When to drop collision insurance? You may be thinking about replacing your older car, and saving up your collision insurance premiums. While it may seem sensible to cancel collision insurance, you might not be sure if it's the right thing for you or your vehicle. Talk to your insurance agent to decide the best course of action. Collision insurance protects you car from any damage. You don't want it to be too expensive. Here are some good reasons to have collision insurance for your car.
10% rule
There are several reasons you should consider dropping collision insurance. You'll save money long term. A 10% discount could save you hundreds every year depending on the amount of your car. This works because collision insurance premiums rarely exceed 10% of your car's actual market value. So, if your car is worth $400, it is not worth paying more than $350 a year in collision and comprehensive insurance premiums.
Tolerance for violence
Consider your tolerance for risks before you decide to get rid of collision insurance. Do you feel comfortable losing everything? Are you afraid of hitting ice or deer? Or are you looking for a way to get there in the shortest time possible? These questions will help to make the best decision. You can also consider whether your financial situation can withstand the possibility of a car accident. This decision will depend on your personal risk tolerance and the value of your car.
The age of your car
When to drop collision insurance based on your vehicle's age? In the past you may have relied solely on your vehicle's age and mileage to make this decision. However, certain cars can retain their value and collision insurance may still be worthwhile even if they are no longer in your possession. A car worth $10,000 and 10 years old is worth collision insurance, even if it is only driven occasionally.
Your annual premiums
The amount you pay every year to your collision and comprehensive insurance policy will vary based on the type of coverage you choose. Insurance companies will use your credit history and any accidents in the past to calculate your premiums. You should check your credit report for accuracy. Your credit score can be affected if you have had bankruptcy proceedings, judgments, liens, late payments, or are in default. Similar to the above, premiums can increase if you have multiple credit inquires on your account.
Your deductible
When should you stop collision insurance? The 10% rule isn't set in stone. In addition to the deductible, the value of your car decreases over time. If you are paying a high premium for collision coverage, you are overpaying for the actual risk that you face. To avoid this, consider dropping collision insurance if you no longer have a loan or lease on your vehicle.
FAQ
What jobs are available for car mechanics?
Three main areas of employment are available for car mechanics:
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Automotive repair shops
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Dealerships
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Independent garages
Automotive repair shops
This is the place most people begin to consider becoming mechanics. It's also the easiest way you can get started. Either work for someone else's shop or you can start your own.
If you are interested in working at a shop you will need to apply for membership to a union. Once accepted into the union you will be trained by the union.
After completing the training, you'll be ready to start work.
Register with the government if you want to open your garage. After registering, you'll be required to meet certain standards.
When you've registered, you'll be given a license to operate your garage.
Your license will allow you to sell spare parts and do minor repairs. You can't fix major engine problems with your license.
Customers will expect you to not only sell spare parts but also provide advice and guidance.
Dealership jobs
Many dealerships have mechanics who are experts in one particular area. For example, they might only deal with brakes or only replace tires.
However, dealerships may also employ general mechanics who are able to handle all aspects related to car repairs.
These positions often require applicants that they undergo special training before being allowed work. This means employers can choose which candidates are best suited for their role.
Some dealerships recruit students right out of school. These graduates have no difficulty learning about cars because they already know the basics and principles of mechanical engineering.
Independent garages
Independent garages don't belong to any particular dealership. They are more focused on providing top-quality service.
Independent garages have the ability to afford higher wages, as they aren’t associated with any one company. This means that these jobs are usually more lucrative than those at dealerships.
Independent garages don't necessarily make for better work environments. Many owners prefer to control their businesses themselves, rather than delegating it to employees.
So you may find yourself working long hours without having any say over what happens during the day.
It is also possible to expect lower wages than you would if working at a dealer.
The good news? You can easily switch between different types of jobs. You can switch jobs easily if you are interested in working at a dealership. Simply ask your employer if they would be open to hiring you as a mechanic.
You could also apply directly to an owner of a garage if that's what you want.
Finding a new job is not always easy. Many other factors can also influence the amount you earn.
Consider, for example, what type of vehicle you are repairing and whether additional labor charges will apply.
What is the difference in a mechanic and an auto technician?
Both are related, but they are not the same. An automotive technician maintains cars, while a mechanic repairs them.
A mechanic needs to be able and quick to use their manual dexterity. They should also be able correctly diagnose and repair any problems.
An automotive technician is required to have more technical knowledge than a mechanic. They must be able and able to read blueprints as well as use tools like drills or wrenches.
They should be able safely to perform complex procedures. They must also be familiar with different types of engines and electrical systems.
They must also be able to understand how various parts interact with each other.
The result is that a mechanic often earns less than an auto technician. Both careers have many options.
Is it hard to get a job working as an auto mechanic?
Yes, it is possible. Many garages post their vacancies online. Many people apply simply because they think it might make them feel good. To get your foot in front of the door, try applying for a few positions to see if any accept student applications. Alternatively, you could ask friends and family if they know anyone who works in the industry. They may be happy and willing to recommend someone.
