Understanding New Rochelle Insurance Quotes
From the Avalon in downtown New Rochelle to the old mansions in Eastchester and everything in between, New Rochelle represents a wide range of socio-economic living. But there is one area of economics that is consistent: New Rochelle’s high cost of living compared to the rest of New York in particular and the U.S. in general. The median home and condo value is almost twice the state’s average. And the cost of living is 75% higher than the U.S. average. When shopping for New Rochelle insurance quotes, you’ll find the situation isn’t much rosier. But if you comparison shop with a little information in your back pocket, you’ll save time and money.
Why Are New Rochelle Insurance Rates So High?
Here’s a snapshot: In Westchester County, a team of doctors billed insurers $12 million for services they never performed. A business executive underreported payroll defrauding the New York State Insurance Fund for $25 million in worker’s compensation insurance payments.
In 2009, New York State Insurance Fraud Bureau said suspicious insurance claims rose to over 13,000, up from 10,000 in 2009. Auto claims amounts ballooned to $8,690 –twice the national average. And with this came a 6.3% increase in auto premiums in 2009.
Fraud aside, other factors like the cost of doing business –high state and local taxes –in New York affect the price of premiums. The cost of medical care is high. The cost to repair vehicles is high. Nearly every business that touches the insurance market charges more relative to the rest of the country. It’s a vicious cycle, but there is hope.
Lowering Your New Rochelle Insurance Quotes
First, know what you’re getting into. If you’re shopping for insurance for a car you’re thinking about buying, know that SUVs and performance cars cost more to insure. Know that if your car has anti-lock brakes, airbags, automatic seatbelts, an anti-theft system and electronic tracking device (LoJack), you’ll probably get discounted premiums. If you drive less than 7,500 miles a year, you should a discount. This may mean taking public transit more often.
For homeowner’s insurance, ask if the coverage is for actual cash value (ACV) or replacement value. ACV takes depreciation of the covered items in consideration. So if it’s a Sony Vaio you paid $2,000, three years ago, the ACV may be $500. Replacement value would typically pay you the $2,000. But beware! There are two kinds of replacement value: true replacement and functional replacement. True replacement would pay for the closest current (or not current in the case of antiques) item. Functional replaces an item that functions the same.
And for homeowner’s discounts, ask about features like smoke detectors, fire extinguishers, dead-bolts and burglar and fire alarms that could reduce your New Rochelle insurance quotes.
Finally, now that you have an idea of what you’re getting into, it’s time to do the next smartest thing when shopping for New Rochelle insurance quotes –shopping with NetQuote. With NetQuote, you’ll be able to compare rates and policies from across the internet insurance spectrum. It’s free, easy and could save you hundreds of dollars.