Selecting an Insurance Provider

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1 Insurance

2 Selecting an Insurance Provider A responsible agent or broker will: Take time to clearly explain your policies and coverage. Review your insurance needs annually to see that your policies are adjusted to changing circumstances. Examine your overall insurance picture when you are considering additional coverage. Explain how your premium rates are determined, and suggest ways you can save money on your auto insurance. A good way to locate an agent or broker is by referral from satisfied relatives and friends.

3 Life Insurance Life insurance provides a payment to a specific person or persons when the policyholder dies. Beneficiary-the person who receives the payment. Example: I listed you as the beneficiary of my $100,000 policy, so when I die, you will receive that money. You pay a premium for the policy. Premium-regular regular payments paid to an insurance company in return for coverage.

4 Whole Life Insurance Whole life insurance-provides coverage for as long as the policyholder continues to pay the premium. Sometimes referred to as permanent insurance. Build up a savings for the policyholder over time. This account builds a cash value, you may be able to borrow against it or even take cash out. At some point, the cash value of the policy may be used to pay your premiums until your death. Whole life insurance policies can serve as a source of liquidity and as a kind of investment in your financial plan.

5 Term Life Insurance Term life insurance-life insurance provided over a specific period of time. Period usually ranges between 5 and 20 years. Builds no savings and does not serve as an investment, so it generally has lower premiums. If the policy holder does not die within the term years, the policy simply expires.

6 Homeowner s Insurance A homeowner s policy protects the policyholder from risk of loss in the home. Covers the building and it s contents. Most policies do not cover acts of nature (hurricanes, floods, etc.) unless you pay an extremely high premium to get that coverage. A homeowner s policy typically covers: Fire and other hazards Criminal activity Personal Liability (someone gets hurt while in your home, will pay p medical expenses)

7 Health Insurance Health insurance is a plan for sharing the risk of medical costs from injury or illness. People need health insurance to help pay high medical expenses. Most people cannot afford to pay medical costs without the help of insurance. Some people have group health insurance bought through their employers. Others have individual policies.

8 Liability Insurance Liability insurance is a much cheaper insurance option because this type of insurance is only responsible for other party s losses. For example: If you are in a car accident, your insurance will cover the costs for damage to the other person, it will not cover your damages.

9 Auto Insurance Automobile insurance protects the owner of a car from losses as a result of accidents. The cost of car insurance depends on many things, such as the model and style of car and the age and driving record of the insured.

10 Types of Auto Insurance Coverage Liability-protects against loss as a result of injury to another person or damage to that person s property. It pays nothing for the insured person s property Collision-protects you from damage from being hit by another car or rolling over. It will pay for damage to your car if you are at fault and usually carries a deductible.

11 Types of Auto Insurance Coverage Comprehensive-covers damage to your car from fire, theft, hail, water, falling objects, and vandalism. This also carries a deductible which can reduce the premium cost. Personal Injury-pays for medical, hospital, and funeral costs of the insured, their family and passengers.

12 Types of Auto Insurance Coverage Uninsured/Underinsured Motorist-pays your damages if an accident is caused by another motorist without insurance. Towing/Rental Car-full coverage often provides for towing and rental cars if your car is not in running order. These types of coverage cost extra, but the premiums are fairly low compared to other types of coverage.

13 Why does auto insurance cost so much for teens? As a demographic group, teens put more demands on their insurance than other groups. A 16-yr old driver is three times as likely to die in a car crash than any other driver, and that death rate improves very slowly over the next few years. Teenage drivers are responsible for the majority of car accidents and resulting payouts year-old drivers cost $34 billion in insurance claims according to AAA.

14 Why does auto insurance cost so much for teens? Since insurance companies operate by spreading the risk over a group of similar individuals, they must charge all teens more to cover costs and make a profit for them and their stockholders. Your driving record is one of the main factors in how high or low your rates are for auto insurance. Your record is the best way for the insurance company to predict what your driving will be like in the future. Statistically, people who have one accident are more likely to have h more, whether they are determined to be at fault or not. Since your y premium is based on the level of risk you present to the insurance company, after an accident you will be seen as a bigger risk and therefore have to pay more money.

15 Why does auto insurance cost so much for teens? You may plead, I m a great driver though! I attended driver s ed and I am always cautious! These factors may help cut your costs: Taking driver s ed significantly reduces the chance of accidents, so some companies reduce rates for them. Waiting an additional year before beginning to drive.

16 What affects the cost of your auto insurance? There are many factors that may affect the cost of your auto insurance, including: Amount of coverage Age of the drivers Make and model of your cars Safety features of the car (like air bags and anti-lock brakes) Driving records of the drivers Mileage on the car and where you drive Years of driving experience Number of recent accidents and tickets Whether you have been to driving school Credit History The best way to get the best insurance rates is to do your homework and research rates of competing companies.

17 What about red light cameras? Most large cities have them at high-traffic intersections. Insurance companies lobby for them, as the infractions are reported to them, and can be used to raise rates for up to 3 to 5 years. This opens the doors to use speed cameras. Because majority of speed limits are under posted, this means that the majority of drivers will exceed the speed limit at some point. Once cameras are installed, it removes the discretion of an officer from the equation, and a huge increase in the number of speeding tickets is inevitable.

18 Some Facts About Speeding Tickets Traffic tickets are a multi-million million dollar business. No one knows how many tickets are actually issued, city governments do not like to report this. An estimate from the National Motorists Association is that between 25 to 50 million tickets are issued a year. At an average of $150 per ticket, this adds up to $3.75 to $7.5 billion dollars a year. This is huge revenue for local and state governments. Arizona is using traffic tickets to balance their state budget.

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