Quick Insurance Blog

There have been many headlines in the last two weeks about the current financial and market crisis in the United States. The most important one, from an insurance point of view, was the bailout of AIG. This was probably good news if you were a customer with them since you don’t have to go scrambling to find a new insurer.

Nevertheless, many people rightly feel that we as taxpayers should not have to be on the hook for poor business choices made by financial institutions. However, I am not going to discuss who is to blame or even how to fix the problem (I will leave that to people more qualified than I am), but instead I will give you a few ideas on how you should look at your personal insurance options given the current climate of economic uncertainty.

To do this I will look at four different types of insurance that you may or may not have. These will be auto, health, life and home insurance. There are ways you can structure your insurance policies that can save you money while maintaining the coverage you need.
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As Hurricane Katrina showed Americans having proper homeowners insurance for your house is extremely important. There are few things worse than seeing you primary financial asset destroyed with the knowledge that you have not protected it.

Hopefully, Hurricane Gustav will not cause any damage or at the least far less than Katrina did. However, the problem with Hurricanes and other natural disasters is that you can never be entirely sure when and where they are going to hit.

This is what makes having proper home insurance so important. Now, if you live in the likely path of Hurricane Gustav it is probably too late to buy a policy that will kick-in, in time. I can only hope that your loved ones and your property remain safe and unharmed. [Read more →]

Have you ever wondered where you car stands in terms of the costs to insure it? Is your car among the most or least expensive to insure? Well now you can find out where you stand once and for all. Yahoo finance has just published an article about the 10 most and least expensive cars to insure.

The most expensive cars in declining order were the following: 10. Chevrolet Cobalt two-door, 9. Nissan Sentra/Mitsubishi Eclipse, 8. Suzuki Forenza, 7. Nissan Sentra SE-R, 6. Acura RSX, 5. Scion tC, 4. Mitsubishi Lancer, 3. Hyundai Tiburon, 2. Subaru Impreza WRX 4WD, 1. Cadillac Escalade EXT 4WD.
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Should we be worried about bank failures like IndyMac? Well that really depends on who you are. Obviously, if you are a shareholder of a bankrupt bank you will most likely lose your investment. Moreover, it is generally not good for the economy as a whole to have too many bank failures.

However, as an average bank customer, you don’t have to worry. Why, you ask? The answer is simple: deposit insurance. In the United States the Federal Deposit Insurance Corporation (FDIC) insures all accounts up to $100,000. That means that even if a bank goes under, your money is safe up to that limit.
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People believe some pretty crazy things about auto insurance. Now, I have already shown you 11 insanely easy ways to reduce your auto insurance premiums, but there are still some myths that need to exposed. In fact, you may even believe some of them yourself.

Not to worry though, I am going to expose these myths for what they are. However, to find out what they are you will have to enter your name and e-mail address below. Then over the next 7 days the 7 myths will be exposed.

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Everyone knows that we live in a dangerous world, right? Well actually if you look at most major risk factors we are actually much safer than we were 15 years ago. However, some people do live very risky lives and for those people the insurance industry has created the following products.

War Risk Insurance

As you can probably guess by the name, war risk insurance protects individuals and companies from damages caused by war. These types of insurance policies have exploded in size in recent years due to the wars in Iraq and Afghanistan. These policies are very useful if you plan to operate in a war zone but otherwise you probably don’t need this kind of protection.
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