The Jeffrey And Tracey Info Emporium

Life insurance is an important factor in successful financial planning, helping to financially provide for your loved ones in the event of your untimely death.

But how do you know how much coverage is enough? How can you determine how much your family will actually need if they no longer have you to depend on?

Identifying the Basics

First, it’s important to remember that the central purpose of life insurance is to circumvent financial stress after you die, so income replacement should be the foremost purpose of your policy.

That said, it’s important to realize what kind of impact a lost salary would have on your loved ones.

You can start by making a list of what is spent on:

Next, consider the cost for your last expenses. Today, funerals can easily cost thousands of dollars, which doesn’t include any special requests, estate tax or lingering medical bills. And, while most of us don’t like to about the end of our liveslet alone the costit’s important to make sure your loved ones aren’t burdened with the cost of your last expenses.

Long-Term Expenses

After you’ve determined the basic costs, factor in any money you want to leave for your family’s long-term expenses like college tuition, mortgage payments and retirement funds for your spouse. You should also factor in any funds you’d like to leave to local organizations or charities.

Determining Your Assets

Once you’ve determined all your financial needs, it’s time to factor in the assets you already have to put toward your expenses.

Your assets could include:

• Cash
• Savings
• Stocks
• Bonds
• Real estate
• Pension
• Social Security

Subtracting your assets from your expenses will give you a rough estimate of how much life insurance you should purchase to ensure the financial comfort for your loved ones.

The Next Step

Once you’ve got an idea of how much life insurance you need, you can begin shopping around to get an idea of how much a policy will cost you. Sitting down with a licensed life insurance professional will also help to make sure you’ve got all the bases covered.

Nonetheless, it’s important to do a little homework before meeting with a life insurance agent to avoid purchasing coverage you may not needhelping you secure the most affordable life insurance around!

About InsureMe

Megan L. Mahan is a copywriter and insurance information expert with InsureMe in Englewood, Colorado. InsureMe links agents nationwide with consumers shopping for insurance. Specializing in health, home, auto, long-term care and life insurance quotes, the InsureMe network provides thousands of agents with insurance leads every year. For more information, visit InsureMe.com.

All the sorts of companies, including grocers, will wish to consider thinking of obtaining public liability insurance. A enterprise can want this sort of insurance to cover a number of scenarios such as a customer tripping over an ill-fitted carpet on your business location. Public liability insurance will probably cover all legal costs & compensation awarded to a member of the public that has received a broken ankle or maybe damage caused by you or your business. You can save money with Insured Risks by getting a quote for Public Liability Insurance.

Organisations who desire to acquire a public liability insurance policy might review the terms & conditions as numerous can often void the insurance claim if there are certain events. The very best decision to do is to examine with the public insurance advisor the policy in finer detail.

The insurance corporation are a marvellous enterprise that make available public liability insurance at bargain prices. Having public liability insurance is not a mandatory requirement for all companies, nevertheless tons of government companies might require you have public liability insurance in order to offer the services to them. Insured Risks offer requiste levels of up to 3 millions pounds, & is perfect for sole traders such as gardeners, or possibly large corporations such as marketing agencies,

Public liability insurance can help to abolish risk if you are running a successful business. The law does mention that if you cause damage to someone else or possibly their business property then you may have to pay the price of damage. Public liability will probably protect the firm from going bankrupt should disaster strike.

Another excellent reason for getting a home alarm system is to get help faster in case of a fire. There are home alarm systems with a fire alarm. When this fire alarm is tripped, the local fire department is called automatically. Many fires which destroy homes start when no one is home. If there is no one home there is no one to call the fire department, usually until it is too late. Many fires which take the lives of family members happen at night when everyone is sleeping. With a home alarm system, the fire department can be notified even before anyone is woken by the fire, saving the lives of family members and pets.

Many home alarm systems today can detect a deadly problem which is not able to be seen or heard. Homeowners may not even know it is a problem in their home because it causes damage silently. It is called carbon monoxide. Carbon monoxide is created when gas, propane, or even coals are burned. When this gas is leaking in your home, you will not see it or smell it. Family members who are awake will begin to get a headache and possibly nauseous. This is an alert that something is wrong. If the family is sleeping and the carbon monoxide begins leaking, they may never wake up. Carbon monoxide poisoning kills hundreds of people each year. A home alarm system will alert the family when there is a carbon monoxide leak. This can save the lives you the entire family.

