MDWholesale Automotive Blog

Be sure you have the appropriate level of coverage before something like this happens to you!

Unlike health insurance, car insurance is really not that expensive.  Now that’s depending upon who you ask.  The reason for this is car insurance is cheap for people that own their cars outright and don’t carry collision insurance coverage.  Then there’s the other group of people whom have to drive brand-new cars all the time and you pay through the nose for the mandatory collision coverage required by the lending company or bank that they have obtained their loan through. 

The difference between having collision coverage and not having collision coverage on the same vehicle can easily be a difference of $1500-$2500 or more.  It all depends upon the state do you live in an obviously some states like New Jersey and Texas are far more expensive than other states like Alaska and California.  In any case, the decision to buy a new or used vehicle is entirely yours unless of course you have bad credit and that reduces the amount of decisions you can make here. 

What were talking about here is whether you have appropriate coverage for your car or not.  If you do not have collision coverage obviously what that means is that if your car is wrecked and it is deemed your fault then you flip the bill to repair your car.  It’s that simple.  Now if you’re hit by someone as their fault but they don’t carry adequate or any insurance then you’re not covered also.  

This is why a lot of car insurance agencies offer what is called no-fault insurance coverage which also has similar riders to cover similar conditions where the at fault party’s coverage is not adequate.  Now all states have a certain minimum amount of insurance coverage that is required. This is different for every state.   

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Now it is recommended that you get above the minimum coverage and this is important because if your coverage is tapped out an accident and you are at fault than the other party(s) can come after you directly and sue you for any shortcomings.  And it all depends here.  Usually if you have no money and no assets they usually will not sue you, but that is not a guarantee and it has happened before. 

If you do get sued because your coverage is inadequate and you caused the accident then you will be found at fault and will have a judgment entered against you.  The judge will look into what the plaintiff’s side of this accident or case states and their costs plus they will most likely add in reasonable legal expenses of the plaintiff’s attorneys.  So, for instance, what were those eight $4500 or $5000 accident could easily swell to $20,000-$30,000 fast when you add in court costs, fees, attorney’s fees and more. 

If you do not pay what the judge decides within a certain period of time the plaintiff’s attorneys and the plaintiff or afforded the right to have the sheriff come out to your house and inventory your personal items and auction off anything deemed allowable by the judge.  A judgment will also be entered into your credit report most likely with all three credit bureaus and this will greatly affect your credit rating.  Plus they can actually, through the courts depending upon your state and local laws, ask to have your wages garnished. 

What that means is that a certain percentage of your income will be taken out before you receive your paycheck.  Depending upon the state you live in it can be any where from between 10% on up to 50% of your paycheck.  This is something you definitely don’t want to have happen to you or have to go through.  I have seen people go through it and it’s completely avoidable.  All it takes is to make a phone call to your car insurance company and go over the level of coverage as you have and determine what your agent what level of coverage is best for your situation. 

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This will help ensure that you are appropriately covered.  And the difference cost of your insurance coverage is most likely going to be minimal.  The biggest coverage expense is not liability coverage.  The biggest coverage expenses as stated before is collision coverage.  And this is just basically dependent upon what kind and year of vehicle you drive.  

This is why in the book the millionaire next door they tell you specifically that most millionaires do not drive brand-new or even recently new vehicles.  They drive vehicles that are old enough and paid off so that they both save on not having collision insurance coverage as is no longer necessary when the value of your vehicle is below $5000 and paid for, plus they also save big time on taxes on their vehicle. 

When you drive a brand-new vehicle and buy one every few years just to look like you’re keeping up with the Joneses – all you’re doing is making your car dealer, your lender, your insurance agent and of course your state wealthy by paying too much for car ownership, financing, collision coverage and of course taxes.  

Get smart and make sure you’re covered correctly and properly with your car insurance, but also make sure you’re not driving something out of your league just to impress people that in the long run don’t matter.  If someone likes you for your vehicle you drive they’re a very shallow individual.  And you know what shallow individuals do not make good friends. 

