Category Archives: Insurance

Factors Impacting your Car Insurance Rate

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By Dr. Kavita

Car insurance companies use a lot of factors to find out how much of insurance premiums should be collected from customers. The best part about these factors is that most of them can be modified and controlled by the consumers themselves, so basically it is like being able to control how much premiums you should be paying on your car insurance.

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Extent of cover and deductible amount

You must be already aware that you will have to pay more towards premiums if you opt for a lower deductible amount on your car insurance and vice versa. Also there are options available for you to decide if you want to add extra coverage or not, that may not be deemed compulsory by you State laws.

Your car model and brand

It is common knowledge that not all cars are created equal. Some models are better than others and some brands have more value and credibility when compared to other brands in the market. All these factors can decide the premium amount of your car insurance as well.

So if your car insurance company thinks that the model and brand of the car that you drive is eligible for a discount because of its comparatively lesser risk of getting involved in damages, injury to the occupants and so on, then you will be charged lesser. But on the other hand, if your brand is devalued by the insurance company because of its sketchy history of being more susceptible to damage and occupant injury, then you will have to pay more to offset the high risk

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Miles used by your car

This is another common sense factor that everyone can relate to. The more distance that your car has run, more are the chance of developing repairs and damage in the near future. The insurance company has to foresee this risk and expenses that are possibly coming up for claim and that is why they will decide to charge you more for your premiums.

Your address

We may not want to accept this fact openly, but not all localities and neighborhoods are the same when it comes to safety. Some areas and neighborhoods are notorious for thefts and acts of vandalism by the local goons, while other areas are comparatively peaceful and safer.

If your choice of a home address has been wrong, then you will have to pay more to compensate for this mistake of yours.

Your driving record

If you are considered to be a risky driver who has caused more than a few accidents during your driving history, then you will be charged more for your car insurance premiums. If you have managed to drive safely without bringing even a single blemish on your history, then you can confidently look forward to discounted and lesser premium rates on your car insurance. So it definitely pays to drive safely!

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Cut your Insurance Bill in Three Easy Steps

By Dr. Kavita

I am yet to meet someone who likes to pay more to insurance companies. Considering that we all have a universal aversion to paying more towards our insurance bills, we have to devise efficient ways to cut back our insurance bills.

Here are three easy steps that will lead towards a cheaper insurance for every one of us:

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Bundle up all your insurance providers into one

It makes no sense, at last financially to have several different insurance providers to cover health, life, auto and home insurances for you. Instead, if you opt for a single service provider who has all these types of insurances on offer, then you can save a lot of money simply because of bundling up all your insurance with one provider.

But let me present a small suggestion at this point. Before you choose an insurance provider to bundle all your insurance needs with, just look around and compare the deals on offer. See which is the best insurance company that gives you the best deal, then you can jump to this insurance provider. Instead of blindly choosing one provider, use the one which provides the cheapest combo deal.

Higher deductibles

Higher deductibles seem scary at first impression. Well, that is normal and probably that is because it contains the word ‘higher’ in it. If you get over your initial fear and do your math, choosing a higher deductible will actually prove to be a cheaper deal to you over time.

Choosing a high deductible means that you agree to pay a higher amount when you put in your insurance claim. As you may already know, deductibles are supposed to be prepaid before you can demand to get your insurance claim amount settled in your favor. Just by agreeing to pay a higher amount towards this deductible will lower your insurance premium rates and thus lead to lower bills each month / year for you.

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See if you qualify for any kind of discounts

Some of the insurance discounts are quite easy to qualify for like you are a non-smoker, or you have installed burglar alarms in your home, you are over fifty and so on. Just find out what kind of discounts you qualify for and then call up your insurance company to intimate them about it. If they are assured about your qualification, they will gladly offer the discounts to you.

Another way to claim discounts is by taking advantage of your existing membership in certain clubs and organizations that are on the preferred list of your insurance provider company.

These are three very easy steps to cut your insurance bill by a considerable amount and these tips work for all kinds of insurance.

Click here to compare insurance offers and cut your bill significantly. Save 100s.

How To Lower Your Car Insurance Premium

By Dr. Kavita

There is no single magic key to open up a car insurance with lower premium rates. Each of the car insurance companies has a different way of assessing the risks and factors affecting their insurance premium rates and hence it becomes necessary to look and probe around in order to find some cheaper insurance deals.

