Category: Personal

Teenagers are expensive. Parents pay for their cell phones, sports activities, video games, and when a teen starts driving, parents pay their car insurance. Car insurance is very expensive for teenagers due to their lack of experience on the road. Statistics show that teenagers are involved in a higher number of accidents with fatal or critical injuries than more experienced older drivers. Here are a few ways you may be able to decrease the cost of auto insurance for teen drivers.

• Check for a good student discount. In the eyes of an insurance company, teenagers who do well in school appear more responsible. Keep in mind that a good student doesn’t mean an honor student. Each insurance company has its own definition of a good student. Your teen may still qualify even if he isn’t at the top of his class. You can also enroll your teen in a driver’s education course, even if it is not mandatory in your state. Find out from your insurance company if a driver’s education course will affect the insurance premiums.
• Choose an older model car for your teenager. Teens are naturally attracted to shiny new sports cars, but the insurance costs on sports cars are astronomical. The insurance cost is tied to the horsepower rating of the car as well as the theft rate. Older cars also have a lower book value which in turn reduces the insurance premium.
• Consider raising your deductible. A higher deductible means lower monthly premiums. You can always save the difference in a special account in case you need to draw on it to pay the deductible later in case of an accident or fender bender.

In summary, always be proactive when adding a new driver to your existing insurance policy. Ask questions and do your own research. Discounts are out there if you know where to look.

To paraphrase President Barack Obama, if you are still feeling the effects of the economic recession, then the recession is not over for you. And chances are good that you may be among those who are still trying to pinch every penny and save money wherever and whenever they can. But have you thought about saving on your car insurance? Car insurance premiums represent a significant chunk of your income each year, so it only makes sense that you should make sure that you are not paying too much for necessary coverage. If you are not getting some of these car insurance discounts, then you are likely paying more than you should:

Safe driver who obeys traffic laws? Discount! The number one determining factor when your car insurance premiums are being calculated is your driving history and the driving history of other drivers on your policy. In fact, many insurers appreciate a good driver that they are willing to knock ten percent off the cost of your insurance for having a clean driving record. Now that’s significant!

Are you an older driver? Discount! Drivers over fifty are often eligible for many discounts on their car insurance. More and more companies are rewarding older drivers for their experience behind the wheel.

Have you taken a defensive driving course? Discount! Defensive driving courses can help you to become a better, safer driver, and your car insurance company knows this. If you can provide proof of taking a qualified defensive driving course, you can score additional savings.

Is your teen driver on the honor roll at her school? Discount! Students who make good grades may be eligible for a discount, as can those students who take a driver’s education course. It pays to be smart!

Is your car equipped with special features? Discount! Airbags, daytime running lights, anti-lock brakes and anti-theft devices are just some of the equipment that might qualify you for savings.

Compare Auto Insurance Rates and Save Even More

Other than qualifying for discounts on your car insurance, you can also reduce the cost of your car insurance by comparing rates with top companies. The quickest and most efficient way to compare rates is to contact a professional insurance agent. Many drivers find that they are able to save thirty percent or more off the cost of car insurance if it’s been a while since their last review.

Most consumers will usually put forth a great deal of effort and time into searching out the best price for their new car. After all, the majority of America will have a budget for any large ticket purchase. One common mistake that consumers make when budgeting for a new car is only comparing what they can afford with the sticker price or loan payment for the car.

If cost is an issue, especially if choosing a car on the highest end of one’s budget, then it’s vital to factor in how much insurance will cost on the new car. It’s important to remember that car insurance prices will vary based on several car factors: sticker price, safety features, cost of repair, vehicle specific features, and high vs. low profile of vehicle.

Sticker Price

The greater the sticker price of a new or used car is, the more expensive it will be for an insurance company to replace it in the event of an accident. Therefore, the more expensive a car is, the more expensive the insurance will be for it. The added cost of insurance must be factored in to know if a car is truly affordable.

Safety Features

Safety features can have a big impact on car insurance. Features such as anti-lock brakes, airbags, automatic seatbelts, traction control, and airbags are statically proven to greatly reduce the number of accidents and /or injuries that occur while driving a car. The overall safety, class safety rating, and “crashworthiness” of a vehicle is also a factor. Certain states mandate that a discount be given for vehicles with certain safety features. So, be sure and check the safety rating for the car and applicable state law. Five stars indicate the highest safety rating and one star the lowest. 

Repair Cost

The cost to repair the car is another factor that will influence insurance cost. The more expensive a car is, the more expensive the parts will be in the event it ever needs a replaced or repaired part. Then, there are certain brands of cars that usually require a dealership or specialty mechanic for even the simplest repair. These cars usually require brand-specific tools and diagnostic equipment. All of this will result in higher insurance rates.

