Your Wealth Puzzle » Boat Insurance

Discount Your Way To Cheap Car Insurance

yourwealthpuzzle — Sun, 12 Dec 2010 10:14:10 +0000

How do you get cheap car insurance? By discounts of course!! But how do you get the discounts?

Believe it or not, you control the way to get discounts thus cheap car insurance.

You control your credit score, your driving record, your choice of coverage and much more.

Different insurance companies offer different discounts. Some insurance companies are conservative with their discounts because discounts mean cheap car insurance for you. And then again some insurance company’s are very liberal with their discounts.

Let’s review some of the standard discounts offered in the insurance industry.

Discounts Available To You

Your Credit Score

Insurance companies are starting to take credit scores very seriously.
A bad credit score to insurance companies signals carelessness or irresponsibility.
A bad credit score is below 750.
Carelessness to a car insurance company means more claims.
Claims cost insurance companies money, it lowers their profits, so they take credit scores into consideration when they are determining premiums.
To get cheaper car insurance, shoot for a credit score above 750.
A credit score above 750 is considered a good credit score by the insurance industry.
Your credit reports tell you financial story.
Order your free credit report once a year.
You can order free credit reports from each of the 3 national credit reporting agencies.

Your Annual Mileage

Low Annual Mileage is a discount that will help you obtain cheap car insurance.
Each insurance company has their threshold for low annual mileage.
The insurance company lowers the premium when your vehicle is used less often.
If your car is used less there are less chances for accidents; so fewer claims thus cheap car insurance for you.

Number Of Cars Insured

Two or more cars on the same policy is a way to get cheap car insurance.
Statistics show that you are more responsible because you have more at stake.

Multi-Policies

If you insure your auto and home with the same insurance company, you will get a multi policy discount on your auto policy.
You may also get a discount on your home insurance.
You should ask the insurance agent about any discounts they may offer if you also buy your life insurance from them.
Other policies you can ask about for additional discounts would be umbrella insurance policies, boat insurance, commercial insurance. You never know unless you ask.
Insurance companies would prefer to have all of your insurances, for profit purposes of course, but also for risk control. If they insure everything, they can control your risk levels.

Ahh, Your Driving Record

A clean driving record is another way to get cheap car insurance.
Your insurer figures that history will repeat itself and you will continue to have a clean driving record.
Fewer claims for the insurance company to payout on results in cheap car insurance for you.

Top 6 Financial Planning Tips|Reach Financial Success

yourwealthpuzzle — Mon, 08 Nov 2010 10:41:40 +0000

We don’t plan to fail, we just sometimes fail to plan…you’ve heard that before, right?

Planning for financial success is so essential, and yet so often the most overlooked tool. So why do we fail to plan our finances? Maybe because we never were taught how. Maybe we never had good experiences with the planning we did. Maybe it just seemed hard.

Put all of the excuses aside and learn the basics of financial planning. What gets most people in trouble is that they need to plan but just neglect to.

The 6 Most Important Financial Planning Tips

#1 – Plan Your Spending

There is one very basic tool that you can use to plan your spending…It’s called a budget.
A budget will be your documentation to yourself.
Sticking to a budget will hold YOU accountable to YOU.

#2 – Tax Planning

You will keep more of your hard-earned money if you do a better job of planning your taxes.
Don’t wait until tax day to implement a tax planning strategy…unless your strategy is for next year’s taxes.
Do your tax planning a year in advance.
Work closely with your accountant on the best way to save money on your taxes….there are numerous ways to save money, you just need to plan for them.

#3 – Retirement Planning

The real question you need to ask yourself is whether you are set up to have enough money to support yourself for the second half of your life…your retirement years.
Plan on saving enough money to last at least 20 years because that’s about how long your retirement could last.
The worst situation you could put yourself into is to outspend your retirement savings.
Financial advisers recommend that before you retire you have at least 75% – 80% of your pre-retirement income in savings.
Start by determining what age you want to retire at and work backwards from there.
Based on your targeted retirement age, determine how much you will need to meet your basic financial needs. You can use a financial calculator to determine these projections.
To put yourself in the best financial position, before retiring have your home paid off, do not carry any mortgages, primary or secondary.
Before retiring, lower your expenses as much as you possible can, pay off all outstanding loans and credit card debt.
You want to pay off all debt while you still have a pay check; once you retire, your source of funds will be reduced so pay off debt before your main source of income gets cut out.

