How You Can Use Technology to Improve Your Car Insurance?

Advances in technology are making almost every aspect of our lives easier than they were before. You can do all your banking online, watch your favorite television shows anytime you want, and order groceries to be delivered right to your door. It might not be something you think about often, but technology can also change the way you approach your car insurance.
How You Can Use Technology to Improve Your Car Insurance
If you’re concerned about the amount you’re paying for your insurance coverage, new technology could be the key to unlocking a greater discount on your premium. Many insurers are now offering Usage-Based Insurance (UBI) plans, which ask drivers to install a telematics device to their vehicles to track their driving habits. These devices can record information about your acceleration, braking and distance driven, and then relay that data to your insurance provider so they can get a clear picture of your driving habits. In return, you could be eligible for a lower premium. Many companies offer a discount just for signing up for UBI, and up to 30 percent in savings when it’s time for renewal. In addition, studies have shown that UBI can change your driving habits for the better.
Of course, providing this type of information to a large company could raise some privacy concerns, so the Financial Services Commission of Ontario lays out the rules that protect drivers who sign up for UBI. Based on these guidelines, any information collected by your insurance company cannot be shared with a third party without your express consent. In addition, the information cannot be used to increase your premium, only to set a discount, review rating criteria, detect and prevent fraud, and manage claims. That being said, data from your telematics device could be used as evidence against you in a claim if it reveals that you were speeding or braking suddenly before an accident.
If you are concerned about making a claim to your insurance company, a dash cam is another way that you can use technology to your advantage. Dash cams can record yourjourney and events going on when your vehcile is parked. This means that your dash cam can provide footage of a car that hit you or catch the license plate of a vehicle unlawfully leaving the scene in the event that you need proof to submit a claim.Like UBI, dash cam footage only works in your favour if you do not have any fault in a collision. Otherwise, you’re dash cam could prove a case against you.
Each year before its time to renew your insurance, you should be comparing quotes between providers. A lot can change in year – both with premiums and your life situation – so the great deal you got last year might not be your best option anymore. Luckily, technology also makes it easy for you to compare car insurance quotes online. When you’re doing your research this year, consider how UBI could lower your premium, and ask your chosen insurer if having a dash cam would be beneficial in the claims processes.

The Most Common Mistakes When Shopping For Life Insurance and How to Avoid Them

If you’re like me( or most people for that matter), it’s not that uncommon for you to say  to yourself “if I only knew then what I know now, I would have done things differently”. Well, this is your opportunity to  avoid some of  most common mistakes people  make buying life  insurance.
life insurance
Here’s your chance to be “in the know”, and avoid the 5 most common mistakes people make buying life insurance.
Follow the rules laid out in this article  and you will be in better shape than 90% of all life insurance consumers.

1. Lying to Agent about Medical /Driving History

While it may seem like an innocent slip of the mind to not mention a prescription, hospitalization, or most often, a smoking habit, the consequences can be significant.
The first consequence is most likely that you won’t get away with it. The insurance carriers can access your medical records, prescription history, and even your driving record.
So lying to the agent only gets you an bad quote that has almost no chance of becoming an offer.
​Being misquoted is just the start of what can go wrong when you are intentionally misleading.
Because different insurance companies have different underwriting rules for each condition (some are willing to make offers where others will not)​, it’s vital for an independent agent to know the true conditions he or she is working with.
​If this sounds like an insurance agent whining about having his time wasted, you are partly right. However, the more serious result is to the applicant seeking coverage. ​
This is because, if an application is sent to a carrier that is a bad fit based on bad information (once the truth comes out) it may get graded substandard or even turned down.
A turn down or declination from one carrier can hurt a future application with another company that likely, would have accepted you.
The info gathered by the first company will be handed over to the to the Medical Information Bureau (MIB), this information (and maybe a note about a deceptive application) will be available to all insurers for 7 years.
Lastly, even if you get away with lying on your application and the company contests the benefit payment in court on the basis of a deceptive application, your heirs  may find themselves in a position of having the benefit reduced to the premium payments you made plus interest. ​
Ultimately , the risks outweigh the potential gains.
Key Takeaways

  • Misleading an agent will only get you a better quote not a better offer.
  • Insurance carriers have access to your medical, prescription and driving history.
  • Carriers may context payment of a benefit due to material fraud on the application.

