Tag: Rates

Current SBA Loan Rates #work #from #home #business #ideas


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Current SBA Loan Rates

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For many small-business borrowers, government-backed loans are the holy grail. SBA loan interest rates are some of the most competitive among lenders.

So keeping up on the Small Business Administration’s terms and rates is part of a smart approach to finding a business loan. The 7(a) loan is the SBA’s most popular product and offers a flexible sum of cash for a variety of uses, including managing daily operations, purchasing new products and refinancing high-interest loans. Business borrowers also find low-cost financing for land and other major purchases with SBA 504 loans.

The SBA sets interest rate guidelines for lenders, which helps keep small-business owners borrowing costs low.

Here’s a breakdown of SBA business loan terms and rates, including interest and fees.

SBA loan rates

SBA 7(A) LOAN TERMS:

  • 7(a) loans do not have a minimum loan amount and max out at $5 million. The average SBA loan was around $374,000 in 2015.
  • The SBA guarantees 85% of your loan if it’s less than $150,000 and 75% if it’s more than $150,000. However, it limits guarantees to $3.75 million.
  • SBA loans aren’t easy to qualify for. Read up on the qualifications for SBA loans to make sure they’re right for you.

SBA 7(A) INTEREST RATES:

7(A) LOANS REPAID IN LESS THAN 7 YEARS

*The prime rate, hiked on Dec. 17, 2015, is 3.5%.

Example: The maximum interest rate for an SBA loan of $25,000 or less, paid in less than seven years, is 7.75%.

But interest rates make up only part of your expenses. Your APR reflects your true cost of borrowing, including your interest rate and all fees associated with the loan.

How SBA loan rates are set. Interest rates for SBA 7(a) loans are the daily prime rate, which changes based on actions taken by the Federal Reserve, plus a lender spread. The spread is negotiated between the borrower and the lender, and can result in either fixed or variable interest rates. However, the SBA caps the maximum spread lenders can charge based on the size and maturity of the loan.

A lender providing an SBA loan may also calculate interest rates using the one-month London Interbank Offered Rate plus 3% or the SBA’s optional peg rate instead of the daily prime rate.

GUARANTY FEES

7(a) loan guaranty fees are based on the loan amount and maturity date and apply only to the guaranteed portion of the loan. Lenders are required to pay the SBA the guaranty fee, but some pass the expense on to you. However, the SBA limits the maximum amount you will be charged.

You ll pay no guaranty fee if your loan is less than $150,000. If it s more than $150,000 and matures in less than a year, you’ll see a 0.25% guaranty fee.

If your loan is for more than $150,000 and takes more than a year to mature, you’ll be charged based on a three-tier system:

  • 3% on loans of between $150,000 and $700,000
  • 3.5% on loans of between $701,000 and $1 million
  • 3.75% on loans of more than $1 million

CDC/504 loans

Business borrowers looking to buy land, buildings or major equipment with long-term, fixed-rate financing can apply for SBA 504 loans. These loans are partially funded by certified development companies, nonprofit organizations focused on community economic development. The loans require collateral, typically the assets that are being financed, as well as personal guarantees from the principal borrowers.

504/CDC SBA LOAN TERMS

  • 504 loans are available in 10- or 20-year terms: As of March 2016, 10-year term loans had an effective interest rate of 4.33% and 20-year term loans had an effective interest rate of 4.55%.
  • Fee percentages are fixed but reset every five years based on principal, often resulting in a lower payment for the borrower.
  • The minimum loan amount is $50,000; the maximum is $5.5 million.

How 504 loan rates are set: Small-business owners seeking a 504 loan are on the hook for a down payment of at least 10% of the cost of the project. A traditional lender, such as a bank, puts up 50% of the loan, and a certified development company puts up as much as 40%. The SBA guarantees 100% of the CDC portion of the loan.

SBA 504 loan terms are primarily made up of the following:

  • The Treasury bond rate: Loans with 10-year terms are priced based on the five-year Treasury bond, while loans with 20-year terms are based on the 10-year Treasury bond.
  • A guaranty fee that is paid to the SBA.
  • A servicing fee that is paid to the CDC.
  • A fee paid to the central servicing agent.

