Posted: July 27th, 2010 | Author: Admin | Filed under: Quality Car Insurance | No Comments »
Motorcycle riders often get an unjustified reputation as being reckless, risk takers, and that they generally disobey traffic laws. This perception is unfounded and there are many statistics that back up the fact that most motorcycle accidents are not the fault of the motorcycle rider, but that of another driver.
A major study conducted by the University of Southern California (USC) found that approximately three-fourths of motorcycle accidents involved a collision with another vehicle, usually a passenger automobile. It was also found that in the multiple vehicle accidents, the driver of the other vehicle violated the motorcycle right-of-way and caused the accident in two-thirds of those accidents. Further the study by USC found that the failure of motorists to detect and recognize motorcycles in traffic is the predominating cause of motorcycle accidents. The driver of the other vehicle involved in collision with the motorcycle did not see the motorcycle before the collision, or did not see the motorcycle until too late to avoid the collision.
These findings go to show that the motorcycle rider has unjustly received a bad reputation from the general public as well as from insurance companies that cover motorcycle riders. Motorcycles are inherently prone to accidents caused by other drivers because of their small size. Motorcycles easily fit into the blind spot of typical passenger automobiles. The truth is that most motorcycle riders are very good drivers and keep an eye out for motorists who do not see them. This awareness of other drivers however does not prevent all accidents.
When accidents such as these happen, the insurance company of the driver who is at fault will go to great lengths to keep from giving the motorcycle rider the money he or she deserves. Insurance companies will frequently rush the victim to make a quick settlement as a way to save money. Most people in the general public are not insurance experts and do not know if they are getting a bad deal from the insurance company or not. When a check is stuck in front of them it can be quite tempting to sign.
Taking the insurance companies first offer is usually a mistake. Other times the insurance company of the other driver will try to not pay at all for the accident and resulting injuries. They often try to make it appear that the motorcycle rider was at fault in the accident. It is not hard to convince a jury of this since motorcycle riders have this unjust reputation of being less than careful.
This is why it is critically important to have a qualified and competent lawyer on your side if you find yourself the victim of a motorcycle accident. A qualified lawyer will help make sure that you get the settlement that you deserve; a settlement that will cover your medical bills as well as paying for the damage to your motorcycle. Not having a lawyer to stand up for you will cost you more than just money, it will also cause you a great deal of headaches and heartache. Trying to fight an insurance company on your own, while at the same time dealing with physical injuries can be an overwhelming task.
A qualified lawyer is the only one who will be on your side in case of an accident. A lawyer works for you and only you. The insurance company works for their shareholders and will try very hard to keep from getting you the money that you deserve.
Posted: July 20th, 2010 | Author: Admin | Filed under: Quality Car Insurance | No Comments »
If You Refuse To Pay High Insurance RatesHere Are 7 Bargaining Chips you Can Use to Negotiate a Better Insurance Rate.
Lower Your Car Insurance Rate
Having a good driving record is one of the best ways to keep your car insurance rates down. Here are a few other ways to help lower your costs.
1.Shop Around
Make companies compete for your business. Prices will vary from company to company. So, be sure to ask at least 3-4 different companies for a quote. Make them earn your business.
Talk to your friends, neighbors and coworkers about their insurance policies. If theyre happy with their insurance company there is a good chance you will be too.
There are dozens of companies on line willing to give you a free car insurance quote (like FreeCarInsuranceQuotes.org and CarInsurance.com). This may be a good starting place for you. Keep your eyes and ears open for radio and TV advertisements.
Again, these agencies are willing to compete for your business; so, dont settle.
2.Ask For Higher Deductibles
Deductibles are what you pay before your insurance policy kicks in. By raising your deductible, you can lower your insurance rates significantly. For instance, raising your deductible from 250 to 500 can reduce your collision and comprehensive coverage 10-30 percent. Raising your deductible to a 1000 could save you as much as 40% or better.
Just be sure you have the cash on hand to cover yourself in the event of a claim.
3.Have Safety Anti-theft Devices Installed
You may be eligible for further insurance discounts if your vehicle is equipped with one or more options: anti-lock brakes, automatic seat belts, air bags, or traction control.
