1 Turn on your hazard lights.

2 Get out of your car only if outside your car is reasonably safe or safer than in it. In a minor accident, your car is unlikely to be at risk of catching fire. Do not step out into fast-moving traffic–go out the opposite door if necessary. Be especially careful at night. It is much better to have someone hit your car with you in it than to have him hit you unarmored.

3 Of course, the first thing you need to do after an accident is check that everyone involved is uninjured.

4 Call the police as soon as possible. You might be under the impression that the police is called only if it’s a major car accident or if somebody’s hurt, when in actuality the police should be called no matter how minor the accident, particularly if repairs are going to be needed. The police report will help the insurance companies determine who is responsible for paying. Ask the police if you should cautiously move the car out of the travel lane, if it will move and it is safe to do so. Do not move far lest the other driver think you are running away.

5 If you’re involved in an accident, you will need to jot down as much information as possible and take certain steps to help your insurance company and also ensure that you do not break the law. It’s a good idea to carry a pen and paper in your glove compartment so that in the event of an accident you can take down notes. A disposable camera is handy to take pictures at the scene.

6 It is also important that you report the accident to your insurance company, even if you do not want to claim yourself.

7 Don’t discuss fault. Do not ever admit fault, to any driver or the police. Explain what happened to the officer. Let the officer, insurance companies, and attorneys determine who caused the accident.

8 Photograph and Document the Accident. Use your camera to document the damage to all the vehicles. Keep in mind that you want your photos to show the overall context of the accident so that you can make your case to a claims adjuster. If there were witnesses, try to get their contact information; they may be able to help you if the other drivers dispute your version of what happened.

9 Exchange Information. After the accident, exchange the following information: name, address, phone number, insurance company, policy number, driver license number and license plate number for the driver and the owner of each vehicle. If the driver’s name is different from the name of the insured, establish what the relationship is and take down the name and address for each individual. Also make a written description of each car, including year, make, model and color — and the exact location of the collision and how it happened.

10 Locate witnesses. Get the name and contact information (telephone number and address) of anyone who saw the accident. Do this as quickly as possible, while people are stopped to see what happened. Ask them to stay to give a statement to the police officer. If they are in a rush, make sure to get their contact information.

Boat insurance

1. Find out your state’s requirements for boat insurance. In most states, operators of sail boats, large fishing boats, and motorized watercraft will need some kind of personal injury liability insurance at a minimum. If you keep your boat at a marina or anywhere else outside your home, you will need insurance to cover property damage as well. Canoes, kayaks, and small rowboats do not need vehicle insurance.

2. If you own multiple boats or watercrafts, insuring them under one policy will save money. And see if you can insure your boats under the same policy as your car(s). This will save even more money.

3. Check online and offline for boat insurance policies and their costs. Get quotes from at least 2-3 insurance companies and compare the features of the policies as well as costs.

4. Understand liability coverage. If you fully own your boat and are capable of absorbing the cost of damages to or theft of your boat, then “liability only” insurance will protect you in case of damage to someone else’s boat and property or if someone is injured because of your boat. A policy like this can save money if you take good care of your boat and are only interested in protecting others with your insurance.

5. Also, only register mature boat operators on your boat insurance policy. Companies charge higher rates for young and inexperienced drivers/operators.

6. Choose the deductible carefully. For each boat and personal watercraft your insure, pick a deductible that is high enough to keep your premium low, but not so high that you don’t get your money’s worth in case you file a claim.

One way to settle on a deductible figure is to research common repairs and their average costs. For example, if damage to the hull is a common problem with your type of boat and the average cost of repair is $1000, then a reasonable deductible might be $500.

7. Join a group or organization. Not only will you be saving money on your boat insurance, but if you join something like the U.S. Power Squadrons or US Coast Guard Auxiliary, you’ll earn a discount and also participate in making the public waterways safer.

