Sunday, July 8, 2007

Find the Right Car Insurance Company.

Car insurance company compensates you for the loss or damage to your car in case of theft, accident etc. It’s crucial to choose the company carefully and cautiously.

Finding the right kind of car insurance company to provide coverage to your car is as important, if not more, as is locating the appropriate finance company to obtain car loans. Unfortunately, most of us tend to ignore this important aspect and face undue inconvenience and losses at the time of filing claims.

How To Choose?

As is with car loans, the best place to look for a car insurance company is Internet. You do not necessarily have to go for online car insurance. Though obtaining online car insurance is as convenient as getting online new car loans or easy online car loan, but you may opt to visit the offices of insurance companies personally for first hand information. However, before you waste time and effort in such visits, you should browse the information available about different companies on Internet. This will ensure that your visits are fruitful and lead you toward finding the right sort of car insurance company.

A Few Tips

There are a number of factors that could guide your choice of a car insurance company. Some salient ones are listed below: -

  • If you have purchased homeowner’s insurance, enquire from the company as to whether they also deal in car insurance or not. If they do, it’s always better to obtain car insurance from the same company. The primary reason is that most insurance companies offer discounts in such cases. Moreover, with this you are aware about the company’s terms. In case, you do not have homeowner’s insurance, you should attempt to locate a company that deals in different kinds of insurance and not just one.
  • Go for a company that offers flexible payment options i.e. monthly, quarterly, half-yearly, or lump sum. This way you could choose the payment terms that suit your current fiscal status.
  • Discounts are major attraction while deciding on the purchase of any kind of product and insurance is no exception. Usually car insurance companies offer a number of discounts to their customers. You can make use of Internet or browse the advertisements in local papers to find the company that offers the maximum discounts.


    Whatever you do, remember not to take your car insurance lightly. Go through the terms and conditions given in fine print thoroughly. This is important as it concerns the actual terms of your contract. It will certainly take some effort on your part, but it’s definitely worth it. Don’t get casual about it otherwise; you may have a lot to regret when you need to file a claim.

    Check the various options for the insurance for your new car, after finalizing the car loan. There are lots of options available with discounts, so select the best deal from the car insurance company. You can find them easily on internet or via advertisements in local media. Do not forget to check the deals offered by auto loan financing companies with the easy online car loan.

    Check the various options for the insurance for your new car, after finalizing the car loan. There are lots of options available with discounts, so select the best deal from the car insurance company. You can find them easily on internet or via advertisements in local media. Do not forget to check the deals offered by one of the best auto insurance companies.

  • Tuesday, July 3, 2007

    Understanding Home Insurance

    Home insurance is a type of policy in which a number of protections are combined into one unit. Some of these protections may cover things which are stolen from the home, or it may cover accidents which occur while a person is in their home. There are a number of factors that are taken into consideration when an insurance company is trying to determine the cost of home insurance. In most cases, the expense involved with replacing the home is estimated, and a number of other items may be included in the insurance policy as well. The agreements which are signed for home insurance are long and detailed.

    These documents will often state what is covered and what is not. Some of the things which are not included in home insurance are floods, war, or earthquakes. If homeowners want their homes to be covered in the event these things happen, they will need to purchase separate insurance. In most cases, the policy for home insurance will be made for a set period of time. The payment which is made by the homeowner to the insurance company is named the premium. The payments for the insurance will need to be made based on the terms of the agreement. The amount of the payment is dependent on the risk of the home.

    For example, a house that is near a fire department will have a low premium compared to a house that is a long distance away from a fire department. Another type of home insurance is called perpetual insurance, and is basically home insurance that does not have a term that is fixed. Whether or not this loan can be obtained is dependent on where the homeowner lives. In the US, most of the funds for home insurance is taken in a loan that is similar to a mortgage. Many banks will make it mandatory for their customers to purchase home insurance, as this will protect the company in the event that the home is heavily damaged.

    The people that are listed on the home insurance policy should be those who have a vested interest in the home that is related to insurance. There are a number of different variations that are available for home insurance. Prior to the 1950s, homeowners in the United States had to buy separate insurance policies for each type of damage that may have been sustained by their home. For example, fires, flood, theft, and other disasters would all have to be purchased separately. By the end of the 1950s, many insurance companies begin allowing homeowners to purchase policies that would cover all these things. However, the documents were long and complicated.

    This caused a large number of problems to occur in the insurance industry, but they were largely solved by the introduction of the Insurance Services Office. This organization was formed in 1971 to present a policy ot homeowners that was easier to understand. As of this writing, the ISO has created six homeowners insurance documents that can be used for homowners who wish to purchase home insurance.

    Sunday, July 1, 2007

    Car Insurance Basics

    Car insurance is basically insurance that drivers can purchase for any kind of vehicle in order to protect against losses sustained in traffic accidents. Auto insurance policies are, in reality, a bundle of different coverages. This insurance will usually cover the insured party, the insured motor vehicle, and any third parties involved. Different policies will identify the situations in which each of these entities is covered.

    Below are the specific coverages involved when you purchase car insurance.