2. Choosing Permanent Insurance for a Temporary Need.

The fight  between proponents of Term v. Permanent  insurance continues to rage. Unlike most partisans, I think there is a place for both. However, the two kinds of insurance are designed to serve very different situations.
If you are looking to protect against a  a declining obligation (like a home mortgage) term insurance is the appropriate solution. It is also a far less costly answer  for the term it is needed.
Very often, people looking for for life insurance are “sold” cash value insurance at the cost of insuring a real need. While there are several advantages to permanent insurance that make it a useful and appropriate retirement planning tool, it should never compete for  dollars with insurance that covers a need.
When structured to do so,  cash value insurance is designed as a living benefit savings tool with the minimal death benefit necessary to keep it legally designated as insurance. This can be a very useful financial tool, but it is never appropriate as true “insurance”.
Most rules have an exception or two, the exception here is Guaranteed Universal Life (GUL) .  GUL is hybrid permanent insurance that doesn’t gain cash value and is priced between traditional whole life and term insurance. ​
When people use permanent insurance for temporary needs, generally they either cut corners on the benefit amount they need to cover true needs or they overextend themselves, and wind up walking away from the big cash value policy.
Life insurance buyers should should look at these two products separate and not in competition with each other. Cover the insurable need first and then consider if cash value life insurance is an useful arrow in your financial toolbox.
Key Takeaways

  • Pure insurance is meant to insure a need.
  • Non GUL permanent insurance should be structured for cash value not insurance need.
  • Permanent cash value life insurance and term life insurance should not compete with each other for dollars.​

3. Relying on Life Insurance Provided Through Employer

Having affordable life insurance through your employer is a great benefit. However, it should thought of as extra coverage , rather than yourmain life insurance. The reason is simply that at some point you will very likely change jobs.
After changing employers, you may not be offered life insurance at the new employer,and not be able to keep the insurance from the previous employer.
Most  all group life insurance policies offer a conversion to permanent insurance for the individual leaving the employer. However, the terms are usually so expensive  that no one takes up the offer.
So, in the worst case scenario, you leave your job after an economic downturn, are forced to take a position without group life insurance, and then find that your health won’t allow for inexpensive individual underwriting. So, you’d be forced to either pay far more than you had been paying or go without life insurance for your loved ones.
This situation came about often during the Great recession of 2007-2010. It would have have been avoided had folks not looked at their employer sponsored insurance as primary but rather “bonus”.
Many  people in their thirties can get term life insurance that will last until retirement for the cost of a large pizza….and not have tobe concerned that the combination of a job change and age will make replacement unavailable.
Key Takeaways

  • Employer sponsored life insurance should be thought of as “extra” and not primary life insurance.
  • Employer sponsored life insurance does not transfer affordably to departing individuals.
  • Healthy people in their early thirties can get life insurance that last until retirement for the price of a pizza.

4. Not Using an Independent Agent

The use of an independent Agent is an issue that I touch on all the time. While it may be a bit self serving , it is also the unquestionable truth.
Because insurance companies have different risk appetites, the only way to get the most competitive deal is to be able to access to nearly all of them.
If you have a  “captive” agent ( an agent who  works for one company and has a financial reason to send all business to that company) represents a carrier who is severe in rating a health condition you have, you are in a bad spot.
Whereas, an independent agent/broker would send your application to the company who looks most  favorably at your condition, the captive will be forced to send the application to his carrier…and charge you for the service.
While some “captives” have a limited ability to use an outside brokerage, the truth is that the financial imperatives to write business with the “home” carrier often trump this option.
Key Takeaways

  • Because different insurance carriers have different appetites for certain risks, access to more carriers will result in better pricing.
  • So called “captive” agents have a financial incentive to send all applications to their home company.
  • Only independent brokers have the freedom to offer the best deal at all times.

