First Metro Agency

Flood Insurance rates increase

2011-11-30T13:51:00.000-08:00

Flood Insurance Premiums Jump in New Orleans Area

Louisiana accounted for the third most premiums through the National Flood Insurance Program as of Sept. 30, with policyholders having paid $343.49 million into the program.

Florida had the most with nearly 2.1 million policies at an average of $484.29, followed by Texas with 665,710 policies at an average of $535.30.

The total that would be paid out in a worst-case scenario would be $111.46 billion.

The average premium in every parish in the metro region climbed in September, the most recent month for which NFIP numbers are available.

-- Orleans: 89,671 policies at an average of $871.08, more than the $866.06 average in August;

-- Plaquemines (unincorporated areas only): 6,129 at an average of $782.22, up from the $778.19 average in August;

-- Jefferson (unincorporated areas only): 97,773 at an average of $746.17, more than the $743.31 average in August;

-- St. Charles (unincorporated areas only): 11,949 at an average of $691.95, more than the $687.80 average a month earlier;

-- St. John: 6,530 at an average of $649.05, up from the August average of $646.89;

-- St. Bernard (unincorporated areas only): 12,179 for an average of $593.14, more than the $590.12 average in August;

-- St. Tammany (unincorporated areas only): 35,788 at an average of $553.09, nearly equal to the $553.60 in August; and

-- St. James (unincorporated areas only): 858 at an average of $411.72, slightly more than the August average of $411.

FEMA also provided the following breakdown by municipality:

-- Kenner: 16,166 policies at an average of $877.54;

-- Gretna: 3,718 policies at an average of $860.69;

-- Slidell: 8,049 policies at an average of $817.62;

-- Covington: 1,390 policies at an average of $695.66;

-- Westwego: 1,539 policies at an average of $638.19; and

-- Harahan: 2,657 policies at an average of $569.67.

Statewide, there were 492,817 policies at an average of $697, while there were nearly 5.6 million policies nationwide at an average of $617.85.

Contact us for a Flood Quote today

www.firstmetroagency.com

Boat Insurance

2011-09-06T11:07:00.001-07:00

Sinking boat insurance myths

You don't believe in the Loch Ness Monster. You don’t believe your friend caught Jaws fishing off the Florida coast. So why do most boaters believe boat insurance covers them wherever they go?

Progressive surveyed more than 1,000 boat owners. It uncovered a few insurance myths floating around. Here's a sample of the findings and the facts behind each:

Myth: Everyone pays more for insurance because of the hurricanes from a couple of years ago.

Reality: Even though it’s believed by 74 percent of respondents, it isn’t true. Boat insurers generally price policies based on claims in each state. For example, Ohio customers won't pay more for insurance because of hurricanes in Florida.

Myth: Boat insurance covers me anywhere I decide to go boating.

Reality: Seventy-six percent of respondents believed this one. The reality is some insurers only provide coverage where the boat is used most. Insurers may limit coverage to 100 nautical miles of your home port. Progressive provides coverage virtually anywhere you decide to go in the continental U.S. and Canada.

Myth: I’ll get a better insurance rate if I buy from the same company that insures my home or car.

Reality: Buying more than one product from the same insurance company doesn't mean you get the best rate – even though 45 percent of respondents thought so. Boaters can save by shopping around and combining specialized policies from different companies.

"It’s important to understand what’s available," said Dominic Mediate of Progressive. "You want to be properly protected in case your boat is stolen, you get into an accident or contents are damaged. We’re separating fact from fiction so boaters can make the best insurance decisions possible."

North Carolina Governor Says Irene Caused Millions in Wind and Flood Damage

2011-09-06T10:56:00.001-07:00

North Carolina Governor Says Irene Caused Millions in Wind and Flood Damage

Auto insurance myths

2011-05-26T13:22:00.000-07:00

Fact vs. Fiction: Uncovering auto insurance myths

Like a teenager eager to try a new video game, playing before reading the rules, many drivers buy insurance without really understanding what they’re buying.
In the rush to feel “covered,” they can skip the details. That can lead to frustration.

Following are five insurance myths heard by some of the more than 13,000 claims people at Progressive, one of the country’s largest auto insurance companies:

Myth: I bought “full coverage” so everything’s paid for.

Reality: There is no such thing as “full coverage.” In most states, only liability insurance is mandatory. There are a lot of other coverage options out there, so select what you need and can afford based on your personal situation.

