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Automobile Insurance - Best Rates
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Temporary Insurance Services
Temporary insurance is a great option for those who find themselves without insurance. Generally, this type of insurance is valid for thirty days to one full year, depending on what you are looking for. Temporary insurance is for those who have recently changed jobs but won't be eligible for insurance from their employer for a length of time. Often, the COBRA coverage offered by their previous emp... Read insurance article
Bad Credit Home Loan To Get You Out Of Debt
A "bad credit home loan" can help you climb your way out of debt and get you started back on the road to upstanding, good credit. There are many lenders who are willing to make bad credit home loans to you - a loan based on your equity in your home even if your credit has slipped or isn't as perfect as it could be. By taking out a bad credit home mortgage or home equity loan, you can consolidate a... Read article
Automobile Insurance - Best Rates
The burgeoning gasoline prices, geographical location, personal profile of an automobile owner are a few factors that contribute to the varying rates of automobile insurance. Each factor has a definite role to play in securing a suitable insurance. It makes an interesting study when you compare the various rates you can arrive at by varying one or more of the above mentioned factors. With so many companies offering to give you the best deal, it is imperative that a thorough survey be made before settling onto a particular deal. What's more, you don't need to open any directory or set foot outside your home to shop around. Online services have solved the problem for you. The best quote can just be a click away! The company websites collect a lot of personal information from an individual to take into account all possible factors that go into building up an arbitrary sum for the insurance policy.
Auto Insurance pricing Report - 2005
A report titled "Auto Insurance Pricing Report" released by Insurance.com in 2005 has unfolded some fascinating facts for us to ponder. According to this report, depending upon a geographic location, the auto insurance rates have shown a decreasing trend in 2005. The nation's major states have reported a sharp decline compared to earlier figures. A resident of New York has paid an average $3,165 for auto insurance in 2005 showing a 3.4% decrease as compared to 2004 rates. Similarly, people belonging to Minnesota have paid an average $2,172.91, an incredible 8.4% less than in 2004. However, not all states have fared as well. Few have recorded marginal rise in insurance rates. Interestingly, the increase in gasoline prices too, has been instrumental in decreasing the insurance rates. The spiraling gas prices are forcing automobile owners to drive their vehicles less. According to Lou Geremia, President of Insurance.com, cut-throat competition that has gripped the auto insurance companies, has resulted in the fall in insurance rates. "We anticipate auto insurance rates will continue to fall in 2006, making frequent comparison shopping for auto insurance an important tool for consumers who want to save money," he added. A comprehensive report can be viewed at the following links:
Auto Insurance Rates Decline in 2005
Most/Least Expensive States for Auto Insurance in 2005
The personal history of the insurance policy buyer
In addition to the geographic location, the policy amount depends, to a large extent, on the profile of the buyer. A person's age, occupation, credit history, marital status, make of the vehicle, security features installed, usage, accident history etc play a vital role in fixing up an amount. Just as a bad credit history or owning an SUV can increase the insurance figure considerably, on the other hand factory installed security features and protective gear can slash the amount. Similarly, accident history and heavy usage make the figure jump to a higher amount. A potentially high risk occupation such as that of a pilot or a door-salesman can result in increase in the policy amount. The comparison of policy rates literarily must start from the automobile showroom so that the vehicle not only fits into a person's utility and budget but also allows savings in the insurance policy.
A sample quote for a hypothetical buyer (from zip code 71018, Louisiana) obtained from the well known insurance company GEICO can be viewed by clicking here.
The mode of payment has been briefed by the company in the following manner:
Full Payment
Date Due Amount
2006-10-03 $954.80
4 Payments
Instalment Date Due Amount
1st Payment 2006-10-03 $243.00 2nd Payment 2006-11-03 $243.00 3rd Payment 2006-12-03 $242.00 4th Payment 2007-01-03 $242.80
5 Payments
Instalment Date Due Amount
1st Payment 2006-10-03 $243.00 2nd Payment 2006-11-03 $183.00 3rd Payment 2006-12-03 $183.00 4th Payment 2007-01-03 $183.00 5th Payment 2007-02-03 $182.80
*Note - Payments can include a service fee and state charges (as applicable).
