So there’ve been various delays in vehicle title issuing, and here’s a really good example of how and why it might take longer than usual to get a vehicle title.
From South Dakota, there’s a news article where vehicle owners may find themselves waiting a long time for printed titles. Why is that? Well, the South Dakota Department Of Revenue, which handles motor vehicles, will no longer be printing paper titles due to paper supply issues. Often people will think that title certificates are just printed on blank paper. The problem is the paper used for titles has built-in security features just like paper money to prevent fraud. The printing is said to resume sometime in February of 2023. Well if you’re a vehicle owner and you need a title, how’s that gonna work out for you?
Remember a title certificate is not a document just printed on blank paper. It’s printed on security paper just like paper money or another certified document. The reason these documents are so secure is that whoever has their name on the title is the legal owner of the vehicle. So if a vehicle is worth $10,000, a vehicle title certificate with your name on it is the equivalent of a $10,000 bill. In addition, you can’t buy one from a company, you can’t download one from the internet in the same way you can’t buy or download a hundred-dollar bill. It’s something that is a security instrument issued by a government agency. If the government agency can’t get you one for four or five months, you’re not going to get one somewhere else if you live in South Dakota.
So if you need a vehicle title and you’re in South Dakota, you may be in for a long delay. You do want to get your application in because they’re going to print them in the order they were received, but a vehicle title certificate is a legal government document issued only by a government agency. You can’t buy one from the internet. You can’t download one from the internet. You have to get it from a government agency.
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Order Vermont Title LoopholeOrder Deceased Owner Title TransferOrder Bonded Title ProcessOrder Abandoned Vehicle ProcessOrder Prior Owner ContactOrder Lien Release Request LetterPGlmcmFtZSBzcmM9Imh0dHBzOi8vYXBwLmFjdWl0eXNjaGVkdWxpbmcuY29tL3NjaGVkdWxlLnBocD9vd25lcj0xOTQ4ODEyNiZhcHBvaW50bWVudFR5cGU9MjMwNjY0MTAiIHRpdGxlPSJTY2hlZHVsZSBBcHBvaW50bWVudCIgd2lkdGg9IjEwMCUiIGhlaWdodD0iODAwIiBmcmFtZUJvcmRlcj0iMCI+PC9pZnJhbWU+PHNjcmlwdCBzcmM9Imh0dHBzOi8vZW1iZWQuYWN1aXR5c2NoZWR1bGluZy5jb20vanMvZW1iZWQuanMiIHR5cGU9InRleHQvamF2YXNjcmlwdCI+PC9zY3JpcHQ+
Having the knowledge to properly transfer a vehicle title from one person to another is crucial when purchasing or selling a vehicle. A successful transfer of title is necessary for completing the transaction, as well as an unsuccessful one, which may result in DMV denial. A vehicle title, also known as a certificate of title or car title, is the most significant car-related document because it assigns legal ownership. The individual whose name appears on the front of the title is considered to be the only owner of record with the DMV. A successful transfer of car ownership must be accomplished by filling out the necessary forms and paying the DMV processing fees and taxes.
The first step in transferring a vehicle title is obtaining the current title from the seller. Before you pick up the vehicle, the seller must be the previous owner or be present. The watermarks, background patterns, and scrollwork on the front of the title should be difficult to reproduce; the title should also include the current owner’s name and the year of issue. When you sign over a vehicle title, make sure that the person transferring ownership is the person listed on the vehicle title document. The back of the certificate designates ownership.
When purchasing a vehicle, make sure that the VIN plate and vehicle specifications are consistent with the information on the certificate of title supplied by the seller. In addition, only the owner listed on the front of the certificate of title may relinquish ownership to the buyer. If you are buying from a private individual, make sure to examine the photo ID to guarantee that this person is also the legal owner. Purchasing a car with an erroneous title or from someone other than the legal owner will cause you serious problems with the DMV.
After you’ve verified the accuracy of the car’s title and the identity of the seller, sign the back of the vehicle title. The seller transfers ownership on the back of the car title. Also, be sure to have a purchase receipt, also known as a bill of sale, to verify that you have acquired the automobile from its previous owner appropriately.
Every state has its own title and registration application as well as fees. You’re ready to officially transfer your car title now. You may find state motor vehicle division or secretary of state websites where you can apply for a title and registration. Many applications can be submitted via mail. The fees due will vary by state according to sales tax requirements and tiered fees for different types of vehicles, in addition to sales tax requirements.
Make sure you have the following items when you arrive at the DMV:
It’s important to keep your title free of damage and theft, as it is the most essential document a vehicle can have. Do not keep your vehicle title in your vehicle; it should be kept safe. By transferring your car title into your name, you will preserve your property. If you lose your vehicle title after it has been printed by the DMV with your name on it, you may apply for a duplicate title. However, if the previous owner signs the original title prior to the DMV printing a new one, you will not be eligible for a new one. Only the owner in the DMV system may request a title, and if you didn’t transfer it, it won’t be in your name.
