Category: Insurance

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Need Auto Insurance? Ask These 8 Questions

Auto Insurance

Many factors go into auto insurance decision making. Not only do you have to consider your premium, but you also need to decide what kind of coverage you need and how much to purchase. All of these things make it difficult to buy a car insurance policy.

Fortunately, you can better prepare yourself for car insurance shopping when you evaluate your personal priorities. In addition to calculating your budget, you should ask yourself eight questions to which policy options are best for you and your needs.

1. How Many Miles Do I Drive?

If you’re a stay at home mom or telecommuter, you might not put more than 100 miles a month on your car. However, you could easily put more than 1,000 miles on your car every month if you have a long commute to work. It’s important that you find an insurance policy that reflects the miles that you drive. For example, a mileage-based insurance would be a great option for low-mileage drivers.

2. What Do I Use My Car For?

You need to consider how your car will be used in order to find the proper coverage. If you are simply driving to work or using your car for personal reasons, a standard car insurance policy should be fine. However, you may need to get commercial insurance if you use your vehicle for rideshare, delivery, or any other tasks that you get paid to complete.

3. What Kind of Car Do I Own?

The type of car that you own can have a huge impact on your insurance rates. Not to mention, it impacts the type of coverage you require. Any modified or classic cars require special insurance. If you have a sportscar, you might not need a particular policy, but you should expect higher rates since your car is more likely to be stolen or damaged. On the other hand, customers with “safe” cars can usually enjoy discounts for safety features.

4. Where Do I Live?

Your location can also affect your insurance rates tremendously. People in urban areas are more likely to be victims of theft and vandalism, so they spend more money on car insurance.  Customers in rural or suburban areas typically have lower insurance rates. While you might not be able to control where you live, you should keep in mind how your location can impact your insurance policy.

5. Where Do I Park My Car?

Do you often park your car in the street? Do you keep it in a garage? Where you park your car can also be a risk. If you live in area where you park on the street, you also have to worry about other drivers hitting your car along with the risk of theft. If you don’t have a garage, your car is also susceptible to damage from hail, fallen branches, and more, so we recommend upping your comprehensive coverage.

5. Will Anyone Else Drive My Car?

Most car insurance policies cover occasional drivers, but you should make sure that frequent drivers are all listed on your policy. A frequent driver could be anyone who lives with you and borrows your car often. They could include a spouse, teenage children, roommates, and more.

6. How Much Do I Love My Car?

If you drive an old car and don’t care about its appearance, then you could buy the bare minimum insurance policy. Full coverage insurance would be better suited for anyone who loves their car and take pride in caring for it.

7. Do I Own My Car?

Leases and financing are great options for acquiring cars, but they can impact your auto insurance policy. You may be required to insure the car for its full value or the gap between what you owe and its current market value. This insurance is called supplemental gap insurance since it goes along with your collision and comprehensive coverage.

8. What Are the State Requirements?

Every state has its own rules and regulations for car insurance. It is up to you to research and find the minimum liability coverage for your vehicle.

Request a Auto Insurance Quote

Now that you know more about your car insurance needs, you should be able to find a great policy. We suggest that you start out by getting a car insurance quote from several companies with similar coverage levels. By doing so, you can get a fair comparison and find the right option for you!

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Financial Insurance

A Guide to Medicare Insurance

Medicare Insurance

Whether you or a loved one are nearing retirement, there are a lot of plans to make. One of them is choosing new health insurance. Though you can certainly purchase your own private health insurance, millions of people rely on Medicare insurance.

If this is something that you need to consider, you might feel overwhelmed by all of the new information. That’s where this guide comes in to help!  We have created a basic explanation of Medicare insurance so that you can learn more about your options.

What is Medicare, and Who is it for?

The federal government offers Medicare as a health insurance program for seniors. You must be 65 or older to enroll in the program. Medicare insurance programs exist to help people cover medical costs associated with health emergencies or chronic illnesses. However, the insurance can also help pay for maintenance of good health.

It is important to understand that Medicare insurance is not a free benefit. All beneficiaries are required to pay premiums based on their income and coverage. You must also pay any out-of-pocket costs, so it is important that you learn about your coverage options and choose the best Medicare Insurance for you.

Types of Medicare Insurance Coverage

As with other health insurance policies, you can choose from several different coverage options. Rather than referring to them by metal tiers, they are divided into four main categories.

Part A

Medicare Part A only covers hospital care and hospice. It can also help pay for any short-term nursing home stays if you were in the hospital for at least three days. While most seniors do not have to pay a premium for this coverage, there is a $1,408 deductible as of 2020. You could also expect out-of-pocket expenses for long hospital stays.

Part B

This coverage option is more of your standard health insurance. It covers any of your doctor’s visits and outpatient care as long as the doctor accepts Medicare. You can also enjoy many free preventative services to maintain your good health. The flu shot, select screenings, and wellness visits are just a few of the free benefits.

Your income determines your premium for Part B insurance, but everyone has a $198 deductible. After the deductible is met, most retirees will have to pay 20% of doctor services.

