Category Archives: Insurance

Everything About Life Insurance

Many people find this topic morbid but believe me when I say this contract is as important as a Will and should be taken just as seriously as health insurance. Due to the length in details of this article I have provided chapters for easy reading. I hope this will educate you on Life Insurance and the importance of its necessity. (Note: For better understanding “You” is the policy owner and the insured)

Chapters:

1= Introduction

2=When/If you have Life Insurance already

3= Difference between a Insurance Agent and Broker

4= Types of Policies

5= What are Riders and popular types of Riders

6= The medical exam

1) About general Life Insurance:
This is a contract between you and an insurance company to pay a certain amount (the premium) to a company in exchange for a benefit (called the Death Benefit, face amount, or policy amount) to the beneficiary (the person you want to get paid in the time of your death). This can range based on the type of policy (which will be discussed momentarily), your health, your hobbies, the Insurance company, how much you can afford in premiums, AND the amount of the benefit. It sounds overwhelming but it is not if you have the right agent or broker.

Now many people can say that Life Insurance is like gambling. You are betting that you will die in a specific time and the insurance company bets you won’t. If the insurer wins, they keep the premiums, if you win…well you die and the death benefit goes to the beneficiary. This is a very morbid way of looking at it and if that is the case you can say the same for health insurance, auto insurance, and rental insurance. The truth is, you need life insurance in order to ease the burden of your death. Example 1: A married couple, both professionals that earn very well for a living have a child and like any other family has monthly expenses and 1 of the couple has a death. The odds of the spouse going back to work the next day is very slim. Odds are in fact that your ability to function in your career will lower which RISK the cause of not being able to pay expenses or having to use one’s savings or investments in order to pay for these expenses NOT INCLUDING the death tax and funeral expenses. This can be financially devastating. Example 2: lower middle income family, a death occurs to 1 of the income earners. How will the family be capable of maintaining their current financial lifestyle?

Life insurance is about the ability of lowering the risk of financial burden. This can be in the form of simple cash or taxes via estate planning.

KEY Definitions:

The Insured: The person that is covered by the insurance company (He/She does NOT have to the policy owner)

The (policy) Owner: The one that pays the premium, controls the beneficiary, and basically owns the contract (Does NOT have to the insured…hope you understand it can be either/or).

Face Amount: Also known as the death benefit. The amount to be paid to the beneficiary.

The Beneficiary: Is the person/persons/organization who will receive the face amount (death benefit)

2) When/If you have Life Insurance:
First, you should review your beneficiaries once a year and your policy approximately once every 2-3 years. This is free! You need to make sure the beneficiaries are the people/person you want to get paid! Divorce, death, a disagreement, or anything of the sort can make you change your mind about a particular person to receive the benefit so make sure you have the right people, estate/trust, AND/OR organization (non-profit preferably) to receive the benefit. Furthermore, you need to review every 2-3 years because many companies can offer a lower premium OR raise the benefit if you renew your policy or if you find a competitor that sees you have been paying the premiums may compete for your business. Either way, this is something you should consider to either save money or raise the policy amount! This is a win-win for you so there should be no reason not to do this.

3) Life Insurance Agent or Broker, what is the difference?:
The major difference is an Agent is usually an independent sales man that usually works with different insurance companies in order to give the client the best possible policy while the Broker works for a particular company. My personal advice: always choose an Agent. Not because I am one myself BUT because an agent can look out for your benefit by providing different quotes, types, riders that are available (explained later), AND pros/cons regarding each insurance company. If you don’t like a particular insurance company, tell the agent and he should move on to the next carrier (if he persist for some odd reason, fire him). Buyers BEWARE: The Agent should get paid by the carrier that is chosen, not by you specifically. If an Agent asks for money upfront for anything, RUN! There are also Insurance consultants that you pay but to keep things simple, see an Agent. Consultants and Agents are also great in reviewing current policies in order to lower premiums or increase benefits.

4) Types of Policies:
There are 2 main categories: Term and Permanent Insurance. Within each of the 2 categories have sub-categories. I will explain them at a glance in order for you to make the best possible choice for you and your loved ones. Remember, you can have estate/trust or a organization as the beneficiary. (Note: There are even more sub-sub-categories within these sub-categories but the difference are so small and self explanatory that I have not included it in this article. Once you speak to an agent you will have enough knowledge by this article that you will know what questions to ask and know if you agent is right for you).

