Selasa, 27 Desember 2011

Shopping for Homeowners Insurance and Auto Insurance Wisely

Modern lifestyle definitely adds great comfort and leisure in our lives, but there is always a chance of mishap or disaster and unless you have some sort of contingency plan, you cannot get the most out of your living. That is what makes getting your homes and automobiles insured However, with so many seemingly luring options available these days, selecting the most suitable one is not an easy task. There are certain wise words to keep in mind and tips on how to find the right contractor mentioned here.

Get More than a Quote

No matter which type of policy you're after, it is clever to ask for a quote first. This is the only way to be truly informed and gives you the possibility to make real comparisons between the different companies. Don't stop at the first one, but ask for a quote from several brokers. You only have to spend a few minutes online to complete that. Besides this, there is nothing to lose.

Choosing a Home Insurance Policy

Since no policies are ever the same, it is your duty to read the fine print for each and see the exact types of events being covered. The quote you are being given should contain the following:

- The deductible, which is what you get out of your pocket to pay when a claim needs to be filed in order to make home repairs or replace content. When you have higher deductibles, the premiums go lower.

- Coverage for all kinds of risks - fire, flood, robbery etc. also, it is important that the policy covers not just the house itself, but also the outbuildings. If you have precious items that need to be protected, you may want to get these covered, too.

- Discounts - you may be entitled to such if, for example, you own a home alarm system. Theft deterrents in your home mean less worry for the insurance broker. If discounts are not obvious, then feel free to ask about those that would be available to you.

Choosing an Auto Insurance Policy

This market is a highly competitive one; therefore, you should require a larger number of quotes before deciding. The deductibles depend especially on the type of coverage you want to claim against. You can ask for a higher deductible if you wish to lower the premium. Nevertheless, when a claim has to be made, make sure you have cash on hand. For the coverage, take into account the age of your vehicle. Leaving out collision coverage in the case of an older car leads to saving on your premiums. Besides, many kind of discounts are available - for professional affiliations, paid groups, multi-vehicle, young driver etc.

If you already have homeowners insurance, you can opt for auto insurance from the same company and renew them both when needed. This will also help you save significant amount each year and even more. Ultimately, aim to strike a balance between how high premiums are affordable and what exactly you need covered.

Rabu, 07 Desember 2011

How To Buy MAIF Insurance in Maryland

In most states, drivers operating motor vehicles are required by law to have proof of standard automobile liability coverage before they are legally allowed to drive. Private insurance companies, however, are not required by the same token to grant coverage to all individuals. Where then, do drivers who have records too damaged for any insurance company to grant coverage turn?

Most states handle this problem by randomly assigning uninsurable motorists to an insurance carrier in their particular state. Individuals who have been randomly assigned must pay much higher rates than a regular driver would pay. This also puts the insurers in the position of being required to protect drivers who they originally denied coverage for. In Maryland though, those drivers deemed "at-risk" can turn to the Maryland Automobile Insurance Fund.

Created in 1972, MAIF is a state operated insurance pool limited to Maryland residents who have been denied coverage by at least two private insurers or who have had their current policy annulled. MAIF policy holders who remain accident-free for three consecutive years are required to withdraw from the program and automatically become ineligible for its benefits unless the policyholder is again denied coverage from at least two private insurance carriers. In this situation, policyholders are allowed to reapply for MAIF coverage.

A significant difference in MAIF and other insurance policies is that MAIF cannot be sold on an installment plan. MAIF policyholders must either pay in full upfront or utilize a third-party policy premium finance company. Over 1,500 private insurance agents are authorized to sell MAIF policies, making it readily available to all residents of Maryland. As long as they meet the straightforward qualifications, an individual's place of residence should not keep them from obtaining coverage.

MAIF, depending on its rate structure for revenue, is a self-sufficient entity. It offers many different levels of liability (the amount of damage covered for in case of an accident). In Maryland, the minimum level of liability coverage is "30/60/15". This translates to $30,000 covering bodily injury per person, $60,000 covering bodily injury in total, and $15,000 covering total property damage. This is the cheapest option under the MAIF umbrella, but individuals can pay higher premiums to have higher coverage (up to "100/300/100").

The Uninsured Division, a separate program managed by MAIF, was created by statute to pay claims to Maryland residents injured in a car accident who have no other source of recovery or collectible insurance. This program protects those who do not own a vehicle that could provide them with coverage or live with a relative that might have a policy that could provide them with coverage. This coverage is only applicable in instances where both the vehicle they were riding in and the vehicle that caused the accident do not have some type of insurance. Also, in order to be a valid claim, the driver must be "negligent-free" meaning they did not contribute to the damages in any way.