Tuesday, 30 March 2010

Insuring own house can look like a tricky business to most people who are not quite familiar with the ins and outs of insurance coverage. Some people are even afraid of getting adequate coverage because they don't know what to do if they will actually need it. And taking the fact that insurance is not the cheapest of services these days it's quite evident that many people will choose to leave their houses uncovered. Still, if you value your house high enough to be worried about losing or damaging it having it covered is a must. And if you are confused about how to proceed after the disaster has already struck in order to get respectful coverage, here are some great tips to follow in order to file a claim and get what you should with no trouble at all.

In case of a flood

  • Do not wait until the water flows away. Contact your insurance provider in order to file a claim as soon as your house gets flooded. Learn what exactly your company will need to learn to start the process.
  • Analyze your insurance policy with your agent.
  • Call your insurance provider as soon as possible even if your policy does not cover your house against flood insurance. Certain policies still have special coverage to pay for your living costs if you are forced to move out of your house.
  • It's recommended to group damaged and undamaged items as soon as it is possible. Do not throw away or destroy any damaged things before your insurance provider sends in the claim adjuster for inspection. If there are any deteriorated materials that decompose and turn to hazardous garbage you should contact your home insurance company first in order to get an approval for removing it from your property.

Keep your losses in a record

  • Take clear and detailed pictures if all the damages to your property and belongings.
  • If there is damaged equipment or appliances, record the serial numbers if there are any.
  • If it happens that you have any pictures of your property before the damage, present them to your homeowners insurance adjuster for an easier appreciation. Ask your friends or relatives, they may have some pictures of your home too.
  • Keep all the receipts if you move out of your house after the flood and have to live elsewhere for some time.
  • Keep the receipts of any services regarding repair or cleaning connected with the situation. Make sure to include the receipts for rented appliances, equipment or any other additional costs as well.

In case you don't have your house insured yet, you'd better find out if your policy will cover you in case of a flood right when comparing homeowners insurance quotes. Most standard insurance policies won't include flood coverage and you will have to purchase an additional weaver to include this type of coverage into your policy. This is definitely a must for those who have their houses in medium and high flood risk areas (near rivers, lakes, dams, oceans, etc.).

Posted by Posted by roomen insurance at 00:08
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Tornadoes are a type of natural calamity that is quite characteristic for the US, namely its South-Eastern part. And if you have a policy for insuring your house and living in that area you really want to make sure you are covered to the right extent before the disaster strikes. Here are some useful and very helpful tips regarding tornado coverage that will be quite interesting to those who risk with their property every time the hurricane season comes their way.

Step 1: review your insurance policy

In contrast with storm and flood coverage, the insurance details connected with tornadoes are less complicated due to the fact that wind damage (which a tornado eventually delivers) is included into a standard insurance policy. Moreover, tornadoes are usually characterized by less devastation due to surge or flood that is associated with typical hurricanes.

Still, it never hurts to find and analyze your insurance policy. Even those who do not live in "Tornado Alley," the part of the US spreads across the north of Texas through east of Nebraska and northeast of Indiana, can suffer damage due to tornadoes. Texas, Oklahoma and Kansas are the states where the appearance of twisters is more likely but this doesn't mean that you are perfectly safe in other areas.

Step 2: clear the things up afterwards

After the tornado has gone away contact your home insurance company immediately. There are time limits with some insurance policies, setting a certain period during which you are able to file a claim. This period usually varies from one state to another, as well as between companies. Inform your insurer about the degree of damage delivered by the calamity. Insurance claims are usually processed with the cases of the most severe damages being processed first and then carrying on with less serious impact.

Provide your insurance company with all the contact information you can. The insurer should be able to contact you immediately if they make a decision or need additional information. The period of time that will be required for processing your claim strongly depends on how complicated your case is and how bad the damage was. It could be a couple of days, or a couple of months.

Step 3: document the damage

When you have the opportunity take pictures of the damage delivered by the tornado, preferably immediately after it goes away. This will be a great assistance for processing your homeowners insurance claim. Record any conversations and store any receipts you receive after the storm. Your personal degree of organization is directly related to how swiftly any problems will be resolved. In case you forgot the value of some items that were lost or damaged by the tornado you can contact your credit card provider and check the purchase list for the numbers.