Term Insurance: A temporary policy in which the beneficiary is paid only upon death of the insured (you) within a specific time period (hence the word “Term”). Term Insurance is usually less expensive with a smaller death benefit. Some do not require medical exams BUT expect to pay a higher premium since the risk of the insurance company is unknown. Also, term insurance normally does not accumulate cash value (explained in permanent insurance) but can be purchased on top of your permanent policy (for those that may have coverage already):

Convertible Term: Ability to convert policy to permanent. There are some REALLY GOOD policies that require no medical exam, driver history, or hazardous avocations at a certain point in order to convert to permanent coverage guaranteed with all the benefits that permanent insurance policies has to offer.

Renewable Term: Able to renew a term policy without evidence of insurability.

Level Term: Fixed premiums over a certain time period than increases (great for those that are young adults and expect within 10 years to have a increase in pay).

Increasing/Decreasing Term: Coverage increases or decreases throughout the term while the premium remains the same.

Group Term: Usually used for employers or associations. This covers several people in order to reduce premiums. (Great for small business owners)

Permanent Insurance: Just as the name states, this provides coverage throughout the lifetime of the insured. This also builds cash value which is fantastic for tax purposes because if you loan out money to yourself using this cash value there are no tax implications. Few policies may have in general withdrawal tax-free. However in most cases, If you withdraw the cash value you pay the only the taxes on the premiums (the amount that grew) which is fantastic. Just make sure your agent knows not to have the cash value grow larger than the death benefit otherwise it is subject to 10% taxes! Surrender charges may also apply when you withdrawal so PLEASE consult with an agent who can assist you with these details. You should consider Permanent Insurance if you have a family and don’t mind an increase in premiums (amount you pay) by a few dollars compared to term.

Traditional Whole Life: Pay a fixed amount of premium in order to be covered for the insured’s entire life which includes accumulating cash value.

Single-Premium Whole Life Insurance: Whole life insurance for 1 lump sum premium (usually that 1 lump sum is very large in order to get a great death benefit).

Participating Whole Life Insurance: Just like Traditional Whole life except it pays you dividends which can be used as cash OR pay your dividends for you! There is no guarantee that you will be paid the dividends, this is based on performance within the insurance company.

Limited Payment Whole Life Insurance: Limited payments for whole life but requires a higher premium since you are in fact paying for a shorter amount of time. This can be based on payment amounts (10, 20, 30, etc payments) or a particular age (whole life is paid up at age 65, 75, 85, etc).

Universal Life Insurance: Flexible premiums with flexible face amounts (the death benefit) with a unbundled pricing factors. Ex: If you pay X amount, you are covered for X amount.

Indexed Universal Life: Flexible premium/benefit with the cash value is tied to the performance of a particular financial index. Most insurance companies crediting rate (% of growth) will not go below zero.

Variable Life Insurance: Death Benefit and cash value fluctuates according to the investment performance from a separate account of investment options. Usually insurance policies guarantee the benefit will not fall below a specified minimum.

Variable Universal Life Insurance (also called Flexible Premium Variable Life Insurance & Universal Life II/2): A combination of Variable and Universal which has premium/death benefit flexibility as well as investment flexibility.

Last Survivor Universal Life Insurance (also called Survivorship or “Second to die” Insurance): Covers 2 people and the death benefit is only paid when both insurers have died. This is FANTASTIC and somewhat a necessity for families that pay estate taxes (usually High-Net-worth individuals).

5) Life Insurance Riders, what is it and why is it very important:
Rider is the name of a benefit that is added to your policy. This provides special additions to the policy which can be blended and put together. There are SO MANY types of riders that I would have to write a different article regarding Riders (and insurance companies add new types of riders often) but I want to at least name the most popular (and in my opinion, the most important) that you should highly consider when choosing a policy. Riders add to the cost of the premium but don’t take riders lightly; it can be a life saver!

Accidental Death Benefit Rider (AD&D): Additional death benefit will be paid to the beneficiary if you die from a result of an accident (ie: Car accidents, a fall down the stairs). This is especially important if the insurer travels often, relatively young, and has a family. Please note: You can buy AD&D Insurance separately.

Accidental Death & Dismemberment Rider: Same as above BUT if you lose 2 limbs or sight will pay the death benefit. Some policies may offer smaller amounts if losing 1 eye or 1 limb. This is great for those that work with their hands.

Disability Income Rider: You will receive a monthly income if you are totally and permanently disabled. You are guaranteed a specific level of income. Pay attention to this detail, depending on the policy it will either pay you depending on how long the disability lasts OR time frame of the rider.

Guaranteed Insurability Rider: Ability to purchase additional coverage in intervals based on age or policy years without having to check insurance eligibility.

Level Term Rider: Gives you a fixed amount of term insurance added to your permanent policy. This rider can add 3-5 times the death benefit or your policy. Not a bad deal!

