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Dumb With Insurance

Some Basic Principals To Make Follow When Buying Insurance

Insurance Products You Should Be Aware Of:

  1. The Best Time to Buy Annuities
  2. What is a Fixed Annuity?
  3. What is a Life Insurance Annuity
  4. What is an Annuity?
  5. What is an Immediate Annuity

Insurance is one of the things we are all completely dumb with. Over greater than 3/4 of us pay almost quadruple the amount with will ever receive back from our insurance providers. That totally blows my mind!

The companies that provide insurance feed off of fear. They love terrible accident headlines. It just feeds our fear more. They hate the Internet, because they are no longer in control of the fear.

We all need to insure ourselves from uncertainty. There is no doubting that! While we do have to pay the suits for peace of mind, we can at least pay them as little as possible.

My advice here is simple do your homework. Insurance is one of those bills that never goes away. If you evaluate your options just once every two years, you could save yourself a bundle.

Here are some simple common sense tips to get better rates from providers:

1. Always ask for a higher deductible-

They will fight you on this and tell you things like, "What if the worst case scenario happens to you?" Don't buy into that! I'm sure if you destroy a car or a home, you can come up with a few extra hundred dollars. Hell you'll save a couple of hundred dollars if you don't destroy your car or home within 12 months of having the policy.

2. Drop Collision and Comprehensive Insurance On Old Cars-

It doesn't matter if the old clunker gets smashed up, if it is worth far less than the premiums you'll pay.

One thing to be careful of here though is to make sure you keep uninsured driver coverage. It costs about an extra $10.00 a month. About 8 years ago I was smashed into by a College kid who had no insurance. I asked them for the low book value to replace my car, no dice. I had to sue her parents who then realized their home owners policy would cover it. But, I was without any money from them for 16 months. Really I got lucky that they were some decent people. Some people really get screwed with this one.

If I would have had insured driver coverage, I would have had my money in days.

3. Eat up the low mileage discount-

If you have more than one car, the car that is more than likely to have the higher premium you should claim is only for work and you barely drive it. It will knock about 10% off for you. You may say "Well what if I get into an accident millions of miles away from my house? Will they claim I lied?" The short answer: No! They will just drop the discount from you for life.

Tips for lowering your car insurance rates.

  1. Shop around- I would recommend getting a minimum of at least 7 quotes.
  2. Buy a no frills car- The more the replacement costs, the greater your rate.
  3. Get an Alarm- Anti-theft features lower costs by 15% on average.
  4. Multi-Family Discounts- Talk to your relatives and organize a group of 5 parties or more for discounts from most National companies.
  5. Increase your deductible- The higher your deductible the lower your rate.
  6. Reduce coverage on old cars- Taking collision off an old beater will like pay for itself if you can get 12-18 months out of it.
  7. Take a defensive driving course- They cost about $30 and will save the average driver $100 per year. Maybe we should make this a DWM rule?
Thomas Bethel
I was always dumb with insurances, I got to admit. But I have learned my lessons well on them. And just a note, if you have an insurance, make sure you really got the best of it.
Thomas Bethel at at 08:13AM, 2011/07/18.
Dale Naylor
Thank you for a lot of people. A lot of people would really look for insurances coz they would really be of good use. It's just a matter of proper knowledge on getting the right ones.
Dale Naylor at at 08:49AM, 2011/07/18.
Frank
I know how insurance goes. Most of the ones I went through never worked out for me. Either it was too expensive or didn't insure enough. But I found one that worked and I'm doing great. :)
Frank at at 07:39PM, 2011/07/19.

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