5 Tips For Buying Auto Insurance

There are many factors to consider when purchasing a car insurance policy, so it’s important to spend some time learning about what you are going to need. For example, will you need comprehensive or full coverage, liability coverage, and uninsured and under insured motorist coverage? With all of the options available, how do you choose the best coverage? Here are 5 tips to help you find the right auto insurance policy.

  • Know what you need. What are you going to do if your car is totaled or is inoperable? Do you have a backup plan? Many comprehensive insurance policies include a rental car option. How much insurance for bodily injury do you need? Determining these things is going to take more than 15 minutes. Be sure to set aside some time to review all the options, and what they mean, with your agent.
  • Know who to buy from. This is harder because most of us speak for or against an insurer based on subjective experiences with a particular company. Check instead with third party resources for recommendations. Consumer Reports (consumerreports.org) or National Association of Insurance Commissioners (naic.org) are reliable and objective. JD Power (jdpower.com) is another good resource.
  • Know your budget. Buying insurance for every eventually may sound great, however, few of us can afford everything. Often, the plan offered to you might not even be the right fit for you. For example, you may hear, “comprehensive insurance means that I will be able to replace my car.” Maybe, and maybe not. Check with your agent to find out how much you will receive if the car were totaled today, and understand that the amount changes as your car ages. Make sure that each option you add to the policy will add the value you expect.
  • Know your discounts. All companies offer discounts from bundling to loyalty. How’s your driving record? Are you a veteran, senior citizen, or maybe a member of a club or union? Check with your organizations for discounts too.
  • Know what you have. If you are looking for a good deal, make sure to do your research. You hear the ads on TV and radio, before calling the new guy give the current guy a chance. It’s possible that what you’re hearing about is available with your current insurance company – all you need to do is ask.

These tips will get you on the right road. Inform yourself about what is out there and what is working well for others from an objective source, and then review your current policy. After, you have completed these steps, you will be ready to take advantage of the best options for you.

Contact us at Larson Insurance today for more information.

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Top 5 Myths Of Insurance

Getting insurance can be a pain, especially if you buy into certain myths that tend to circulate. In order to set the record straight, here are a few common myths and why you shouldn’t pay attention to them when making a decision to purchase insurance.

Myth 1: If I’m a bachelor(ette) and I don’t have any dependents I shouldn’t need life insurance.

You’ll still want life insurance, regardless of your relationship status, if for no other reason than to leave a “legacy” for your favorite charity. Plus, if you have any personal debts or medical or funeral bills left unpaid when you pass away, your family could be stuck shouldering the entire burden of these costs. This is why it’s important for everyone to get insurance, not just the married men and women with a house and kids.

Myth 2: Home Insurance will cover all of your possessions

While home insurance usually does cover all your possessions there are specific categories of objects that will have a maximum dollar cap. These categories include weapons, china and silverware, and jewelry. Under regular home insurance should damage exceeding a certain amount happen to just one of these categories then you’re likely to not be covered.

Myth 3: If you have a “full coverage” car insurance policy, this means you get rental and towing as part of your coverage.

Unfortunately, this just isn’t true. The title full coverage may seem misleading, but in reality rentals and towing are two separate expenses that require addition coverage on top of a “full coverage” plan. Fortunately, with the right insurance company, you can get excellent discounts and deals in order to make sure you have a full package.

Myth 4: Flood damage is covered by your home insurance.

Again, this isn’t the case. Flood insurance usually is its own separate policy that needs to be purchased independently of your home insurance. Home insurance policies just don’t cover flood damage. If that’s something you’re worried about seriously consider investing in a separate flood damage policy.

Myth 5: If you’re deciding on how big my life insurance policy should be, basically all you do is multiply your salary by two.

This is an archaic rule and one that really doesn’t apply anymore. The fact is, to decide the size of your life insurance policy you should factor in and consider a great many things. Simply multiplying your salary by two isn’t accurate or effective enough. Seriously consider taking a cash flow analysis, which will factor in your current debt and the possibilities of high medical and funeral bills in addition to the needs of your family and how long you will need to provide for them. Though a great deal more complicated this will give you a much more accurate idea of the proper size your life insurance policy.

 

For more information about insurance, and to get the right policy, contact us at Larson Insurance today. We would be happy to provide you with the information you need along with a quote.

Great Facts About Renters’ Insurance

Did you know that most homeowners have insurance, but that 30% of the people who rent houses don’t? That leaves a total of 70% of people who rent that don’t have renter’s insurance. This means that their possessions are not protected in the event of fires, floods, natural disasters, or common burglaries. Depending on the size of the unit, renters’ insurance only cost in the range of fifteen and thirty dollars, an incredibly small fee a month compared to what most renters pay in monthly rent.