Waiver of Premium Rider: If you become disabled which results to the inability to work/earn income, the waiver will exempt you from paying the premiums while your policy is still in force! There is a huge gap between policies and insurance companies so the devils in the details with this rider.

Family Income Benefit Rider: In case of death of the insurer, this rider will provide income for a specific time period for your family.

Accelerated Death Benefit Rider: An insurer that is diagnosed with a terminal illness will receive 25-40% of the death benefit of the base policy (The decision is made between the insurer and the insurance company). This will lower the death benefit however depending on your finances or living lifestyle, this rider should not be taken lightly and should seriously be considered.

Long-Term Care Rider: If the insurer’s health compels to stay in a nursing home or receive care at home, this rider will provide monthly payments. Please Note: Long Term Care insurance can be bought separately for more benefit.

6) The Medical Exam:
This section is not to scary you away but to mentally (and possibly physically) prepare you for the medical exam so this way you know what to expect and can get the lowest possible premiums while receiving the highest possible death benefit. This really shouldn’t be a concern if you work out regularly and maintain a healthy eating habit (notice I said habit and not diet. Diets don’t work for long term).

The exam is mandatory for most insurance policies. Many term insurance do not require one but expect a low death benefit and/or higher premium. The idea of the exam is not just to see if you’re insurable but to also see how much they will charge the insurer/policy owner. The exam is done by a “paramedical” professional that are independent contractors hired by the insurance company who either come to your home or has an office where you/the insurer visit. They are licensed health professionals so they know what to look for! In very few cases the insurance company may ask for an “Attending Physician Statement (APS)” from your doctor. This must be provided by your doctor and NOT copies by you. TIP: The “paramedical” job is to give the insurance company a reason to increase your premiums so don’t give any details that are not asked.

First part (either called Part 1 or Part A) is complete by the Agent or by you. Part 2/B is the paramedical or physician portion. The best bet is to have your agent contact a paramedical that specializes in mobile exams for an easier exam for you. Paramedical will contact you to schedule an appointment. The exam is not optional so it’s not a matter of yes or no but when and where. This entire exam will cost you nothing except time so make the time, life insurance is important!

The paramedical/physician will take your medical history (questions), physical measurements of height and weight, blood pressure, pulse, blood, and urine. Additional tests will vary based on age and policy amount (yes, the higher the death benefit = the more tests that must be provided). Now if the policy is substantial, the insurance company may not send a paramedical but require an actual Medical Doctor to exam you. Of course, this is chosen by the insurance company so remember my tip earlier! This exam may even include a treadmill test and additional crazy exams in order to see if you qualify for that substantial amount and low premium. On the flip side, if you choose a low insurance policy, you will just have a paramedical doing simple tests that mentioned earlier with no additional exams.

What they are looking for: Paramedical/Physicians are looking for health conditions that may shorten your life. Remember, insurance companies are here to make a business and if you’re a liability then it might be a risk they do not want to take or raise the premium to make the risk tolerable. Blood and urine is taken to see the following:

– your antibodies or antigens to HIV

– Cholesterol and related lipids

– Antibodies to hepatitis

– Liver/kidney disorders

– Diabetes

– Immunity disorders

– Prostate specific antigen (PSA)

– Drug tests such as cocaine

The Results: They are sent directly to the insurance company’s home office underwriters for review. Many times you can request (must be written request) to receive a copy of the results however many insurance companies will automatically do this. Many times they will find abnormalities but it’s usually not a concern and just speak to your medical professional for a follow up (remember: the insurance company will look at these exams with a “fine tooth cone” in order to see what the risk are). The underwriters will look at the exam results and the application (remember part 1/a? well, now they want to see if your also lying) and determine the premium amount. Smokers pay more; any nicotine in your system will consider you a smoker, even if it is just socially.

The premium is determined by a category that you fit in. This really depends on the insurance company on how they factor but the general rule is if you are a higher risk, you pay higher premium. If you are standard risk, you will pay a standard premium, and if you are a preferred risk, you will pay a low premium.

You can decline the policy after you receive the final quote after the exam but do remember this: All results will become part of the MIB group’s database (Medical information Bureau). This is a clearinghouse of medical information that insurance companies use to store information after you apply for Life/Health/Disability Income/Long Term care/Critical Illness insurance. So for seven years it will be on database. You can receive a free report annually (like a credit check) at their website which I included at the bottom of this article.

