All insurance companies use different factors to determine your insurance rates, however the  major factors that insurance companies consider are:

1. Demographic factors including age, sex and marital status
2. Driving record
3. Record of prior claims
4. Car make and model
5. Use of your car (commute vs. leisure; annual mileage)
6. Geography (zip code of residence)

Insurance companies base their rates on research,  for example, according to statistical data, single males under 25 years of age belong to the highest risk group. The lowest risk group includes married, middle-aged, non-smoking females.

Statistics also show that drivers with previous serious traffic violations are much more likely to have recurring accidents than drivers with an accident-free record. Additionally, your bad driving record will dramatically impact your auto insurance premiums rates. Safe driver discounts are available for drivers with a clean driving record.

Contact BMP Insurance to get the absolute lowest rates on the market. We also offer additional discounts that will save you the most money possible.

If you drive your vehicle to another state, your insurance is still valid and you will be covered. However, if you drive to another country the insurance policy will not cover you.

If you move to another state, you will be required to get a new policy as BMP Insurance only offers insurance policies for those who reside in California or Washington state.

If you total your vehicle, your insurance may cover the total cost. A vehicle is considered “totaled” when the cost of repairing it would be more than it’s cash value.   The value is determined by a source such as Kelley Blue Book or an insurance companies internal database. They also will take into account  the vehicles condition prior to  the accident. Other factors contributing to your vehicle’s value include mileage, customizations and enhancements.

Once your insurance company has figured out your vehicle’s value, it will subtract other costs, like the estimated repair costs and the salvage value of the vehicle. If the actual cash value exceeds your repair and salvage costs, the vehicle won’t be considered totaled. But if it does, then you’ll have a total loss on your hands, and the insurance company will write you a check for the actual cash value of the car minus your deductible and other fees. If you lease the vehicle, the insurer will pay that same amount to the leaseholder. If you finance, the financing company gets the money first; if that amount is more that what you owe, you’ll get the balance.

Keep in mind that if you lease or finance your vehicle, there’s a chance your insurer could decide that your car is worth less than the amount you owe to the leasing or financing company. For instance, the auto insurance company might write a check $18,000. But you might still owe $21,000 on your lease. You’ll have to cover that $3,000 difference out of your own pocket unless you purchased Gap insurance from the car dealership you are leasing through.

Contact BMP Insurance to make sure you get a policy that will protect you in the event that your car is ever totaled.

If your vehicle is vandalized or stolen, your auto insurance may cover it. It depends on the type of coverage you have. If you have liability, you will be out of luck. The type of coverage you will need is called comprehensive coverage.

Comprehensive coverage covers the actual cash value of a stolen vehicle after you pay your deductible. For instance, if you have comprehensive coverage with a $500 deductible and your stolen vehicle was valued at$10,000 , your insurance company will give you a check for $9,500 after you  pay your $500 deductible.

If you have something stolen from inside your vehicle, you may be out of luck even with the comprehensive coverage. Most policies only cover stolen items that are permanently attached to the vehicle such as part of the car and that are permanently attached such as sound systems (except when the entire system can be removed) and rims. However, BMP Insurance can hook you up with a home owner’s or renters insurance policy that will cover everything else.

Contact BMP Insurance today to get the right plan that will cover a stolen or vandalized vehicle.

If you are driving someone’s vehicle and you are involved in an accident, the car owner’s liability and collision policies should cover any damages resulting from any such accidents. The only exception is if you live in the same house as the other person and are directly related. If so, the car owner’s insurer likely requires you to be listed on the policy in order to provide coverage. Check with your insurance company to find out more.

If you cause an accident that results in damages and injuries that exceed the car owner’s liability limits, and you have your own car insurance – you and the car owner’s insurance companies may share the costs in what’s known as a “pro rata” case. His insurance would likely pay the full cost of the accident, and then go through  your insurance company to get your share of the costs. If you don’t have your own insurance, then the car owner will be liable for any amount exceeding his or her coverage, so, it’s always advisable to have your own insurance policy to cover you even when you are driving someone else’s car.

Contact BMP Insurance to get an auto policy set up today.

If someone else is driving your vehicle and they are involved in an accident, your car insurance policy insures your vehicle plus any drivers that you grant permission.  However, anyone you live with is generally excluded unless you have them listed as drivers on the policy.

That said, loaning a car to an uninsured friend is never a good idea. If your uninsured friend caused a terrible accident and the damages and injuries exceeded your insurance liability limits, other drivers could then sue you for property damage and medical expenses.

Contact BMP Insurance for more information on policies that will protect you.

You can obtain a non-owners car insurance policy. As its name implies, this is designed for people who don’t own cars. However, you can’t get quotes for this type of insurance online. You’ll need to call BMP Insurance directly at (310) 425-8000.

Non-owners car insurance is a good idea if you frequently rent vehicles or borrow cars from friends and relatives. When you borrow a vehicle from a friend, their insurance policy would cover the car in most cases. Certain insurance carriers do not extend coverage to those not specified on the policy. However, your assets are still at risk even if the coverage is extended to you. Why? If your friend’s liability limits are low and you caused a bad accident with expensive damage and injuries, then other injured parties could come after your personal assets to recover expenses that went beyond your friend’s liability limits.

If you frequently do business with rental car companies, you can buy insurance each time you rent a vehicle, but it might be more cost-effective to buy your own non-owners policy.

Call BMP Insurance today to get a non-owners insurance policy.

Did you know that about 20% of drivers on the road in California are uninsured? To protect yourself from uninsured drivers, it is imperative that you have an insurance policy that includes uninsured/underinsured motorist coverage. Otherwise, it is a bit of a complex situation.

To pay for repairs to your vehicle, you can file for a claim on your collision coverage. Collision coverage pays for damage to your vehicle from a collision with another car or object or as a result of flipping over. You’ll still need to pay the deductible if you file a claim on collision coverage, but your insurance company may try to recoup the costs, including a refund of the deductible, from the at-fault driver.

If you have no collision coverage, you may have to resort to suing the uninsured or underinsured driver who was at fault. However, the likelihood of being able to recover your costs from such drivers are low since they probably don’t have a lot of money to be able to pay for your claim.

Your best bet is to get uninsured motorist coverage from BMP Insurance.

In short, you will not have to pay your auto insurance deductible.  Since you are not at fault, you can file your claim with the at-fault party’s insurance company and you won’t have to pay your deductible. If you file with your insurance company, you must pay the deductible and your insurance company will work to recover damages (including the deductible) from the at-fault party’s insurance company.

Most policies have a clause that enables your insurance company to obtain reimbursement from the at-fault party’s insurance company for the cost of repairing your vehicle. This is the amount your insurance company actually paid out plus your deductible amount.

BMP Insurance partners with premiere insurance carriers who will fight for you when you need to recover damages.

One of the most common excuses people give as to why they don’t get life insurance is “I don’t have a family, so there isn’t a reason to”. While most consumers begin thinking about life insurance when they get married and start a family, it can be wise to buy a policy even sooner, says Allen C. McLellan, associate dean and an assistant professor of insurance at The American College.

“A young single adult who’s not married or not in a relationship certainly needs enough to pay their end-of-life expenses so their parents don’t have to come in and clean up the debts,” says McLellan. Single policyholders who offer financial or caregiving support to parents may want their policy to cover that need as well.

Buying a policy while you’re young and healthy also means lower premiums; however, older consumers may also want a life insurance policy to leave a legacy for their children or support a surviving spouse.

The bottom line is this; when you pass away, there will be expenses. Even those who are debt-free will still have funeral costs left behind. Contact BMP Insurance to get the lowest rates on the market for all types of life insurance.