What Happens When a Car is Considered a Total Loss?
The first step in determining whether a car is totaled (or, in insurance terms, a total loss) is to calculate its actual cash value (ACV) at the time of the loss. The ACV is how much your vehicle is worth after factoring in depreciation. On average, vehicles depreciate more than 20 percent the first year […]
Why Auto Insurance Rates Are On The Rise
1. Frequency of auto claims are on the rise. More cars are on the road and more miles are being driven every day due to higher employment rates and ride-hailing services. • The national unemployment rate dropped to 3.7% in November 2018, the lowest it has been since 1969. • Of all the modes of […]
2019 Outlook: Rates, Deductibles Likely to Rise Again in Texas Homeowners Insurance Market
Source: Insurance Journal Texas independent insurance agents might want to warn their homeowner insurance customers that premium hikes and/or increases in deductibles could be on the horizon this year. Homeowners insurers have been filing for rate increases in the state over the past couple of years and that’s going to continue, according to Jim Gavin, […]