In Wisconsin, many people maintain auto insurance, even though it is not required by state law to carry it. While many people own auto insurance policies, there are many who do not know what their policy provides coverage for. The following guide will be a basic overview of coverages available on an auto insurance policy and I will also provide some recommendations on what limits of insurance to carry.
Limits of Liability: Each auto insurance policy carries limits of liability. I like to describe liability insurance as “coverage for the other guy.” This part of your auto insurance policy provides monetary limits that will be paid out in the event of an accident that you are legally deemed responsible for. In most cases, these limits are broken down into three categories: Bodily Injury per person, Bodily Injury per occurrence, and Property Damage. Generally, your policy will list three numbers that relate how many thousands of dollars your policy offers under each category.
For example, if your liability limits are listed as 100/300/100, this translates as $100,000 is the maximum amount your policy will pay out for bodily injury damages sustained by any one person in any single occurrence. $300,000 would be the maximum paid out for bodily injury damages sustained by all people in any single occurrence. Lastly, $100,000 would be the maximum paid out for any distress you do to someone else’s property in any single occurrence.
Recommendation on choosing your liability limits.When choosing your liability limits on your auto insurance policy, there are a couple things to keep in mind; the rising cost of health care and the “sue-happy” society in which we live. The state of Wisconsin requires that you carry limits of at least 25/50/25, however, this is NOT adequate coverage. If there are injuries resulting from an accident in which you are legally liable, $25,000 will not last long in a hospital these days. Also, if there is a law suit brought against you for the accident, $25,000 will be gone very quickly as well. My recommendation is to carry liability limits of at least 250/500/100 and possibly supplement your auto insurance policy with a Personal Liability Umbrella policy which would give an extra $1,000,000 of liability protection.
Medical Expense: This coverage is optional. It provides a limit for medical payments if you or anyone in your vehicle is injured in an accident, regardless of who is at fault. The limit that you decide will be provided on a per person basis.
Recommendation on choosing your medical expense limit.Even though this coverage is optional, I would recommend taking it, as it is very inexpensive. Even if you have health insurance and feel you have no need for this coverage, you never know if your passengers carry health insurance or not. Also, even if you have health insurance, many times you need to meet a deductible before anything will be paid out. Medical Expense coverage has no deductible. I recommend choosing a limit of $10,000 or higher. If your policy has a limit of less than $10,000, your policy will pay medical expenses for up to a year. However, if your policy limit is more than $10,000, your policy will pay medical expenses for three years. For a few extra dollars, you get two years of extra coverage.
Uninsured Motorist: Every auto insurance policy includes this coverage. This limit in your policy provides coverage for bodily injury for you and your passengers if you are afflict in an accident with an uninsured driver, as long as they are at fault. Similar to liability limits, this coverage is displayed on your policy in two categories: Bodily Injury per person and Bodily Injury per occurrence.
Recommendation on choosing your uninsured motorist limit. Many people region their uninsured motorist limit equal to the liability limits they carry. My recommendation would be to decide limits equal to or higher than your policy’s liability limits. The reasoning for this is simply, why take care of someone else better than you take care of yourself and your passengers?
Under Insured Motorist: This coverage is optional. This coverage is very similar to Uninsured Motorist and provides coverage for bodily injury for you and your passengers if you are hurt in an accident with a driver who does not carry enough insurance to cover your medical bills. This limit is required to match the limit set in your policy for Uninsured Motorist.
Recommendation on choosing your under insured motorist limit. Even though this coverage is option, I would recommend including it in your policy. Generally, the cost is about $2.00 a month, which is a small price to pay for the peace of mind it provides in knowing that you are taken care of even if there are irresponsible drivers on the road.
Comprehensive: This coverage is optional. Many people refer to comprehensive coverage as providing coverage against “acts of nature.” Some examples of covered instances would be windshield cracks, deer hits, hail damage, vandalism, etc. Your policy will list a deductible for this coverage, which means that you will be responsible for a set amount of money if there is a loss, and your insurance company will pay for the remaining reasonable costs to fix or replace the vehicle.
