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4 Smart Ways to Save Money on Car Insurance

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The cost of auto insurance often causes people to lower their deductibles until they find a premium that they can afford. Unfortunately, that generally leaves people with deductibles that they can’t meet if anything ever happens, making the insurance pointless. Before you start lowering your deductibles, follow these money-saving steps to save money and still have proper coverage.

Re-Evaluate Collision and Comprehensive

If you are in an accident and it’s ruled someone else’s fault, the other driver’s insurance pays for the damage to your vehicle. However, if it’s your fault or you hit something other than a car, the collision insurance comes into play. Comprehensive pays you if there in an event other than a collision, such as theft, vandalism, or a flood. Your insurance company will pay you the value of your vehicle if it is totaled. If you drive an old car that isn’t worth much more than $1,000-$2,000, it doesn’t make much sense to pay for the insurance every month, and pay a deductible after the accident. If your car isn’t worth the cost of the comprehensive and collision insurance, just remove it completely.

Ask About Discounts

One important and effective way to save money on your car insurance is by asking about discounts. There are discounts for more things than you can imagine. However, the exact discounts depend on the insurance provider. Different companies choose the discounts that they offer, so it’s not all the same. Some companies might offer discounts to college students. Some only offer discounts to students who have a B average or higher. Most car insurance companies all carry discounts for active duty military and people with a clean driving record. While military veteran discounts aren’t always specifically advertised, most companies will give the military discount to veterans if they ask. You can also receive discounts if you affiliate with different unions or agencies. The insurance agency should have a list of affiliations that you can choose from.

Monitoring Programs

Some car insurance companies will give you the option to participate in monitoring programs. These programs give you a device to put on your car, and they will record when the car is speeding, when there are sudden stops, and also audio and video footage. If you want to put the monitoring devices on your teen’s car, you can also set up e-mail and text alerts that let you know when your child arrives in the locations that they’re going. The insurance can be reduced significantly; usually between 10 and 15 percent.

Keep Your Credit Score Good

Your credit score affects your insurance premiums more than you realize. When you get an insurance quote, they check your credit score along with your driving record. If you credit isn’t good, your payments are going to be higher. Keep your bills paid and your credit straight. So your premiums don’t go up as your bills go into collections.

If you’re tired of premiums you can’t afford or deductibles that are too high to even matter, you need to go over all of the different ways you can save money. Consider the monitoring program, re-evaluate your discounts, and decide if certain coverage is even needed on your vehicle.


Protect Your Financial Wealth

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For many of us saving up for retirement, our financial wealth represents a life of relaxation and easy living after decades of hard work. However, you shouldn’t be complacent thinking that everything you’ve saved will just sit idly by waiting until you retire. There is the very real possibility of you losing your hard earned wealth. Use this article as a roadmap to the various precautions you can take to protect your hard-earned assets.

Eggs & Baskets

You’ve probably heard the expression “don’t put all your eggs in one basket” countless times, and the truth of the matter is it’s said for a reason. For example, investing in the stock market when you know what you’re doing can be a very lucrative long-term endeavor; however, there is no absolute guarantee that your stocks of choice will continue to increase. The 2007-08 Financial Crisis showed investors across the U.S. that investing in just one company can result in your retirement nest egg being completely wiped out. You should always spread your money around. If you’re going to invest, it should be in stocks, mutual funds, real estate, savings and emergency funds. By making sure that you have money spread out in different asset classes, you’ll have less of a chance of losing it all in the event of another economic depression.

Get Renters Insurance

They say that home is where the heart is, but what this statement should also say is that home is where you keep most of your stuff. Whether it’s your flat screen television, furniture, appliances, or clothes, a large percentage of a person’s yearly income goes towards the stuff that they keep in their house. Despite the fact that they are used in your daily life, they are still considered as financial assets due to the cost of replacing them. Unfortunately, unlike land, stocks, and money in the bank (which has various systems in place to prevent it from being harmed or stolen), items that you have at home are subject to a wide assortment of dangers. These include, but are not limited to:

1. Robberies
2. Water Damage
3. Fire Damage
4. Vandalism

These are just a few of the possible cases that can result in you losing thousands of dollars. To prevent this from happening, you should check out various online insurance provider and perform a renters insurance quote comparison. By doing this, you can determine which insurance provider would suit your needs the best, and rest easy that your belongings are protected.

Health Insurance

You can say that you are in the prime of your life and that you feel absolutely fine with no headaches, coughs, aches or pains–but we’re not all Superman. People can get in accidents, they get sick and get hit with a host of other unlucky circumstances. With the cost of medical care today, making sure you have adequate health insurance can make a massive difference in the amount you pay. Hospital stays can cost several thousand dollars a day, and this doesn’t include the cost of doctor’s appointments, surgery, medication and the myriad different procedures that you may go through. You need to make sure that you’re adequately protected against such a possibility, and having health insurance is the best way of doing so.

Liability Insurance

Another precaution that you should take is to get comprehensive liability insurance to cover you and your family when it comes to the shared use of your cars. Accidents happen and in some cases, you could be the motorist at fault in a crash. Since you are liable, there is the potential that the injured party will try and sue you for more than what your liability insurance covers. The less expensive liability insurance policy isn’t always the better policy. By maintaining extensive auto insurance, you’ll be better protected and your finances locked tight in the bank’s vault.

Protecting your financial wealth is all about taking proper precautions. Use common sense and an analytical mind and you’re sure to enjoy your retirement. Just remember, when in doubt go online and do your research!


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