5 Smart and effective tips to save on auto insurance policy
July 16, 2010
When you think of insuring your vehicle, then the first thing that comes to your mind is how to get the cheapest rates on the auto insurance policy. When it comes to finding the cheapest rates, you need to compare auto insurance quotes. There are some smart tips that will enable you to save money on auto insurance rates. Read on to know about them.
1. Shop for insurance quotes: Before taking an auto insurance policy, you must compare auto insurance quotes offered by various insurance companies. Experts are of the opinion that you should get at least three price quotes from three insurance companies. The more you choose from options, the better you can make a choice.
2. Maintain a good credit record: Insurers often use credit information to decide whether or not you qualify for a loan. You need to maintain a good credit score to become eligible for auto insurance. Pay your bills on time, don’t go for more credit than you need and try to keep your credit balances as low as possible, to keep your credit score intact.
3. Ask for high deductible: Deductible is the amount that you have to pay out of your pocket when you file a claim, before the insurance company starts paying. Hence, if you ask for a high deductible, then you will be charged less on the premiums every month.
4. Ask for low mileage discount: As you compare auto insurance quotes, you will see that there are various kinds of discounts. Check with your insurance company whether they offer a discount for drivers who drive lower than average number of miles per year. Try to drive less to save on your auto insurance premiums.
5. Avoid high theft cars: Try to avoid buying those cars which are more prone to theft or even to accidents. Sports cars can be driven very fast and hence it becomes more likely to face accidents. Such cars will cost you heavily on premiums. It is safe to buy a low-profile car.
Follow the above mentioned points to save those extra dollars on your auto insurance policy. Compare auto insurance quotes from different insurance companies to get the best results.
Do I need to get special insurance for a trailer?
July 13, 2010
No, you do not need to purchase special insurance simply to tow a trailer behind your car or pickup truck as long as that car or truck has current insurance liability coverage. In Texas, drivers are required to carry a minimum bodily injury liability limit of $25,000 per person and $50,000 per accident along with a property damage limit of $25,000 per accident. If you have any questions, contact an agent regarding your insurance coverage.
On the other hand, if your trailer is financed, your lender or lien holder could require you to carry physical damage coverage. In that case, you’ll need to contact an insurance agent and have them give you quotes for comprehensive and collision coverages only.
Different types of insurance and their purposes
July 9, 2010
Since the future cannot be predicted, it’s better to get it insured. There are different insurance policies, which you can choose according to your needs and urgency.
Types of insurance policies
All insurance policies are important since they are for the things you possess and don’t want to lose. So you should get them insured. Some of the most important insurance policies are cited below:
1. Life insurance
This policy ensures the family members of a sole bread earner financial security after his death. When you are the only person who has all the responsibility of your family, it’s always important to go for life insurance policy. This way, part of your premium is put into savings account so that money is not a problem in the future
2. Health insurance
This is also an important insurance policy that pays for all the treatments and medications if you are seriously injured. Suppose you are involved in an accident and don’t have health insurance, you will have to pay for the treatment from the money you have saved. If you don’t have the money required, you may fall in medical debt and the hospital may stop your treatment. It’s better to have a health insurance to ensure you a secured and healthy life.
3. Property insurance
This insurance policy ensures the property you own. This is also very important as you spend a good amount of money on the things you possess and so it’s only natural that you should have property insurance. This policy provides coverage against fire, earthquake, vandalism, etc. This insurance policy protects your assets which can be business or your personal property. Usually homeowners policy covers for most of the personal property.
4. Auto insurance
If you own a car or a vehicle, it’s important that you have auto insurance. This policy covers the cost of the damage caused to the vehicle and you in an accident. It also pays for the damage the other party incurs in an accident. This insurance policy also covers your vehicle from the damage caused by natural calamities and robbery, vandalism, etc.
The above list gives you an insight of the most important insurance policies you should go for.
2010 Travelers Championship Generates $1.1 Million for Charity
July 6, 2010
HARTFORD, Conn., Jun 27, 2010 (BUSINESS WIRE) — The 2010 Travelers Championship will generate a record-breaking amount to charity as a result of an additional commitment by Travelers (NYSE: TRV) to raise the tournament’s total 2010 charitable contribution to $1.1 million, an amount on par with the champion’s $1.08 million winnings. The announcement was made by Travelers Chairman and Chief Executive Officer Jay Fishman today during the final round of competition at the Travelers Championship. Read more
The History Of Insurance In America
July 4, 2010
Insurance was a latecomer to the American landscape, largely because there were just too many known risks, and even more unknown ones. When it finally did make it over, it was supported by one of the most famous Americans in history. Let’s take a look at the history ofinsurance in the U.S.