While not all of these tips mentioned here will work for everyone, but there sure is something for every one of us to try out. Some of the situations or conditions that contribute towards lowering your car insurance premiums are described below:

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You put more candles on your birthday cake

Age is a single factor that can provide you with some discounts on your car insurance premium rates. Just by celebrating your 21st and 25th birthdays, you become entitled to receive discounted premium rates.

Your credit score is better off now

If you are one of the lucky few who have a credit score that has improved over time and is actually now much better than before, then you can expect to see lower rates on your car insurance premiums. The explanation is simple. You are now considered as a lower risk customer and the insurance company wants to reward you with a lower premium rate.

You just tied the knot

Not all of the car insurance companies do so, but a few of them do consider a married person to be less risky than a bachelor. So if your latest records show that you have got hitched, then you might be rewarded with a pleasant discount in your premium rates.

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You completed graduation

Some of the car insurance companies like to favor alumni of certain Universities and colleges and provide a discounted rate for them. You can check out if your University from where you just graduated out qualifies for a discounted rate.

At the same time, there is a general tendency among the insurance service providers to consider a graduate to be at a lower financial risk than a non graduate. So even if your University is not on he list of favored customers, you still will find a discount for the simple reason that you successfully graduated out of college.

Your miles driven record shows a smaller amount

The logic behind considering miles driven by a car driver in calculating the premium rates is that more the car is out on the roads, more are the chances of it getting involved in an accident or more is its exposure to risk. So if your records indicate that you have a smaller amount of miles driven by your car, then you automatically qualify for a lower rate.

You shifted house

You might already be aware that your geographical location affects your car insurance rates. If you are lucky enough to have shifted home to a State where the car insurance rates are lower, you will be charged less.

If any of these situations have arisen in your life, you should intimate the car insurance company and get the discounts that you rightly qualify for.

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How To Lower Your Health Insurance Premium

By Dr. Kavita

People are often stuck with their health insurance plans, despite having to pay through their noses. The major thought underlying this attitude is that health is a matter of great concern and it is better not to try and opt for cheaper health insurance as it may not offer quality health coverage.

But lower health insurance premiums do not always mean cheap or low quality health coverage. Rather it is because you are not trying to change your current expensive health plan that you are not finding any good offers. You can get good quality health coverage while having to pay lower premiums if you follow the tips described below to arrest increase in health insurance premiums:

Click here to compare health insurance plans and save 100s. Free comparison tools.

Re-assess your health insurance needs

Health and medical needs change over time and often health insurance cost increases. Maybe your current health is better than before and you do not need an expensive coverage any more. Or maybe your children have grown up in the meantime and they do not need frequent visits to the doctors any more. Assess all these factors before deciding to continue with the existing and expensive health insurance plan.

Check what your insurance is charging you for

This tip is especially relevant if you have medical coverage through group medical insurance at work. There could be various factors that have been tied in to the group coverage that might be redundant for many of the employees. Check the factors that are tied to your group health insurance and if there are some of them that can be opted out of, then approach your colleagues and get their opinions about them too.

If all of you are able to reach a mutual agreement about removing some of the factors, then it will definitely lead to mass savings on premiums for all of you.

Click here to compare health insurance plans and save 100s. Free comparison tools.

Will Catastrophic I plan work for you?

Catastrophic I plan is a medical coverage plan that pays only for emergency medical services and hospital stay. Since this is a limited coverage plan, you will have to be sure that you can manage the costs of the regular health visits to your doctor as they will not be paid by the health insurance company. The deductibles are higher here to the tune of $1,000 for individuals and $2,000 for families, but the premiums are far lesser.

Try opting for combined health insurance with your spouse

Group health insurance may not be very economical for every one of us. If your spouse too has group insurance at work, then you should calculate which of the two is cheaper and if your spouse’s plan appears to be more economical, then you can combine your insurance with that of your spouse.

Keep both your eyes and ears open for better insurance deals that keep popping up with regularity. As soon as you find a plan with lower premiums and good quality coverage, change to the better plan.

Click here to compare health insurance plans and save 100s. Free comparison tools.

Obtaining Health Insurance When You Are Self Employed

By Dr. Kavita

Being self employed may seem like  a dream come true because you need not be answerable to anyone and do not have a boss to boss you around. But after you settle down after the initial euphoria, reality dawns and it suddenly strikes you that you now have to arrange for your own health insurance. And doing that is not an easy nut to crack.

