UM UIM is a fancy term for..if you dont got it..you dont like yourself

There is a lot of fun jargon out there for fancy insurance terms. It is almost like it should be a required second language in high school. Today I want to focus on an important acronym that has some people confused. UM UIM stands for "Uninsured and Under Insured Motorist" and is a coverage that some people view as an "optional coverage". Optional...what?!? Let me tell you the type of person that doesn't need this coverage...NOBODY. I guess it would be beneficial to describe what this coverage is and why it is such a no brainer to throw on your policy. UM UIM is a coverage that protects YOU (the owner of the policy) if you were to get into an accident with someone that didn't have insurance or didn't have sufficient limits. The limits are chosen, similar, to the liability limits, and are for your own protection. Now, why some people put 100/300/100 on liability but only 25/50/25 on their UM UIM is beyond me. When you do this you say... I am not as concerned with my family and I as I am with some random person I might get in an accident with. This doesn't make sense to me and it shouldn't to you. The best thing to do is to set good limits (ie. 100/300/100) for BOTH your liability exposure and your personal exposure with UM UIM. Now that I told you what this coverage is, here is the the why. The Insurance Research Council estimates that roughly one out of every six drivers may be driving uninsured by 2010. Now add in the fact that many people are dropping their insurance down to "legal minimums" (25/50/25) to save a little money and you realize that you are one of the very few people in this country that is properly covered. The fact is that this coverage is your way of protecting your family from a huge financial pitfall and since it only raises the premium around 7%, it is a no brainer. So do that right thing and protect you and your loved ones because if you don't..nobody will.

To HSA or Not to HSA, That is the Question..

As health care costs rise higher and higher, consumers are looking for ways to make their health care dollars go farther. One way to do that is to create a Health Savings Account or "HSA" to help. A few questions might come to mind when looking at an HSA. The first one for many Americans is..what is an HSA? The second question is..would this be a good option for me and my family? Lastly, where would I find an HSA? These are great questions and finding the right answers can help you manage your health care expenses. An HSA is a personal, tax-advantaged saving account that works with an qualified health plan these plans are known as high deductible health plan (HDHP). Like the name implies these plans come with a minimum deductible of $1,150 for single coverage, or $2,300 for family coverage, and will go up as much as $10,000 a month. When shopping for HSA qualified plans make sure you see the word "HSA compatible". There are three main reasons that someone would use an HSA. First, contributions and investment earnings are tax-free up to the specified limit. Finally, withdrawals used for qualified medical expenses are also tax-free. Sounds pretty good right? Understand that HSA's are not for everyone and there are few things you want to consider before taking out a HDHP.
The person that is right for an HSA is one who is wanting to save some money on monthly premiums and self insure yourself on small claims by using your own tax deferred dollars. Since this is not a “use it or lose it” provision, the account stays with you through your entire lifetime. Also, someone who has a family will typically spend more than 10% of their entire income on medical care (check ups, glasses, braces, etc). An HSA is a great way to make these dollars stretch. If you have any questions you can email me personally at j.marvin@comparemyinsuranceonline.com to get more information and find out if this step is right for you. Finally, there are many places that offer HSA's. Many financial planning institutions, banks, insurance companies offer these plans. A great website that I have found for having a policy that is not connected to a specific product (so if you change carriers you still have the same HSA card) is hsabank.com Before you take the plunge into the HSA pool make sure you get all of your options and understand these options to guarantee you make the best decision for you and your family.

dont throw out your life raft when your in dangerous waters..

There is no doubt that we are faced with tough economic times. As more and more people are re-evaluating their monthly expenses, there is a tendency to cast out anything that doesn’t provide a tangible benefit. Insurance is a product that many people have, but don’t fully grasp the overall concept of how it is intended to protect you. When you reduce (significantly) coverage you are agreeing to "self insure" any risk that could happen to you. Now, if you are trying to figure out how in the world you are going to make the electricity payment at $200 then how are you going to be able to pay a $80,000 liability lawsuit. Now I am not saying that you might be able to save some money by shopping around, but you do not want to just cast aside your safety net because you haven't used it yet. Lets put it in another way, if you were on a cruise ship, how would you feel if they took away 1/2 of their emergency boats because they were having trouble paying for the slot machines. Well, I surely don’t want to be floating in the cold, dark, shark infested waters clutching to a slot machine, would you? If you need help with your insurance you can call us at 866-452-4344, and we can help you find ways to cut costs without cutting your families main security net. If you don’t think planning ahead for catastrophes is important think about how the story of the Titanic would have been different if everyone had a seat on an emergency life raft.

Shopping Insurance Online..

Just like everything, we are buying these days, more and more people are heading to the internet to shop around for their auto insurance. A recent study found that the just under fifty percent of buyers who bought a new auto insurance policy did so via direct channels (including insurer Web sites and call centers), this is a 3% increase since 2007. Among buyers who changed their shopping channel, more buyers also changed to direct purchasing methods (22 percent), compared with those who switched to using an agent (15 percent). Interestingly the study found that those buyers who purchased auto insurance via local agents were significantly more satisfied with their customer service, compared to those who bought direct. So, what are we as consumers suppose to do? We want to shop online, but also want a good experience. The best solution is to find an agency or brokerage that allows you to shop and compare online. A site that offers this capability is http://www.comparemyinsuranceonline.com/ and they can show you why more and more people are shopping online for their insurance needs.

Am I really protected?

Many people do not understand the purpose of insurance. For example, a business owner has a huge fire that destroys most of his store. Well, the immediate concern would be..how am I going to pay for all my stuff, right? A couple days later, that same business owner is realizing that he is taking money out of the settlement to pay for bills and expenses that he is incurring outside of the rebuild. Here is where understanding insurance is vital and can save you thousands. Many business owner policies have a coverage that pays for any lost income that occurs due to a covered loss. What does that mean to the insured? It means that for as long as it takes to get back up and running, the insurance company will pay him outside of the initial settlement so that he can pay his mortage, put groceries, on the table, and even pay your employees to make sure they are still there when you back to work. Understanding what is included and excluded from your policy is as important as understanding how to drive a car. A car isnt there to sit in your garage and collect dust, but rather to get you from point A to point B. If you bought a car and never drove it..why did you buy the car. Take some time and look at your insurance policies and make sure you understand it. If you get confused, make a call to your agent, or call 866-452-4344 and find someone to help you. Protecting yourself properly and understanding those coverages before something happens can save you thousands in the end.

Getting Started

Many times a consumer finds him or herself searching for a product that they know very little about. Usually this ends in getting too much of one thing and too little of another. This blog is set up to offer free advice in making hard decisions on protecting the people and the things you love. I hope that you can use these tips and of course reference the information found here to make the right choices. Good luck