Category Auto Insurance

Seven Insurance Policies That Aren’t Worth the Money

Insurance experts warn against bad insurance dealsInsurance isn’t meant for the little hassles in life, but for the big events that can derail you financially.

“Insurance is meant to protect against the really big stuff that rains down upon you,” insurance agent Alan Canton tells .

But even Canton, and a handful of other insurance agents spoke with, know that not all insurance policies are created equally. Here are seven policies they say aren’t worth the money:

“Mini-Med” Insurance

These “limited benefit” health insurance plans have been blasted by Congress for offering very little coverage to policyholders. Often, these policies are sold to people who can’t afford major medical insurance, such as part-time or migrant workers...

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More consumers seeking insurance deals and data online

online dataConsumers more often research an insurance company online and make a purchase at the website rather than make a call to talk with someone at the company.

Not surprising, since insurance salespeople have such a bad reputation for withholding full information or selling the product that will give them the best commission. And even if you feel more comfortable making your final purchase talking directly with a salesperson, you should do in-depth online research, including a full comparison of benefits, to form your final questions before purchase. Fortunately, there are more online resources to help you do so.
In the past, people have accepted a policy after talking with a salesperson and then had a certain amount of time — usually 30 days — to read the fine print...

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Got a Traffic Ticket? The Bump to Your Car Insurance May Not Be So Bad

speeding ticketWorried about what will happen to your car insurance premiums after you get caught committing a minor traffic violation? If you aren’t getting traffic tickets frequently, then the results of a new study by InsuranceQuotes.com — owned by Bankrate.com (RATE) — may ease your mind.

According to the study, in which drivers answered questions about their histories and premiums, most drivers, regardless of age, aren’t paying more for car insurance after getting a traffic ticket.

Only 31 percent of Americans who received a traffic ticket in the past five years saw their rates go up as a direct result. Of those 31 percent, most paid less than $100 more a year.

Younger drivers, ages 18 to 29, were more likely to have a higher increase after a ticket, and 41 percent said they paid more as a result of...

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Are Homeowners Better Drivers? Survey Finds Out

an insurance agent.

Shutterstock

Homeownership is often used as a factor in determining risk when setting auto insurance premiums. Even though the two aren’t directly related, there is an assumption that homeownership implies a higher level of responsible actions (assuming you pay your mortgage on time) and therefore that you pose a lower risk in other endeavors — including your driving habits.

Insurance.com undertook a survey to see if homeownership does indeed correlate to safer driving habits, as measured through the total number of claims filed. From 2012 to mid-2014, online questionnaires from 700,000 respondents were collected and analyzed by age group, home state, and homeownership status.

The results do show some correlation between homeownership and fewer filed claims, although the reasons are high...

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How to determine if you’re smartly insured

How to determine insurance needsWhen consumers buy insurance, they are guided by a “well, you never know philosophy.” That, according to experts, is a huge mistake.

Saving money can be as easy as making a phone call. “The number one way people waste money is simply not asking for all the credits that they could,” says Bill Wilson, associate vice president of education and research for the Independent Insurance Agents & Brokers of America.

For instance, most insurance companies offer discounts for customers who buy more than one type of coverage. There are also deals for good drivers and for teen drivers with good grades. People should periodically review their coverage to make sure they are getting the most value for their money. Here are a few of the most common mistakes.

Auto
Has your driving routine changed because...

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Flipping Classic Cars: What You Need to Know Before You Invest

Red old American car 1970?s 1960?s parked for sale gas guzzler fuel price

Alamy

Is investing in the classic car market the next big thing? If so, is it right for you?

With TV shows about finding, fixing and flipping classic vehicles all the rage right now, it’s no surprise that investors burned by the real estate crash who are looking for a new get-rich-quick scheme are finding this one: A classic car offers the lure of a hefty potential profit, with a far smaller outlay of capital than a house requires. But is it a good investment — something you should consider to help diversify your portfolio?

If you’re thinking about investing in a classic car, you don’t want to lose your shirt in the process. Here are some things to consider before you take possession of a pink slip:

Don’t Invest in a Classic Car on Impulse

“Never buy a classic car on a whim,” says Ryan G...

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Inside the Insurance Industry’s Secret Database About You

Tree which has fallen on the roof of a house. Caused by Hurricane Sandy.

J.R. Bale/Alamy

Q. Are you paying more for your homeowners and car insurance than you should?

A. Yes.

Q. Do you know why?

A. Probably not — in fact, we haven’t a clue.

And that’s just the problem. We haven’t a

Most Americans Are CLUE-less

This would appear to be the upshot of a new report out of InsuranceQuotes.com, a subsidiary of personal finance website Bankrate.com (RATE).

Says InsuranceQuotes.com (we’ll call them “IQ” for short), the insurance industry has a “‘Secret’ Report That Affects What You Pay for Insurance.” It’s called the “CLUE” report, which stands for “Comprehensive Loss Underwriting Exchange,” and essentially, it’s a database keeping track of every insurance move you make...

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Insurance Review: Are Your Policies Protecting You at the Right Price?

InsuranceHaving the right insurance policies in place can soften the blows from unexpected events that would otherwise mean financial catastrophe for you and your family. But if you’re like many people, you may not fully understand all the policies you have, let alone whether they’re adequate to meet your needs.

As part of your annual financial checkup, here are some tips to help you assess your current coverage and decide whether you need to make any changes.

Home Is Where the Risk Is

Homeowners insurance may protect you financially in the event of everything from natural disasters to household mishaps. But as millions of homeowners affected by Hurricane Sandy found out the hard way, standard homeowners insurance doesn’t protect you against every type of danger.

One of the most common mistakes peo...

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The most expensive (and cheapest) cars to insure

%image_alt%Perhaps unsurprisingly, the Porsche Carrera 911 GT2 two-dour coupe tops the list of the most expensive 2010 vehicles to insure, according to rankings released this week by Insure.com. The digg_url=’http://digg.com/autos/The_most_expensive_and_cheapest_cars_to_insure’;least expensive? The Mazda Tribute 2-wheel drive 4-door utility.

Published annually by Insure.com from data calculated by Quadrant Information Services, the rankings calculate the average premiums paid by customers from six large insurance carriers across 10 postal codes in each state.

Exciting cars to drive, such as the Porsche, cost much more to insure than your boring minivan...

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Lower your insurance costs with Kiplinger’s tips

%image_alt%Kiplinger.com, the website of , recently published a round-up of ways you can lower your insurance costs. While some are spot-on, others could actually cost you more under certain circumstances. Here’s a look at their advice. We’ve spotlighted five solid tips as well as a couple of additional ones that come with caveats.

Shop around. This is good advice for any type of insurance. If you’ve had the same policy for years, see if another insurer can match or beat the cost. If you’ve incurred any new expenses (such as adding a teenage driver or an inground pool), definitely shop around. While you’ve got that policy out, take a look and see if it still meets your needs. You might discover that you were over-insured.

Ask for discounts. For car insurance in particular, this is a biggie...

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