We all have something in common, and that is when maturity sets in, we make often the decision to start exploring life insurance opportunities. Whether you choose affordable term life insurance or permanent life insurance, you are giving yourself the opportinity to achieve peace of mind knowing that you loved ones or business pertners will be secured financially after you are gone.

By simply providing information such as health, age, sex and lifestyle, you are ofen able to recieve an online life insurance quote free of charge and free of obligation. The vast lineup of life insurance types leaves you with a very important decision to make. It is true that there is a lot to comprehend as there are many different sorts of life insurance coverages, but the web can take you one step closer with plenty of advisors and life insurance leads. There are essentially two different classifications of life insurance, permanent life insurance and more affordable term life insurance, which is the cheapest form of coverage. The permanent type is more complex, and includes variable, universal and whole life insurance types, but just may be more what you had in mind depending on what you would like to accomplish.

Insurance cannot hinder your time for sickness, misfortunes or death, but it can certainly be of valuable assistance. An affordable term life insurance policy may be sufficient to provide security to the ones you leave behind and love so dearly. After all, you probably do not wish to leave them with the liability of funeral expenses, debts you may still have and education they may wish to pursue. It is most likely less expensive than you previously envisioned, and can be extremely beneficial to you and your family. Supplementary to that, quite often you have the option to conveniently pay your premiums monthly, quarterly or even semi annually. It’s well worth your while to explore your options in regards to life insurance coverage.

Dean Cecere is author and owner of www.insurancecoverage-quotes.com

a great place to seek coverage of all types including Auto, disability, pet, travel, home owner and much more.

Reprinted from: http://www.coloradohealthinsurancebr
okers.com

Why do we need health Insurance? Health insurance really doesn’t
insure good health, does it? While it can’t guarantee your
physical health, health insurance can help protect your
financial well being by providing a financial safety net in the
event of unexpected illness or injury.

Health related expenses may easily run into the tens or even
hundreds of thousands of dollars for a serious illness or
injury. Also, in Colorado if you are injured in a car accident
it is important that you have adequate health insurance
protection, particularly if the person deemed to be “at fault”
is you, the driver of a car you are riding in, or if the “at
fault” driver is uninsured.

Here is a three-step strategy to help you save time and money
when shopping for health insurance:

Step 1: Do You Need Individual or Group Health Insurance
Coverage?

Individual plans are very popular with anyone who has to buy
their own health insurance, as well as healthier self employed
and small business people and their families. These plans often
have substantially lower premiums than small group plans and
because individual plans are medically underwritten, it’s
important to get this coverage in place while you’re relatively
healthy. Once you are covered, virtually all individual plans
are non-cancelable and guaranteed renewable until you are
eligible for Medicare at age 65, provided that you continue to
pay your premiums and live in the service area.

Most individual plans also provide on the job health insurance
coverage for the self-employed. However, you should always make
sure that you meet the requirements for on the job coverage, as
eligibility requirements vary–depending upon whether or not you
are a sole proprietor, or if your business is a LLC, Sub-S
Corporation or other business type. Health insurance premiums
for the self-employed are 100% tax deductible, but you’ll need
to verify eligibility for this deduction with your accountant.

Small business owners may qualify for a special “Group of One”
designation in individual plans. There is typically no
difference in premium cost between a Group of One individual
plan and standard individual health insurance plan, but you
still must medically qualify. The principal advantage for self
identifying as a Group of One in an individual plan is that the
small business person’s business can pay the insurance premium.

For qualified small business owners with serious pre-existing
conditions there is also a group health insurance coverage
option known as a “Group of One”. These guaranteed issue plans
are typically fairly expensive since most people enroll in these
plans because their health conditions will not allow them to
qualify for less expensive individual policies.

Individuals with serious pre-existing conditions may also be
eligible for guaranteed issue coverage from CoverColorado.
Because this is a high risk pool their premiums are typically
about 35% more expensive. CoverColorado does not provide
coverage for on the job injuries or illnesses and premiums must
be paid with personal funds.

If your company has 2 to 50 employees the employer can set up a
small group health insurance plan. Small group health plans have
no medical underwriting, so they are particularly attractive to
groups that include people with serious health problems that
would make them unable to qualify for less expensive individual
coverage.