8. If you want coverage for vandalism, you can save money on your premium by storing your boat in a secure area, or at your home. If the boat is vandalized on your property, your property insurance may cover the damages. Read the terms of your other insurance policies to see where coverage may overlap.

9. Adding safety devices to the boat could lower insurance costs. Find out the details and determine what the cost of installation of devices would be, the benefits, and the savings you will make on insurance premiums.

10. Ask whether special rates are offered if you will pay one year premium in advance. Many insurance companies run schemes that save the time and money and save the insurer money too.

Get Quotes to Compare Companies and Rates

You should never go with the first company you see, always shop around. You may end up back with your first company choice, but you will know it’s the best deal compared to other insurance providers because you analyzed the quotes and made the appropriate comparisons.

The best way to shop around is to get quotes from several different available companies. Sometimes you can get business insurance quotes all in one place online. Another way is to meet with several companies and ask for individual quotes. Individual quotes might give you a more accurate estimate based on your individual business needs

Compare coverage

Don’t stop at just comparing insurance premiums. Also compare different coverage options. See what’s available, and what you realistically need coverage for.

Seek advice from a qualified insurance professional

– You’re going to want somebody in your court to explain options and seek out the best coverage for your situation. A knowledgeable insurance agent or broker you can talk with, is invaluable. A good agent will be proactive, bringing up issues and savings opportunities you may not have thought of. He or she will help you cut through industry terminology, and “compare apples to apples.”

Increase your deductible

In many types of insurance, the risk of taking a higher deductible is offset by the lower premiums you’ll pay. If a certain risk is unlikely to occur, you may be willing to trade the slim chance of a big deductible for lower monthly costs. However, be sure to discuss this with your agent so you make sure you don’t get stuck with a deductible you can’t handle.

Lower your liability Risk

Among many things to look out for; wet floor surfaces, cracked or crumbling steps, cracked windows, parking lot with uneven, cracked or broken areas, lose handrails, exposed electrical outlets, and related exposures. Many of these somewhat minor details could result in a sizable lawsuit if they lead to a serious accident.

Consider a package policy

Instead of just a General Liability policy, you can save money by combining other risks such as property (i.e. inventory, or the building), an umbrella policy, business income, a commercial auto, etc., to your existing policy.

Get Group Business Insurance Coverage

Getting a group insurance rate is a great way to save money. If you’re part of an organization, such as a business or professional organization, you can often get a group rate among all the businesses apart of the organization. Check with your local chamber of commerce.

Most of these organizations will have an annual fee for membership, but with the lower rates and discounts you get from being a member, it will still be less expensive. Research your community and local organizations to find out if any other businesses are part of such organizations.

As Your Business Grows, Your Business Insurance Needs Change

Remember that once you have conducted the necessary research and selected a business insurance agent who represents a stable company, listen carefully and take their advice to heart. Besides taking good counsel from your agent, you should also be sure to keep your agent fully apprised of any changes within your business that might necessitate changes to your business insurance coverage. Such changes may include adding employees, expanding your business, increasing your inventory or materials or purchasing major equipment such as tools or vehicles.

Review your coverage annually

At least once a year, review your coverage for duplications or unnecessary coverage. For instance, you may have sold a business unit or discontinued a line of business, and no longer need certain coverage. There’s savings right there.

Keep cash flowing

Paying annual premiums all at once can take a chunk of cash from your business bank accounts. To keep your cash flow in good shape, it’s often worthwhile to break the costs down and pay monthly premiums instead, even if this incurs a small service fee.

What Is Title Insurance?

Title insurance is protection against loss arising from problems connected to the title to your property.

Title insurance guarantees that no one else can claim your property. It also provides the peace of mind that you will not incur unexpected debts from your new property. Even if you have owned your property for years, unexpected problems can arise that may put your ownership in jeopardy. The title insurance policy means that your lender can be reassured regarding their loan, and you can be reassured regarding possible problems with your property.

There are two types of title insurance, lender’s and owner’s policies. Lender’s policies are required by every public mortgage lender, but do not protect a property owner. Buyers must separately purchase an owner’s policy.