Now that you know practically everything there is to know about life insurance. I hope you realize how important it is. It may seem like a lot but the hardest part is simply choosing what type of policy is right for you. This can be done with the help of your Agent. In the end, everyone is different and everyone should analyze their own situation and need for the beneficiaries. If you have even the slightest concern for a loved one regarding what will happen if you was no longer with us then you should consider life insurance. There truly is a feeling a relief once you know you and your loved ones are covered regardless of how much you or that person makes. For many that feel that their loved ones don’t need the death benefit due to whatever the case may be (“they earn enough money to survive” is the biggest reason I hear against life insurance), this can be a simple last gesture of “I love you” or appreciation for them being part of your life.

How To Get Inexpensive Auto Insurance

Getting your first car is one of the things you never forget, and making sure you can afford to put it, and keep it on the road is something that you need to consider before taking ownership of that great vehicle. You’re going to love that car, so protect it too!

It is the wise car owner who takes some time to do some research and find the most inexpensive auto insurance quotes they can BEFORE they make that all important car purchase. Getting auto insurance quotes is easy, it takes only a short time and they are free. When choosing the car of your dreams, take your time whilst selecting the best insurance, make sure you get the right policy at the best price. So what is the best way to find discount auto insurance?

The internet is the preferred choice when searching for auto insurance discounters. A quick search for a phrase like inexpensive car insurance will get you to the best comparison sites quickly. There are many companies in the market, offering you the best quotes from the top auto insurance companies and providers. Take some notes as you get prices, then head to the next site and do some more comparisons. They will email you all the details and you can then compare policies and costs.

The next step is to do some comparisons between all the top companies and try to work out which ones suit your personal needs. Take a good hard look at the detail before you compare their rates. What do they really offer. Remember that some may be cheap for good reason, too many restrictions and rules that may make their policy unsuitable. Some companies offer some really good discounts and special promotions at various times.

Some overcharge routinely, others try to get your custom by keeping their rates low. Auto insurance is a peculiar beast, and keeping abreast of what the companies offer will make sure that you are wiser and more able to get a deal. You need to know whether your money is being put to good use and properly protecting your dream car, and you. Whatever vehicle you have, you will want the auto insurance to look after it, and leave you to do the polishing and customising.

Regarding making a cheap insurance short-list, here are a few good tips. Choose the top 3-4 companies and get all the quote details to hand. Give them a ring in turn and explain exactly what you need in terms of insurance coverage for you and your baby.

Tell them how much you are prepared to spend. Getting inexpensive auto insurance is the goal here so you need to be astute in your thinking.

Once all the offers are in, you need to choose the best one for your needs. Make sure that you ask all the questions you need to and then, once you are happy, finalise the offer. It is essential to make sure that you are totally happy with everything before you pay out or sign any agreements. Make sure there won’t be any shocks or surprises when you get your policy documentation.

Insurance is a good investment to protect your motor vehicle, so try not to choose solely based on cost. To get the best auto insurance for your car, you MUST ensure you don’t miss out important details when you get your quotes or sign up.

The steps to get a good car insurance quote are simple, just follow them and save money. IF you follow this basic advice, as you get wiser you will be able to narrow down your research and know what questions to ask. Some of you may think, that all sounds great, but how do we actually put this into practice?

Direct Car Insurance

Until recently, the method of purchasing auto insurance involved finding a reputable agent who offered the insurance a customer needed. The next step in the process was determining which level of car insurance a customer needs. This step, for most consumers, is a compromise between price and a level of coverage they can live with. After business is concluded the consumer usually won’t speak to the agent until their policy is up for renewal or a claim must be filed. There is generally a markup on the price of the insurance policy due to the compensation due the agent for providing the service.

There is a new trend which has emerged in the auto insurance world that is saving the consumer money. This trend is a product called direct car insurance. Simply explained, this means the agent variable in the auto insurance equation has been removed. Direct car insurance has the almost immediate impact of eliminating part of the cost of an auto insurance policy by removing the agent’s commission. The method of purchasing this insurance is mainly done online. The result is cheap auto insurance rates passed on to the consumer. With the agent removed from the equation direct auto insurance offerings allow you to quickly and easily modify levels of coverage on the fly to see how it impacts the insurance policy’s rate. The consumer does not have to deal with an agent trying to sell them on coverage in which the consumer may do without.

Purchasing direct car insurance online is certainly cheap but this does not refer to the quality of coverage. In order to offer car insurance to consumers, a company is required by law to pay for claims and offer the same coverage to all customers. What this ultimately means, is that by purchasing cheap (price) online direct car insurance you will have the same coverage as if you purchased a policy from an independent agent. The personal level of service a customer receives from an agent provided auto policy is the same as a policy offered from a company offering direct car insurance.

