Property insurance

Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance. Property is insured in two main ways - open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion and theft.



Source : en.wikipedia.org

Perpetual insurance

Perpetual insurance is a type of homeowners insurance policy written to have no term, or date, when the policy expires. From the effective start date, the coverage exists for perpetuity. The insured deposits money, called a deposit premium, with the insurer for insurance for the life of the risk. The deposit is usually ten times larger than the cost of a non-refundable, annual premium for an equivalent policy with a one-year term. The insurer must earn enough income from investing the deposits to cover losses and operating expenses for the model to be economically viable. Upon cancellation, the insured is entitled to a full refund of the initial deposit premium, usually without interest. Perpetual insurance, first issued in the U.S. in Philadelphia in 1752, is still used for fire and homeowner's insurance.

In the United States, there are also tax advantages to perpetual insurance. The deposit premium does not yield any income to the insured. However, the expense of the annual premium for term homeowners insurance is eliminated. Therefore, the tax-adjusted, equivalent rate of return to the insured homeowner on the deposit premium can be calculated by taking the gross amount of money he or she needs to earn to net the amount of an annual premium for a term policy, divided by the amount of the deposit premium. For example, a house which costs $150,000 may typically be charged an annual premium of $1,000 for a term policy. That same house would likely require a $10,000 single deposit premium for a perpetual insurance policy of equivalent coverage. A person in the 28% Tax bracket would need to earn $1,389 in gross income to pay the annual premium. Since that amount no longer needs to be paid annually, the tax-adjusted, equivalent rate of return to the insured homeowner on the single deposit premium would be $1,389, less the after-tax returns that would have been earned on investing the deposit premium (or $600, assuming a 6% after-tax rate of return) divided by $10,000, in other words, 7.89%.




Source : en.wikipedia.org

Citizens Insurance

Citizens Insurance, or Citizens, is the popular name for government established, not-for-profit insurers in Florida and Louisiana. In Florida, the insurer is Citizens Property Insurance Corporation. In Louisiana, the insurer is the Louisiana Citizens Property Insurance Corporation. Both were established in their respective states as insurers of last resort. The Louisiana corporation is also known as Louisiana Citizens

(Neither of these is connected with, nor should they be confused with, for-profit insurers with similar names.



Source : en.wikipedia.org

Home insurance

Home insurance, also commonly called hazard insurance or homeowners insurance (often abbreviated in the real estate industry as HOI), is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home. It requires that at least one of the named insured occupies the home. The dwelling policy (DP) is similar, but used for residences which don't qualify for various reasons, such as vacancy/non-occupancy, seasonal/secondary residence, or age. It is a multiple line insurance, meaning that it includes both property and liability coverage, with an indivisible premium, meaning that a single premium is paid for all risks. Standard forms divide coverage into several categories, and the coverage provided is typically a percentage of Coverage A, which is . The insurance policy itself is a lengthy contract, and names what will and what will not be paid in the case of various events. Typically, claims due to floods, or war (whose definition typically includes a nuclear explosion from any source) are excluded. Special insurance can be purchased for these possibilities, including flood insurance. Insurance must be updated to the present and existing value at whatever inflation up or down, and an appraisal paid by the insurance company will be added on to the policy premium. Fire insurance will require a special premium charge, plus the addition of smoke detectors and on site fire suppression systems to qualify.

The home insurance policy is usually a term contract—a contract that is in effect for a fixed period of time. The payment the insured makes to the insurer is called the premium. The insured must pay the insurer the premium each term. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed: for example, if the house is situated next to a fire station, if the house is equipped with fire sprinklers and fire alarms. Perpetual insurance, which is a type of home insurance without a fixed term, can also be obtained in certain areas.

In the United States, most home buyers borrow money in the form of a mortgage loan, and the mortgage lender always requires that the buyer purchase homeowners insurance as a condition of the loan, in order to protect the bank if the home were to be destroyed. Anyone with an insurable interest in the property should be listed on the policy. In some cases the mortgagee will waive the need for the mortgagor to carry homeowner's insurance if the value of the land exceeds the amount of the mortgage balance. In a case like this even the total destruction of any buildings would not affect the ability of the lender to be able to foreclose and recover the full amount of the loan.