Here’s sometimes an overlooked factor of electric vehicles that might be worth considering for your purchase or maybe even use and lifestyle for an EV.
An electric vehicle is different than a gas vehicle in that when you go to recharge it or refuel it, you don’t pull into a gas station and pop back out. You know fill it up in two or three minutes and leave. With an EV, you’re locked into that EV charging station for a long time sometimes an hour or more. It’s bad enough when you pull into a gas station that is just a little bit of a risk factor.
There are a lot of robberies and crime that occurs in gas stations because thieves and criminals know that you’re going to be stopped and sometimes they’ll reach into the other side of your car and hopefully, you leave it unlocked for their sake and grab your purse or grab your wallet or grab something of value out of the car or even carjack you because you step out of the car to put the gas in. And sometimes that’s their opportunity to do this but you’re only there for a few minutes, five minutes at the most. With electric vehicles, you’re stuck there plugged in where you can’t just drive away for an hour or more.
What happens if you’re in an EV charging station, your car is plugged in, and a thief comes up to the window with a gun or starts banging on your car? What are you going to do? You’re known to be stopped there for an hour and a smart thief will take advantage of this opportunity and maybe use it for criminal intentions. What if they block you in and they don’t let you leave, or if they start banging on your window or smashing your window to grab something out of your car you can’t just turn on the car and drive away? You’re locked in with a cord, you’re tied into that place.
And this is something that was addressed in this article, a major concern for women is safety and security at charging stations. Because again by definition, you are committed to being there and a thief knows you are going to be sitting in your car for an hour. They know that and if they’re just sitting across the street, watching you pull in they know the ones you get there. You’re basically hostage for one hour and they can do whatever they want. So you might want to consider that. Make sure you’re charging in public areas in daylight may be trying to do your charging at home so you’re not stopped for too long in a place or maybe charging in a parking lot where you can plug in and walk into a store you’re not trapped in your car.
Thinking about that usability and that charging reality might be something that’s important, just like you plan everything else about your day. Tell us what your thoughts are in the comments. And if this is something you’ve considered or you consider it too much of a risk to get an electric vehicle.
You know the next vehicle you buy could be the last gas-powered vehicle you ever owned. On the other hand, the next vehicle you buy could be the last electric vehicle you ever own. What do we mean by that?
Well, as you know there’s a lot of pressure coming from government agencies and auto manufacturers to switch everybody over from gasoline to electric vehicles. The question is whether or not the logic or the business model of electric vehicles is going to work. Will there be enough chargers or is there enough capacity? Will there be enough people that want to buy them? But if it keeps going the way it is, in three or four years, there may not be many desirable gasoline vehicles available to buy. Certainly, there will be some, but the good ones might not be for sale anymore. Many manufacturers are already saying they’re not going to make gasoline vehicles. They’re not coming out with any new models. And they’re forcing dealers only to sell electric vehicles. Ford told its dealers that if they don’t switch over to electric vehicle retailing, they basically can’t have a dealership. Buick told all its dealers we’ll buy you out if you don’t sell electric vehicles. It’s getting so serious that they’re even starting to now force airplane manufacturers to make electric airplanes. They’re trying to get fuel not to be used, you know jet fuel kerosene, not to be used in airplanes. So if they’re trying to make electric airplanes there must be really serious about electric cars. But is it going to work? You might buy an electric car in three or four years but you might find that three or four years later that the whole thing collapses, and there’s not enough infrastructure to keep up with electric vehicles, and then everybody goes back to gas, who knows? But if it goes away it’s going, there may not be gasoline cars to buy in three or 4-5 years.
Look, everybody talks about 2030 as the year when all the states and manufacturers are putting a ban on gasoline vehicles. It sounds like a long way away but it’s really not. Right now we’re knocking on the door of 2023. So let’s round it off and call it 2023. 2030 will be seven years from now. If you go back in time from 2023 minus seven years that was 2016, think back to 2016, what were you doing? It’s not that long ago. You can think back to that easily. The car you have might even be from 2016 or older. You might be in the same house that you were in 2016. So 2030 is in just a blink of an eye. It’s not that far away. So if gasoline vehicles will not be available or really any that you want to buy, what are you going to do 4-5 years from now?
So whatever you have now for gasoline vehicles or whatever you buy in the next couple of years might be the last gasoline vehicle you ever owned. Everything after that might be electric. Plan your life accordingly. Think about how you travel, think about how you commute, and take trips. What’d you do on the weekends? It all might change because you don’t think about it every day but your fueling and refueling regimen is based on driving couple hundred miles, stopping for a minute, and filling up driving another few hundred miles. You don’t really have to plan a lot of time to refuel or re-extend the range of a vehicle. You don’t have to plan for time.
