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The 17 Best Tips to Pay Less for Car Insurance

19 June 2018 By admin Leave a Comment

Before jumping into the tips for saving cash on car insurance, you should know what basic types of car insurance are out there. These different kinds of auto insurance each require their own unique methods to cash in on a lower rate.

Here are the basics:

Liability insurance Almost every state requires liability insurance. This covers a set amount of damages to property and people injured in accidents where you’re at fault. If these damages go over this set amount, you could be sued for the remaining balance. Also, liability insurance won’t pay for your medical bills or repairs for your car – you need comprehensive and collision insurance for that.

For a very simple exaggeration of how liability insurance works, imagine you had $50,000 worth of liability insurance and got in a wreck that caused $100,000 worth of damage. In all likelihood, you could be sued for the remaining $50,000 your insurance didn’t cover. Shelling out for the right amount of insurance here can save you cash in the long run.

How to save money on liability insurance: While there are tips that help, the biggest way to cut costs here is to have a safe driving record. It lowers your monthly or annual rate for liability insurance.

Collision insurance: If you want your car to be covered in case of a wreck, collision insurance is the way to go. Unlike liability insurance, collision plans have a deductible, which says how much money you pay upfront for repairs before your insurance kicks in and covers the rest.

Say you drive a $20,000 car, and collision insurance costs $200 a year. You drive it for two years before totaling it in an accident. Your car probably depreciated in value a few thousand dollars, but in this case, paying that extra $200 could have saved you over ten thousand dollars – and that payment could have been even cheaper by following the tips in this guide.

by Daniel Wesley

See Full Story at quote.com

How to Save Money on Automobile Insurance

14 June 2018 By admin Leave a Comment

In order to legally drive a vehicle in the United States, you need a valid driver’s license and an active insurance policy. If you drive without either of those things, you’re bound to get yourself into trouble. You could be fined and you might even be forced to spend time behind bars. With that being said, you should never drive an automobile that does not have the necessary insurance coverage. Unfortunately, insurances are often expensive. This is exactly why we plan to spill the beans on how to save money on automobile insurance.

Pass a Defensive Driving Course

It’s your responsibility to learn how to drive safely. Driving courses are designed to educate the participant and ensure that they know the rules of the road. A driving course drastically decreases the chances of you getting involved in an accident. Insurance companies understand the perks of a good driving course and how it reduces the risk of accidents. That’s why they offer a discount on the premium to people who successfully pass a driving course. Once you complete the course, all you need to do is notify the insurance company and they will most likely offer a discount for your efforts.

Shop Around

It is also important to remember that there are different automobile insurance companies that offer vastly different prices for the same coverage. Take advantage of the competition by comparing the prices of the auto insurance policies available to you. Make a list of available choices and select the coverage that has the lowest premium. There are more than few insurance comparison websites online that can help you compare different automobile insurance offers.

Invest in Safety and Security

It’s important to take steps to make sure your vehicle is as safe and secure as possible. For instance, you can install a security alarm on your car. This will protect your precious vehicle from being stolen. You should also consider installing rearview mirrors and other safety products. By adding more safety and security components to your automobile, you’ll be able to lower insurance premiums.

by John Michelson

See Full Story at goodmenproject.com

Insurance plan networks: 5 things you need to know

12 June 2018 By admin Leave a Comment

If you choose a narrow-network plan, it may have a lower premium but you will have less choice in care providers. And, if you obtain care outside of the plan’s network, you will pay more. In some cases, you will be responsible for paying the total cost of the services you obtain from out-of-network doctors and hospitals.

To avoid dilemmas, here’s what you need to know:

1. If you have a choice of health plans, compare the costs and the care provider networks. Set aside some time to read and understand the benefits of each health plan. Make sure you clearly understand whether the plan you’re considering has a narrow network.

2. Before you choose a plan, check if the hospitals and care providers that you use are included in the plan’s network. Contact the doctor’s office, the customer service or billing department of the hospital, or your health plan to see if the hospital and your care providers are in-network. Remember to check on the care providers used by family members on your plan.

3. Take steps to protect yourself from surprise billing for out-of-network care.Sometimes consumers receive a “surprise bill” — one that is completely unexpected or far higher than expected. Often these bills relate to emergency care at an out-of-network facility or doctors who work at an in-network facility but are not in-network themselves.

What to do? Learn about your health plan benefits regarding emergency care at an out-of-network facility. If you’re visiting family in another state and need emergency care, what are the out-of-pocket costs? Knowing the costs ahead of time, you might decide to go to an urgent-care center rather than the emergency department of the hospital, if the problem is urgent but not a true emergency.

If you are planning for a non-emergency test or surgery, make sure the doctors and hospital are in-network. Contact the doctor’s office, the customer service or billing department of the hospital, or your health plan to check.