The insurance crisis in Florida has meant that some waterfront property owners in that state have had to make that decision due to the high cost of premiums.




Source : en.wikipedia.org

payment

A payment is the transfer of wealth from one party (such as a person or company) to another. A payment is usually made in exchange for the provision of goods, services or both, or to fulfill a legal obligation.

The simplest and oldest form of payment is barter, the exchange of one good or service for another. In the modern world, common means of payment by an individual include money, check, debit, credit, or bank transfer, and in trade such payments are frequently preceded by an invoice or result in a receipt. However, there are no arbitrary limits on the form a payment can take and thus in complex transactions between businesses, payments may take the form of stock or other more complicated arrangements.

In law, the payer is the party making a payment while the payee is the party receiving the payment.




Source : en.wikipedia.org

mortgage loan

A mortgage loan is a loan secured by real property through the use of a document which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.

A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.

In many countries, though not all (Iran and Bali, Indonesia are two exceptions, it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets have developed.



Source : en.wikipedia.org

Financial institution

In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries. Most financial institutions are highly regulated by government bodies. Broadly speaking, there are three major types of financial institution:

1. Deposit-taking institutions that accept and manage deposits and make loans (this category includes banks, credit unions, trust companies, and mortgage loan companies);
2. Insurance companies and pension funds; and
3. Brokers, underwriters and investment funds.

Source : en.wikipedia.org

Money

Money is anything that is generally accepted as payment for goods and services and repayment of debts.The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value, and occasionally, a standard of deferred payment.

Money originated as commodity money, then evolved to easier-to-transport representative money, in which a certificate stands for a fixed quantity of a commodity.[citation needed] However, nearly all contemporary money systems at the national level are fiat money systems.Fiat money is without value as a physical commodity, and derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the national boundaries of the country, for "all debts, public and private". By law, the refusal of a legal tender (offering) extinguishes the debt in the same way acceptance does.

The money supply of a country is usually held to consist of currency (banknotes and coins) and demand deposits or 'bank money' (the balance held in checking accounts and savings accounts). These demand deposits usually account for a much larger part of the money supply than currency.Bank money is intangible and exists only in the form of various bank records. Despite being intangible, bank money still performs the basic functions of money, as checks are generally accepted as a form of payment and as a means of transferring ownership of deposit money.



Source : en.wikipedia.org

Asset

In financial accounting, assets are economic resources owned by business or company. Anything tangible or intangible that one possesses, usually considered as applicable to the payment of one's debts is considered an asset. Simplistically stated, assets are things of value that can be readily converted into cash (although cash itself is also considered an asset). The balance sheet of a firm records the monetary value of the assets owned by the firm. It is money and other valuables belonging to an individual or business. Two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets. Current assets include inventory, while fixed assets include such items as buildings and equipment. Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the market place. Examples of intangible assets are goodwill, copyrights, trademarks, patents and computer programs, and financial assets, including such items as accounts receivable, bonds and stocks.



Source : en.wikipedia.org

loan covenant

A loan covenant is a condition in a commercial loan or bond issue that requires the borrower to fulfill certain conditions or which forbids the borrower from undertaking certain actions, or which possibly restricts certain activities to circumstances when other conditions are met.

Typically, violation of a covenant may result in a default on the loan being declared, penalties being applied, or the loan being called.

Covenants may also be waived, either temporarily or permanently, usually at the sole discretion of the lender.

A good example for understanding Loan Covenants would be syndicate loans. Where several banks act as party to loans and borrower may be one or several.



Source : en.wikipedia.org

Interest Definition

Interest is a fee paid on borrowed assets. It is the price paid for the use of borrowed money, or, money earned by deposited funds. Assets that are sometimes lent with interest include money, shares, consumer goods through hire purchase, major assets such as aircraft, and even entire factories in finance lease arrangements. The interest is calculated upon the value of the assets in the same manner as upon money. Interest can be thought of as "rent of money". When money is deposited in a bank, interest is typically paid to the depositor as a percentage of the amount deposited; when money is borrowed, interest is typically paid to the lender as a percentage of the amount owed. The percentage of the principal that is paid as a fee over a certain period of time (typically one month or year), is called the interest rate.

