123InsuranceQuotes.net Blog

You just bought a new car, and now you’re searching for affordable auto insurance. Once you supply an insurance company with some information, including the make and model of your car, your age, your address, etc., they give you a quote for your monthly premium. But how exactly do they calculate that number?

Read on to learn how insurance companies determine your rate and how you can save money by shopping around.

Different companies, different rates

Many drivers mistakenly believe that insurance rates are set by the state. While auto insurance companies must follow certain auto insurance laws when calculating rates, … Continue Reading

While approximately 80 percent of car buyers either pay cash or finance their purchase, you’re considering joining the other 20 percent who are willing to forgo ownership and lease their next set of wheels. Perhaps you’re self-employed and able to deduct your lease payment as a business expense. Or maybe you’re trying to step up to a luxury model for less upfront cash.

Whatever your reason, if you do decide to lease, keep in mind that the amount of insurance protection you need will likely be more than if you decided to purchase. When you lease, your vehicle belongs to the … Continue Reading

If you’re shopping around for life insurance, you may find the process to be confusing and frustrating. You’re not alone—life insurance can be an extremely complex product, one that confounds consumers across the nation. However, many families discover that term life insurance is a relatively simple policy that fulfills all of their insurance needs.

Term life provides protection for a specified number of years, ranging anywhere from one to 30 years. If the policy holder dies sometime within the term, their family receives a death benefit. These policies are less expensive because they are designed solely for protection. Many people choose … Continue Reading

The goal of life insurance is to ensure your family is financially protected if something were to happen to you. Since your loved ones depend on your income, they could find themselves in serious financial stress if that cash flow was suddenly cut off.

Unfortunately, too many consumers mistakenly believe that they have enough life insurance to adequately protect their loved ones—when in actuality, they are severely underinsured.

Just look at the numbers: Americans have a combined $10 trillion worth of life insurance coverage, according to a 2008 study by the American Council of Life Insurers. That may seem like an incredible … Continue Reading

If you’ve purchased life insurance to help protect your family in the event of your death, good for you. However, you probably shouldn’t pat yourself on the back just yet. Why not? Because unless you have the appropriate amount of life insurance, your family isn’t fully covered.

According to a 2008 study by LIMRA International, a whopping one-third of U.S. adults do not have life insurance. This is certainly a troubling statistic, but there’s another trend that’s perhaps even more disturbing: countless families who do have life insurance do not have enough.

Americans have a combined $10 trillion worth of life insurance … Continue Reading

When you begin the process of estate and financial planning, there are many decisions you need to make. Even the most basic of decisions, like the type of life insurance coverage you will buy and what family members to cover, can be overwhelming. The costs associated with each decision you add up and may force you to sacrifice coverage for affordability. If you know the options available to you, you can simplify your planning and get all the benefits you need without exceeding your budget.

Often, the first step in financial planning involves the purchase of two life insurance policies—one covering … Continue Reading

Buying a home can be a minefield if you don’t educate yourself about the process first. Many of the savviest homebuyers don’t have a clue as to the importance of a CLUE report.

The Comprehensive Loss Underwriting Exchange (CLUE) database is maintained by ChoicePoint, one of the country’s largest compilers of personal consumer data. It is designed to permit homeowner and auto insurers to exchange information about claims for loss of property, without notice to you unless required by your state. Approximately 90 percent of all insurance companies that underwrite homeowner’s insurance are subscribers of the service.

Actual property loss claims, as … Continue Reading

Americans love their cars but aren’t necessarily crazy about their auto insurance rates. What few people realize is that the price you pay for coverage is a direct result of who you are and what you do.

The first factor impacting rates is your choice of automobiles. That red-hot sports car you’ve been dreaming about is going to cost a lot more to insure than the economical and sensible sedan. That’s because the sports car is on every car thief’s “must have” list. The higher the probability your car will be stolen, the higher the cost to insure it.

Your neighborhood is … Continue Reading

If you have a need for speed and buy a small, sporty car that can burn up the road, you’ll likely face higher insurance premiums. Research shows that small cars are more accident-prone because owners of sporty models drive their cars in ways that make them more vulnerable to crashes. The other reason is that younger drivers who love taking risks typically buy them because they are affordably priced.

Every year, the Insurance Institute for Highway Safety examines statistics concerning the insurance losses associated with the most popular vehicles. Since insurance companies use similar yardsticks to set premiums, knowing what a … Continue Reading

Parents of teens and young adults know the pattern all too well. A child hits the magic age when he can finally get a learner’s permit to drive. After multiple tries, he passes the driving test and gets his license. Mom and Dad open their wallets and tell the insurance company about the new driver. Their insurance policy covers him during high school, while he’s in college, and while he’s back home. At some point, however, he moves out on his own for good. Maybe he moves to a city with convenient mass transit, and his job doesn’t pay well … Continue Reading