Step 4: be on the lookout

Some service hunt for tornado victims, offering costly or temporary repairs that won't do much good in the long run. Don't rush off signing contracts and letting the people do their job. Investigate the offers, compare them just like you would compare home insurance quotes, address your local Better Business Bureau and hire the professionals who have good feedback and working experience rather than those who will show up first near your devastated property.

Posted by Posted by roomen insurance at 00:07
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Saturday, 27 March 2010

Fee-for-Service or indemnity plans are the oldest type of health coverage out there, providing you with the greatest extent of flexibility. You are absolutely free to choose the doctor, specialist, surgeon or even the place you will receive your medical service from and it doesn't require any approvals or referrals from other institutions. So what's the catch?

The drawback of Fee-for-service plans is that they are quite costly and usually have higher deductibles than managed care plans. Besides, you will also have to pay a large part of your actual medical bill out of pocket. That's the price you have to pay in order to obtain the flexibility provided by these plans. But this doesn't mean that there are completely no restrictions with fee-for-service plans.

For instance, fee-for-service health insurance plans will not provide coverage for preventive healthcare services, meaning that any vaccinations, regular check-ups and physical exams will be paid for entirely out of the customer's pocket. This makes fee-for-service plans quite inconvenient for families who need regular medical services and doctor consulting.

Fee-for-service plans require an annual deductible to be paid in order to receive the coverage benefits from the insurance provider. Once you do so, your medical expenses are distributed between you and the insurance carrier. You will usually pay something between 20% and 30% of the entire service fee and your insurance company will cover the rest. So it's really important to choose a plan that has a smaller co-insurance (the part you have to pay out of pocket) before actually purchasing it.

With most fee-for-service plans you also have the so-called "caps" that are basically the upper limits of your yearly deductibles. These can be anything from $1,000 to $5,000 not taking your monthly premiums into account. So it's better to see what your plan carries before signing it if you really want cheap health insurance with fee-for-service.

On the other hand, fee-for-service plans offer comprehensive and timely coverage when you need it, especially when there's a medical emergency. You are completely free of the bureaucratic restrictions and setbacks of typical managed care plans that can turn down any desire to receive medical assistance in the first place. However, bear in mind that fee-for-service plans won't be suitable and attractive for everyone. If you want to get comprehensive coverage for preventive care or have a large family with diverse healthcare needs you better investigate managed care plan options instead of indemnity plans.

And don't forget about comparison shopping when purchasing fee-for-service coverage. Try to get as many health insurance quotes from different providers as possible and compare them in detail. You will be surprised to find out that different companies have different premiums, "caps" and co-payments that will all contribute to the final cost of your insurance coverage. So it's always better to take some time comparing you options rather than complaining that you have a costly insurance plan after purchasing it.

Posted by Posted by roomen insurance at 00:28
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Nowadays insurance is as easy to get as a slice of pizza. With the help of various insurance companies and independent insurance agents it became very accessible and painless to receive a consultation on your future insurance regarding your life.

It used to be pricey and difficult to obtain insurance that would suit your needs. Nowadays it is not as hard. With multiple companies appearing everyday and advertising that is everywhere you can possibly think of, the competition is high. This means companies are in battle for you. They drop prices, hook you up with additional benefits and create favorable offers that attract your eye. A good offer is within your reach, so think about the time you want to take the chance and secure yourself with a good insurance.

Minnesota is the state you want to get insured in. Life protection is highly developed here. Every second person is insured and happy.

So let's talk benefits and advantages of life protection in the state of Minnesota. It used to be the time when people with health problems were rejected in the past. No more this is going on. Nowadays these people can get their rates lower. If you suffer from diseases such as asthma, hepatitis C or prostate cancer you can shop around and find a good solution for yourself. If your disease is serious or not so serious, you are eligible to some discounts. Everything depends on the situation. But you have to work as a team with your family and your insurance agent. Together you will find the solution that is the right one to go on with further on.

