Check out these six money-saving tips and take the sting out of buying insurance.
#1 Raise your deductible. It’s a gamble, sure. You’ll be responsible for a larger amount of the bill should you get into an accident. However, this is a guaranteed way to lower your annual insurance costs.
#2 Shop around. Staying with the same insurance company year after year may not be in your best interest. You can cancel or change your policy at any time—you don’t need to wait for the policy to expire. So shop your insurance every six months and compare prices to ensure you are getting the best deal.
#3 Remove unneeded extras. Although knowing you have towing and rental car coverage may help you sleep at night, those add-ons are rarely used and not necessarily worth the cost. You pay between $10 and $30 a year over the life of your policy to cover towing. And in the unlikely situation that you need a tow, you’ll pay about $100. Likewise, a small economy car costs $20-$25 a day to rent and car rental tacks on another $20-$40 to your insurance bill each year. So you can sleep well knowing that you saved yourself some money.
#4 Protect your credit. More insurers have begun using credit-based insurance scores to determine what you pay for your policy. So paying the water bill on time will actually keep your insurance costs down.
#5 Research discounts. Cars with safety and anti-theft devices cost less to insure. You can also knock off a few bucks if you insure your car and home with the same company. People who abstain from alcohol, get good grades in school or take a driver education course are also rewarded with lower premiums.
#6 Get informed. The easiest way to save on any insurance is to research before you buy. And get recommendations from family and friends.
And now for the shameless plug: shop here to find quotes and matched with agents from your area!
Saturday, February 27, 2010
Auto Insurance
Auto insurance protects you from damage to the often considerable investment in a car and/or from liability for damage or injury caused by you or someone driving your vehicle. It can also help cover expenses you or anyone in your car may incur as a result of an accident with an uninsured motorist.
Auto liability coverage is necessary for anyone who owns a car. Many states require you to have liability insurance before a vehicle can be registered. However, state-required minimum coverage often does not provide adequate protection. Suggested minimums are $100,000 for medical expenses per injured person, $300,000 for the total per accident, and $50,000 for property damage. Collision, fire, and theft coverage is also advisable for a vehicle having more than minimal value. You can cut costs, however, by choosing a higher deductible -- the amount of loss that must be exceeded before you are compensated.
The cost of auto insurance varies greatly, depending on the company and agent offering it, your choice of coverage and deductible, where you live, the kind of vehicle, and the ages of drivers in the family. Substantial discounts are often available for safe drivers, nonsmokers, and those who commute to work via public transportation.
Auto liability coverage is necessary for anyone who owns a car. Many states require you to have liability insurance before a vehicle can be registered. However, state-required minimum coverage often does not provide adequate protection. Suggested minimums are $100,000 for medical expenses per injured person, $300,000 for the total per accident, and $50,000 for property damage. Collision, fire, and theft coverage is also advisable for a vehicle having more than minimal value. You can cut costs, however, by choosing a higher deductible -- the amount of loss that must be exceeded before you are compensated.
The cost of auto insurance varies greatly, depending on the company and agent offering it, your choice of coverage and deductible, where you live, the kind of vehicle, and the ages of drivers in the family. Substantial discounts are often available for safe drivers, nonsmokers, and those who commute to work via public transportation.
Long Term Care
The aging of America, and the increasing health care expenses that will follow, are the biggest factors contributing to the growing interest in long-term care insurance.
Demographers predict that a third of all people who reach age 65 will need to enter a nursing home at some point in time.
Today the average cost of private nursing home care in America tops $74,000 a year, making private long-term care insurance a potentially smart investment for individuals who want to protect assets and avoid burdening their family.
In general, long-term care insurance covers a range of nursing home and community-based personal care services for individuals who need ongoing assistance due to illness or disability.
Neither Medicare, Medicare supplemental coverage, nor standard health insurance cover long-term care expenses.
Premium costs increase as you age, so the younger you are when you purchase a policy, the lower the premiums you'll pay during the life of the policy.
Checklist
Be sure you read and understand all of the fine print on any long-term care insurance policy you are thinking about buying.
Investigate the cost of care at facilities in your area, so that you can get an idea of how much coverage you might need.
Find out if your employer offers extra long-term care coverage as an optional benefit.
Demographers predict that a third of all people who reach age 65 will need to enter a nursing home at some point in time.
Today the average cost of private nursing home care in America tops $74,000 a year, making private long-term care insurance a potentially smart investment for individuals who want to protect assets and avoid burdening their family.
In general, long-term care insurance covers a range of nursing home and community-based personal care services for individuals who need ongoing assistance due to illness or disability.
Neither Medicare, Medicare supplemental coverage, nor standard health insurance cover long-term care expenses.
Premium costs increase as you age, so the younger you are when you purchase a policy, the lower the premiums you'll pay during the life of the policy.
Checklist
Be sure you read and understand all of the fine print on any long-term care insurance policy you are thinking about buying.
Investigate the cost of care at facilities in your area, so that you can get an idea of how much coverage you might need.
Find out if your employer offers extra long-term care coverage as an optional benefit.
Subscribe to:
Posts (Atom)