Installing a vehicle recovery systems such as LoJack or Teletracer can save you up to 7-10% per year.
Other Anti-theft devices like The Club are relatively inexpensive and can also help to reduce your insurance premiums.
4.Consolidate Insurance Policies
Insuring two or more vehicles through the same insurance company can help to reduce your insurance rates by as much as 10%-15%. Covering your home through the same company that insures your vehicles can help lower your rates by an additional 10%-15%.
5.Teenagers and College Bound Drivers
Teenagers and college bound drivers may consider driving the family car instead of driving his or her own vehicle. Students attending school and living away from home can reduce their premiums by as much as 30-50 percent this way.
6.Take Advantage of Low Mileage Discounts
Many insurance companies offer reduced insurance rates to people who car pool to work or find other ways to keep their mileage low.
7.Safety Courses
Along with having a clean driving record, taking additional drivers safety courses could save you some 7-10% on your car insurance. If you are given a traffic citation, ask about the types of courses they offer. Some states willing to keep your insurance record clean if you agree to take complete these courses.
Conclusion
Lowering your auto insurance, in many instances, is about knowing what questions to ask and what you are entitled to. Since many companies arent going to do your homework for you, here is the short list of discounts you should inquire about:
[ ] Low Mileage
[ ] 500 Deductible
[ ] 1000 Deductible
[ ] More than One Car
[ ] No Accidents in 3 Years, 5 Years, and so on
[ ] No Moving Violations in 3 Years
[ ] Driver Training Course
[ ] Defensive Driving Courses
[ ] Anti-Theft Devices
[ ] Safety Features (like Air Bags, Anti-lock Brakes, Daytime Running Lights, etc.)
[ ] Student Drivers with Good Grades
[ ] Consolidating Policies
[ ] College Students Away From Home
[ ] Long-Time Customers
[ ] Discounts for Non Smokers and Retirees
Deductions will vary from state to state and from insurance company to insurance company. So be sure to ask.
Also the key to lowering your auto insurance rate is not necessarily how many discounts you are eligible for. Its the bottom line that matters.
Posted: July 13th, 2010 | Author: Admin | Filed under: Quality Car Insurance | No Comments »
Buying auto insurance is an important part of your overall financial planning. The auto insurance premium rate varies depending on the company and the type of policy coverage you choose to have. Here are some guidelines to lower the cost.
Shop Around- Compare the costs by shopping around at least four to five insurance companies and comparing the quotes. Take the help of your friends, relatives and yellow pages. Your insurance company should offer fair price and posses excellent service records. Check the financial ratings of the company as it indicates the strength and stability of the company.
Ask for higher deductibles- Deductible is the amount of money that you pay before making any claim for an accident. The collision and comprehensive coverage are sold with the deductibles. Higher the deductibles lower will be the premium rate. Increasing the deductible from 200 to 500 may reduce the cost by 15 to 30 percent.
Drop collision and comprehensive Coverage on older cars- If your car is worth less than 10 times your premium inthe current market, consider dropping the collision and comprehensive coverage.
Buy auto coverage from your existing insurer- Buy insurance coverage from your existing carrier. This may help you to reduce the cost. Sometimes low rates are available for the longtime customers.
Avoid double health coverage- If you think that you have enough health insurance, and then avoid health coverage with your auto policy. This will help you to reduce the cost.
Maintain a good credit record- Insurers are using the credit history while determining the price of insurance. Statistically, the lower your credit score, the more you are likely to file claims. A person with a good credit score is more likely to settle the accident without the support of the company. Try to maintain a good credit record.
Discounts with low profile car- Cars that are expensive to repair or attractive to thieves will have a higher rate. Consider buying a low profile or average car as it your insurer might come up with discounts for such a car.
Take advantage of the low mileage discount: Obtain some discount on premiums by driving less than the national average mileage recorded per year.
Consult about group discount- Sometimes you can get some discounts on group plans provided by your employer, or a business groups, or other associations. Find out whether such a plan is available.