5. Not Taking the Exam Seriously

This is an easy one, but it gets fouled up more than you’d believe.
The paramedical exam that is a routine part of fully underwritten policies iis very straight forward. That is, blood draw, urine sample, weight from a portable scale and Blood Pressure (occasionally EKG). It is most often done in 20 minutes and you are back to your day.
Blood and urine samples provide a  snapshot in time, so you cannot do a lot to improve things in a brief period of time. However, you can do surely hurt them for the “snapshot” taken.
The common culprits are:

  • Working Out
  • Excessive Alcohol
  • Fried Foods
  • Drinking Coffee
  • Lack of Sleep

​While living “clean” will not help much in the short run , avoiding these thing for a couple of days is a good policy.
….And a Bonus Mistake to Avoid
It may seem contradictory that this article  spends a lot of time on the subject of avoiding mistakes and saving money, and then says don’t be too cheap.
If you are confused, I understand. Let me explain.
​While I’m a firm believer in getting the best deal, the best deal may not always be about the absolute lowest cost. The truth is, defining the best deal depends on what you really need and what you get.
Simply put, policies are not all apples to apples comparisons. As mentioned earlier, life insurance companies view different risks differently. ​So unless you know your underrating grade with a particular company the pricing is not precise.
There are other considerations that affect pricing that may entice you to pay slightly more than the absolute lowest price. These include:

  • Financial Ratings of the Carrier ​- Does the Moody’s or AM Best rating of the company matter to you? Are you willing to pay more for a higher rating?
  • No Medical Exam Option- Some companies offer policies with no exam. Is avoiding needles,urine samples, and possible unknown results worth a few dollars a month? ​
  • Riders/Conversion Options- Is the right to get more insurance without re-qualifying later of value to you? How about the right to convert a term policy to a permanent policy at a later date withno exam?

​If these issues are important to you, then the definition of “best deal” changes from simply the least expensive. These are issues that can be addressed by an independent agent with access to multiple carriers.
Key Takeaways

  • The “best deal’ takes more into account than simply cost.
  • It may be worth paying slightly more if there is no exam or there is a strong permanent conversion product.
  • Only independent brokers have the freedom to offer the best deal at all times.

Conclusion

If you follow the advice laid out here you will be in better shape than nearly everyone else in the life insurance market. For help in deciding exactly what you want with regard to amounts, term, exam, rider & conversion options, you will always have the most options with an independent agent.
James Tobin, CFP is the founder of the Life Insurance Help Desk. In addition to providing expertise on life insurance matters, he teaches ESL and is a news junkie. Mr. Tobin reside with his wife in Norwalk, CT

Five Must Buy Forms of Insurance

The world of insurance simply cannot stop inventing new or recreating enhanced versions of insurance. But there are select few forms of insurance that most middle class Americans should consider and own.
Yes, you can save money by avoiding some of them, but in the long run, you are not likely to come out ahead by skipping any of these.
Insurance tips

Term Life Insurance:

Everyone does not need life insurance, but most people do, at least at some point. If you do not have children, plan to have children, have someone that financially dependent on you, or are independently wealthy than you may not need life insurance. For everyone else- a simple and affordable term policy can solve a complex financial problem caused by an untimely death. Often buying term life insurance when you get married and begin to have a family is the perfect time. Shoot for a length of time that will get your last child (or last planned) out of the house and potentially through college.
Term as opposed to whole life insurance, is simple and pure insurance, which has no investment component. Although many insurance agents will push you to consider whole or universal life policies, often because it may guarantee coverage for your entire life, term can offer you the exact same protections, but for just the limited crucial time when you are raising your family. The policy generally ends after the term, leaving you with no insurance coverage, but because you spent so much less for the term policy, you will have been able to save up your money and will probably no longer need it.

Home Insurance / Renters Insurance:

Just about every adult needs a home or renters insurance policy, even if you have paid off your mortgage, or if you do not yet own a home.  Why? Because both home and renters insurance provide coverages way beyond the property coverages for the structure and your personal belongings. Among many useful coverages, both home or renters insurance covers you for is premises and personal liability. This liability comes from numerous things such as incidents you make get involved in, or when someone comes onto your property and trips.  The liability coverage can also help you from your exposure if you own certain types of pets. From the liability side, most policy holders should request a “personal injury” endorsement to their policy to assist in broadening their overall liability protection.  This useful endorsement can be had for a very low dollar amount and can end up saving you thousands in a rare but potentially financially ruinous situation.

