Insurance - Hints and Tips
Wouldn't it be nice if we could all have the perfect insurance company that would cover us in any situation? Unfortunately, this is not the case. For this reason, savvy consumers are constantly looking for ways to save money on their insurance.
This blog post will give you some tips and hints to help you get a better price on your auto and home insurance.
What other people need to know about auto insurance
Drivers should always have liability insurance on their vehicle and at least one car insurance policy with one of the following insurers: State Farm, Allstate, Progressive or Farmers.
Beware of companies that offer low prices for a limited amount of coverage. These may be illegal "bait and switch" policies that will cost you in the end. If your policy does not meet minimum limits, you may get sued by the insureds and lose for lack of adequate coverage (among other things). This is why it is important to read all fine print in your policies and ask a trusted agent how much coverage is included in each policy.
Ask your agent about disability benefits (usually available to those with at least six months of paid-up insurance coverage). Your agent will likely point you in the direction of your own private insurance carrier as well as a long list of health companies and medical associations that offer benefits for various life circumstances, including pregnancy.
What other people need to know about life insurance
The first thing to consider is the basics: How much coverage do you really need? The minimum required by law in most states is $300,000. If you need more coverage than that, consider your own individual risks and needs.
However, don't assume you need no coverage at all; the answer depends on your particular situation. For example, if you are married but do not have any children yet, or if just one person in your family uses the term life insurance, then it may not be required at all and you should consider it. On the other hand, if your annual income is $250K or above with a healthy lifestyle and no dependents of working age to support, then even something as simple as $100000 might be in order. If you are single with no other family or dependents, then it may not be required at all.
Many companies offer short and long term insurance policies in addition to whole life. These tend to be more flexible but also more expensive than whole life insurance and can also be complicated if you want to keep the value of the policy growing instead of paying out a fixed sum each year. Long term policies are often best for typical working families; they pay for 10-15 years, but after that you have to switch to a term policy which is less expensive but may have higher premiums.
What other people need to know about home insurance
Homeowners should get a minimum of the following: fire and water, windstorm or hail, and additional living expenses. Water damage from things like broken plumbing is often not covered in standard policies and should be added. If you have a swimming pool, make sure your insurance covers liability.
Also make sure you have enough liability coverage in case someone gets hurt at your house or if something happens to them on your property. Many states have limits for how much an individual can be sued for. Liability coverage will pay the difference up to that limit, depending on the type of policy you buy.
How to get the lowest rates for auto insurance
The best way to do this is by shopping around for policies from different insurance companies. Remember, you want to find a company that will offer the most coverage at the lowest price. Your agent can help you do this.
In most states, it is illegal for anyone but licensed agents and brokers to sell insurance.
Instead, you should go through an online broker like State Farm and get quotes online on the best available rates in your state. They will provide you with information about insurance companies so that you can compare quotes and choose a policy that fits your needs perfectly.
There are many online brokers that work for you, and the most popular one is State Farm Direct. It works by comparing quotes from different auto insurance companies and gives you the lowest rate. This is an important step because your car is one of the biggest investments you'll ever have, so it's well worth doing a little extra work to get a good deal on your auto insurance.
What other people need to know about homeowners insurance
Homeowners should insure their property as if they own it themselves. You can have property insurance on things like your house, garage or even if covering a liability policy means that more damage will be done to your home than it would otherwise be worth. If you own your home, then your insurance company will probably offer you a lower rate for this type of coverage. If you rent it, they may refuse to sell long term insurance that covers wind or hail damage to the building itself.
How to get the lowest rates for life insurance
Check with your agent and see which companies still cover life insurance. You can usually get a great deal on this by buying it as an addition to another policy (or policies) you already have. Most agents and brokers will also help you find a low-cost policy at all levels of coverage if this is something that would be suitable for your needs.
If you are not sure if life insurance is right for you, ask your agent. They will provide you with a quote for a policy that would fit your needs perfectly.
What other people need to know about auto insurance
Most of the things that used to be covered aren't any more, and most of those that are still covered rarely pay off in the long run (like speeding tickets, or new paint jobs on older cars).
Instead of rolling up the windows each time someone cuts you off, take your car to a body shop for a complete detail job. Clean out your trunk and check the mileage regularly so that no debris accumulates.
Conclusion
The only thing I can honestly tell you is that I made a lot of mistakes in my life. I got married young and had little to no experience. I took out loans for education and other things that were supposed to be covered by student loans, but I was just so excited about my future and wanted to do all of these things. A few years later, when the reality set in, it was too late to fix so many of them.