Car Specific Features

There are certain car features that will impact insurance cost. Hard top vs. soft top, number of doors, and size of engine would be feature examples. As a general rule, domestic cars and minivans are some of the less expensive types of vehicles to insure.

Profile

Some cars are easier to steal and more valuable to car thieves than others. These “high profile” cars are considered magnets for auto theft, and therefore more expensive to insure. Crime databases and local insurance agents can apprise buyers of what cars are considered high profile for their area.

All of the above influences on car insurance can dramatically increase the bottom line cost of acquiring a new car, as they can alter car insurance from a few dollars to several hundred dollars. It’s vital to seek an insurance estimate before deciding if a car is a good deal.

According to a fire loss study done by the National Fire Protection Association, house fires accounted for 75% of all structural fires in the United States. There’s about 400,000 residential property fires in the U.S. each year, and these residential fires account for over 3,700 human fatalities each year. Even when all other natural disasters are combined, fires still typically claim more American lives per year.

Considering the cost, frequency, and loss of life related to residential fires, it’s important for homeowners to have loss control measures in place. A fire extinguisher may seem like a simple item, but when properly selected, placed, and maintained, a fire extinguisher can be a powerful tool to prevent widespread fire loss. The best thing is that a fire extinguisher is a relatively cheap investment, as prices start at around $20.00.

It’s important to become familiar with the different classes of fire extinguishers. There are five classes, with each class based on what type of fire the extinguisher is capable of extinguishing. The five extinguisher classes are marked with a class specific color, geometric symbol, and/or picture.

Class A Fire Extinguisher

Color – green

Geometric symbol – triangle

Picture – burning garbage can and woodpile

This class of fire extinguisher is intended to be used on ordinary solid combustibles. These types of fires might involve cloth, wood, rubber, paper, or certain types of plastic.

Class B Fire Extinguisher

Color – red

Geometric symbol – square

Picture – container of fuel and burning puddle

This class of fire extinguisher is intended to be used on flammable liquids and gasses. These types of fires might involve lacquers, gasoline, alcohol, diesel oil, oil-based paints, or flammable gas.

Class C Fire Extinguishers

Color – blue

Geometric symbol – circle

Picture – burning outlet and electric cord plug

This class of fire extinguisher is intended to be used on energized electrical equipment. It would be used for fires that involve an appliance, electrical wiring, circuit breaker, or electrical outlet.

Class D Fire Extinguisher

Color – yellow

Geometric symbol – star or decagon

Picture – burning bearing and gear

This class of fire extinguisher is intended to be used on combustible metals. These fires might involve magnesium, potassium, sodium, or titanium. It’s important to note that some Class D fire extinguishers will work on multiple metal types, but others are metal specific.

Class K Fire Extinguisher

Color – black

Geometric symbol – hexagon

Picture – burning pan

This class of fire extinguisher is intended to be used on combustible cooking fires. It can be used to put out fires from cooking oils and fats.

Fire Extinguisher Tips

*Fire extinguishers are important fire protection tools. However, it’s vital to know the fire type and extinguisher class before attempting usage. Using the wrong extinguisher on the wrong fire can make the fire worse and cause life threatening injury.

*It’s extremely important for all members of the household, babysitters, housekeepers, and any other potential user to know how to safely and correctly use the fire extinguisher. Since most will not be using an extinguisher on a regular basis, it’s also important to periodically review the instructions.

*Because fires may often involve a combination of elements, most fire protection experts recommend a fire extinguisher with an ABC rating.

*Fire protection experts recommend that a medium-sized fire extinguisher be placed in the kitchen and garage. A fire extinguisher should also be placed on each additional floor of the home.

*All fire extinguishers should be annually inspected and maintained by a professional fire equipment supplier. If not properly maintained, a fire extinguisher might not discharge when needed. There’s also the risk of it rupturing when pressurized, which can result in serious injury.

* Having fire extinguishers in the home may reduce the cost of home insurance. Contact the insurance broker for the home to find out if a discount for fire loss prevention measures is offered.

 

Keep in mind that fire extinguishers are vital protection against fire loss, but they must be properly selected, placed, and maintained.

Before heading out for a week-end trip on beautiful, crisp autumn day, be aware that October, November, and December are the three months with the highest number of deer-vehicle collisions. These are the months when deer are both migrating and mating, making them more active and more likely to end up in the path of a coming car. Additionally, deer populations are getting larger, while at the same time, their habitats are being displaced by urban sprawl.