When applying, you ll be quoted an effective interest rate, which is the sum of those three fees and the Treasury bond rate. However, you ll also pay a one-time fee of 2.15% to the SBA, as well as some additional fees, meaning your total cost of borrowing (or annual percentage rate) will be slightly higher than your effective rate.

The bottom line on SBA loan rates

SBA loans give you the best interest rates, though the application process can be complicated and time-consuming. If you find yourself in need of money fast, numerous online lenders can help you get the capital you need. However, they have less favorable APRs.

Find and compare small-business loans

If SBA loans aren t the right fit, compare other small-business loans to meet your needs and goals using our tool. We gauged lender trustworthiness, market scope and user experience, among other factors, and filtered lenders by categories that include your revenue and how long you’ve been in business.

To get more information about funding options and compare them for your small business, visit NerdWallet’s small-business loans page. For free, personalized answers to questions about financing your business, visit the Small Business section of NerdWallet’s Ask an Advisor page.

This post has been updated. It was originally published Jan. 8, 2016.

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2016 NerdWallet, Inc. All Rights Reserved

Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.

Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools, blog content and editorial reviews are based on objective analysis. For more information, please see our Advertiser Disclosure .


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Business Loan Rates #unsecured #business #loans


#business loan rates

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Alaska USA

Business Loan Rates

Copyright 2016

Alaska USA and UltraBranch are registered trademarks of Alaska USA Federal Credit Union.

Mortgage loans are provided by Alaska USA Federal Credit Union in Arizona. Mortgage loans are provided by Alaska USA Mortgage Company, LLC in Alaska, Washington and California. License #AK157293; Washington Consumer Loan Company License #CL-157293; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License #4131067.

Insurance services offered through Alaska USA Insurance Brokers, LLC. Insurance products are provided by various carriers and are obligations of the issuing insurance company. They are not obligations of or deposits to Alaska USA Insurance Brokers, Alaska USA Federal Credit Union, or its subsidiaries, and are not insured by the National Credit Union Administration. Some products are not available in all states.

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Current SBA Loan Rates #sell #a #business


#sba loan rates

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Credit Cards

Banking

Investing

Mortgages

Loans

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Credit Cards

Banking

Investing

Mortgages

Loans

Insurance

Current SBA Loan Rates

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here’s how we make money .

For many small-business borrowers, government-backed loans are the holy grail. SBA loan interest rates are some of the most competitive among lenders.

So keeping up on the Small Business Administration’s terms and rates is part of a smart approach to finding a business loan. The 7(a) loan is the SBA’s most popular product and offers a flexible sum of cash for a variety of uses, including managing daily operations, purchasing new products and refinancing high-interest loans. Business borrowers also find low-cost financing for land and other major purchases with SBA 504 loans.

The SBA sets interest rate guidelines for lenders, which helps keep small-business owners borrowing costs low.

Here’s a breakdown of SBA business loan terms and rates, including interest and fees.

SBA loan rates

SBA 7(A) LOAN TERMS:

  • 7(a) loans do not have a minimum loan amount and max out at $5 million. The average SBA loan was around $374,000 in 2015.
  • The SBA guarantees 85% of your loan if it’s less than $150,000 and 75% if it’s more than $150,000. However, it limits guarantees to $3.75 million.
  • SBA loans aren’t easy to qualify for. Read up on the qualifications for SBA loans to make sure they’re right for you.

SBA 7(A) INTEREST RATES:

7(A) LOANS REPAID IN LESS THAN 7 YEARS

*The prime rate, hiked on Dec. 17, 2015, is 3.5%.

Example: The maximum interest rate for an SBA loan of $25,000 or less, paid in less than seven years, is 7.75%.

But interest rates make up only part of your expenses. Your APR reflects your true cost of borrowing, including your interest rate and all fees associated with the loan.

