Insurance Premiums

In Part 1, we detailed the first five strategies on how to cut your car insurance costs. In Part 2, we show you the second five.

Term Life Insurance Policy STEP 6 - Review, Change or Cancel No Fault & PIP (Personal Injury Protection)

The downside is that most leases come with yearly mileage limits. If you drive more than 10, 000 to 12, 000 miles a year, the excessive mileage penalties can cost you a significant amount of money when your lease is up. You'll also need to purchase car insurance, just as car buyers do, and some leasing companies require you to purchase at least $300, 000 of insurance. The cost of the increased insurance premium can be more than other consumers who are buying cars are required to spend.

Life Insurance No-Fault Coverage, and it's Twin - PIP - started out as great idea's. Your premiums were actually going to be lowered. Then, your State Politicians got involved (at the urging of Insurance Lobbyists, of course) and mucked it up.

In terms of industry in the area, the major employers are General Motors (in Oshawa) and Darlington Nuclear Generating Station. According to the insurance companies, smaller towns often have fewer cars and fewer accidents so that means that the residents of Clarington often have lower car insurance premiums as compared with the premiums often charged in larger towns. Let us here at Kanetix help you to shop for your car insurance in Clarington. We can offer you, free of charge, personalized auto insurance quotes from the top insurance companies from across Canada.

Insurance Life Premium You see, no-fault insurance coverage was originally intended to have each individual's losses, covered by their own car insurance company - no matter who was at fault.

What's it all mean Well, as you can see each vehicle is priced differently with respect to auto insurance premiums. As a result, the car insurance rate may affect the choice of vehicle you choose when looking to buy. Often people have a specific price point for how much they want to spend when buying car, not surprising since it is a large purchase. And, given the potential for a significant range in auto insurance premiums between cars, comparing car insurance quotes prior to purchasing is a great idea that could save you money.

Health Insurance Policy Today, in many States, car insurance companies are making a ton of money on no-fault because the insurance companies convinced State law-makers to make "modifications."

For example, if we look at the cost to purchase a $250, 000 Term 10 life insurance policy you'll see how delaying purchasing a policy by just a few years could cost you more in annual premiums. The Term 10 life insurance policy was chosen here because it is the most popular life insurance product sold in Canada.

Health Insurance Today, because of the these changes, car insurance companies have actually used the no-fault laws to reduce payments on a claim made by a customer, instead of reducing car insurance premiums as it was supposed to do.

Clean Driving Record Your teenagers driving record will have a direct impact on the cost of your insurance premiums. With no violations or accidents, the premiums will decrease over time. Type of Vehicle If your teenager wants a 2 door red sport about, be prepared to pay a hefty increase in premiums. Cars with 2 doors are considered sports cars and stastics show us that red cars are involved in more accidents than any other color. Cheap auto insurance may not be an option for you with this choices.

Insurance Life Premium Return So, premiums keep going up-and-up and insurance companies end up paying less for claims - Someone's getting rich on that deal....and it's not you.

Whole Life Insurance Policy And to make matters worse, some States (with really, really talented Insurance Lobbyist's) also require an additional premium be paid on top of the no-fault premium. This beauty is called Personal Injury Protection (PIP).

Auto Cheap Insurance PIP is a "wide-blanket" of coverage and can provide Collision Coverage, Hospitalization, Social Security Disability, Workers Comp, Personal Disability Insurance & Life Insurance.

Insurance Life Premium Whole The problem with PIP and what it covers is....

Cheap Home Insurance Policy You already gave most, if not all, of these coverage's anyway, don't you? So, you're paying twice!

Home Insurance So, you need to do a couple of things:

Care Insurance Long Premium Google "minimum levels of required auto insurance" to see if No-Fault Insurance and/or PIP Is required in your State;

Home Owner Insurance Policy Then, check your policy. If it's not required by your State to have No-Fault/PIP Coverage and it's on your policy - cancel it. If No-Fault/PIP is required by your State....take the absolute minimum. Here's how.

Auto Insurance Company If you must have No-Fault/PIP, ask for and get a deductible from your car insurance company.

Travel Insurance Policy STEP 7 - Cancel Medical Coverage

Insurance Quote Medical Coverage, on most car insurance policies, is a promise to pay "reasonable" medical expenses for anyone who is riding in your car should you have an accident...as well as anyone in your car should it get hit by someone else.

Financing Insurance Life Cancel it. You don't need it.

