Revolutionary Advances in Automobile Intelligence

Posted by on January 6, 2012 No comments

GPS NavigationA few decades back, many of us were impressed with new car safety features like anti-lock brakes and airbags, but within the last five years, a number of revolutionary advancements in intelligent automobile design have made cars safer to drive and more convenient for motorists who refuse to be separated from their favourite tech gadgets.

• Self-Parking Cars
As many of us know, parallel parking is one of life’s most difficult tasks. While some of us might risk holding up traffic to try and attempt the difficult maneuver, most of us would rather walk a mile in order to avoid whipping our cars in and out of tight parallel parking spots. In recognizing motorist’s needs in this area, car makers have developed intelligent cars that can take on this task with ease. Self-parking cars feature computer-controlled sensors which enable the car to park itself based on the car’s proximity to other vehicles. Once the driver lines up the car’s bumper to the bumper of the car in front of the open parking space, the computer controls the wheel – reversing into the parking manure while the driver controls the car’s speed.

In 2006, the Lexus LS 460 was the first self-parking car to be featured at the Detroit North American International Auto Show. Five American manufacturers including Ford, Lexus, Lincoln, Mercury and Toyota offer self-parking or parking assist on several 2010 models.

• Back-Up/Rear View Camera
As the popularity of big-bodied SUV’s continues to grow in the US, more and more drivers found that they were having problems navigating their cars out of parking spaces or experienced visual impairments when backing up their vehicle. In order to solve this problem, car manufacturers designed intelligent features to help with this problem – and the back-up camera was born. Back up or rear view technology use small cameras mounted on the back of the vehicle to give drivers full visibility of what’s behind the vehicle. Some car makers, such as Infiniti, provide a 360-degree view of the vehicle using four separate cameras. In many cases, this feature comes pre-installed in the center console or as a feature hidden within the rear view mirror. Rear view cameras can also be purchased in kit form.

• Blind-Spot Detection Systems (BSD)
Depending on the design of your vehicle, you may have trouble merging or switching lanes due to blind spots along the sides of your vehicle. In order to remedy this visual problem that is responsible for a number of collisions each year, car makers have develop computerized sensors that work to notify the driver of other vehicles on the road. Some blind-spot detection systems (BSD) produce an audible warning when a driver is about to side-swipe another car or create vibrations in the steering wheel or car seat if the car gets too close to another vehicle while the system is engaged. Ford, Volvo, Lincoln, Infiniti and Mercedes-Benz all feature models with BSD systems.

• Intelligent Braking and Pre-crash Features
We’ve all been guilty of it. Tuning the radio, looking for lost change underneath the seat or trying to dig our phones from our handbags – when suddenly we look up to see a pair of red brake lights! If you’ve found yourself having to slam on the brakes one too many times to avoid a collision, then you might want to think about investing in a car with an intelligent braking system or pre-crash detector.

Generally, intelligent braking systems automatically engage the brakes if the car’s computerized sensors detect that the vehicle is too close to another car, object or person. If your car determines the vehicle will crash or senses an oncoming impact, pre-crash detectors will engage a host of safety features meant to keep the occupants of the vehicle safe. For instance, in some car models, pre-crash sensors will raise the hood to help absorb the impact of the crash, tighten the seat seats in the vehicle to hold you and the other passengers in place and automatically close the windows and sunroof.

Intelligent braking systems are currently available on several Audi, Lexus, BMW, Volvo and Chrysler models. According to the Insurance Institute for Highway Safety (HIS), it is estimated that these types of crash-avoidance systems have helped to prevent close to 1.2 million crashes since their development.

• Bluetooth Technology
If you are one of those people who just can’t travel without your suite of tech gadgets, you may want to invest in Bluetooth technology for your vehicle. Bluetooth technology enables wireless communication between electronic devices such as cell phones, computers and mp3 players, regardless of brand. As long as the device is in the car with you, you can control the device through your car’s console and utilize the car’s speakers for sound. While newer car models come equipped with integrated Bluetooth features, older cars can purchase aftermarket Bluetooth car kits for around $50.

