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What Are The Advantages Of Paying Your Insurance Premium In Full?

When purchasing an insurance policy like auto, home, renters, or health, you will be given the option to pay for your premium in different ways. You can either pay in monthly installments or in full. However, there are many benefits to paying your premium in full. Below are a few of them. The bills won’t pile up. You don’t have to bother getting another bill for the next 12 months once your insurance is paid in full. You won’t risk not paying your premium on time, leading to higher premium costs, voiding your coverage, and even damaging your credit score. You don’t risk a cancellation. You are not at risk of the insurance company canceling your policy since you won’t be missing a payment. You’re essentially “guaranteed” insurance for 12 months period. You’ll pay less over the year. The insurance company offers you a discount for paying in full. You can save on your total costs by paying upfront, even if the insurance company doesn’t offer this discount. Most insurers will charge a monthly interest fee or transaction fee; you will be able to save money when you pay in full. Your insurance premiums won’t increase for that period. Your […]

How To Avoid Higher Rates After A Car Accident

It can be traumatic when involved in a car accident. Car accidents are not only emotional but are physically taxing. Many drivers worry about preventing higher rates after an accident. Luckily, there are few ways you can do that. Here are tips on how to avoid higher rates after a car accident. Report the accident immediately Report the accident to your liability insurance company as soon as possible, no matter how small you think it may be. This gives your insurance company enough time to process all the relevant information and defend you if they feel that the other driver is at fault. Show that the accident wasn’t your fault You need to prove that the car accident wasn’t your fault if you want to avoid a higher rate after the accident. Keep in mind that insurance companies and sometimes courts determine who’s at fault. If the other driver insists that a car accident was your fault, but you believe you’re not, your best option is to keep calm and let your insurance company handle the case. Lower your policy limits Lowering your policy limits is another good way to prevent higher rates after a car accident. Your policy limit […]

What To Do If You Lose Your Medicaid Gap

Those who can’t afford marketplace health insurance can get the Medicaid coverage gap. In the United States, the Medicaid health program covers 60% of all nursing homes and 21% of low-income adults. However, each state regulates its own Medicaid program. So if you’re eligible for the Medicaid program at one point, it’s possible to lose that coverage later. Reasons include: Making too much income Receive a gift or an inheritance Not reporting your family status Moving to another state with different requirements and many more. You may lose your coverage if you’re in any of these situations. Fortunately, you have options: Affordable Care Act Subsidized Plans You have a Special Enrollment Period if you lose your Medicaid coverage. You can get full-featured health insurance known as the Affordable Care Act during this period. The Special Enrollment Period (SEP) only lasts 60 days, so you need to determine which plan is best for your budget and act quickly. Short-Term Health Coverage An unexpected loss of Medicaid coverage can put you in a challenging situation. Short-term health coverage is an option if you need something to fill the gap after losing your Medicaid coverage. However, you need to switch to a different […]

What Is The Penalty For Driving With An Expired Policy?

In the US, it’s legally required to have an active auto insurance policy to drive your car. If you’re driving with an expired auto insurance policy, it can lead to expensive tickets and worse. The aftermaths of driving with an expired insurance policy are more serious for repeat offenders. While the consequences of driving with expired insurance vary by state, it may include: Costly Tickets The penalties for an expired insurance policy vary widely based on state, the number of offenses and the length of time insurance has expired. You may pay a few dollars depending on the events surrounding the crime. Suspended License Most states will suspend your driver’s license if you drive with expired insurance. For instance, the driver’s 1st suspension is for a few days, the 2nd suspension can lead to 90 days, while the 3rd and subsequent suspension are for one year. However, some states implement indefinite suspensions to offenders, which means that your driver’s license will stay suspended until you take action, like paying for a traffic ticket. Lack of Financial Protection If you drive with expired auto insurance and are involved in an accident, you may not be able to file a claim even […]

What Does Renters Insurance Cover?

Renters insurance offers financial protection for tenants and their personal belongings. Your renter insurance policy will protect you from a variety of covered perils such as theft, bodily injuries, water backup damage, and more in a rented property. Renter insurance comprises 3 different types of coverage, with each offering a different kind of protection. Here is more about what each type of renters insurance covers. Personal Property Coverage This insurance provides coverage for the costs of replacing your personal belongings. The coverage will cover damaged, destroyed, stolen, or lost property in any one of these sixteen events: Fire and lightning Explosions Windstorm and hail Damage by car (not your own) Riots Damage by aircraft Vandalism Theft Falling objects Volcanic eruption Weight of sleet, ice, snow Damage from water-heating appliances/ steam-heating Overflow or Leakage of water or steam Freezing of air conditioning plumbing, heating, Short-circuit damage Smoke damage Personal Liability Coverage Liability coverage is also included in a renters insurance policy. This plan will provide coverage for certain costs you may be legally responsible for if someone gets injured in your rented apartment. It will cover the cost of any potential medical bills and/or pay for some legal expenses you may […]

Questions To Ask Before Buying Life Insurance

We all have questions to ask when purchasing a life insurance policy, but most of us don’t even know what to ask. Here we have created a list of the most frequently asked questions when buying a life insurance policy to help you start a conversation with an agent. What type of life insurance policy should I get? Before buying a life insurance policy, it’s essential to know the basic types of coverage available. Different types of life insurance policies offer different protection. Ensure that you know what your policy covers and what it doesn’t cover before you sign on the dotted line. What is the cost of a life insurance policy? Many factors such as the type of policy you choose, gender, age, lifestyle, and medical history will determine the cost of your policy. Contact your insurer to give you an educated guess of how much your life insurance coverage could cost. Will my premium increase? Life insurance policies offer coverage for a set period with level terms. You’ve assured a stable premium rate during this time. Life insurance policies provide you with a fixed premium as long as you make your premium payments. How does insurance company pay […]

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