by Guest » Tue Jan 12, 2010 08:58 am
It's really become a tough job for me and my wife to make both ends meet now. I guess we're paying a lot towards our home and car insurance. Is there a way we can find out if we're over-insured?
Posted: Wed Jan 13, 2010 04:15 am Post Subject:
Ummm, not trying to be smug here...
...look at policies?
Posted: Wed Jan 13, 2010 05:54 am Post Subject:
...look at policies?
You mean, we'd need to go shopping for policies once again!
Posted: Wed Jan 13, 2010 07:46 am Post Subject:
Just keep an eye whenever you're applying for a new credit card. You'd often come across insurance offers attached with them. Make sure that you don't get a new credit card just for the sake of obtaining coverage that you already have.
At the same time, you should also
monitor and find out areas wherein you don't need coverage any more. As your needs keep changing you should also stop spending on such policies.
Posted: Thu Jan 14, 2010 07:59 am Post Subject:
It makes no sense to pay for a car aged 5 years or beyond. Make sure you drop collision coverage if your is not even worth $1,000. You'll only be entitled to receive the ACV of your car if it gets totaled.
Posted: Fri Jan 15, 2010 06:20 am Post Subject:
Think before you sign up for car insurance offered by the rental counters. If you already have collision and comprehensive coverage for your own car then it would also apply towards any other car that your might rent. Many of us are not even aware of this and keep on spending money bothways for the same coverage that we need.
Posted: Sat Jan 16, 2010 09:54 am Post Subject:
I've come across another area wherein we might be over-insuring. There's our chance to over insure if we're covering our home for the market value it holds. Actually, we should be covering it for the rebuilding cost only. We should get our policies revalued once every 3 years in order to keep up with our fluctuating construction costs.
Posted: Sat Jan 16, 2010 10:35 am Post Subject:
Yes, I think it's also a common mistake when we count the worth of our land while determining our home insurance need. Even though our home may get damaged by fire, storms, burglary and other disturbances, the land stands separate. Our insurance advisers should be able to guide us in the right direction.
Posted: Mon Jan 18, 2010 09:51 am Post Subject:
As we grow old it becomes difficult for us to keep a tag of all our expenses. With existing health problems, it's even more difficult to determine areas wherein we might be overspending.
If our life insurance needs are very limited e.g. paying for our final expenses, then we probably don't need to carry coverage worth a high value. Roddick
Posted: Tue Jan 19, 2010 02:18 am Post Subject:
Actually by look at policies I meant review policies, especially with a good agent.
Some thoughts on the the advice given...
The notion that you are already covered with your regular insurance under a rental so you are duplicating insurance if you buy the additional rental insurance can be correct, but keep in mind that you may or may not want to file a claim for totaling a rental car with your insurance company.
Concerning focusing on rebuilding value rather than market value is a good idea.
Also, when it comes to deductibles, I'd ask you to take a serious look at what you've got and consider a $500 or $1000 deductible. The question I would ask is, at what point do I want to call the insurance company and tell them to raise my rates come my next renewal. Put in other words, do you really want to call the insurance company if you dent a fender or door panel? The choice is completely yours to make, but I'd think that one through.
Posted: Wed Jan 20, 2010 09:55 am Post Subject:
I understand that it could be the choice of the insured, specially when he's trudged through changes in his financial strength. But, it would be wonderful if you'd tell me for how much worth of damages (at least) you'd involve your insurer to help settle things for you!
Will it really keep our overall car insurance expenses under control if we don't claim rental car damages with our insurer?
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