The worry many consumers may have about purchasing cheap online direct car insurance is related to what happens if the policyholder is involved in an accident and must file a claim. One thing to keep in mind is that when the consumer needs accident repair on the vehicle the agent was not doing the repairs personally. In fact, most of the time the agent was not involved in the claims process unless the policyholder specifically requested it. The claim was handled by a customer service center specializing in handling policyholder claims. This level of specialization has existed for quite a long time. This claims process is the same at companies offering online “cheap” direct car insurance.

In short, if you are looking to save some money and are used to dealing with an agent down the street, you should look in to many of the available cheap online direct car insurance companies. You will see the level of coverage and service you are used to from an agent is available at a much discounted rate. Visit Elephant Auto Insurance online to get a cheap quote on car insurance.

Three Ways to Reduce Your Auto Insurance

This script focuses on cheap car insurance and strategies to cut down these expenses. It examines the options of deleting old autos, raising the policy deductibles, and accessing insurance carrier discounts. Readers must be able to discover pragmatic techniques to shrink their auto insurance expenses.

Most people around the country are seeking for suitable methods to lower costs in a number of areas. With the recession in the current economy, it is critical for many consumers to reduce their spending. Certain expenses, like automobile insurance are important to daily life. Although they are essential to function in society as drivers, there are certain practical ways to lower these costs.

Choosing the right insurance carrier is one of the ways that you can easily reduce your car insurance expenditure. Various online sites may assist those looking for auto insurance. You will uncover a vast group of insurers to choose from. This is a great advantage as it relates to choice and saving money. Applying specific techniques can help you to save even more.

Low cost auto insurance doesn’t provide preferred coverage. What it does provide shoppers is insurance policy that is budget friendly. There are certain things that individual customers can do to make their insurance affordable on a monthly basis. Often these are straightforward and convenient methods to consider. Let’s take a look at ways to find more affordable auto insurance by cutting down expenses.

1 – Terminate old vehicles covered

Several people have older autos that are actually collectors’ items. These are cars that are not driven or are mechanically nonfunctional. Keeping regular auto insurance on these vehicles is not a budget conscious idea. Removing regular insurance on these autos can provide you with the lower cost vehicles insurance that you need. Do not forget that insurance is the law in almost all states, so you ought to always maintain liability insurance on any owned auto, even if inoperable. (collectibles and show autos have significantly lower liability premiums than regularly used cars.)

2 – Increase amounts of deductibles

Deductibles are always issues for customers to fight over. A lot of people think that low deductibles will pay off over time if an accident takes place. Most insurance carriers, however, say that this is a guaranteed way to decrease monthly costs. The policy monthly payments will decrease if deductible amounts are raised.

3 – Ask for carrier credits

Before settling on an insurance policy, it is important to check for the possibility of discounts with your insurance agent. In many cases, there are discounts and credits related to the details of your specific situation. Possible credits may include: Alarm systems, anti-lock brakes, good student discounts, prior insurance discounts, multi account discount when you have more than one account (ie life, home, condo) with same insurer, not necessarily the agent; home discount or a credit for just being an owner of a single family home or a condo; and other details may provide you with credits for cheap car insurance.

Living in a large metro area such as Los Angeles or Chicago can be used in your favor or against you. In Chicago, for instance, the premium of car insurance is much higher than the neighboring suburbs, perhaps 30% – 60% higher, on the average. However the awesome thing about Chicago is that there are many Chicago auto insurance companies that are competing to earn your insurance business. Intelligent buyers will always have a better bargain in Chicago.

How to Get Your Best Auto Insurance

You just have bought a car and you are wondering – what insurance premium can I expect for my vehicle? One fixed answer perfect for everyone doesn’t exist here. We are all different, so different will be our best individual auto insurance policies.

Getting your best auto insurance policy is a two-phase selection process:

  1. Deciding on what insurance provisions you really need.
  2. Choosing your auto insurance provider.

Phase 1 – Make You Decision on What Auto Insurance Provisions You Really Need.

· Road-side Assistance

If your car is not a new one you might find this feature very attractive as it could save you some money and a lot of nerves if your car gets broken in the middle of the road.

· Accident Forgiveness

Some insurance carriers offer accident forgiveness to its drivers. This valuable feature would protect your insurance rate from increase after your car gets involved into a traffic accident even if the accident was at your fault.

· Collision Coverage

With Collision Coverage your Insurance Company will pay even if the accident happened at your fault. Make sure that coverage is sufficient in funds, if not – you will be liable to pay the rest.

· Uninsured/Underinsured Motorist Coverage

With this feature in policy your Insurance Company will pay for injuries to you and all your passengers in the case of any traffic accident which happened at other motorist fault and that motorist had no insurance at all or had insufficient insurance.