Seek Car Safety discount- Some insurers offer discount if you keep your car equipped with air bag, anti-lock brakes, anti-theft devices, automatic seat belts. Take advantage of this.
Posted: July 6th, 2010 | Author: Admin | Filed under: Quality Car Insurance | No Comments »
Yes, you may want to consider a long term care insurance plan if you dont want to drain your retirement savings and other investments in the future! It is currently estimated that nursing home costs are more than 10,000 per month. Imagine, how much this will cost you on an annual basis if you had to pay this money out of your pocket if you needed care from a nursing home! This would be financially devastating without long term care insurance.
Did you know that prior to the passage of the Deficit Reduction Act of 2005, most Americans were able to count on Medicaid to assist them with long term health care. The Deficit Reduction Act changes all of that. This new law places the majority of long term health care costs on you, especially if you have assets. Unfortunately, middle class Americans will be hit the hardest with this new law.
How does the Deficit Reduction Act affect me if I need nursing home care and have assets? Well, for the most part, you will need to exhaust your assets before you will be eligible for Medicaid. Under this new law, there is a five year look back period from the date that you apply for your Medicaid benefits. This five year look back period, is to ensure that you have not transferred assets to relatives, friends, or other individuals. If you have transferred your assets to someone, Medicaid will count this against you and you will have a period of penalty wherein you will not qualify for benefits. Basically, this means that you could be out of money and Medicaid will not pay for your nursing home care!
The other side of this new law is that even if you have not transferred your assets to someone, you cannot have more than 500,00 in home equity. The majority of your assets including trusts and annuities are viewed differently under this new law.
It is important, that you consider long term care insurance as part of your retirement planning. With passage of the Deficit Reduction Act of 2005, it is a must! Unless you are independently wealthy and dont mind coming out of your pocket with more than 10,000 per month for your prospective nursing home care! For the average person, this would be a severe financial hardship.
What age should I consider getting a long term care insurance plan? You may want to consider in your early to mid fifties. However, it is recommended that you consult your insurance agent or financial advisor about this.
Planning is important, in order to assist you in eliminating a potentially devastating financial disaster. You want to live out the golden years of your retirement as stress free as possible. So make sure you plan for your future long term health care needs!
Posted: June 29th, 2010 | Author: Admin | Filed under: Quality Car Insurance | No Comments »
What is Long Term Care Insurance?
Long term care insurance serves to help those individuals who need extra care and attention as they age. Long term care insurance helps to take financial burden away from family members, and for the individual in need of such care. Often, the elderly have very little income and no extra money. Yet, the cost of aging itself seems to be rising. Those who can least afford it are expected to pay huge healthcare costs.
This is why long term care insurance can be beneficial, and take financial burden away from those who cannot afford the high cost of healthcare. A long term care insurance policy may be purchased at any time, though policies are ideally purchased before the need for long term care arises.
Paying the Price of Long Term Care Insurance
Long term care insurance premiums and rates will usually go up as the policyholder ages. In some cases, long term care insurance will not be needed at all. In those cases where long term care is needed, however, long term care insurance can be invaluable.
The price of paying for long term care insurance is much less than the cost of paying for long term care. Healthcare these days is very expensive. Long term care, these days, is astronomical.
An average private nursing home room this year costs over 190 per day. Now, to receive 24 hour care at home costs more than 400 per day. Life expectancy for women is 80 years, five more than men. You want to stay in your home as long as you can. You want to choose where and how you receive long term care as you grow older. About sixty percent of those age 65 and older will need long term care. A third of those receiving long term care today are under 65
-Long Term Care web site, July 2006
Obtaining a Long Term Care Insurance Policy
Many insurance companies offer long term care insurance policies. It is always a good idea to shop around for the best rates and coverage when it comes to purchasing any type of insurance policy, but especially when it comes to health insurance.
Rates on long term care insurance will rise as time passes, but in general it is best to purchase a long term care insurance policy before the need for long term care arises. Do as much research and obtain as many quotes as possible when considering a long term care insurance policy. Make sure you know the rate at which the policy will increase and how much the long term care insurance will pay.
