Tips to Help You Save on Auto Insurance

Tips to Help You Save on Auto Insurance - PenBay Pilot

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Tips for Young Drivers to Save on Auto Insurance

Many young people not only crave getting behind the wheel as soon as possible, they apparently want to own the car they drive.

That's the upshot of a new report from industry analyst J.D. Power. Consumers age 25 and younger are steadily becoming a greater proportion of total retail vehicle purchasers -- a trend that's been ongoing since 2009, says Jeff Youngs, of J.D. Power's Web marketing group. The findings seem to dispel the common view that novice drivers don't have the means or the interest to make such large buys so early in life, says Arianne Walker, J.D. Power's senior director of automotive media & marketing.

"This age group really is passionate about ownership, their driving experience and the image associated with the vehicle they buy," Walker said in a written statement. "Not only do they enjoy driving, but they also want to personalize their vehicle with options and features, and tend to view it as an extension of their personality."

The "J.D. Power 2014 U.S. Automotive Media and Marketing Report - Winter," based on a survey of nearly 33,000 people who bought cars in 2012 and 2013, makes several points, including:

• First-time buyers under age 25 are responsible for more than 6% of all new-vehicle purchases.
• The average "lease penetration" among young buyers has increased to 23% in 2013, from a low of 13% in 2009.
• The average finance term for the group was 68 months in 2013, about three months longer than the industry average. "Longer terms are an effective tool to allow young buyers to achieve affordable monthly payments despite higher transaction prices," according to the report.

When it comes to motivations for the big buy, and what young drivers feel about that car, the study found that:

• 33% in the 25 and below group say they "completely agree" that their vehicle should stand out from the crowd. Only 20% of new-car buyers across all age groups say the same.
• Nearly twice as many in this group say they "completely agree" that others can tell a lot about them by their vehicle, compared with all new-vehicle drivers (19% vs. 10%, respectively).
• Showing "a passion for driving," nearly 22% of young drivers say they "completely agree" that they like to drive on challenging roadways with hills and curves, compared to the industry average of 13%. Further, 41% say they prefer a vehicle with responsive handling and powerful acceleration (industry average of 36%).
• 29% in the youth group say they wash and wax their vehicle themselves, which the study says indicates ownership pride. This compares to the industry average of 24%.

Easing sticker shock -- at least when it comes to car insurance for young drivers

New cars, even the cheaper ones, are pricey. Figure in your auto insurance and the bill can be daunting, especially for a fledgling driver. But there are ways to trim insurance costs by being smart in choosing a vehicle and taking advantage of various discounts offered by most insurers.

One step to lowering premiums is to raise the deductible from $250 to $500 or $1,000. But, of course, you'll have to pay that higher deductible if your car is damaged.

Lynne McChristian, a spokesperson for the Florida branch of the Insurance Information Institute, has a few other suggestions:

• Look for vehicles with safety features and good safety ratings. McChristian says your premiums may be lower because insurers reduce their risks when writing policies for safer cars.
• Be a good student. McChristian says students with at least a "B" average usually qualify for discounts, which can reach 5 or 10%.
• Take a driving course. Young drivers who pass accredited classes can qualify for discounts up to 5%. McChristian notes that many insurers accept online courses as well as those in the classroom.

Parents can also lower their premiums if they're insuring a young driver by signing a "parent-teen driving contract" where he or she promises not to drive at night or with friends in the car. Many insurers will give a small discount of less than 5% with proof of the contract.

The original article can be found at Insurance.com:
How young drivers can save on auto insurance for new cars

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Cyber Attacks on your Business

Small Business Now the Focus of Cyber Attacks

Twenty-first century businesses are under constant threat of cyber attack from individuals and organizations looking to steal and profit off the information stored on their computers.

Though all business industries are susceptible to a cyber liability loss, for the purposes of this article, we will focus on the risk concerns for professional trades such as lawyers, accountants, real estate agents, dentists, doctors, etc.

The professional trades listed above, (not an inclusive list, there are many others), are extremely vulnerable to a data security or privacy lawsuit because of the confidential and personal information stored in their computer databases.

Professional service businesses are also seen as easy targets.

American Express understands that hackers want the valuable personal and financial data stored on their computer mainframes… so American Express protects itself with both preventative systems and insurance coverage.

The average main-street law firm or accounting agency sees themselves as too small to be targeted.

WRONG!

These smaller organizations are seen as “easy pickins.” Hackers have turned their malicious gaze upon the small business.  According to Symantec, in first quarter of 2012, 36 percent of all targeted attacks (58 per day) during the last six months were directed at businesses with 250 or fewer employees. That figure was 18 percent at the  end of Dec. 2011.

That is DOUBLE the attacks in one quarter… Scary.

Cyber Liability Insurance

Today’s cyber liability insurance policy (there have been many iterations over the 10 year life of cyber liability), includes network liability as well as the following first party coverages:

• Privacy Liability
• Regulatory Liability
• Expenses surrounding a security breach event

In an article by the Insurance Journal on cyber liability outlines further where exposures come from: including outsourced service providers for Web hosting, credit card processing, call centers, document storage, and data warehousing.

Covered Events Include:

• Unauthorized access or use of a computer system
• Theft or destruction of data
• Hacker attacks against third parties
• Denial of service attacks
• Malicious code
• Privacy liability arising from a network security breach
• Security breaches of personal information in any format, including non-electronic
• Violations of state and federal privacy regulations (HIPAA)
• Security breach notification laws

If you feel your business is exposed to this type of loss (which it most likely is) I must caution you, cyber liability in insurance terms is very young.  Each insurance carrier’s policy forms will not be the same.  There will be huge different coverage and exclusions from carrier to carrier.

Talk with your insurance professional in depth to make sure you understand what you are purchasing.  This is NOT a homeowners policy, this is an advanced business policy that demands discussion

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Will You Need a Driver’s License in 2040?

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