Myth: I need three estimates before my wrecked vehicle can be repaired.

Reality: Not necessarily. Very few insurers actually require this, although some might. If you decide to use a shop that’s in an insurance company’s “network” of pre-approved shops you may just have to get an estimate from that shop.

Myth: My insurance premium always increases if I’m involved in an accident.

Reality: It depends. Your rate can increase, decrease or stay the same. The information about your accident is combined with other information about you, your car and your driving history to determine your rate.

Myth: If I lend my car to someone and he/she crashes it, I’m covered.
Reality: Not so fast. If you or your friend don’t have optional physical damage coverages, damage to your vehicle generally won’t be covered.

Myth: If I buy a new car, my auto insurance company automatically knows; and my new car is covered.

Reality: No. Most insurance companies require that you notify them or your agent within a specified number of days. Generally, you have 30 days to add the new vehicle to your policy.

“Insurance can be complicated,” says Chuck Crist of Progressive. “It’s not something people deal with every day. So the more informed you are, the better choices you’ll make.”

Progressive Snapshot

2011-05-10T07:27:00.000-07:00

With Snapshot, Progressive’s usage-based insurance program, you could turn your good driving into huge savings—of up to 30 percent—on your car insurance. In 30 days, save up to 30%.

Here’s how our usage-based insurance program works:

Request Snapshot Quote.
Sign up for Snapshot when we quote your Progressive car insurance policy.

Plug the device into your car.
Progressive will mail your Snapshot device to you, along with details on where to plug it into your car.

Drive as you normally do.
For the next 30 days, you’ll keep track of your good driving habits with the Snapshot device. You can log in to your Progressive policy anytime to see your projected Snapshot DiscountSM.

Enjoying your savings
On day 31, your initial Snapshot savings—which can be anywhere from 0 to 30 percent— kicks in. After six months, you’ll send back the device, we’ll finalize your driving snapshot, and you can keep saving for as long as you’re insured by Progressive.

You can only save money with Snapshot—your rate won’t go up—but if at any point, you decide the program isn’t right for you, just call us and then send back your device.

Quote and enroll in Snapshot to try usage-based insurance today!

Contact us at www.firstmetroagency.com

Savings on New Car Purchase

2011-05-09T08:21:00.001-07:00

New Car Purchase Savings

Seven Shopping Strategies For New Car Buyers

New car shopping can be a lot of fun, especially if you’re a car enthusiast. But others can find the experience stressful and tedious. Either way, there’s a lot to think about. According to a survey of car shoppers, overall purchase price is the most important factor when shopping for a new car (46 percent), followed by make and model (31 percent).

Safety and performance come in a distant third, tied at seven percent. But whether you’re turned on or turned off by the dizzying array of car choices, trim options, “expert” reviews, incentives and other deals, it definitely pays to approach car buying strategically.

So if you’re in the market for a new vehicle and you find yourself having trouble keeping a clear head, just keep these strategies, courtesy of First Metro Agency, in mind:

1. Decide how much money you can spend and what type of vehicle best suits your needs. Just looking for the basic transport capability of a small or medium sedan? Or do you need the hauling capacity of a van or SUV? Something practical? Something sporty? Something in between?

2. Research crash tests and accident data available from the Insurance Institute for Highway Safety.

3. Shop around for financing. If you can, apply for and get approval for a loan from a bank, credit union or other financier before you even visit the dealership. Being a “cash buyer” gives you an advantage when you do finally meet with the dealership’s financing person.

4. Test drive the car. Try to drive in conditions that will be similar to those under which you’ll drive every day.

5. Check pricing for your desired make and model at two or three dealerships and use that information to help you negotiate the best deal.

6. Get a firm quote, in writing. This should include not only the cost of the car, but any fees and the sales tax.

7. Inspect your new car carefully before driving off the lot. Make sure all the options you’ve ordered are included and that the body and paint are free of scratches or dents.

Finally, it’s important to consider the cost of auto insurance, although it seems that few people realize that what they pay for insurance can add significantly to the vehicle’s total cost.

Wise car buyers know to shop around for insurance and find out how costs compare. They also know to visit an independent insurance agency – like First Metro Agency. We can check with several companies to find the best combination of coverage and price.

We are proud to represent Progressive Insurance.