4. Communicate with family members (your spouse, college-age children) about your plan’s network. Make sure they know which care providers are in-network — and the financial consequences of obtaining care from out-of-network hospitals or care providers.

5. If you receive a surprise bill or find an error on your bill, take proactive steps immediately. If you find any errors on your bill or receive a surprise bill, contact the hospital or doctor’s office directly as soon as possible. You can correct any errors or try to negotiate a lower price and a payment plan. Contact the care provider as soon as possible to avoid having an unpaid bill turned over to a collection agency.

By Diane W. Shannon

See Full Story at www.health.harvard.edu

How to Get Rid of Private Mortgage Insurance

7 June 2018 By admin Leave a Comment

PMI is the only type of lender protection that you can escape. Department of Veterans Affairs mortgage funding fees can’t be canceled. Neither can Federal Housing Administration mortgage insurance premiums, which are paid to the government. Lender-paid mortgage insurance is paid in full when the loan is issued, and the borrower repays it through a higher interest rate. With all of those, you must sell or refinance to get clear.

Homeowners with PMI have six options for getting rid of it.

1. Wait for automatic cancellation

You don’t have to do a thing. Eventually, your mortgage insurance will fall away. Your lender is required to cancel your PMI when either of these things happens:

Your mortgage reaches 78% loan to value. The federal Homeowners Protection Act of 1998 requires lenders to terminate PMI, free of charge, at that loan to value ratio. To find your LTV, divide the loan balance by the original purchase price or calculate it here. For example, with a balance of $250,000 and a purchase price of $320,000, the LTV is 0.78, or 78%.)
The mortgage hits the halfway point. Regardless of your LTV, your lender terminates your PMI automatically when the mortgage is halfway finished — in year 15 of a 30-year mortgage, for instance. That could happen before the lender’s equity reaches 78% if your mortgage has a balloon payment, an interest-only period or principal forbearance.

Lindsey Johnson, executive director of U.S. Mortgage Insurers, an industry group representing large insurers, tells borrowers to request a written copy of their PMI cancellation schedule and their lender’s requirements. Call the number on your monthly mortgage statement and do it now, she says, long before you need it. That way you’ll know when your payments are supposed to stop and can watch your progress.

By MARILYN LEWIS

See Full Story at www.nerdwallet.com

Looking for Auto Insurance? Here Are 6 Things You Need to Know

5 June 2018 By admin Leave a Comment

Let us break down the basics so you’re better able to find the right coverage for you. Here are six things you need to know.

1. What Car Insurance Is

As a licensed insurance agent, I find that many people I talk to don’t quite understand what insurance is or why they need it. I get it. After all, insurance is rather abstract—it’s not a physical object you buy at a store. Further, if all goes well for you, you won’t ever have to use the coverage you paid for. So it’s often hard for people to see the value.

In the simplest terms, insurance is a promise from an insurance company to support you financially in the event that something unfortunate occurs and causes you financial loss or other damage. You pay an insurance company money (your premium) for a policy that details your coverage (who/what is protected and to what dollar amount), and the insurance company is responsible for paying if something happens and you incur a loss (damage to your car, a broken leg, etc.). Insurance companies do this by pooling risk among all the people they insure, collecting premiums from everyone and using those funds to pay claims for those who need it.

Of course, there are many other details that go into the whole system, but we’re keeping it simple.

2. What Different Insurance Types Cover

The type and amount of coverage each person needs vary, but these are the coverage basics you should know.

Liability coverage is legally required for drivers in almost every state. It covers the other driver in a crash you cause, and it includes injury and property damage. If you see numbers like 25/50/10 or 30/60/25, that shows the liability coverage limits for (1) bodily injury per person, (2) bodily injury per accident, and (3) property damage—each in thousands of dollars. For example, 25/50/10 means your coverage will extend up to $25,000 per individual injured in an accident, $50,000 for all persons injured in an accident, and $10,000 for property damage.

In no-fault states, you are required to carry coverage (normally personal injury protection or PIP) for your injuries regardless of who caused the accident.

Collision coverage, which covers damage caused in a crash, and comprehensive coverage, which covers damage from other events including weather (fire, flooding, etc.) as well as theft, are often collectively called full coverage.

Other coverages include uninsured motorist coverage, which protects you and your vehicle from damage caused by people who don’t have insurance, and medical payments coverage, which covers select costs for injuries you and your passengers sustain in a collision.

3. How to Get Car Insurance

You can easily go online, call a company or two, or even walk into a local insurance agent’s office to talk to them about getting coverage. But how do you know which company to contact?

Insurance companies spend billions of dollars every year on advertising, so you could probably rattle off a few big car insurance brands you’re familiar with. But it’s important for consumers to know that not all insurance companies are the same—in fact, they all have different ways of pricing policies, and many look for certain types of customers with certain risk profiles to do business with.