How SBA loan rates are set. Interest rates for SBA 7(a) loans are the daily prime rate, which changes based on actions taken by the Federal Reserve, plus a lender spread. The spread is negotiated between the borrower and the lender, and can result in either fixed or variable interest rates. However, the SBA caps the maximum spread lenders can charge based on the size and maturity of the loan.

A lender providing an SBA loan may also calculate interest rates using the one-month London Interbank Offered Rate plus 3% or the SBA’s optional peg rate instead of the daily prime rate.

GUARANTY FEES

7(a) loan guaranty fees are based on the loan amount and maturity date and apply only to the guaranteed portion of the loan. Lenders are required to pay the SBA the guaranty fee, but some pass the expense on to you. However, the SBA limits the maximum amount you will be charged.

You ll pay no guaranty fee if your loan is less than $150,000. If it s more than $150,000 and matures in less than a year, you’ll see a 0.25% guaranty fee.

If your loan is for more than $150,000 and takes more than a year to mature, you’ll be charged based on a three-tier system:

  • 3% on loans of between $150,000 and $700,000
  • 3.5% on loans of between $701,000 and $1 million
  • 3.75% on loans of more than $1 million

CDC/504 loans

Business borrowers looking to buy land, buildings or major equipment with long-term, fixed-rate financing can apply for SBA 504 loans. These loans are partially funded by certified development companies, nonprofit organizations focused on community economic development. The loans require collateral, typically the assets that are being financed, as well as personal guarantees from the principal borrowers.

504/CDC SBA LOAN TERMS

  • 504 loans are available in 10- or 20-year terms: As of March 2016, 10-year term loans had an effective interest rate of 4.33% and 20-year term loans had an effective interest rate of 4.55%.
  • Fee percentages are fixed but reset every five years based on principal, often resulting in a lower payment for the borrower.
  • The minimum loan amount is $50,000; the maximum is $5.5 million.

How 504 loan rates are set: Small-business owners seeking a 504 loan are on the hook for a down payment of at least 10% of the cost of the project. A traditional lender, such as a bank, puts up 50% of the loan, and a certified development company puts up as much as 40%. The SBA guarantees 100% of the CDC portion of the loan.

SBA 504 loan terms are primarily made up of the following:

  • The Treasury bond rate: Loans with 10-year terms are priced based on the five-year Treasury bond, while loans with 20-year terms are based on the 10-year Treasury bond.
  • A guaranty fee that is paid to the SBA.
  • A servicing fee that is paid to the CDC.
  • A fee paid to the central servicing agent.

When applying, you ll be quoted an effective interest rate, which is the sum of those three fees and the Treasury bond rate. However, you ll also pay a one-time fee of 2.15% to the SBA, as well as some additional fees, meaning your total cost of borrowing (or annual percentage rate) will be slightly higher than your effective rate.

The bottom line on SBA loan rates

SBA loans give you the best interest rates, though the application process can be complicated and time-consuming. If you find yourself in need of money fast, numerous online lenders can help you get the capital you need. However, they have less favorable APRs.

Find and compare small-business loans

If SBA loans aren t the right fit, compare other small-business loans to meet your needs and goals using our tool. We gauged lender trustworthiness, market scope and user experience, among other factors, and filtered lenders by categories that include your revenue and how long you’ve been in business.

To get more information about funding options and compare them for your small business, visit NerdWallet’s small-business loans page. For free, personalized answers to questions about financing your business, visit the Small Business section of NerdWallet’s Ask an Advisor page.

This post has been updated. It was originally published Jan. 8, 2016.

You may also like

Lender reviews

See how different lenders stack up in NerdWallet’s expert reviews

We want to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and safe by following our posting guidelines. and avoid disclosing personal or sensitive information such as bank account or phone numbers. Any comments posted under NerdWallet’s official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.

2016 NerdWallet, Inc. All Rights Reserved

Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.

Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools, blog content and editorial reviews are based on objective analysis. For more information, please see our Advertiser Disclosure .