An October 2010 press release from State Farm notes that while the number of miles driven by motorists in the U.S. over the past five years has increased by only 2 percent, the number of deer-vehicle collisions has grown by ten times that amount. Based on claims data, it is estimated that 2.3 million deer-vehicle collisions have occurred in the U.S. during the two year period ending June 30, 2010. That figure represents 21.1 percent more accidents involving deer than 5 years earlier.

To put the numbers into perspective, during the time it takes you to read this paragraph, a collision between a deer and vehicle will likely have taken place. (They are most likely during the last three months of the year and in the early evening.)

According to the Insurance Institute for Highway Safety, deer-vehicle collisions in the U.S. cause approximately 200 fatalities each year, with an average damage to a car or truck around $3,100. And the accidents have a geographic component as well, with some states being far more dangerous than others when it comes to deer.

By evaluating the overall number of reported collisions in each state and weighing them by the total number of licensed drivers, a few states clearly led the list of deer-vehicle collisions. For the fourth year in a row, West Virginia tops the list of states where a driver is most likely to collide with a deer. The odds: 1 in 42.  Iowa is second on the list at 1 in 67, following by Michigan at 1 in 70. The state in which deer-vehicle collisions are least likely is still Hawaii, with the odds of deer strike being 1 in 13,011.

 Avoid Deer Collisions while Driving

If you are driving through a high-risk state, there are steps you can take to minimize your risk:

* Be aware of posted deer crossing signs. These are placed in active deer crossing areas.

* Remember that deer are most active between 6 p.m. and 9 p.m.

* Use high beam headlamps as much as possible at night to illuminate the areas from which deer will enter roadways.

* Be aware that deer generally travel in herds Д± if you see one, there is a strong possibility others are nearby.

* Do not rely on car-mounted deer whistles.

* If a deer collision seems inevitable, trying to swerve out of the way could make you lose control of your vehicle or move into the path of an oncoming car

 Where does your state rank?

 Here’s a list, from the highest risk to the least:

West Virginia: 1 in 41.91

Iowa: 1 in 67.09

Michigan: 1 in 70.36

South Dakota: 1 in 75.81

Montana: 1 in 82.45

Pennsylvania: 1 in 84.63

North Dakota: 1 in 91.11

Wisconsin: 1 in 95.68

Arkansas: 1 in 99.24

Minnesota: 1 in 99.51

Virginia:1 in 101.97

Nebraska: 1 in 110.60

Wyoming: 1 in 114.49

Maryland: 1 in 118.75

Ohio: 1 in 121.09

Mississippi: 1 in 131.35

Missouri: 1 in 133.88

South Carolina: 1 in 137.21

New York: 1 in 145.45

North Carolina: 1 in 147.27

Delaware: 1 in 149.86

Georgia: 1 in 149.88

Alabama: 1 in 150.32

Indiana: 1 in 159.61

Kentucky: 1 in 161.12

Vermont: 1 in 170.28

Kansas: 1 in 172.12

New Jersey: 1 in 182.75

Maine: 1 in 215.48

Tennessee: 1 in 217.83

Illinois: 1 in 218.45

Oklahoma: 1 in 245.35

Idaho: 1 in 249.18

Utah: 1 in 266.43

Oregon: 1 in 286.53

Louisiana: 1 in 288.45

New Hampshire: 1 in 299.49

Connecticut: 1 in 320.37

Rhode Island: 1 in 345.34

Colorado: 1 in 365.72

Alaska: 1 in 385.27

Texas: 1 in 399.97

Massachusetts: 1 in 452.34

Washington: 1 in 474.46

New Mexico: 1 in 606.78

District of Columbia: 1 in 747.47

Florida: 1 in 971.47

California: 1 in 1045.61

Nevada: 1 in 1,488.08

Arizona: 1 in 1,788.47

Hawaii: 1 in 13,011.28

What do you buy for that special someone when you can’t think of anything else? With increasing frequency these days, the answer is a gift card. The National Retail Federation has reported that Americans spend more than $26 billion on gift cards during the holiday shopping season, and the average consumer spends more than $120. The reasons are simple — gift cards are easy to purchase, never come in the wrong size or color, and the recipient is guaranteed to get an item she wants with it. Like anything else of value, however, they come with risks. Some have fees attached to them, and some expire if the owner does not use them within a certain period of time. They are also vulnerable to theft, disappearance and destruction. If your gift cards are stolen during a burglary or burn up during a house fire, will a homeowner’s insurance policy reimburse you for them?