To get a Progressive quote with First Metro Agency, visit www.firstmetroagency.com or call us 888.393.3131
Posted by First Metro Agency at 10:15 AM

First Metro Insurance Agency website

2011-05-08T15:50:00.000-07:00

First Metro Insurance Agency recently upgraded its website to include video and online contact quote forms. We are able to quote multiple homeowners insurance companies that are wanting to write your business. Take a look at our new website www.firstmetroagency.com

2010-07-31T07:29:00.000-07:00

First Metro Agency has created a new niche website for Louisiana Contractors Insurance and Marrrero Homeowners Insurance. www.louisianacontractorinsurance.com is for Louisiana Contractors in search of General Liability, Workers Compensation, Property, Commercial Business Auto Insurance and performance bonds. For Residents in Marrero, www.marreroinsurance.com will offer Jefferson Parish residents a website for up to date homeowners insurance news and products available. Contact us at www.firstmetroagency.com

2010-07-31T07:17:00.000-07:00

Years before Hurricane Katrina arrived into South Louisiana, residents had limited options for homeowners insurance. The majority of residents were obligated to purchase the Louisiana Fair Plan. Rates were often the highest in the nation and residents had nowhere to turn. Over the past year, more companies have started to offer homeowners insurance to residents in coastal and previously hard to write areas. An independent agent can offer more options to customers than a standard insurance company agent because of multiple contracts with multiple insurance companies. If you contact an independent agent in Louisiana, you will probably receive up to three quotes from insurance companies that want to write your house or rental dwelling. If you are currently with the Louisiana Fair Plan or if your current insurance company is increasing your renewal premium again, contact a local independent insurance agent for a review of your policy and you should be able to lower your current insurance premium.

Contact us for a quote http://www.firstmetroagency.com/

Teen Insurance

2010-02-07T07:02:00.000-08:00

How do you beat the high cost of Teen insurance? The simple answer is not what your teenager wants to hear. When you are a teenager and all your friends are getting new cars when they turn 16, its just human nature for them to want a new car as well. Odds are in the first few years of driving, something is going to happen and insurance companies know this. As a result, when you add your son or daughter to your policy, your rates will skyrocket. You don't want them on your policy? You tell them to get their own insurance? Problem is its often higher rates if they try to get insurance on their own. The solution is simple. Have them buy an older model vehicle that does not require physical damage coverage. Purchase a vehicle in which all you need is Liability only. Try this for a few years and hopefully your child has not had any claims and start pricing full coverage on a newer vehicle. Maybe a graduation present? Maybe you help them with the down payment? Either way it should lesson the high cost of insuring a teenager.

You can get a quote now www.firstmetroagency.com

Louisiana Homeowners Insurance

2009-05-26T06:33:00.001-07:00

Factors that will determine the cost of rebuilding your home:

Local construction costs determine the replacement cost of your home

The square footage of your structure

The type of exterior construction (brick, frame, metal, brick veneer)

The number of bathrooms (basic, custom, half, full)

The type of roof and material used

Other structures on the premises such as garages, pool house, other rooms

Improvements and additions. If you have made additions to your home since the inception of your homeowners policy, please contact your agent to increase the coverage of your policy.

Homeowners policies do not cover floods or earthquakes.

Please visit our website at www.firstmetroagency.com for additional information and submit a quote request form Homeowners Quote .

Louisiana Homeowners Insurance

2009-05-17T16:27:00.000-07:00

There is no better time than now to shop your current homeowners insurance. Multiple companies are writing new policies in South Louisiana. There are more companies now than in the past ten years that want, and in some cases need, to write new policies.

For Low Rates on Homeowners Insurance visit our website or contact us today www.firstmetroagency.com