    - Liability Insurance: Liability coverage is the most basic and foundational coverage in car insurance policies and is required in most states. This coverage ensures that if you are the one at fault in an accident, your liability insurance will pay for the physical injury and property damage expenses of any third parties involved. This coverage includes legal bills. Remember that third parties can sue you for “pain and suffering” damages. Minimum insurance may not sufficiently cover you in more extreme cases, which is why many people recommend that drivers purchase more than the state minimum required. Liability coverage limits are usually conveyed with three numbers. For example, liability limits of 20/50/10 indicate that there is coverage of $20,000 in bodily injury coverage per person, $50,000 in bodily injury coverage per accident, and $10,000 in property damage coverage per accident.

    - Collision Coverage: In the case that you are in an accident, collision insurance will pay for the repairs that your vehicle requires. Collision coverage is usually the most expensive coverage that you will have to pay for. Insurance companies will declare a vehicle “totaled” or a “write-off” if the replacement would be cheaper than the repairs needed.

    - Comprehensive Coverage: This coverage will pay for any damages to an automobile that were not caused by an accident. Qualifying damages include damages arising from carjackings, vandalism, natural disasters, and hitting an animal.

    - MedPay, PIP, and No-Fault Coverages: MedPay will pay for the medical expenses of you and anyone else in your car after an accident, regardless of whose fault the accident was. PIP (Personal Injury Protection) and “no-fault” coverages are other forms of medical payment protection. They are broader than MedPay and may be required in certain states. These expanded coverages cover child care and lost wages.

    - Uninsured and Underinsured Motorists Coverages: UM (Uninsured Motorists) coverage will pay for injuries you have sustained if you are involved in a hit-and-run by a driver who does not have auto insurance, and is mandatory in many states. UIM (Underinsured Motorists) coverage will pay for you if the driver who hit you creates more damage than their liability insurance can cover.

    - Supplemental Coverages: Rental reimbursement is an add-on that will cover rented vehicles in case of damage or theft. Auto replacement coverage ensures that your automobile will be fully repaired for replaced even if the costs are more than its depreciated value. Coverage for towing and labor covers you in case of an auto failure on the road where towing is necessary. These supplemental coverages are usually offered as separate items or included in larger policies.

    Saturday, June 30, 2007

    Should Insurance Be Mandatory?

    With the debate over the nation's health-care system heating up -- and getting stoked by Michael Moore's "Sicko" -- a contentious question has emerged: Should everyone be required to have health insurance, as drivers are compelled to have auto insurance?

    [Mitt Romney]

    Massachusetts's answer: yes. Under the Bay State's sweeping health-overhaul law, pressed by Republican former Gov. Mitt Romney, most adults are required to have health insurance by tomorrow. While Massachusetts was the first state to pose an "individual mandate," it's unlikely to be the last.

    In California, Gov. Arnold Schwarzenegger is pushing an individual-insurance requirement as part of a health-care overhaul; Democratic leaders are balking. Democratic Gov. Edward Rendell has proposed it in his "Prescription for Pennsylvania," and several other states are considering it.

    "It's very much on the table," says Alan Weil, executive director of the National Academy for State Health Policy, a nonprofit based in Portland, Maine. "Politically, it has become a mainstream concept." Still, he says, it gets a "funny mix" of reactions, creating splits on left and right.

    Democratic presidential contender John Edwards proposed it in his health plan; Sen. Hillary Clinton is expected to, as well. Illinois Sen. Barack Obama's proposal doesn't include it. Republican presidential contender Rudolph Giuliani opposes it. The conservative Heritage Foundation, a Washington think tank, supports it, while across town the libertarian Cato Institute denounces it.

    Proponents say an individual mandate is essential to reaching the goal of universal, or near-universal, coverage because without it many young and healthy people wouldn't bother to buy insurance. The result: an insurance pool dominated by older, sicker people, with steadily rising -- and ultimately unaffordable -- premiums.

    "If you really believe in universal coverage, you have to have an individual mandate," says Jonathan Gruber, a professor at the Massachusetts Institute of Technology who has played a role in the Massachusetts and California overhauls.

    But some liberals and labor groups say the rule unfairly dumps financial responsibility for insurance on individuals, when it should rest either with the government, through a single-payer system, or with employers. On the other end of the spectrum, Michael Tanner, the Cato Institute's director of health and welfare studies, decries the mandate as "an unprecedented invasion of individual liberty." Unlike the auto-insurance requirement, which can be avoided by not driving, the health mandate can't be ducked, he says.

    Massachusetts took steps to help uninsured residents comply with the new requirement. It expanded Medicaid, the state-federal program for the poor, to cover more children, and created a complex system of subsidies for other lower-income people. A new state agency, called the Commonwealth Health Insurance Connector, is helping the uninsured find affordable coverage; even so, it expects that about 60,000 people, or 20% of the state's uninsured, ultimately will be exempted from the requirement because they won't be able to afford insurance. Without such steps to soften the impact of the requirement, says Mr. Weil, "a mandate is either cruel or meaningless."

    So far, despite the looming deadline, about a third of Massachusetts's uninsured residents have signed up for coverage either through Medicaid or the Connector, according to state officials. The uninsured have some wiggle room -- they need only prove they had insurance by the end of the year, not July 1. Those who don't comply will risk losing their personal tax exemption, about $219. In later years, the penalty will be increased, and will top more than $1,000 for some people.

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