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West Houston Hotels, Wyndham Houston West Energy Corridor, Upscale Hotels in Houston, best energy

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Enjoy a dip in the indoor saltwater pool and get energized in our Wellness Center. Savor creative modern Texas cuisine at Park Restaurant Grille, and meet for drinks and a game of billiards at Ten Bar Lounge. Celebrate or get inspired in 9,200 square feet of dynamic meeting and event space, including 12 meeting rooms and the Berkshire Ballroom. We offer a free shuttle within 5 miles and to 16 area businesses.

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3 Ways To Buy Long-Term Care Insurance #ltc #insurance #rates


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3 ways to buy long-term care insurance

When shopping for long-term care insurance, three options present themselves: a stand-alone long-term care, or LTC, policy, a fixed annuity with LTC benefits and a life insurance policy with an LTC rider.

Which option is right for you?

Each has its pros and cons, says Jesse Slome, executive director of the American Association for Long-Term Care Insurance, an industry trade group.

Here s a condensed look at the main considerations surrounding each form of long-term care insurance coverage.

Long-term care policy

According to the nonprofit Insured Retirement Institute, there are four risks to a stand-alone LTC policy: They can be expensive, they acquire no cash value, the premiums may increase, and the underwriting can be time-consuming.

Jim Sullivan, a CPA and personal financial specialist based in Naperville, Ill. confirms that the cost and premium creep are top concerns for his clients.

Affordability is a big issue. If you buy a policy and after a couple of years you just can t afford it anymore, the likelihood is that you re going to drop it, and then all that money is wasted, he says. Most of my clients have opted for the simpler form of life insurance with a long-term care rider.

Slome says the traditional LTC policy s biggest sales obstacle has led to the proliferation of hybrid life and annuity products with which it now competes.

People have this misconception that if they buy long-term care and don t use it, they ve wasted their money, he says. We don t look at any other form of insurance that way. That s what makes the sales pitch for hybrid products attractive.

Slome says that if viewed in the same light as home or auto insurance, an LTC policy is a much more affordable way to cover the larger risk because you re paying small amounts every year. In his view, that means you re keeping more of your money invested for retirement, the returns on which will help offset your LTC premiums along the way.

Sullivan agrees: If you re looking for pure long-term care protection, dollar for dollar you can t really beat a good long-term care policy, he says. I would rather see a client get a smaller policy they are comfortable with and can afford than a policy with a risk that they re going to drop it.

Fixed annuity with LTC benefits

Fixed annuities, those CD-like investment vehicles that can provide an income stream for life, are a tough sell in the current low interest rate environment. However, if you re a risk-averse shopper who can t pull the trigger on a use-it-or-lose-it long-term care policy, an LTC annuity may be worth exploring.

It s generally a lot less expensive than a long-term care policy, says Jean Dorrell, a certified estate planner with Senior Financial Security in Ocala, Fla. who sells fixed annuities. I honestly think LTC policies by themselves are a bad deal; the rates increase, and you pay into it for 10 years and drop it.

Instead, Dorrell directs her clients to a fixed annuity with LTC benefits.

The majority of them, when you put $100,000 in, that s your $100,000 to spend, whether you need long-term care or not. But by putting the rider on for an extra 1.5 (percent), 2 (percent) or 3 percent per year, you may have double to use for LTC, she says. You put that $100,000 in, you pay that rider fee for, let s say seven years now your (annuity) balance is, say $150,000, but you have $200,000 in there for long-term care.

The annuity approach has several advantages: You retain access to your money (although fees usually apply), the cost of the LTC rider may be less than an LTC policy, and you can obtain coverage without health underwriting if you ve been turned down for a stand-alone policy.

The disadvantage: Besides that steep upfront investment, the rider fee can eat into your annuity s interest income, and you ll be locking that money up today at a relatively low rate.

With interest rates so low, that s just not attractive, says Slome. But annuities will take off once interest rates start to go up again.

Life insurance with an LTC rider

There s one important question to ask before you consider a life insurance policy with an LTC rider: Do you need life insurance?

If you don t, why would you buy it? Slome asks. The life insurance companies are not giving away free life insurance to incentivize you to buy long-term care protection.

