by Edwin Ivanauskas | Tags: Personal Finance, Insurance

Imagine getting into your car, driving and then suddenly someone side swipes your car. What would you do? What if you or the other driver had no insurance? There are several things to look for in car insurance these could save you thousands of dollars.

It's the Law - Liability Insurance

If you own a vehicle then it is law that you have at least liability insurance on that vehicle. This covers the vehicle of the other driver if you were to hit them. Your car would not be covered but theirs would be. This is the minimum insurance that you must have on your vehicle at all times.

Under-Insured insurance

If someone hits your vehicle and the other driver did not have enough insurance to cover your damage on your vehicle then this would cover your vehicle.

Full coverage

Full coverage insurance is meant to cover your vehicle and someone else's if you are in a wreck and at fault. Read your policy carefully, full coverage is based on how much you base your coverage at. You may have a five hundred or a thousand dollar deductible that you have to pay to even get your coverage to kick in and if you have your coverage capped out at forty thousand and you were to hit a fifty thousand dollar car, then you are responsible for the other ten thousand dollars.

Comprehensive

Comprehensive insurance is meant to protect your vehicle from non driving related damages. This can include anything from vandalism and theft to weather damage.

Medical

If you, the driver of the other vehicle or perhaps a passenger of yours gets hurt, the medical will take care of medical bills, time off from work, and fees associated with it. Make sure that you know the maximum payouts on this or you may find yourself under insured.

Property Damage

This portion of your auto insurance protects you against damage to property such as hitting a house, retail store or any non-moving property that can be damaged during an accident.

Uninsured

Uninsured insurance usually goes with the under insured but both are equally important, as this will protect your vehicle in case the other driver was not insured.

Exclusions

Most auto insurance companies do not have exclusion policies. An example would be if you married someone with a suspended license then you may not be able to get insurance through that company even though you have a perfect driving record. If they do have an exclusion letter, you would need to sign it stating you will be the only one driving your vehicle.

When looking for auto insurance check to see if you receive discounts for being ticket free and also for multiple vehicles. If you have a student driver, you may also receive a discount based upon his grades which is usually a B or higher.

Auto insurance is based on the year and make of your vehicle, your driving record, and your age. Get at least three separate quotes before deciding which auto insurance is right for you. Make sure that you protect yourself with enough coverage as well as keeping the deductibles low enough, that you can pay them in case of an accident.

A final note is to consider add towing insurance and rental insurance to your plan. Most people think that this is automatically added into the full coverage but most of the time it is not. Safe driving can get your premiums lowered the longer you are with your auto insurance agency.

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by Edwin Ivanauskas | Tags: Personal Finance, Insurance

Health insurance is a very large expense for people who don't have it provided to them by their employer. Many people feel that if they are in good health that they don't need it, they are wrong.

When do I get health insurance?

Every person should be covered by health insurance. Routine checkups and small issues may not be expensive but large healthcare problems can often bring a family to bankruptcy without health insurance.

What types of health insurance are there?

Preferred Provider Organization (PPO) is a type of health insurance plan that will give you access to any specialist that you choose to see.

HMO is a health insurance plan that has you go to certain doctors that the insurance plan chooses whether you want that doctor or not.

POS is a health insurance plan that has you go to their provider of choice for treatment.

What should I look out for?

You should always look out for what the caps or limits are on any health insurance coverage. You may only be able to get a sonogram done once during your pregnancy even though your doctor urges you to receive another. If this happens then you will have to pay the rest out of pocket.

Your health insurance should always carry some type of discount prescription card. You can also switch to a generic version to save money.

Most health insurance companies have you pay a deductible for the year before they even begin to pay on any of your coverage. This could be for each individual in your family plan, or as a family.

The health insurance needs to provide for therapy such as chiropractic as well as making sure that if you need something such as a walker or cane.

If you choose a major health insurance company to go through then be prepared for a doctors exam and a health assessment test to determine your overall health and the coverage you are eligible for. Smoking is something you will want to quit before this test. Your premium can be cut by twenty to thirty dollars from quitting now.

Check with your health insurance provider if you have any pre-existing illness that might hinder your insurance eligibility. If an illness is related to your previous health problems then you will not be covered for any treatment of that illness.

Be as complete and honest about your health when you speak to an agent about health insurance. Tell them what is most important to you and see if they can get as close to what you are looking for with health insurance and prescriptions. It is your health and only you can determine if you have enough health coverage.

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by Edwin Ivanauskas | Tags: Personal Finance, Insurance

Buying homeowners insurance

You have just purchased your dream home. Now you need to get homeowners insurance to protect your home and belongings. Here are some tips to help guide you along the way.

Choosing your homeowners insurance company

When you buy your home, you want to protect it. It has your life and dreams wrapped up in it. This means that your homeowners insurance has to fit those needs. Your insurance should cover:

Liability- Liability covers damage done to a person or persons on your property. An example would be if a woman walked on your driveway and slipped on ice. That person could sue you for medical, time off from work and anything associated with the accident. You may think that this would never happen but it does all the time. Liability can cover your court costs and attorney fees and any money owed to the victim who fell on the ice. Generally you want to get between one hundred and five hundred thousand in liability insurance.

Your home- Your main reason for homeowners insurance is to cover your home. If your home were to burn down or be taken out by a tornado you want to make sure that it is covered. It is never fun to pay a mortgage on a house that no longer exists.