How To Get Around For Less

Posted by on December 30, 2011 No comments
Transportation is expensive. Getting around is not cheap for most people and even a trip to store costs money. In this economy, people are looking for ways to save money and get around for less. It is possible to reduce your transportation costs, but you have to realize that you may have to compromise on certain things and lower your standards a little bit. Public transportation has always been a cheap alternative, but a lot of people do not use it because they feel uncomfortable or they think it could be dangerous. The truth is that public transportation as well as other less expensive forms are transit are perfectly fine alternatives to driving. Here are some ideas about how to get around for less.

Drive A Used Car If you are looking for a new car, an alternative is to buy a used car instead because they are often much cheaper and they tend to work fine. This alone can save you thousands of dollars, but be sure to check that the car is in good working condition before you buy it.

Use Public Transportation

Public transportation is probably one of the cheapest forms of transportation around. Most bus and subway tickets only cost a few dollars and use can use them to get all over the city without worrying about gas, accidents, or traffic. This will work best for people that live inside of the city or if they happen to be in a metropolis like New York City, Chicago, or Washington DC. However, if you happen to live in the suburbs or in a city that does not have much public transportation then it may not be an option.

Reduce Auto Insurance Costs

If you do drive regularly, then you could find ways to reduce your auto insurance costs. The first thing you should do is talk to your current insurance company and see if they offer any special programs or discounts. Certain professions receive lower rates like police officers, members of the military, government workers, or even teachers. Auto insurance comparison shopping is also an option because other companies may be willing to work out a better deal with you.

Ride A Bicycle

Bicycles are actually an affordable and fun method of transportation. A bike will usually cost only $100-$300 and they can take you distances near and far without getting bogged down in traffic. They are also good exercise and quite fun to ride. This is a great idea if you just need to get around the neighborhood and run some errands. However, just be careful to watch out for traffic and adverse weather conditions.

Ride A Scooter

Scooters are another alternative method of transportation, but it is more akin to a motorcycle. Scooters are like small motorbikes that usually travel at slower speeds than motorcycles and they are designed differently. They have excellent gas mileage and they are relatively safe to drive. The one of the best things about them is that they cost significantly less than most cars because they are usually about $5000 at the most.

Start Walking

Walking is another cost effective method that works as exercise and transportation. Walking is not suitable for traveling to work unless you live close enough. It can be good to walk to the local store and buy some groceries or walk to the local library.

Shop Online

Another way to reduce transportation costs is to shop online and get stuff in the mail. Obviously, you cannot do that for everything, but it will reduce your need to travel to the store as often.

Overall, you can get around for less if you are willing to compromise and look at some alternative methods such as walking, riding a bike, lowering your car insurance, or using public transportation. Keep your daily costs in mind and be creative in finding new ways to do things.

Will China Open Up The Auto Insurance Wall

Posted by on December 17, 2011 No comments
The auto insurance wall in China may be opening up within the next year. Sources in China have reported to the media that foreign auto insurance companies from outside of China may soon be allowed to sell not only commercial auto insurance, but mandatory auto insurance as well. The market share for selling mandated auto insurance could increase for foreign insurance companies by the end of 2012. As it stands right now, domestic Chinese auto insurance companies have a monopoly grip on the sale of mandatory auto insurance, but officials inside of China want to bring in competitive companies from other countries, such as Taiwan.

If China does in fact open up this auto insurance wall from the rest of the world, it will benefit consumers in China greatly. People who own cars in China will likely enjoy many different choices of companies to go to for their auto insurance needs, which means many people will find better prices more suitable to their budgets. The combination of more money in the pockets of the Chinese consumers and more competition among auto insurance companies is predicted to be a great asset to the Chinese economy in the coming years. As other economies, most notably the US, continue to struggle, China is flourishing more now than ever. The aid of more competition in the auto insurance industry there will only benefit their overall economic outlook even more.Since commercial auto insurance companies sell many different packages of insurance that cover a number of different, varying risks, it is not required that car owners purchase from these companies. The Chinese auto insurance companies sell the mandatory insurance packages that every driver in China must have in order to legally operate their vehicle, and Chinese consumers tend to buy any extra coverage they want from these same companies. For that reason, the Chinese mandatory insurance companies reap nearly all off the massive car-owner market in China, as sometimes the bare minimum insurance that is required by Chinese law is not enough to completely cover the damages of an accident. In truth, you can never be “over-insured” if you want to be confident that your vehicle is protected in case of an accident.