Drivers are more distracted than they realize

2009-04-27T10:43:00.000-07:00

Drivers are more distracted than they realize
by MSNBC.com

Using gadgets while you're driving can be a very bad thing, but an expert on automotive distractions says using a gadget that watches you while you're driving can be a very good thing.
"People don't always understand the degree of distraction they may be exposing themselves to ... so the idea is to help people understand that distraction by providing them with feedback," John D. Lee, a professor of mechanical and industrial engineering at the University of Iowa, told me today. Lee outlines the magnitude of the problem in an essay published in this week's issue of the journal Science: More than 40,000 people die every year in motor vehicle crashes, and research indicates that failures of attention - including distractions or drowsiness - probably played a role in most of those crashes. Crashes and near-crashes are about three times as likely to happen when the driver is performing a complex task not related to driving (such as dialing a phone or even texting), and twice as likely during a moderately complex task (such as inserting a CD), Lee reported. As new technologies are introduced, the list of potential distractions keeps getting longer. Questions have been raised about dashboard GPS navigation devices, for example, as well as "green" energy-monitoring displays. Of course, most drivers overestimate their own abilities: In one survey, 88 percent of the respondents judged themselves to be safer than the average driver. And Lee said his own camera-monitoring research has shown
that teen drivers in particular "don't notice what they don't notice." In one case he studied, a driver looked away from the road for 6 seconds to tap out a text message on her phone, slipped out of her lane and came to attention only when the tires hit the curb. "When she actually saw
the video from the perspective of the camera, she was shocked to learn that she almost hit a telephone pole at 40 miles per hour," Lee said. So how does watching the driver help? Lee's method was to install a special camera system that saves video snippets for the 10 seconds before and after every abrupt movement on the road. "We took that video, put it on a CD, and then we had a 'report card' that shows the number of events that the teen driver experienced over time," he said. "It had a pretty dramatic effect on teens, in terms of the frequency
of these abrupt steering and braking events that are often associated with distractions."
After the feedback sessions, the number of events triggered by risky drivers declined 89 percent, Lee said, and the rate of risky driving remained low even six weeks later.
After-the-fact monitoring systems are being used to check up on motor-fleet drivers as well as teenagers, and Lee told me it won't be long before real-time monitors show up as well. "There are video cameras that are being developed and actually being put into cars - high-end Toyota and Volvo models, for example. [They're] video-based face-tracking systems that tell whether the driver is looking at the road or looking into the car," he said. Such a feature, sometimes known as a drowsiness warning system, would likely be wrapped up as an optional package with other advanced safety features such as forward collision avoidance, side collision warning and blindspot detection, Lee said. Among the oft-used catchphrases for these technologies is "intelligent transportation system" or "intelligent vehicle technology." Japan's Nissan Motor Co. even suggested that future cars could automatically sound an alarm and release "a stimulating mint fragrance" if they sense that the driver is dozing off. Can a car become too smart for our own good? Last year, my colleague Bob Sullivan wrote about computerized car-trackers that could record when and how far you're driving - as well as how many abrupt stops and starts you put your car through.

Some insurance companies are offering discounts for drivers who use the tracking devices, but privacy watchdogs worry that this sort of thing could eventually turn Big Brother into a back-seat driver. "Obviously there are issues of privacy that come into play as you collect these data about drivers," Lee said. "I think about that, but I really haven't studied that in detail." Instead, Lee is focusing on technologies that will help drivers help themselves. "Having your car know a little bit more about you and your behavior might well be worth it in terms of the number of lives saved," he said.

© 2009 msnbc.com
Drivers are more distracted than they realize by MSNBC.com

For low cost Auto Insurance and low rates on Louisiana Homeowners Insurance see http://www.firstmetroagency.com/

Flood Insurance

2009-01-12T15:23:00.000-08:00

Three Important Facts About Your Flood Policy

A Standard Flood Insurance Policy is a single-peril
(flood) policy that pays for direct physical damage to
your insured property up to the replacement cost or
Actual Cash Value (ACV) (See “How Flood Damages
Are Valued”) of the actual damages or the policy
limit of liability, whichever is less.

1. Contents coverage must be purchased separately.

2. It is not a valued policy.

A valued policy pays the limit of liability in the event of a total loss.
For example: Your home is totally destroyed by
a fire and it costs $150,000 to rebuild. If your
homeowners insurance policy is a valued policy
with a $200,000 limit of liability on the building,
you would receive $200,000. Flood insurance
pays just the replacement cost or ACV of actual
damages, up to the policy limit.

3. It is not a guaranteed replacement cost policy.

A guaranteed replacement cost policy pays the
cost to rebuild your home regardless of the limit
of liability. For example: Your home is totally
destroyed by a fire and it costs $200,000 to
rebuild. If your homeowners insurance policy
is a guaranteed replacement cost policy with a
$150,000 limit of liability on the building, you
would receive $200,000. Flood insurance does not
pay more than the policy limit.

For a flood quote, www.firstmetroagency.com

Homeowners Claim Checklist

2009-01-11T06:32:00.001-08:00

Claim Recovery Checklist
Damage to your home can stressful, upsetting and, even hazardous. The following key steps from The Institute for Business & Home Safety (IBHS) can help homeowners recover safely following damage to their property.

