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Resources to
evaluate your insurance company
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Check
out the Consumer
Reports Magazine. This is a publication by the
Consumers Union, an expert, independent nonprofit organization
whose mission is to work for a fair, just, and safe marketplace
for all consumers and to empower consumers to protect
themselves.
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Compare
the ratings of the insurance companies at the Best's
Insurance Reports. This firm analyzes the financial strength
of insurance companies and awards ratings from A+ through C. A+
stands for excellent and C stands for fair.
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Explore
the The
Consumer Federation of America website. It provides a wealth
of information related to the happening in the insurance market.
You may also purchase their insurance buyer's guide at a nominal
cost.
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Selecting an Insurance
Agent:
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Selecting the Best
Policy
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The best policy
defers from person to person and depends on the situation.
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Make an
accurate estimate of the amount of coverage you actually need.
If your coverage amount is more than what you actually need you
end up spending more than needed on insurance.
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Consider the types
of threats specific to your situation. For example if you live
in Florida, you must purchase a flood insurance for your house.
Similarly Californians must purchase earth quake insurance for
their properties.
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Prioritize your
insurance needs. For example a broad based health insurance is
more important to have than a disability insurance.
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Saving money on
Insurance
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Choosing a higher
deductible lowers the insurance premium. Typically you
should be able take the extra pinch of paying a little more on
deductibles in exchange for a lower bill on
insurance.
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Buy only the
required insurance. For example if you drive a really old car,
you may have to buy only the liability insurance instead of a
comprehensive insurance.
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Many insurance
companies offer rewards for meeting their criteria. For example
married people have to pay a lower amount on their auto
insurance. Make sure that you are getting the deal you should.
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Maintain a
responsible and health life style. If you avoid smoking,
and maintain a health life style you pay less on your life
insurance. Also if you are a careful driver you pay less on your
auto insurance.
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