Geico Auto Insurance Policy Why is that you say? Well, medical coverage as part of your car insurance policy is a duplicate of your own:

International Travel Health - Medical Plan; - Any Life Insurance Coverage you might have, as well as; - The Liability Sections of almost every car insurance policy written in the U.S.

Auto Insurance Premium Think of it this way....Do you have a Health/Medical/Hospitalization Plan thru work or an Association you belong to?

Home Insurance Policy Then why are you paying premiums for Medical/Hospitalization Coverage on your Car Insurance Policy?

Travel Health Insurance Here's what's going to happen when you tell the car insurance company or Agent that you "Don't want the Hospitalization/Medical Coverage." You're going to hear very slick "scare tactics" to help change your mind.

Insurance Life Premium Term The insurance company employee will say "Well, if you're in an accident, and it's your fault, who's going to cover the medical bills for any injured passengers in your car?"

Auto Insurance Policy Here's your answer. Your family is already covered by your Health/Hospitalization Plan. If anybody else is in the car and they're injured - they're covered by your Bodily Injury Liability coverage that you're already paying for....and their own Health/Hospitalization Plan.

International Travel Medical So go ahead - save some more money and get rid of this coverage.

Insurance Life Premium Quote STEP 8 - Cancel Death, Dismemberment & Loss of Sight

Umbrella Insurance Policy Do you have any of these coverage's on your existing car insurance policy? If so - cancel them.

Travel Medical Insurance And if you're a first time car insurance buyer or, just looking at getting several car insurance quotes, don't let anyone talk you into them!

Hazard Insurance Premium Why?

Sell Life Insurance Policy Because, these coverage's are an absolute waste of money. Most of these optional coverage's are simply "glorified" life insurance policies with ridiculous provisions and horribly overpriced premiums. If you need life insurance, make it a separate Insurance Policy.

Car Insurance Rate STEP 9 - Cancel The Extras

Financing Insurance Premium Do you have "Roadside Assistance" or "Rental Car Reimbursement" on your policy? If so, cancel them.

Cheap Life Insurance Policy And again, if you're a first time insurance buyer or getting a few car insurance quotes, don't bother with these coverage's.

Term Life Insurance Why? Because they're severely overpriced, are rarely ever used, and limit what you can and cannot do.

Deductible Health Insurance For instance, some rental car reimbursement" coverage is almost $100 a year for each vehicle on your policy. So if you have two cars, you'll spend almost $2,000 on rental car coverage in the next 10 years - and likely never even use it.

Individual Health Insurance And roadside assistance? The piece-of-mind it offers gets trampled by the premiums the car insurance companies want for this coverage. Roadside assistance is a good idea. But use AAA for a cheaper solution.

Dental Insurance STEP 10 - Terminate Comprehensive & Collision Coverage On Older Cars.

Auditor Insurance Premium If you have an older car - by that I mean one that's worth less than $2,000 wholesale (the amount a car dealer would give you if you were trading it in) cancel any Comprehensive and Collision Coverage you have or decline that option when getting a car insurance quote.

Selling Life Insurance Policy Here's why. If an 8 year-old car and a brand new car have identical damage, the cost to repair both will be identical as well, even though the 8 year-old car is worth next-to-nothing.

Low Cost Health Insurance You see the cost of a bumper and fender are the same - whether it's for a brand new car, or one that is 8 years-old. That's why your premiums don't go down as the value of the car goes down. Your payments remain almost the same, year-after-year-after-year.

Insurance Life Premium Single But, the bottom drops-out of what you'll be able to collect on that older car. For instance, if your car is "totaled", your insurance company will only pay you the wholesale value of your car.

Landlord Insurance Policy So, let's say your car is worth $1,000, but the total damage is more than $4,000, the insurance company is only going to give you a check for $1,000....minus your deductible, of course.

Home Owner Insurance So you might end up getting $500 back. Sounds like a lousy deal....but that's how it works.

Finance Insurance Premium So, the rule-of-thumb is this - cancel your comp & collision coverage when your vehicles value is less than $2,000....or you'll be throwing your money away.

Unclaimed Life Insurance Okay - you've jotted down some notes and are ready to make some changes to your car insurance policy. So pick up the phone and start slashing your premiums!

Home Owner Insurance Quote Tom O'Leary is an Automotive Portfolio Analyst based in Cincinnati, Ohio and Publisher of www.mynewcarpurchase.com, a consumer focused web site that assists with buying a new or used car, cheap car insurance quotes and finding low-cost car & truck financing.

Insurance Medical Premium

[ Comment, Edit or Article Submission ]