The standard homeowner’s policy provides partial coverage for gift cards. It limits coverage for money, bank notes, coins, “stored value cards,” smart cards and similar cash-like items to $200 for all property in that category. Also, the policy covers personal property, including cash and similar items, only for a list of 16 causes of loss. The list includes such causes as fire or lighting, windstorm or hail, explosion, smoke, vehicles, theft, vandalism, weight of ice, snow or sleet, and others. The policy provides no coverage if a cause that is not on the list is responsible for the loss.

A few examples will illustrate how this works.

Joe receives a $50 gift card for an electronics store for his birthday and leaves it in his living room with his other gifts while he goes out to celebrate. Someone breaks into his home and makes off with all the gifts. His policy will provide full coverage for the clothes, DVD’s and workout gear he got and the full $50 for the gift card. This is because the value of everything in that category of cash-like items was less than $200.

Joe’s family can’t think of a thing to get him for Christmas, so he gets a sweater and a pile of gift cards to various electronics and sporting goods stores and coffee shops. He feigns enthusiasm for the cards and leaves everything under the tree when he goes out to visit friends that night. Unfortunately, he has forgotten to water the tree for two weeks; an exposed tree light wire ignites it. The resulting fire cooks his downstairs. The policy covers the damage to the home and contents, but it pays only the $200 maximum for the $300 worth of gift cards.

Next year, Joe’s gift cards survive Christmas Day and, because he enjoys being stuck in traffic jams, he goes to the mall the day after the holiday to use them. However, when he steps up to a cash register with a Blu-Ray player under his arm, he cannot find any of the cards. He searches his car, every pocket in his coat, pants and shirt, and every place he went to in the mall, but he never finds the missing cards. Unfortunately, because disappearance is not one of the causes of loss listed on the policy, his insurance will not pay anything for them.

Some insurance companies may offer to increase the amount of coverage and the covered causes of loss for these items, so check with a professional insurance agent to identify those companies and find out the cost. For a small amount of money, you may be able protect yourself against the loss of these common gifts.

As far as vehicle trouble goes, personal safety must remain the primary concern when your car breaks down away from home. In such a stressful and helpless time, it’s easy to embrace a stranger as a Good Samaritan. However, that isn’t always the case. One well-documented example of stranger danger is when Bill Cosby’s son, Ennis Cosby, had a flat tire on Interstate 405. After pulling his Mercedes over to change the flat, he was approached by a stranger that he assumed was approaching with an intent to help him. Instead, the stranger demanded money from Ennis, and then shot him in the head and fled.

The above tragedy should serve as a reminder that, no matter what the circumstances, personal safety must be forefront. Here are some safety tips for vehicle trouble away on the roadway:

Remember to always travel with a fully charged cell phone, especially if traveling long distances or in an unreliable vehicle. Even if your vehicle has an emergency system, such as OnStar, it’s prudent to travel with a cellphone to alert family or friends that you’ve had vehicle trouble.

Never exit, examine the damage, or attempt any vehicle repair on the side of a roadway with a high traffic volume or traffic traveling at high speeds. Whatever the damage, it isn’t worth the risk of being struck by a passing vehicle.

If possible, move the vehicle to an area away from the roadway before getting out. When a vehicle isn’t drivable, lock the doors and call for help.

If another driver is involved, such as in a vehicle accident, motion for the other driver to accompany you to a safer spot before calling the authorities or exchanging personal information. When possible, try to find an area that isn’t busy with traffic, but that is still populated.

Turn on the hazard lights to alert other drivers that you have a problem. If the car is in a safe place, you may exit the vehicle to further mark the vehicle location and alert other drivers to a motionless vehicle with reflecting triangles or roadside flares.

It might damage the rim, but go ahead and drive the vehicle to a safe location before trying to change a flat tire. Any damage to the tire or rim can be fixed, whereas the probability of you being fixed after a high speed car strikes you isn’t so good.

In the event that a stranger approaches or offers assistance, return to safety of your vehicle. Don’t roll the window down or exit the vehicle. If you don’t personally know the person, yell to them that you have assistance coming and politely refuse their assistance.

Due to the fact that condominium coverage must be properly coordinated with the condominium association’s master policy, making sure that you have the proper amount of insurance on your condo is often much more difficult than run-of-the-mill coverage on a single-family dwelling. In order to avoid catastrophe, you should do a routine periodic condominium coverage checkup with your insurance agent.

At this time your agent will look for ways to ensure that you avoid any substantial coverage gaps and improve your coverage protection where needed. Here are some key points about what to expect during your condominium coverage checkup:

* Before visiting your insurance agent, ask your condo association for a copy of the declaration document that indicates the coverage you (the unit-owner) should be insuring yourself.

