Tag Archives: insurance

Common Auto Insurance Questions for Households

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Common Auto Insurance Questions for Households

There are many questions for households need to consider before purchasing auto insurance. Even with a load of information available on the net, sometimes it’s best to wise up and ask the following questions directly to your insurance agent; after all, not all agencies will do things the exact same way.

Are Minimum Limits Adequate?

While every situation is unique and every individual needs to decide the best route to take for specific situations, minimum limits do nothing more than satisfying the basic requirements. For some people who is enough, and for other people, it is important to have more coverage.

While you might think that $25,000 sounds like a lot of money, if you get into a multiple care pileup, your limit might be exhausted before you are even done with the second car. When you consider some of the car insurance states that have minimum limits as low as $15,000 as listed by Cars.com, it’s hard to truly feel the security of insurance coverage with a measly minimum limit in place.

Do I Want My Teen on My Policy?

This question comes up a lot, and the short answer is: it depends. On one hand, you could have a teen who has no experience, isn’t eligible for a good grades discounts, and drives their own brand new car. In this case, adding your team would be extremely costly.

On the other hand, your teen could wind up not having their own car, so they are only insured for liability. You could also make them take a driver’s safety course in addition to making them work harder toward a good grades discount. And if the car they do occasionally drive is used with great safety features, they’ll be much cheaper (while still expensive overall) to add to your policy.

If you want to crunch some numbers yourself without getting on the phone to talk to an agent, take advantage of sites like CoverHound, which streamline the comparing car insurance quotes process. Simply input different scenarios into their quote generator to know how you can save the most money.

Do GPS Tracking Systems Work?

In short, GPS tracking systems work well. Even though every company is coming out with their own version, and even though many are frightened about the prospect of giving up their privacy, this technology can actually wind up tracking your driving behavior and giving you a very strong discount if you prove that you practice safe driving habits. For the most part, the only things that the car systems will track is braking and accelerating behavior, length of drives, the time of day that you drive, and how often you drive. All of these things can make your rates go down, and according to Marketplace, it is already happening for many people. The point is when you get a car insurance rate you are paying what an average driver would pay. However, you just need to show that your driving would put you in a class that is better than average.

Does It Really Make Sense to Bundle?

In almost every case for this question, the answer is yes. You need to simply think about the idea of administrative costs and the amount of time it would take you to call two separate companies, write out two separate checks, file the paperwork for two separate policies, and so on. Then, when you think about the time it would take to combine that all into one task and one policy, you can see why companies encourage bundling. They can save on administrative tasks so that you can save on your overall premium payments. Everybody wins.

There are always questions to ask, and chances are good that there will be many more down the line as well. The important thing to do is to take the time and look into what you can save just by doing certain things. Insurance is a bit confusing, but you can also save a lot of money if you use the right resources.

Thanks,

Chase

Unique Ways to Save Money on Car Insurance

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Car insurance is a very important requirement and is necessary to have if you are to planning on legally drive on the roads in the United States.  Currently, numerous car insurance schemes from various insurers are available on the market.  Such schemes usually vary according to the insurance company.  Sometimes, such insurance policies are too heavy on our pockets and you soon realize that you are spending too much money on your car insurance.

Good Reason for Car Insurance

 

Here we are discussing ways to reduce the cost involved:

1. Go with the right company– It is very important to choose a reliable and well-known insurance company for your car insurance.  By choosing a cheaper insurance company, you may think that you are saving some money, but that saved money is swallowed up in some other way or by the other insurance company if you are in an accident and not vigilant.  Therefore, it is best to first compare the deals and ask for free quotes from many carriers and figure the ideal policy for yourself.

2. Choose the correct policy – You can definitely choose a suitable policy by comparing auto insurance quotes online.  You should avoid policies  that demand extra charges for unnecessary coverage options.  You should consider the damage that can happen to your car and health, then choose the appropriate policy.  Make sure you have enough coverage for you medical expenses and the other parties if you cause the accident!

3. Opt for a higher deductible – Though it may not may any sense initially, but when you opt for higher deductibles, you can definitely save a good chuck of your money over a few years.  Now if you know you are a horrible driver (check your records if you have any) then don’t get a high deductible!  But if you are like me, consider getting a deductible as high as $500 or $1,000.

When you sign up, the insurance company will offer you numerous options for deductible.  Though you may choose the lowest option as it may seem beneficial but in reality the higher the deductible the more beneficial it is for you in the form of a lower insurance payment.  You should keep in mind that the deductible significantly influences your premium.  Therefore, when you choose a low deductible, your monthly payment will be significantly higher.  On the other hand,  choosing a higher deductible will significantly reduce the monthly payment and would save you a good amount of money in the end.

4. Opt for additional GAP – First, what is GAP Insurance?  It’s insurance that covers what traditional car insurance doesn’t!  GAP insurance is good if you have an availed loan on your car.  An availed loan covers the actual cash value and the loan amount that is due, in the event of accident, fire and so on.  Insurance companies determine the ACV (Actual Cash Value) of your damaged car at a much lower value than the retail value that you initially bought your car for, and so you would still be left with a huge amount owed towards your loan.  GAP insurance covers this difference.  Sometimes, the GAP insurance provider may also pay your deductible resulting in considerable benefit to you.