An owner’s title insurance policy guarantees that the buyer has the right to the property. It usually covers the cost of any legal fees that arise if you have to defend your claim. The cost is based on the price of the property.

A lender’s title insurance policy protects the bank or other lending institution that issues your mortgage from any losses resulting from disputes over who owns the property.

What’s covered?

Owner’s title insurance protects you from:

• Fraud associated with the title ownership
• Liens existing against the property at the time the policy was issued
• Mistakes in the public record that are not caught before the sale
• Inaccurate or conflicting wills and trusts related to the title
• Missing heirs who suddenly appear and claim to own the property
• Forged or misfiled deeds and other documents
• Errors or flaws in the title that are not discovered during the initial title examination
• Lender’s title insurance covers the amount of the mortgage loan and protects the lender’s interest in the property if any of the above risks occur.

How Much Does Title Insurance Cost?

Title insurance is a one-time premium paid at closing directly related to the value of your home. The cost today is roughly $3.65 per $1,000 in value. Thus, insuring a $500,000 home would cost a $1,825 one time premium. Title insurance is a good deal because you pay once and it continues to provide complete coverage for as long as you or your heirs own the property. Those who decline title insurance rationalize that the risk of a title defect is minimal and not worth the premium.

Smart Tips

• Always ask about any limits in coverage and review all the services that are included in a policy. The least expensive policy may not cover all your needs.
• Always check the amount on the policy and be sure that coverage begins on the day you close the transaction and take ownership.
• You may be able to save money based on: the type of property you are buying (e.g., single family house, condominium), the age of the property, how recently the policy was issued and whether you have a history with the insurer.
• Be sure the policy describes all the property that is being purchased.
• If you are refinancing, your bank or other financial institution will most likely require you to buy lender’s insurance.
• Ask your title company about any special discounts for “reissuing” a lender’s policy.
• If you are buying a home that was built recently, be sure that your title policy covers claims made by contractors who may not have been paid for supplies or services.

1. Shop around

There are plenty of car insurance companies out there, all offering different spins on the same thing – car insurance. To really get the best deal possible, do not hesitate to do a little comparison shopping first. Make some calls, get on the Internet and ask the necessary questions. Be honest and tell insurance agents that you are still deciding on the right company for you. Ask them outright what they can offer you that other companies can’t or if they can give you any sort of discount.

2. Always Ask for a List of Discounts Available

Some car insurance companies actually provide a list of discounts available for their policy products. Remember, it is a privilege for any company to earn your business so ask about potential discounts from all the insurance you companies your speak with, then sit down and check off what ones you may be eligible for, then call back and get your quotes.

3. Defensive Driving

By taking a defensive driving class, you become less of a risk for the insurance company. Many insurers will give discounts to individuals that have successfully completed defensive driving courses which can save as much as 10% on premiums.

4. Safety devices

Insurance companies love airbags, automatic seatbelts, anti-lock brakes and security systems. They’ll offer you hefty discounts for such safety equipment.

5. Car Model

MSN Money points out that some car models cost more to insure than others. You may not realize it, but the model car you are considering buying could be classified as a luxury car and be more expensive to insure than other models. Compare rates on the various car models you are considering with your insurance agent to find the model that gets you the lowest rate.

6. Ask for higher deductibles

If you file a claim, the deductible is the amount of money you pay before your insurance kicks in. Higher deductibles mean lower premiums. For example, increasing your deductible from $250 to $500 on collision and comprehensive coverage could reduce that portion of your premium by 15 to 30 percent. Increasing it to $1,000 can you save you up to 40 percent or more, according to the Insurance Information Institute. Just make sure you can pay it in the event that you need to make a claim.

7. Ask about Low Mileage discounts

Part of the formula for calculating car insurance premiums is how much time you are on the road. So if you have just a small commute or work from home its logical to assume you have lower than risk than somebody driving 20 miles a day each way to work.

