Auto Insurance Secrets

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It doesn’t matter if you’re shopping for Car, House, Health, Life or Commercial insurance – if you don’t know the jargon you’re likely to wind up over-paying or buying the wrong insurance coverage. Here’s a useful guide to some of the more crucial insurance terms to keep you on the right track.

General Terms:

Deductible – Deductibles are used in auto, health and homeowners insurance to reduce the overall cost of insurance by you assuming some of the damages or expenses BEFORE the insurance company pays for the remainder. Usually you choose the amount of the deductible and the higher the amount you choose, the lower your insurance premium.

Premium – This is simply the amount you or your company pays to the insurance company in exchange for their coverage and benefits provided.

Property and Casualty – this identifies a part of the insurance industry that handles impairment to property or individuals hurt in an accident. Auto, householders and commercial liability insurance fall into this category.

Life and Health – This is the other segment of the insurance industry that does not fit under the property and casualty label.

Umbrella Policy – This is a general term implying broader coverage than a basic policy would typically offer can. For example, homeowner insurance that includes coverage for general lawsuits would be considered umbrella insurance.

Car Insurance:

Collision – Just as the name implies, this is the part of your auto insurance policy that pays for repairing damages to your car after the deductible.

Comprehensive – Comprehensive insurance covers the “non-collision” types of losses to your vehicle like fire, flood, vandalism or theft.

Liability Insurance – Liability insurance pays the losses of a third party such as personal injury, property or pain and suffering. Homeowner insurance also has liability provisions to protect you from personal injury lawsuits.

No-fault – Half of the states have no-fault insurance which pays for losses no matter who is at fault in the accident.

Health Insurance:

Ancillary Care/Coverage – Ancillary is a term for “extra” or “additional” or “associated.” It is for insurance policies that not only cover common health benefits but also have additional (ancillary) insurance coverage for prescription medicine or eye care, etc.

Cobra – A Federal law that requires companies to offer health coverage to employees for a period of time after they have left the company. The ex-employee generally pays for this insurance at group rates.

Co-payment – An amount much your insurance requires you to pay for each visit to the doctor’s office, or for other care. The insurance company then pays the remainder of the bill assuming the deductible has been met.

Fee for Service – With this health Insurance you to select any doctor and the insurer will pay an agreed percentage of “reasonable and customary” fees for that type of doctor in your area. You then pay any remainder.

H,M.O. – “HMOs” are created to deliver complete health coverage for a predetermined fee. But, these organizations generally call for you to use their MD’s and hospitals thus restricting your selection.

P.P.O. – PPOs are networks of care providers who charge a fee for service that is discounted based on a negotiated amount with the insurance company. Insurers thus cover a larger portion of your expense when you use their “preferred providers.”

Life Insurance:

Annuity – Annuities are policies that pay while the insured is alive for a specified period of time. They are typically offered by Life insurance companies as a vehicle to supplement retirement or disability.

Term Life – Term life is a form of life insurance purchased for a specific period (term) of time. If the person dies during this period, the insurance is paid. If not, the coverage expires or must be renewed to maintain the benefit.

Universal Life – A Life policy accompanied by a savings plan tied to market rates of interest and the benefits are not fixed but can change within boundaries.

Whole Life – A traditional life insurance policy that accumulates cash value over the life of the policy at a fixed rate and with pre-determined premiums. The insurance benefit is also a fixed and guaranteed amount.

Chris Carbukel enjoys helping others get the most economical insurance for their needs. If you’d like to learn more visit his new website Insurance-Price-Quotes.org where you can learn how to get the best deals on all kinds of insurance including finding the best Home Insurance Comparison.

One of the often overlooked component to any holiday insurance protection plan is the idea of holiday car insurance. This is an important element to any plan that many of them often lack.

These policies are especially valuable to travelers visiting places they’re not as familiar with. An accident can cost thousands of dollars, and the high cost can easily be avoided with the right holiday car insurance plan.

The risk of an accident when traveling is higher for many reasons. Whether you’re looking at a map and have your eye off the road, or you’re simply not familiar with the little things that locals know all too well, there’s a better chance of you crashing.

Whatever it is, people are more likely to get into car accidents when they’re in a place they’re not as familiar with. This is especially true if they’re in other countries.

By looking into holiday car insurance, you’ll be doing yourself a huge favor in the event that anything does come up. The good news is that this type of holiday insurance doesn’t cost nearly as much as you’d think, and it’s well worth the peace of mind.

You can build a holiday car insurance plan around the length of your trip, as it can range from a day to four weeks per plan.

Some of the factors that go into pricing of a holiday car insurance plan are where you’ll be driving, the kind of car you’ll be driving, and your driving history. They’ll also consider your age, as these are all factors they’ll use in assessing the risk of an accident.

While you can’t control the factors that determine price, there is one thing you can control. The longer you wait to get it, the more it’ll cost so start looking early for your holiday car insurance.

With many comparison services and free quotes available online, the job of finding holiday car insurance should be a relatively easy one.

Purchasing home insurance is just as important as the purchase of the home. Because buying a home is such a major financial investment, it is essential to make sure that your home, property, and contents are protected. There are various types of home insurance policies available so it is imperative to understand each type so you can make an informed decision.

The following outlines the main types of home insurance policies:

HO-1: This type of policy is considered a basic for of protection. It insures against fire and lightening damage. A homeowner may purchase this policy for a particularly valuable item such as expensive jewelry.

HO-2: This type of policy is referred to as ‘broad coverage.’ Coverage includes damage from such events as smoke, wind, rain, hail, vandalism, theft, an explosion, removal of items that are threatened by fire damage, glass breakage, and damage cause by falling objects. As well, it also covers snow causing a roof collapse, ice damage, burst pipes, water damage from broken pipes, and damage from a riot.

HO-3: Referred to as a ‘special’ form, or sometimes called ‘all risk’ or ‘open peril’ insurance, this policy insures your home against damage or loss. There are exclusions that will be listed in the policy so you should read what items are excluded. This is the most commonly purchased home insurance policy.

HO-4: This is a tenants insurance policy. It insures the contents and personal items against the same situations as the HO-2 policy. It also covers supplementary living expenses if required such as medical payments. It also provides liability protection. The policy cannot be extended to cover items owned by the renter. It is mainly for protecting the owner of the property.

HO-6: This type of policy provides coverage for a condominium owner who wants to insure items that are not insured by the condominium association policy. They may also want to add personal liability protection.

HO-8: This policy is referred to as the ‘older home’ policy. If you have an older home, some policies may not provide replacement coverage. You may have to purchase a modified replacement policy where the policy will reimburse you for standard building materials.

Some states will categorize these policies under different titles, but they contain the same information. It is important to be aware that are living in a high risk area such as hurricane or flooding area, you will have to pay for extra protection. Some people combine a couple of policies to get complete coverage. Most companies now offer online quotes, so you can easy way to make your selection. Because prices and features can vary among insurance companies, it is essential that you comparison shop so that you are getting the best coverage at the best price.

Because there are a number of insurance policy options available, it is important that you understand each so that you can acquire the right policy that meets all of your needs.

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