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These cases include but are not limited to:In addition, some vendors and insurance companies offer what is called "Total Loss Coverage. " This is similar to ordinary GAP insurance but differs in that instead of paying off the negative equity on a vehicle that is a total loss, the policy provides a certain amount, usually up to $5000, toward the purchase or lease of a new vehicle. Thus, to some extent the distinction makes no difference, i. e. , in either case the owner receives a certain sum of money. However, in choosing which type of policy to purchase, the owner should consider whether, in case of a total loss, it is more advantageous for him or her to have the policy pay off the negative equity or provide a down payment on a new vehicle. For example, assuming a total loss of a vehicle valued at $15,000, but on which the owner owes $20,000, is the "gap" of $5000. If the owner has traditional GAP coverage, the "gap" will be wiped out and he or she may purchase or lease another vehicle or choose not to. If the owner has "Total Loss Coverage," he or she will have to personally cover the "gap" of $5000, and then receive $5000 toward the purchase or lease of a new vehicle, thereby either reducing monthly payments, in the case of financing or leasing, or the total purchase price in the case of outright purchasing. So the decision on which type of policy to purchase will, in most instances, be informed by whether the owner can pay off the negative equity in case of a total loss and/or whether he or she will definitively purchase a replacement vehicle. In the United States, automotive insurance covering liability for injuries and property damage is compulsory in most states, but different states enforce the insurance requirement differently.

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01.14.2007 | 34 Comments

Recent accelerations in technology have increased the effectiveness and cost of using telematics, enabling insurers to capture not just how many miles people drive, but how and when they drive too. The result has been the growth of several UBI variations, including Pay As You Drive PAYD, Pay How You Drive PHYD, Pay As You Go, and Distance Based Insurance. Pricing of UBI The pricing scheme for UBI deviates greatly from that of traditional auto insurance. Traditional auto insurance relies on actuarial studies of aggregated historical data to produce rating factors that include driving record, credit based insurance score, personal characteristics age, gender, and marital status, vehicle type, garage location, vehicle use, previous claims, liability limits, and deductibles. Premium discounts on traditional auto insurance is usually limited to the bundling of insurance on multiple vehicles or types of insurance, insurance with the same carrier, protection devices like airbags, driving courses and home to work mileage. Policyholders tend to think of traditional auto insurance as a fixed cost, assessed annually and usually paid for in lump sums on an annual, semi annual, or quarterly basis.

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01.14.2007 | 16 Comments

From 1 October 2014, it is no longer a legal requirement to display a vehicle excise licence tax disc on a vehicle. This has come about because the whole VED process can now be administered electronically and alongside the MID, doing away with the expense, to the UK Government, of issuing paper discs. If a vehicle is to be "laid up" for whatever reason, a Statutory Off Road Notification SORN must be submitted to the DVLA to declare that the vehicle is off the public roads and will not return to them unless the SORN is cancelled by the vehicle's owner. Once a vehicle has been declared 'SORN' then the legal requirement to insure it ceases, although many vehicle owners may desire to maintain cover for loss of or damage to the vehicle while it is off the road. A vehicle that is then to be put back on the road must be subject to a new application for VED and be insured. Part of the VED application requires an electronic check of the MID, in this way the lawful presence of a vehicle on the road for both VED and insurance purposes is reinforced.