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Types of Insurance
Auto Insurance
Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance provides property, liability and medical coverage: (1) Property coverage pays for damage to or theft of your car. (2) Liability coverage pays for your legal responsibility to others for bodily injury or property damage. and (3) Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses. An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you're financing a car, your lender may also have requirements.
Most auto policies are for six months to a year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium
There are many types of Auto Insurance policies and coverage. These include: No Fault Auto Insurance, Gap Auto Insurance, Liability Auto Insurance, SR22 Auto Insurance, High Risk Auto Insurance, and Non Owner Auto Insurance.
Auto Insurance Tips
1. Decide what coverages you need Think over and buy the coverages which you think are important. And the importance greatly depends on your situation and preferences. For example, if you drive a less expensive car, then you can exclude the comprehensive and the collision coverage because these will pay for the damages of your inexpensive car. You could buy only the Liability and the Personal Injury Protection coverages.
Again, you can also go for a lower liability coverage if you are a confident driver. In that case you can buy the minimum amount of liability coverage required by your state law. But it is advised not to keep it so low if you have other assets such as home or business because if the damages in an accident exceeds your liability coverage, you could have to lose those assets to pay for that.
2. Shop around and compare different companies This will let you know the rates of and the benefits provided by different companies. Getting a lower rate is not the only important thing. Services provided by the insurers do matter a lot. Get Free Auto Insurance quotes by completing our short form above. Compare all the Auto Insurance rates from the top Auto Insurance companies.
3. Choice of deductible for your Auto Insurane Policy: A deductible is the amount that you must pay for a part of your losses before your insurer pays for the rest. If you choose to pay a higher deductible, your premium amount will be low. You have to pay the deductible amount out of your own pocket if you have an accident. If you drive cautiously and are not likely to have accident, you should choose to pay a higher deductible because the chances of accident are less.
4. Give correct information :When you apply for auto insurance, the insurance company officials may ask certain questions. Answer all the questions truthfully.
5. Check out the Financial strength and Complaint index of the company :The financial strength of a company indicates whether it would be able to satisfy your claims on time. It gives you an insight of the financial stability of a company. One can find out the financial strength of a company from an independent rating organization. Such independent rating organizations can also tell whether the company is licensed or not. Buy only from licensed companies.
6. Research Discounts- Cars with safety and anti-theft devices cost less to insure. You can also knock off a few bucks if you insure your car and home with the same company. People who abstain from alcohol, get good grades in school or take a driver education course are also rewarded with lower premiums.
The complaint index is based upon the number of complaints against the company. It gives an idea of the quality of customer service provided by the company. You can know about the complaint index of any auto insurance company by calling the State’s Auto Insurance Department.
Health Insurance
Almost all developed countries have government-supplied insurance for healthHealth insurance policies by the National Health Service in the United Kingdom (NHS) or other publicly-funded health programs will cover the cost of medical treatments. Dental insurance, like medical insurance, is coverage for individuals to protect them against dental costs. In the U.S., dental insurance is often part of an employer's benefits package, along with health insurance. Most countries rely on public funding to ensure that all citizens have universal access to health care.
According to a 2007 study, about 59% of employers at small firms (3-199 workers) in the US provide employee health insurance. The percentage of small firms offering coverage has been dropping steadily since 1999. The study notes that cost remains the main reason cited by small firms who do not offer health benefits. Small firms that are new are less likely to offer coverage than ones that have been in existence for a number of years. For example, using 2005 data for firms with fewer than 10 employees, 43% of those that had been in existence at least 20 years offered coverage, but only 24% of those that had been in existence less than 5 years did. The volatility of offer rates from year to year also appears to be higher for newer small businesses.
There are many different companies that offer all types of Health Insurance and there are many policies for every individual and family. The best way to save on Health Insurance is to shop around and compare quotes.
Life Insurance
Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.
Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as insurance and require the same kinds of actuarial and investment management expertise that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance.
Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed.
In U.S., the tax on interest income on life insurance policies and annuities is generally deferred. However, in some cases the benefit derived from tax deferral may be offset by a low return. This depends upon the insuring company, the type of policy and other variables (mortality, market return, etc.). Moreover, other income tax saving vehicles (e.g., IRAs, 401(k) plans, Roth IRAs) may be better alternatives for value accumulation. A combination of low-cost term life insurance and a higher-return tax-efficient retirement account may achieve better investment return.
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