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Are you in the market for a new car or truck?  Are you thinking of replacing one of your vehicles with either a new or used vehicle?  Well there are some things that you need to know if you want to save some money and not make the dealer rich.  There is a reason why car dealers are all millionaires – they know how to get as much profit and as much money out of your pocket as possible.

Car dealers don’t just sell you a vehicle – that was the way it was back in the 60s and 70s.  Nowadays they sell you the vehicle, the financing to go with the vehicle (which most of the time makes them more money than selling the vehicle in the first place), extended warranties (which they always double the price on), and numerous other gizmos and things you’ve never heard of before to help supposedly protect your car that you’ve purchased.

Are any of these things were what you would pay for it the dealer had his way and you paid top dollar – absolutely not.  Some of the things dealers have sold in the past and that still continue to sell today are actually borderline fraud.  So don’t let your dealer befriend you because that is their whole mission and then they can fleece you blind.  So how do you best prepare to go into a car dealership and get the best deal possible?

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First, do your homework, you would be amazed what you can find in just a few minutes reading a half an hour on the Internet.  You can easily find the invoice prices, the true cost of extended warranties and even pull your credit and get preapproved for a car loan with a great rate (be sure and avoid any financing through eBay for car purchases as whatever the company was last time I checked on their they were charging flat rate to everybody regardless of how good your credit is at 16% – which is a flat-out ripoff).   So with the Internet is so available and all this information so easy to access, there is no excuse for you not to know what the dealer’s true cost is and where he should be targeting for your car purchase price.  If you take the invoice price and at a few hundred dollars to it – you can buy almost any car at this price if you stick to your guns and you have the proof to show that you know what the price and costs are.

Now some dealers and their management staff will lie to you and tell you that the invoice price does not include transportation costs or that it doesn’t include cleaning and caring for the vehicle – this is all hogwash and lies as it will tell you that on the window sticker of the car that this is all taken care of by the car manufacturer.  If you really want to have fun with the car dealer looked up dealer hold back.  This is what the car dealer is paid by the manufacturer to help with advertising and other various costs so the car dealer doesn’t even pay the invoice price.  It is true cost is the invoice price minus the dealer hold back and then minus any other rebates to the dealer or sales incentives.  So even if the car dealer sold you the vehicle at the dealer hold back price he still making a profit.  But a fair price to target and never waver from is take the invoice price and add $300 to it. 

That is a very fair price and the dealer makes a healthy profit there.  Besides if the idiot sales manager doesn’t want to take your offer you can rest assured that his competition will.  Also be sure and check out your local credit unions as many of them offer some really great used car financing rates that none of the car dealers can touch.  And you will feel much better going to the car dealer having already been approved and knowing what your rate is.  Because then the car dealer can only beat your rate.  They can’t give you a higher rate because you won’t take that.  And you’ll feel great being armed with the true cost of the extended warranties.  So when the finance manager shows your price of $2500 tell them no and that you wanted for the same price they would pay from their own car which is $1200.  Why should you pay a $1300 profit for an extended warranty?  Oh but millions do because they don’t do a little bit of simple homework on the Internet.

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Next, take your used car trade in out of the picture.  You are always better off selling it on your own.  Especially with craigslist being free and having far better results than your local newspaper classifieds you have no excuse not to try and sell your vehicle on your own. Just by selling your vehicle on your own you’ll put another, on average, $3000 in your pocket.  Is it worth it to sell your vehicle to get that extra $3000?  Well the average American family makes $42,000 a year.  If you take out both state and federal taxes because it’s not your money, and let’s assume just a 30% total tax rate (your tax rate might be hire and upwards of 35% but weare just going to use 30% here for simplicity sake), you are left with $29,400 a year.  Now the average family spends one third of their income on their housing so that leaves $19,404 a year.  The average family spends around $5000 a year on food and another $2500 on gas.  That leaves $11,904 a year.  $3000 is a little over 1/4th of the average family’s real budget!  And unless you’re in the group of people that makes well over what the average family makes then you definitely should give some serious consideration to selling your vehicle rather than trading it in!