But don’t worry, I have put together four ways to find health insurance when you are self employed and on your own:

Click here to compare insurance plans and save 100s. Free comparison and quotes from multiple providers. Save on health, life, car/auto, business, and more.

Get on your spouse’s health insurance plan

Spouses are meant to be there during both good and bad times, especially when you need support. The best and the first option for you is to try and get on your spouse’s health insurance plan because this is also the cheapest option for you at this moment. But you need to have the good fortune of having a spouse who is enrolled in a health insurance plan sponsored by his/her employer to get this benefit. On second thoughts, you actually need to have a spouse before you can think of this option.

Click here to compare insurance plans and save 100s. Free comparison and quotes from multiple providers. Save on health, life, car/auto, business, and more.

Start an HSA account

This actually is not an insurance cover per se, but it goes a long way in covering your health care expenses. HSA or health savings account is a personal account, which allows you to set aside certain amount of money each month. The best part about this kind of savings is that it comes with a lot of tax benefits. If you use this money to fund a qualified medical treatment procedure, then you will not be charged any tax on that amount. You can also deduct tax for the amount of money that you are contributing in to this account.

Another advantage with the HSA is that you can also use it to fund your health insurance premiums in case you opt to buy one at a later date.

Try group or association health insurance plans

You can try using any of your groups or associations that you are a member of, in order to get group coverage for your health insurance. The best part about group coverage is that you will not be denied insurance cover in case you have a health condition. There are so many groups that you can try getting coverage with like your college alumni group or maybe your local chamber of commerce. The best option to search for groups is to approach the National Association for the Self-employed.

Individual health insurance plans

These work only if you are hale and hearty and have no health disorders at the time of buying the insurance. Pre-existing medical disorders are a strict “no no” for this kind of insurance. But as government regulations change and advance, rules may loosen on this front.

Other than finding ways to insure yourself, you should also be aware that self employed people qualify for tax breaks for the money spent on health expenses.

Click here to compare insurance plans and save 100s. Free comparison and quotes from multiple providers. Save on health, life, car/auto, business, and more.

Insurance Fraud: Three Tips To Protect Yourself

By Dr. Kavita

There is no dearth of fraudsters these days and each new day brings in a new case of fraud that was committed somewhere on the globe. Insurance fraud is probably one of the highest rankers in the category of scam-like operations.

Click here to compare insurance plans and save. Save on home, health, life, car/auto, business, and other forms of insurance. Review rates online, get a free quote, and find out the benefits of a new policy.

Insurance fraud is on the rise

Statistics reveal that fraudsters have not left the insurance niche alone in their attempts at conning people. The usual type of insurance frauds is centered on bogus premiums. People are tricked in to buying insurance and the premiums they pay are then siphoned off in to the fraudster’s account. The unsuspecting customer keeps on paying the premiums on time and finally when there is a claim, he/she is shocked to know that none of the premiums were paid.

Whatever be the mode of fraud conducted, it is necessary for you to protect yourself from such attempts. How can you protect yourself? Here are three tips that answer this question for you:

Get familiar with the insurance company or you will succumb to insurance fraud

You have to put on your detective glasses when you deal with any financial transactions online. Now that insurance frauds are so common, it always helps to enquire thoroughly about the company that has approached you with their insurance plans and offers, before you sign up and pay the premiums.

A good rule of thumb is that anything that is too good to be true usually is a sign of trouble. If you have been approached by a certain insurance company with a great offer, research the whereabouts of that company online. If you cannot find any proof of their license or affiliation with the State Insurance Department, then you ought to back away before it is too late.

Click here to compare insurance plans and save. Save on home, health, life, car/auto, business, and other forms of insurance. Review rates online, get a free quote, and find out the benefits of a new policy.

Ask for proper receipts and proofs to avoid fraud

You should not pay a single cent without first asking for documentary proof and receipt. A fraudster will not be able to furnish a legitimate receipt or any documents related to the insurance company in question.

All the insurance statements ought to come from the insurance company and not from the agent or his / her firm. If such a thing happens it is the first indication of fishy business going on.

Never deal with unknown or strange insurance agents

You should always ask for one or two references before you deal with an insurance agent. Also make sure that you never ever make any payments in cash or check to the agent. All payments should always be addressed to the insurance company.