Interest is compensation to the lender for the risk of not being paid back, and for forgoing other useful investments that could have been made with the loaned asset. These forgone investments are known as the opportunity cost. Instead of the lender using the assets directly, they are advanced to the borrower. The borrower then enjoys the benefit of using the assets ahead of the effort required to obtain them, while the lender enjoys the benefit of the fee paid by the borrower for the privilege. The amount lent, or the value of the assets lent, is called the principal. This principal value is held by the borrower on credit. Interest is therefore the price of credit, not the price of money as it is commonly believed to be.



Source : en.wikipedia.org

Debt Definition

Debt is that which is owed; usually referencing assets owed, but the term can also cover moral obligations and other interactions not requiring money. In the case of assets, debt is a means of using future purchasing power in the present before a summation has been earned. Some companies and corporations use debt as a part of their overall corporate finance strategy.

A debt is created when a creditor agrees to lend a sum of assets to a debtor. In modern society, debt is usually granted with expected repayment; in many cases, plus interest. Historically, debt was responsible for the creation of indentured servants.

Loan Definition

A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.

In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time. Typically, the money is paid back in regular installments, or partial repayments; in an annuity, each installment is the same amount. The loan is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice any material object might be lent.



Source : en.wikipedia.org

Life Insurance

It's never too late or too early to
think about protecting your family's financial future.

Life insurance is protection against financial loss resulting from death. It is an insurance company's promise to pay your beneficiary a specific amount of money when you die in exchange for timely payment of premiums.

Why do I need life insurance?

Although you may not think about it, your ability to earn income is a significant asset and life insurance helps replace lost income in the event of your premature death. Here are some reasons people buy life insurance.

The death benefit may be used:

• To replace income the family would need to maintain their standard of living after the death of a wage earner.
• To pay off a mortgage loan and other personal and business debts or to create a rent fund.
• To create a fund for children's education.
• To pay final expenses, such as funeral costs and taxes.
• To create a family emergency fund or a fund for a family member with special needs.

Source : statefarm.com

American Stock Exchange

NYSE Amex Equities, formerly known as the American Stock Exchange (AMEX) is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953 it was known as the New York Curb Exchange. On January 17, 2008 NYSE Euronext announced it would acquire the American Stock Exchange for $260 million in stock. On October 1, 2008, NYSE Euronext completed acquisition of the American Stock Exchange. Before the closing of the acquisition, NYSE Euronext announced that the Exchange will be integrated with Alternext European small-cap exchange and renamed NYSE Alternext U.S. In March 2009, NYSE Alternext U.S. was again rebranded to NYSE Amex Equities.


Source : en.wikipedia.org

Adjustable Rate Mortgage

ARM. A mortgage with an interest rate that may change, usually in response to changes in the Treasury Bill rate or the prime rate. The purpose of the interest rate adjustment is primarily to bring the interest rate on the mortgage in line with market rates. The mortgage holder is protected by a maximum interest rate (called a ceiling), which might be reset annually. ARMs usually start with better rates than fixed rate mortgages, in order to compensate the borrower for the additional risk that future interest rate fluctuations will create.


Source : investorwords.com

Adjusted Debit Balance Definition

Value used to determine a margin account's position, as required by Regulation T. This is the amount a customer owes a broker, minus profits on short sales and balances in a special miscellaneous account. If the adjusted debit balance is very small, the customer can withdraw cash or securities from a margin account.

Source : investorwords.com

Home Insurance

If you've never owned a home before or are moving into your first apartment, start off on the right foot by purchasing home or renters insurance. Home insurance protects more than four walls and a roof - you're protecting just about everything in it, as well.

Insurance Tips for Homeowners
After unpacking your things and settling into your new home, it's time to think about your needs for homeowners insurance and other insurance.

