Just as you would protect your life and car by taking out insurance against the unexpected then you should also give some serious consideration to protecting your mortgage, loan and credit card repayments along with your income in case you should find yourself unemployed.
In a world where the unexpected frequently happens if you have a mortgage or loan and make repayments each month thought should be given as to where you would find the money to carry on repaying them if you were to lose your income. If you have mortgage repayments then you need to ensure you can repay them each month otherwise you are risking repossession of your home. Mortgage payment protection insurance (MPPI) taken out as unemployment cover can give you an income to replace your lost one. If its loan or credit card repayments you have to make then loan payment cover would do the same to make sure you had the money to repay them each month and not get behind and into debt. If you want to insure your income then income protection would allow you to insure your income up to a certain amount each month and this would allow you to continue living your lifestyle by paying your essential outgoings.
All protection insurance policies tend to work on the same principle in that you have to be out of work for a pre-determined amount of time before it will start paying out. Usually this can be anywhere between the 31st and 90th day of being continually out of work and would then continue providing you with an income for between 12 and 24 months depending on the provider.
Just as all policies have a waiting period before you can claim they all have exclusions within them that could mean unemployment insurance isn’t the right product for your circumstances. Some of the most common reasons which stop people from being eligible to claim include only being in part time employment, suffering from an ongoing illness when taking out the cover, being retired or self-employed. While these are all common there can be others depending on the provider, so it is essential to check out the small print of any policy you are considering buying.
Taking out the cover with a standalone specialist provider is the best option as opposed to taking it out alongside the loan or mortgage. Policies sold with the high street lender and alongside loans and mortgage are what has earned the product a bad name and which have been associated with mis-selling.
If you want to avoid the high premiums and poor selling techniques which were a focus of investigations into the sector recently by the Financial Services Authority and currently, the Competition Commission, then stick with someone who specialises in payment protection products for your policy. It was the high street lenders who received fines by the Financial Services Authority during the investigation not the specialists and it is important to remember that it isn’t the product that is at fault but the firms who have little or no experience in selling unemployment insurance.
By: Simon Lance Burgess
Insurance laws and requirements can be complicated and vary from state to state. New York auto insurance is no exception to this statement. There are several different types of coverage that fall into the auto insurance category. Some of the coverage types are optional while others are required by state law.
Liability Coverage
Liability coverage is required in nearly every state. car insurance laws in New York require $25,000/$50,000/$10,000 in coverage. These amounts cover bodily injury liability per person/total bodily injury per accident/property damage per accident, respectively.
New York State is unique in that it requires double the bodily injury liability limits in the event the accident results in death, taking the limits to $50,000/$100,000.
Personal Injury Protection
Personal injury protection or PIP is required in NY, as well as several other states. It is an extended type of auto coverage that assists with medical costs and can cover lost wages and other miscellaneous charges.
Medical Coverage
New York is what is referred to as a “no-fault” state. All individuals that have auto insurance are required to have this coverage. This covers the insured’s medical costs, regardless of fault. There is some controversy over this type of coverage as it is generally expensive and is thought to create redundant coverage when the insured also has regular medical insurance.
Uninsured/Underinsured Motorist Coverage
Uninsured/underinsured motorist coverage is optional in some states but, required in NY. This coverage will cover the insured, up to the limits they have purchased, if they are in an accident caused by another driver and that driver is not insured or does not have sufficient insurance to cover the full liability. Another common case that this type of insurance is helpful is in the event of a hit and run.
Other New York Car Insurance Requirements
New York State requires that auto insurance remain in effect while a vehicle is registered, regardless whether or not the vehicle is being used. If a vehicle is not being used, New York State requires that plates are returned to the state to cancel the registration.
New York auto insurance law requires that New York drivers have insurance in the state, out of state insurance is not acceptable. This state also requires that the insurance must be in the same name as the registered owner. Neglecting to follow this requirement will result in a lapse of insurance and the registration will be suspended; the owners?driver’s license will also be suspended if the lapse exceeds 90 days.
By: John Hilaire
Shopping for cheap auto insurance in California can be a labyrinthine process, but there are a few basics that it can be broken down into which allows you to see the big picture. In 6 easy steps, you can know exactly what you need to look for and how to get a low cost policy.
Step 1: Do you have any assets?
Do you have any lare assets that someone could sue you for? Technically you are personally liable for any damage you cause to another person which goes above the amounts you’re insurance covers.
Step 2: Do you have a car worth $10,000 or more?
Is your car relatively new, and still worth quite a bit? If so, you will want to get car insurance that covers
Step 3: Decide on liability
If you answered yes to Step 2, then you’ll want to purchase more car insurance liability than the California minimum requires. Your policy won’t be as cheap, but you’ll cover your assets in case of a law suit. On the other hand, if you answered no to Step 1, then consider going with the lowest liability insurance you can. California requires 15/30/5 by law.
Step 4: Decide on collision and comprehensive
If you answered yes to Step 2, you will then want to consider getting both comprehensive and collision car insurance. Collision will cover your vehicle in a crash, no matter whose fault it was. Comprehensive will cover your vehicle in case of theft, fire, etc. If you answered no to Step 2, then you may want to consider forgoing the collision and comprehensive and risk having to cough up the money to do your own repairs.
Step 5: Get discounts
To get your California auto insurance as cheap as possible, first consider going with a very high deductible. A deductible is the amount you pay first before insurance picks up the rest of the tab, and if you ask for a high one, you will get an overall cheaper premium. You can also get discounted insurance by having airbags and certain security devices installed on your car, but check with the local insurance companies to see what discounts they actually offer as they change frequently.
Following the above five steps, you should be able to determine if you should go with low or high liability, and if it’s worth adding collision and comprehensive or not, and how high your deductible should be. Now, shop around! Using what you know you need, compare prices and you will be able to get a cheap California auto insurance policy!
By: James Culp