8. Review Insurance Needs Annually

Take the time to review insurance policies at least once a year (preferably every time you receive a premium), to make sure you have only the amount of coverage needed. Some insurance companies add unnecessary coverage periodically to policies without the customer’s awareness.

9. Maintain good credit

Your credit rating may affect your car insurance rates. Use of credit scores in setting car insurance prices varies by state and insurance company, but statistics show that drivers with good credit records tend to make fewer insurance claims.

10. Keep your driving record spotless.

The more accidents you get into, the more your premiums will go up. Accidents are not the only thing to watch out for; the same thing will happen if you get tickets. Keep your insurance costs low by being a responsible driver and keeping a clean driving record.

• There are a large number of comprehensive insurance programs on offer for the clients who have to deal with different types of claims in their everyday lives. These policies have been developed by the experience professionals. This sort of insurance if for anyone who offers advice or any other professional service.

• The event insurance cost is sometimes based on the type of work you carry out. Whether you are looking to insure for comprehensive or third party fire and theft cover there are companies who can offer help and support. Most insurance specialists are quite experienced and understand the unique nature of the event, the particular risks you face and how best to protect you and your business.

• You can also take advantage of single event insurance, multiple event insurance or even annual event insurance. You can also extend the cover to include fraud or dishonesty on behalf of the trustees or any other members of staff. The premium is quite smaller as compared to the unexpected costs that you have to pay, if your event has to be cancelled or postponed, for reasons beyond your control.

• It’s quite easy to get all the elements of your event insurance in one simple and easy package, at reasonable rates and you can compare the event insurance cost online and also find out how much you can save.

Some mistakes could prove very costly and end up ruining your business and putting your livelihood at risk. So, in order to have complete peace of mind, you must protect yourself and your business, by taking out an adequate insurance cover.

There are types of insurance that Americans don’t buy enough – renters insurance, disability insurance, long-term care insurance, flood insurance. Then, there are others that we buy way too frequently and are, for the most part, a waste of money.

Today, I am more worried about the latter — and there is good reason to be concerned. This morning, the New York Times published an op-ed column by Nobel Prize-winning economist Paul Krugman who wrote: “We are now, I fear, in the early stages of a third depression.” Hammering that point home, more than one million people are expected to lose their unemployment benefits this week.

For most Americans, these are scary times and any extra money we have floating around can certainly be put to better use. So when it comes to that part of your budget earmarked for insurance premiums, here are the policies you should consider avoiding:

Credit life insurance. This is life insurance that’s tied to a purchase you’ve financed — expensive appliances, maybe, or a car – and in general, it’s not a good buy. “Statistically, it doesn’t pay out that often, and it only pays off the balance of what you’re financing. So say you bought a big set of appliances and you purchase credit life. If you pass away, and the balance on it is $500, that’s what credit life pays,” says Amy Danise, senior managing editor of Insure.com. This type of coverage is really cheap, which is why it’s attractive to people. Instead, put the money into paying off your purchase faster, and save on interest. That’s an investment that pays off every time.

Mortgage life insurance. Similar to credit life insurance, this insurance pays off the balance of your mortgage if you die before you’re able to pay it off yourself. Once you purchase a home, you’ll be offered mortgage life, not only when you sign for the mortgage, but also through the mail so frequently it gets annoying. (Trust me. I know.) Your lender is the beneficiary of the policy, which means they get the payout. Instead, you need life insurance, specifically a good term-life insurance policy, that will provide for children, a spouse, or anyone else dependent on your income. If you purchase one in the correct amount, your beneficiary will be able to pay off your mortgage with money left over for other expenses.

Children’s life insurance. “This is often marketed to grandparents as a wonderful gift to give a grandchild. The sales pitch is that if the child has a chronic illness when he gets older, he’ll be otherwise uninsurable, so he’ll already have a whole life policy locked in place,” explains Danise. But chances are, when your child becomes an adult and needs life insurance, he or she will be able to purchase it then. (Often in the form of inexpensive group life through an employer.) The real risk is purchasing a policy when a child is born and throwing that money for premiums away for decades, when you could be saving it for your own retirement or the child’s college education.

