Monthly Archives: November 2016

An Overview of Fred Loya Insurance

110The company is owned and run by Fred Loya who previously worked as cattle rancher. The company is headquartered in El Paso, Texas, and it is in fact 18th largest Hispanic owned company in United States.

 It has more than 526 agencies across many states in United States including California, Texas, New Mexico, Nevada, Alabama, Colorado, Illinois, Indiana, Arizona, Georgia, and Missouri.

The headquarter is in El Paso, but Loya Insurance Group interestingly put its agencies in public places where people commonly visit on regular basis such as shopping centers, office building, street corners, and grocery stores. The main purpose is to provide easy access for any car owner to simply ask questions, file claims, ask for quotes, and everything related to its services. Fred Loya Insurance currently provides car insurance coverage only.

Quotes and Payment

One of the company’s best selling points is the ease of access. With hundreds of insurance agencies located in public places, potential customers can easily find insurance agents to ask questions or quotes. When asking for quotes either via Internet or phone, it is best to prepare some notes about your profile or vehicle information including vehicle identification number, driver license for each driver to be registered, insurance policy you currently own, and driving record as well. Similar to other companies, you can also call the phone numbers informed in its official website. Another good thing is that the payment can be done online through a secure processor.

Insurance Coverage

The available coverage is basically similar to those of any other auto insurance company such as liability, collision, comprehensive, medical payments, personal injury protection, etc. However, Fred Loya Insurance serves in many different states, and considering each state has different rules specific to auto insurance, Loya Insurance Group offers personalized coverage so that you are always compliant to the states car insurance law. In other words, each agency in every state provides the coverage specific to your needs.

Online Services

You can contact the company via phone, visit the agency offices, or simply visit the official website to ask for quotes and ask questions. Certain procedures or inquiry to cancel policy, make payment, or endorsement are possibly done online, but they are considered sensitive inquiries, and Fred Loya Insurance recommends customers to file such inquiries via phone only. The official website of Fred Loya Insurance also has location finder function with which you can provide your zip code or city/state, and the page will locate the nearest agencies available in your area.

How Loya Insurance Can Save You Money

109In the past, the only way to get quotes and purchasing insurance is through an agent, but now with Loya Insurance, it is possible to do all those things online. Now that you can do everything in your home without having to make appointment and or time-consuming phone calls is such an excellent advantage. To get quotes, you are required to provide information about yourself and your cars; the estimate listed in the quotes is subject to change, but it entirely depends on the information you provide. In other words, you get more accurate estimate by giving accurate information as well.

No Time-Consuming Phone Calls

When purchasing or asking for quotes from an agent, you need to make phone calls, provide the required information, and wait for the agent to call you back. In some cases, the entire processes can take time up to several hours or even a day. Loya Insurance provides a simple form where you can provide your zip code, pick, and compare quotes from almost all major insurance companies in your local area. All procedures are done by computers, meaning it does not take long before you can see the available options. Normally, it will only take several minutes.

Accurate Quotes

As mentioned earlier, the accuracy of the estimation in an insurance quote depends on the information you provide. Besides providing zip code, you are probably asked to give information about car model/year, mileage, professions, driving record, and more. Instead of writing them down on a paper and speak with an agent, Loya Insurance will provide the form for you to fill in. Some major car insurance carriers within the company’s network are AAA Insurance, Progressive Auto Insurance, and Geico. Loya Insurance allows you to choose some different quotes from different companies so that you can compare the price and types of coverage before you make a purchase. You can even easily ask for new quotes in case you need to revise the information, add another vehicle, list more drivers in the family, etc.

Easy Comparison

In general, Loya Insurance makes it easier for you to search and compare quotes. Once you input zip code information, the online form will list the available car insurance companies in your local area. Since Loya Insurance only works with major carriers, the list is not very extensive, and you can indeed find the most affordable yet suitable coverage that suits your individual preferences. Once again, you can do everything online in your home so you can save time and money.

Discounts for Teen Drivers Car Insurance

108It costs more to get insurance for teen drivers than more mature ones, but there are ways to keep the costs lower than they would otherwise be.  Even teenagers can drive in a mature fashion and avoid crashes.  They can also avoid driving certain types of vehicles.  They can also make sure they qualify for all discounts available to them.