Understanding Your Long Term Care Insurance Policy
These days, simple insurance policies are so complicated that you almost need a translator to decipher the more complex language. Its very important that you understand the details of your long term care policy, including limits and deductibles that are applied to that policy. If you need help understanding a policy, you can consult with a lawyer. Do not sign up for a policy unless you understand every detail of that long term care insurance policy. You want to have all the details before you sign.
How Do You Know Long Term Care Insurance is Right For You?
Long term care insurance is for anyone who does not have an unlimited supply of money, who does not want themselves or their family to bear a heavy financial burden as they age. Long term care insurance serves to protect you, both financially and health-wise. Long term care insurance is a good idea for anyone, whether they believe they may need long term care or not.
Posted: June 22nd, 2010 | Author: Admin | Filed under: Quality Car Insurance | No Comments »
Long Term Care – The Who, The What and The How
While life is populated by choices, one certainty that faces the majority of adults is that they can control their future options only by planning ahead. Financial planners recommend diversifying interests to insure profit. Real estate planners bank on the idea that real estate matures over time and is a solid investment.
Life insurance promises a financial cushion for bereaved family members so they wont have to worry about things such as house payments or accrued debt. Long term care planning focuses on the growing need for assisted care as the nations baby boomers near retirement age and individuals are living longer and longer lives.
Who benefits from the leads on long-term care?
- Long Term Care Facilities
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- Individuals
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- Insurance Planners
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- Families
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Long-term care is provided for individuals who need special assistance, but do not want to be a burden on their families. Why leave important decisions and financial burdens until the last minute? By planning ahead, adults can guarantee that their needs will be met in a manner that they choose and pay for.
For example, with life spans reaching 90 to 100 years old on average, a retiree with declining healthy may have to rely on family alone to support them if their health takes an ill turn or they are injured. Long term care planning puts those decisions and options into the hands of the people who will need them.
A 55 year-old man or woman is an excellent prospect for long-term care because they have the time and wherewithal to make the decisions now that will benefit them 30 years down the road.
What makes long-term leads a viable option in todays market?
The target market of long-term care leads are far more likely to discard direct mail advertisements about planning ahead versus answering their own curiosity or searching out potential services on their own. Since the prospects provided by a lead service are already contemplating their options, its a much smaller leap for the agent to make in helping them achieve their plans.
Lets face it, planning for a nebulous time of infirmity and ill health in the future is not a pleasant topic. Longer life span means that robust adults will not see a decline in their health until their years are much further advanced. They are less likely to take into consideration needs like debilitating disease or chronic conditions. Direct marketing techniques that pursue these avenues will likely outspend their return value.
A lead service can cut down on the overhead and output of marketing pounds while providing a more sustainable list of prospective clients. By cashing in on the prospects that are already aware they need some plan or formula in place, the agents work is halved with better odds at providing returns.
How can long-term care leads help everyone involved?
Yes, long-term care leads will help agents close more sales and thereby increase their profits. However, the concept behind long-term care leads will also provide excellent service to the target market. The information age is overripe with available material. Websites that detail the finest of small prints and where one resource can sound very much like another are a turnoff for a lot of prospective clients.
A lead service helps them to cut through the tape by acquiring their contact information and interests. That information and specific points of interest are then distributed to the right agents and contacts that can help them find what they are looking for. Ultimately, long-term care leads are a win-win-win situation for the agent, the client and the clients family.
Posted: June 15th, 2010 | Author: Admin | Filed under: Quality Car Insurance | No Comments »
When quoting the car insurance there are various factors which will be taken in to the consideration such as registration number, the vehicle condition, which type of vehicle, how old is the vehicle like this their will be various factors which will be taken in to consideration, there are also so many sites given online which will give you the information on the quotes.
While taking the quote there are many conditions which will taken in to consideration such as who will drive the vehicle, have you claim the insurance while met with an accidents, on what factors you are insuraning the vehicle like this there are many factors which taken in to consideration.