A renter’s insurance policy frequently incorporates personal property protection, liability protection, reimbursed living expenses, and guest medical protection. They all seem to go hand in hand with each other but most of the typical coverage plans have huge differences that make them extremely dissimilar. Personal protection property usually protects your property just in case of a covered loss. If a guest or family member is hurt or injured in your apartment and wants to file a lawsuit against you, liability protection can protect you financially.

If you have to live somewhere else where you have a covered loss that rendered your home unsuitable to live in, reimbursed living expenses will cover any added costs that you might have after the dilemma. Also if a guest or family member is injured inside your home, guest medical protection can cover the medical bills issued at the hospital. These diverse coverage plans within renters’ insurance policies are often the reason why renters make up their mind to acquire the insurance.

A common question that most renters ask when they need to know information about renters insurance is if their landlord’s insurance policy protects their stuff. There is a simple answer to that question and it is no. The landlord’s insurance only covers damages that are done within your apartment or the actual building that you’re residing in. However, it doesn’t protect your personal possessions like some of the various renters’ insurance policies.

Another ordinary question that renters ask is if the personal liability coverage is inserted into the general renters policies. The best answer is to check your own insurance policies, but for the most part they are certainly covered. Always discuss with your particular agent exactly what your limits are on your policy and if you need to add more.

Computers are usually covered with renters’ insurance policies, only if they do not eclipse the limit of your particular coverage. You will need to add an additional coverage if your computer is worth significantly more than what your policy guarantees.

You will also need to know if your policy will propose you with replacement coverage that will should give you enough money to replace the same computer that was lost, stolen, or damaged.

For more information about getting the perfect renters’ insurance policy, contact us at Clifford Larson Insurance today.

Investing In Life Insurance Is Good Financial Planning

When it comes to personal financial planning and savings, many people do not regard life insurance as a form of investment. However, I have discovered that permanent life insurance is more than just another necessary expense. It really is a low risk investment that is worth having, for the peace of mind it brings and for its increasing cash value.

Why Choose Permanent Life Insurance as an Investment?

Permanent life insurance provides beneficiaries with financial security and protection from financial loss, just like any other life insurance policy, but it has additional advantages as an investment.

A permanent life insurance policy builds cash value and allows for loans or cash to be withdrawn. Earnings from this type of investment are also treated favorably for tax purposes, and premiums remain at a fixed level.

The biggest advantage for choosing permanent life insurance, rather than term insurance, is that I do not feel that my money is ever lost or wasted, because a permanent life insurance policy builds cash value.

The second biggest benefit is that a cash withdrawal or a loan can be taken from the value of the policy. This means that the money I pay into permanent life insurance is not permanently tied up or locked away. It is possible for me to access some of that money if or when I need it for something important, such as down payment on a new home or college fees for my children. Doing this will, of course, reduce the value of my life insurance.

When considering life insurance as an investment, it is worth remembering that when we are younger we never know when some of that investment money might be needed, or what it might be needed for, late on in life. This is why permanent life insurance is such a good option.

What About Term Life Insurance?

The benefits of term life insurance are limited by the length of the term. If I were to take out a twenty year policy, for example, at the end of that term I would need to take out a new policy and the expired policy would have no cash value. From this it is clear that permanent life insurance is a far better investment.

Good Financial Planning

It is for the benefit of my loved ones that I need to insure my life. By investing in life insurance, I am providing financial protection for my family at the time of my death, when the policy will release sufficient funds to cover any financial liabilities and outstanding debts. My permanent life insurance policy will also provide protection against loss of income and will be a financial legacy for my heirs. Investing in life insurance is good financial planning.

 For more information about life insurance, contact us at Clifford Larson Insurance today.

When Is Saving Money on Insurance Not Actually Saving?

Everyone would like to pay less for insurance, especially when it means they can cut out features of their policies that they might not actually need. However, beware of cutting too many corners, just to save money. Though some people never need to use their insurance, if you ever do, and you have a cut-rate insurance plan, you are going to have to pay through the nose for services that your insurance would have covered.

For example, many people leave Uninsured Motorist Coverage off of their auto policies, but this means that if they are ever struck (or ever strike) and uninsured motorist, they can be left with the repair bills. Most people see this as an unnecessary addition to their insurance policies, but if you live in a state where you are not required by law to have car insurance, you run a high risk of being hit by an uninsured motorist and being stuck with the bill in the end.