Group health insurance is the only available option if the
employer wants to pay for any portion of their employees’ health
insurance premiums. Employers are typically required to pay at
least 50% of their employees’ premiums and commit to a certain
level of employee participation in the plan. Groups of more than
50 employees have a unique set of rules and are considered part
of the large group market.

If you have not had health insurance coverage or have had a
break in health insurance coverage you may be subject to a
pre-existing conditions clause. These typically range from 6-12
months and cover conditions you were treated for in the 12
months directly preceding your new policy’s coverage. However,
individual and small group insurers in Colorado must give you
credit for prior continuous coverage. Coverage counts as
continuous if it is not interrupted by a break of 60 to 90 or
more consecutive days. However, prior coverage is not credited
against any exclusionary riders in an individual policy.

Step 2: Do You Want a Copay plan or a Major Medical/HSA
plan?

Rising drug and health care costs have driven up health
insurance premiums, increasing the need for consumers to be
savvy about their options and choices.

However, there are still some good values to be found on
feature-rich plans with copays for doctor visits and
prescriptions, particularly if you are willing to consider plans
with deductibles of $500 or more. These “copay plans” are very
popular and often provide many immediate benefits to offset
day-to-day health related costs. Alternatively, many Coloradans
are increasingly interested in self-insuring for the “little”
things and getting a relatively inexpensive major medical or
catastrophic plan to protect them in the event of serious health
problem.

HSA (Health Savings Account) qualified plans are special major
medical health insurance plans that can be particularly well
suited to healthier small business people. Families can often
save thousands of dollars each year in reduced insurance
premiums with a higher deductible HSA qualified major medical
insurance plan as compared to a traditional copay plan, often
while reducing their families’ aggregate deductible and
coinsurance risk.

Here’s how it works: You must first have a relatively
inexpensive HSA qualified major medical health insurance plan to
be eligible to open a Health Savings Account. Money saved from
the reduced insurance premiums can be used to help fund a Health
Savings Account and your contributions to the HSA are 100% tax
deductible. Money from the HSA can be used to pay for any
qualified medical related expenses, including doctor visits,
prescription drugs, paying other expenses toward your
deductible, as well as dental and vision care.

Because any money you don’t spend is yours to keep and grows
from one year to the next, HSA’s offer a long-term savings
advantage. If you’re relatively healthy during your working
years, by the time you retire, you could build a sizable tax
advantaged nest egg.

HSA plans are not for everyone, but for most people they are
worth taking a look at. We suggest comparing the premium and
benefits of the most attractive copay plan with the most
attractive HSA plan and then running a few “what if” scenarios
to determine which plan best suits you.

Step 3: Do You Want to Spend Days or Minutes Shopping for
Health Insurance?

Even in today’s competitive marketplace health insurance
premiums for similar plan designs can vary significantly from
company to company based upon age, gender, tobacco use, health
and location. It pays to comparison shop! Here are some time
saving short cuts that can help you save both time and money.

Individual health insurance premiums are filed with and
regulated by the Colorado Division of Insurance. That means that
whether you get your health insurance through a broker, an agent
or directly from the health insurance company, you’ll pay the
exact same monthly premium for the same plan regardless of from
whom you buy your coverage.

Knowing this, you can save a huge amount of time and energy by
working with a broker and having them do all the time consuming
research for you. This service is typically completely free to
you. Ideally, you should find an experienced and reputable
broker that specializes in health insurance and works with 6 or
more different leading companies. Don’t be shy about asking them
to list what companies they represent, and whether or not they
specialize in small group of individual group plans and if they
are based in Colorado or out of state.

A good broker will research the various plan options from
different companies and send back the results of their analysis
for you to review at your convenience. They can also answer all
your questions and help you find the plan with the benefits you
want at a premium you are comfortable with, and then help you
through the application process.

Be Careful Out There…

The Internet is also a good resource for researching insurance
options yourself, but make sure you’re not inadvertently giving
your personal information to a lead-marketing web site. These
companies sell your information to several agents often
resulting in a bombardment of unwanted phone calls. When in
doubt, read their web site’s Privacy Policy to make sure your
personal information will be kept private.