Now a days there are consultancies are also providing the insurance quotes. At first their are only insurance companies which will provide the car insurance quote but now there are consultancies who also provide the quotes. After deciding the best car quote you have to fill one of the form and then the agent will calculate the car insurance policy and will give you the car insurance quotes. According to various resources the car insurance quote will vary.
When you want to go ahead and get the Car insurance, you will first think of selecting a company which can provide an insurance to your car, however, selecting the right company for your car insurance some times becomes a herculean task for you, very first step is to decide what type of car insurance plan you are looking forward then you can goahead with, however after selecting the right insurance plan for your car insurance the next big thing comes is getting the car insurance quotes so that you can select the ritht company which can suit both your needs and budget.
Getting Car insurance quotes is not a big hassle for an individual as you can find the insurance quotes very easily, you have to be very catious while getting the insurance quotes, basically the car insurance quotes depends on the information which your provide while filling an online application form which gives you instant updated online quotes. It requires basic information from you. There are other means by which you can easily get the car insurance quotes like advertisments and getting information from magazines. However, the best, cheap and the easiest way to get the car insurance quotes is by going online.
When you go online for getting car insurance quotes, some online companies will not only provide you information for one company but from three to four different companies wherein by comparing the quotes given by different companies you always have a chance of comparing the quotes and selecting one which suits your needs and budget. Car insruance quotes also depends on other factors like type of engine, model of the car, if you have any extra devices atttached for which you want to insure your car.
Most importantly the car insurance quotes depends on many other factors apart from this like the number of speeding up tickets your have, the number of accidents you have involved with, your age, your sex, your occupation, the car you are insuring is used for the business purpose or personal use. Many other factors apart from this are considered while you buy the car insurance for your vehicle. However, going online to get car insurance quotes are considered to be the best and the easiest way for getting a car insurance quote.
Posted: June 8th, 2010 | Author: Admin | Filed under: Quality Car Insurance | No Comments »
Many factors influence the premium for your Motor insurance policy. Your insurer will have asked you many questions whilst producing your quote – some of which will affect your premium and some will not. Below we discuss the key variables that are within the policyholder’s control.
Location
A big influence on the cost of your car insurance is where you live. The chance of your car being broken into or stolen is a key concern for the insurer. More urban areas traditionally facing greater risk of theft and therefore tend to be more expensive than countryside locations.
Excess
By agreeing to pay a greater excess on each claim you can reduce your car insurance premiums. This is because you are reducing the liability of the insurer and therefore in return they are able to offer you a lower premium.
Your Vehicle
The cheaper and slower your vehicle the lower your premiums are likely to be. If you are looking to buy a new vehicle make sure you fully consider the cost of insurance you may be able to buy the car but can you afford to run it?
Consolidating policies
By insuring a number of vehicles with the same insurer, or by trying to take out home and life insurance through your car insurer, you may be able to secure a bulk buy discount.
Parking
Where you park your vehicle overnight is also very important to the insurers. If it is kept in a locked garage, you should be offered a lower premium than if you leave it unattended in the street.
Mileage
You can control your insurance premiums by restricting your annual mileage. However, be aware that if you exceed the restricted number of miles you’ll then become uninsured!
Security
Security devices that prevent or hinder theft may also reduce your premium. Common examples include alarms and immobilisers, however, be aware that as we improve the quality of our security devices the thieves just become better at bypassing them.
No Claims Discount
Save up your no claims discount by avoiding making small claims upon your policy. After a set number of years, 4 or 5 typically, you’ll often be offered the option to pay an additional small premium to protect your no claims bonus. This can prove very helpful if you subsequently end up having an accident.
Your Sex.
Women are statistically less likely to have an accident and, if they do, it’s less likely to be serious. Because of these statistics women benefit from lower premiums. It is also worth noting that if you represent one half of a couple you should consider having the female as the primary driver with the male as the second driver.
Advanced driving skills
By taking an advanced driving course you may also be able to reduce your premiums. The Institute for Advanced Motorists and the Royal Society for Prevention of Accidents each offer membership which provides you with discounts for both the cost of driving courses and your car insurance premiums. Two key variables NOT within the policyholder’s control.