Protect yourself

Always be careful when entering a damaged building. If there is serious structural damage, contact local officials before entering. Report downed power lines or gas leaks. Keep electricity turned off if the building has been flooded.

Protect your property

Take reasonable steps to protect your property from further damage. This could mean boarding up windows and salvaging undamaged items. Contact your Independent Insurance Agent to find out what is covered in terms of protection.

Report the loss as soon as possible

Contact your Independent Insurance Agent as soon as possible. Provide a general description of the damage and have your policy number handy if possible. Write down the adjuster's name, phone number and work schedule as soon as you have them.
Prepare a list. Keep damaged items or portions of them until the claim adjuster has visited, and consider photographing or videotaping the damage to document your claim. Prepare a list of damaged or lost items for your adjuster.

Keep receipts

If you need to relocate, keep records and receipts for all additional expenses. Most policies cover emergency living arrangements.

Return claim forms

After you've reported your claim, watch for claims forms. Fill out and return the forms as soon as possible. If you do not understand the process, be sure to ask questions and write down the explanation.

Cleanup

When starting the cleanup process, be careful, and use protective eyewear and gloves if available.

For More Information http://www.firstmetroagency.com/

What is Full Coverage?

2008-12-27T10:02:00.000-08:00

"Full Coverage" Doesn't Exist

If there's no such thing as "full coverage," how much insurance coverage do you actually need?

Posted October 23, 2007 at 7 a.m.

"I need full coverage" is one of the most common requests made to Progressive representatives when people call us to shop for auto insurance. Imagine customers' surprise when they discover there's no such thing as "full coverage" — or did you just experience that surprise yourself?
It's true: When people ask for "full coverage," there isn't one single type of insurance policy that meets that request. Sure, there are varying levels of coverage that offer more or less protection depending on what you need, but there's no single type of policy for full coverage, and it can mean different things for different people.

People often say they need full coverage when they know they need more than just Liability coverage. Often, that means you're making payments on your vehicle because you've financed or leased it, so you need at least Comprehensive and Collision coverages, too.
Companies that loan you money for a car, or companies that lease you a car, want to know that if the car is involved in an accident, you'll be responsible for the repairs and injuries involved and they won't. That's why they require you to have insurance coverage to protect damage to your vehicle and not just other vehicles.
You may know you need a certain level of coverage, but do you know how much coverage you need or what types of insurance options you should choose?

Different Levels of Insurance Coverage and Who Needs Them
The mix-n-match options for insurance coverage can yield numerous levels of protection, so for brevity's sake, we'll place the varying levels of what's often considered "full coverage" in the following categories: minimum, intermediate and extensive. Progressive offers all coverages mentioned below, though you may not be able to purchase all of them depending on what state your policy is in.

Minimum Level of Full Coverage
At the very minimum, when people ask for full coverage, they're are asking for Liability, Comprehensive and Collision coverages. With Liability, damage to other vehicles or injuries to other people are covered if you're at fault. With Comprehensive and Collision — often called Comp/Coll — damage to your own vehicle is covered, regardless of who's at fault. Since you pay a specific premium per coverage, this type of policy will cost more than if you just had Liability coverage.

Intermediate Level of Full Coverage
For intermediate coverage, people may choose Liability, Comp/Coll, Personal Injury Protection (PIP) and/or Medical Payments (MedPay), Uninsured/Underinsured Motorist (UM/UIM) and Uninsured/Underinsured Motorist Property Damage (UMPD), when applicable. This level of coverage goes one step beyond the previous level because it uses other types of coverage to pay for your own injuries or to protect you in situations where the at-fault party may not have insurance. With PIP and MedPay coverage, your injuries are covered, up to the amounts you select. And it doesn't matter who's at fault for an accident; you can use these coverages either way. UM/UIM and UMPD coverages protect you and your vehicle if another person is at fault for an accident but that person doesn't have insurance or doesn't have enough insurance to cover your damages and injuries. With UMPD coverage, you still have to pay a deductible, but it often is less than the Collision deductible you would pay.

Extensive Level of Full Coverage
For extensive coverage, you can choose all the coverages mentioned already, plus the other bells and whistles available, from Loan/Lease Payoff coverage to Roadside Assistance. If your vehicle is totaled or stolen and you make payments on it, Loan/Lease Payoff coverage pays up to 25 percent towards the difference between what you owe on the vehicle and what your insurance company will pay for a total loss in the event that the amount you owe is more than the settlement amount.

