Car insurance is one of the most heavily involved types of coverage on the market. Not only do policies renew frequently (once every six months), but coverage needs can also change on a regular basis. Though more and more people are using the Internet to request an online car insurance quote, they often overlook other important coverage needs at the same time. The next time you decide to shop for car insurance, take the time to consider the following critical coverage types, as well.
Your home is likely your greatest asset. Properties here in the Forest Lake area are in high demand, and home values have only risen over time. Though you may have purchased coverage for your property when you signed the mortgage, when was the last time you reviewed your policy? As it turns out, one of the best times to review your homeowner’s coverage is not just when you buy a home, but also when you are shopping for car insurance.
While the type of vehicle you drive has nothing to do with your home’s insurability, you might be able to score significant savings on both types of coverage if you purchase them together. Insurance companies refer to this as a multiple policy discount, and it could be worth up to 20 percent or more off the cost of your premiums. Not to mention, having your home and vehicle covered by the same insurer can help reduce claims frustrations down the road – especially if an incident involves both your house and your car.
Since life insurance is not a legal requirement or mandatory for the qualification of a mortgage, it is often pushed way down on the average person’s ‘to-do’ list. Though the majority of adults understand the importance of life insurance, only 60 percent actually have a policy. Worse, fewer than half have an individual policy that would continue to provide coverage regardless of employment.
When it comes to life insurance, the earlier you get your coverage, the better. Younger and healthier individuals qualify for better coverage at lower rates than those who are older or have pre-existing health conditions. The right coverage can cover final expenses, pay off debts, and set the foundation for your family’s financial health for decades to come in the event of an early death.
Though shopping for life insurance is a little different than shopping for car insurance, you can do both at the same time when you utilize the services of an independent insurance agent. Best of all, life insurance does not renew from year to year. With policies that last decades and even a lifetime, life insurance is one type of coverage that you can set and forget.
When you request your online car insurance quote, you may be asked about your preferred liability limits. Although Minnesota requires a minimum of coverage, those limits are nowhere near enough to protect the average person from extreme financial liability in our litigious society. Many insurers allow drivers to purchase as much as $300,000 to $500,000 in total bodily injury liability, but that still may not be enough to protect your nest egg if the limits on your policy are exhausted.
That is why many people choose to explore additional liability protection from an umbrella policy when shopping for car insurance. Umbrella insurance stands behind the liability coverage on all of your other policies, only stepping in to fill coverage gaps when necessary. With limits starting at $1 million, umbrella insurance is an affordable safety net that can provide peace of mind in the face of major financial liability.