others as the insurance company tries to balance its books.

Have no Driving Experience

Your experience is key, so your driving history will always be factored into the equation when applying for car insurance quotes. If you have some experience behind you and haven’t made any claims, you can secure lower premiums. If not, you have no proof that you’re a good driver or a safe driver and will be considered a risk.

Live in Rented Accommodation

Your credit score isn’t the only surprising criteria considered by insurance carriers. They will also consider whether you are a tenant or a homeowner, with the latter offered lower premiums on average. Again, it all comes down to probability, as studies suggest that renters are more likely to claim than homeowners.

How to Get the Cheapest Car Insurance

As noted above, all insurance companies calculate risk and probability to determine how much of a liability you are. This is true for life insurance, homeowner’s insurance, and pretty much all other forms of insurance. Your goal, therefore, is to reduce that risk, keep that liability to a minimum, and make sure you look like a prime candidate in the eyes of car insurance companies.

To get cheap car insurance, therefore, just keep the following in mind and you can secure some car insurance discounts:

Choose the Right Car

A new car can reduce your premiums, especially if it comes with a high safety rating and has anti-theft features installed. SUVs have the highest safety ratings and can save you a lot of money when dealing with major insurers like Geico, State Farm, and Allstate, but there are some highly insurable sedans and smaller cars as well.

Look for the safety rating, check for an anti-theft device, and scour the rates before you buy your car.

Get Training

By completing a defensive driving course, you can prove to your insurers that you are a safe driver who knows what they are doing on the road, thus securing a lower rate than you would get if you didn’t have that all-important certificate.

Improve your Credit Score

A few points can make a big difference, netting you a policy discount and giving you more options if you ever need to apply for a new line of credit or loan. 

Multi-Policy Discount

By taking out different types of coverage with the same provider, you can benefit from bulk rates, known as “bundling”. Like a multi-car discount, you’re essentially getting wholesale rates on your insurance policies.

Providers like Progressive, Nationwide, State Farm, and Geico offer discounts when you bundle car insurance with home insurance, life insurance, and more.

Bide Your Time

Time is your friend when looking for the best car insurance rates. If you have multiple violations and you’re still a teenager, then making do without a car for a while could save you a small fortune. Not only will those violations expire, but you’ll be a little older and will therefore not be considered as much of a risk.

You’ll still be considered high risk as a new driver, but there will be significant savings to make, nonetheless.

Bottom Line: Getting the Cheapest Insurance Policy

Being high risk doesn’t mean you can’t get insured. It just means your car insurance policy will cost more than someone who has a clean driving record and ticks several other boxes with regards to the ideal policyholder. By searching, comparing, and doing what you can to decrease your liability, you can keep those insurance costs to a minimum and save hundreds of dollars a year.

Source: pocketyourdollars.com

How to Get Free Car Insurance Quotes

  • Car Insurance

Choosing the right car and getting an auto loan is only half the battle. You still need car insurance coverage and finding the right insurance policy is a taxing, boring, and often expensive process. But if you keep some simple tips and techniques in mind, you can find affordable car insurance quotes and save yourself a fortune on insurance premiums. 

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How Can You Get a Free Car Insurance Quote?

Car insurance quotes should be provided free of charge. That’s not the case for all of them, but there are plenty of companies and services that will provide you with a free quote. You can then compare these quotes to help you find the best policy.

Online car insurance quotes are generally free, so if you’re being charged a fee, take your business elsewhere.

How to Find Cheap Auto Insurance Quotes

There are a few simple steps to getting a free quote and using this to secure the cheapest car insurance rates:

1. Be Prepared

To save yourself some time when dealing with car insurance companies, make sure you have some essential information, including:

  • Personal Information: You’ll need to have your basic information at hand when dealing with insurance companies. This includes your driver’s license and the details of everyone else included in the auto insurance policy.
  • Vehicle Information: Make a note of the mileage and the date that you purchased the vehicle, as well as the make and model.
  • Vehicle Identification Number (VIN): You can get the VIN from the dealer or seller.
  • Driving Record: Note down all accidents and claims, as well as any driving courses you have completed.
  • Insurance Record: Finally, many car insurance policies will insist on at least 6 months of insurance before they supply you with a new policy.

