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The Real Cost of Driving Uninsured

If paying your monthly insurance premium feels like a hassle at times, you may be tempted to let your policy lapse. Doing so will leave you and your car uninsured on the road. While some drivers consider the cost of insurance to be too large to be beneficial, looking at the costs of repairs for uninsured vehicles can be eye opening. The following infographic gives greater insight about the real cost of driving uninsured.

fix it yourself infographic
Presented By IFA Auto Insurance

Average Cost of Vehicle Repairs
If you are found at-fault in an accident while driving an uninsured vehicle, the cost of all repairs will fall on you. Whether or not you choose to fix your own vehicle, you are legally responsible for repairing damage done to another driver’s vehicle. While the average driver pays over $1,400 each year for a car insurance policy, the savings can be enormous if that policy is needed.

Lawsuits and Legal Representation
On top of the costs of repairing damaged vehicles in a car accident, uninsured drivers may also be held responsible for the costs of legal claims. An accident victim who is injured in a car accident may press legal charges against an uninsured driver resulting in lawsuits for:

  • Medical Costs
  • Lost Income
  • Pain and Suffering

The next time you think your insurance premium is too expensive, be sure to take these factors into consideration to see the real cost of driving uninsured.

Buying A Car Dealership Securely

When people want to make an investment in a car dealership, they need to look in a place like http://performancebrokerageservices.com/buy-a-car-dealership/ to get help making the deal work. These brokers are professionals who understand how to manage these deals to make sure that they go over well for both parties. If there is a large investment on the line, these brokers are the right people to manage that amount of money.

The Contract Price
The two sides need to negotiate the price for the investment, and the broker is the person who can mediate these deals. The broker knows the all the particulars for these deals, and they can use their expertise to guide the negotiation in the right direction. These sales are going to be very expensive, and the broker can help to make sure that both sides feel like they are making the right decision when they are signing the deal.

The Cash
The cash that is exchanged in the deal is something that must be handled by a third party. The broker can handle all the cash so that it is delivered to the right people in the right time. The broker makes sure that the deal is handled fairly, and they also make sure that both sides of the deal walk away from the table happy about what they have received in the deal.

The Signing
The deal is signed in the presence of the broker to make sure that there is someone there to witness it. The broker is the person who registers the contract in the city or county, and they also make sure that all the lawyers involved get all the information they need about the final deal.

When the broker is brought in to handle the deal, they are going to help the two sides that are negotiating. These two sides need these professionals to make sure that all their deals go off without a hitch. The broker is the impartial third party that makes everyone’s life easy when large amounts of money are changing hands at the table.

5 Car Insurance Myths That Every Driver Should Know

Most drivers think their auto insurance will cover them in an accident if they are current on their monthly premium. This is true in many cases, unless an uninsured driver hits their car – or a friend borrows the car and wrecks it. Auto insurance may not protect them from theft, either.

Without proper insurance coverage, these incidents could cost drivers a small fortune. According to estimates by the Insurance Research Council, more than 16 percent of drivers are uninsured, and state legal requirements are generally not enough to cover the entire cost of an accident. Here are five car insurance myths that every driver should know.

Myth 1: The State Requirement is All a Driver Needs
While the state requirement is all a driver legally needs, it will not cover the expenses for a serious accident. Getting by with the minimum requirement can be costly, especially for an accident that involves litigation.

Myth 2: The Driver is Responsible for an Accident
In most cases, the insurance follows the car no matter who is driving. If a driver has an accident in a borrowed car, the car’s owner must pay for the damages. If the insurance is not enough to cover the expenses, the responsibility goes to the driver involved in the accident.

Myth 3: All Insurance Policies Cover Uninsured Motorists
A basic insurance policy does not protect against uninsured motorists (UM); this coverage is an option. Moreover, drivers who have UM protection are only covered for physical injuries. Only collision insurance covers property damage caused by uninsured motorists.

Myth 4: All Insurance Policies Cover Natural Disasters and Theft
Unless a driver has comprehensive coverage, auto insurance will not pay for damages or loss due to natural disasters or theft. Most drivers do not have this optional policy, unless their car is financed by a creditor that requires it.

Myth 5: A Rental Car Requires Additional Coverage
Basic insurance policies already cover rental cars, so it is not necessary to buy additional insurance. For example, full coverage insurance on a personal car also applies to a rental if both are intended for personal use. Drivers who only carry liability insurance, however, are wise to buy additional coverage for rental cars.

Protection from loss is a crucial part of smart investing, including car insurance investments. Small monthly premiums protect assets (cars) as well as health in case of an accident. A Wilmington auto insurance representative can work with drivers to fully explain their plans and prevent overlapping coverage.

Car title loan basic facts

The massive changes in the economy in the last five years has had a number of effects on average consumers. One of the biggest is the drop in home ownership because of tight consumer credit or because of home foreclosures. Another effect is that homes in many parts of the country dropped in value so much that for many consumers, they owe more than the house is worth, and have no equity in their home.

For many in the US, their home was the most valuable financial asset they had, and in many cases, the only significant one. In fact, the 2012 Statistical abstract of the United States stated that in 2007, just before the start of the most recent US recession, the average net worth of families that owned their home was about $230,000, but for renters, it was about $5,000. Since then, the situation has become worse for everyone, especially for those who don’t own their home.

Because of lower rates of home ownership and the decline in home values, home equity loans are no longer an option for many consumers. For those who don’t own their home, often the only asset they have is their automobile. The consumer financial services industry understands this, and has increasingly provided an additional option for consumer, a loan on the value of their automobile. Also called a car title loan, this is a loan where in exchange for the title to your car (and the right to repossess that car), you can get a short-term loan.

The biggest drawback of these loans is the huge interest rates you may have to pay. While a home equity line of credit may have less than a 10% interest rate, and a credit card upwards of 25%, many car title loans may have effective interest rates of 300% or more.

If you are in a position where you need money and have no other options, then go get a auto title loan chicago or from some other local vendor. But if you do, be aware that it could cost you more than you expect.