Auto insurance:

Auto insurance is often required by various state and national authorities in order for you to purchase an automobile. But even non owners of cars should consider buying automobile insurance for cars that they rent or use.  Aim to raise your Bodily Injury coverage to amount sufficient to protect your overall net-worth.  Match this amount with your Uninsured motorist coverage. Uninsured motorist is perhaps the worst named insurance term; a better name might be “Self Bodily Injury.” Uninsured motorist typically only kicks in when the other driver either does not have any insurance, enough insurance, or flees the scene of an accident. Please don’t get into any car without uninsured motorist coverage.

Health Insurance:

Health Insurance which is much debated in the industrialized world may be the number one most important type of insurance that you need. Health insurance can help pay for either emergency care or planned healthcare checkups. Unlike many other forms of insurance, health insurance can be used on an almost weekly basis for various doctors, hospitals, and pharmaceuticals prescriptions. Many people wrongly assume that forgoing health insurance will save them money. Although sometimes this works out in the short term, you will rarely come out ahead in the end.

Umbrella Insurance:

A middle class American may or may not need an umbrella policy, but the general qualifying calculation should be done regardless of who you are. Most home and Auto insurance policies cap out their liability coverage at $500,000. If your overall net worth is more than $500,000 than you really ought to consider purchasing an inexpensive umbrella policy, typically through the same company that does both your home and auto insurance.  Umbrella polices, are extended forms of liability coverage that will efficiently sit over the underlying home, auto, and even other personal liability policies (such as a boat.) These insurance contracts sold in brackets of $1 Million dollars, can be a real financial life saver in the event of a horrendous liability claim, such as hitting and killing another driver.
Umbrella insurance is really one of thebest little secret in the personal financial space. For as low as $250 you may be able to dramatically protect your hard earned wealth.

The Flood, Landslide, and Earthquake Consideration:

These forms of insurance are definitely not necessarily must buys, but every homeowner should consider them in relationship to their cost and benefit. If you own your own house you may want to consider each of these various property insurances that protect your structure from general homeowner exclusions. Each one of these forms of insurance could have a varying degree (and cost) of value depending on the exact location of your home.  Often it’s best to ask homeowners who have paid down a significant part of their home, to consider where they would get the funds to rebuild their home if it were torn to shreds by one of these catastrophic events.
Scott W Johnson is the owner of WholeVsTermLifeInsurance.com, a division of Marindependent Insurance Services LLC – an independent insurance agency focused on providing the best insurance value for a family’s financial situation. Johnson and his insurance firm are a certified California Green Business. “Insurance is Complex – Don’t Get Lost.”

Top 7 Myths About Comprehensive Car Insurance

For some, insurance is an unfamiliar concept. Thus, it is natural for them to have doubts. What adds to these doubts are the myths that are associated with insurance policies. These myths are fueled by hearsay and add to the existing confusion.
Car Insurance
The following are top 7 myths that are associated with Comprehensive Car Insurance. Let’s have a look at these myths and find out the truth.

Myth 1 – Availing Comprehensive Car Insurance is a tedious process

Reality
Few years ago, when the entire insurance business was conducted on paper, it would’ve been right to consider availing Comprehensive Insurance Car Insurance as a tedious process. Now, in the digital age, purchasing a policy has become extremely easy. Information is provided in an easy-to-understand manner on websites and the purchasing process is similar to online shopping sites that people are used to.
Also, the inclusions and exclusions of the Comprehensive Car Insurance Policy are clearly mentioned in the policy document. The plan is presented in a structured way. It can also be purchased through the App on your phone. Insurance companies have made efforts to make their products transparent and their processes convenient.

Myth 2 – Comprehensive Car Insurance Policy does not cover Third-Party Liability

Reality
Availing a Third-party Liability Insurance is mandatory by law. It is a basic insurance policy that one can avail to stay on the right side of the law and protect the interests of various third-parties that might be affected by an accident caused by your car. Comprehensive Car Insurance is termed as ‘comprehensive’ as it covers the basic, Third-party Liability insurance, as well as provides Own Damage cover.
Thus, a Comprehensive Car Insurance Policy includes a Third-party cover. It also protects the insured from financial losses in case of damages to the car or any injury to self. Co-passengers can also be insured with the help of Add-ons that offer extra coverage.