Some people have very little faith in insurance agents and companies that deal with people's protection and security. They feel like it is one of the ways to get money for those people. But hold your horses. They do care about you. Plus you don't have to get everything you are offered. Get only the things you need and as much insurance as you feel like purchasing. Think about the real number of people that will need financial support if you die. If there aren't any, why bother with your insurance? There is no need to get anything like this.

People of Minnesota like life insurance because they get good prices for it. Plus it is not a long term insurance so you can always just try it out to see how it works for you. If you need insurance that will protect you from 30 years, you should probably get yourself permanently insured. Your premiums will be significantly higher but the result will be kept longer. But you have to stay extremely careful with your Minnesota life insurance when it is set for a longer period of time. You should ask for illustration every now and then to see what is happening to your investments, the rest is a matter of time.

Your insurance doesn't have to be a bad choice. Lots of us are scared to invest money in something like this because we aren't sure it is going to work right. But believe us, when you know what you need and you don't have any doubts about it, it is easy. Cheap Minnesota life insurance can be found in the state of Minnesota almost everywhere. You can ask your friends and neighbors and count on their opinion; they are probably insured already and are confident about their decision. Read life insurance quotes to get more information on the types of insurance. Everything you might be able to find over the internet can be useful for you in the future. Think about it and remember to compare prices. They are tiny motivations to get something sooner if they aren't too high.

Posted by Posted by roomen insurance at 00:27
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Thursday, 25 March 2010

If given a chance to get affordable car insurance coverage, none of us would refuse it for sure. However, we are rarely given such chances and in most cases have to find them on our own. Still, it doesn't mean that it's impossible to get what you want, especially in the world where everything you wish to get can be taken, you only have to know where to look. So if you want affordable car insurance, then this is what you will get! Learn how right here!

What's in the word? Affordable.

When it comes to defining affordability each one of us has his own definition and numerical expression of that concept. Someone can afford to pay for auto insurance a price that the other will never be able to pay. That's why affordability is strictly individual and is defined by how much money a person can pay for something without sacrificing other things or running short with the personal budget. And as there are different levels of income, the amounts of money that constitute affordable auto insurance also vary significantly from one car owner to another.

Looking for affordable insurance

You may think that affordable insurance comes only with minimal coverage amounts that will barely cover you if you have an accident. Fortunately, it isn't so as there are many affordable policies with substantial coverage amounts out there. The only problem will be finding and getting them, because in order to make a policy affordable sometimes you should put in some serious effort and explore numerous options before getting exactly what you want.

First of all try to learn about all the discounts you can apply for with your current insurance company. Or if you are currently looking for an insurance carrier, try to learn such options before actually getting the policy. A good way to get a discount on auto insurance is getting it from the same company you already have other types of insurance with (health, homeowners, life, etc.). Most insurance companies provide customers with such an option but make sure to learn about it first. Other discounts most insurance companies will typically offer you include discounts on low mileage, safety improvements, defensive driving course, good driving record, good student, and many others. It never hurts to ask, maybe you can opt for a discount too.

Getting affordable rates

But before you start looking for good discounts you might want to shop around and see what different companies have to offer in terms of rates. The best way to do so is to use online auto insurance quotes. With so many sites giving you free quotes out there, finding a good deal takes only 10-15 minutes and you can apply for the insurance online too.

However, you have to make sure that you are getting accurate quotes and not estimates. Quotes are the exact rates you will be charged by your insurance company when you'll get the policy, while estimates are only approximate rates that will definitely go up when you will actually buy the insurance. Shop around with accurate auto insurance quotes and find the affordable policy you've been looking for!

Posted by Posted by roomen insurance at 16:20
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When it comes to health coverage these days, we sure have a lot of various options to choose from. One of such options, which has become quite popular lately are Point Of Service (POS) plans that can be viewed as a mix of traditional indemnity and modern managed coverage options. And what such a combination provides you with are money saving potential and flexibility, all in a single package.

Health coverage on two levels at once

People familiar with HMO plans can easily see the similarity between HMOs and PPOs when it comes to organizing the services. Here you are also required to choose a PCP (Primary Care Physician), who will coordinate your services and provide referrals to other specialists within the network when required. But you are also free to choose any facility or physician that doesn't make a part of the specified network. And a POS plan will pay for such services out of the network, however to a narrower extent than with in-network services. So it will still cost you less to get your services within the POS network.