Right now, the people of China have very few options for spending the least amount of money on the most comprehensive coverage. Because the Chinese government keeps a very watchful eye on the sales of insurance in China, introducing competitive foreign companies can only be a benefit to the Chinese consumers. These foreign auto insurance companies will help to break the wall between the mandatory insurance companies and the commercial insurance companies, and all drivers in China will enjoy more flexibility with their choices for auto insurance. It may take some time for the foreign competitors to get going in China, but they will make an impact soon enough.

The Chinese wall around auto insurance is about to go down. This is a very big deal in China, because the people there don’t have many options for auto insurance right now. They can only pick from a few companies, but those days will quickly come to an end once competitive companies from other parts of the world are allowed to sell in China.

How To Stop Making Mistakes With Car Insurance

Posted by on December 4, 2011 No comments

Buying car insurance can be a tricky and complicated endeavor. Sure, finding a quote is easy enough, but do you know what you are getting? Even if you do know what you are getting, do you know if the coverage is enough for you? It is important that you understand what you are buying and make sure that you are getting sufficient coverage for the best price.

Minimum Coverage Is Not Always Sufficient

Just because you have the amount of coverage that is mandated in your province does not mean it will cover you in an accident. The medical bills that you end up having to pay could be more than a minimum policy will pay to you. The amount of bodily injury coverage may not be enough to cover the amount you are liable for if you are in an accident.

Higher Deductibles Aren’t Cheaper In Case Of An Accident

A higher deductible will keep your premium down, but it won’t help you much if you are ever in an accident. Make sure that you are keeping your deductible in line with what you could afford to cover in the event that you ever had to make a claim. It could be the difference between having a car and getting to work, or not having a job on Monday.

Dropping Coverage Isn’t Always Cheaper Either

If you are thinking about dropping coverage in the hopes of saving money, you should make sure you can afford to pay any repairs on your own. For example, if you drop collision coverage, you won’t have any recourse if you cause an accident and your repair bills are going to be all on you. Unless you want a new car, you are going to want to have collision insurance, especially if you still owe money on the car.

Always Shop Around

You shouldn’t just assume you are getting the best policy. Just because you like your agent, or you feel like its too much work to shop around, does not mean you shouldn’t be doing so. You can save yourself some serious money if you are willing to take a few minutes and see what is out there. It is possible to compare quotes from many different companies with just one click. Take advantage of that easy opportunity to save money.

There are many mistakes that people make when shopping for insurance. Never assume that the cheapest policy is the best one or the one that is going to serve you best should you ever be in an accident. Never assume that you will never need your insurance policy, or assume that you are getting the best deal. Shop around and check to make sure you are getting sufficient coverage for the lowest price.

The Potential Downsides Of Slashing Your Auto Insurance Rates

Posted by on November 17, 2011 No comments

The purpose of car insurance is to help mitigate the extraordinary financial costs that can arise from unforeseen circumstances. For example, a single at-fault accident can result in tens of thousands of dollars in property damage and medical care for injured parties. An unexpected flood or fire might destroy your vehicle, leaving you without transportation, and responsible for thousands of dollars on an outstanding auto loan. Auto insurance reduces the risk, spreading it across a large pool of policyholders. The goal is to pay as little as possible while maintaining the coverages you need.

As you compare quotes between insurers, it’s important to remember that low-priced car insurance often requires compromise. The key is to determine whether the sacrifices you’ll be forced to make are worthwhile. We’ll explore this issue in more detail below.

Dropping Non-Mandatory Coverages (Endorsements)

One of the quickest ways to lower your rates is to drop collision and comprehensive coverages. Both are expensive. Together, they can add up to nearly 40 percent of your total premium. Other endorsements, such as damage to non-owned automobiles and loss of use coverage, tend to be less costly, but will still increase your rates.