2. Understand What They’re Looking for

Knowing what car insurance companies are looking for can help you prepare and allow you to secure some cheap and comprehensive coverage. Generally speaking, the things that have the biggest impact on your quote include:

  • Age: Young drivers are significantly more likely to be involved in an accident and to make a claim, so they can expect to pay more for motorist coverage. Policies should get cheaper as you age, but this changes once you reach your 50s and you will start receiving more expensive quotes thereafter.
  • Coverage: The extent of your coverage is key to the price of your policy. Do you need roadside assistance, how much liability coverage do you need, and what other coverage options should you consider?
  • Car Insurance Discounts: A safe driver in a new car with no claims can secure some big discounts on an auto insurance policy. There are even student discounts for teen drivers and policyholders who have completed defensive driving courses.
  • Location: Your location has a major impact on the cost of your auto policy, and whether you’re in California or Hawaii, Florida or New York, could impact your policy by tens of dollars.
  • Marital Status: You’re more likely to get cheap car insurance quotes if you’re married, as you’re statistically less likely to make a claim.
  • Renter vs Homeowner: A homeowner pays less, on average, than a renter.  The difference is slight but could save you tens of dollars a year.

3. Improve Your Chances of Getting Cheap Insurance

You can’t magically make yourself a few years younger (if only!) and if you’ve already made a claim on your insurance there’s not much you can do to reverse time and undo that claim. However, there are a few ways you can reduce your premiums and bring those insurance costs down, including:

Check Your Credit Score

Your credit score plays an important role in pretty much every financial decision that you make, whether you’re applying for a credit card, looking into life insurance or getting an auto insurance quote. 

A good credit score shows that you’re a trustworthy individual who knows how to handle your finances. It also suggests that you’re less impulsive. 

Of course, that’s not always the case and having a bad credit score doesn’t mean you’re impulsive and reckless. Far from it. However, insurance is based on statistics and probability, and statistically speaking, an individual with bad credit is more likely to be reckless than an individual with good credit.

Check Your Auto Insurance Coverage

There’s no point paying for full coverage if you’re driving a cheap car that costs less than $500. Be careful how you structure your auto insurance with regards to liability, collision coverage, and auto repair. Make sure you weigh the pros and cons against your car and the likelihood of encountering an issue and use these to set realistic and affordable premiums.

Look for Insurance Discounts

You can secure auto insurance discounts for a variety of reasons. One of the best of these is a multi-policy discount, which is offered to policyholders who have several different policies with the same insurance provider. For instance, you can purchase life insurance, property liability insurance, and more, with the insurer essentially offering you a wholesale discount.

There are also discounts for multi-car and driver policies, whereby you add several cars or drivers onto the same policy. But the reductions don’t stop there, and you should also look into the following:

  • Good driver discounts
  • Discounts for student drivers
  • Discounts for paying in full
  • Paperless discount (provided when you agree to paperless billing)
  • Company and employee-based discounts
  • Military discounts

Shop and Compare

Don’t accept the first policy you’re offered; don’t assume they’re giving you the best price and complete coverage. Work with different insurance agents, check multiple providers, and run some searches on comparison websites.

Bottom Line: Free Auto Insurance Quote

Most auto insurance companies provide you with auto insurance quotes for free, and there’s no reason why you should be paying money for these quotes. Be wary of any companies or sites that charge you for this service, remember to compare several quotes from several different companies, and once your policy begins, keep searching for discounts and doing what you can to reduce quotes in the future.

Source: pocketyourdollars.com

Life Events that Impact Car Insurance Rates

  • Car Insurance

Insurance is a numbers game. Underwriters base their rates on the likelihood of an insured making a claim; the more likely you are to claim, the higher your insurance premiums will be. It’s as simple as that. To get the best rates, therefore, you need to present yourself as a low-risk customer. 

Find your best rate on Car Insurance!

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Tip: Act now to see if you qualify for lower rates!

Compare free personalized quotes from the nation’s top providers.

But what can you do to reduce this risk; what major life events are impacting your chances of getting affordable car insurance cover?

Birthdays

Your 18th and 25th birthday have a massive impact on your auto insurance policy. After these dates, your risk plummets, and your rates soon follow. Car insurance companies base their rates on probabilities, as discussed above, and a 16- to 17-year-old is twice as likely to have a car crash than an 18- to 19-year-old. 

At this young age, you pay a higher deductible because your insurance needs are greater, but as soon as you turn 18, you can secure lower rates and bring those car insurance costs down.

A teen driver is between 2 and 5 times more likely to have an accident and suffer bodily injury than a driver aged between 25 and 35, so car insurance costs will reduce even further once you reach 25.

The cheapest rates tend to be reserved for policyholders aged between 50 and 60. At this age, insurance premiums cost around $1,200 on average, compared to the $5,000+ paid by the average 16- to 18-year-old teen driver. However, costs begin to increase again after this age. Even if you have a relatively clean driving record, auto insurers will consider you to be a greater risk and will increase your premiums as you age.

