Posts Tagged ‘Insurance Cover’
Insurance is generally something that you purchase in order to protect you and your family from the potential financial loss caused by a catastrophic event or serious illness.
But there are types of insurance that don’t really provide that peace of mind for you, that are not required, that cost more than you could ever benefit from, and that are best avoided.
Here are 3 types of insurance that you can “just say NO” to.
Life Insurance Sold By Credit Card Companies
Credit card companies will offer you insurance that pays off your credit card balances when you die. If you already have a life insurance policy, either obtained on your own or through your employer, that will do the same thing. Why pay the credit card companies a much higher premium for the same thing?
Rental Car Insurance
When you rent a car, they always ask you if you want auto insurance which will cover you if you are in an accident in the rental car. If you have your own auto insurance, you will most likely not need this. Check with your agent to be sure, but most policies cover you regardless of what car you are driving. Even if your regular policy only offers this coverage by adding a “rider” to your policy, the cost of the rider will most likely be much cheaper than paying the higher per-day charge that the rental agency will charge you.
There are a couple of exceptions to note. If the car rental is for business use, check to see if your employer’s business policy covers you. And if you will be driving outside of the US, your agent can tell you if you will require special coverage.
Unreasonably Low Deductibles
While this is not technically a “type” of insurance, it is an insurance expense that you can do without. A lot of people carry lower deductibles because of the peace of mind it gives them. But how many times do you really need this lower deductible? And nowadays, while you may be required to carry insurance, it is often detrimental if you actually use it!
So if filing a claim will jeopardize your insurance coverage, you may want to only file a claim that you really can’t handle. It makes much more sense to raise your deductible and “self-insure” for the smaller claims, using the savings from your lower premiums.
If you decide to increase your deductibles, be sure to put your saved premium dollars into a savings account so that you can pay for those losses that fall below your increased deductible amount.
Specialty-type coverages, like the ones mentioned here, can usually be covered with another good broad-based policy that you already have. And why are these speciality insurance polices more expensive? It costs more for the insurance companies to administer these policies … so guess who ends up paying for the extra costs?!
SadiePeterson
http://www.articlesbase.com/advice-articles/three-types-of-insurance-you-do-not-need-69508.html
only cover catastrophic loss.
Can you imagine what your auto insurance would cost if you made a claim every time you got a flat or a tune up ?
Or what your home owners insurance would cost if you made a claim every time a light bulb burned out or you wanted your carpet cleaned ?
Maybe that’s the reason medical insurance premiums are so high ?
autoinsurance.bebto.com – try this one. I have their car insurance and, as I know, they can provide such a service.
The level of auto insurance that someone might need depends on the financial circumstances of the individual concerned and the cost of the car involved. Take for example someone who has a brand new $50,000 motor, it would be sheer folly to do anything other than take out one of the best auto insurance policies available and the cost of the auto insurance is likely to be insignificant when considering the overall annual cost of the car.
However, if you have a car that is nearing the end of its life, have a low cost car and previous claims or are a new driver then the cost of the auto insurance versus the benefits you might receive need to be given greater consideration. Comprehensive auto insurance premiums are likely to be disproportionately high for older vehicles, new drivers with low cost autos or drivers with accident history.
Whatever your circumstances you are legally obliged to take out a basic level of auto insurance that will cover you against third party claims and given the level of damages awarded seem to be increasing out of control then my advice would be to get the best possible third party liability auto insurance cover that you can afford.
The legal requirements for auto insurance does vary from state to state so you’ll need to clarify the level of cover you require when taking out auto insurance but only insuring to the legal minimum isn’t necessarily the best choice to make.
If you have a lot of money sunk into your car or your auto is leased then you really should take out comprehensive and collision auto insurance to cover you for things such as fire, theft, acts of god or collisions that are your own fault.
If you live in an area where cars are regularly vandalised you might want to consider comprehensive auto insurance when perhaps you wouldn’t have otherwise done so. The cost of your auto insurance will generally be higher if you live in such an area but that is something you have to weigh up against the cost of repair.
Personal Injury Protection is something that everyone should consider as this element of your auto insurance will cover medical costs associated.
Despite legal requirements some people still persist in driving around without auto insurance leaving the others with a need to insure against the uninsured motorist. Uninsured auto insurance will cover you for damages in the event of an accident with an uninsured motorist. Again, insurance that everyone should give serious consideration to given an auto accident could leave you unable to work or your family without any means to earn.
If you want a more comprehensive auto insurance policy but want to limit the cost then you could look at opting for a higher level of deductibles. Deductibles are the amount you would have to pay before you could make a claim against your auto insurance policy and generally, the higher level you agree to the lower your auto insurance premiums.
Terry Ross
http://www.articlesbase.com/automotive-articles/what-level-of-auto-insurance-do-you-need-62121.html
Does anyone else smell a legal zoo bigger than the mythological Ark
Most health insurance companies do not pay medical bills if you are injured in an accident and there is applicable auto insurance that should cover the bills. Usually you see this with the ERISA plans (employer sponsor plans). Some private plans will step up and pay the bill….but ERISA plans usually don’t.
Even when the health insurance pays….they usually send a medical lien to the at fault drivers company. That means that the health insurance plan gets paid back for the money they paid out from the settlement proceeds.
For the at fault drivers who would not have coverage under their liability coverage…..they have to use their health insurance.