You can expect to pay more for car insurance for a teenage driver.  The simple fact is that less experienced drivers have more crashes than older drivers.  This costs the carrier more money and this cost is passed on to the carrier’s policy holders.

You can reduce the risk factors associated with teenage drivers and lower your costs.  This can benefit you in two important ways.  You can lower your costs.  You can lower the chances that your young driver will get into an accident.  This can be much more important than any savings you might experience.

The biggest thing that is under the control of a teenage driver is his or her driving record.  Avoiding violations and crashes is crucial if you want to keep costs down.  Driving more safely can keep a ridiculous car insurance rate from going even higher.

Certain autos can cost more to buy insurance coverage for.  High performance automobiles can add to your car insurance cost because they tempt drivers to drive faster and be risky drivers.

The value of the automobile will only have increase on the cost of insurance if the policy has collision and other than collision coverage.  This coverage can pay your body shop if your auto is in a auto accident.  Since this part of your policy pays you and not other parties, it is optional unless your car has a lien on it.

If you own your car free and clear you can reduce your cost for collision and comprehensive.  You can purchase a auto that costs less to repair.  You can raise your deductibles.  You can drop the collision and other than collision coverage all together.

Teenage drivers may qualify for two important discounts not typically available to more experienced drivers.  The good student discount may save you 10% of the cost of insuring a youthful driver.  A driver’s education lessons discount may save you an additional 10%.

Experienced drivers will typically have a driving record that is a better judge of their driving ability than how good they were in school.  However, with a teenage driver the insurance carrier has to make assumptions using other factors besides the driving record since the driving history may be very limited.

Young drivers can qualify for a good student discount and get a lower cost.  Students who get better grades tend to be smarter drivers also.  Insurance companies will typically give discounts for teenage drivers who have better grades.  Maintaining a B average can save you hundreds of dollars each year for several years.

Another rate reduction that younger drivers can qualify for is a driver’s education discount.  Taking and passing a certified driver’s education course can result in a less costly insurance policy.  These savings will typically far exceed the cost of the drivers ed lessons.

A driver’s education course can also make a youthful driver a safer driver.  Safer drivers avoid crashes and violations.  They also live longer and are less likely to become disabled.

The cost of auto insurance for a young driver will always be high.  However, there are several strategies that may keep those costs from eating you alive.  You can do what you can to avoid speeding tickets and crashes.  You can drop or lessen the cost of your physical damage coverage.  You can make sure that you get a drivers ed discount and good student discount.

Price for auto insurance in florida

107Florida’s Minimum Auto Insurance Requirements

Florida drivers must maintain certain state-required liability insurance coverage. This ensures they can pay for any injuries or damage that happens to another party if they cause an auto accident. The standard liability insurance is not required in Florida, however drivers must still have certain types of auto insurance coverage if they want to register a vehicle in the state. In order to maintain a valid Florida registration and license plates, drivers must purchase a minimum of $10,000 personal injury protection coverage, and $10,000 of property damage liability (PDL) coverage.

Personal injury protection (PIP) covers the driver regardless of who causes an accident, and is known as no-fault insurance. PIP insurance also covers anyone else in the household, as long as they do not own their own vehicle. PIP also covers children if they are injured while riding as a passenger in a school bus. If a driver is injured while in another person’s vehicle, while acting as a pedestrian or riding a bicycle, PIP insurance will provide coverage. PDL coverage pays for any damages the policyholder or his family members commit to another person’s property as the result of a motor vehicle accident.

If a driver chooses not to insure his vehicle in Florida, he must surrender the car’s license plate along with the registration to any tax collector or Florida driver license office before canceling his auto insurance. If a driver receives a license suspension for driving without auto insurance, there is no temporary or restricted license available during the suspension.

Additional Coverage Types

Comprehensive insurance and collision coverage are options drivers can select when buying Florida auto insurance. These types of coverage help take care of damages to a person’s vehicle, whether it resulted from a collision with another car or object, or a force of nature such as a big tree branch falling during a rainstorm. Uninsured/underinsured motorist coverage either compensates accident victims if the driver causing an accident does not have enough insurance to pay for all the damages, or has no insurance at all.

