The exercise equipment gathering dust in Americans' bedrooms and basements is a familiar sign of the way New Year's resolutions often are quickly abandoned. But a few resolutions you'll not only want to make – but also stick with involve being more prudent about insurance.
That means spending wisely and getting the coverage that matters most. It's a good idea to start each year by taking stock of your coverage because auto, home, life and other insurance needs change over time -- as you move, switch jobs, add to your family, finish that basement project, change vehicles and grow older.
When you have to use your insurance, the last thing you want is to learn that you don't have enough coverage. But you also want to make sure you aren't carrying more insurance than you really need.
Here are some New Year's resolutions to help you fine-tune your insurance policies.
Auto insurance is a competitive market – one that often has carriers that offer really low introductory rates – only to raise them slowly overtime – the consumer kinda is like the frog who sits in the water despite the rising tempurture – the frog will not jump out even when the water comes to a boil because of the SLOW rise in temperature. That is what MANY auto insurance carriers do to consumers – DON’T BE A FROG – check those rates against others at renewal!
Consider dropping collision and comprehensive coverage on older vehicles to save money, he adds. Collision pays the costs of repairing cars following accidents, while comprehensive pays for losses not caused by accidents, such as theft or fire damage. Since your insurance company will repair or replace only up to the value of the vehicle, paying for full coverage on an aging car may not be worth it.
BE CAREFUL DRIVING – Tickets and accidents only drive your rates higher!
The start of a new year is a great time to update the inventory of your possessions. You'll need an accurate list if you ever have to make a home insurance claim.
If you don't want to take time to write things down,-- a very common way is to make a video recording of your home. If there is a theft, you can go back and say “I had this stuff.”
Consider a special rider to cover expensive items that may exceed the limits of your home policy.
If you have a big flat-screen TV that costs $2,500, you may want to schedule that separately. The cost for a rider is usually pretty cheap. You can make sure your TV is covered for everything, including your 6-year-old kid hitting a ball through it.
Finally, make sure your home insurance coverage remains high enough if you ever have to repair or rebuild at today's construction prices.
As you launch into a new year, look for ways to cut life insurance costs – YES cut cost!
Did you lose weight? Stop smoking? Off your meds? All of those could get you a preferred rate!
Also – buy from a reputable company – not that slick salesman at church with a cheap product from a company you have never heard of is likely not going to pay on that claim.
With all the changes that have happened in financial markets, it has never been a more important time to check the financial strength of a company!
Want to trim your health insurance costs in the new year? The best way is to resolve to become more educated and informed about your health care, -- that helps consumers navigate the health care system.
For healthy people who rarely go to the doctor, it may make sense to seek lower premiums through a higher insurance deductible.
You could be paying a lot of money to get a richer benefit package and you may not use it, – most people want to protect themselves against catastrophic medical costs. ... People are starting to realize, if they do the numbers, they will save a lot of money and they still will have decent coverage."
If you have no health insurance, minimal insurance or a high-deductible plan, you may be able to save money by negotiating whenever you receive a medical bill. The key is to not be shy about asking for a break. Many hospitals and doctors will give those who ask politily for a reduced bill if they can do it!
I would like to wish everyone a Happy New Year and I look forward to talking with you in 2017!