If you need more than Liability coverage for your automobile, there are plenty of options to cover you and your vehicle in almost any situation. There's no single type of full coverage, but your vehicle most definitely can be fully covered. When you're ready to choose what level of insurance coverage you need, we'll be ready to help you — online, over the phone or through an independent agent.

Posted by Progressive Insurance

We can help quote your auto insurance www.firstmetroagency.com

12 Secrets your Car Insurer Won't Tell You

2008-12-26T10:04:00.000-08:00

Knowing how the industry works can save you a lot of money and grief. Here are the secrets behind the premiums, and how you can save after an accident.

By MSN Money staff

Getting a good deal on auto insurance is hard enough. Keeping your premiums from rising? That can feel like playing a game where the rule maker refuses to tell you the rules.
Here are a dozen ways the industry works, with tips to help you save:

If you have good credit, you'll pay less. Almost all insurers -- including the top five -- pull your credit report. Why? Studies have shown a direct correlation between your credit score and the likelihood that you will file a claim. Insurers also know that if you pay your bills in a timely fashion and have had the same credit accounts for a long time, you're more stable than someone who pays late and frequently opens and closes accounts. They use this information to create your "insurance risk score," which is one factor that determines your auto-insurance rate.
Tip: Your insurance-risk score is not available to you, but it may be similar to your credit score. If you have unusual credit activity, wait a month for it to return to normal before buying auto insurance. If your credit history is shaky, clean it up as soon as you can.

Your car model affects your premium. You won't get these numbers from your insurer; in fact, you may not be able to get them at all. But the auto insurers do have a rating system for every car make and model. Most use a system devised by the Insurance Services Office, which starts with the cost of the vehicle and then factors in safety and theft data. Cars are given a rating from 1 to 27, and the higher the number, the higher your premium.

Tip: Look up your car's relative risk with MSN Money's comparison tool. If you're buying a new car, ask your insurance company about the difference in premiums for cars you're considering. Search online for the latest top 10 lists on the most expensive cars to insure, and the least.

Pay in full to avoid installment fees. "Fractional premium" fees are usually charged when you pay your annual premium in installments rather all at once. Payments usually are offered on a six-month, quarterly or monthly basis, but almost every insurance company charges an administrative fee for breaking up the payments. The more you break it down, the more those fees add up.
Tip: Ask about fees for paying in installments. If the fees are small enough, it may be worth it. Remember that insurance companies can cancel your policy for late payment, many times with minimal notification, so make sure you won't miss an installment. If you can pay the premium up front, it may simplify the process and save you a few dollars.

That Pearl Jam CD in your car isn't covered. Stolen or damaged personal items like compact discs aren't covered by your auto insurance.
Tip: You can file a claim on your home insurance. Most home-insurance policies will cover smaller, less expensive items such as compact discs. However, if you carry expensive items such as computer equipment, ask about a rider to your home-insurance policy. It's wise to take photos or video of any expensive personal items before they go missing.

Bad drivers will pay
You'll pay for your bad driving. The industry standard is to increase your premium by 40% of the insurer's base rate after your first at-fault accident. For example, if the company's base rate is $400, your premium will go up by $160. Not all auto insurers play by this rule, though, and some may increase your individual rate by 40%. Regardless of what formula they use, in the majority of cases, your rates will go up.
Tip: Some insurance companies have a "forgive the first accident" policy. The qualifying variables are wide-ranging, so ask your company if it has a forgiveness policy and how to qualify.

You'll pay for your friend's bad driving, too. If your friend borrows your car and crashes it, you'll have to file a claim with your insurance company. You'll have to pay any deductible that applies, and your rates will probably go up as a result of your claim.
Tip: If your friend didn't have permission to take your car, in most cases you won't be held liable for the damage. But if your friend is uninsured and causes damage that exceeds your policy limits, the injured party can come after you for medical and property-damage expenses. Best bet? Don't lend out your car.