Myth 3 – Comprehensive Car Insurance only covers accidents

Reality
Comprehensive Car Insurance Policy not only covers accidents but also provides insurance cover against risks such as theft, calamities, etc. This policy offers wide insurance coverage. Third-party Liability and Own Damage are covered, and there are several other Add-ons that further enhance your car’s insurance cover.

Myth 4 – Only new drivers should go for Comprehensive Car Insurance

Reality
This myth stems from the thought that new or first-time drivers might need more cushioning, thus they should opt for a Comprehensive Car Insurance. No doubt it is beneficial for first-time drivers to enhance their insurance cover however, continuing with it when they gain more experience is a wise decision instead of degrading to just a Third-party Liability Policy.
Gaining experience as a driver can help one enhance their driving skills but experience does not provide financial protection against major threats. It does not have any relation to threats such as fire, calamities and theft. As a Comprehensive Car Insurance Policy provides a wide cover, experience drivers should also opt for it.

Myth 5 – Old cars do not need Comprehensive Insurance

Reality
More than the age of the car, the need for Comprehensive Car Insurance will depend upon the usage of the car and the way it is driven. If an old car is used extensively and driven in a rash manner then it goes without saying that it needs Comprehensive Insurance. If the car is in the parking spot for most of the time and the owner plans to sell it in the near future, then the need for Comprehensive Car Insurance needs to be assessed accordingly. Even in that case, the car is vulnerable to risks such as theft and damage due to natural calamities.

Myth 6 – In case of an accident, we have to compulsorily pay first to get the car repaired

Reality
Top insurance providers have tie-ups with garages. Whenever there is an accident, it is advised that the insured car is taken to a partner garage. The expenses are adjusted between the insurance company and the garage internally. The owner of the insured car has to just pay the deductible amount.
If the car is repaired at a garage that is not a part of the insurance company’s network of garages, then the insured has to first pay the expenses for repairs and then get it reimbursed from the insurance company.

Myth 7 – Purchasing insurance online is not safe

Reality
Purchasing insurance online is as safe as buying any product online. Insurance companies take great care to ensure that their payment gateways are secure. While transacting, make sure that the website or the mobile app through which the transaction is conducted is official.

What’s the Conclusion?

Purchasing a comprehensive car insurance will give you wide insurance coverage. Make an informed decision keeping in mind, your car, driving technique, and majority risks that you are exposed to. Also, it is suggested to go for Add-ons that are most-suitable. Such Add-ons will further enhance the insurance coverage offered by your comprehensive car insurance policy.

A Detailed Study of Online Life Insurance Quotes

It is an undeniable fact that life insurance has now become extremely important in a person’s life. But unfortunately, many people tend to avoid it despite being fully aware of its importance.
Most people stay away from availing life insurance because they just do not get into the complexities of the policies. They actually just cannot figure out from where to begin in order to avail a life insurance quote.
However, one must not allow these reasons to stand as an obstacle in ensuring a secured future both for that person, as well as his family members. Getting free life insurance quotes is the first and most essential step for availing that insurance policy which is the most suitable one for you.
There are various online insurance companies, whom you can get in touch with via the internet. There, you can access several insurance quotes, and you will not be charged anything for that. What these websites will also do is make a comparison between numerous insurance policies and thereby, helping you to select that one which is the most appropriate and cost saving.

What is term insurance?

Term life insurance is certainly one of the most commonly used types of life insurance quotes available online. A simple definition of this type is that it is a policy which offers death benefits after the death of the policyholder, within a specified policy term.
This policy’s rule is that if a person lives for than the years that have been specified by the policy, the beneficiaries of the person will not be paid any amount by the company. There is no investment feature or cash value associated with this type of policy. It is this property of the policy which makes it very affordable, particularly during the initial years. But the cost of the premium can increase with the age of the policyholder, or when the policy is renewed. Along with that, some people can find it impossible to renew the policies because of change in certain conditions like the person’s health.
Life Insurance Quotes
Types of Term Life Insurance Policies:

Guaranteed Level Term Life Insurance

Guaranteed term level insurance policies are the most common type of term life insurance that people opt for. Working with this kind of policy is pretty simple. You pay yearly premiums that are fixed and do not change with passing years. However, the renewal benefits of such policies are restricted. You can usually withdraw this policy after a certain period of time; say 10, 20, or 30 years as stated in the insurance policy. For longer-term policies, the premiums usually get higher with each year.