New Homeowner Insurance Basics
The lowest mortgage rates in more than three decades have fueled America's appetite for home buying and refinancing, driving new home sales to a record level .

Get the Home Insurance Facts
Buying a home is one of the single largest investments that most people ever make. Homeowners insurance is protection for your home.


Source : www.insurance.com

The Basics of Pet Insurance

Our pets have become as precious to us as our children. For some people, their pets are their children. And, pets, like people, are living longer, seeing more medical specialists and often having expensive surgical procedures. It's not cheap - but you can protect your pets with pet insurance and know that you'll have access to good veterinary care when you need it.

Cats and dogs - and exotic pets too!

Unless you have a rhino in your backyard, you can easily find coverage for the pets in your household. From guinea pigs and lizards to goats and snakes, pet insurance is available to cover routine minor medical procedures, lab expenses and major surgeries. Of course, there's coverage available for every type of cat and dog, even the hard-to insure breeds. And, you can even find special plans for exotic birds.

When to buy coverage?

Most pet insurers recommend that you buy a policy when your pet is young - before pre-existing conditions develop, or an accident or illness occurs. Dogs and cats as young as six weeks old can be insured. And most companies will continue to offer to renew your policy, even after your pet has an illness or accident. But don't wait until old age sets in, because pets that are 10 years or older are usually not eligible for a new policy.

Coverage for emergencies and even routine care

A basic pet insurance policy will cover accidents, illnesses, X-rays, surgeries, prescriptions, hospitalization and treatment for cancer. You may also buy additional coverage for routine care, including vaccinations, heartworm and flea control. If you buy coverage for a new puppy or kitten, you may also choose coverage for spaying or neutering. Extra coverage costs more, but can be worth it. Your policy will have a deductible and a limit on the bills you may submit for each "occurrence" which is either an illness or accident, and an annual limit on total payments.

Some illnesses or conditions will not be covered, including a pre-existing condition - which is usually true for human health insurance, too. Most companies will have a list of breed-specific hereditary disorders that aren't covered. Other typical exclusions include behavioral disorders, disease that is preventable by vaccination, and cosmetic surgery. No surprise!

How does pet insurance work?

Most pet insurance policies work as a reimbursement plan. You may visit the vet or pet hospital of your choice. You're responsible for paying for the service in full and then you submit your bill and a claim form to your pet insurer. Once you've met the deductible on your policy, you receive payment for the expenses according to the type and amount of coverage on your policy.

Finding a Pet Insurance Company

Whether you're thinking about pet insurance for a new member of the family or you have a houseful of felines, finding pet insurance is fast if you search online. Look for an experienced insurance company with a solid rating for financial stability, so that you know they'll be there to pay your claims. We recommend only companies that are rated "Excellent" or "Superior" by A.M. Best Company, an independent insurance company rating organization. You can also ask your local vet to recommend a company.

Source : www.insurance.com

Motorcycle Insurance

You bought a new motorcycle and you're ready to hit the road. Right? Not so fast. You may think that safety gear is all you need to protect yourself, but if you don't know the basics of motorcycle insurance, you could injure your finances. (I know, I know, it's a terrible joke. But hey, I write for an insurance website, so cut me some slack!

Why buy motorcycle insurance?
It's pretty simple. Motorcycle insurance is required by law in many states. Besides that, it can protect you from losing your house or life savings or both if you're responsible for causing personal injuries or property damage. It can also cover your medical bills, theft and damage from vandalism. And, if you have a loan or lease, the lender will usually make you buy coverage for the bike itself.

The big one: liability coverage
This is the legally required coverage most people think of when they talk about insurance. It breaks down into two categories:

• Bodily injury liability: Can pay for medical bills, pain and suffering, and loss of wages for people you kill or injure in an accident you cause. Sometimes you don't have to be completely at fault. Even if you're partially responsible for the accident, you might still have to pay.
• Property damage liability: Can pay for repairing or replacing the property of other people, like cars, telephone poles and so forth.

This coverage will also pay for your defense costs if you're sued because of an accident.

