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9 Ways to Get Good Cheap Auto Insurance

9 Ways to Get Good Cheap Auto Insurance

ERIE, Pa., Oct. 12, 2020 /PRNewswire/ — Whether shopping for electronics, furniture or a new car, we all love getting the most bang for our buck – and insurance companies know drivers are looking for bargains when it comes to their car insurance. That’s why many insurers advertise low monthly rates to convince customers they’re getting a great deal. But in the event of an accident, that super-cheap auto insurance might leave you stuck paying out of pocket for car repairs or medical bills.

Cheap auto policies can often fall short, but there are ways to save on your premium without compromising your coverage.

Erie Insurance helps sort it out with a four ways cheap auto policies often fall short, and nine ways to save on your premium without compromising your coverage.  

What are the downsides?

  • You could pay more out of pocket later. When you’re found at-fault for an accident, you’re on the hook to pay for anything your insurance policy doesn’t cover. The cost of repairs, medical bills or legal fees from a multi-car pileup can get expensive. Even something simple like a fender bender can cost thousands of dollars in parts alone.
  • You take on more risk. If you run out of cash to pay what you’re responsible for, that could put your savings, investments or assets like your home or car at risk.
  • You get fewer perks. You typically pay a little extra in premium for features like rental car expense coverage, emergency roadside service coverage or a diminishing deductible. But you’ll be happy to have those little extras there when you need them.
  • It’s less personalized. A good insurance agent can help tailor your policy with endorsements and other optional add-ons to be just the right fit for your life. For example, customized coverage can come in handy when you drive occasionally for Uber or Lyft.
  • Ways to save with ERIE:

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    Why Clearcover is the clear auto insurance choice for millennials

    Why Clearcover is the clear auto insurance choice for millennials


    Clearcover

    MarketWatch has highlighted these products and services because we think readers will find them useful. This content is independent of the MarketWatch newsroom and we may receive a commission if you buy products through links in this article.

    Adults in their twenties and thirties are now facing the same financial responsibilities their parents once did as they become homeowners, car owners, and insurance holders. While these financial matters can seem complicated, millennial adults have the added benefit of improved mobile apps to simplify banking, money transfers, and now, auto insurance.

    Clearcover Car Insurance offers just that: clear, comprehensive, and affordable auto coverage at a better price than its competitors. “Clear” also describes how easy it is to use Clearcover’s digital platform: everything from purchasing your policy to managing an insurance claim can be done through their user-friendly mobile app.

    Clearcover simply designed an app that makes sense to millennials: these days, there’s no need for in-person agents and phone calls when we do pretty much everything from our smartphones. And if you can do something that’s easier and a better value, it doesn’t make sense to pay for a price markup just for an insurance agent.

    Mobile apps that allow users to make their own educated financial decisions aren’t so new: Robinhood makes stock market investment simple by allowing you to invest directly in the market through a mobile app. That strategy works for this generation of adults: Robinhood has over 2 million views in Apple’s App Store, and it enjoys a 4.8-star rating. Similarly, Clearcover enjoys 4.7 stars from nearly 1,000 satisfied customers in the Apple App Store. Over and over, user reviews describe Clearcover as “the best insurance ever”, with user Sobhan H. saying, “I am honestly really surprised to see that Clearcover is not the #1

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    Auto Experience, Inc. Proposes To Acquire Auto Finance Firm Consumer Portfolio Services For $135 Million In Cash

    Auto Experience, Inc. Proposes To Acquire Auto Finance Firm Consumer Portfolio Services For $135 Million In Cash

    DALLAS, Oct. 8, 2020 /PRNewswire/ — Auto Experience, Inc., created in 2018 to pursue strategic business opportunities in the automobile financing market, today announced it has informed the board of directors of Consumer Portfolio Services, Inc. (Nasdaq: CPSS) of its interest in acquiring the company in an all-cash transaction valued at $135 million.  An acquisition at that price would nearly double the current value of the Nasdaq-listed company.

    Based in Irvine, Calif., Consumer Portfolio Services (CPS) is an independent specialty finance company that provides indirect automobile financing to consumers.  In an October 7, 2020 letter to the company formally conveying an “indication of interest,” Auto Experience said it proposes to acquire CPS for approximately $6.18 per share of common stock.  CPS shares closed at $3.35 on October 7, 2020.

    In its letter to CPS, Auto Experience said it would add value to the company and its shareholders by re-engineering aspects of CPS’s operations, applying proprietary technology and enhanced digital capabilities as the market increasingly shifts online, and employing a combination of existing resources and new leadership steeped in automobile financing and digital commerce.

    “Acquiring Consumer Portfolio Services and leveraging our strategic and operational experience in auto financing and enterprise technology will create a strong national player that already has a toe-hold in more than 8,000 automobile dealerships across the U.S.,” said Samuel M. Ellis, president and chief executive officer of Auto Experience.  “CPS is significantly undervalued based on a range of performance measures and upside growth opportunities, and we believe our proposed acquisition would be materially beneficial to shareholders and, over the longer run, to consumers and dealers.”

    Mr. Ellis brings deep entrepreneurial and operating experience in automobile financing and digital commerce to this opportunity.  In addition to his leadership of Auto Experience, which is

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