Collision: This coverage is optional. This coverage will cover repairs or the replacement of your vehicle minus any depreciation, if you are in an accident that is deemed your fault. If you carry this coverage on your policy, similar to comprehensive coverage, you will have a deductible, or set amount of money you will be responsible for before the insurance company will pay for the remaining reasonable costs left over for the repairs or replacement of your vehicle.
Recommendation on choosing whether or not to carry comprehensive and collision coverage: The first step is to ask yourself several questions about your vehicle and your financials. Is your vehicle over ten years old? Do you have a loan on it? How much would your vehicle be worth as blue book value? Would you be able to afford to pay for damages out of pocket if your vehicle was severely damaged or needed to be replaced? If your vehicle is over ten years traditional, unless it is in immaculate condition, it may not be worth paying extra for comprehensive or collision coverage. However, if you still have a loan on your vehicle, the bank usually will require you to carry this coverage on your policy, no matter what the value or age. Also, if your vehicle is not worth grand anymore due to mileage, condition, or age, it may not be worth paying the premium for these coverages as compared to what you will actually get for the vehicle if something happens to it. A valid rule of thumb is that if you can afford to develop small repairs or replace the vehicle out of pocket, you should not carry these coverages, as it will cost you more money in the long run.
Emergency Roadside Service: This coverage is optional and usually varies from company to company. Many times it will include towing costs up to a distinct distance or amount of money if your vehicle breaks down. Also, some policies may also cover costs for a locksmith and labor costs when you race out of gas or gain a flat tire.
Recommendation on whether or not to carry emergency roadside service coverage: Many people carry this coverage on their auto insurance policies as it is usually the least expensive route when compared to companies who offer towing packages, such as AAA. However, if you have a package through AAA or through the dealership you purchased your car from, it would not be significant.
Rental Reimbursement: This coverage is optional. If you carry this coverage on your auto policy, you will be allotted a specified amount of money to put towards a rental vehicle if your car is being repaired due to a covered loss. Many times the coverage will be listed in two categories: maximum payout per day and maximum payout per occurrence; for example, 30/750, means you would have $30 to put towards a rental vehicle per day with a maximum of $750 paid out per occurrence.
Recommendation on whether or not to carry rental reimbursement coverage: You should carry this coverage on your policy if you would have no other vehicle to consume if yours was being repaired. Again, AAA or similar companies may offer this coverage in their packages, and if you have a package that includes it, it is not necessary to include this coverage in your auto insurance policy.
Overall, each auto insurance policy may be worded a bit differently and each person has a different need for the limit of insurance and which coverages they carry on their policy. The best advise would be to make certain and schedule a yearly insurance review with your agent, as life changes, and your policies should keep up. You agent will make sure your limits are adequate and that your policy includes personalized coverages that fit your particular needs. If you do not have an insurance agent or your agent does not provide these services, it is best you procure another company, as you can pay really cheap rates…but chances are your coverage will fall short when you really need it and most people work too hard for a living to catch that chance.
Filed under Auto Insurance by on Mar 15th, 2011. Comment. 
Pet insurance is supposed to protect animal lovers against unexpected emergency bills if Rover or Fluffy get in trouble. Unfortunately, the cheapest pet insurance is not always the best. Compare pet insurance polices and know what you’re buying (up front).
Pet Health Insurance: Let the Buyer Beware
The Mercury News reports that California Governor Arnold Schwarzenegger vetoed AB2411, a bill that would have forced pet insurance providers to openly disclose coverage limits of their policies. Thwarted at the executive level, California (and nationwide) animal lovers must undertake personal pet insurance comparisons; let the buyer beware!
Pet Insurance Comparison: Exclusions Spell Big Bucks
It is not always easy to ferret out the limitations of animal health insurance plans. Frequently there are copious links, downloads and further restrictions. Contemplate these examples:
Without the addition of a “Best Wellness” plan, routine pet care (i.e. exams, dental cleanings, altering and vaccines) is not covered. Pre-existing conditions (such as congenital defects) are not minute to those that nick up during the waiting period, but may also be those ailments where “your pet had no signs or symptoms and wasn’t diagnosed.” Parasite treatments, such as heartworm testing or removal, is not covered.