Benjamin Franklin and American Insurance
Not content with the titles of statesman, scientist, inventor or author, Benjamin Franklin added insurer to his collection. In 1752, the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire became the first mutual fire insurance company in America. Much like London in the 1600s, houses at this time were made almost entirely out of wood. Worse yet, the settlements that grew into the cities were built close together. This was originally done for security reasons but as cities grew, developers built homes very close to each other for the same reasons they do today – to fit as many homes as possible on their development plots.
The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire set new standards for building houses because it refused to insure houses that were considered fire hazards. The criteria they used to evaluate buildings would one day be reworked into both building codes and zoning laws. Seven years later, Franklin was also instrumental in getting the first life insurance company, the Presbyterian Ministers’ Fund, off the ground. (To learn more about life insurance, read How Much Life Insurance Should You Carry? and Life Insurance Distribution And Benefits.)
The various religious authorities at the time were outraged at the practice of putting a value on human life, but criticism cooled when it was seen that insurance worked to protect widows and orphans. The industrial revolution then brought the necessity of both business insurance and disability insurance to the forefront. Throughout history, the types of insurance offered have been expanded in reaction to new risks. 1864 saw the Travelers Insurance Company sell its first accident policy. 1889 saw the first auto insurance policy. As time progressed, new types of insurance were blooming along with the risks of an increasingly modern life. (For more insight on insurance, see Five Insurance Policies Everyone Should Have.)
Original Content Courtesy Investopedia
The Harford Launches I-Phone App
July 4, 2010
The Hartford Insurance company recently joined the iPhone application race when they launched The Hartford Mobile for iPhone. According to their website,
- Access our auto accident checklist
- Collect and exchange driving and accident info, including accident photos
- Reference handy roadside guides, like an interactive Emergency Kit Checklist
- Locate an auto repair facility from our national network of approved shops if you are interested in this option
- Save and review accident history
- Find a replacement vehicle – new or used – and at a great price
- Get help for a cracked windshield through our national Glass Repair service – it’s fast and convenient
- Request help when you’re stranded through our RESCUE 1-800 roadside services
- Store your vehicle and insurance information for quick and easy access
- Special features for customers of The Hartford: express connect to our award-winning Claims Services to painlessly report an accident, as well as submit accident photos and notes directly from your iPhone
Original Content Provided by The Hartford
Financial Reform Package Preserves State Role
July 4, 2010
State Regulators’ Continued Role Will Protect Consumers
WASHINGTON, D.C. (June 29, 2010) — The National Association of Insurance Commissioners (NAIC) thanked the House and Senate financial reform conferees for largely preserving the critical role of state insurance regulators in protecting consumers and ensuring the viability of the insurance industry.
Throughout the debate on the financial regulatory reform legislation, state insurance regulators emphasized the myriad problems that upset the banking and securities sectors during the recent economic crisis were largely absent in the insurance sector. Read more
Flood Insurance Program Reauthorized by Senate
July 1, 2010
Home owners in need of flood insurance can rest assured. Last night, the United States Senate reauthorized the national flood insurance program until September 30, 2010; according to the National Underwriter.
“It is alarming that the NFIP was allowed to remain expired for so long, causing so much confusion and potentially leaving desperate homeowners and small businesses unprotected for almost a month,” said Robert Rusbuldt, president and chief executive officer of the IIABA in a statement.
He added that we “are also greatly concerned that these short expiration periods and patchwork of temporary extensions will negatively impact the market.”
The current measure, as soon as it is signed by President Obama, allows any new policy applications or renewals that were signed and submitted during the hiatus to become effective from the date of application (or in the case of waiting periods, the waiting period will start from the date of application).
The bill would restore authorization of a program that lapsed June 1; marking the fourth time the program has lapsed.
Short-term reauthorizations have been held up because the program is being held hostage to efforts by Democrats to use it as an incentive to get Republicans to act on their other priorities, for example, extensions of jobless insurance and a program that subsidizes healthcare coverage for the unemployed.
Action on a longer-term extension has been delayed because the program has a deficit nearing $20 billion, but Congress is reluctant to act to reduce that deficit by raising rates to “market level” because that would generate severe criticism from hard-pressed homeowners.
The temporary extension bill passed by the Senate was passed by the House on June 23.
Insurance industry officials have reacted strongly by demanding that Congress restore certainty to the program and promptly adopt a long-term extension.
While praising the bills passage, Jimi Grande, National Association of Mutual Insurance Companies senior vice president of federal and political affairs said, “The hurricane season runs two months beyond the NFIP’s new Sept. 30 expiration date. Congress must not let the program lapse again, but that’s just the minimum. The best thing they can do is take this time to pass legislation that would implement common sense reforms and help the NFIP make the first steps towards financial soundness.”