This is what is meant by two levels of insurance coverage, which are called "in plan" and "out of plan" health insurance. In plan coverage is usually more advantageous but it also has tighter restrictions imposed on the user. Like in case of HMO plans, in order to get full coverage at the "in plan" level you will have to provide a referral from your PCP and get your services within the network. You will also sometimes be required to get additional approval from your insurance administrator beforehand.

This all means that even sticking to the specialists and facilities of your POS network won't give you full coverage unless you provide a referral from your PCP. This is the so called "red tape", which is one of the biggest complaints about managed insurance plans and the formalities within them. However, when compared to indemnity plans, managed health care provides substantial money saving possibilities that can't be beaten.

The indemnity part of POS

POS plans provide the best of both worlds, that's why they are so popular. And when it comes to the indemnity part of POS plans, people find a lot of flexibility and freedom that just can't be obtained through typical managed care options. Just like in the case of PPO plans, you are still able to get insurance coverage even when addressing to a specialist outside of the POS provider network.

In other words, you can use "self-referrals" in order to get care from a specialist you choose. When treatment is required, you are free to choose any physician or facility without needing a special referral from your PCP, Still, you won't get much coverage when choosing this option, so flexibility still has its price.

However, this is a great way to avoid the restrictions typical for managed care plans. That will be very useful for those who have a long-term trusted physician outside the network. Still, in such a case you will have high co-insurance payments (up to 40%) that will make your visits a bit more costly if compared to a doctor from the POS network.

Finding the right plan

In order to get cheap health insurance with your POS plan you have to shop around first. Try getting as much health insurance quotes from different providers as you can, compare them and choose the right policy.

Posted by Posted by roomen insurance at 16:19
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Having an Exclusive Provider Organization (EPO) means that the medical service providers you will receive care from should have signed up an agreement with the insurance company to allow offering you these services. This way EPO plans are somewhat similar to PPO (Preferred Provider Organization) plans, meaning that the person having such a plan can obtain inexpensive medical services at a facility that makes part of the EPO network. Still, if you choose to receive your medical care at a facility outside the network, a PPO plan will still cover your costs, only to a smaller extent. With most EPO plans, you won't receive any insurance coverage when visiting a specialist outside the network.

When you choose an EPO plan, you will instantly notice that the fees you are charged with by the medical service providers that have accepted to join your insurance company's network are significantly lower than those normally charged. So when you receive your health benefits within the EPO network, you can rest assured that the rates you will be charged for the services will be very advantageous and your insurance provider will pay for all the services you receive.

However, if you have a condition that none of the specialists making part of the EPO network can help you with and you are forced to seek medical attention outside of the network, make sure you have enough money because you will pay for the service to the full extent. This is because EPO plans do not include any services provided outside the selection of facilities and specialists that have an agreement with the insurance carrier. Moreover, in contrast with PPO and HMO plans that have fairly large networks of health service providers, EPO plans usually have a much smaller number of specialists and facilities being part of their network. This means that you have fewer professionals to choose from when you need medical attention.

In what concerns health service providers, their advantage in joining an EPO network is in the increased number of patients they work with. So instead of charging higher rates to a smaller number of patients, they charge lower rates for a much higher number of people and get more revenue as a result. This is especially useful to those providers who target themselves at a certain geographical area and want to get more people through group health insurance plans. The insurance companies, which choose to provide EPO plans charge their customers with monthly premiums and act as mediators between the customers and the medical service providers.

As a conclusion, EPO plans would definitely be appealing to those looking for cheap health insurance and having no special medical needs such as pre-existing conditions. The group of people who will probably benefit the most from such plans are young healthy workers with no serious health risks. And those who will find EPO plans quite uncomfortable are older people with complicated conditions that need regular and special care from certain specialist, who may be outside the network. Think well before you purchase such a plan and make sure to shop around to get the best rates. Use health insurance quotes online or contact your agent to see what local providers can offer and start from there.