Personal possessions- Your furniture, clothes, washer and dryer are among a few of your personal possessions that you want to be reimbursed for. Check with your homeowners insurance company to find out what type of record that you need to have for proof of that expensive stereo or television that you have. Pictures and video of personal possessions helps identify what you have, along with serial numbers off of televisions, etc. Make sure that you decide during the homeowners insurance process whether you are getting them to pay actual cost of your possessions or for the depreciated cost.

Jewelry- Most jewelry no matter if it is a three karat diamond or not is not insured for more than two thousand dollars unless you request a separate policy that you will pay extra for, to cover that item.

Construction costs- Verify that you will have some type of umbrella clause in your policy that will cover any added construction that will need to be done or an inflation clause in your homeowners insurance policy that will cover these issues should they arise.

Your homeowners insurance can cover multiple things that you are looking for. Check with your mortgage company to see what they offer before checking with other insurance companies. You may also look into getting your homeowners insurance through your car insurance salesman. You may get a discount by adding homeowners insurance to your already existing vehicles insurance policy.

There are many places that you can get good homeowners insurance. Some find it easier just to deal with the bank that they received their mortgage from. Read all exclusions in your homeowners insurance and pin point exactly what they will pay if something happens to your home or the contents in it.

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by Edwin Ivanauskas | Tags: Personal Finance, Insurance

If you are wanting all around coverage then you should be speaking to an agent for life, auto and home insurance together as one package. The advantages of having all of them together would be one payment and numerous discounts for having them all in one policy. It is easier to decipher in case you need it, and you tend to deal with the same agent on all issues that you may have.

Auto insurance

If you have more than one vehicle and have a good driving record, you will be eligible for discounts. You can get liability which covers another vehicle in case of an accident as well as full coverage which will cover both vehicles. Check with your agent on the premiums as well as the deductibles that you will have to pay out of pocket for expenses. Make sure that you are positive that you can come up with the deductible of a thousand dollars if that is what you choose. Your insurance won't pay for anything if you don't pay your deductible first.

Homeowner Insurance

When choosing your home insurance, make sure that you keep a log of your personal effects. Your insurance should cover your house and your possessions inside. If something were to happen to your house then you want your house to be rebuilt. Also, make sure that you have an umbrella policy to cover construction of the house and inflation costs. You should make sure that your policy tells you if it is paying for the worth of your possessions or the cost after depreciation. A video tape of your belongings as well as serial numbers helps. When it comes to jewelry most insurance companies only insure up to two thousand dollars, so if it is worth more than that, you will want to have a separate policy drawn up for that. Look closely and see if your policy will cover you if you have to live somewhere else temporarily. It should include rent, food, and such for you to live on.

Life Insurance

Term Life Insurance is commonly the most bought insurance. If you are young and healthy and just want to know that your funeral costs are taken care of then term life insurance is what you need. If you are not quite sure what type of life insurance that you want it is the right choice. The premiums are low and the policy is usually based on a year at a time. Once that policy is up, it is done unless you choose to reapply again.

Whole life Insurance is more expensive but is more feasible for someone with a family. If you are the head of house and want to make sure that your family is taken care of long after you pass, then whole life insurance is what you need. With whole life insurance you can have it for the length of your lifetime as long as your premiums have been paid. You can take a loan out on it and you can make sure that your children will be able to have their college paid for even after you're gone. Whole Life Insurance can make sure that the mortgage is handled and the estate taxes are handled.

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by Edwin Ivanauskas | Tags: Personal Finance, Insurance

There comes a time in our lives where we decide if we should have life insurance on ourselves to protect our loved ones. We don't want them left with our bills and our funeral costs which run an average of six thousand dollars and higher. Life insurance is a necessity that we should all have. There are several types of insurance to choose from and you should choose carefully, because this will affect those closest to you.

Most employers offer some type of life insurance to their employee's but if you should leave that company, that life insurance is no longer there to protect you and your family.

If you have life insurance through your employer, you may still want to carry a separate policy to protect yourself just in case the "what if" ever happens.

Choosing your type of life insurance can be difficult. You need to decide what your main goal is. Is it to cover all your funeral expenses and to leave a little to your family to spend as they wish, or is it to make sure that your house is paid for along with other expenses, such as school and vehicles etc.?

The two main types of insurance are whole life and term life insurance.

Term life insurance is a basic insurance plan that will cost you less and take care of your funeral expenses and a little for your family. It is set for a certain term of time and as long as you pay for it for the length you agreed to, then your family is covered if something happens to you during this period. When the term life insurance is up, then you will have to renew your policy. Your premium may go up in price and what you are offered based on your health and age may change. The cost is less for this insurance and it is a good short term policy but remember that it may not have been the best choice in the long run if you get sick and as you get older.

Whole life insurance is insurance that will last for the length of your life as long as you pay your premiums. You may find the cost is much higher with this but the benefits tend to put it in your favor. As long as you are paying your premiums the price will stay the same. With whole life insurance you will not only have money to pay for your funeral but your beneficiaries will be taken care of as well. Your policy can include paying off your mortgage and sending your children to school. This is vital if you are the head of household. With whole life insurance you can also take a loan out while you are still living to pay for things that you need.

A good life insurance agent can help you find the best policy to help you take care of your family. Always read the clauses and check for exclusions such as suicide etc. This can save your family confusion in the long run. Make sure that once you have your life insurance chosen, that you discuss it with your family. They should know what to expect, and where your papers are at in case they are needed. Life insurance isn't just about death, it's about comfort in knowing your loved ones will be taken care of.

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