What happens if my car is stolen?

When your car is stolen there is a lot that goes through your mind. I dont need to explain why, but a million concerns immediately emerge. Who did this? Why? What was in the car? Who do I call? Whos going to pay? In this situation, having full (Comp and Collision) coverage proves to be very valuable. Full coverage is more than liability only coverage (damage caused to others due to car accidents), or collision coverage (damage caused by collisions to objects). Full coverage includes comprehensive coverage (damages other than collision) This coverage includes natural disasters and car theft. Many people have insurance and they do not know if they have this coverage. Comprehensive and collision deductibles can vary and I always recommend putting them as high as you are comfortable with to save on the monthly premium, as well as, prevent you from filing small claims. It is important that you understand your policy and what is/is not covered. One thing that you need to be mindful of is limiting keeping expensive articles in your vehicle that might entice a thief. So, plan early and that will be one less thing that your are trying to sort out should something happen to your car.

Renters Insurance..Is it really neccesary? Prove It.

Renters insurance is a confusing topic because many people who are renting might not be familiar with managing their assets. While home owners insurance is a must for the majority of those buying a house, a staggering number of renters do not carry renters insurance. In fact, according to MarketWatch nearly two-thirds of the 81 million people who rent their homes are uninsured for their contents or for any liability arising out of their tenancy. More and more apartments are requiring their tenants to purchase base amounts of insurance to move into a residence, but still the majority of Americans go without. So, what is the big deal and if so many don't have it is it really necessary? Great question and lets take a look at the two main reasons for purchase.

The first reason that people need to consider purchasing a policy is for replacement of personal effects. Some renters assume that they are covered by some magical insurance umbrella held by the landlord, and this is absolutely not true. The policy a landlord carriers does not cover your stuff. Even those of us who live modestly probably have a pretty substantial amount invested within those walls you do not own. A high-def TV, surround sound system, computers, a business and a leisure wardrobe, all of those small appliances in the kitchen, and even if your furniture was bought second hand or from WalMart it can and will add up and should disaster strike, and everything will have to be replaced out of pocket. The average renters policy costs about $10-15/month which equates to less than $200 a year. That means that you would have to pay 10 years of renters payments to compensate you for that wonderful mac book you love so much. Dumb. Now, if you still are playing the card that you don't have anything of value and you live life void of all nice things, then the next reason people get renters insurance should really make you perk up.

If something happens on your property you are held liable and will be forced to pay for damages. Here's an example: Should the repairman trip over your coffee table inside your apartment or if that sweet guard dog you bought to pick up chicks decides that his ankle looks like lunch it will not be your landlord's problem. It will be yours.

Renters insurance is an inexpensive way to protect you property and many times when paired with you auto it will discount both policies. In college the house I rented burnt down and my lack of planning left me with truly nothing. Trust me it is always better to pay a little for something you may never need then pay a lot when you need it immediately. If you have any questions we are always available to help you make the best decisions at the best price.

TAKE CONTROL OF YOUR SPENDING..ONE BILL AT A TIME

ARE YOU REALLY THAT IMPRESSED BY MARKETING AND CELEBRITY SPOKESMODELS?

In good times, it's natural that we pay less attention to our individual expenses. But in today's uncertain times, regardless of our current situation, everybody needs to save as much money as possible.

When it comes to saving money the best place to start is with your auto insurance.

Most Americans can point to a similar list of monthly expenses, including mortgage or rent payments, auto expenses, utility bills, food & clothing etc... Many of these expenses are fixed and can't be changed and so they offer few opportunities to save any significant amounts of money. Financial experts agree, however, that the one monthly expense, where people can, with minimal effort, often find real and substantial monthly savings is auto insurance.

Auto Insurance is a necessary evil that responsible people know they can't live without. In fact, for many of us, it's a payment we make month-in and month-out, and never see the benefit of. That's OK, because the coverage has to be there if we need it - but it's also makes it all the more important that we don't over-pay.

Why are you making the insurance companies rich?

Fortunately, today there are online services that let consumers quickly shop for the best rates from a nationwide selection of auto insurance companies, all competing for your business. You simply enter your requirements, and instantly receive quotes from a wide range of reputable companies.

One of the most comprehensive of these services is CompareMyInsuranceOnline.com They operate a free website service that will find you the best insurance quotes from a wide network of premium insurers. There are no fees and no suprises. Best of all if you need help there is someone who is able to answer questions. The site also contains a wealth of reference information that helps you understand how different policies work and how to save the most money possible.

The fact is that auto insurance rates are constantly changing, and for certain policies rates have actually dropped significantly in the past 12 months. You can be sure, however, that your insurance company is not going to call you up and let you know their rates have dropped. But, with a minimal amount of time on a service such as CompareMyInsuranceOnline.com you may be able to quickly save hundreds of dollars.

So, if you're into saving money, start by finding out how much you're over-paying for your insurance coverage. Click on www.CompareMyInsuranceOnline.com

SMALL BUSINESS OWNERS: Can you use a personal vehicle for business use?

Owning and operating a vehicle is expensive at the best of times. If you are a small business owner looking to save some money, using your personal vehicle for business purposes may be an instant cost saving. It is true that purchasing a commercial auto policy can be an expense that you were not expecting. Here are some things to consider when deciding whether or not to use your personal vehicle for business use. The IRS classifies "business use of a car" as travel between two destinations, one of which may include your regular place of business. So you don't have to be a delivery truck driver to be caught using your personal vehicle for business.