If you come across a “health benefit” plan that seems
particularly inexpensive or one that boasts that it will insure
everyone regardless or health or risk, be cautious. Some health
discount plans mislead consumers into thinking they are buying
low-cost health insurance. Discount plans are not health
insurance, and consumers are often shocked after having a claim
to find out that they are responsible for the entire medical
bill.

A final word of advice: don’t wait! The best time to save on
health insurance is shop for coverage when you’re healthy. If
you have an injury or your health deteriorates, you may find
that your options are more limited and costly.

By Mark Erickson

Owner & Licensed Broker

Colorado Health Insurance Brokers

http://www.c
oloradohealthinsurancebrokers.com

NOTICE - For readers outside of Colorado please consult with a
local broker to verify the accuracy of the information for your
state. Colorado Health Insurance Brokers are not engaged in
rendering tax, investment or legal advice. Federal and state
regulations are subject to change. If tax, investment or legal
advice is required, seek the services of a licensed
professional.

Other web sites may may not reprint this article without
express written permission. However they may link to the article
at: http://www.coloradohealthinsurancebr
okers.com/how_to_buy_colorado_health_insurance.htm

Insurance versus assurance: what is the difference?

Should you care?

Yes!!

The world of finance is extremely complicated and there are many factors to consider when choosing any financial protection product.

When looking for a policy you need to know what you are looking for and what is on offer in order that you get the right cover for your needs.

One thing that many people find confusing is the specific use of the term “insurance” and the use of “assurance”. What are the differences between them?

In general, the term insurance refers to providing cover for an event that might happen while assurance is the provision of cover for an event that is certain to happen.

For the purposes of financial provisions, a life insurance policy provides cover for a set period of time. If the worst were to happen during that time (and there are no complications), then the insurance company will be required to pay out the agreed sum to the beneficiary. The only time the policy has any real monetary value is if there is a claim made for payment as a result of an event triggering that claim, such as the death of the person covered. If the person outlives the term of the policy, then the insurance policy will cease and no payment will be made.

Life assurance is different from insurance, and will always result in a payment. This is achieved by combining an investment element along with and an insured sum. This means that over time the value of the policy can increase as the investment bonuses are added. If a person covered by life assurance were to die, then the insured sum would be paid out, alongside the investment bonuses which would have accrued over time. If it is necessary to cancel the policy prior to the end of any designated term period, or the death of the life being covered, then once an investment bonus has been added, the life assurance policy will have an encashment value. It is therefore possible to cash in a policy earlier than its usual termination date, in order to collect on the investment portion. It should be noted that many insurance companies place penalties for cashing in policies early.

The distinction between the two terms has become increasingly blurred. This is principally due to many companies offering both types of policy and grouping insurance and assurance titles in similar contexts, sometimes interchanging the two terms. Richard Brown, Chief Executive of Moneynet.co.uk, clarified the situation by stating, “most life insurance companies offer a wide range of insurance and investment services - for example pension, investment funds, investment bonds, car insurance, home & contents insurance, life assurance, and even loans. Sometimes a ‘life insurance’ company will call itself a ‘life assurance’ company but they mean one and the same.”

More companies within the financial services industry have realised that consumers are becoming increasingly baffled by the choice of financial products available. Although this confusion has resulted in a certain amount of apathy, many firms are resolving the situation by providing comprehensive information guides. This has lead to an increase in the number of the online financial guides and glossaries that have become available.

Sites such as Moneynet, Moneyfacts, and MoneyExtra not only provide comparisons of financial products, but also information to help consumers make informed decisions. With organisations like Which? writing publications such as ‘Be Your Own Financial Adviser’, the focus has turned to providing consumers with sufficient information to make their own financial judgements.

About Rachel
Rach sits next to Rich and together they inspire the world to get to grips with personal finance topics. Together they contribute to Cashzilla, their personalfinanosaurus blog.

Cashzilla is an Aries. He has a flamboyant character and a tongue that could heat up any conversation. If Cashzilla was an A-Team character, he’d be Murdock.

Cashzilla has recently started dating Nessie, the Loch Ness monster. It’s still early days, but both monsters say they’re very happy.

To read more about this torrid affair, visit Cashzilla at http://www.cashzilla.co.uk

Since term life insurance is the least expensive kind of life insurance, it’s also the most popularly purchased. But just because it’s the least expensive doesn’t mean you should blindly purchase it without a little research. You should choose the life insurance company that has the best term life insurance rating. Luckily, there are many companies out there that have already done the research for you and have rated the various term life insurance companies.