Posted by Posted by roomen insurance at 16:17
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Tuesday, 23 March 2010

Before we say anything we would like to make a statement. Don't panic when you are about to file a claim. There is nothing stressful about this procedure so you should not take it as a curse. Take it step by step with it when the time comes. This is how to do it:

1. First of all you have to set the record straight and decide when you need to file a claim. For that you will have to contact you insurer or insurance company and ask them about the claim and how you could do it. You need to try to keep the number of the claim entries as low as possible as it totally affects your rates. We don't guarantee you low rates after you have already given your record twenty entries. It should not make a difference to you - if you are guilty in the accident or if you are not, you should consider one simple thing - payment. Then just give yourself a question and try to answer it - "will I be able to pay the damages myself?"
If you know you are financially stable and you could easily pay a hundred of dollars for some reparations - it is good, but if the answer is negative - then file a claim because it seems like there is no other solution.

2. You should know not to lie about details. Give as much accurate information as you possibly can. If there are witnesses and they could help your case - ask them to make a report too. The more information you will be able to provide - the easier it will be for you to go with the claim and to cover the damages. If the company finds our about a little you that was put into your claim to ease the case - it can result you with a decline.

3. If you just had an accident and you need to file a claim - do it as soon as possible. Please remember that it doesn't matter if you were wrong or right - the insurance company starts acting only after you applied so the sooner you do it the better for you and your accident case, especially if some injuries and losses are a part of the situation.

4. Don't get surprised if you get a call from some other insurance provider. You may be contacted by another party's insurance company in order to establish the details and see your point of view. Please be wise when you talk to the other insurer. Don't give out too many details if you know they won't benefit you. Rite down the name of the person you communicate with. If there are some complications or misjudgment you will have to provide the name of the person that contacted you.

5. The last by not the least - the reparation. If your car suffered enormously you have to get it fixed. The claim will help you by sending it to car shops after the insurance adjuster has evaluated the loss cost. Some claims get processes faster - some take longer due to some complications. But no matter what please remind yourself that your car insurance is there to save you through the difficult day called - the car accident day. Cheap car insurance will be that light at the end of the tunnel that will help you out.

Posted by Posted by roomen insurance at 23:44
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Monday, 22 March 2010

Most of insurance buyers often forget that they are insuring a certain thing and it directly influences the final price of the policy. When speaking about auto insurance, the car you drive is the primary factor that affects your insurance costs and at certain moments the insurance company point of view of the car can be quite surprising to usual drivers. Insurance companies have internal charts and ratings, assessing how much it will cost you to insure any given car make or model. And the primary elements that set the car in this rating are the risk factor and the theft factor of this particular make and model. The risk factor relates to how the car will perform in an accident and how likely it is to end up in one, while the theft factor, eventually, deals with the likelihood of the vehicle to be stolen.

When a new car comes out, it is placed at a certain place within the rating as compared to other similar models and the insurance rates are set accordingly. And as experience with this particular model accumulates in the company's records, the model can be moved in either direction within the rating, making it cheaper or more expensive to insure. Of course, other things like your driving record and credit score also influence the cost of insuring your vehicle, but the car is actually the most important and crucial factor you will have to deal with.

In general, it will be more costly for you to insure sports cars, luxury cars and SUVs. Some companies rate SUVs differently because of their increased safety for the people inside, while others take in regard the fact that these vehicles are likely to cause more collision damage than others. Sports cars are much more likely to end up in a serious or even tragic accident due to their power and speed that is so tempting to be pushed to the limits. And luxury cars are usually the target of auto theft due to their price, and are more expensive to repair because of exclusive parts and costly service.

Car insurance experts state that the most attractive and non-expensive class of vehicles to insure are mid-class and middle sized cars. It is important that the car has good crash-test ratings and additional safety features installed, being safe in case of an accident. Small light-weight cars are cheaper to repair but they get damaged more easily and this may lead to serious injuries to those who are inside of it. The higher is the mass of your vehicle the less damage it will take in case of collision. That's why big SUVs are considered to be quite safe from this point of view.

It is good to see what car insurance rates you can get for different cars before you actually buy the auto. If the question of insurance price really concerns you then choose a vehicle that is cheaper to insure. And if the rates don't bother you much, just buy a car that you really like.

Posted by Posted by roomen insurance at 20:23
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Thursday, 11 March 2010

For most of us purchasing a home is the biggest investment to mike during the whole lifetime. And it's reasonable that such an important investment needs reasonable coverage. That's why you need homeowners insurance.