Other sticking points are hereditary problems, most notably hip dysplasia. Pet lovers should peruse the list of pet health insurance exclusions by breed, since this further limits protection. For example, glaucoma is considered hereditary in beagles, Welsh Springer spaniels and Siberian huskies, while epilepsy is not covered for beagles, Labrador retrievers, German shepherds and a few others. Also excluded, by breed, are pregnancy and breeding related costs.
Veterinary Pet Insurance (VPI)
VPI pet health insurance does not cover some musculoskeletal conditions, such as hip dysplasia and cervical vertebral instability. The company does not pay for treatments related to cystine or urate urolithiasis, some ocular and blood disorders as well as hereditary or congenital conditions.
A pet insurance comparison reveals that pre-existing conditions, breeding and pregnancy services and also elective alternative care are services that are not covered. Also not covered are preventable conditions (when the animal’s owner did not provide the pet with the preventative care). Keep in mind that this could very well refer to heartworm treatments as well.
Before deciding on a pet insurance company, the consumer must compare pet insurance policies and – depending on the animal’s breed – consider carefully which plan is the least or most restrictive.
Sources
http://www.mercurynews.com/news/ci_16173733? nclick_check=1
http://www.petsbest.com/whatsnotcovered.aspx
http://www.petsbest.com/plans/limitations.aspx
http://www.petsbest.com/plans/excluded.aspx
http://www.petinsurance.com/Pet-Insurance-Buyers-Guide/Frequently-Asked-Questions.aspx
http://www.petinsurance.com/Pet-Insurance-Buyers-Guide/~/media/pdfs/Conditions_not_Covered.ashx
Filed under Auto Insurance Quotes by on Feb 27th, 2011. Comment.
Auto insurance can be quite costly, there are many factors involved that decide your yearly auto insurance rate such as the type of vehicle being insured, the age of the driver, the number of years the driver has held a license and the type of insurance policy that is chosen.
There are other factors involved that may help to lower auto insurance rates, highlighted here you will acquire 10 tips on how to lower auto insurance rates.
Request a Higher Deductible
Deductibles are the amount you pay upfront when an accident occurs before the insurance company pays for the claim. The benefit of a higher deductible is that your yearly auto insurance rate goes down quite substantially. However the drawback is if you do file a claim, the upfront amount will be higher. Most people go under the assumption that they will not have a claim and even if they do, it will be very infrequently so a higher deductible is typically a good way to go to lower auto insurance rates.
Shop for Rates and Sustain Shopping
It cannot be stated enough that comparison shopping for a respectable auto insurance rate is valuable. Insurance companies vary greatly and even if multiple companies give a higher auto insurance rate than you anticipated, do not give up. You still may be able to find a better auto insurance rate, keep shopping around until you feel you have exhausted all avenues.
Purchase Multiple Insurance Policies Together
We purchased our auto insurance and our home insurance from the same company, we received quite a discount because we did obtain multiple policies. It is significant to ask insurance companies what type of multiple policy discount they offer and see which insurance company offers the best deal on multiple policies.
Maintain a Good Driving Record
When you feel the need to speed or not feeling that following the driving rules are important, remember that it can hit you hard in the pocket book and slow down and follow the rules of the road. A clean driving record is one of the best ways to lower auto insurance rates and it is typically one of the first questions an insurance agent will ask about when determining the yearly auto insurance rate.
Good Credit is Important
Having established credit and good credit is now a factor that many insurance companies look at. If you are just starting out, really make an effort to hold your credit as good as possible and if your credit is not as great as it could be, try the best you can to improve it. It is not easy but remember that wonderful credit can build you money in the long run.