The problem with dropping these endorsements is that you’ll need to pay for repairs and rental cars out of your own pocket should the need arise. For example, suppose your car is vandalized. Damage would normally be covered by the comprehensive portion of your policy. Were you to drop comprehensive coverage prior to the vandalism, you would have to pay for repairs yourself. Bear this in mind.

Qualifying For A Low-Mileage Discount

Most insurers will reduce their policyholders’ rates if they drive fewer miles than normal. The reasoning is that these policyholders are less likely to be involved in circumstances that generate claims.

If you normally drive very little – for example, you work from home, and can avoid a daily commute to the workplace – take advantage of this discount. However, actively reducing the number of miles you drive may pose a greater cost than the savings you’ll enjoy. Driving less may be less convenient, depending on your circumstances.

Consolidating All Policies Under One Company

Another discount is given to policyholders who bring multiple insurance policies under a single company. For example, if your auto, property, and health insurance coverages are held at three insurers, consolidating them is likely to lower your rates.

A possible issue is that the insurer under which you bundle your policies may not offer the lowest rates for one or more insurance products. For instance, you may enjoy a significant discount on your auto insurance, but not on your property, health, and life policies. The only way to make an objective decision is to compare quotes between insurers to determine which offers the lowest rate.

The Cost Of Raising Your Deductibles

Increasing your deductibles will result in lower premiums. The reason is because higher deductibles lower the risk of loss to your insurance company. In many cases, consumers keep them too low, and end up paying more than necessary for their coverages.

The drawback to raising them is that doing so exposes you to more risk. For instance, suppose you increased the deductible on your comprehensive coverage from $250 to $1,000. If a vandal damages your vehicle, you would need to pay $750 more out of your pocket before your insurer agrees to cover the rest.

This is a good method for lowering your premiums, especially since the likelihood of experiencing a covered event is slight. But make certain that you understand the risk.

Hidden Sacrifices When Switching Insurers

One of the most reliable ways to consistently enjoy low-priced car insurance is to request quotes from multiple insurers each time your policy is about to expire. Many people find that their current providers no longer offer the lowest rates despite doing so for years. Comparison shopping brings this fact to light.

If your current insurance company offers you little value, and you have uncovered lower rates elsewhere, choosing the other provider is a good idea. But if your current company provides exemplary service, numerous discounts for which you will soon be eligible, and other benefits, reconsider. You may be sacrificing more than is immediately clear.

Our purpose in highlighting the issues above is not to dissuade you from doing everything possible to lower your car insurance premiums. Rather, we hope to help you make objective decisions based on your circumstances.

How To Properly File An Insurance Claim

Posted by on November 10, 2011 No comments
It is the law in all provinces that you must carry auto insurance to drive any type of vehicle, whether that is your private car, a company van or a commercial bus. Sooner or later, most drivers have at least one minor accident that needs to be reported to their insurance company. If you have never had to do this before, the following information will walk you through the process with ease.

 

Mandatory Reporting

 

Just as the law requires auto insurance in order to drive a car, it also requires that you must immediately report any accident you have been involved in to your insurance company. This is true whether or not the accident was your fault. After speaking with the police and giving your statement for the accident report, your auto insurance company should be the first call you make. Make sure that you have obtained the name and contact information for the other driver involved in the accident with you. This is especially important of you were not at fault in the accident. If you have the name of the other driver and he or she admits fault, the deductible from your own insurance company should be waved.

Information to Report to Your Insurance Company

When you call or fill out an online form to report your accident, be sure you have a copy of the police report handy so you have all the details necessary for the insurance company. In addition to your name, driver’s license number and policy number, you will need the name and address of the other driver involved, the time and place of the car accident and contact information for any witnesses. This would include passengers in either vehicle at the time of the crash. You may also be asked to describe the weather conditions or other contributing factors to the accident. Finally, your insurance agent may request a photograph of the damage to your vehicle.

Questions to Ask Your Insurance Agent

After you have submitted your mandatory claim, be sure to ask your insurance agent what you should expect next. For example, will the claim be settled in one week or one month? You also want to make sure that you have submitted all necessary documentation so there is no unnecessary delay in processing your accident claim. Another thing to verify with your agent is your type of coverage and whether you are responsible for paying any deductibles on the claim.