Annual Renewable Term Life Insurance

An annual renewable term life insurance, or ART, is a short-term life insurance coverage that can be renewed every year, but for a defined period of time. After the policy is renewed, the premiums go up and keep increasing with each year. The premium increases dramatically after a period of 20 or 30 years.

Return of Premium Term Life Insurance

The return of premium term life insurance is a special kind of insurance policy that refund the life insurance premium once the term period ends. If the insured person is still living, he/she gets the premium amount refunded after term period completion. Such policies are available usually in 15, 20, or 30-year terms. Compared to other term life insurance policies, the return of premium policy might look a bit pricier but is definitely cheaper than a whole life insurance quote.

Decreasing Term Life Insurance

In a decreasing term life insurance policy, there is a yearly fall in the cover level till getting to zero. This type of cover is mainly used for repaying the loans. It is typically designed to pay a lower claim as the policy ages. Death benefits keep decreasing in such kinds of policies. This is because a decreasing term life insurance policy is for individuals who have higher financial responsibilities and burden currently, which may decrease over time such as mortgages.

Modified Term Life Insurance

As the name suggests, a modified term life insurance is only a modification of the standard life insurance plan, with a twist. A modified term life insurance policy uses an alternative payment structure to the standard life insurance plan while offering the same protection. An individual has the flexibility of either paying increasing premiums over time, or modify the same like a decreasing term life insurance plan and pay lower amounts of premiums with time. This kind of life insurance policy is not feasible for everybody as careful planning and consideration of personal and professional life is required.

Final words:

When you’re choosing a term life insurance quote, do so carefully and wisely. But before doing anything, you must understand and be aware of what type of coverage you wish to go with and why. Understanding the kinds of term life insurance policies will help you determine the plan that is best suited for you and why such policies can offer you greater benefits than whole life insurance plans.

Auto Insurance Basics – Quiz

You’ve just purchased a new car and want to protect both it and yourself as much as possible. Your old auto insurance policy doesn’t seem to cut it anymore, but you don’t know what kind of coverage you need. A car insurance policy can cover a lot of things if you choose the right level of coverage, but in order to do that you need to know what exactly what each facet of the policy will actually take care of. For example, different parts of your policy cover different kinds of damage.
Let’s say you lost control on an icy road and drove into the side of someone’s house. Property damage liability is the insurance that pays to fix the other person’s property. But if the front of your car is dented in a car accident that you caused, the insurance that covers fixing your car is collision insurance. Those are great options, but what if your car breaks down not because of an accident, but due to age or disrepair? Roadside assistance will help you with tows and flat tires. Mechanical breakdown insurance helps with the cost of fixing your car.
Do you need all of these coverage options? That’s entirely up to you.
Some people opt for lots of coverage and others opt to save money. Before you make a choice, take the Auto Insurance: The Basics quiz from Health IQ. You’ll learn about the different coverage levels, so you can make an informed decision while you’re shopping for auto insurance.
 

5 Insurance Coverage That Protect You

Insurance policies provide cover against various types of contingencies. The contingencies could be like damage to the house, loss of vehicle, loss of goods, loss of life etc. Life can be extremely cruel at times. It is also full of uncertainties that could arise at any time.
In order to make sure that you are not affected by various unforeseen events of life, it is would be logical to get insured against various risks. The main advantage of various insurance policies is that the risk gets shared over a large number of insured people and each person has to pay only a small amount of premium. Insurance companies follow various principles such as:
Indemnity– The insurance company compensates a person only up to the extent he or she is insured. The insurance company is not liable for losses suffered beyond that fixed amount.
Utmost good faith– The insurance policies tie the insurer and the insured in a bond of honesty and fairness. They must not hide any vital information from each other.
Insurable interest– This principle states that insured must have some financial benefits from the property or goods that he wants to get insured. If he doesn’t have any interest in the property, goods or person that he wants to get insured then there could be no insurance agreement.
Causa Proxima– This principle states that the cause of loss must be among the list of causes mentioned in the initial insurance contract for which compensation is allowed.
Affordable premium– Since a very large number of people apply for insurance policies, so the risks get shared among all of them. So the amount of premium that has to be paid on a monthly or yearly basis is an affordable amount.
Accidental loss– The losses that can be insured must be accidental by nature. They must not be the outcome of self-derogatory activities like gambling or other speculative activities.
Calculable nature– The loss which has to be insured must be calculable. It must be numerically calculable. Losses which cannot be calculated numerically cannot be insured.
The following are some insurance coverage policies that can come handy to you, in the present future.
Insurance Coverage