What's included in homeowners insurance?

In case you finance your house purchase through a mortgage, your lender is most likely to require you buying basic homeowners insurance. The basic homeowners insurance includes coverage against the following risks:

  • Theft
  • Fire and lightning
  • Smoke
  • Frozen pipes
  • Ice and snow

Basic insurance policies also include liability coverage for cases when someone is injured in your house. In case there are legal actions taken against you it will also pay for court fees. Basic insurance will also cover your costs in case it's impossible to live in the house due to fire or any other damage.

What's left out of coverage?

To learn what is not included into the coverage you should read through your policy, especially the Exclusions part. Things not covered by standard policies vary from one company to another, but most likely they will include damage due to earthquake, flood, nuclear accident, war, act of terrorism and similar. Still, you can purchase additional coverage for such events to be included into your home insurance policy. Wear and tear damage is never included into the policy because it's considered to be maintenance, which is the owner's sole responsibility.

How much coverage do I need?

When buying a house through mortgage loan your lender will require you to purchase minimum home insurance coverage (which is usually the purchase value of your home). However, it's usually not the amount of coverage to meet your insurance needs. Instead, try calculating how much money it would require to rebuild your house entirely and use this amount as the base for getting the right coverage amount. Speak to your agent when completing the insurance policy to calculate the exact amount, or even run a full inspection for qualified appraisal.

Typically, liability limits are around $100,000, however it's too little to protect your assets in case of legal action. You may opt to raise your limits up to $500,000 for an additional price. Sometimes it may be useful to get umbrella coverage, which pushes your limits beyond $1 million, however such coverage is typically offered only when you have both your auto and home insurance from the same carrier.

Money saving tips

Of course homeowners insurance can be quite costly sometimes. Especially when you have many items under additional coverage. In order to keep the coverage you need while still having reasonable rates you might want to consider raising your deductibles first. Deductibles are the amount of money you will have to pay out of your own pocket for the damage before the insurance policy kicks in. and the higher is that amount the lower will be your premium. The usual deductible within standard policies is $250. Try raising it to $500 or even $1000, and your rates will go down by up to 15%.

Another good way to make your home insurance cheaper is installing security features such as alarm or video, special locks and so on. This way you protect your assets and the insurance company is likely to give you a good discount for that.

Posted by Posted by roomen insurance at 22:39
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Wednesday, 10 March 2010

Over the decades the marketers have managed to pull off a very clever trick. If you go back to earlier times when people did their shopping in markets and corner shops where everyone knew everyone, the prices were always negotiable. Bargaining was part of the art of shopping. Asking for a discount or, if times were hard, a little time to pay was not shameful. All stall holders and shopkeepers knew you (and most everyone who lived in the neighborhood). There was a sense of community as people worked hard to get by.

But it all changed. Slowly, you were made to understand the retail price was fixed and, if you wanted credit, well, that was what banks were for. It came hard to many who had relied on the informal help offered by the retail trade. Household budgets grew into straightjackets and, if there were not enough dollars to see you through to the next paycheck, that was your problem. Loan sharks lurked outside pawnshops waiting for their prey. And then, like turning a valve to release pent-up steam in a boiler, the credit boom solved the problem for many. For those who had managed to stay solvent, credit cards and housing equity loans were there for the asking. Paying the asking price at the store was no longer a problem. The habit was set in stone. The retailers had won.

Well, hard times are here again and there should be no shame in getting the maximum reduction in the prices you pay for any goods or services. In the case of insurance, this means looking very carefully at the small print of the application process and the quotes you get. There are discounts available. All you have to do is identify what they are and how you get access to them. Not surprisingly, insurance companies are not wholly comfortable with allowing you to pay less. But, sometimes, it pays them to offer you incentives. Let's start with the obvious. Insurers benefit if they retain careful drivers.