Motorists over the age of 80 can expect to pay roughly the same as those aged between 20 and 29, for example.

Getting Married

Your marital status is considered by underwriters for most insurance policies, including homeowners insurance. Again, it’s all about probability, and statistically speaking, married policyholders carry less risk than their single counterparts. Where car insurance is concerned, this is even more poignant, as you’re more likely to use your spouse’s car. 

Your insurance company may also provide you with a multi-car discount, allowing you to save even more on your car insurance policy. Speak with your provider to discuss potential savings and benefits. 

As an example, a married couple will pay around $1,600 on average for a joint policy with Geico, and if they have more than two cars between them, they can shave up to 25% off the cost.

By the same token, however, these rates may increase if you get divorced, with the average increase being around $120 to $140.

Buying A Home

In the eyes of an insurance company, you’re more responsible when you buy a home and your rates may decrease as a result. However, the best thing about this life event is that it allows you to take advantage of multi-policy discounts. 

If you take out many different policies with the same provider, you can shave hundreds of dollars off your annual premiums and will be covered for everything from property damage to medical costs, physical injuries, vandalism, and breakdowns, all with the same company.

Buying a home also improves your chances of securing credit and it gives you more options when times are tough. Homeowners can tap into their home equity whenever they need a little cash and because they can use their home as collateral, they can also benefit from low-interest secured loans.

Buying a home is one of the biggest life changes you can make and it’s also a costly one as it leaves you with substantial and long-term debt, but it’s a decision that generally carries more positives than negatives.

Getting a Job

As an employee you can benefit from company discounts and policy offers, potentially saving on a host of insurance policies and shaving dollars off your car insurance policy. This isn’t true for all jobs and all employers, but it’s worth looking into.

Ask your employer if there is any way you can save money on your insurance and if there are any other benefits you can take advantage of.

Paying Off Debt

Repaying debt is a huge accomplishment, especially when you consider that three-quarters of all Americans will die with substantial debts and many of those will have lived with debt throughout their adult life. 

Repaying debt provides you with a little more financial freedom and is a significant weight off your shoulders, but it can also reduce the price of your auto policy by improving your credit score.

Bad credit increases your risk significantly and is factored into a lot of calculations, including job applications and security clearances.

How Much Does Car Insurance Cost?

The exact price of your car insurance policy will depend on a number of factors, from coverage limits to your age, personal circumstances, driving history, and type of car. Whether you have a new car or a used car will impact the price, but whether it has features such as emergency braking, anti-lock brakes, and airbags, will also make a difference.

Discuss your options with insurance agents, compare rates from multiple companies, and don’t forget to consider extras such as rental car expenses and collision coverage. Your goal is not to simply get the cheapest auto insurance premiums and move on. You need to think about what will happen if you ever have an accident and file a claim. If you’re cheap today you could be hit with some costly expenses in the future.

Summary: Comparison Shop and Benefit

Every time a major life event occurs, you should consider changing your insurance policy. Car insurance isn’t like life insurance or health insurance; it doesn’t increase as you age and the cheapest policy isn’t the one you’re offered at the first time of asking. If anything, the opposite is true, because as discussed above, teen drivers and young drivers pay huge premiums every month.

Comparison shop, negotiate, and don’t be afraid to look for a new provider. Car insurance companies do everything they can to compete with one another and switching is a great way for policyholders to take advantage of different circumstances and secure reduced premiums.

Source: pocketyourdollars.com

The Economic Impact of Commercial Real Estate

New commercial real estate development, and the ongoing operations of existing CRE buildings in the United States, had a vital impact on the U.S. economy in 2020, supporting 8 million jobs and contributing $1.01 trillion to U.S. GDP, according to a study released last month by the NAIOP Research Foundation.

The study broke out several key measures by sector – and demonstrate the impact of the pandemic:

  • Office construction expenditures totaled $38.8 billion in 2020, down 28.5% from 2019.
  • Retail construction totaled $11.7 billion in 2020, down 29.5% YOY. This was the fifth straight year of decline.
  • Warehouse construction outlays decreased slightly in 2020, down just 0.3% YOY.
  • Industrial (manufacturing) construction spending was hard hit, declining 29.5%.

The top five states in 2020, by development impact, were Texas, New York, Florida, California and Illinois.

This year, job growth is expected to improve, and GDP growth will make up some of what it lost in 2020. And NAIOP remains optimistic. “Many factors point to a commercial real estate rebound in 2021,” said Thomas J. Bisacquino, president and CEO. “We believe that while the pandemic has accelerated trends already progressing in real estate, we have a bright future.”

Source: century21.com