In the above example the personal history of the prospective insurance buyer is as follows:-
Number of cars owned :2 (2005 BMW 330i, 1998 Toyota 4runner SR5) Marital status :Married Age :32 yrs Cars handled by :owner and spouse Anti-theft system :available Safety devices :available Accident history :nil Depending on this limited data the buyer has been offered, a quote of $442.80 for the 2005 BMW 330i and $512.00 for the 1998 Toyota 4runner SR5 with a few discounts due to zero accident history and installation of safety devices in the cars.
Another interesting feature provided by several insurance companies that can result in discount on the existing quote is asking for multiple insurance policies from the same company. For example if an automobile owner accepts a home insurance policy along with the auto insurance one, then he may be in for a good amount of discount on the original auto insurance amount.
Taking into account all the factors discussed above, we can arrive at the following lists of most expensive and least expensive states apropos auto insurance rates:
Most expensive cities for auto insurance.
Detroit, MI : $5,162 Philadelphia, PA: $4,142 Newark, NJ : $3,482 Los Angeles, CA : $3,225 New York City,NY: $3,127
Least expensive cities for auto insurance
Roanoke, VA : $758 Wapakoneta, OH : $871 Chattanooga, TN: $911 Green Bay, WI : $948 Raleigh, NC : $949
Finally, it is advisable that when going for insurance of an automobile, a considerable amount of time be spent on comparing the quotes of all the insurance companies offering insurance for a resident of a particular region and then arrive at the best possible deal. It is surprising how an insurance amount can vary by hundreds of dollars when compared with another company! This sort of discrepancy may be due to the difference in features and benefits offered by the insurers.
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Family Health Needs With An HSA
Making sure that your family is able to stay healthy partly depends on having a good health insurance program for them. One of the more recent new additions to the health insurance industry is called the Health Savings Account (HSA). This new program enables you to have reduced insurance rates because of a higher deductible, and a tax deferred savings program with it. Here are some of the features of this program.
Reduced Rates
By getting a health insurance program with a high deductible, you are able to greatly reduce your monthly premiums. This is an especially good way to go, if you are younger and currently have pretty good health. The deductible amounts are pre-determined by the government, and you are required to have deductible amounts between $1,050 and $5,250 for singles, and it needs to be between $2,100 and $10,500 for families.
Savings Are Tax Exempt
One of the great benefits of this type of plan is that, like an IRA, you enjoy tax-free income, and interest on the amounts you have in the program. You can put into the plan money that comes off the top of your taxes. There are limits, though, and for singles it is up to $2,700, and for families it is $5,450. A little extra benefit is that you are able to take off of your taxes any money that is deposited into the account all the way up to April 15th. So, if you are coming up to tax time, and find you need to reduce your taxes some more, you can put it into your HSA, and find the tax break you need.
Better Coverage
The new HSA's have an extra real nice feature - they cover more. Some things that you may not have been covered for under another type of policy, you may find that you are covered for with an HSA. This could actually allow you to get a better coverage for less. Things like dental coverage, therapy, even non-prescription medicines and some alternative treatments may also be covered, and even some mental illness treatments, too.
You Keep Control
Under an HSA, you are the one in control of the money. It is yours to use. You can take money out of the account when you want, but only the money that is used only for medical purposes is tax-exempt. Generally, you will be given a card, like a credit card, that gives you access to the account. Whenever you use money from the account, the insurance company automatically gets a receipt, and it is subtracted from your account, and your deductible - and it remains tax exempt.
Like any other insurance policy, once you have paid the deductible amounts, the rest is up to the insurer to pay. By having the high deductible you reduce the premiums considerably. The savings account can also provide a good hedge for your medical insurance program for the future, too, because any money not used toward the deductible remains your money - to use next year, if you need it. On the other hand, the money in your HSA might also be used to provide some money for retirement - assuming you maintain your good health.
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