5. Search for new deals from insurance companies every year or every few years!  The payment keep creeping upward each year.  So it pays to shop around every so often!  You’d be surprised how much you can save!

6.  Combine Housing and Car Insurance!  If you combine both of these insurance types, the company that provides both will many times give you a special discount.  This makes it a win-win for both you and the insurance company!

This guest post was provided by Steve.

Thanks,

MR

 

Sun Life Financial of Canada

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Sun Life Financial of Canada

They say that when it comes to money, people get particularly anxious and the simple thought of losing their savings and/or earnings is enough to let fear take over.

But why do we allow fear to keep us from seizing opportunities?

Well, in the first place, finance is no child’s play. Being a very complex, risky and dynamic field, it needs to be studied, analyzed and understood, before one can use it to their advantage.

However, not everyone can dedicate their life to understanding finance, which is why there are a number of reliable and trust-worthy financial services companies out there that can take good care of your interests by opting for safe, yet lucrative solutions.

Sun Life Financial of Canada is one of these financial security providers.

With its worldwide presence in 24 countries, its mission is to guide and assist its customers, catering to their financial and personal needs.

In fact, Sun Life Financial of Canada offers a wide range of products and services, including flexible retirement solutions (pensions), protection plans and investment consultancy.

However, the company has recently switched its focus from investors to rather calm savers, helping them achieve tranquility and peace of mind, by offering them specific products, depending on their age, expectations, plans and personal needs.

Over the last decade, international markets have experienced a strong volatility due to a number of unexpected changes the global economy has gone through. That explains the lack of balance between growth and recession which influences both share and bond values, as well as customers’ confidence in financial markets.

So, considering the present circumstances, what can Sun Life Financial of Canada do for savers?

From a psychological point of view, it guarantees stability, security, flexibility, safety and peace of mind. For you to be in total control of your savings and earnings, you will get to choose the funds you want to invest your money in whilst being assisted by an experienced adviser.

For instance, should you want to make the most out of the pension pot you have built throughout the years, the company suggests you opt for i2Live, an innovative pension plan that enables retired people to freely withdraw the amount they need whenever they like, while an insurance company would only provide them with a fixed income that can not be renegotiated.

Needless to say that being i2Live solutions invested in funds, they might go up and down, but there is nothing to worry about since Sun Life will make sure that your income does not drop below a certain amount that you will discuss with your personal adviser.

Returning to protection and stability, the company offers another innovative product called Financial Foundations, which allows its holders to be covered in case of disability and critical illness. Moreover, it provides income and elderly care cover, as well as great flexibility.

And, if you live in the UK, you will be glad to know that Sun Life launched its UK brand in March 2010, after having acquired Lincoln National Corporation.

For any other information, go to Sun Life Financial of Canada and find out more about Sun Life and its products.

As normal readers might have surmised, today article was a guest post provided by Vera Grigorova.  Thanks for the information Vera!

Increasing Insurance Coverage

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I decided to bite the bullet and up my life insurance coverage amount for the family.  I increased the amount by $300,000 more than my current coverage ($200,000).

So now, I’m covered for $500,000 if I die.  While that doesn’t sounds like a lot… in our case it is.  With the Social Security death benefits, my wife should do just fine, and my kids will still be able to go to college (or at least they’ll have enough for the first 3 years, if I were to die now or next year).

A smarter approach on my part would have been to have this level of coverage all along.  Now that this is in process, I feel a little better now.  The only problem with the new coverage amount that I now  have, is that the coverage is through my employer.  I’m not sure what would happen if I were to get laid off (or worse fired).  That’s why I am considering purchasing additional coverage separate from work.  I will earmark these funds separately too, perhaps putting the money in a bond or a safe dividend paying stock (or even a mutual fund or etf…).

What type of extra insurance am I considering?   Since I’m late to the party, I’m looking at 20 year term life insurance (If I was starting new, then 30 year).  Since this is extra security above the amount what I currently have with my employer, I’m going to look for bargain amounts (but at least $150,000).

What should I have done when I started my family?  If I were to start again, I’d buy a 30 year life insurance term right out of the gate.  I’d also make sure the coverage amount is at least $500,000.  If I was just starting a family in 2010, I’d probably go for the $750,000 to $1,250,000 range depending on how much the monthly cost would be.  Actually, I would most likely go for the $1,000,000 amount.  The thing is if you go too low and a mishap occurs and you need it years later, inflation might take a decent size bite out of the amount your family receives.

I can’t stress how important this coverage is.  I’m kind of surprised I was weak on this (to me, at the time, 200,000 seemed like a lot of money), but it’s not!  I also underestimated my chances of death.  But even if you are in excellent shape, that doesn’t prevent accidents from happening to you! 

If you have or are starting a family, please go the extra mile on this one, don’t be naive like I was!