Wednesday, December 10, 2008

Take the Necessary Steps to Save on Auto Insurance

One reason consumers fail to save money on their auto insurance is because they fail to review their policy every year. Only a very small percentage of consumers actually take the time and reap the benefits of this annual review. Look over your policy first to make sure it is still accurate and make sure you have the right coverage you need on all of your vehicles. If you have paid off a car loan, have a new driver, changed your mileage to work, or other changes have taken place in the last year, discuss this with your agent. You may be able to adjust your policy and get big savings in return.

After reviewing your policy, take some time to shop around for a better deal. If you find a better price, make sure you look at other factors including the new company’s ability to provide discounts and the services and coverage your require. Take into consideration that by switching insurance company, you may lose out on customer loyalty discounts and other special offers reserved for long term customers.

Make sure the terms of your policy are still financial acceptable. If you are making more money a year later, you may want to consider increasing your deductible and paying smaller premiums. Just make sure you will have enough cash to put out in the event you need to file a claim and have your vehicle repaired.

If you make a move to a new company, stick with a company who has a good reputation and not just the company with the lowest quote. In the event you ever need to file a claim, you want to be sure your insurance company has your back. While you may never need to file a claim, those who do will soon learn how important it is to be able to rely on the company’s assistance. Because there are so many new companies springing up online offering what seems like great rates, it is always worth it to do a little homework and make sure the company is legit and that they are licensed to provide insurance in your state.

Last but no least, make sure if you are changing insurance companies that your coverage does not lapse. Ensure with the new company that your new policy will begin as soon as your current policy expires, usually at midnight on the expiration date. If you switch to a new company in the middle of a policy term, be sure to cancel your old policy in writing and follow up with the company to see if you qualify for a refund of the unused portion of your paid premium.

By Tisha (Kulak) Tolar

Types of insurance

A

* Accidental death and dismemberment insurance
* Assumption reinsurance

B

* Bond insurance
* Business overhead expense disability insurance

C

* Casualty insurance
* Catastrophe bond
* Chargeback insurance
* Contents insurance
* Corporate-owned life insurance
* Crime insurance
* Critical illness insurance
* Crop insurance

D

* Dental insurance
* Deposit insurance
* Deposit premium
* Disability insurance

E

* Earthquake insurance
* Expatriate insurance

F

* Fidelity bond
* Flood insurance

G

* General insurance
* German Statutory Accident Insurance
* Group insurance
* Guaranteed asset protection insurance


H

* Health insurance
* Health insurance in the United States
* Home insurance

I

* Injury cover
* Inland marine insurance

L

* Landlords insurance
* Lenders mortgage insurance
* Liability insurance
* Life insurance
* Loan protection insurance
* Locked Funds Insurance
* Long term care insurance

M

* Marine insurance
* Medigap
* Mortgage life insurance
* Mutual insurance

N

* No-fault insurance

O

* Ordinary life insurance

P

* Parametric insurance
* Payment protection insurance
* Pension term assurance
* Permanent life insurance
* Perpetual Insurance
* Political risk insurance
* Pre-paid legal services
* Professional indemnity insurance

P

* Professional liability insurance
* Property insurance
* Protection and indemnity insurance
* Public auto insurance

R

* Reinsurance
* Rent guarantee
* Return of premium life insurance
* Risk equalization

S

* Self-funded health care
* Stranger Originated Life Insurance

T

* Terrorism insurance
* Title insurance in the United States
* Trade Credit Insurance
* Travel insurance

U

* Universal life insurance

V

* Variable universal life insurance
* Vehicle insurance
* Vision insurance

W

* Wage insurance
* War Risk Insurance (Aviation)
* Whole life insurance
* Wikipedia:USER:KidVisio:VUL
* Worker's compensation Germany
* Workers' compensation

Z

* Zombie fund

What is Insurance ?

Insurance in its basic form is defined as “ A contract between two parties whereby one
party called insurer undertakes in exchange for a fixed sum called premiums, to pay the
other party called insured a fixed amount of money
on the happening of a certain event."

In simple terms it is a contract between the person who buys Insurance and an Insurance
company who sold the Policy. By entering into contract the Insurance company agrees to
pay the Policy holder or his family members a predetermined sum of money in case of any
unfortunate event for a predetermined fixed sum payable which is in normal term called
Insurance Premiums.

Insurance is basically a protection against a financial loss which can arise on the
happening of an unexpected event. Insurance companies collect premiums to provide for
this protection. By paying a very small sum of money a person can safeguard himself and
his family financially from an unfortunate event.

For Example if a person buys a Life Insurance Policy by paying a premium to the Insurance
company , the family members of insured person receive a fixed compensation in case of
any unfortunate event like death.

There are different kinds of Insurance Products available such as Life Insurance ,
Vehicle Insurance, Home Insurance, Travel Insurance, Health or Mediclaim Insurance etc.