Anytime you cut a corner on your insurance, just for a discount, make sure that you are really removing a part of your policy that you do not need. Just because you are saving money immediately does not mean that the cut-rate insurance will pay off in the end. This is especially important when it comes to home owners’ insurance. Leaving certain incidents out of your policy, just because you believe that they do not apply to your geographical region, can lead to serious problems down the road.

For example, many people who live in the American southwest go without flood insurance, especially when they first move into the area. They assume that because they live in the desert, there is no chance of flood. However, floods in the desert, especially when there actually is rain, come fast and furious and can wreak havoc on home in low-lying areas. Plus, cutting out a flood policy leaves your home open to floods caused by burst pipes, which happen regardless of where you live.

For more information about insurance and what discounts to avoid, contact us at Clifford Insurance today!

Pet and Wedding Insurance

Both adopting a new pet and getting married often represent new starts in life. Protecting those new starts with insurance is the best way to ensure that the love and money you put into either a new pet or a wedding is not done in vain.

Pet Insurance

Pets get sick, just like humans do, and some pets may require costly procedures. When pet owners cannot afford these procedures, they sometimes decide to put the pet down or give him away, rather than try to pay the high price of surgery or other treatment. When you get a pet, covering him with pet insurance will ensure that you do not have to pay the full cost of that treatment, and that you do not have to give up the pet just because you cannot afford costly procedures. Some plans even include the ability to lower the cost of veterinary check-ups and necessary medicines.

Almost every pet owner could benefit from pet insurance. Every pet should see the veterinarian at least once a year, especially pets like dogs and cats. Insurance can help to reduce the cost of these visits and can even eliminate the cost of vaccinations.

If you have ever had a dog or cat break a bone or get a serious illness, you know how expensive it can be to get him the care he needs. Surgery, MRIs, and medications are often as expensive as they are for humans. In order to counteract this, many providers now offer pet insurance, which will cover a larger chunk of the necessary procedures and medicines, so that your pet can return to a happier, healthier life.

Wedding Insurance

Planning a wedding is a long and arduous process. You have sunk plenty of money into your wedding, and though you are excited about your big day, you are probably also concerned that something outside of your control could ruin all the planning you’ve done. When circumstances beyond your control occur (for example, bad weather, vendors do not show up, your dress is damaged, your venue is flooded), you might simply be out the money you had spent to secure those items.

However, if you have wedding insurance, the money that you and your family has paid into your wedding will be protected. Even if your deposits have been labeled as non-refundable, insurance will ensure that you are repaid.

Circumstances that might require wedding insurance are as follows:

  • Holding a wedding in a venue that might become flooded or have some other technical malfunction that makes the wedding impossible
  • Delays caused by transportation that causes either the bride or groom to miss the wedding
  • Truly terrible whether that makes the wedding impossible
  • Early military deployments
  • Sickness or death of the bride and groom or vital family members which causes a delay or cancellation of the wedding
  • Food vendors, bands, or DJ’s fail to show up or refuse to provide a services that has already been paid for

The Importance of Life Insurance

Most people spend their days working hard and then enjoying the comforts of life, love, and fulfilling family relationships. Unfortunately, you never know when disaster will strike, and you may leave this life early. In the event of an untimely death, it’s important to have all of your financial ducks in a row in order to protect your family. The best way to do that is to make sure you have the security offered from a solid life insurance policy from Clifford R. Larson Insurance. If you are on the fence about whether or not you need life insurance, here are a few reasons that may help you make the decision.

Paying off debts – Life insurance works to help you pay off debts and other expenses that you may leave behind. Imagine how difficult it might be for your family to pay down your credit card bills, keep the house, and maintain your trusty automobile. This is where life insurance comes in to play. Instead of worrying about your family caught up in a whirlwind of debt, you can rest assured they will be taken care of.

Protecting Loved Ones – Not all people leave behind debt, but they do leave behind family members that have every day living expenses. Life insurance helps cover every day living expenses like food, shelter, and any other every day expenses. Life insurance can also cover the costs associated with every day tasks like daycare, laundry, cleaning, and more.

Leave an Inheritance – You may have planned to build up your assets to leave a large legacy for your children, only to pass away all too soon. Life insurance is one way to make sure your children receive a financial inheritance in order to make sure they can pay for education, and any other monetary need.

Making sure you leave your family financially secure in the event of your passing is an absolute must. For more information about our life insurance policies, please contact us at Clifford R. Larson Insurance today. We will help you find a policy that will suit your needs and budget.