Consider this:

Does your Personal Auto Policy Cover Professional Business Use?

This is an easy first step. At times (depending on the situation) we add business use to an individuals policy. Depending on the use of business this can be a easy fix. However, if you are involved in any kind of food delivery service, catering, landscaping services, operate a day-care or church van service, and a number of other risk you are well advised to do some simple research before you use your personal vehicle as these are usually specifically excluded.

Tax Deductions: Which is better Personal Use or Business Use

Tax deductions for business owners can be categorized in two core tax breaks. If you have questions on how to deduct these expenses contact a licensed tax professional.

-Actual Vehicle Expenses - If a vehicle is used exclusively for business purposes, you can usually deduct the full cost of operating the vehicle.

- Standard Mileage Rate - If you use your vehicle for business on a part-time basis (ex. your personal auto), then you must divide your expenses (in the first year that you begin using it with your business) based on actual mileage. Check with your tax accountant, but the average rate is 55 cents per mile.

**Please note that in addition to basic mileage, you can also deduct interest on an auto loans, registration and property tax fees, and parking and tolls, and many other eligible business expenses. Always keep detail accounts and records of all expenses.

It is always advisable to get a professional opinion on whether or not your personal insurance policy will suffice for your particular business. As always, we are always available to provide unbiased consultation on all of your insurance needs.

Health Insurance..you're on a need to know basis

Sorting through your health insurance can be about as confusing as putting a rubiks cube together blindfolded. The reality is that most people know very little about the benefits they have and many times this can cost people thousands of dollars. Here are a couple things that you might have assumed. Did you know that most of the time your co pay does NOT go towards meeting your deductible and/ or your maximum out of pocket? This is one big drawback on having a copay option and should be considered when looking at your different options. Second, if you are not on a group policy (and sometimes even if you are) maternity is not covered! Now, some companies might try and get you add maternity on as a rider but dont be fooled. The reality is as of now, in Texas, maternity is not a covered benefit on individual plans. The last thing on todays lesson plan is to understand that while deductibles are important to look at they are only one part of the puzzle. When it comes time to get your individual coverage put in place make certain that you understand what you do and dont have. This is why going through a brokerage is so important. When someone can give you unbiased advice AND provide you with a ton of options..its a win win.

Term Life Insurance..Common Mistakes

Shopping for life insurance can be a difficult and complicated process. I mean, your insuring your life...that's a lot of pressure. Well, for the purpose of this blog post lets assume you have figured out that Term Life Insurance is what makes the most sense for you and your family. Now what? Well there are some common mistakes that people can find themselves in when shopping for term life insurance. The first mistake is to focus solely on cost. Sure price is an important factor to consider when we buy insurance, but sometimes people start looking at it as a commodity and that is really dangerous. Not only are some insurance policies different, but in the past 15 years we are seeing a BOOM of life insurance companies that offer bottom dollar prices and go out of business leaving their policy holders holding a depreciated policy or worse.

The second biggest mistakes that shoppers find themselves in is not choosing the right face value. The tendency is to run arbitrary numbers based on what monthly payment you can afford. So then you have a $100,000 policy and have no idea what its going to pay for. Take some time when shopping and know what that policy is going to pay for (ie. mortgage, college, living expenses, etc). Most agents will offer different life needs worksheets that will give you a great understanding of what limits you need.

Another common mistake is not choosing the right agent. It is very important to choose a licensed agent that understands life insurance contracts and all of the options available within the contracts. There are to many fly by night insurance agents out there that are doing it as a hobby, and many times even people that mean well can end up getting you an option that was not right for you.

The last common mistake is people that dont consider any conversion options. An important option to have in your term life policy is the right to convert to a permanent life policy with the same company without submitting any additional evidence of insurability. This is important to consider because it will allow you to increase your policy even if medically you are consider uninsurable. You will never regret having this rider, but not having can cost you.

Wedding Insurance..One of the most important things you NEVER heard of

Most times when I ask a question about Wedding Insurance I get a blank stare or maybe a courtesy laugh (they think its a bad insurance joke). We even spoke with a huge local wedding expo and the had never heard of wedding insurance. So, what is this elusive product that I am calling the most important thing you never heard of? Wedding insurance is a product that provides you with certain coverage that will be for property damage, lost deposits, cancellation fees, and most importantly LIQUOR LIABILITY. The average cost of a wedding in 2008 was $27,000. So name another thing in your life that you pay that much for without having any insurance to protect you. While most policies have slight variations they have one thing in common..they are very inexpensive. Wedding insurance can run anywhere from around $160 to $2000 if you were throwing an enormous celebrity style wedding. If you have to reschedule a wedding due to a bride or groom being ill, or if there is a horrible storm and you lose your deposit you will get reimbursed. The biggest thing that wedding insurance does is gives you protection from liability lawsuits resulting from consumption of alcohol. Did you know that if someone leaves your function and gets into a wreck and is found to be intoxicated, that you can and probably will be named in the lawsuit. Drunk driving accidents usually bring claimants millions of dollars due to negligence. If you are having alcohol served at your wedding, then this insurance is a must. At the end of the day your wedding day is one of the most important days of your life and having the right protection gives you the piece of mind to focus on the things that matter most.