Credit card insurance. This is pitched as a safety net if you lose your job, are unable to work because of an illness, or are otherwise unable to pay your credit card bill, but it’s largely a huge waste of money, says Edgar Dworsky, a consumer lawyer and founder of ConsumerWorld.org. “You wind up paying a pretty penny for not an awful lot of coverage. You’d be better off if you had a disability insurance policy, because it would pay much more for a longer period of time than these finite things.” Even if your inability to pay doesn’t fall under a disability policy, credit card companies will generally work with you after a job loss, and you can always enlist the services of a non-profit credit counselor. Find a good one at debtadvice.org.

Extended warranties. The general advice from Consumer Reports and other experts is that you don’t need these. Very often, you’re paying $60 to $100 for coverage that lasts an additional year or two, which means the appliance or electronic you’ve purchased is still in its prime when the coverage expires. Still, there are some instances when you may want to lay out for the extra protection. “You have to think about what the cost would be if you needed a repair, and what the likelihood of needing that repair is for a particular product, keeping in mind that you get an extra year’s warranty for free with most platinum or gold credit cards,” explains Dworsky. (Note: I make an exception in this case by purchasing AppleCare for my MacBook. That not only covers the hardware and software on my computer, it also provides technical help when I need it, which makes it worth the cost ($249 for three years) in my eyes.

Comprehensive and collision on auto insurance. Collision pays for the damage to your car, no matter who is at fault, and comprehensive pays for fire, theft and vandalism, so this one comes with a caveat, right from the start – often, you do need it, particularly if your car is new or still rather valuable. But most people pay their auto insurance bills year after year without giving them a second thought, and that’s a mistake. “People don’t always review their insurance annually, which is the suggestion, and so they continue to carry comprehensive and collision coverage on their auto policies, even with the car is older and doesn’t have a lot of value. At that point, the pay off on the car would be pretty low,” explains Danise. If your car is more than five years old, it’s a good idea to start monitoring what it’s worth – you can get an estimate online from Kelley Blue Book. That way, you can figure out if the premiums for this additional coverage are worth it.

Travel insurance. These policies will generally pay out if you’ve put down non-refundable deposits – on a cruise or hotel room, for example – and are unable to make your reservation because of sickness, a flight cancellation or delay, or job loss. I’d say they’re worth it if you’re going on a cruise and poised to lose a great deal of money, or if you’re traveling with a person with health issues. But if you haven’t put down non-refundable deposits, or if the cost of the trip is modest, you can skip travel insurance without a worry.

Rental car insurance. If you own your own car, you’re likely already covered. So purchasing this policy from your car rental company at check-out means you’d be doubling up. “Your car insurance probably extends to a rental car, so you’re buying extra if you check that box. The only reason to do that is if you did crash, you wouldn’t have to make a claim on your own policy.” This, too, could become a non-issue though if you’re renting with a credit card that provides coverage. Most do, and you won’t have to make the claim through your auto policy, which could cause an increase in premiums. Call both your credit card company and your auto insurer to learn about your options.

Roadside assistance from your insurer. When you purchase auto insurance, you have the option to add this and towing to your policy, which means you’d be covered if you’re locked out or your car breaks down and you need a tow to the nearest auto shop. This extra is generally very cheap, but cost isn’t the issue here – Danise says that when you take advantage of the coverage, it goes on your claim record, which could increase your premiums. You want to keep your record as clean as possible, so you’re better off paying for your own tow truck or roadside assistance when you run into trouble.