* You should help your insurance agent evaluate the appropriate property insurance limit for your specific condo. If you’ve done remodeling work, for example, then your unit-owner policy dwelling limits may not be sufficient and any damage incurred to your updates wouldn’t be covered under your master policy.

* The chance of assessments (from the association to you) in order to reimburse any deductibles the association incurs from a loss covered by the master policy is also an important consideration. This is a situation that can be very problematic for you if the assessment is from high property deductibles within the condo association’s master policy. The amount of the deductible can be found in the declaration document mentioned above. Most policies usually provide a limited amount of coverage for the assessment. If this is your case and there’s a possibility that you’ll be assessed over the assessment coverage limit, then you can probably increase that amount of coverage for your assessment.

* Your insurance agent will look for coverage gaps in the perils covered under your unit-owner policy and help you decide if the perils should be expanded.

* One last important element to review under your unit-owner policy is your personal property or content limit. Inform your agent of all big-ticket purchases that you’ve made since your last review, as your limit may need to be increased to provide adequate coverage.

Due to the fact that condominium coverage must be properly coordinated with the condominium association’s master policy, making sure that you have the proper amount of insurance on your condo is often much more difficult than run-of-the-mill coverage on a single-family dwelling. In order to avoid catastrophe, you should do a routine periodic condominium coverage checkup with your insurance agent.

At this time your agent will look for ways to ensure that you avoid any substantial coverage gaps and improve your coverage protection where needed. Here are some key points about what to expect during your condominium coverage checkup:

* Before visiting your insurance agent, ask your condo association for a copy of the declaration document that indicates the coverage you (the unit-owner) should be insuring yourself.

* You should help your insurance agent evaluate the appropriate property insurance limit for your specific condo. If you’ve done remodeling work, for example, then your unit-owner policy dwelling limits may not be sufficient and any damage incurred to your updates wouldn’t be covered under your master policy.

* The chance of assessments (from the association to you) in order to reimburse any deductibles the association incurs from a loss covered by the master policy is also an important consideration. This is a situation that can be very problematic for you if the assessment is from high property deductibles within the condo association’s master policy. The amount of the deductible can be found in the declaration document mentioned above. Most policies usually provide a limited amount of coverage for the assessment. If this is your case and there’s a possibility that you’ll be assessed over the assessment coverage limit, then you can probably increase that amount of coverage for your assessment.

* Your insurance agent will look for coverage gaps in the perils covered under your unit-owner policy and help you decide if the perils should be expanded.

* One last important element to review under your unit-owner policy is your personal property or content limit. Inform your agent of all big-ticket purchases that you’ve made since your last review, as your limit may need to be increased to provide adequate coverage.

What do holidays, special occasions, and inheritances often have in common? If you guessed the acquisition of a new possession, then you’d be right. While excited about your new big-screen, appliance, jewelry, antique, art, or other valuable item, you need to be mindful that acquiring such also increases the monetary value of your home contents. Your homeowner’s insurance should be updated to adjust for additions that add significant value. Here are four steps that can help you ensure your most valuable items are covered:

Home Inventory

Go through your home periodically and take note of the most valuable items, as these are the items you want to ensure are insured against damage or loss from events like theft or fire. For most, these items usually consist of electronics, jewelry, art, antiques, collectibles, appliances, and rare items. If an item would be hard or impossible for you to replace, then it should be included. Also keep in mind that standard policies usually limit firearm coverage since they are commonly targeted by thieves.

Home Inventory Appraisal

Some items are more difficult than others to give a value, especially antique or sentimental items. A professional appraisal can be very helpful in finding out the true value of an item. It’s also very useful in estate planning.

Home Inventory Documentation

Any item on your home inventory list should be visually documented with a camera or video camera. This will speed up the claim process. Make sure the shots are clear and show the details of the item. It’s also a good idea to get a wide shot of each wall in every room of your home. You may store the photos or tape in a safe deposit box and/or upload them to an online photo storage site like Flicker or Photobucket.

Coverage Examination

Many homeowners have no idea what’s covered by their homeowner’s insurance until disaster strikes and they’re trying to submit a claim. Don’t leave yourself in the dark and compound emotional loss with financial loss. You may very well find yourself trying to replace expensive items out of your own pocket.

Make sure that you carefully examine your homeowner’s insurance policy so that you don’t suddenly discover a loss isn’t covered. You should pay close attention to any category that contains exclusions or limits losses to a specific dollar amount. You’ve already done an inventory and appraisal. Now, it’s time to compare the value of the items on your inventory list to your existing coverage. You should make sure that the coverage is suffice to compensate you should you suffer a theft or disaster-related loss. If you note any discrepancies or have any questions or concerns, then you should schedule a policy review with your insurance agent.