Auto insurance rates usually have to be approved by the insurance department of each state. These rates are pretty tightly regulated as it is.
I don’t see health care reform affecting auto insurance rates.
I have full coverage auto insurance on my vehicle and it was broken into last night, someone jimmied the door open and stole my gps, my watch that was in the glove box and my money order for $675 that was in the overhead console that I was going to pay the rent with this week. Are any of these items typically covered by insurance or am I just out of luck on all 3?
You’re probably out of luck as far as the GPS and watch. Car insurance ordinarily doesn’t cover the contents of the car unless you have a rider for valuable equipment. While it might be covered under your homeowners/renters insurance I suspect their value would is less than your deductible. As far as the money order depending on who it was made out to and if you have a receipt you may be able to stop payment.
Now all the low cost company’s are charging extras for almost everything… I saw on my last Easy Jet booking that Flight insurance was an extra 15 quid… I didn’t take it, so does that mean I’m not insured ( for my family) if the plane crashes. I thought it was obligatory for the company to insure its passengers as with 3rd party Car insurance… or is this just another money making scam ?
Generally, except those with annual travel insurance, people book their flight/holiday first and then think about insurance. Easyjet are no different from any other airline, tour operator or travel agent when they try to get that business, at the time of booking. Whilst their rates are not too bad, it is a well known fact that insurance can always be obtained cheaper than those in the travel industry offer. What I would say, however, is that it is always worth obtaining insurance soon after you book, especially in the event that you have to cancel for whatever reason. And to even consider travelling without travel insurance is a disaster waiting to happen. A few minutes spent on-line will enable you to get very competitive insurance to cover you all.
Here’s a good comparison site -
http://www.moneysupermarket.com/travelinsurance/?p=0&source=GOOTRAV100&gclid=CNep1ajIpZoCFQdN5QodvkYN8w&ef_id=1816:3:s_5076da0578d9cb5565752807ccbd2e5b_3165557912:hRlVTdBkOIYAAHbEfXcAAAAK:20090505161039
I am planning to sell my car and cancel my auto insurance. If I want to rent a car, am I required to buy their rental car insurance, since I wouldn’t have any other auto insurance otherwise?
If I use my Discover card to rent the car, Discover will provide me with a Collision Damage Waiver of up to $25,000. Would that count as insurance?
Yes Yes and Yes! It’s very important to have rental insurance. Let’s say you park the car on the street, and come back and its side swipped. They are going to come after you for it But if you have insurance, it should cover it.
My friends home got broken into and car keys were stolen and with that stole the vehicle. The vehicle only had liability insurance. Now both homeowners and auto insurance are telling them that they won’t pay for that loss. Is this correct in any way? The vehicle has a value of $7K. Would obtaining an attorney be helpful?
I don’t think so
I am renewing my auto insurance. I have a car with all kinds of great features like leather seats, upgraded stereo, sunroof, etc. Is there some way to insure it so if it gets totaled, I can buy a car of equal quality? Should I even get full coverage?
Thanks.
You need to get what’s called "Comprehensive" insurance and also what’s called "gap insurance" and that should cover it all.
A lot of people say that car insurance is especially important for ladies and if the lady is young, even more so. However, be it popular saying or anything else, insurance companies nowadays have developed insurance policies especially for women. A couple of years back, it wouldn’t have featured as a prominent option, but thankfully it is now and it is also made very easy and affordable.
The best part about car insurance for young female drivers is that it is so much more cost effective. Up to the age of forty five, most companies offer really low levels of premiums. The reason why they are cheaper is because; it has been observed via research that, by and large, women are safer drivers than men. Most of the dangerous driving incidents are reportedly caused by men. It will be incorrect to say that women are not responsible for on-road accidents however, their severities are much less.
A couple of things can help to get low car insurance for young female drivers. It is advisable to settle for a car that has a small engine. Always opt for independent covers. Also, check for additional security features. Cutting down on frills like alloy wheels etc, can help to keep the premium low. Make an estimate of how much you are likely to drive and opt for an insurance cover that is meant for low mileage.
There are many companies out there which offer competitive options in terms of car insurance for young female drivers. Some of them offer exciting deals like free family legal protection, free home emergency cover and optional pest cover. Some of these offer useful features like breakdown cover insurance. This allows for round the time, on road assistance, should the car break down. Young drivers may not always be able to make an upfront payment hence companies tailor make their policies around this. Easy installments or monthly installments make life easier for young drivers.
There are still others that go a step further and cater to all the requirements that a lady may be looking for. Some car insurance for young female drivers can be quickly obtained online and their cover payments are spread over twelve months. Apart from covering no claims discount, third party fire and theft, they also offer windscreen insurance.
Just as you would for any other financial deals, remember to check multiple options and compare prices before zeroing in on a particular deal.
Robert Linley
http://www.articlesbase.com/insurance-articles/low-car-insurance-for-young-female-drivers-know-the-guidelines-1247856.html
I am renewing my auto insurance. I have a car with all kinds of great features like leather seats, upgraded stereo, sunroof, etc. Is there some way to insure it so if it gets totaled, I can buy a car of equal quality? Should I even get full coverage?
Thanks.
You need to get what’s called "Comprehensive" insurance and also what’s called "gap insurance" and that should cover it all. Try this site, if you want to find your best or cheapest auto insurance just in few minutes,
http://best-auto-insurance-usa.info/
Hope this help,