Auto insurance

This kind of insurance protects a person from financial losses arising out of contingencies related to damage to vehicles. An insured person would get compensated in case of damage caused to a vehicle in an accident or in case of theft of a vehicle. Your personal car could probably be the most valuable investment and asset of yours. Therefore, during road mishaps, accidents, and other unfortunate situations, it is always beneficial to cover your car with auto insurance coverage plan that is just the best for you.
In case of an accident, an insured person would also get compensated for injuries suffered, loss of wages etc apart from the maintenance expenses of the vehicle.

Home or property insurance

This kind of insurance provides indemnity in case of damage to home or property arising due to various factors like flood, earthquake, accidental fire etc. In the current scenario, and considering the dynamics of real estate market, the occurrence of casualties and natural disasters, accidents, and mishaps, a home or property insurance is definitely another form of coverage that you must be keen on.

Health insurance

Health insurance policies aid a person in case of expensive medical treatments. There are different types of health insurance plans that you can make use of. The type of health coverage you will receive after a specific tenure has passed by will be determined by the type of health insurance plan you choose and the amount of premium you pay.

Life insurance

These insurance policies provide monetary compensation to a deceased family in case of untimely or unexpected death. Having a life insurance will take care of your family member’s needs and requirements in the best way possible. This includes taking care of the deceased family’s existing expenses, funeral expenses, and other financial instabilities. The two basic types of life insurances are:

Long-term disability coverage

While most people might feel that taking long-term disability coverage would be a waste of time and money, reports from the Social Security Administration show that it’s not. Disability can occur anytime and without no reason at all, and it’s always better to stay safe than sorry. Because disability has become a major concern for the society, the government offers long-term disability insurance coverage that can take care of your needs, finances, and lifestyle after you are officially struck by a disabled medical condition.

Conclusion

You might feel that paying premiums for such insurance coverage plans is taking a huge chunk out of your pocket, failing to do so might lead to more unfortunate circumstances in the future. To keep your present and future happy, convenient, and completely risk-free, essential insurance coverage such as the above can help take care of you and your loved ones in the most economical way.

When Should You Begin to Think About Insurance?

If you drive a car in the UK, you need to make sure it is insured – simple as that. You’ll be breaking the law if you don’t have the proper insurance, so if you are thinking about getting your first car after passing your test, make sure you are insured right from the start. Don’t assume you’ll be fine for a few days while you sort everything out. It is essential to get the proper insurance before you get behind the wheel for the first time.

Insurance tips

If you are just starting to look for your first car, it is a good idea to start looking for insurance at the same time. New drivers will typically pay the highest fees to insure their cars, and this usually makes it unaffordable to insure certain cars at all. This means if you are searching for your ideal first car to drive, you should look for it in tandem with searching for insurance policies. The last thing you want to do is to buy a car and then discover you cannot afford to insure it.

Indeed, even if you own a car that you aren’t currently driving, you will still need to get it insured unless you have what is called a Statutory Off Road Notification. This is known as a SORN, and the idea is that it covers vehicles that are kept in a garage or other location off road, and thus do not need to be insured. You must make the notification though – if you keep your vehicle off road and you don’t notify the authorities, you could receive a fine. Thus you should always make sure you go through the proper process. If you decide to get the car out and start driving again, it is time to get insurance.

Another example of a time when you need to think about insurance is if you already own a car and you are looking to do a lot of work on it. If you are going to radically change how the car looks you will be changing its value too. This could in turn have a knock on effect on your car insurance UK policy, so if you want to style your car you should look into the insurance possibilities prior to doing so.

As you can see it is always wise to consider all the angles when looking for the right insurance policy for your own vehicle.

Finding the Best Insurance Provider

It is crucial to have an insurance coverage for your house, automobile, health and life. If you are thinking about looking for an insurance provider, you should know that there are so many options that can make the task of finding the best one seem awe-inspiring for you. It is not that easy to find the most excellent insurance provider especially these days that there are many companies you can choose from.