· Deductible

Deductible is the amount of money you agree to pay from your pocket in the case of a traffic accident; the rest will be paid by your Insurance Company. Higher deductible always translates to lower insurance rates. However don’t over-indulge on this feature – it is you who will be requested to pay that money if anything happens.

· Medical Coverage

This feature defines how much money you will get in the case of your auto accident-related injury.

· Comprehensive Coverage

With this feature in policy your insurance company pays a damage repair to your car for the reasons other than a collision. This includes windstorm, hurricane, fire, theft, vandalism etc. This type of coverage is often required if you lease or use multi-year financing for your car, but it would also be very valuable for every driver who wants to get fully protected.

Phase 2 – Choose your auto insurance provider.

· Get a second opinion – use the word-of-mouth approach – ask colleagues, neighbors or friends, visit web forums or any other available channels to get an initial list of insurance provider candidates.

· Narrow it down to 5-10 short-listed insurance companies which you believe will meet your needs well.

· Visit your state’s “Department of Insurance” web site. Yes, many of us don’t know that fact, but every State has “Department of Insurance” which keeps track of insurance providers under state’s jurisdiction. Check consumer complaint ratio for each company in your short-listed companies list and narrow it down to 3-5 best candidates.

· Get your preliminary quotes for each insurance company in your short list.

To simplify this step use Get Instant Quote resources available for free in the Internet.

· Choose the final company with the best insurance policy for you and your vehicle.

Conclusion

With the detailed selection check list provided above getting the auto insurance policy which would be right for you becomes a relatively easy task.

Using the knowledge about insurance policies and their features covering you and your vehicle you will always be able to get the right decision. Protect yourself on the road and save your money in the case of auto accident by purchasing the right car insurance for you and your family.

Want the Best Auto Insurance

If you are looking for the best and most affordable auto insurance quote then you need to browse the top ten companies to get a good deal with really low premiums. It is very time consuming to have to search around online for hours trying to obtain quotes from the different insurance companies. If you make use of the insurance companies that have been rated the best, then you know you are getting the best deal. Here is a list of ten insurance companies that have been rated the best:

Rated number one is the 21st Century company. This insurance is well known and can be found in most of the top lists. This insurance company focuses on their customers and offers them packages that suit their requirements as well as offer quality customer service. This company is linked to other insurance companies which offer life insurance and disaster insurance etc

Esurance has been rated second on the list, as this company is one of the fastest growing companies in the US. It is wise to get an auto insurance quote from this company as the company offers you various packages which are hassle free and easy. In addition to providing auto policies they also provide education to their customers with regards to their auto policies. This company is also backed by other online finances and securities which make this company a better option.

GEICO which services over sixteen million vehicles and nine million clients in the US is known to offer the top and most affordable auto insurance quotes as well as all other types of insurance to the company’s clients.

Then Progressive provides its clients with good affordable coverage that meets with the client’s needs and budget. In addition to their excellent customer service, you can sign up with the company over the phone or online.

A company that is well known for its customization options is Allstate they afford you the best possible coverage at affordable prices. You will be able to get an auto insurance quote that will meet with your budget.

Farmers has also been offering really good auto insurance at affordable prices with good and fast claim settlements. This company still abides to the foundations laid by the founder since 1922.

A insurance company that began eighty years ago as mutual auto insurer is now one of the largest in the insurance industry in Nationwide Insurance. The company is showing over $136 million statutory assets and in addition also provides coverage for repairs and leased cars.

Other top auto insurance companies to get an auto insurance quote from are Hagerty, Liberty Mutual, and American Family Insurance. All of these auto insurance companies will give you good comprehensive vehicle insurance or collision insurance at a price that will suit your budget as well as roadside assistance and flexible usage and value coverage.

Auto Insurance Coverage

The question is – How much auto insurance coverage should I buy?

Well, the generic answer is: Buy as much as you can afford. But that’s not really helpful. That’s like a stockbroker telling you to buy low, sell high. Really, Auto Insurance coverage is a bundle of several different types of insurance. What you need to determine is – What are your needs?

Types of Auto Insurance Coverage

Well, we learned that BI (Bodily Injury) Auto Insurance covers the liability if you hit somebody else – what you would pay to them and how much insurance you have, to cover you for that loss. We’ve learned that UM (Uninsured Motors) covers injury that will be paid to you if you were hit by someone who doesn’t have enough auto insurance coverage. That means that they are Uninsured or Under-Insured. We also learned about PIP (Personal Injury Protection). That means, insurance you purchased to cover your medical payments.

State Limitations And Auto Insurance Coverage

The first thing you should do is determine – What are the limits which are required by your state? Each state has certain minimum requirements that you must have. Certain states require you to have PIP (Personal Injury Protection). That means you are required, to be a driver in that state, to hold that type of insurance. Others require you to have a certain minimum level of BI.