Do not sign on any form that is incompletely filled. Usually these forms are presented with a false claim that the agent will fill in the necessary details at a later date. The agent who has an intention of conning you will fill in such details on the form that make stealing from your money, quite easy for him/her.

Click here to compare insurance plans and save. Save on home, health, life, car/auto, business, and other forms of insurance. Review rates online, get a free quote, and find out the benefits of a new policy.

Cheap Insurance Rates: Easy Ways To Negotiate A Reduction

I don’t know about you, but I love bargains. There is an indescribable joy in getting the price reduced after exercising your negotiation skills. With insurance premiums shooting upwards each year, it is high time that we discussed tangible ways to negotiate a reduction.

Here are some easy ways to flex your negotiation muscles:

Safety goes a long way toward reducing your insurance premium

Let us suppose that you are looking to negotiate the premium rates for your home owners insurance. If you look at the situation from the insurance company’s point of view, you will easily understand that the more secure your home, car, business, or any other asset is, the less likely you will be to claim insurance for theft, accidents or fire. So, beat the insurance company at its own game by installing safety measures like fire alarms, burglar alarms, car safety devices, and other common sense safety measures. Highlight this point while discussing a reduction. You will be pleasantly surprised to see that this tactic works, more often than you know.

Consolidate your insurance policies

If you are like any of the other million citizens of this country, you probably have at least three insurance companies to manage your different insurance needs like car insurance, health insurance and home insurance.

Most of the popular insurance companies provide comprehensive insurance coverage and it is in your best interests to consider a consolidation. If you can choose just one insurance service provider and assign all the different types of your insurance needs to this one company, you will be in a better position to negotiate for discounted rates and qualify for great deals.

Choose a higher deductible

This helps in a large way, so choose a higher deductible on your insurance premium. But before you take this leap, make sure that you are prepared and can manage to pay the high deductible amount when the situation warrants it.

Act like an insurance expert and negotiate confidently

Most of us have settled down with our car insurance providers and are paying their premiums without even bothering to check out the loopholes that can help us negotiate a reduced rate. So, make a list of the features in your car that you think will qualify you for a reduced rate and then call your car insurance provider. You can then read out the list to the employee who answers the phone and confidently demand a discounted price.

In case you are still wondering about the loopholes, here is a short list for your reference:

  • Anti-lock brakes in your car
  • Low risk occupation
  • Defensive driving course
  • Higher deductible
  • Add your own …

Don’t forget to compare insurance rates

Comparing different insurance rates is the easiest way to negotiate cheap insurance rates. In case you don’t know where to start, you can visit our insurance comparison page as a starting point. In just a few minutes you can compare different insurance rates and save money.

Negotiating is a skill that some are born with, but the rest of us work hard to develop it. But when you find out about the amount of money that successful negotiators save, you will certainly find the motivation to train yourself. We hope these tips will help you negotiate cheap insurance rates. You deserve the savings!

How To Get Health Insurance If You Don’t Have a Job

Most of us cannot even imagine how our lives would be if we did not have our health insurance to cover us. But there are people who do not have a job in the first place and are living highly insecure lives. Or there are instances where people enjoy health cover with their current jobs, but are suddenly faced with a situation where they lose both their job and insurance

These situations seem too scary to even think about, but health is not something that can be ignored. There has to be some way in which people can enjoy health insurance coverage even if you don’t have a job.

Health insurance after leaving/losing your previous job

Many employed individuals (especially those over the age of thirty) cannot afford to pay the health insurance premiums after losing their jobs. There is a provision of the law that goes by the acronym COBRA (Consolidated Omnibus Budget Reconciliation Act) which was passed in 1986 to facilitate continuation of group health insurance coverage to former employees.

COBRA extends coverage to certain former employees and retirees and spouses, former spouses, and dependent children of both these retirees and former employees. The major criteria here is that the services of the employee must not have been terminated due to gross misconduct.

COBRA is commonly applicable only to private-sector employers that have employed twenty or more employees, employee organizations, or state and local governments. The coverage is generally extended only up to eighteen months after losing the job/voluntary retirement, but can be prolonged to thirty six months in special cases, where there is another qualifying event during the first eighteen months.

Other low cost choices

Many people are out of jobs at the moment but are trying to get one at the earliest. They only need a temporary coverage for the time period in between the previous and the next job. There are many companies that cater to the requirements of such individuals. The coverage offered is usually for a year and may not cover any of your preexisting health conditions.

