What car insurance premium should I expect if I have my “rebuilt” car insured here in Wisconsin?

Philip

Green Bay, WI

Typically, a “rebuilt” title is given to a vehicle that has been damaged and repaired after having been considered a “total loss” by the car insurance company. A vehicle may be considered as a “total loss” if it has been decided that the cost to repair the damage is higher than its “actual cash value.” Normally, the cost of repair falls between 51% to around 80% of the car’s actual cash value (the car insurance company decides on what percentage the repair cost should fall under in order to consider the vehicle a “total loss”). If the car is totaled, it is given a salvage title. However, if the car is repaired and is proven to be ready for the road, it is given a rebuilt title.

In reality, it is difficult to obtain an insurance for a rebuilt vehicle. This is because most automotive insurance companies consider “rebuilt” vehicles as “bad risks” with higher probabilities of getting into an accident again. In case an insurance company agrees on getting your vehicle insured, you may expect that company to give you only a specific amount, something less than the premium that you could actually get if you insure a vehicle that is not titled “rebuilt.” In that case, it is up to you if you want to get that policy or not. Try going for an insurance shopping there in Green Bay, WI, so you could choose which among the companies you’ve consulted with could give you the best insurance rates for your car. Or you could go online and check out it out.

If I want to find an insurance provider in Wisconsin online to check their background how would I go about getting information on that company?  I am looking for a Wisconsin auto insurance company that will treat me fairly.

Ray

Green Bay, WI

To get the background on an insurance carrier in Wisconsin, the first thing you may want to do is to look at the company’s own website. Most insurance companies have an “about us” section that provides information on their history, noteworthy accomplishments, and mission.

Of course since any Wisconsin carrier will want to shed themselves in a good light you should also look with other carriers that are not affiliated with them to have more reliable information on that carrier. Word of mouth is good as well, if family or friends have used them and can give you feedback. There are companies which provide an objective look into businesses.

When looking for car insurance carriers in Wisconsin do not forget to go to a great state source of knowledge, which is your state’s insurance regulator. Most states’ insurance regulatory agencies publish consumer complaint ratios for the insurance providers licensed to do business in the state. These ratios can inform you how many complaints a car insurance company has received per 1,000 claims filed.

I have always paid my bills on time and never had a problem with my car insurance. But, recently my MVR score got affected and I wasn’t given the cheapest rate by my insurance provider and I dont know why. I’ve heard rumors of new vehicles (especially red ones) increasing an individuals insurance. Is it true? My new vehicle is red. I live in Wisconsin.

Michael

Green Bay, WI

You might be confused with your Consumer Credit Report and MVR. Your MVR is a documents pertaining to your driving. It will include items such as if your driver’s license is current and if you have any insurance points. Points are generally given for a driving violation and the more points the worse your MVR. An insurance carrier checks your MVR to check how much of a risk you might be as a motorist. If your MVR has negatives on it, such as a a big number of points or prior license suspension it would most likely affect your insurance policy costs negatively.

Your consumer credit report in Wisconsin is a documentation that lists your credit history using information from financial institutions such as merchants, banks and other creditors. It has been studied and found that those with bad credit reports are more likely to file car claims thus their insurance rate might be higher than those with excellent credit histories.