This is why it’s more important than ever to compare car insurance quotes from as many companies as possible. Getting multiple opinions and understanding the market will help you find the best rate around.

by Neil Richardson

See Full Story at blog.credit.com

Classic Car Insurance – What You Need to Know

31 May 2018 By admin Leave a Comment

With the rise of the electric car industry humming along merrily just beyond the horizon, that love has grown deeper.

You may have devotedly rebuilt your antique auto from the ground up, or even bought it fully restored – it doesn’t matter. It’s a showpiece. It’s your passion. If you’re a classic car collector, you’re part of a club – people who appreciate history, design and good engines. You regard your car as a work of art.

However, owning a classic car comes at a hefty price. Not just buying them but to maintain them. Parts are often expensive and many can only be sourced overseas – and chances are you’ll have to replace them at some point… Because your car is, well, old.

So, how do you protect it? For all these reasons and more, these cars often have unique insurance considerations.

What Makes Your Car A Classic?

People often treat their classic car better than they would their own family. Generally, one could define a car as ‘classic’ when it is more than 20 years old and doesn’t travel more than 10 000 kilometres per year. This, however, has long remained a burning question among car enthusiasts.

A ‘veteran’ car is considered to be one built before World War I and a ‘vintage’ car built before 1930. ‘Post-vintage’ is a classification used for cars built between 1930 and the end of World War II.

There’s an air of indecision surrounding what cars built after this period are considered to be.

Some consider cars made in the 1950’s as ‘classic’, whilst others believe them to be from the 1980’s. Modern classics, however, are generally defined as cars aged between 15 and 25 years old. This includes that lovely 69’ VW Beetle, which I once managed to wheelie through an old lady’s vegetable garden.

Either way, driving a classic car even short distances on the road without auto insurance is incredibly risky.

Many owners of classic cars somehow manage put them onto their regular insurance policies, provided they have actual seatbelts, but this isn’t always a good idea.

Ordinary insurance is for ordinary cars. The book value of an ordinary car goes down every year and so does the total amount the insurance company will pay out if you.

See Full Story at www.womenonwheels.co.za

How to Get Money If You Don’t Have Flood Insurance

29 May 2018 By admin Leave a Comment

Home insurance does not pay to repair the house or replace belongings damaged by flooding. Flood insurance is separate coverage. Most flood policies come through the National Flood Insurance Program and are serviced by private insurers (like your home insurance company).

Comprehensive car insurance, an optional coverage, pays for flood damage to a vehicle. If you have purchased only the minimum liability insurance required by your state, you don’t have coverage for flood damage to your car.

Getting help if you don’t have flood insurance

If your home and belongings are flood-damaged and you don’t have flood insurance, some help may be available from the federal government through small grants and larger low-cost loans.

The maximum amount of FEMA grant money for repairs is $33,000 for a household. Up to $200,000 is available through loans from the U.S. Small Business Administration. You don’t have to own a business to qualify. Federal help is available only for a primary home, not for second homes.

Low-cost loans from the SBA

You might be eligible for a low-cost loan through the U.S. Small Business Administration if your home or stuff was damaged. The money is only for uninsured losses and if the damaged home is your primary residence. The maximum interest rate is 4% if you can’t get credit elsewhere and 8% if you can get credit from another lender. The terms are for up to 30 years. Here’s what’s available, along with some of the restrictions:

Loan of up to $200,000 to repair or replace your primary home. You can’t use the loan to make upgrades or additions, unless they’re required by building codes.
Loan to refinance up to $200,000 of a mortgage. This is available only if you can’t get credit elsewhere, suffered uninsured damage and plan to make repairs.
Loan of up to $40,000 to replace damaged belongings, such as clothing, furniture, cars and appliances. Renters and homeowners can apply.

By BARBARA MARQUAND

See Full Story at www.nerdwallet.com

27 Data-Based Tips for Saving on Car Insurance

24 May 2018 By admin Leave a Comment

So, in an attempt to help bring transparency to the world of car insurance, here are some data-verified savings tips culled from The Zebra’s State of Auto Insurance Report.

1. Avoid Letting Your Insurance Coverage Lapse

Even after being insured for just one year, rates drop 7.7%. The discount for maintaining continuous insurance offered by most companies is also affected by the amount of liability coverage on your policy. The higher your limit of liability, the better your prior insurance discount will be.

2. Consider Bundling

Bundle your auto policy with homeowner’s insurance and you could save an average of $110 per year or bundle renter’s with auto to possibly save $72 per year.

3. Do Some Research

Take a few minutes to learn about which companies, minimum coverage requirements and other factors apply to your state.

4. Get Ahead of the Game

Purchase your policy at least 10 days before you need it activated for a better rate. This is especially helpful if you know your policy is coming up for renewal and you want to switch to a new company.

