Even if you’re an adult, the death of a parent can represent a significant financial burden. Even self-sufficient adult children might find themselves on the hook for their parent’s debts, for funeral expenses, and looking for ways to make up for productivity they lost while grieving. Despite the fact that it means a difficult conversation, taking out life insurance on a parent can be a valuable financial decision.

To cut your costs for full coverage you can request that your deductible be raised. Which means if you need to make repairs to your vehicle it will cost you some out of pocket money, but will lower your monthly costs. There are other ways to save as well. If you have the money you can pay 6 months in advance, that will cut your cost considerably. For those that have a monthly payment and a bank account, you can have the money withdrawn automatically each month. This will cut your initial ‘down payment’ cost.

There are other things you should know before purchasing that vehicle to insure. If your going for PL/PD insurance (Personal Liability/ Property Damage) which covers the other vehicle, not yours. The type of vehicle you are having insured, the cost will be effected. It used to be the color that made it a higher cost (red was the highest cost), now it’s also the type. For instance you are looking at a Neon and a pick-up truck. The truck is going to cost you more, why? It can do more damage in an accident than the Neon can. Insurance companies always assume you will get into an accident, and that it will be your fault, regardless of your driving record.

If you should get into an accident and it isn’t your fault, determined by an Officer of the law, you can have the other persons insurance pay your deductible. If you have PL/PD, their insurance will pay you what is called a ‘Mini-Torte’, but you must ask for it. You can only receive this if it was determined to be the other persons fault. You may also have to send pictures as well as the police report. They will not just send you a check, you will have to prove the accident happened. That is the policy of the Insurance companies.

A program is being implemented in the State that will tell police officers via the computer if you have insurance or not. Some counties have it, some don’t. Most State Police officers have this in their vehicle. Regardless of whether they ask you or not, you still must carry your proof of insurance in your vehicle at all times. Even if you have insurance but not your proof, they can and will write you a ticket for not having proof of insurance. This is a HUGE fine, one that you truly don’t want to pay.

I should have put in about the ‘forced’ tow package that is ‘automatically’ charged. It can be refused if you wish. With the more reputable companies, it’s only about $1.78 per month. With my company it was $40.00, up front and only good for 6 months. We weren’t supposed to tell them they could refuse that too. We got bonuses for that too, $20 per tow package. Each ‘new’ policy got the tow package…. So that meant if we wrote you a policy 2 months ago with the tow package, you’d get a new tow package all over again.

There are plenty of sites out there that will help you to compare your policy against others. Online companies like The Zebra will prove to a big help in comparing hundreds of car insurance companies in a matter of seconds. This makes it easier to shop around for rates from the comfort of your own home. For example, if you are located somewhere like Michigan, which has the highest insurance rates (Nearly 140% above average), then finding the right company that fits your budget, needs, and preferences is of the utmost importance.

The insurance we have wouldn’t cover anything if something went wrong: a tornado, as is so common in Oklahoma, or a flood, which has been the favor of God’s wrath in recent months. Our insurance company would find some way not to cover it, and even if something went wrong and we were to somehow beat our insurance provider in court after years of litigation, and they actually were found accountable for their responsibilities (Imagine that!), we would be so put out by that point that any perceived benefit would only go to our lawyers.

So basically we have a house worth maybe $23,000 dollars that we have a 15 year mortgage on. We’ll probably pay it out well before then, but let’s assume we’re like most people and we don’t. 15 multiplied by $1,500 (This insurance price will only go up each year, by the way.) equals $22,500. In other words, as near as makes no difference, the value of our house to hedge against something that probably won’t happen, and even if it does happen, will probably only result in a few thousand dollars of damage.

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