Below are six factors you should always look for when researching term life
insurance rating:

1. The prices of the term life insurance policies. Look for life
insurance companies that have good ratings based on their low costs. With the
many different life insurance companies out there, competition can be great,
which results in lower prices for you.

2. The structure and provisions of the term life insurance policies. Does
everything make sense? Are there any loopholes? Have you read all the fine
print?

3. The financial strength of the term life insurance company. You don’t
want to invest money in a term life insurance policy that may cease to exist
because your life insurance company goes bankrupt.

4. Your current health condition. Many term life insurance premiums are
set based on your current health status. Look for companies with reputations for
not jacking up the prices due to your health.

5. Underwriting of the term life insurance policies. Sure, a term life
insurance policy may boast a cheap rate, but that won’t benefit you if only one
person out of every hundred applicants is eligible for that low rate?

6. Your wait time. Some people decide to purchase term life insurance
because they need it fast. Look for a company with a high rating of putting a
term life insurance policy into effect quickly.

Selecting the best term life insurance policy with the best term life insurance
rating can be a quicker, easier task.

Insurance, as we all know is a form of risk management primarily used to hedge against the risk of potential financial loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care.

When we think of taking insurance what immediately strikes our mind are the life insurances. Families often consider life insurance as necessary as a sound roof when it comes to protecting them from the harsh winds of fate, especially when children are small. Primary bread earners want assurance that even if worst things happen, the house will be paid for and the youngsters can continue to go to college.

But there are many worst things which can happen within one’s life period like a disability that could knock the family provider out of the workplace. While industry studies show that workers are three to five times more likely to be disabled than die early, disability insurance is often neglected.What is the point of having a life insurance if you are disabled? While premature death tends to have a bigger emotional impact, disability can be equally, if not more, devastating to a family’s financial stability.

Disability can be long term or short term and can be broken down into a number of broad sub categories.
•Physical impairments affecting movement.
•Lack of amputation of limbs or other body parts.
•Sensory impairments, such as visual or hearing impairments
•Neurological impairments.
•Cognitive impairments.
•Psychiatric conditions

The often heard “It won’t happen to me” has become a joke as daily someone or the other living in this world is diagnosed with some kind of a disease or other. For example Diabetics is one such kind of a disease that is common among youngsters today. Shocking to hear!!! But true facts are sometimes difficult to accept. With such a situation in hand, there is a high demand not only for life insurances but also disability insurances.

Disability insurances are of two types;
•Long Term Disability (LTD)
•Short Term Disability(STD)

Based on the type of disability, there are various different policies to suit you need and requirement.

•Short-Term Disability policies (STD) have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.
•Long-Term Disability policies (LTD) have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life.

Disability policies have two different protection features that are important to understand.

1.Noncancelable means the policy cannot be canceled by the insurance company, except for nonpayment of premiums. This gives you the right to renew the policy every year without an increase in the premium or a reduction in benefits.

2.Guaranteed renewable gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.

In addition to the traditional disability policies, there are several options you should consider when purchasing a policy:

Additional purchase options
Your insurance company gives you the right to buy additional insurance at a later time.
Coordination of benefits
The amount of benefits you receive from your insurance company is dependent on other benefits you receive because of your disability. Your policy specifies a target amount you will receive from all the policies combined, so this policy will make up the difference not paid by other policies.
Cost of living adjustment (COLA)
The COLA increases your disability benefits over time based on the increased cost of living measured by the Consumer Price Index. You will pay a higher premium if you select the COLA.
Residual or partial disability rider
This provision allows you to return to work part-time, collect part of your salary and receive a partial disability payment if you are still partially disabled.
Return of premium
This provision requires the insurance company to refund part of your premium if no claims are made for a specific period of time declared in the policy.
Waiver of premium provision
This clause means that you do not have to pay premiums on the policy after you’re disabled for 90 days.

