LOS ANGELES, CA / ACCESSWIRE / August 31, 2019 / Compare-autoinsurance.org has launched a new blog post that explains which car insurance policy covers acts of vandalism.
For more info and free car insurance quotes, please visit https://compare-autoinsurance.org/does-your-current-car-insurance-policy-cover-vandalism
Drivers that own an insurance policy know little about the events that their policies are covering. Insurance coverage that covers acts of vandalism is not part of the liability insurance. Drivers that got their cars vandalized will have to support the costs of repairs by themselves if they are only having liability coverage. Drivers that have comprehensive coverage in their insurance plans will be protected against acts of vandalism.
Drivers that have comprehensive coverage should know more about it:
Comprehensive coverage is the only policy that covers vandalism. This coverage will protect drivers against events that don't involve driving. Evens like car theft, floods, fire, falling objects, and of course vandalism Drivers should think twice before purchasing this expensive policy. Every day, there are more than 700 acts of vandalism against vehicles from the US. Comprehensive coverage comes with a deductible that has to be paid before the insurance kicks in and pay for the costs to repair or to replace a vehicle.
The costs of comprehensive coverage. Several factors can influence the costs of comprehensive insurance. Factors like the insurance company, the policyholder's coverage, and his address. Besides paying for the comprehensive coverage, drivers will also have to pay for the rest of the components of their policies. On average the costs of comprehensive car insurance are about $1,000 per year.
Getting coverage for financed or leased vehicles. Most financial companies will insist on having comprehensive insurance on a vehicle that they are financing. Drivers are advised to check their comprehensive coverage policies and see how much money they will have to pay upfront for a vandalism claim.
For additional info, money-saving tips and free car insurance quotes, visit https://compare-autoinsurance.org/
Compare-autoinsurance.org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.
“In case of vandalism, only comprehensive car insurance can help drivers receive proper reimbursements.”, said Russell Rabichev, Marketing Director of Internet Marketing Company.
Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: firstname.lastname@example.orgWebsite: https://compare-autoinsurance.org/
SOURCE: Internet Marketing Company
View source version on accesswire.com:https://www.accesswire.com/558108/What-Car-Insurance-Policies-Cover-Vandalism
What Does Tesla's Tentative Move Into Car Insurance Mean For The Sector?
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Tesla has used its corporate Twitter account to announce Tesla Insurance, an exclusive policy for its cars that for the moment will only be available in California and promises to reduce the cost of policy premiums by between 20% and 30%. The move was first announced by Elon Musk in April. Comments to the tweet note that in many cases, the policies being offered are higher than those Tesla owners already pay, something that could be signaling implementation problems or a certain degree of miscalculation. But beyond that, should insurance companies be worried by Tesla’s initiative?
As well as the capital needed to guarantee coverage, anybody thinking of setting up an auto insurance company needs to be able to offer customer service, roadside assistance and a network of workshops, which Tesla already mostly already provides to the owners of its vehicles. While the role of companies in the value chain of conventional car insurance is generally that of an information aggregator and provider of third-party services, Tesla’s participation and involvement in that chain will likely be — or is already — significantly higher.
What variables should we take into account when analyzing the entry of an automotive brand such as Tesla into the car insurance business?
Firstly, the possible savings from the brand’s knowledge of its own vehicles, as well as from taking advantage of the advanced technology, safety and low service requirements of its cars to provide insurance at a lower cost.
Another element to consider is the homogeneity of a portfolio of vehicles limited at the moment to three models, which suggests possible economies of scale in some repairs that the company usually supervises. This could play to its favor, although it could also be a problem for owners who own other makes, who would have to find another company to insure them.
Possible differential elements such as the emergency button located on the roof of the vehicle, the location connection that allows remote diagnosis or even certain actions such as disconnecting the battery pack.
The company says it will not use its access to the information collected by the cameras and systems of a particular vehicle to calculate the price of the policy, but it could prove an advantage when investigating possible accident claims.
If the safety elements of the Teslas and their greater mechanical simplicity can help reduce the accident rate compared to other makes, which Tesla insists is the case — although this has sometimes been disputed — the company could find itself with a more profitable portfolio of policies than those of a traditional insurer, as well as allowing it to finally corroborate with statistically conclusive figures its claims of lower accident rates.
Tesla’s vehicles top safety rankings could also mean that accidents have less serious consequences, which would also help generate a more profitable portfolio.
As Tesla drivers tend to be older, wealthy and better educated there will likely be fewer fraudulent claims, which again could help keep premiums lower.
The fleet of existing vehicles used to provide roadside assistance, as well as agreements with workshops that already carry out repairs on the aluminum bodies of Tesla’s vehicles could help with integrating insurance into its structure.
The loyalty of Tesla’s customers and the ease with which they can be contacted through its direct sales channel rather than indirectly through a network of dealers, as well as the effect of offering its customers an all-in-one solution. None of these factors would justify higher prices than those of the market, but it might lead to a rapid expansion among Tesla owners if it could offer truly competitive prices.
Entering a service industry like insurance could be a way to diversify the company’s business and boost profits, as long as the number of claims remained reasonably low and were not a drain on its financial resources.
If Tesla manages to put together an attractive value proposition in a competitive market such as car insurance and extend it to other states or countries, this strategic vertical integration movement could have major repercussions. Between 2015 and the second quarter of this year, it has sold slightly more than 610,000 vehicles, reaching close to 100,000 vehicles each quarter more recently.
Could Tesla’s entry into the insurance sector prove a game changer?
Tesla Just Started Selling Auto Insurance
Tesla Inc. just jumped into auto insurance. The unconventional automaker is selling policies to owners of its vehicles in California, in what may be the company's first step toward providing coverage for a fleet of driverless taxis.
The expansion announced Wednesday came four months after Tesla Chief Executive Elon Musk told analysts that his company would branch into insuring its own electric cars for people who buy or lease them.
Musk believes Tesla has learned so much about its cars that it will be able to offer rates as much as 30% lower than traditional insurers' rates. That probably will appeal to Tesla owners who have been complaining about being charged too much for coverage.
Tesla is selling the insurance only in California to start, but it plans to offer coverage nationwide in the future.
The current policies cover only personal use of the Tesla cars. The Palo Alto company said it wants to eventually offer commercial policies too.
Tesla may have to make that move if Musk is to deliver on his promise to start selling Tesla vehicles that can navigate roads without a driver behind the wheel within the next 16 months. Self-driving-car experts doubt that timeline will be met, but Musk has promised to have a fleet of driverless Tesla vehicles operating as part of a ride-hailing service by the end of next year.
To make his vision a reality, the driverless cars will need commercial insurance — something no company but Tesla may be willing to provide, given that dispatching a fleet of fully autonomous vehicles to pick up passengers is basically uncharted territory.
Selling insurance also provides Tesla with a new source of revenue as the company tries to prove it can consistently make money. Tesla was profitable during the last half of last year — the longest stretch of prosperity in its history — but lost $1.1 billion during the first half of this year. If Tesla miscalculates the risks of selling auto insurance, though, its losses could balloon.
Tesla's disappointing financial performance and escalating doubts about its future prospects have caused its stock to plunge 35% so far this year.
Tesla has said it has learned so much about the technology, safety and repair costs of its cars that it will be able to figure out the proper prices to charge for each insurance policy. Its electric vehicles are equipped with so many sensors that it theoretically could monitor whether the drivers of individual cars are prone to chronic speeding or habitually engaging in other risky behavior, but Tesla said it won't do that.