Not Just the Minimum Requirement

Now, when you purchase auto insurance coverage, you need to look past the minimums. Determine what assets you have. What are your needs? What medical insurance do you have and what might be your needs in the future?

Auto Insurance Coverage Considerations

Usually, you want to look at the following criteria:

1. The more assets you have, the more BI (Bodily insurance) you should purchase. If you have a state which has a lot of uninsured or under-insured motorists, you want to purchase UM. Remember that UM, under-insurance or uninsured motorists, protects you if you are hit by another driver and they don’t have enough auto insurance coverage.

2. Another thing you want to look at is your PIP. Most PIP (Personal Injury Protection) will pay 80% of the first $10,000. Many PIP Policies also offer deductibles. That means you’ve got to pay the first $2,000 out of pocket of your medical expenses.

3. Look at your PIP policy. You might want to augment that with some Med Pay or additional PIP coverage’s.

4. Also, on your UM. Since you are covering your person, get it to the highest levels that you can afford.

5. Other types of auto insurance coverage you might want to look at are your collision. What do you want to pay if your car is damaged or other personal property – that means the vehicle is damaged? If you’ve got a car that’s not worth a lot, you might want to consider waiving or not insuring your car for collision.

Perfect Auto Insurance

Technology of web is making it an easy process in comparing auto insurance quotes. If you have a car and need the best affordable insurance with payment of coverage that is required to protect your car or vehicle as well as your family then you should think of purchasing an auto insurance cover. Now you can easily compare quotes from a myriad of companies to know the offerings in their kitty in a very quick time.

Sometime before when these technologies were not available then you had to visit many auto companies in your area or either you would call various car insurance service providers to know directly about their auto insurance policies. But the method that was used earlier was very time consuming due to the distance traveled and the burden of the paper work to find the best for the insurance rates with the coverage value needed.

While using an insurance policy quote comparison service online, you will have to fill up only one form and also answer some questions contained in a questionnaire to have ten or more quotes. By the reputation of the service, you will discover a comparison of quotes from a number of top insurance companies.

Compare more than just quotes

You will be happy to hear that by using this service you can compare more price quotes online. In a single time, when you find a generic quote based upon the information provided by you in the form filled up by you, you can also delve deeper into the details of the car insurance provider. You can have a mush deep knowledge of the four-wheeler insurance provider to have the knowledge related to the covered area that you mentioned while obtaining the quote. Every one is required to compare the ratings of the auto insurance providers to know which four-wheeler insurance providers are more stable financially. The grade A and A++ defines insurance providers that are superior financially and also more stable. In case an insurance provider for your car gets a rating of C or C++ or even below then this shows poor performance of the car insurance provider.

Anybody seeking an auto insurance cover should try to compare coverage amounts for various reasons like reliability, Collision, Policies and terms and conditions of the coverage. Motorists that are under insured and uninsured also needs to have been covered under the policy. Some other people also consider safe driving discounts provided by the car insurance providers.

The customer should try to ensure first that the car insurance provider is licensed or not in your state. You can check this out in the best Business Bureau to play on the safer side. It is advantageous to find auto insurance cover on low quotes but only if the car insurance provider is reputed and also has a good record of providing excellent service to its past customers. By using online technology, you can save a lot of money as well as time for your four-wheeler insurance.

Find Best and Cheapest Auto Insurance

Why do you need Auto Insurance?

The auto insurance is taken for vehicles including bikes, cars, trucks, and other heavy vehicles that ply on the road. The main reason to purchase insurance for your vehicle is to provide some compensation when you have met with some accident and the vehicle has been damaged. You need an insurance policy for your vehicle as it provides you with some sort of compensation.

You can purchase your insurance through private or public insurance companies depending on the need and budget. Whiles some insurance policies might not really be useful for you, some might help you.

You just need to log on the insurance company’s website, read through the different policies, select the plan which is perfect for you, and apply. Vehicle insurance comes in few types. Some of them include two wheeler insurance, private car insurance, and commercial vehicle insurance. You will want to know that the insurance will not cover mechanical or electrical breakdown.

Costs:

You might think that your current insurance firm provides the cheapest insurance policy around. But you might be surprised to find out that there are firms which are providing cheaper policies. It was just that you never knew about them. You can use the internet to find out the policies which are being sold.

There are many third party websites which provide you with plenty of information about the insurance policies which are being currently available. If you are planning to buy an insurance policy, then you will want to spend some time on the websites and find out all about the insurance firm before purchasing the policy.

