Dec/110
Insurance – Understanding Car Insurance
Buying car insurance can be a very big expense on the household budget, especially if you have teenage drivers in the family. Add in the fact that every state has different liability requirements and things can get quite confusing pretty quick. It’s good to know what is required and what everything in a car insurance policy means. So let’s take a quick look at what an auto insurance policy really is.
Liability
This is what protects you in the event you cause an accident and hurt someone else, or damage property. Every state has there own liability requirements. Be sure to check what your individual state requires. Let’s take an example of a policy with a liability limit of 100,000/300,000. The first 100,000 is the limit that the policy will pay for any one persons medical expenses. The next figure, 300,000, is the limit the policy will pay for all medical expenses for anyone in the accident.
It is important to note that liability coverage will not pay for any injuries or damage to your own vehicle.
Property Damage
This is the total amount that your insurance policy will pay for property that you damage if it is determined that you caused the damage. Generally, most policies have $100,000 as a property damage limit. You can increase that if you wish to. With the price of cars and property these days, it may be a good idea to increase that limit up to $250,000.
Comprehensive
This insurance coverage pays for damages done to your car. This includes theft, storm damage, fire and vandalism. This coverage will have a deductible attached. The rate for this insurance coverage goes down as the deductible goes up. This coverage will also be required on any loan you may have on the vehicle.
Collision
Collision coverage will pay you for damages down to your own vehicle in the event an accident is deemed to be your fault. If your vehicle is totaled out in an accident the insurance company will pay you the actual cash value of your vehicle. This could be less in some cases than what your vehicle is worth. Collision coverage is also required by finance companies on any loan against your vehicle.
Uninsured / Underinsured Motorist
Uninsured and underinsured motorist coverage will pay you in the event of an accident that is not your fault and the other party has either no insurance coverage, or not enough insurance. No matter what the law states, there will always be those who refuse to carry insurance. That makes having this insurance coverage vitally important.
Optional Coverages
There are many different optional auto insurance coverages that you can purchase on your auto policy. Some of these include emergency road service and rental car coverage. Both of these services can be a big help to you in the event of a claim.
By understanding the various auto insurance coverages you’ll be able to determine what exactly you need for your particular situation. In the long run this will help save you money and give you peace of mind.
Aug/110
Insurance Coverage For Your iPhone
The fact is that in near future iPhone will be considered as a groundbreaking product that many other manufacturers would like to copy. It is highly advanced than any other phone or hand held gadget for communication available in the world. Highly advanced iPhone technology means it is quite an expensive item.
And because they are expensive:
iPhone owners will be careful of their valuable possession People who do not have one will envy your iPhone Robers will target the iPhone
In this context, you may think that many iPhone insurance policies should be available. Unfortunately it is not so. One of the options is; to add to the household insurance. It may work but has 3 drawbacks as follows:
Household insurance policies have a higher excess, up to
Oct/100
Car Insurance And SR-22 Insurance
A certain type of car insurance policy is known as SR-22 insurance. What is SR-22 insurance and why would you need it?
SR-22 insurance is really a certificate that is required to provide proof of liability insurance for a variety of reasons, depending upon the state you live in. Usually, you would need an SR-22 if your drivers license has been revoked or suspended and you’ve just got it reinstated.
The certificate lets the motor vehicle department know that you have enough liability insurance to cover the minimum required limits of liability for your state. The car insurance company that provides the SR-22 is required to notify the state motor vehicle department if your insurance coverage lapses or is cancelled. If that happens, you usually need to reinstate your insurance or your license can be suspended until you have coverage again.
Drivers who are required to have SR-22 insurance usually need to carry it for a certain period of time after their license is reinstated. This could be three years, five years, 10 years and in some cases even for life.
One of the biggest reasons a state requires SR-22 insurance is when a drivers license is reinstated after a DUI (Driving Under the Influence) or DWI (Driving While Intoxicated). However, some states may require this for different reasons. Other reasons include being convicted of driving without insurance, having an uninsured accident that you are at-fault, excessive moving violation tickets and more.
Not all car insurance companies provide SR-22 insurance; usually only companies that specialize in high risk auto insurance offer it. If you need an SR-22, you’ll have to do some shopping around. Since you’re considered a high-risk driver, you’ll probably have to pay a higher premium. If possible, try to get at least three quotes from different companies for comparison.
Jul/100
Car Insurance
One of the biggest problems faced by novice car owners is buying car insurance. With the endless technical jargon and confusing packages a new owner is at complete loss as to what to buy to protect his car. Also the fact that car insurance is expensive and a car also comes with various other expenses like road tax expense, servicing costs, MOT, repair expenses etc. buying the right type of car insurance can be extremely complex. Once this jargon and mystique is brushed aside the owner will discover that there are 4 basic types of insurance coverage. The owner can choose for himself the right type of insurance coverage from these four types which would help him in the long run and also cover his add on expenses.
The first type of car insurance is known as Personal Injury Protection. It is basically a medical policy which covers the person’s health and well-being in whichever vehicle he travels even if that vehicle is not is own. If the person gets involved in a crash then this car insurance will take care of the medical bills up to a set limit. This limit varies according to the law and also on the owner’s preference.
The second type of insurance is Collision. It is regarded as optional by government authorities but most of the companies giving auto loans demand for this type of car insurance. This insurance covers damages in case of an accident when the owner is at fault. It will either provide a loan to pay off the damages at a fair market value or will pay for the damages itself up to the fair market price of the car.
The third type of car insurance is Liability. This is the most important coverage for the driver. It covers the damage that a motorist may cause to the other person or his property in case of a crash. The minimum limit for paying for the damages is normally decided by law while the upper limit is decided by the buyer of the policy.
The last type of coverage is Comprehensive car insurance. The law does not force a person to get this coverage but companies usually insist on taking such an insurance so as to safeguard not only you but also their investment. This insurance covers all incidents that can take place without a crash for example: natural catastrophes, vandalism, fire etc. A person not taking this insurance will not only be in extreme debt but also will not be able to drive his car.
It is not imperative to buy all these insurance but it is always prudent to take them up. Since anything can happen on the streets it is just more sensible to be completely protected.