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Why do so many insurance companies not practice in Massachusetts?
I live in Massachusetts and it is very frustrating that there are very few insurance companies operating in the state. Blame Massachusetts insurance regulations for this. Massachusetts insurance rates for auto insurance are determined by the Massachusetts Insurance Commissioner. Since insurers want to determine their own rates, many will simply not operate in the State of Massachusetts (Allstate, Geico, etc.). This rate regulation is great for Massachusetts residents, as we are not hit by sky high premiums as we once were, but it is a detriment in the fact that we are limited in the number of carriers available. high premiums are assigned to risky drivers - that's how insurance works. government do-gooders seeking to make things better as they often to, and failing as they often do, basically took away the power for insurance companies to price risk appropriately, so many simply left. by stating that the companies must charge x or can't charge any more than y, the following results: premiums for good drivers go up to cover the cost of paying for risky drivers risky drivers here will almost always be able to get insurance and note that it will never cost more than y. the moral hazard is here to continue the same risky behavior, perhaps do it even more often. the overall effect is that the risky drivers will likely be even more risky now. costs rises for the responsible driver because they subsidize the risky ones, and costs of business rises for the insurance company because they have to pay out claims more often because of the additional risk allowed by the subsidies. at the end of the day it's a great program in MA - if you are an irresponsible driver.
What car has lowest insurance rating for teen drivers?
The short answer is that cars are almost always rated by themselves and drivers are rated by themselves. The two ratings are then combined and additional factors are considered to come up with a final price. A better question might be, "What car has the lowest (best) insurance rating." That car will probably be the cheapest to insure for teen drivers and older drivers. Of course, teens will pay more for their insurance overall, because car insurance is priced on more than just the car itself. If a driver is considered to be more risky because of the groups the insurance company decides they are in (e.g. teens, drivers with tickets and accidents, males, drivers with poor credit, etc.), they are probably going to pay more. The links provide information most insurance companies use when setting insurance rates on different cars.
What percentage of drivers recognize that driving is risky as it is?
72%
Virginia Car Insurance For High Risk Drivers?
The insurance game is one that is entirely driven by risk. Car accidents are very expensive for the insurance company. The numbers say that drivers who have a history of wrecks or tickets are more likely to be involved in a future accident. The logical conclusion for Virginia car insurance companies is that bad drivers in the past will cost them more money in the future. This is why they tend to charge bad drivers more money for insurance coverage. If you are a bad driver, then you will struggle to find affordable coverage with a reputable company. You will have to look much harder to find a good policy at a good price.What are the characteristics of a bad driver?Bad drivers are going to have to look much harder to find affordable insurance. How do you know if you are a bad driver? The mark of a bad driver is having many wrecks or tickets in the past. Insurance providers typically look at your record over a period of three years. If you have more than one citation during that time, then you can be tagged as a bad driver. If you have one major accident during that time, then you might draw the label. If you have gotten into a simple fender bender, then chances are that you will avoid the label. Different insurance providers have different rules on this.How bad do I have to be before I lose the ability to get insurance?Some people worry that their bad driving will eventually cost them the opportunity to get coverage. It is incredibly difficult to become so risky that an insurance carrier will deny coverage. Even people who have been involved in major accidents can get coverage. DUI drivers often get SR-22 insurance to cover their driving. The bigger concern is the price you will have to pay. After you have many accidents or citations, the insurance company will move you into a higher class of risk. This might mean paying the bad driver premium. Your insurance rates can jump significantly as you begin to get this label with insurance companies.
Can you get away with no home insurance?
If you don't have a mortgage you can do it but it's a very risky thing to do.
Can you get auto insurance for a previous year?
When you are obtaining quotes for auto insurance, this insurance provider will give you quotes effective the date you request. The date requested must be either the date of the quote, or a date sometime in the future. If you are requesting for auto insurance for a previous year, chances are you are trying to get proof of insurance for a period of time you did not actually have insurance. Insurers will not do this as it will put their company at risk for paying claims they should not be covering. Even if you are willing to pay backdated premiums, no insurance company will backdate a policy because it is both illegal and risky for them.
How risky is purchasing corporate bonds?
Bonds are a fairly risky investment if they're not backed by a strong company. If you're confident in the company the risks are not great. However if that company starts to fail the bonds can decline in value rapidly.
What would be a reasonable excuse for not having auto insurance for 2 months?
There is no such thing. If you can't afford gas to drive your vehicle, you can't afford to drive. Same with the insurance. If you can't afford to be responsible for injury/damage you might cause to others, you can't afford to drive. Insurance companies view uninsured driving as "risky behavior", and as such put those types of drivers into a category with other high risk drivers. That's why it will cost you a lot more money to get insurance after you've been driving without. Everything in the insurance industry is about risk and how much they should charge to take on additional risk.
Is life insurance provided for homicide detectives?
Yes. If a person has a risky job or hobby that could be life threatening, then the insurance premiums are higher.
How do risky investments influence businesses?
Risky investments make the company more vulnerable towards the market frictions. If the company is making risky investments - shareholders and debt-holders might require higher rate of return on their capital. Basically, the riskier the investment the more costly it is for the business.
What is bad habits?
Something risky that might get you or other drivers injured. One example is tailgating the car in front of you.
What is bad driving habits?
Something risky that might get you or other drivers injured. One example is tailgating the car in front of you.