Individual health plans for those who can afford

If you can manage to pay $1,000 or more per month for family health insurance, provided all of you are comparatively healthy, then you can consider an individual health insurance plan. You have to take into account any chronic disorders like diabetes or cancer, which could pose a problem in getting coverage.

But if you are fortunate enough to live in one of the five states where health insurance premiums are determined by regulators, then you cannot be refused health coverage.

But for the less fortunate ones who live elsewhere, the coverage offered by your health insurance entirely depends on the state and their rulings regarding the preexisting health conditions. Most of the time, there may be a blanket health insurance cover denial for preexisting conditions.

Other options

If you are a member of a certain association or group with a large number of members, you may be able to take advantage of group rates negotiated by the entity. Furthermore, there are non-profit organizations and other institutions that focus on helping people obtain the right coverage. Some hospitals have special plans for low income individuals. You may want to explore government programs as well.

No matter what option you choose, you must try your best to obtain health insurance coverage for you and your family.

Cut Your Insurance Bill Aggressively

Nobody likes to overpay for insurance. So before talking to the insurance companies it is a good to know in advance what types of coverage you need, otherwise you might end up paying much more than required. In order to avoid falling prey to such companies you should follow these three easy steps to cut your insurance bill.

Get membership in professional organizations and associations

It is commonly observed that memberships can be very beneficial, as you can get discounts on various restaurants, airfare, and other services. There are also many employers who offer memberships to their employees and help reduce the amount of the insurance bill. Contact your insurance firm and talk to your employer. It is beneficial to both the employer and the employees to participate in such money-saving programs.

Bundle insurance needs

This method has got many advantages. Besides the usual reduction in auto insurance costs, the overall insurance bill is lowered significantly. Having several insurance policies with different companies is not recommended at all, as combining all of these services with one company will lower the rate appreciably. As you will become a major client, the company will reward you with one low rate.

The best possible way to bundle your services is when you speak to an authorized person from the company who can sanction the required changes to your policy. See what rates that company is prepared to offer to you and then visit other insurance companies and compare these rates with what they are offering. Tell other insurance providers what rates your company is providing and you will be surprised to see that these companies will go all the way in order to compete with your current insurance company. This way you can effortlessly reduce insurance rates.

Assume more risk (or go for a higher deductible)

The simple strategy of opting for a higher deductible could lower your insurance rates by double digit percentages. The savings in premium amounts may offset the higher deductible option over a course of time and if you manage your insurance program carefully, it could actually save you more money.

Car Insurance Secrets: How To Save In Three Easy Steps

I don’t know about you, but I personally hate it when I have to pay hefty car insurance premiums. No wonder that I am always on the lookout for ways to cut back on my premiums. After much of search and research, I have found 3 easy steps to save money and get cheaper car insurance. Read on to know more about them.

Compare and contrast

Well, this is actually plain common sense. Everyone knows that the best way to get better deals is by comparing the options and selecting the best fit out of them. You can do that with your car insurance deals as well.

You’ll find a number of websites online that are dedicated to the sole purpose of comparing and reviewing the various deals available in the market. Checking these sites out is a good way to keep updated about the new deals that enter the market and also for excellent discount offers that are typically available for short periods of time.

Say yes to higher deductibles

You might already know that when you put in a claim you are supposed to pay a certain amount of money before your insurance can come in to save the day for you. Well, the trick lies in agreeing to pay a higher amount of money in case of claims as deductibles. Doing this will reduce your premiums considerably.

For instance, if you agree to pay 200 % more on deductibles in collision and comprehensive coverage (when compared to the amount you are now paying), your premiums can reduce anywhere between 15 and 30 %. If you agree to pay 400 % more on deductibles, you can save up to 40 % in premiums. That’s a whopping amount of savings, don’t you think so?

But a word of caution is necessary here. Make sure you can arrange for the deductible amount when you actually put in the claim.

Try buying from one insurer

You might be already having home insurance and probably you have a different company dealing with that and a different one handling your car insurance. Try buying both types of insurance from the same company. It is quite common for insurance companies to favor customers who buy more than one product from them and they usually reciprocate by extending discounts on premiums or by offering great deals.

It is actually much easier than you think to save money on car insurance. The only catch is that you have to make some effort and great deals will not miraculously come and land in your lap.