Private mortgage insurance. PMI is tacked onto your monthly mortgage payment to protect the lender, not you, if you’re unable to make your payments. PMI is required if your down-payment is less than 20% of the home’s value, because that makes you a “high-risk” borrower in the eyes of your lender. Waiting until you can scrape together enough money to put down the full 20% may be well worth it, but if you don’t want to, make sure the PMI coverage is canceled once you owe only 80% of the purchase price or the appraised value, whichever is less.

Many so-called experts, pundits, and politicians are saying that the unsustainable rising cost of health care is due to those greedy, monopolistic insurance companies. Did you know that insurance rate increases require the approval of the State Insurance Department? While I believe the insurance industry shares a piece of the blame, the rising cost of health care and therefore the rising cost of health insurance, in fact, can be attributed in large part to three main factors:

1. Government Intervention;
2. Technology;
3. Lack of Personal Responsibility.

Let’s deal with Government Intervention first. Health insurance is primarily regulated by the states. Individual states like New Hampshire have varying laws and regulations under which health insurance companies must operate. The main cost issue is “state mandates”. Would you like the opportunity to purchase a policy that covers only the expenses you wish to cover? Perhaps you do not want coverage for office visits or prescription coverage, for example. State governments require health insurance policies to cover all kinds of things that you may not need or want to insure. The new health care legislation passed in Washington will be adding even more requirements. Although the regulations will not be written for months and years, the federal government will be deciding what your policy must look like. As a health insurance broker, I would love the opportunity to assist my clients in deciding which services to insure. Health insurance companies would love the opportunity to offer a menu of options to choose from, but in large part they are barred from doing so.

Government intervention also has a huge influence on costs, due to Medicare and Medicaid. When you hear that the state or federal government is “cutting” Medicaid or Medicare, they are actually reducing the fee paid to a medical provider for services rendered. A doctor receives less to treat a Medicare patient, and in turn must recoup costs from another source to continue in business. The 800-pound gorilla in the room is this “Medicare Cost Shift”. The cost of doing business does not go down; so when some pay less, others pay more. This new legislation increases dramatically those that will be covered under Medicaid. How will that affect health insurance premium rates?

Now on to Technology! When we are injured or discover some sort of a disease, are we pleased that we have access to the latest imaging technology or medications? Are we pleased that what ended in death decades ago now ends in a longer, more productive life?

Of course we are! My argument is that we fail to realize this when the time comes to write the check for the service or the insurance premium. Do we really want an insurance policy that will only cover the old fashioned X-Ray? Or do we want the option of an MRI if our doctor believes it will prove helpful?

The cost of care continues to rise because the entrepreneurial spirit in America researches and develops medications, medical equipment, procedures, and supplies that improve the quality of life for every citizen. We must place a value on that. When the cost of other goods and services rise due to technological advances, what do we do? Take cell phones for example. When a new version with more applications arrives, we run out and get it even though our existing one still works. Why do we not place a larger value on medical advances?

There is a Lack of Personal Responsibility in our culture today! I certainly believe in a safety net for those who are unable to care for themselves. We can disagree about what the qualification levels are. We can disagree about the level of support provided. But there will be a safety net. I also believe that non-profit, community, and church organizations should and will continue to encourage charity for those in need. That being said, those of us blessed with the ability to pay, those of us powering the economy, and those of us accumulating assets, need to step up to an increased level of personal responsibility. The time has come to realize that the extra week of vacation, the vacation cabin in the mountains, the new car every 3 years, the snowmobiles and 4-wheelers, as well as other unnecessary extras, must go. They must go until the time that we have adequately planned for the future and protected all assets from risk we are unwilling to bear. For example, the purchase of health insurance transfers the risk of large medical expenses to an insurance company. Why should society cover the medical expenses of someone that bought the cabin in the mountains rather than health insurance?

Politics and various special interests will always complicate matters, but let’s get back to basics. My comments certainly over-simplify the most complicated domestic issue we face as a society. However, problem solving must start with the basics and a clear understanding of the issue. To control the cost of health care, we must get to the root causes. I believe that it all starts with the realization and appreciation of the three factors I have outlined above.