Compare the quotes

The best method to save your hard-earned money on your insurance is to compare the quotes. Only when you go through the internet or talk to auto insurance firms, you get an idea of the various types of car insurance. You don’t have to waste your time traveling here or there. Through the internet, you can find all the information that you want to. Also, you can find all the necessary information about auto insurance here, on the link bellow.

It is not necessary that the first car insurance policy that your eyes set on is the one. There are websites which let you compare the quotes. Car insurance companies also provide access to their competitor plans before you sign up with them. Using this information, you can compare the quotes which are available in the market and choose the cheapest quote that you require.

Another method to get a cheap auto insurance plan is to get all your policies through the same company. Why do you want to pay so much for an insurance policy, when there are ways to get the cheapest? It is your hard-earned money and there no need to simply throw it away. Getting all your policies like home, auto, and other plans from the same company get you good discounts on the plans.

Auto Insurance

You need auto insurance. Most sates require insurance coverage just to register a motor vehicle. No proof of insurance, no registration. It’s the law. But the law or not, you need auto insurance to protect yourself, your loved ones and your assets. We live in a litigious society where lawsuits are common and facing a lawsuit is something you don’t want to face.

Having the right auto insurance protects you, your family and all that you’ve worked for. Choosing the right coverage in the right amounts is essential to protection of all the things important to you.

The Cost of Coverage

Auto insurance costs money. How much money depends on a number of factors including:

  • your driving history
  • your marital status
  • the kind of car you drive
  • your age
  • where your home is (and where you do most of your driving)
  • number of drivers
  • number of vehicles covered under the policy

If you have a few speeding tickets and you’ve had a few accidents (slow down) your monthly auto insurance premiums will be higher. If you drive an expensive sports car you pay more than if you drive a car built for safety.

Younger drivers have more accidents, therefore, their insurance premiums are higher. The factors that determine how much your automobile coverage costs are varied – some controllable, some not.

Automobile Policy Coverage

A quality auto insurance policy covers a variety of common contingencies encountered when driving down the highways and by-ways on the way to work.

Property damage coverage pays for damages done to the other vehicle and other property when you’re in an accident. Because property damage coverage protects the other driver it’s required in most states.

Bodily injury coverage protects you when the other party is injured or killed as the result of an automobile accident. The courts are clogged with cases involving bodily injury claims and you don’t want to add to the log jam.

Medical coverage pays for hospital stays, doctor’s visits and other medical expenses for you and all of those in the car at the time of the accident – again, essential to protecting your family assets – including your home. It doesn’t take much to roll up astronomical medical expenses even in a minor automobile accident.

Comprehensive coverage protects against things like theft, fire, a tree falling through the windshield and other non-accident related damages that can knock the family car out of service.

Uninsured motorist protection provides medical recovery expenses in cases of accidents with uninsured drivers or hit-and-run drivers who flee the scene of an accident and escape. You pay more for this protection but three out of 10 drivers are cruising the streets without insurance. Uninsured motorist protection covers you against these uninsured drivers who disregard the law and common sense.

Collision insurance pays to repair or replace a vehicle that’s been in an accident. Collision coverage comes with a deductible – an amount you pay out of pocket before the insurance company kicks in some cash to cover the crash. The smaller the deductible, the higher the monthly premium.

Collision coverage is one place you can save some money. Increase the deductible and lower your monthly payments. Or, if you drive an old clunker on its last legs, you can drop collision coverage altogether and simply get a new car in the event of an accident. That’s a decision only you can make.

Auto Insurance Coverage: How Much Is Enough?

Start by talking to an expert. Talk to an insurance broker. By bundling your home and auto insurance you often save money on both. And with insurance costs ever on the rise, saving on insurance coverage is always a good idea – as long as you’re protected by a reputable insurer who pays claims quickly and values the loyalty of its insured drivers and homeowners.

Another possibility? Your bank. Banks often sell automobile insurance as part of an auto loan agreement, something that can save you money and make it easier to get a car loan. If the bank knows its interests in your car are insured, that bank is more likely to help you get the car you need.

Using a bank to purchase car insurance can also simplify life by transferring monthly premiums directly from your checking account. No more writing checks, no more late fees, no more insurers threatening to drop your coverage.

How much coverage you need should be something you determine with the advice of an insurance expert. You need enough coverage to protect yourself, your family and your assets, including your home, but you also don’t want to pay for coverage you don’t need. Yes, it’s possible to pay for more coverage than you actually need and an insurance broker or your local bank’s insurance specialist will help you define your risk exposure to cover that risk with a solid auto insurance policy.

So, talk to a pro. You may be under-insured or over-insured right now. Neither case is good. You may be exposed to more risk than your current coverage provides, putting your future in jeopardy.