Part C

If you want an alternative to traditional Medicare, Part C or Medicare Advantage Plans are your best bet. Part C coverage has fewer restrictions and different prices because it isn’t completely controlled by the government. Instead, a private insurance company pays for any Medicare-approved healthcare. Like an HMO plan, your Part C plans can sometimes require you to use in-network providers. It may even require you to get a referral to see a specialist.

Part D

You need Medicare Part D if you require prescription drug coverage. Like Part C, Part D is also a private policy that follows Medicare’s requirements. Your premium depends on the amount of coverage you require, but you can generally expect to pay up to $435 for your deductible.

What Medicare Doesn’t Cover

In a dream world, the best Medicare insurance would cover all of your health care needs, but unfortunately, it doesn’t. Corrective lenses and their required eye exams typically aren’t covered. You should also expect to pay out-of-pocket for hearing aids and dental care. Medicare doesn’t cover long-term nursing home stays either. Medicare Part A only covers short-term nursing home stays under certain circumstances.  

The Right Time to Enroll in Medicare Insurance

Timing your enrollments right is just as important as selecting your coverage because you get a seven-month window. The window begins three months before you turn 65. You should sign up right when the window opens if you would like your coverage to start the month you turn 65.

If you missyour enrollment opportunity, you will be charged a penalty that could be long-term. Not to mention, you could be without coverage for a significant amount of time. The only other time you can enroll outside of your window is between January 1 and March 31, but the coverage doesn’t start until July 1. Therefore, it is crucial that you sign up on time.

Request a Medicare Insurance Today

If you’ve enrolled in Social Security benefits, a Medicare card will come to you in the mail three months before you turn 65. This is your opportunity to start looking at your options. If you haven’t signed up for Social Security, you’ll need to enroll yourself. We suggest that you start by gathering a Medicare insurance quote for your coverage options.

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Financial Insurance

Car Insurance: 101 Guide to Everything

car insurance 101

Whether you’re on the hunt for better rates or shopping for the first time, car insurance can be intimidating. There are so many numbers thrown at you, and every provider claims to offer cheap car insurance or the most benefits.

How can you possibly choose? In this article, we’ll go over everything you need to know about car insurance and how to choose a policy that fits your needs.  

Type of Car Insurance Coverage

Before you can select any policy, you need to know about the different types of car insurance coverage. While some coverage is designed to protect you, other insurance pays for damages and injuries you cause to others. The following are just a few of the most common insurance coverage options:

Liability

This type of coverage is for others. Specifically, auto insurance providers design bodily injury liability to cover injuries or deaths that you caused with your car. Property damage liability covers vehicles or other property damaged by an accident you caused. Almost all states require drivers to carry a minimum liability policy.

Collision

If you want to cover your car’s damage when you cause an accident, you need collision insurance. It covers the cost of repairing or replacing your vehicle whether you hit a car,  pole, tree, or another object.

Medical Payments and Personal Injury Protection (PIP)

Several states also require that drivers carry insurance for medical payments or personal injury. This plan reimburses you for medical costs associated with an accident. They also cover lost wages for you and your passengers.

Uninsured Motorist

In the event of a hit and run, you will be thankful for this insurance. It provides you with coverage when the driver at fault lacks enough coverage to pay for the damages he or she caused.

Coverage Amounts

Once you know what type of coverage you need, you must choose the amount. As with the coverage types, your state often determines the minimum amount of coverage you must carry. It could be as low as $10,000 a person or $20,000 for a single accident. On the other hand, insurance companies can set maximum limits for liability coverage.

Obviously, you shouldn’t choose more coverage than you can afford, so you need to find the balance between your budget and your needs. Since many cars can cost upwards of $40,000, you should aim for at least that much in property damage coverage. If you own a more expensive vehicle, we recommend upping your coverage in case an underinsured driver hits you. These are just a few of the things you should consider when selecting your coverage amount.

Car Insurance Rates

Your car insurance premium can vary greatly from the next person’s—even with the same coverage and deductibles. We know that sounds crazy, but it’s true! Insurance providers don’t base your car insurance quote on those two factors alone. In fact, there are a lot of different things they take into consideration when calculating your payments, including:

  • Location
  • Age
  • Gender
  • Years of Driving Experience
  • Marital Status
  • Vehicle Type and Use
  • Claims History and Previous Coverage
  • Miles Driven
  • And More!

While your claims history and driving experience make sense, you might wonder, “what do my gender and marital status have to do with my insurance?” They are risk factors determined by claims data. For example, young drivers are statistically proven to be the riskiest drivers to insure. Therefore, your rates are much higher when your 16 than when you turn 25.

It’s important to note that while all of these factors are considered, they don’t carry the same weight. Each insurance company weighs them differently, which is why they charge different rates.

Choose Your Perfect Car Insurance Policy

Now that you know more about the types of coverage and factors that influence your rates, you can be better prepared to handle your search. If you’d like to learn more about car insurance coverage or how to lower your car insurance rates, we encourage you to check out some of our other articles.