The life insurance approach to long-term care coverage is fairly straightforward: You invest in a cash-value insurance product whole, universal or variable universal life and select your LTC coverage terms in the rider. Once you trigger your long-term care insurance coverage, it comes out of your policy s death benefit, usually on a prearranged schedule. At death, your beneficiaries get what s left of your life insurance.

The upside: If you don t use the LTC, you ve saved the premiums of a stand-alone policy.

The downside? Some of the combo products I ve seen with an LTC rider tend to be fairly expensive, says Sullivan.

Slome adds that because the LTC money comes out of your death benefit first, you re just getting back your own money, and if you live beyond having spent your own money, then it will trigger the long-term care portion of the policy.

So what s your best move? Slome offers this advice: If your need for long-term care is relatively short, meaning a year or two, consider a hybrid life product. But if your need is likely to be longer, you re going to blow through the policy and be back on your own savings. Then you re going to regret that you didn t buy a traditional long-term care policy.


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How do savings accounts work? #savings #acct #interest #rates


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How do savings accounts work?

­The most common type of bank account, and probably the first account you’ll ever have (after a checking account), is a savings account. Savings accounts allow you to keep your money in a safe place while it earns a small amount of interest each month. These accounts usually require either a low minimum balance, like $25, or may require no minimum balance at all. This depends on the bank and the type of account.

Besides the fact that you will be less likely to spend it, putting your money in a savings account is safer because it is insured. If your home is robbed or burns down, your money may be lost forever. Banks and credit unions. on the other hand, keep your money in a locked and fireproof safe. Banks insure your money (up to $100,000) through the Federal Deposit Insurance Corporation (FDIC). This means that even if the bank goes out of business (which is very rare!) your money will still be there. (The National Credit Union Administration (NCUA) insures credit union accounts up to $250,000.) The FDIC is an independent agency of the federal government that was created in 1933 because thousands of banks had failed in the 1920s and early 1930s. Not a single person has lost money in a bank or credit union that was insured by the FDIC since it began. When you put your money into a savings account, it earns interest. Interest is money the bank pays you so that they can use your money to fund loans for other people. That doesn’t mean you can’t have your money whenever you want it, though. That’s just how banks make money — by selling money! Basically, it works like this:

  • You open a savings account at the bank.
  • The bank pays you interest on the money that you deposit and leave in that account.
  • The bank then loans that money out to other people, only they charge a slightly higher interest rate on the loan than what they pay you for your account.

The difference in interest they pay you verses the interest they charge others is part of how they stay in business.

­Interest on savings accounts is usually compounded daily and paid monthly. The cool thing about compounded interest is that the bank is paying you interest on the money they’ve paid you in interest! That means that if your account earns one percent interest, then each day 1/365th of that one percent of the amount of money you have in your savings account is then added to your total. Here is the calculation:

Daily compounding = Principal (1 + interest rate/365)365 = (daily compounded amount)

On the next page, we’ll explore how banks and credit unions manage savings accounts and explain what happens when you open your new account.

Print |
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Compare Credit Cards, Bank Accounts, Savings & More, compare bank savings rates.#Compare #bank #savings

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New survey sees alarming decline in Brits saving habits

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Mortgage News #mortgage #news, #mortgage #industry #news, #national #mortgage #news, #mortgage #loan #news, #mortgage

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LATEST U.S. MORTGAGE NEWS
Last Updated July 30, 2017 3:33 PM Central

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A wholesale mortgage lender is providing its mortgage-broker clients with hands-free access to current information about their loan pipelines.


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Instant Term Life Insurance Quotes #term #life #insurance,whole #life #insurance,universal #life #insurance,life #insurance,life #insurance

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Instant Term Life Insurance Quotes Now

The Advantage One Insurance website helps you find the right insurance policies to best suit your needs. If you’re interested in getting a quote first read our brief introduction to the basics of life insurance below, then answer a few questions about yourself in the form in the right hand column, and we’ll instantly generate quotes from over 140 companies to find what’s best for you.

