Monday, June 23, 2014
If you want to save on your Car Insurance you need to do your research and compare each of them. Insurance premiums are rising, it is up by 10% since 2008 which is big since before 2008 auto insurance premiums average increase is just 1% annually.
Most companies uses credit-based insurance scores to determine premiums. So if you have bad credits, you will have higher insurance premiums. Some companies even use firms that mine databases for personal policyholder information, insurance companies can use it to look for your personal information about your family, your marriage, your work and other information that is relevant and could increase your risks level this could lead to higher premiums.
There are insurance companies that requires their policyholders to have their car restored at their accredited repair shops so that they can cut cost. Some of them even use cheap aftermarket replacement parts.
There are factors that you don't have the power to change however, there are still ways to cut on your premiums for your auto insurance coverage.
1. Regularly (every 6 months) check rates from other insurance companies by getting quote from them online or by other means. However, if you have been with the same insurance company for a long time. They usually gives discount for longevity so your premiums with them will be hard to beat.
You can use Insurance Premiums comparison site to compare premiums. You can check out www.naic.org/state_web_map.htm to find a link to your state's agency. If you live in California use this link:
If you also compare through Answer Financial, Insure.com, InsWeb, and NetQuote. Sometimes you will not get an immediate results but they will email you the quote.
2. Check the background of the insurance company through research online, because some company charge less premiums but they will low-ball and cut corners when your car needs repairs. Some companies also increase premiums too much after an accident.
3. Your deductible should be just the right amount. If you choose a high deductible you will have a lower premium however you will have higher out of pocket cost when you have a claim. However, if you have a good driving record and you travel less having a higher deductible will be a good move.
4. The liability coverage covers property damage and bodily injuries that you caused in an event of an accident. If you reduce this and had an accident it can hurt you financially. Make sure that you purchase the standard coverage $100,000 per person for bodily injury, $300,000 per accident, and property damage up to $100,000.
5. Protect yourself from uninsured drivers make sure that your plan have uninsured/underinsured motorist protection. If you got hit by an uninsured driver you will be the one to pay for the damages and suit the driver who hit you in court to recoup what you paid for which will take time and more money.
6. If you are driving an old car and the yearly cost of your premiums equals or over 10% of your car's book value, just let go of the collision or comprehensive coverage. You will be paying more in premiums than what you will get to repair or replace your car.
7. If you have two cars, don't get the rental-reimbursement coverage.
8. If you have auto-club membership remove the roadside assistance coverage.
9. If you have a reliable health coverage then you don't have to get the personal-injury protection and medical-payments coverage.
10. Make sure that your Auto Insurance company will use shop that you trust and use original equipment manufacturer (OEM) parts.
11. Always ask for discounts. Insurance companies usually gives discount if you also buy your other insurance from them like life-insurance or homeowners insurance.
Monday, June 2, 2014
We want the best for our children however, we cannot predict the future and in an event of an untimely death there will be tons of financial headache like medical bills, funeral bills, or home mortgages. Don't worry you can plan ahead and have a financial safety net to ensure there’s money available for these expenses. Life insurance can be your safety cushion to save you from this financial disaster.
There are two kinds of Life insurance policy, Term insurance and Whole Life Insurance (permanent insurance or universal insurance).
Term insurance - insurance gives you coverage at a fixed rate of payments for a limited period of time. You pay premium for 10 years or 20 years and it entitles you to a specific amount of money. In an event that the policyholder dies during the policy term the beneficiaries are entitled to the payout.
After that period term expires any premiums paid are lost. However, there are policies that allows they term insurance to be extended but the coverage at the previous rate of premiums is no longer guaranteed.
This insurance is cheaper than the Whole Life Insurance.
Whole Life Insurance - this gives you coverage for the duration of your life. It also acts as a savings where the policyholder can access a portion of the money paid as premiums when it is needed.
Whole Life Insurance premiums are higher than Term insurance.
To make sure you do not overpay for an insurance, since the insurance agent may oversell you their products that you don't need use Life Happens insurance calculator to compute your life insurance needs.
Another tip, life insurance is cheaper while you are younger.