Consider buying more than the minimum amount of coverage required in your state. Why? Well, if you have a lot of assets to protect, you'll want to make sure you're protecting those assets. And if you don't have a lot of assets, how will you pay the bills?

Optional but important: protection for you
Although these coverages are usually optional, they all protect you and your property directly. Unless you're rich, take a good look at them.

• Uninsured/underinsured motorist (UM/UIM) coverage: Can cover expenses caused by other drivers with little (underinsured) or no (uninsured) auto insurance. It can cover things like your medical bills, lost wages and pain and suffering. It even protects your riders and other people covered by your policy while they're riding in/on other vehicles or when they're pedestrians.
• Medical payments coverage or personal injury protection (PIP): Can cover a small amount of medical or funeral expenses (or both) for you and your riders, in addition to other people covered by your policy while they're riding in/on other vehicles or when they're pedestrians.
• Comprehensive: Can pay for damage to your bike not related to an accident (e.g., fire, flood, vandalism, theft and animal collisions). Comprehensive is kind of a dumb name for it, since it's pretty cheap coverage that doesn't apply in all situations – but that's what they call it.
• Collision: Can pay to repair or replace your motorcycle if it's damaged in an accident. It doesn't matter who caused the accident – it could even be with a tree. Animals don't count, however. Why is hitting an animal not a collision? It just isn't. However, you can't buy collision without buying comprehensive, so you'll have coverage for animal accidents either way.

Even more coverage
These are some of the smaller and most-overlooked coverages, but they're all relatively cheap for the protection they provide. However, if you don't need them, they're a waste of money.

• Accessory coverage: Can pay for damage to or loss of accessories like modifications, custom paint, safety equipment (like motorcycle helmets), wheels and more.
• Roadside assistance: Can cover towing, minor repairs, and fuel delivery if your bike breaks down, gets stuck near the road or runs out of fluids.
• Rental coverage: Can cover the cost of renting a replacement motorcycle if yours is in an accident.
• Trailer coverage: Covers a trailer used to transport your bike.
• Trip interruption coverage: Covers expenses like food and lodging if your bike breaks down away from home.

And if I buy all that, I don't pay anything else?
If you believe that, you'll believe anything! There's no such thing as "full coverage." It's just something people say so they won't worry. Here's what you usually end up paying for:

• Deductibles: These are what you agree to pay yourself before your insurance takes over. You can choose different deductibles for different coverages. Liability coverage never has a deductible.
• Exclusions: These are situations your policy specifically mentions that it won't pay for. Examples include wear-and-tear and intentional acts. Racing is also excluded.
• Excess costs: Your policy lists a dollar amount for coverage limits. Anything over this amount won't come from your motorcycle insurance company.

Discounts and savings
Many motorcycle insurance discounts are similar to auto insurance discounts. These are some special ones for riders:

• Motorcycle safety training classes (bonus points if you're an instructor)
• Riders club membership
• Theft recovery systems (like LoJack®)

Comparison shopping: boring but useful
Motorcycle insurance quotes for the same coverage on the same bike can be different from each company. If you're getting insurance for the first time or think you're paying too much, it pays to check prices. Just make sure you're comparing the same coverage and make sure the company has a good financial strength rating.

Source : www.insurance.com

Should We To Take Boat Insurance?

If you own a boat, you probably think about skimming across the waves or spending long afternoons out on the water. Boat insurance is probably the furthest thing from your mind. But boats need insurance, too. Just like cars and homes, boats can be damaged or cause injury or damage to people or property.

Many states require a minimum amount of liability insurance on your boat. And if you have a boat loan, your lender probably requires you to carry insurance for the boat itself. Additionally, many marinas and yacht clubs won't allow you to dock your boat unless you're insured. Whether required or not, it's a good idea to protect your investment.

Doesn't my home insurance cover boats?

Homeowners insurance usually includes limited coverage, such as $1,000 for damage to your boat while stored at your home. Home insurance may also provide a small amount of personal liability coverage to protect against claims from accidents you cause with your boat. Jet skis and other personal watercraft are typically excluded from homeowners insurance coverage.

What boats can I insure?

