The higher the deductible, the lower the premium – but the more you'll pay out of pocket in case of a claim. The lower the deductible, the higher the premium – but the less you'll pay if you have an insured claim.
The car you drive can have a substantial impact on your auto insurance premium, especially the amount you pay for your comprehensive and collision coverage. The insurance rates for comprehensive and collision coverage are determined by looking at the type of vehicle loss history – how often it is stolen, and how costly it is to repair or replace after an accident. Your Farmers agent can help you by letting you know which vehicles have better insurance values.
Generally speaking, the insurance goes with the car. For example, if you have an accident while driving someone else's car, the owner's insurance would apply toward damages first. Your auto insurance would generally apply in the event the owner of the vehicle had no auto insurance or did not have enough auto insurance to pay the damages.
Generally, being in an accident will not cause your policy to be cancelled. However, after the facts of the situation are reviewed, you may be required to pay a higher premium for your policy upon renewal.
The novel coronavirus – and the COVID-19 disease it causes – have dominated headlines for several weeks, and have triggered a massive public health response in the United States. The short answer? It depends. With the exception of Original Medicare, health insurance differs greatly in the U.S., depending on where you live and how you obtain your coverage.
Health insurance can cover a variety of things, from your regular checkups and family care to your major medical expenses. The types of services that are covered will vary with different healthcare providers and plan types, so it is important to determine your needs before buying a specific health insurance plan.
Health insurance can help you pay for your regular healthcare costs as well as your major medical expenses, depending on the type of plan you choose. You will pay a premium of some kind, based on your plan and coverage, whether you get your health insurance through your employer or privately. Depending on your type of plan, you may have co-pays, deductibles and coinsurance.
A deductible is the amount of money that you need to pay out of pocket before your insurance begins to provide coverage.
Deductibles will renew each year, and most preventive care services, such as annual gynecological appointments and routine age-appropriate testing, will be covered in full regardless of whether or not you have met your deductible amount.
You can save a lot of money on your monthly premiums by choosing a plan with a very high deductible; just be sure that you have the funds set aside to pay your healthcare costs in the event that you need major medical care.
As a general rule, if you're the primary breadwinner of the house and there are people who depend on you for financial support, like a spouse, children, or aging parents, then you’re a good candidate for life insurance. Additionally, if you have debt that another person will have to assume, like a mortgage or student loan debts, it's a good opportunity to look into life insurance.
The premiums you pay for your life insurance policy are not tax deductible.
Term is basic life insurance, the kind you’d probably think of if someone asked you to describe the concept. You pay a premium and in return the insurer guarantees to pay your beneficiary a lump sum of money if you die while the policy is in effect.
Term policies are sold for specific lengths of time, usually between 10 and 30 years. Once the term expires, you stop paying premiums and the policy is no longer in effect.
Permanent life insurance never expires, and it includes a “cash value” component that grows (or in some cases shrinks) over the life of the policy. This cash value means you can do things like borrow against your policy or cancel the policy for part of the cash value after a period of time.
Each fire protection agency (including your local fire department) is reviewed by the Insurance Services Office (ISO) and ranked based on their fire protection services, such as fire equipment, staffing and available water supply. The ranking is called the Public Protection Class (PPCTM) with 1 being the best score and 10 being the worst score. Many insurance companies use the P P C rating and the distance your home is from the nearest legally responding fire department to determine whether they will insure your home and how much to charge.
If you select a higher deductible, you will be responsible for paying more out of pocket. However, you’ll typically pay a lower policy premium. The opposite is true if you select a lower deductible option: because the insurer will pay a larger portion of any loss, you’ll typically pay a higher policy premium.
It is useful to create a home inventory checklist and keep it in a safe, accessible place in the event you need to file a claim.
Because there are so many factors that affect the cost of homeowners insurance, a typical annual premium can range anywhere from $400 to $1500, or more for a high value home. If you choose additional coverage, you may pay a higher premium, but you will also have better protection.