If you decide to buy a private disability insurance policy, remember that policies are legal contracts. Read and compare the policies and understand the provisions before you sign. In comparing policies, you might want to consider:

•Is disability defined as your inability to perform your own job or any job?
•Does the policy cover accidents and illness?
•Are benefits paid for partial or recurring disabilities?
•Are full benefits paid after loss of sight, speech, hearing or use of limbs?
•Is the policy no cancelable, guaranteed renewable or conditionally renewable?
•How long must the worker be disabled before premiums are waived?
•Is there an option to buy additional coverage, without evidence of medical insurability, at a later date?
•Does the policy offer an inflation adjustment

There are many disability insurance companies and agents all around the world to offer their services .Based on one’s necessities, he or she can choose the best disability insurance to suit their needs.

Sam Rosy is an expert in analyzing the insurance types especially in California and has produced lot of articles regarding the insurance types and its application. Read Rosy’s articles, and for further more details regarding the insurances and quotes view the site www.goodhealthquotes.com.

Homeowner’s Insurance and Vacancy:
Protecting Your Home While You’re Away

We all enjoy the spring and summer months, as the weather warms and the welcome sunshine beckons us toward outdoor activities and family vacations.

But departing our homes for greener pastures means leaving them unattended—and vulnerable. When this happens, we face a greater likelihood of burglary, loss, and home insurance claims.

Keeping Costs Down

So how can we keep our home insurance costs down and our abodes safe from invasion?

With the average loss from home burglary presently hovering around $1300, securing our homes and possessions could be just the answer to saving us hundreds or even thousands of dollars.

In fact, nine out of 10 home break-ins could be prevented if homeowners would take steps to burglarproof their homes, says the Insurance Information Institute (III), a leading expert on consumer insurance issues.

Preparing for Departure

The best way to keep your home safe in your absence is to make it appear you’re home—even though you aren’t.

Light, time and noise are your best weapons to help accomplish this.

If you’re getting ready to leave home, follow these tips to prepare your home for your departure:

Leaving home to relax with family and friends should be an enjoyable experience. And it can be—with the right mix of preparation and care.

So keep home insurance costs down and protect your castle by taking these tips to heart. Then relax and get away from it all, knowing you’ll return to find your home sweet home safe and sound!

About InsureMe

Penny Hagerman is a copywriter and insurance information expert with InsureMe in Englewood, Colorado. InsureMe links agents nationwide with consumers shopping for insurance. Specializing in auto, life, long-term care, health and home insurance quotes, the InsureMe network provides thousands of agents with insurance leads every year. For more information, visit InsureMe.com.

Some Suggested Tips to Lower Your Auto Insurance Costs

1. Prices vary from company to company, so it pays to shop
around. Get at least three price quotes.

2. You buy insurance to protect you financially and provide
peace of mind. It’s important to pick a company that is
financially stable.

3. Don’t shop price alone. Ask friends and relatives for their
recommendations. Contact your state insurance department to find
out whether they provide information on consumer complaints by
company.

4. Before you buy a new or used car, check into insurance
costs. Car insurance premiums are based in part on the car’s
sticker price, the cost to repair it, its overall safety record,
and the likelihood of theft.

5. Establishing a solid credit history can cut your insurance
costs. Insurers are increasingly using credit information to
price auto insurance policies, check your quote. To protect your
credit standing, pay your bills on time, don’t obtain more
credit than you need and keep your credit balances as low as
possible.

6. Companies offer discounts to policyholders who have not had
any accidents or moving violations for a number of years. You
may also get a discount if you take a defensive driving course.
If there is a young driver on the policy who is a good student,
has taken a drivers education course or is at a college out of
the area without a car, you may also qualify for a lower rate.

Here’s some more..

1. Get an annual review to be sure you are getting all the
discounts you are entitled to with your current carrier,
including:

multiple vehicle insure your home with same carrier additional
safety features on vehicle (ABS, anti-theft system, etc) do you
need full coverage? If you vehicle is paid for, over a certain
age, is it costing you more to insure than just to replace?
increase your deductibles pay for small damages vs. using your
insurances to risk an increase in rates and lose certain
deductions

2. When shopping around for quotes, be wary of giving out SSNs,
your FICA score gets hit by 5 points for each inquiry. So ask
for a general quote, most reputable agents will do this.

3. If you don’t own a home, get renters insurance! I cannot
stress this enough. It is cheap, like less than $10/month for
$100,000 of content coverage, and if your apt/house is in a
fire, you will be able to replace your stuff.