Consider the Amount of Coverage Needed
If you have a car that is paid off and is older, do you really need to hold full coverage on the car? Take a look at what the vehicle is worth and what you are paying out in yearly auto insurance premiums, it may be financially beneficial to drop some of the coverage.
Compare Insurance Costs of Vehicles
If you are considering purchasing a new or used vehicle, call your insurance agent first and win a quote on what the yearly auto insurance rate would be. This simple and easy tip for lower auto insurance rates can be put into place before you even make a grasp. If the yearly auto insurance rate is too high, you may want to consider a different vehicle.
Take a Driver’s Education Course
When my daughter first started driving, the auto insurance rate was sky high but our insurance agent informed me that if my daughter took a driver’s education course through the insurance company and all lessons were on DVD and could be watched at home, it would lower auto insurance rates for us quite a bit. Of course, I had my daughter retract the course, it was relatively painless and did relieve to lower our auto insurance rates.
Inquire about Low Miles Discount
Our insurance agent has given us a discount on our auto insurance because I do not drive very far to work nor do I put many miles on the car. Many insurance companies will ask how many miles you commute a day and if it is relatively rude miles, it is very possible to lower car insurance rates.
Consider an Anti-Theft Device
Depending on the type of car you possess and the insurance agency you are considering, a possible design to lower car insurance is by installing an anti-theft device. It is important to check on the type of discounts that are offered through insurance companies for the device and then the costs of installing the anti-theft device. It may be beneficial in the long urge and lower car insurance rates if the anti-theft device is installed in your car.
These tips for lowering car insurance rates are not difficult, it just takes some time invested and factors to be considered and you may well be on your way to lower auto insurance rates.
Sources:
Self-experiences
Filed under Auto Insurance Quotes by on Feb 25th, 2011. Comment.
The Ohio State Buckeyes find themselves in another BCS Bowl game as they'll challenge the Arkansas Razorbacks in the 2011 Allstate Sugar Bowl. Will the third time be the charm for the Buckeyes against SEC teams, or will the Razorbacks follow in the steps of the Florida Gators and LSU Tigers?
The early spread on this game is Buckeyes (-3.5). Here are six of the key aspects of the game and what to watch out for when betting. All lines from Cooper's Picks.
#1 Ohio State Buckeyes vs. SEC
The Buckeyes have lost their past two BCS bowl games to SEC representatives. They were defeated by the Florida Gators and LSU Tigers in back-to-back championships. Despite their solid performance in Mountainous Ten competition, they appeared overmatched by the speed of the SEC champions, especially against Florida.
#2 Experience
The Razorbacks haven't been in a BCS bowl game since the current system was installed. Since 2002, the Buckeyes have profitable for a BCS bowl game every season except for 2004. They've had three national championship appearances in that stretch, winning it in 2002.
#3 Quality Victories
The Razorbacks won three of their last five games against ranked teams. They won road games against the South Carolina Gamecocks and Mississippi State Bulldogs while winning their regular season finale against the LSU Tigers, who probably would have played here had they won. The Razorbacks also defeated the Texas A&M Aggies and played the Auburn Tigers competitively into the fourth quarter before the loss of Ryan Mallett did them in.
The Buckeyes won a plethora of games against 7-5 power-6 teams (Miami Hurricanes, Michigan Wolverines, Penn Dwelling Nittany Lions, and the Iowa Hawkeyes). They lost their only game to a power-6 team with more than seven wins (Wisconsin Badgers, 31-18). The Buckeyes don't have the most impressive resume (and probably wouldn't have suited for this game without their prestige over Michigan State), but they have dominated the majority of teams they played, as ten of their eleven victories were by eleven points or more.
#4 Penalties
The Razorbacks 97 penalties were tied for fifth most in the FBS. The Buckeyes 60 penalties are amongst the lowest totals.
#5 Ohio State Buckeyes Defense
Ohio State had one of college football's best defenses. Their top five rankings in offense and defense helped them be the overall best defense in terms of yardage amongst power-6 conference teams. Their 13.3 points per game allowed only trailed TCU and West Virginia.