Term Life Insurance

If you’re looking for a basic life insurance package, or no medical exam life insurance. you’re probably after term life insurance. This covers the all the essentials and is also the cheapest type of life insurance.

You pay a fixed rate over a specific amount of time (or term – for example 10 years, 15, 20 year term. or 30 year term) and the insurance company pays out a lump sum if you die within that time. These policies insure your life, but do not provide any additional form of investment.

If you want to increase the certainty of a payout, perhaps a form of permanent life insurance is best for you. These schemes do not expire (provided you keep up with payments) and they also build you a pot of savings. There are two popular types of permanent life insurance:

Whole Life Insurance

You’ll get a guaranteed payout on your death, as long as you continue to make your payments, so these plans are sometimes known as ‘whole of life insurance’. In addition, your payments also build an investment fund (a cash value) which can be withdrawn or borrowed against. This cash value remains tax-deferred until you take advantage of it.

As your beneficiaries are certain to get an insurance payout and you will be creating an investment fund, whole life policies are usually more expensive than term life insurance.

Universal Life Insurance

Universal life insurance is a permanent life insurance with added flexibility. As with whole life, it also invests a part of your premium in a tax-deferred, interest accumulating savings account, but additionally it allows you to use the interest from this to pay your monthly premiums. The policy will cover your whole life too, not just a fixed term.

You can review the allocation of your payments into the death benefit and into the savings pot at any time, and can also move money between the two. All this flexibility means universal life insurance is better for those who are looking for a longer term plan, because your premium will start high and it will take time for the investment to start paying for itself.

We hope this overview of life insurance helps making the right choice even easier.

Term Life Insurance Quotes

Advantage One Insurance helps you find cheap life insurance rates and premiums possible

Our Insurance Advisors will assist you in determining your appropriate health class

And custom tailor an affordable life insurance plan to best suit your personal needs.

We provide exceptional customer service by phone or email. And pride ourselves on having the latest technology available.

Making this process as quick and easy for you as possible. With our online applications you will receive the prompt delivery and begin protecting your loved

ones right away.

Advantage One Insurance

Has been helping families protect their loved ones since 1984. Let us share with you our knowledge and experience from being in the life insurance industry for over 25 years. We pride ourselves on educating our customers to assist them in making the right decision for their unique situation. We write all major life insurance companies in the US, that offer competitive rates, such as Banner Life Insurance, American General, Prudential. Genworth, MetLife, Ohio National and more.

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1022 Colonial Drive, Bensalem, PA 19020


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State car insurance rates

CarInsurance.com commissioned Quadrant Information Services to provide a report of average auto insurance rates for a 2016 Honda Accord for nearly every ZIP code in the United States. We calculated rates using data for up to six large carriers (Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm).

Averages rates are based on full coverage insurance for a married 40-year-old male who commutes 12 miles to work each day, with policy limits of 100/300/100 ($100,000 for injury liability for one person, $300,000 for all injuries and $100,000 for property damage in an accident) and a $500 deductible on collision and comprehensive coverage. The rate includes uninsured motorist coverage. This hypothetical driver has a clean record and good credit. Average rates are for comparative purposes. Your own rate will depend on your personal factors and vehicle.

Nearly everything having to do with car insurance depends heavily on your state. The resources linked below will help you understand specific laws that may or may not affect you.

What is a tort state? : Thirty-eight states use the tort system, which means that someone is found at fault for every accident that involves car insurance, even if the fault is determined to be 50/50 between two drivers.

What is a no-fault state? : Under the no-fault system, car insurance companies pay for certain damages regardless of who was at fault. Laws vary among the 12 states that have no-fault insurance.

No pay, no play states : In states with no pay, no play laws, driving without insurance is even more risky than in other states. Uninsured drivers in these states are not compensated for any damage, even in accidents that are not their fault.

Which states share speeding ticket information? : Many states have formal agreements with each other, such as the Drivers License Compact and the Non-Resident Violator Compact, to share information regarding traffic tickets when drivers are ticketed out of state.


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