You may be inclined to select a local insurance firm on one hand since it will be there for you to give you answer to any question you may have. Also, you may find it easy for you to schedule an appointment with a local insurance company to personally ask questions or speak about premiums. On the other hand, a local insurance company can be much expensive, which can make you think that online insurance companies can give you better coverage and money savings.

Insurance tips

In order for you to find the best insurance provider, whether online or offline, here are some points you may want to consider prior to choosing an insurer and a policy.

Know What Your Needs Are

The first thing that you can do in order to find the right provider is to know what you need to be covered. Once you know all your requirements, it can be easy for you to look for the right service. Determine what type of coverage you may want as well as the amount that you think you can afford to pay in deductible terms.

Compare Different Insurance Quotes and Services 

Once you know what you need or what should be covered, you can begin comparing different services. Get quotes from different insurance providers and know how much you will be required to pay for premiums every month. Choose an insurance provider that is offering something affordable.

Most insurers have their own sites, which make it easier for anyone to get quotes and information. A lot of insurance providers are giving quotes for free. They are not even obliging their clients to use their service after getting quotes. Getting insurance quotes online will allow you to know how much you have to pay for a specific cover in every company.

The best insurance provider is the one that will give you the most inclusive cover at a sensible and reasonable rate. The monthly or yearly payment should be something that you think you can afford to pay.

Opt for a Reputable Insurer

Reputation is important if you want to find the best insurance provider. Conduct a little background check about a particular company. Find out how many years your prospective insurance company is in service and what people are saying about it. You may ask other people who have tried getting an insurance policy from the company or get recommendations from current and past clients of the insurance provider.

Check too just how many years the insurance company is serving people. The longer the insurance company is in service the more it will indicate if it is financially stable. There is great competition in the insurance market and only the best ones often survive.

4 Reasons Why Accident Insurance Could Be the Smartest Decision of Your Life

We plan for most happy things in our lives. We plan for marriages, we save for a new house, we keep money in hand for car expenses and we save for ages for something we want desperately yet we never want to face the ugly unexpected truths in life.

Why Consider an Accident Insurance At All?

None of the victims of accidents ever wanted to suffer from it or asked for it, yet it happened all the same.  It’s understandable that it is not a pleasant topic to discuss and of course, there’s a high chance you might not ever have an accident in your life and will continue to live happily and grow old without meeting any catastrophe, but there is also a chance that you might. Unfortunately, the only thing that makes an accident even more appalling and dreadful is not being able to pay for the medical costs.
Why Accident Insurance
Accident Insurance is your way out of this bad dream. This insurance helps you pay for medical bills and other out-of-the-pocket expenses that occur after an accidental injury. Let’s discover how accident insurance can save you from loads of trouble later:

#1 Full Repayment:

Most people shy away from insurance in Australia as they think it is a waste of money. However, very few people know that insurance payments are paid in full when the accident has led to complete disablement of the person. At moments like this, accident insurance is a huge help to the victim.

#2 Temporary Immobilization:

When the injury is recoverable yet severe enough to render the victim completely incapable at the time, then they will be able to receive weekly payments until they can get back on track, saving the accident victim from major financial crisis.

#3 Useful For Employer-Employee Relationship:

An employer who provides accident insurance to their employee and the employee, who receives them, will both benefit from this policy in addition to having better peace of mind. An employer can serve their moral duty by fulfilling the gaps which are otherwise found in health and disability plans and provide for the workers in their most troubled times. Employees too, will feel protected and safe when they know that their injuries, medical treatments hospitalization and other heavy expenses will be covered by the employer’s accident insurance. Apart from safeguarding the employees, this will also allow a good relationship to prosper between employees and employers. If you are an employer looking for reliable insurance coverage, online resources are available such as this website to source further information.

#4 It Becomes Easier To Focus On Recovery:

Physical and financial disability makes an awfully bad pair even if they are temporary. When you have just suffered from an accident and you are financially strained, you can hardly focus on your recovery with all the worry. With insurance, you can have peace of mind and divert your full attention towards dealing with the injury and recovering rapidly.
Accident Insurance asks you to be more realistic with life and deal with even the ugly things head-on so that if it happens, you are prepared.