So if you do a little homework on the Internet you can literally save yourself an easy $5,000-$10,000 on your next car purchase.  All it takes is a little bit of time on the Internet and it isn’t hard to find the invoice prices, the true cost of the extended warranties and all the other items the car dealer’s staff is going to try and sell you on.  Plus you’ll save money by having your financing already in hand and knowing what your credit score is so the car dealers finance manager can’t play games with you to make it sound like your credit is worse than it really is – and yes they really do do this every time!  It’s exactly what they’re told to do and taught to do in their classes that they have to attend a become a finance manager in the first place, plus their compensation plan requires them to do this.  

So take some time, go on the Internet and Google keywords and search terms like invoice price and true cost of extended warranty.  Stop paying for the car dealers expensive country clubs, million-dollar mansions, Ferraris and Bentleys and their private jets.  Keep your money in your own pocket you work hard for it and you and your family deserve to keep as much of it as you can!

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I have found Progressive to have the lowest rates and best service and highly recommend them.

If you are like most Americans probably drive a newer car and have a loan on it that requires higher levels of insurance and collision coverage.  Now the funny thing is when you buy a newer car or brand-new car at the car dealer they somehow tend to forget to tell you that your payments on the car aren’t the actual total of you’re monthly payments.  You also have to pay for your car insurance which obviously is to be much higher on a newer car than a older, used car.  

Sometimes, actually most of the time, by buying a new car your car insurance can actually double or even quadruple.  This is why books like the automatic millionaire and other common sense how to get out of debt books tell you that you should drive an older vehicle.  The reason here is simple because the older vehicle, especially if it’s paid for, requires less insurance coverage or you can even drop the collision if it’s completely paid for.  

Now you might say why on earth would you drop collision coverage and what if someone hits me.  Who is going to pay to fix the repairs?  Well it all depends on did they hit you or did you hit them?  You see the police will show up at the scene and write a car accident report and usually they’re pretty good about finding out who was at fault.  If the other party is at fault than their insurance pays for the bill – period.  If you’re at fault then you do.   

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Now this might sound bad, but think about it, if your car is worth less than around $6000 or so this is actually a good idea because you will save probably around $1500-$2500 per year, and according to the Highway Traffic Safety Institute (HTSI), your odds of being involved in a car accident run at about three in your lifetime.  So if you are a pocket the difference each year you more than make out ahead.  

So over a period of three years you will save enough to buy yourself another similar vehicle if you get involved in an accident that’s your fault.  Now it gets better, according to the HTSI, the odds of you being in an accident that’s actually your fault is only one out of those three occurrences.  So in other words you’re far better off driving cheaper or used vehicle that you’ve paid cash for so you don’t have any car payment story about plus your car insurance payments will be very minimal because you no longer need higher amounts of coverage determined by the banks and you can drop the collision coverage.  

So the first and best way to save in your car insurance rates is to drive an older vehicle.  Another way is to, just like with your credit, check your driving record and be a good defensive driver.  Forget about offensive driving.  Keep at least four car lengths between you and the car in  front of you where possible.  Try not to speed and stick close to the posted speed limits.   

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Another great idea is if you do have points on your drivers license for anything from speeding to any of a myriad of other charges, take a defensive driving course.  These are usually offered for free or little cost by your local Department of Transportation, DMV and even community colleges.  By taking one of these courses you can drop 2 to 3 points off for license which will have an immediate impact on your car insurance rates.  This can save you hundreds of dollars each and every year right off the bat.  

One more way to save money is to a little research on the vehicle you’re driving or will be driving.  Don’t buy a sporty two-door car that has very high insurance rates.  Sometimes cars don’t have high insurance rates because of fast driving.  It could be as simple as the fact that it is a high theft car like a Honda Accord or Honda Civic.  For some reason these cars are in the top 10 in stolen cars in the US every single year – so by avoiding them and buying a car that’s not in the top 10 in stolen cars you will probaby save on your car insurance again.  

Now when you equip all the ideas above together your monthly savings on car insurance payments and rates can be quite huge or staggering even.  The difference could literally amount to $1500 to even $3000 per year.  That’s a lot of money and a lot of savings.  One last idea that everyone should abide by is shop your car insurance rates around.  You could easily save a lot of money just by going from one car insurance company to another.  Usually you’ll find Progressive and Geico have the best rates out there.  