Your car's real worth
The value of your "totaled" car may surprise you. Auto-insurance companies don't use the standard Kelley Blue Book or National Association of Automobile Dealers value. Instead, each company has its own proprietary list of car values, and most have specialized software for valuing cars in each region. They take into consideration the car's mileage and pre-accident condition.
The insurance company may also ask local dealers what they'd charge for a similar replacement car. However, the insurer will consider quotes from suburban towns as reasonable estimates, even if you live in the city. You might have to drive several hours to reach the cheapest dealer, just to save the insurance company money. And they might be quoted a better deal than you could get if you walked onto the lot.
Tip: If you disagree with your insurance company's value determination, there are several things you can do:
Next time, get "gap" insurance. It will pay the difference between what an insurer will cover and what you owe, which can be several thousand dollars.
If you have maintenance records that show you've had the oil changed every 3,000 miles and you've had the car checked routinely by a mechanic, present copies to the insurance company to show the car was in good condition. If you've been paying premiums on any special parts or upgrades, make sure those are included in the insurance company's evaluation.
Get price quotes on replacement cars from three dealers within a reasonable driving distance and submit these to your insurance company. Ask the insurance company for a list of dealers within a specific distance who can sell you an equivalent car for the value the company is claiming.
If you still aren't satisfied, you can step up the process and go to mediation or arbitration. Mediation involves presenting your case to a neutral party for help in reaching a compromise; arbitration is a binding decision. You can also, of course, take the issue to court.
Check into "diminished value." Say your car has been in an accident, but repaired. Is it worth less than the exact same car that hasn't been in an accident? It's a hot topic, but some say yes. In 14 states, you're allowed to file a claim with your insurance company for that lost value.
Tip: Thirty-six states and Washington, D.C., allow insurance companies to exclude payments for diminished value, so if you live in one of those states, you won't get to claim the loss. But in Florida, Georgia, Hawaii, Kansas, Louisiana, Maine, Maryland, Massachusetts, North Carolina, South Dakota, Texas, Virginia, Washington and West Virginia, you have a chance of getting a diminished-value payment. If you weren't at fault in the accident, you often can make a successful case against the insurance company of the driver who was at fault.

You may not owe sales tax on your replacement car. Twenty-eight states require auto insurers to pay for the sales tax when you replace your totaled vehicle with a new or used car: Alaska, Arizona, Arkansas, California, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Kentucky, Maryland, Minnesota, Missouri, Nebraska, Nevada, New Jersey, New York, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Vermont, Washington, West Virginia and Wisconsin.
Tip: Make the request; don't expect the insurer to offer to pay upfront. Even in states that do not require sales-tax reimbursement, you should request it. Many auto insurers will not deny the request because the policy requires that they make you "whole," returning you to where you were before the accident at no cost to you.
The tax will be calculated based on the pre-accident value of your car. If the insurance company values your car at $10,000, and you purchase a new car for $20,000, the tax will be calculated on $10,000.

Hit by an uninsured motorist? Try to "stack." Stacking uninsured/underinsured motorist (UM/UIM) coverages means collecting from more than one auto-insurance policy that you hold. Most states forbid this practice, but 19 states allow it or don't address it.
Tip: Check the language of your policy to see if stacking is allowed.
There are two scenarios for stacking: First, if you have multiple cars on your policy with UM/UIM coverage on each, you can collect the limit of your UM/UIM coverage under as many vehicles as necessary to cover full payment for damages. Second, if you have more than one policy with UM/UIM coverage, even if they're from two different insurers, you can make a claim under each policy until all your damages are recovered.

You can wait to add your teenager to your policy until he or she is licensed. You are not required to add your teenager to your policy just because he or she has reached driving age. In most cases, you can wait until he or she has a license -- or, if you're in a high-risk insurance pool, a permit.
Tip: Don't forget to tell your insurance company that you have a licensed teen. If you have to file a claim on his or her behalf, your insurance company is entitled to charge you back premiums from the date your teen received a license.

You must officially cancel your insurance policy when you switch insurers. Your policy most likely states that you can cancel your coverage at any time by notifying the company in writing of the date of termination. However, most people assume that if they decide to terminate the policy at the end of the coverage period, all they have to do is ignore the bill. The insurance companies don't see it that way. They will send you another bill for the next premium payment, and when you don't pay it, the company will cancel you for nonpayment. That goes on your credit record.
Tip: Call your insurance agent or the company and let him know you are canceling your policy. Give a specific date, or you may end up uninsured for a period of time. The company will send you a cancellation request. Most often, the form is already filled out and all it requires is your signature. Make sure you read it to check for errors.

You may have to prove to your former insurance company that you have new coverage. And if you've financed your car through a dealership, update the dealer on your new insurance information, because purchase contracts often require proof of coverage.

Do you have enough Homeowners Insurance?