“This is yet another short term fix, as Congress has once again kicked the can down the road…,” said Professional Insurance Agents National President-elect Brian Marino, co-chair of the association’s working group on natural catastrophes. “Although we greatly appreciate the short term extension, Congress has failed to extend the program through the Atlantic hurricane season. With our economy in peril, we cannot have closings held in limbo. The real estate market has again suffered due to this needless lapse in coverage.”
“We’re pleased this program has been extended, even if it’s for a short time,” said Leigh Ann Pusey, president and CEO of the American Insurance Association. “Between now and September, Congress must pass a long-term extension.”
“We are pleased that Congress reauthorized the flood insurance program,” said David Sampson, president and CEO of the Property Casualty Insurers Association of America. “But this three-month extension threatens to leave communities vulnerable again in September, at the height of hurricane season.”
Courtesy of the National Underwriter
Summer Fire Safety
July 1, 2010
Summer Storm Fire Safety
Protect yourself, your family and your home from the potential threat of fire during or after a summer storm.
Every year Americans look forward to summer vacations, camping, family reunions, picnics, and the Fourth of July. Summertime, however, also brings fires and injuries due to fireworks and outdoor grills. Annually just under 10,000 Americans are injured by fireworks and almost 5,000 are injured by charcoal/wood-burning and propane grill fires. In 2007, 64 percent of fireworks injuries occurred between June 22 and July 22.
Families also enjoy camping in the summer. It is important to follow the park’s rules for the use and extinguishing of campfires.
Summertime should be a time for fun and making happy memories. Knowing a few fire safety tips and following instructions will help everyone have a safe summer.
Fireworks Safety
- The best way to enjoy fireworks is to visit public fireworks displays put on by professionals who know how to safely handle fireworks.
- If you plan to use fireworks, make sure they are legal in your area.
- Never light fireworks indoors or near dry grass.
- Always have a bucket of water and/or a fire extinguisher nearby. Know how to operate the fire extinguisher properly.
- Do not wear loose clothing while using fireworks.
- Stand several feet away from lit fireworks. If a devise does not go off, do not stand over it to investigate it. Put it out with water and dispose of it.
- Always read the directions and warning labels on fireworks. If a devise is not marked with the contents, direction and a warning label, do not light it.
- Supervise children around fireworks at all times.
Barbecue Safety
- Before using a grill, check the connection between the propane tank and the fuel line. Make sure the venturi tubes – where the air and gas mix – are not blocked.
- Do not overfill the propane tank.
- Do not wear loose clothing while cooking at a barbecue.
- Be careful when using lighter fluid. Do not add fluid to an already lit fire because the flame can flashback up into the container and explode.
- Keep all matches and lighters away from children. Teach your children to report any loose matches or lighters to an adult immediately. Supervise children around outdoor grills.
- Dispose of hot coals properly – douse them with plenty of water, and stir them to ensure that the fire is out. Never place them in plastic, paper or wooden containers.
- Never grill/barbecue in enclosed areas – carbon monoxide could be produced.
- Make sure everyone knows to Stop, Drop and Roll in case a piece of clothing does catch fire. Call 911 or your local emergency number if a burn warrants serious medical attention.
Campfire Safety
- Build campfires where they will not spread, away from dry grass and leaves.
- Keep campfires small, and don’t let them get out of hand.
- Keep plenty of water and a shovel around to douse the fire when you’re done. Stir it and douse it again with water.
- Never leave campfires unattended.
Progressive Auto Insurance Announces Android Mobile App
July 1, 2010
Car insurance giant, Progressive insurance, announced the launch of their new mobile application based on Google’s Android operating system. According to ComScore, Android is the currently the fasted growing smartphone segment today. Other companies including GEICO and Travelers have already launched applications for Blackberry and I-phone smartphones. Progressive auto insurance however, claims to be the first insurance company to launch applications for Android based smartphones.
Existing Progressive customers can use the application to make payments, manage their claims, and locate local agencies. While new clients can compare rates for different cars and get quotes using the android insurance application. Progressive also added the ability to watch their TV commercials.
Matt Lehman, Progressive Auto’s Web experience director stated, “We’ve seen a 30 percent increase in visits to our mobile Web site by Android users over the past four months. Our Adnroid app is designed to simplify the mobile experience for this fast-growing group of customers.”
Based on their press release at Progressive.com, users can:
- Get car insurance quotes and buy a policy
- Make payments and update policy information
- Get directions to a local independent insurance agent
- Get directions to the closest service center, where customers receive Progressive’s concierge level of claims service
- Research crash test results and recall notices
- Calculate and budget for monthly car loan payments
- Compare the relative costs to insure different types of cars
- Report and track claims
- Watch Progressive’s latest TV commercials
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