Most auto insurance policies provide at least some coverage for a rental vehicle while yours is being repaired. If your car was a total loss, you should still be able to get rental car coverage while you shop for a new one. Ask your agent the daily limit the insurance company will pay towards a rental car and if you need to use a specific agency to obtain one.

It can be frustrating to wait for your claim to be processed, especially if you need the claim check to repair your vehicle. However, it is very important to cooperate fully with your insurance company in order for the claim to be processed correctly. When you do receive reimbursement from your insurance company, it will most likely be for the cost of the lowest repair estimate provided to them or for the current Kelley Blue Book value of your car if it was a total loss.

Car Insurance 101: Everything You Need To Know To Choose The Right Deductibles

Posted by on October 27, 2011 No comments

Fender Bender

The deductibles on your auto insurance policy play an important role in determining your rates. While every insurer is different, and much depends on your driving record, raising them can lower your premiums by as much as 10 percent. It clearly pays to choose them wisely. The problem is, most people give little thought to doing so, and thus burden themselves with higher rates than necessary.

In the space below, we’ll start with an overview that covers how car insurance deductibles work. We’ll then take a closer look at the benefits you’ll enjoy by raising them. You’ll learn which coverages on your policy are likely to have deductibles, and steps to take to make sure your exposure to risk is minimized.


Car Insurance Deductibles Explained

Whenever you submit a claim to your insurer, you are expected to pay the amount of your deductible before your coverage begins. Once you contribute that amount, your insurer will compensate you for the remainder.

For example, suppose you are involved in a minor accident that results in $2,000 of damage to your vehicle. Further suppose your deductible on your collision coverage is $250. In this case, you would be expected to contribute $250 toward repairs, after which your insurance company would cover the remaining $1,750.

Most insurers require their policyholders to pay deductibles on a per-claim basis. For instance, if you are involved in a subsequent accident that results in damage to your car, you’ll need to pay another $250 before your coverage pays for repairs. Review your policy carefully to familiarize yourself with the way in which claims and deductibles are handled by your insurer.

The Advantages Of Raising Your Deductibles

We mentioned earlier that you can save up to 10 percent on your premiums by increasing your deductibles. It’s important to understand the reason.

To your insurer, each policy represents a risk of insurance loss. They calculate your rates based on this risk. They evaluate numerous criteria, such as your driving record, make and model of your vehicle, and where you live. They also consider your deductibles. The higher they are, the more you agree to pay whenever you submit a claim. This lowers your insurer’s risk of loss. It also lowers the likelihood that you’ll submit a claim in the first place. As a result, if you raise them, your insurance company is likely to lower your premiums.

So, how high should you set your deductibles? This depends on your willingness to absorb more financial risk. If you believe you’ll be involved in numerous covered events (e.g. collisions, vandalism, theft, etc.), a lower amount, such as $250, may be suitable. (Keep in mind, however, your rates will rise with each subsequent claim.) If, on the other hand, you feel such events are likely to be rare, keep them high (for example, $1,000). You’ll save substantial money over the long run.

Which Coverages Have Deductibles?

Most optional coverages require deductibles. Collision and comprehensive are the most common endorsements, but deductibles may also be applied to Family Protection and damage to non-owned vehicles (e.g. rental cars). Additionally, all perils coverage is usually accompanied by a deductible; it is often the same as those carried on your collision and comprehensive coverages.

Mandatory coverages, such as third-party liability and direct compensation can also have deductibles. This depends largely on where you live.

How To Address Your Increased Financial Exposure

Suppose you have set your deductibles at $1,000. When you make a claim, you’ll be expected to pay this amount before your insurer will cover the rest. Note the sequence of events: you pay, then your insurer pays. If you lack the funds to meet your deductible at the time you make a claim, your coverage may not start.

This is the reason it is important to set aside funds to pay your deductible. Place the amount into a savings account. That way, it will be available and easily accessible if the need arises.

When you contact your insurer to raise your deductibles, take the time to request quotes from other insurance companies. You may find that another insurer can offer lower rates for the same coverages.