2008-12-25T18:50:00.000-08:00

It is absolutely crucial to determine whether or not your homeowners insurance policy goes far enough. Here are a few tricks of the trade that will help you do just that!

In 2005, massive hurricanes swept across the South, wildfires burnt Southern California, and tornadoes whipped thru the Midwest. Homeowners, who had ignored their insurance policy for years, were caught off guard. And as a result, people lost everything. Homes are the largest investment many people ever own, so it is important to have that investment properly protected. Here are a couple ways to help determine if you have the right level of homeowners insurance.

Do Your Research

The first thing a homeowner needs to do when assessing an insurance policy is to determine local building costs. Building costs are how your insurer will decide on the size of your check when it comes time to claim. Personal insurer Homesite, homesite.com, recommends property owners call local developers and contractors. Get insight into what they spend, and if inflation is taking prices rapidly higher. Also, see if you have a local builders' association. They often provide statistics on costs.

Keep Up With Building Codes

Building codes change as towns grow and modern technology replaces old techniques. Make sure you understand the costs of rebuilding at the current building regulations. Homesite notes it can be hard to get your insurance company to pay for construction requirements passed after you went into your contract. Talk to your company periodically to be sure no surprise's catch up off guard.

Keep Tabs on the Value of Your Own Home

And of course, if you do a remodel, build an addition, or add any other upgrades to your home, make sure you increase your insurance so it covers the cost of rebuilding the higher quality home.

For more information on homeowners insurance, visit http://www.firstmetroagency.com/

Eddie Daroza is a personal investor and stock market junkie. Besides contributing content to efinancedirectory, he works on the financial news show 'Rob Black and Your Money,' broadcast daily on San Francisco's KRON 4. Eddie is also a reporter for PBS's Update News.

FTC Probing Insurers Over Credit-based Homeowners Insurance Pricing

2008-12-24T07:08:00.000-08:00

U.S. regulators have asked nine major insurance companies, including Allstate Corp. and Travelers Cos. Inc., to provide information about how they set prices for homeowners' coverage, the Federal Trade Commission said Tuesday.
The FTC said it ordered the companies to provide data about credit-based insurance scores, essentially the equivalent of a credit rating but one that focuses on how much particular consumers cost their insurance companies.
Congress asked the FTC to look at the use of credit-based insurance scores in 2003. An FTC study on automobile insurance released in 2007 found that the scores allowed insurance companies to determine who was likely to be high risk and to charge those people more.
The study found African-Americans and Hispanics tended to have lower insurance scores than whites and Asians and, because of this, tended to pay more for auto insurance.
The other companies queried about the study for homeowners' insurance were Chubb Corp., State Farm Mutual Automobile Insurance Co., Fire Insurance Exchange, Nationwide Mutual Insurance Co., United Services Automobile Association, Liberty Mutual Holding Co. Inc. and American Family Mutual Insurance Co.
The FTC said the insurers subject to the order have roughly 60 percent of the homeowners insurance market in the U.S. The affected companies have until April 24, 2009 to respond.(Reporting by Diane Bartz; editing by John Wallace)

Progressive MyRate

2008-12-22T07:03:00.000-08:00

Are you a safe driver? Progressive MyRate will offer up to a 25% discount at renewal based on your driving. You also get a 10% discount when you sign up. Ask us about Progressive MyRate.

Who is a good fit?

An ideal MyRate driver could be a:

Safe driver
Carpooler
Low-mileage driver
Seasonal and infrequent driver
Employed Offshore
Limited use of personal vehicle because of a company car
Someone who lives in a household with more vehicles than drivers.
Less than 30 miles a day
Limited use after Midnight

If you would like additional information

Get a quote http://www.progressive.com/myrate/

http://www.firstmetroagency.com

Auto Insurance in Louisiana

2008-12-21T19:29:00.000-08:00

We now have the ability to quote with the major insurance carriers writing in South Louisiana (AAA, Safeco, Farmers, Progressive, AIG, Unitrin, Imperial Fire and Casualty, Republic, USAgencies). Contact us for a quote today. We can help you lower your insurance premium without losing quality coverage.

We are a local business in the community. We offer competitive pricing from the top rated companies in this area. We offer flexiblity at renewal if you want to lower your premium or just test drive the insurance market for the best rate. We have no obligation to any one company. We want you to get the lowest rate with the best company.

http://www.firstmetroagency.com/