So you should always look for a discount if you stay loyal and make no claim during a year. The longer you stay with a company, the larger the discount you should earn. If the company does not play fair and reward you, the other side of the coin is the introductory discount offered to persuade you to jump ship to another insurer. All the information about you and any claims you have made is shared between the insurance companies in the Comprehensive Loss Underwriting Exchange (CLUE). If you have a good driving record, the quotes should always encourage you to change. Indeed, many people in your situation game the system and move every year to earn another welcome discount. This so-called "churning" helps keep the loyalty discounts real.

This site has a search engine for auto insurance quotes. To trigger the search, you fill in a questionnaire. In this first article, the first discount should be offered automatically. But, if your current insurance company is only interested in a premium hike, you could try an email asking why no loyalty bonus or discount has been offered. Should this be met by silence, you can then look through the auto insurance quotes from the other companies with a clear conscience. You have given your current insurer the chance. If it prefers not to reward your loyalty, there is no reason to stay loyal.

Posted by Posted by roomen insurance at 22:30
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Monday, 1 March 2010

It should be a big surprise to anyone that young drivers have higher insurance rates than older car owners. There is a set of reasons behind such a state of affairs and parents unwilling to pay high premium rates for their teenage drivers shouldn't think about dropping the coverage altogether. Instead, there are effective ways your teen driver can opt for lower insurance rates and save you some buck from the family budget. Here are some tips on how to do that:

1. Learn the offers at the market.

Shop around and see what local insurance companies have to offer. There are providers that specialize in high risk drivers (and teens also make part of this group), however there is also a small number of companies that work exclusively with teenage car owners and offer preferential rates. If you are able to find such a company in your area that would be the best option for you. Otherwise, compare the rates with different companies and choose the one that is more liberal towards young car owners.

2. Be a good student.

Good students can usually opt for special discounts with the majority of car insurance providers. This is because the statistics have proven that good students are safer and less risky drivers and thus can have lower rates. However, you should ask the insurance company what are the requirements and will be ready to provide proof with your current

3. Encourage the teen to pay a part of the premium.

Nothing encourages better saving and hard work when financial interest, so when you make the teen pay a part of the insurance premium you will instantly see how he or she tries to minimize these costs. This can be a good push for better grades and research on other insurance options. But be realistic about it, if your teen can't manage to pay the premium in whole don't put the burden and make him pay only the part he can.

4. Raise the deductibles.

Deductibles are the amount of money you have to pay upfront from your wallet before receiving the insurance benefits. And they are reverse-related to the insurance premiums, meaning that the higher is your deductible the lower premiums you will pay each year. So if your policy carries the smallest deductible, it's better to raise it to the amount you can really pay out of pocket if something happens. This will cut your premiums for about 10-20%

5. Buy a vehicle that will give you low car insurance quotes.

It shouldn't be a revelation to most of you that the car you drive strongly influences the rates you pay for insurance. And finding an insurance-friendly auto for your teen will really help cut the costs. Try searching car insurance quotes online to see what autos offer you the best saving opportunities and cost less to insure.

6. See if you can include the teen into your policy.

Some auto insurance companies allow parents to include teens into their insurance policies and sometimes it will help you in saving on insurance rates compared to having a separate policy for the young driver. Ask your insurance agent about your possibilities and if has any financial sense and provides some money saving options then write your teen in.

Posted by Posted by roomen insurance at 23:00
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Welcome to 2010. Look around the states. Yes, they all have different perils for drivers to face. For some, it's the weather with snow and ice making driving dangerous during winter. In others, it's hurricanes and tornados. But leaving aside all the different types of peril, there's one big problem for everyone with a vehicle on the road. All the major insurers are pressing for rate hikes. State Farm, Allstate and Geico have been leading the charge. And we are not just talking hikes of one or two percent. In Florida, for example, State Farm is raising rates by an average of 9.2%, while Allstate went for a shock-and-awe average of 16%. Even though the recession is slowly easing, the US is facing the highest levels of unemployment seen for decades. Rate increases like these hurt everyone struggling to make ends meet. Is this just gouging by the insurers? Like the Wall Street bankers, are they only interested in their bonuses? Should we think of insurance companies as the new carpetbaggers, using political influence to their own crooked ends? Just why are the insurers making such egregious demands for more money when most of us are down and out?

