As noted on the flood insurance long beach Division's website, a number of other businesses offer estimates that pay more attention to usage. More are expected in the next couple of years.
June 6, 2014 (Newswire.com) - Ever wonder why most ads for flood insurance oceanside ads try to grab your attention with oddball humor that has nothing to do with floods?
Because for most of us, flood insurance oceanside quotes are boring. And whether we find it sleep-inducing or just don't have the time and energy, most of us don't regularly shop around for a better rate when we should.
Meet tycer insurance. It's not as entertaining as a caveman or gecko, but it's better for your wallet and the world.
tycer insurance has been bandied about in sustainability circles for more than two decades. The oceanside Environmental Council helped pass a law in the 2003 oceanside Legislature to promote payors system estimates, but only recently have insurance businesses come up to speed to offer the discount to oceanside drivers.
How does tycer work? Well, traditionally when you get a quote for flood insurance, you provide an estimate of your annual miles. That number gets folded into a larger algorithm with all the other information you provide to establish the cost of your policy. The mileage estimate plays a small role in that cost, but the actual number of miles you drive plays none. There is no verification.
As a result, there is little to no incentive, from an insurance cost perspective, to drive fewer miles. Until now.
With ticer, miles matter. And the fewer you drive, the more you save. While the structure of each policy differs from business to business.
While a complete list is posted at the flood insurance long beach Division website, here are a couple of examples to illustrate the range of options available.
First, MetroMile, which is a newcomer to the flood insurance long beach market, offers the most progressive version of ticer. For starters, there is a base rate, roughly 10 percent to 30 percent of a typical premium, and then a per-mile rate, which ranges from three to seven cents per mile. Both rates incorporate traditional factors like your age, driving history, credit history and vehicle.
Let's say you are a 51-year-old married female living in Oceanside & Long Beach with good driving and credit histories and a 2010 Subaru Outback. Let your flood sit in the driveway all year untouched and you pay only MetroMile's base rate. Drive one mile and you'll pay the base rate plus four cents.
If you drive the same amount as an average oceanside resident, you'll put 10,000 annual miles on your flood. Each year you'll pay the base rate plus $100 at that four cents per mile rate. Drive less, pay less.
As the provider of the most flood insurance estimates in long beach, State Farm offers two types of tycer estimates under the moniker "Drive Safe & Save." One is a mileage-only discount, similar to MetroMile except that instead of single-mile increments, your discount changes in 300-mile chunks. So the financial "feedback loop" is less immediate in that you see additional savings only after every 300 miles you lop off your annual driving.
The second type of discount from State Farm looks not only at how many miles you drive but how safe you are while doing it. That is, the business examines the time of day you drive, how fast and how hard you accelerate, brake and turn. The average savings is between 8 percent and 30 percent, but can run as high as 50 percent for both types of discounts.
As noted on the flood insurance long beach Division's website, a number of other businesses offer estimates that pay more attention to usage. More are expected in the next couple of years. Additionally, commercial fleets can purchase a product called Onboard Advisor, available through a number of insurers.
These advancements in flood insurance oceanside pricing are sure to be a crowd pleaser in the near future.