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Jan 27 2017

Do I have debt or dependents?
What would happen to your family without you? Their financial security is one of the first things you need to consider. “Life insurance is a very effective purchase to care for your loved ones or create an estate.”
How much coverage do I need?
How much is enough can be a tough but crucial question to answer. The industry benchmark is 10 times your annual income, but that can vary depending on your personal circumstances. “How would your family make ends meet if your paychecks stopped coming in? Imagine what amount of money would be needed to replace your income each year for the next 20 to 30 years.”
What term should I get?
One way that term life insurance makes the whole process easier and less intimidating is how flexible (and affordable) it is. “Discuss your general income needs with an agent who will help you calculate the best policy terms and limits within your time frame. It’s a good idea to have enough life insurance to cover any debts, like your home mortgage, and then add a little extra coverage to the policy that leaves your family a nest egg.”
What’s my medical history?
You may be fit as a fiddle, but you’ll still need your health records for the initial assessment. “Get all the facts about your health history in order because you will be asked about them.”
How do I get the best price?
You can compare multiple quotes right away through the S M COLL CAMALEZ Insurance Agency. “Prices vary significantly, and you can see that on our site in seconds.”

Insurance Agent

June 21, 2016

Pick a Top-Rated Insurer
Saving money isn’t simply a matter of finding the lowest premium. Some insurers have lower premiums, but end up costing you more in the end by low balling loss estimates, hassling the repair shop to cut corners, and forcing you to pay extra for original-equipment replacement parts. They might even unfairly jack up your premiums after an accident.

Set the Right Deductible
A higher deductible reduces your premium because you pay more out of pocket if you have a claim. Hiking your deductible from $200 to $500 can cut your premium on collision by 15 to 30 percent. Go to $1,000 and you could save 40 percent. If you have a good driving record and haven’t had an at-fault accident in years, if ever, opting for a higher deductible on collision might be a good bet. Just make sure you can afford to pay that cost if your luck runs out.

Review All of Your Coverage
Your liability coverage pays for bodily injury and property damage that you cause in accidents. Don’t get caught short by reducing your liability limits to the state minimums. Buying more coverage might seem like an odd way to save, but the benefit comes if you have a costly claim, which can put your life’s savings at risk.
If you have another car that you can use while your vehicle is being repaired, you don’t need to pay for rental-reimbursement coverage. Dump roadside assistance if you have an auto-club membership that’s a better deal, or if it’s part of your new car’s warranty.

Think carefully about personal-injury protection and medical-payments coverage: Forget it if you have good health coverage; keep it if you don’t or if your usual passengers might not be well insured.

Take Advantage of Discounts
Car insurers offer a whole range of modest but worthwhile discounts that are essentially based on a low-risk lifestyle. Here are some to ask your insurer about if they don’t mention them to you first:

Students with good grades.
New drivers who have taken a driver-training course.
Older drivers who have taken a refresher course.
Any driver who takes a defensive-driving course.
Members of affinity groups, such as college alumni and certain occupations and professions.
Anti-theft and safety equipment.
Multiple-Policy Holders
Insurers also offer fairly hefty auto discounts if you also buy your home­owners, renters, or life-insurance policy from them. But be sure you check out total costs both ways: premiums from different insurers compared with single-insurer packages.

Teen driver with unbelted teen passenger
Manage Teenage-Driver Risk
Adding a teenager to your policy can hike your costs by 50 to 100 percent. Make sure your child takes a safe-driving course before getting a license. Make it a rule that unsafe driving will mean loss of driving privileges.

Inform your insurer if the child isn’t licensed, or if your child is a college student residing more than 100 miles from your home and doesn’t have a car.

Maintain a Good Credit Score
Most states allow insurance companies to use your credit score as a factor in setting your premiums. Ask your insurance company if it does that. But regularly check and correct credit-reporting errors anyhow. If your finances have been adversely affected by the recession, military deployment, divorce, job loss, death of a family member, or medical problems, ask your insurer for an exception.

Report Reduced Mileage
A major cost component in auto in­surance is miles driven per year. The average is about 12,000. But if you’re driving a lot less than usual for some reason, like a job change or retirement, let your insurer know. Your reduced driving could cut 5 to 10 percent off your premiums.

Choose Your Car Shrewdly
Vehicle damage is the biggest cost component for auto insurers, so premiums will vary by auto model. When comparing models, ask your insurer for premium quotes on the different models under consideration.

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Jan 08 2018  21, 2025

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