Most typical insurance companies insure most types of boats. These include small fishing boats, speedboats, sailboats, canoes and houseboats. You'll probably need to search for a company specializing in boat insurance if you have an unusual boat, such as:

• Houseboats used as a main residence.
• Amphibious or exotic boats.
• Boats with excessive horsepower or capable of speeds over 75 mph.
• Boats used for business or commercial purposes.
• Boats traveling beyond 75-125 nautical miles from shore.
• Personal watercraft (e.g., jet skis).

What does boat insurance cover?

Boat insurance policies often resemble auto insurance policies. Just like car insurance, policies vary between companies, but the main types of coverage are bodily injury/property damage liability coverage and physical damage coverage. Other optional coverages often include medical payments coverage and uninsured/underinsured boater coverage.

• Property Damage liability – can pay for expenses resulting from property damaged in an accident you cause, like replacing or repairing a boat, a dock or other structure, as well as defense costs.
• Bodily Injury liability – can pay for expenses related to injury to others in an accident you cause. These expenses could include medical bills, lost wages, and pain and suffering, plus defense costs.
• Uninsured/underinsured boaters coverage – similar to Uninsured/underinsured motorist (UM/UIM) coverage. It can pay for things like bodily injury, lost wages, and pain and suffering for you, your passengers and your family members in an accident caused by a boater with no insurance or insufficient insurance. With the economy still souring, it's likely that people are dropping boat insurance as well, so this coverage is essential.
• Medical Payments coverage – can pay for a smaller amount of medical or funeral expenses for you, your passengers and others on your policy. Water sports coverage extends this protection to waterskiing and similar activities outside of the boat.
• Physical Damage coverage – protects your boat itself – and its towing trailer, if you want. The options for this coverage, from highest cost to lowest, are total replacement, agreed value, and actual cash value.
  
  
• Total replacement will replace your boat with a new boat of the same type and is usually only available for boats less than two years old.
• Agreed value will pay the amount listed on your policy, but is lower than the replacement cost of the boat.
• Actual cash value pays you the market value of the boat.

These options all have deductibles.

Special boat insurance coverages

Because boats live on the water and have special needs, there are some specialized coverages you can add.

• Fishing equipment coverage – covers fishing supplies on the boat or while being transferred on or off the boat.
• Personal property coverage – covers personal effects on the boat or while being transferred on or off the boat.
• Roadside assistance – covers the boat during towing, and sometimes even the tow vehicle.
• Fuel spill/accident cleanup – covers removal of debris from an accident.

Discounts

Many boat insurance discounts are similar to auto insurance discounts. Here are some specific to boats:

• Fire suppression system discount – fires on the water can quickly destroy a boat, so these systems can be lifesavers.
• Diesel fuel discount – diesel isn't as flammable as gasoline, so it's safer.
• Safety device discount – depth-finders and other safety devices make boating less risky.

Boat insurance may not be required, but it's always a good idea. If you're lucky enough to have a boat, protecting it and your assets with boat insurance is a smart choice.

Source : www.insurance.com

Insurance.com Offers Bright Spot to Consumers Looking to Save on the Essentials This Season

It’s the holiday shopping season once again, and cash-strapped consumers and dedicated bargain hunters are more determined than ever to compare prices and buy items at the lowest price possible. There are, of course, deals to be found on electronics, gifts and toys.

But with pinched wallets, consumers are – and should be – looking for deals on necessities like housewares, utilities, and especially car insurance.

“We are urging consumers who are already online and shopping this Cyber Monday to come to our site, compare auto insurance rates, and let our carriers compete for their business,” says Sam Belden, vice president at insurance.com. “Our online application only takes about 10 minutes and customers who shopped at our site during the past 30 days saved an average of $536 a year. That’s a lot of extra cash.”

Car insurance rates have been dropping in recent months, meaning that consumers who have not shopped for a new policy in the last six months may be able to get a significantly lower rate. According to insurance.com's RateWatch report, the average rate quoted to drivers in September was $1,804 per year, compared with $1,949 last fall.

Source : www.insurance.com