Your Age
The older you are, the less likely you are to make a claim. As a result insurance companies charge lower premiums for more mature drivers.
One final piece of advice.
A large percentage of car insurance is now sold on the Internet. That’s because it’s convenient and cheap. Many insurers now give a further 10%-15% discount if you buy online.
Posted: June 1st, 2010 | Author: Admin | Filed under: Quality Car Insurance | No Comments »
Instant Car Insurance Quotes Can Be Free – Here Are Some Things To Know First
The annual cost of your auto insurance policy is influenced by many factors. A policy with a very low premium may not carry all the coverage you need. A policy with a very high premium may be stuffed with extras you dont need. Understanding a few basic auto insurance terms may help you decided which types of auto insurance are best for your particular needs.
Usage
The way you use your car may have a great impact on the premium you pay. Some companies offer significant discounts to car owners who dont commute on a daily basis. Be sure to let your insurer know if you take mass transit to work or carpool. If you drive a considerable number of miles for work or pleasure your premium may be higher.
Principal driver
The principal driver is the person who has control of the car the majority of the time. Certain age groups have fewer accidents. Having a child or other driver who is under 25 as the principal driver on a car will generally greatly increase the premiums on that car. Drivers over 75 may also have higher premiums. If the principal driver has multiple violations or accidents the premium will reflect those occurrences. Try to list a person from the most accident free age group and with the best driving record as the principal driver.
Deductible
The deductible is the amount which you will pay toward the expenses of an accident. Deductibles are per accident. If you have a 1,000 deductible and have two accidents in a year you will pay a 1,000 deductible for each accident. If your vehicle is totaled the payment you receive will be less your deductible.
Collision coverage
Collision coverage is the insurance for a car when it hits or is hit by another car. This is considered minimum coverage and is required by most states.
Liability insurance
Liability insurance is another part of minimum insurance coverage which is required by most states. Liability insurance refers to coverage for damages which you caused and for which you may be legally liable.
Uninsured driver coverage
Some policies cover damage to the insured persons auto if the other driver doesnt have insurance or if the other driver is unidentified due to a hit and run accident. Coverage of this sort may carry many restrictions, read through it carefully.
Please get as many insurance quotes as possible to compare services and pricing. By doing so you will learn more about the insurance process and industry.
Posted: May 25th, 2010 | Author: Admin | Filed under: Quality Car Insurance | No Comments »
How To Slash Your Car Insurance Costs Up To 54% In 10 Easy Steps – Part 2
In Part 1, we detailed the first five strategies on how to cut your car insurance costs. In Part 2, we show you the second five.
STEP 6 – Review, Change or Cancel No Fault & PIP (Personal Injury Protection)
No-Fault Coverage, and it’s Twin – PIP – started out as great idea’s. Your premiums were actually going to be lowered. Then, your State Politicians got involved (at the urging of Insurance Lobbyists, of course) and mucked it up.
You see, no-fault insurance coverage was originally intended to have each individual’s losses, covered by their own car insurance company – no matter who was at fault.
Today, in many States, car insurance companies are making a ton of money on no-fault because the insurance companies convinced State law-makers to make “modifications.”
Today, because of the these changes, car insurance companies have actually used the no-fault laws to reduce payments on a claim made by a customer, instead of reducing car insurance premiums as it was supposed to do.
So, premiums keep going up-and-up and insurance companies end up paying less for claims – Someone’s getting rich on that deal….and it’s not you.
And to make matters worse, some States (with really, really talented Insurance Lobbyist’s) also require an additional premium be paid on top of the no-fault premium. This beauty is called Personal Injury Protection (PIP).
PIP is a “wide-blanket” of coverage and can provide Collision Coverage, Hospitalization, Social Security Disability, Workers Comp, Personal Disability Insurance & Life Insurance.
The problem with PIP and what it covers is….
You already gave most, if not all, of these coverage’s anyway, don’t you? So, you’re paying twice!
So, you need to do a couple of things:
Google “minimum levels of required auto insurance” to see if No-Fault Insurance andor PIP Is required in your State;
Then, check your policy. If it’s not required by your State to have No-FaultPIP Coverage and it’s on your policy – cancel it. If No-FaultPIP is required by your State….take the absolute minimum. Here’s how.
