Useful Insurance Online Articles

The costs of car insurance are receiving complaints all across America like clockwork. This is easy to understand, considering the fact a standard policy clocks in at several hundred dollars a year. Based on your age, driving record, and other factors, annual premiums may hit the peak or ride the wave. With that said, how it is possible to keep premiums low and save some money?

For starters, most states require that you purchase a minimum amount of liability coverage if you own a car. Enlisting for more than the bare minimum is a rule of thumb if you want to have enough protection. Lowering your car insurance costs can be done with a few steps without having to cancel your policy. Depending on your background, only a few of these steps may apply to you.

Top 8 Tips for Car Insurance Savings:

1. Look around

Shop around! An excellent time to add alternatives in your crosshairs is when your current policy is about to be renewed with the possibility of your premiums going up. Its interesting to know that car insurance premiums for the exact same type of coverage on the same car model can vary by up to hundreds of dollars according to insurer company, even in states that regulate its car insurance rates.

2. Raise your deductible

The cost of your policy can be greatly reduced by raising the deductible. 10 percent or more can easily be slashed off your annual premium if you raise your Geico insurance deductible, for example, from $300 to $500. Make sure enough financial resources are in reserve before you handle this larger deductible when the moment comes.

3. Polish that Credit Report

Credit histories are the bread and butter of loan and insurance industries. Car insurance companies like Geico and Allstate have eyes of hawks when it comes to these. Your insurance company compares your credit histories and determines how much of a risk you are with them. By making your monthly credit card payments on time and keeping a fresh credit history, Allstate and State Farm will provide you with lower car insurance rates.

4. Keep the Mileage Low

People who drive less than 7,000 miles a year may be eligible for low-mileage discounts. Check with your insurer to take advantage. If your new insurer has it, limit your driver to under the mileage limit as best you can. Public transportation and planes for long distance trips can slash the mileage to safe limits.

5. Maintain a Clean Driving Record

Price breaks are awarded left and right if clean driving records are maintained for a specified period of time (i.e. two years). A polished driving record is free of accidents, moving violations, speeding citations, DUIs, etc. during this time. Turn into a defensive driver and drive carefully always to become eligible for the discounts you deserve.

6. Don’t drive a Flashy Lamborghini on city streets

Car insurance providers like Geico and Progressive rate cars according to a risk scale. Sports cars, luxury cars, and high-octane Lamborghinis and Ferraris (just examples) are higher risks because thieves love to go after them. According to statistics, drivers behind these cars are also more prone to accidents and have reckless driving habits. Expect to pay higher premiums for these cars than if you own a Honda Accord, for example. This is the same for standard sedans, station wagons, and pickup trucks.

7. Use Your Family as Part of a Multifamily/MultiPolicy discount

Insurance companies are ready to award discounts to those who buy more than one kind of insurance through the same company (i.e. car and home.) If you insure more than 1 car under the same policy through the same company, you may be qualified for a discount as well. Couples getting married to take advantage of nifty car insurance discounts happen like clockwork.
8. Load Your Car with Safety Features

Safety and anti-theft devices are your car’s best friend. If automatic seat belts, airbags, and anti-lock brakes are installed into your car, it can lead to discounts since they lessen the chances of your car getting stolen or damaged by vandals.

Ray Prince is the author of Insurapedia.com www.Insurapedia.com, a site in its infancy that provides regularly updated, comprehensive coverage on all types of insurance. Browse its pages and have free access to a collection of information designed to inform the Insurance novices. Its entertaining articles cover everything from “How to Take Accident Scene Photos for Insurance Claims” to “Insuring that Husband with a Sketchy Driving Record” A News Feed is also handy for the latest insurance updates

No Comments » Posted by Matt Cubb /

What is Universal Life Insurance and how do I get the best Universal Life Insurance Quote?

Universal Life Insurance or “UL” as it is commonly referred to in the insurance industry is a relatively new concept. It is a permanent version of life insurance that is intended to be in force for as long as the client wants it to be in force. The determining factor in how long the policy lasts is the cash value, the amount of premium being paid, and the wording of the contract.

The cash value in a universal life insurance policy will build up on a guaranteed and a non-guaranteed basis. On the guaranteed side of the equasion, at inception the insurance company projects exactly what will happen to the cash value based upon known variables and minimally acceptable interest rates. If a policy has a guaranteed interest rate of, say, 4%, then the proposal for insurance will show what would happen to the cash value based upon 4%.

On the “non-guaranteed” side of the proposal for insurance (which becomes part of the policy), the cash value is shown in regards to the “current” interest rate that is being applied. This current interest rate fluctuates and is dictated by the insurance company through which you have the policy. The overall interest rate applied to new money coming into the policy as premium and the current cash values will never go any lower than the guaranteed interest rate but may go up to the current, assumed, non-guaranteed interest rate.

The amount of life insurance premium being paid into the universal life insurance policy is another factor in determining the longevity of the policy. UL is flexible in that you can put as much money into the policy as the MEC limit will allow (government regulates the amount of money you can put into a policy) and as little money as you want as long as you meet the company’s minimum premium requirements. If you only put the minimum premium into the policy, the contract will offer a death benefit for a shorter amount of time. If you pay the prescribed, sometimes referred to as “target premium” or “designated” premium, the policy should last until age 100. Putting more cash into a universal life policy than the target premium can come close to the “MEC” or Modified Endowment Contract premium. The effect on the UL policy that this will have is a potential increase in the cash values.

Secondary guarantees in modern universal life insurance policies add another layer of security to the universal life insurance policy. These secondary guarantees that are implemented by the insurance companies and included in the wording of the contract basically state that as long as the prescribed premium (usually target premium) is paid in a timely manner and there are no loans or withdrawls on the cash value of the policy, the policy will last as long as the insured is alive.

Carefully worded insurance policies, current and guaranteed cash value projections, and premiums being paid all have an impact on the longevity of a modern Universal Life Policy. Universal Life Insurance is a flexible contract that will allow as little as a minimum premium and as much as the governmental rules will allow. UL can be a good fit for anyone looking for a policy that would ensure long lasting, flexible coverage, with the potential for cash value and transferrability.

By: Ashley Brooks, CLTC

Ashley is the marketing Vice President for a quality Insurance Brokerage General Agency in South Carolina. Mr. Brooks has done an internship at Genworth, formerly known as GE Financial Assurance First Colony Life Insurance Company in Lynchburg Virginia. He is a member of his local chapter of SCAIFA (Association of Insurance and Financial Advisors), NAILBA, and Sub-Centers. His current projects include website marketing and insurance advertising via the internet.

Find out more about Mr. Brooks and get a universal-life-insurance.biz Universal Life Insurance Quote at Universal Life Insurance.biz!

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No Comments » Posted by Matt Cubb /