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More great articles and posts from MDWholesale.com that you will want to read: 

1. Fuel economy 101 and saving big at the pump! 

2. All about HID headlights! 

3. Car interior restoration 

4. DIY windshield repair and Craigslist! 

5. All about headlight repair and restoration! 

6. How to save big on auto parts! 

7. Headlight restoration and improving the look and safety of your car or truck! 

8. Car detailing made simple! 

Most of us have gone online to look at and compare prices for everything from life insurance and credit cards to auto insurance.  But the problem that we run into a lot of times with auto insurance is that they want our contact information including our e-mail and home phone number so they can contact us and give us a personal quote.  Most of us don’t want to be contacted by each and every single auto insurer.  So how do we get around this and is getting around this a good idea?

Well recently in the last year or so a lot of auto insurers have found that there’s been a lot of people that quickly leave their websites in search of one where they don’t have to enter personal information to obtain an auto insurance quote.  This may not only cost them customers in the short run but it could also cost him lots of potential customers in the long run as Google and the other search engines determine your search engine placement for various search terms based on stickiness of your website. 

So if a lot of people quickly leave your website because you’re trying to get personal information from that connection hurt you with your ranking for your website in the search engines.  So many auto insurance companies are changing their plans here and trying to give a guesstimate as to what one’s insurance quote would be.  But in the small print it clearly states that this is just a guesstimate or similar and 80 actual quote must be given and that it could change drastically depending upon information obtained.

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So, basically a lot of these websites not made is that you can go online and obtain an auto insurance quote for free and quickly, but it will only be as reliable as the information you give them and even then it’s basically a shot in the dark.  Yes we don’t want to give them information to every single auto insurance website out there.  And we don’t want every one of these websites to be pulling our personal information and credit information which is what they do before they provide an actual quote that they will be bound to.

So you can get a rough guesstimate online for many of these websites now.  But you should still make sure you include Progressive, GEICO, and a few nationally franchised or similar insurance companies like Allstate and State Farm.  This way you have a broad range for comparison purposes.  But in the long run you’re basically going to be looking at progressive as the lowest price and highest coverage amounts and best overall bang for your buck in auto insurance quotes.

I’ve personally had auto insurance coverage with State Farm, Allstate, Geico, Progressive and numerous other companies.  None have come close to the low prices of Progressive and some like Allstate and State Farm had actually been as much as 200% or more higher for the same exact coverage on the same exact vehicles.  Regardless of what the ads might say for State Farm, Allstate or even nationwide, they have never come close to that price and coverage amounts from Progressive insurance.

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In a case, an online auto insurance quote that doesn’t involve any personal contact information is a rough guesstimate at best and should not be relied upon to determine what your insurance payments or costs will be.  Before you go into a car dealer and buy a new or used car you should always have in writing what your exact insurance costs will be on the car you’re looking at.  Having been in the automotive industry for many years I have seen so many people that go in to a car dealership thinking that their car insurance will be insignificant when they upgrade to a new or better used vehicle.

These same people find out several weeks later in the mail that their monthly car insurance payment has gone up from $100 to $200 or more.  Which means that there auto insurance costs have doubled.  For some people that can actually lead to bankruptcy or severe debt in the least.  So be wise and use an online auto insurance quote as just that – a rough guesstimate.  When you are trying to calculate what your monthly car payments would be in your monthly expenses be sure and get an actual quote from your insurance company and preferably from Progressive and other auto insurance companies so you can compare prices and get the best price and deal.

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More great articles and posts from MDWholesale.com that you will want to read:

1. Odometer rollback fraud and what you need to know.

2. Avoid car fraud on Ebay!

3. Car dealer scams and what you need to know!

4. All about government seized auto auctions!

5. Wax on wax off and getting the best finish and protection for your car’s paint!

6. Cleaners and degreasers for car detailing.

7. Headlight restoration and improving the look and safety of your car or truck!

8. Car detailing made simple!