by oXYGenFinancial
It’s a fact: People today are living longer. Although that’s good news, the odds of requiring some sort of long-term care increase as you get older. And as the costs of home care, nursing homes, and assisted living escalate, you probably wonder how you’re ever going to be able to afford long-term care. One solution that is gaining in popularity is long-term care insurance (LTCI).
Read the full story »How to Save Money on Your Auto Insurance
You may have good reason to complain about the cost of your auto insurance, but have you tried to do anything about it? If you’re resourceful and willing to do a little homework, there may be plenty of ways to lower your premium. And we’re not necessarily talking chump change–a few simple steps can sometimes save you hundreds of dollars a year. One of your first steps should be to shop around for a better deal. Sometimes the best time to do this is when your current policy is up for renewal–especially if you find that your premium has gone up. You may be surprised to learn that premiums for the same coverage on the same car can vary widely among insurance companies, even in states that regulate auto insurance rates. That’s because different companies have different ways of pricing coverage and determining rate increases. You can shop around on your own over the phone and on-line, but it’s usually easier to have your insurance agent or broker do the legwork for you.
Raise your deductibles. When you file an insurance claim for loss of or damage to your car, you will probably be subject to a deductible. This is an amount that you must pay out of your own pocket before your insurance company begins to cover your losses (different deductibles probably apply to your collision and other-than-collision coverage). The higher your deductibles, the lower your annual premium. In fact, by raising the deductible for your collision and/or other-than-collision coverage, you may be able to cut your premium by 10 percent or more. The reason is simple: Increasing your deductible shifts some of the financial risk to you. If you decide to do this, though, make sure that you can afford the larger deductible if and when the time comes.
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