Forget about the availability of chargers because that’s a whole other story. Gas stations are everywhere. When you’re driving in most places every minute or two you hit a gas station. For electric chargers, you might have to drive an hour or more to hit a charging station. Certainly, there may be more of them in a few years. Not as many as gas stations certainly, but there’ll be more of them. But having one available isn’t really the issue is it? When you fill-up for gas right now it takes you a minute or two. What if it takes you an hour or two? How is that going to change going for a weekend trip? How is it going to change going for a day trip? What do you do on a Saturday? Do you drive through the country? You go look at the fall leaves, you go skiing, how will that change that trip if there you have to add two or three hours of charging time into that schedule? Do you leave yourself two or three hours extra time on your trips? Now you might have to in the future, do you have a plugin charger in your house? You’ll need a 240-circuit, the same as your dryer, your range, your hot water heater, and your air conditioner in your garage. Maybe you might want to do that now because the cost of doing this is going to go up in the future. You can get an electrician to run that now and it’s still gonna cost you money, but having that in your home now may be a good investment for down the road. The price won’t stay low forever. Whatever you’re getting in your investment in the stock market or your other interest rates, saving a thousand dollars in three years on a $500 investment for a charger might be the best rate of return you get on anything.
Something to think about. Put your comments below and let us know what you think. Do you think this EV thing is going to happen or is it going to backfire and we’re all going back to gas at some point in the future? Put your comments below.
In the ever-evolving landscape of insurance, there’s a crucial factor that often plays a significant role in determining premium rates – reinsurance. In this blog post, we delve into the intricate workings of insurance rates and how they can be influenced by large series of claims, market dynamics, and negotiations with reinsurers.
The Ripple Effect of Major Claims and Market Shifts
Anytime a surge in claims or a notable increase in risk occurs within the market, it’s a clear sign that insurance rates are likely to experience an upward trajectory. This phenomenon is particularly evident in the aftermath of major hurricanes or natural disasters. Insurance companies carefully review their claims portfolio and readjust their premiums to align with anticipated future loss rates.
Unveiling the Reinsurance Mechanism
When individuals purchase insurance from renowned companies like Allstate or State Farm, they are tapping into a complex financial strategy known as reinsurance. This involves insurance companies buying additional coverage to protect themselves against potential claims exceeding their cash reserves. In essence, reinsurers step in to cover anything beyond the insurer’s financial capacity.
Negotiations in Progress: The Current State of Reinsurance Rates
At present, insurers find themselves in the midst of negotiations with reinsurers, who may propose higher rates ranging from 10 to 30 percent. This negotiation process is crucial, considering that almost two-thirds of U.S. property catastrophe coverage renews every January 1st. This renewal period affects a substantial portion of homeowners’ insurance policies, requiring major insurance carriers to secure their policies during this timeframe.
External Factors Influencing Reinsurance Rates
The past five years have witnessed an increase in catastrophic losses from storms, wildfires, and other natural disasters. The most recent example is Hurricane Ian, projected to result in losses amounting to tens of billions of dollars. A significant portion of these losses is expected to be absorbed by reinsurers, emphasizing their pivotal role in the insurance ecosystem.
The Lag Time: From Claims to Adjusted Rates
While insurers may wish to promptly adjust their rates based on anticipated losses, most states have statutes in place that prevent them from doing so. Typically, insurers are required to wait until actual losses are incurred before filing for updated rates and a new rate table. This lag time creates a period during which claims are experienced, but rate adjustments are yet to be implemented.
The Domino Effect on Consumer Premiums
The aftermath of recent years has seen outsized payments for claims related to wildfires, weather events, and social incidents. This accumulation of claims, even if unrelated to individual policyholders, contributes to an aggregate effect on ongoing rates. Consequently, consumers may witness an increase in insurance rates over the next year or two as insurance companies refile their rates with regulatory boards.
Regulatory Oversight: Balancing Solvency and Affordability
Insurance Commissioners in every state play a crucial role in overseeing both the rates and financial solvency of insurance companies. Admitted carriers must maintain robust financial backing to ensure they can fulfill their claims obligations. Regulatory bodies also ensure that reinsurance plays a pivotal role in supporting insurers, conducting regular reviews to guarantee the financial stability of the industry.
Looking Ahead: The Pivotal Year for Reinsurance
As the insurance industry navigates through negotiations and adapts to the evolving risk landscape, this year emerges as pivotal for reinsurance. The potential increase in reinsurance rates – projected at 10 to 30 percent – is poised to impact individual policyholders’ premiums for years to come. Understanding these dynamics provides consumers with valuable insights into the intricate mechanisms shaping the cost of insurance coverage. Stay informed, stay covered.
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