If you must have No-FaultPIP, ask for and get a deductible from your car insurance company.
STEP 7 – Cancel Medical Coverage
Medical Coverage, on most car insurance policies, is a promise to pay “reasonable” medical expenses for anyone who is riding in your car should you have an accident…as well as anyone in your car should it get hit by someone else.
Cancel it. You don’t need it.
Why is that you say? Well, medical coverage as part of your car insurance policy is a duplicate of your own:
- Medical Plan; – Any Life Insurance Coverage you might have, as well as; – The Liability Sections of almost every car insurance policy written in the U.S.
Think of it this way….Do you have a HealthMedicalHospitalization Plan thru work or an Association you belong to?
Then why are you paying premiums for MedicalHospitalization Coverage on your Car Insurance Policy?
Here’s what’s going to happen when you tell the car insurance company or Agent that you “Don’t want the HospitalizationMedical Coverage.” You’re going to hear very slick “scare tactics” to help change your mind.
The insurance company employee will say “Well, if you’re in an accident, and it’s your fault, who’s going to cover the medical bills for any injured passengers in your car?”
Here’s your answer. Your family is already covered by your HealthHospitalization Plan. If anybody else is in the car and they’re injured – they’re covered by your Bodily Injury Liability coverage that you’re already paying for….and their own HealthHospitalization Plan.
So go ahead – save some more money and get rid of this coverage.
STEP 8 – Cancel Death, Dismemberment & Loss of Sight
Do you have any of these coverage’s on your existing car insurance policy? If so – cancel them.
And if you’re a first time car insurance buyer or, just looking at getting several car insurance quotes, don’t let anyone talk you into them!
Why?
Because, these coverage’s are an absolute waste of money. Most of these optional coverage’s are simply “glorified” life insurance policies with ridiculous provisions and horribly overpriced premiums. If you need life insurance, make it a separate Insurance Policy.
STEP 9 – Cancel The Extras
Do you have “Roadside Assistance” or “Rental Car Reimbursement” on your policy? If so, cancel them.
And again, if you’re a first time insurance buyer or getting a few car insurance quotes, don’t bother with these coverage’s.
Why? Because they’re severely overpriced, are rarely ever used, and limit what you can and cannot do.
For instance, some rental car reimbursement” coverage is almost 100 a year for each vehicle on your policy. So if you have two cars, you’ll spend almost 2,000 on rental car coverage in the next 10 years – and likely never even use it.
And roadside assistance? The piece-of-mind it offers gets trampled by the premiums the car insurance companies want for this coverage. Roadside assistance is a good idea. But use AAA for a cheaper solution.
STEP 10 – Terminate Comprehensive & Collision Coverage On Older Cars.
If you have an older car – by that I mean one that’s worth less than 2,000 wholesale (the amount a car dealer would give you if you were trading it in) cancel any Comprehensive and Collision Coverage you have or decline that option when getting a car insurance quote.
Here’s why. If an 8 year-old car and a brand new car have identical damage, the cost to repair both will be identical as well, even though the 8 year-old car is worth next-to-nothing.
You see the cost of a bumper and fender are the same – whether it’s for a brand new car, or one that is 8 years-old. That’s why your premiums don’t go down as the value of the car goes down. Your payments remain almost the same, year-after-year-after-year.
But, the bottom drops-out of what you’ll be able to collect on that older car. For instance, if your car is “totaled”, your insurance company will only pay you the wholesale value of your car.
So, let’s say your car is worth 1,000, but the total damage is more than 4,000, the insurance company is only going to give you a check for 1,000….minus your deductible, of course.
So you might end up getting 500 back. Sounds like a lousy deal….but that’s how it works.
So, the rule-of-thumb is this – cancel your comp & collision coverage when your vehicles value is less than 2,000….or you’ll be throwing your money away.
Okay – you’ve jotted down some notes and are ready to make some changes to your car insurance policy. So pick up the phone and start slashing your premiums!