As a former insurance adjuster (15 years in the biz), here are
some more:

1. Don’t lie on an application. This is about the worst thing
you can possibly do. If you lie, you’ll get caught at some
point. You’ll then be cancelled/declined, and that will follow
you around for years. You’ll notice on each application, there
is a question something along the lines of, “Have you ever been
denied insurance or had a policy cancelled before?”

They’ll check. They’ll also pull your MVR (Motor Vehicle
Report). They’ll also likely run a CARFAX on your vehicle to see
if it has been involved in any prior accidents.

2. Pick the highest deductible that you can afford. This is
difficult for many people to comprehend. Many times, people will
choose $500 or $1000 deductibles because it makes the premiums
very attractive. Unfortunately, when you get into an accident
(your fault or not), you then have to pony up the deductible
(unless the other carrier pays for your damage). As an adjuster,
one of the most common complaints that I’d hear is, “Well, I
don’t have $1000 in the bank to repair the car. The accident
wasn’t my fault. What are you going to do about it?”

Unfortunately, the answer typically is that the adjuster is not
going to do anything about it, aside from try to get your
deductible back from the responsible party, either by the
process of subrogation (one insurance company going after
another) or a lawsuit if the person is uninsured. Neither
guarantee success, and in most cases, the adjuster is going to
require that your vehicle be fixed prior to taking any action
against a responsible party because, if we do it beforehand and
the repairs cost more than the demanded amount, the insurance
company is out that additional money.

So, the rule of thumb is as follows: If you don’t normally have
$1000 in the bank, then don’t take the $1000 deductible. If you
really only have $500 or $250 in the bank at any one time,
choose that as your deductible amounts.

3. Know the value of your vehicle. Many people throw out
thousands of dollars per year on useless insurance. A good and
honest insurance agent will help you determine if you need
Comprehensive and Collision insurance. A less-than-good agent
(not necessarily dishonest, but let’s leave it at inexperienced)
will write you up any coverage you want without asking
money-saving questions.

In the Internet-shopping environment, many times you don’t deal
with sales agents to look out for you. Saying that, most people
have no realistic clue on the planet what their vehicle is
worth. Check your car.There are several great websites that, for
free, will help you assess the vehicle’s value.

You have to be realistic when you use these websites,
particularly NADA and Kelly Blue Book (KBB). Read the
descriptions, particularly the “Vehicle Condition” descriptions
on the website. While you may think your vehicle is in
“excellent” condition, it is extremely likely that it isn’t. KBB
will help you, if you need it, to accurately determine the
condition of your vehicle.

The above websites are what your own insurance company uses to
value your vehicle in the event it is a total loss. They’ll also
likely use CCC Valuescope, which is not a free site. But, CCC
Valuescope relies on CARFAX and NADA to do a lot of the dirty
work for them.

Realize that mileage is one of the biggest factors in
determining the value of your vehicle. Higher mileage equals
lower value.

Compare the premium of the Collision and Comprehensive
insurances to the value of your vehicle, and don’t forget to
take into account the deductible. If you’re carrying a $500
deductible on a $1500 vehicle, you’re throwing out money. All
you need is liability insurance, along with whatever uninsured
motorist protection and medical coverages you need. You don’t
need to be wasting your money on Comp and Collision.

Finally, the whole depreciation issue comes to bear.
Depreciation is best defined as Replacement Cost (what it would
cost you to purchase something new at today’s price) less any
Betterment (any wear/tear that is associated with the use of the
product). Let’s take tires for an example. If a new tire costs
$100 (Replacement Cost), and has a 100,000 mile useful life (not
realistic, and warranty is a seperate issue), and you’ve put
25,000 miles on the tire (betterment), then the depreciated
value of the tire is $75. That’s all you’re going to get from
anyone, unless you have a Replacement Cost policy
(extraordinarily rare).

Paint, any moving parts, rubber, carpeting, leather, vinyl,
lights, etc. all wear out and thus, are depreciated. Most
insurance companies won’t depreciate paint if only a panel or
two is damaged on your vehicle. But, if the entire car requires
repainting, you’re going to suffer a depreciated payment on top
of the deductible that you’ve already incurred. So, you need to
keep depreciation in mind when you’re considering a deductible.

To recap, a $500 deductible might wind up being more than that
when depreciation is factored into the mix. Sometimes, with
engines for instance, the depreciation can be several thousands
of dollars.

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