Factors Affecting Auto Insurance Premiums

Auto insurance companies make a profit by estimating the number of drivers who will be in accidents each year, and the dollar amounts needing to be paid out for damages and medical bills. Estimating risk involves complex financial models, along with years of historical accident data. Additionally, each consumer brings his own set of characteristics into the equation, which has an effect on his risk profile. Recently, auto insurance companies have even started to consider a person’s credit history when calculating premiums, since people who have low credit scores seem to get in more auto accidents. A person’s age group also plays a part, especially for younger drivers. The driver’s history of accidents or traffic violations also be factors, and can have a dramatic affect if several violations or a DUI are on their record. The state a person lives also has some impact on his insurance rates.

Finding Good Rates on Auto Insurance

Finding the best rates on auto insurance may take a little bit of work, but thanks to the internet, the whole process is much faster. Many insurance companies provide online quote tools that can give consumers personalized quote information in about 10 minutes. One of the best ways to keep auto insurance premiums low is to comparison shop among insurance companies. Auto insurance is a competitive business, and insurers want to provide the lowest premiums possible.

Auto insurance and bad credit

106Whether it’s the loss of a job or an unexpected medical expense it doesn’t take much to have a poor credit score and auto insurance companies often charge more regardless of how good a driver you are.

Every state except Maryland and California now allows insurance companies to use credit scores as a means of determining auto insurance premiums. While some states stipulate this practice can only be used for new customers, in some areas people find their premiums jumping due entirely to a bad credit rating.

This may seem very unfair to customers who have been long-standing clients of a particular company. However, auto insurance companies justify the practice by citing the fact that statistically, people with poor credit are far more likely to file insurance claims than those with good credit ratings. Because of this, auto insurance companies classify those with poor credit in a “high risk” group and adjust rates accordingly.

How much can your credit rating cost you in increased insurance premiums?

Unfortunately, quite a lot. In general, people with the lowest credit ratings spend two to three times more than those with good credit ratings to obtain the same insurance coverage.

As an example, a twenty-five year old male in suburban Atlanta, Georgia, driving a mid-sized sedan and with a good driving record might expect to pay $1,300 per year for car insurance. However, if he falls into the lowest credit rating category, he may pay as much as $2,400 per year for the same coverage. This is an increase of 84% overall, and represents an increase of $92 per month for premiums. This difference may mean that the young man with bad credit may have to forego necessary coverage in order to simply afford an insurance policy.

In 26 states, auto insurance companies are required to notify customers if they use credit scores as part of the formula for figuring their premiums, and about 90% of insurance companies do. However, it is possible to find insurance companies which do not use credit scores with some patience and searching. However, beware of companies which advertise “no credit check” insurance; often, missing a single payment with these companies can send your premiums sky-high.

Of course, credit rating is not the only thing contributing to your premium costs

Your driving record, age, location and the type of vehicle you drive all have an impact. The younger you are, the poorer your driving record, the more urban your area, and the more expensive your vehicle, the more you will pay. If you add bad credit on top of those factors, you can be looking at significant increases in price.

The good news is that you do have some control over some of these factors. Keeping to the speed limit and driving defensively will help you avoid speeding tickets and accidents, two things guaranteed to send your premiums skyrocketing.

Another piece of good news is that your credit rating is very much a flexible thing, and being late on a few payments is not likely to significantly impact the cost of your insurance. In fact, you will probably not start to see significant price increases on your auto insurance until you reach a “low” credit level – something which can be avoided by some simple financial planning and common sense such as:

Never max out your credit cards

Although it is tempting to “buy now, pay later,” a high debt-to-limit ratio is one thing that truly raises your credit score. Always pay as much as possible on your credit cards, and avoid using them in the first place by leaving them at home and paying cash for your purchases.

Always pay the minimum on your open accounts

Missing one payment is not the end of the world, but a pattern of late payments drives your credit score down and your auto insurance prices up. In a worst-case scenario, if you are unable to pay your bills, talk immediately to your creditors and arrange affordable payments. Bankruptcy is a very real threat to most unsecured creditors; they will receive little if any compensation if you file, so they are usually eager to work with you to pay your debt. You can also talk to a credit counseling service which can negotiate lower payments for you.

Bringing your credit rating up is not easy, but it is possible. It may involve some life changes, but you can take control of your finances and your auto insurance premiums with some hard work.