What are the requirements of an auto technician?
High school graduation or GED is required with excellent grades in English and math. You also need to be able to read and write well. You will need to pass a written test and then go through a series of practical exams before being allowed to start work.
What is the best career for an automotive mechanic?
The automotive industry is full of exciting opportunities for those who are dedicated to excellence. Working hard and learning from others is the best way to be successful in this field.
Your job will require you to be a good communicator as you'll be talking to customers and other employees. It is important that you are willing to travel, work long hours and be able to commute.
You can take classes at universities and community colleges if you are interested in a career as an automotive technician. Many schools have programs that are specifically tailored for students who are interested in automotive sales, repair, and customer service.
Mechanical engineering should be your first choice for a degree. You can earn a bachelor's in as little four years.
Many companies will also hire graduates right out of school. You should start looking for employment as soon as you are able to continue your studies part-time.
After you have completed your education, you will likely need some training to be able to work as an automotive technician.
This means you'll need pass exams like the Automotive Services Excellence (ASE), certification exam. This test covers engine maintenance and brakes as well as suspension.
After passing the ASE exam, you can apply for a National Institute for Automotive Service Excellence license.
A license allows you to perform repairs on vehicles owned by private individuals. In exchange, you'll receive compensation based on the number of services performed.
It is important to remember that not all states require licensing. A license is required if you plan on working outside of your home state.
Some states will not issue licenses until an individual has completed certain training. This could be you.
What length is an automotive mechanic apprenticeship?
An automotive mechanic apprenticeship takes around three years to complete. The apprenticeship includes two years studying at school and two more as an apprentice. The first year is spent learning all aspects of the trade, including theory, practical skills, and safety procedures. This year, you will also learn how to safely and efficiently use tools. You'll spend the second year in on-the-job training, where you will gain experience in various trades. You'll have the opportunity to attend formal courses during these periods too.
The final year of the program is spent gaining qualifications and becoming certified in the field. These include NVQs, which are obtained after passing industry-specific exams. There are also HNCs (Higher National Certificates), which cover general subjects like management, business administration, customer service, and more. City & Guilds certificates can be obtained for individuals who want to learn certain trades.
Statistics
- There were 749,900 jobs available for automotive service technicians and mechanics in 2016, which is expected to grow by six percent through 2026. (jobhero.com)
- According to the BLS, total auto technician employment is expected to exceed 705,000 by 2030. (uti.edu)
- According to the BLS, the median annual salary for automotive service technicians and mechanics in the United States was $44,050 in May 2020. (uti.edu)
External Links
How To
How to Become an Auto Technician
An automotive technician provides repair services and maintenance to vehicles. He/she is employed at automobile dealerships, garages, service centres, and auto shops. He/she assists customers in fixing their cars, trucks or motorcycles. An automotive technician must be able to diagnose problems and make repairs quickly, safely, accurately, and efficiently.
An associate degree from a vocational school is required for anyone who wishes to become an automotive technician. After completing the program, he/she must take the National Institute for Automotive Service Excellence certification exam. ASE stands for American Society of Mechanical Engineers. There are two sections to the ASE certification test. The first section tests your mechanical skills, while the second tests your practical knowledge. To pass the test, you will need to visit an authorized testing location. These testing sites can be found online and through your local dealer.
After passing the exam, a candidate must take a state exam before being licensed as an automobile technician. This process varies depending on where the applicant lives. Some states require candidates to complete a training program, while others let them study on their own. Some states allow technicians to become licensed right away after receiving their license. While others wait until they have had at least six years of experience as an automotive technician.
Apply to your local dealership to become an automotive technician. New employees are usually apprentices when they first get hired. Apprenticeships typically last three years. This is when a student can learn how to do basic repairs such as changing oil, adjusting brakes and replacing tires. Advanced repairs can be done by some students, including replacing shocks, installing air filters and repairing engines. Most schools offer classes during regular business hours. Some schools offer evening classes, however.
Once a student finishes his/her apprenticeship, it is possible to become a Journeyman. Journeymen generally spend four- to five decades learning how to fix major systems like transmissions. You will also learn how to repair complicated electrical components, as well as how to remanufacture engines and rebuild transmissions. Many employers prefer to hire Journeymen because they understand the job well.
If a candidate successfully passes the required exams and receives a license, he/she might want to consider starting his/her own shop. According to the Bureau of Labor Statistics, nearly 1.7 million automotive mechanic jobs were available in 2010. That number was expected to grow by 18 percent from 2009 to 2020. If a candidate decides to open his/her own shop, he/she should prepare to invest many thousands of dollars in equipment and supplies.
There are many factors that affect the salary of an automotive technician, such as where they live, their education and experience. On average, a jobless person could expect to earn $20,000 annually. A high school diploma is all that's required to earn approximately $21,000 annually. Those with an associate's degree earned approximately $24,000 per year. Technicians with bachelor's degrees earned about $27,000 per year. Master's degree holders make around $32,000 annually. Salaries are increasing so that a professional earning less than $30,000 could expect to make $40,000 in a few years.