5. Pay in Full Up Front for Your Policy

Drivers save an average of $62 per year by paying in full rather than an installment plan.

6. Shop When You Move

If moving to a new state — or even a new ZIP code — make sure to shop for a new policy. The most expensive state for insurance (Michigan) is almost three times as expensive as the least (Ohio), so you could be in for huge savings depending on the state you’re leaving (or increases, so make sure you’re informed).

7. Boost Your Credit

Drivers who increase their credit score by one tier save an average of 17% off their annual premium.

8. Buy an Older Car

A 5-year-old version of a certain model is nearly 13% less expensive to insure than its current model year version.

9. Provide Your VIN When Getting Quotes

Most new vehicles come with factory alarms so giving your VIN might help you qualify for an anti-theft device discount.

10. Drive Safely

While this is a good idea for your own well-being and that of others around you, of course, you’ll also save yourself from a potential rate increase.

by Neil Richardson

See Full Story at blog.credit.com

Understanding Accidental Death and Injury Insurance

22 May 2018 By admin Leave a Comment

“Accidents are by their very nature are unexpected,” says Sonja Visser, CEO of long-term insurance provider African Unity Life (AUL). “No matter how cautious we are, they are simply beyond our control. This is exactly why having accidental death and injury cover, or a personal accident policy, is very important.”

How does accidental death and injury cover differ from medical aid?

Accidental death and injury insurance are significantly different from medical aid in that it is paid as a result of an ‘event’ (accident); whereas medical aid covers all costs related to a medical or dental condition.

“Although accidental death and injury cover offers policyholders financial support, it is not meant to replace a medical aid,” says Visser.

“Rather, it is a standalone product to help accident victims or their loved ones deal with the costs associated with the incapacitation or death of the policyholder due to an accident. In cases in which the insured has been injured and is left temporarily or permanently disabled, a cover is paid out according to a schedule for specific events or types of disability.”

Who should have accidental death and injury cover?

“That answer is simple,” says Visser. “Anyone who has a driving license or travels regularly – whether they are commuters or holidaymakers – should have this kind of insurance.”

Accidental death and injury cover should also be a critical consideration for anyone who supports a partner and children, as well as their parents. Visser suggests that this type of insurance can be added to a life policy as an added value benefit, making it very affordable and offering good value for money.

What is, and is not, covered under accidental death and injury insurance?

A personal accident policy provides invaluable cover if the insured is injured and admitted to the hospital, or is left disabled and/or passes away as a result of an accident. Most insurance plans include Hospitalisation, Total Permanent Disablement cover, and Death cover.

By CAIRA-LEE

See Full Story at www.womenonwheels.co.za

4 Types of Insurance Businesses Need

17 May 2018 By admin Leave a Comment

What Basic Insurance Does a Business Need?

Per the Insurance Information Institute, most businesses need, at a minimum, four types of coverage: property insurance, liability insurance, business vehicle insurance and workers’ compensation insurance.

1. Commercial Property Insurance

Property insurance covers (you guessed it) the property your business operates out of and any vital items inside (think office furniture, equipment, the products in stock, computers, etc.). Property insurance provides compensation if the covered location or items are lost, damaged or stolen. Note: It’s a good idea to carry business property insurance even if you’re operating out of your garage or home office, since your homeowners’ insurance likely doesn’t provide adequate coverage — even if you add a rider that covers business property losses.

2. Liability Insurance

Liability insurance protects you in the event your business gets sued for negligence. Liability insurance covers legal expenses, damages (should you lose the case) and medical bills incurred by someone hurt by your business.

There are specialized types of liability insurance you might need, again, depending on the size and scope of your business. That includes professional liability insurance — commonly known as errors and omissions insurance (E&O) — which covers you against malpractice. (So physicians or lawyers, for instance, would likely opt for an E&O policy.) There’s also specialized product liability insurance designed to cover you if a defective product causes someone harm.

3. Business Vehicle Insurance

This policy covers any vehicles you use for operations. Keep in mind, you likely need business vehicle insurance, even if the only ride you’re using is your own. Most standard auto insurance policies won’t cover cars used primarily for business.

4. Workers’ Compensation Insurance

Workers’ compensation insurance covers medical expenses and lost wages if an employee is injured on the job. Laws vary by state, but almost all of them (excluding Texas) require hiring businesses to carry workers’ compensation coverage. Most companies are also required by law to pay unemployment insurance taxes. And, in some states, you’ll need disability insurance if you have employees as well. The Small Business Administration (SBA) suggests visiting your local Workers’ Compensation Office to find out exactly what insurance your state requires.

By Jeanine Skowronski

See Full Story at www.nav.com

Insurance Agency Singapore | Commercial Insurance and Personal Insurance