Ryan Mallett leads the third ranked passing game and is complimented by Knile Davis, a sophomore who's averaging over 6 ½ yards per carry. The Buckeyes will need their best defensive inconvenience.
#6 Arkansas Rushing Defense
The Razorbacks have struggled against the speed. They gave up nearly 160 yards per game, and they surrendered 65 points to Cam Newton. Newton had 188 yards rushing and 140 yards passing in that contest.
Terrell Pryor is one of the best mobile quarterbacks in the FBS, and he excelled in last season's Rose Bowl victory against the Oregon Ducks. Pryor has the credentials to be a enormous factor in this match-up.
Final Picks:
The biggest question is can the Buckeyes handle the speed of an upper-echelon SEC team? They weren't able to when they played the Florida Gators and LSU Tigers in the national championship.
Tough game here. On one ruin, I like the Razorbacks because they're an SEC team who could give the Buckeyes problems. On the other kill, I like the Buckeyes because they're better on third down, less penalized, better defensively, and have an X factor (Terrell Pryor) who should cause more damage against the Razorbacks defense then the Razorbacks X factor (Ryan Mallett) will against the Buckeyes defense. Finally, the Buckeyes have converted nearly 90% of their fourth downs, a critical stat in a close game.
Wouldn't give more than three points with either team, especially Ohio State. I do think the Razorbacks are more talented and should win, but I'm not confident that Bobby Petrino will outcoach Jim Tressel in a close game. Smooth, going with the SEC until the Buckeyes collect one.
Picks against the Spread: Arkansas Razorbacks (+3.5)
Straight: Arkansas Razorbacks
More From Yahoo Contributor Network
NCAA Football Predictions Against the Spread: TCU Horned Frogs Vs. Wisconsin Badgers
NCAA Football Predictions Against the Spread: Auburn Tigers Vs. Oregon Ducks
Visit my profile for more predictions against the spread on bowl games, NFL, and occasionally NBA games.
SOURCES:
Cooper's Picks, December 10 2010.
College Football Statistics, Rivals.com. December 10, 2010.
Ohio Spot Buckeyes ESPN Clubhouse. December 10, 2010
Arkansas Razorbacks ESPN Clubhouse, December 10, 2010.
Filed under Auto Insurance Quotes by on Feb 23rd, 2011. Comment.
Since the mid-1990s, insurance companies have tightened their eligibility requirements for new policyholders. In addition, the entire insurance industry has trail together to relay information between them. Allstate Insurance has honest as much vested interest in the information contained in these reports as Nationwide Insurance and other leading carriers do. This is all to sustain policyholders from being dishonest or simply inaccurate regarding their insurance history. Each secret below is no secret to the insurance carrier you’re getting a quote from.
Secret number one
Standard insurance carriers hasten credit checks prior to giving you an auto insurance quote. These are referred to as Financial Responsibility Scores. The insurance agent can’t see the report but rather it goes through the system and simply tells the agent whether or not you are eligible to be written in that company. If you are not eligible, you can still get a quote but it will be with a higher rate. Although these are not the same credit reports as when you apply for a loan, the report does affect your eligibility and your rates.
Secret number two
Any claim you’ve submitted in the past 10 years is visible to anyone in the insurance industry. Insurance companies have developed reporting procedures to convey each other of claims called an Auto loss history report. If you’ve submitted many small claims or even one big claim, you’ll either be charged more or you won’t be eligible for a standard policy at all.
Secret number three
There could not be a more important secret. Never, ever let your insurance cancel. The most steadfast rule in the insurance industry is proof of prior insurance. If you are uninsured for over 30 days, you can bet on higher insurance prices for at least the next year. Not only will being uninsured put you into a higher premium bracket; you may have to stay there for a period of time before the company will consider lowering your rates.
Certain, there are benefits to keeping your business with the same company for several years but it’s also good to shop and compare pricing. By keeping these three things in line, you’re more likely to get the best rate possible.
Filed under Auto Insurance Quotes by on Feb 21st, 2011. Comment.