Lining up the questions like this gives little chance of answers favorable to the insurers. Does that make us biased? Hell, yes! Increases like this when the economy is on the bottom will only lead to more people driving without insurance. As more drop out of the legal framework, the premiums rise for the rest of us. The costs stay the same. They are just divided among fewer insured drivers. Worse, we now have to add additional uninsured and underinsured coverage. It costs more for those who want to stay legal on the road. Are there any justifications for these increases? Well, if you ask a talking-head for the insurance industry, the blame gets spread around. We start off with the rise in the cost of medical treatment. It seems the healthcare services have all been hiking their charges to treat those injured in traffic accidents. Evidence? Well, following very public contract disputes in California and Connecticut, we now have the stand-off between United Healthcare and Continuum Health Partners in New York. The hospitals want increases. The insurer is asking for cuts of between 7 and 10%. In these circumstances, the insurers are actually standing up for their policy holders. If healthcare costs can be reduced or held stable, premiums can also be stabilized.

The really big problem, however, is whether the insurers can pay all the claims we make. The insurers have low capital reserves. Why are the reserves so low? Well, it's back to the recession. When the insurers collect in the premiums, the money is invested until it's needed to pay out the claims. Just as our 401k investments have taken a big hit, the insurers suddenly found their investments had lost value. Now, the state Insurance Departments are insisting the capital be replaced. In some states, the insurers have agreed to reduce the number of people they insure. In the rest, the premiums are to rise. This means, no matter where you live, it's going to be harder to find cheap auto insurance. Harder does not mean impossible. Using the search engine on this site, you can still find cheap car insurance, but you may have to look more carefully at the discounts on offer and accept a higher deductible. This may not all be the fault of the insurers, but it sure feels like it.

Posted by Posted by roomen insurance at 22:59
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When people are younger and feeling the need to protect the long-term financial interests of their new families, they buy life insurance. Years then pass. Many policyholders remain financially secure and, when life finally ends, pass on significant benefits to their dependents. But a proportion of people find their financial position worsens when they retire. With no regular source of income, savings can run down and, if a family or health emergency strikes, the continued occupation of the home can come under threat. When people look at the assets they hold, they see the life insurance policy. Does it hold any value? The answer you get depends on who you ask. The insurance company that sold the policy will discuss two possibilities. The first assumes the policy has a cash value. The company will allow you to draw down on that value or to use it as collateral for a loan. The second is the so-called "cash surrender value" (CSV). This terminates the contract you have with the insurer and, because it is no longer obliged to pay out, it returns some or all of the money you have paid as premiums over the years.

In reality, neither of these options is very attractive. The insurers usually push a loan with a rate of interest that eats up the rest of benefits over the years, i.e. if the loan does run for years, it effectively becomes the only cash ever paid out by the insurer. The CSV is also very poor value, paying out a pittance now rather than the full amount later. And because the insurance industry is powerful and has real influence over the news media and magazines, there is little coverage of the alternative. Or, if the alternative is mentioned, there are horror stories to warn people away. The insurance industry wants to maximize its profit and does not want anything getting in the way.

The alternative has been standard in Europe for decades. Given the bad press Europe gets, this is probably the kiss of death, but you should understand this is a tried-and-tested program to realize the value in life insurance policies. In the US, if you are older and have a policy worth not less than $250,000, there are willing buyers who will pay significantly more than the CSV, albeit less than the face value of the policy. The right to transfer life settlements was established some ninety-nine years ago in Grigsby v. Russell, 222 US 149 (1911) but a formal secondary market is only now really growing. It works like a brokerage with agents introducing buyers to sellers. The cash prices paid are substantial. This is not a scam. It is not a new "sub-prime" disaster waiting to happen. This gives you cash in your hand for your old life policy. So never allow your policy to lapse, never surrender your old policy and, unless you are desperate, never borrow on the cash value. Selling on the secondary market releases far more value.

So, when you are getting life insurance quotes, prefer policies with a face value of not less than $250,000 and always make the extra effort to buy a policy with a cash value - if not as you first policy, then as soon as you can afford it. You need to allow time for the policy to build up value. So, when evaluating the life insurance quotes, look for premium rates you can afford. You will lose the chance on the secondary market if you cannot afford long-term payment.

Posted by Posted by roomen insurance at 00:09
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