#4 – Insurance Planning

Your insurance needs include your financial as well as your personal.
Your financial insurance needs include life insurance.
Your personal insurance needs include your auto insurance and home insurance needs.
Good credit scores will make a difference in your auto and home insurance premiums…so be aware of that when you go out for insurance quotes.
Work with your insurance agent on both life insurance, auto and homeowners insurance plus covering any other property you may own, such as a boat or possibly a business.
The purpose of insurance is to protect you and your financial base; so don’t think of insurance as merely a requirement, insurance is vital to your financial success.

# 5 – Investment Planning

Your investment planning covers a broad range of areas, all important to financial planning success.
Risk tolerance levels, planning strategies, sufficient cash flow are all important investment planning issues.
Your first step is to have a planning strategy so that you have a base to build from.
Confirm that your portfolio match your risk tolerance
Even though you many not understand annuities as an investment, check them out, learn about them. Annuities may fit into your investment planning strategies.
What you don’t know with financial planning – can hurt you; so learn as much as you possible can.
Take financial planning classes, talk with a financial adviser, buy some financial planning books.

#6 – Estate Planning

Everyone should have a will.
Well actually, everyone already has a will, it’s called the state.
But everyone should have their own personal will drawn up by an attorney.
Without your own personal will in place, the state will come in and decide upon the distribution of your assets, versus you deciding.

RV Insurance & Boat Insurance

yourwealthpuzzle — Tue, 07 Jul 2009 16:43:17 +0000

DIFFERENCES:

RV insurance and boat insurance are different insurances and yet similar in many ways. The differences between the two insurances occur in the perils covered; which is based on where they are operated. RV’s are operated on land and boats on water. For example storm claims would be more common on a boat insurance policy than on an RV insurance policy due to the boat being in the water so much. Another difference in the types of perils covered can be because RV’s are garaged more often than boats are.

SIMILARITIES:

The two insurances are similar in that they are generally used for recreational purposes and both are operated outdoors. This outdoor use increases the exposure to the elements, possible theft and possible vandalism. Fire, theft and vandalism should be covered under both RV insurance and boat insurance. Check with your agent.

Another similarity is that both of these recreational vehicles use trailers for transportation. So both insurances need to add on a trailer policy in addition to the RV and boat insurance policy.

RV Insurance & Boat Insurance

yourwealthpuzzle — Tue, 07 Jul 2009 16:40:44 +0000

RV Insurance, Boat Insurance, Insurances

RV insurance and boat insurance are two insurances that can be purchased directly through an insurance agent or indirectly by going online. Many insurance companies will allow you to start an insurance quote for an RV or Boat online; complete the application online but then require you to finalize the process of purchasing the insurance through one of their local agents. Premiums for both insurances can be calculated differently; but the premium amounts are usually the same whether you purchase directly or indirectly.

Premiums are either calculated on an annual basis or a seasonal basis. Insurance companies and policyholders disagree about this coverage issue all the time. Policyholders believe that they should only be insured and only pay for premiums during the time they use the vehicle – - – the season. But insurance companies understand that perils can arise even during the off-season. The risk of an occurrence does not stop at the end of a season and pick up again at the beginning of a season. Because the risk of an occurrence is constant, many insurance companies have their RV insurance and Boat insurance policies set up to run on an annual basis vs a seasonal basis. If the policyholder has a loan on the RV or boat, the finance company requires insurance on an annual basis.

Secrets To Finding All Financial Advice In One Source

yourwealthpuzzle — Fri, 03 Jul 2009 22:48:37 +0000

You want tax advice, financial advice and retirement savings advice.

You know that all three are needed for you to be financially healthy. But you’re not sure one source can provide such a variety of advice.

Is it possible to find a professional who can give good financial advice, tax advice, retirement savings advice plus be open to discuss other financial topics of interest to you?

The bigger question is, do you want one source or are you better off diversifying your sources of advice? Should financial professionals just stick to their professions. Let’s find out.

Your Sources of Financial Advice:

Your Insurance Agent

Insurance agents are experts in insurance.
Some insurance agents are licensed to work only in the insurances. They offer auto insurance, home insurance, life insurance plus commercial insurance and boat insurance.
Other insurance agents also have a securities license and then they can work with clients on their financial needs. They can sell IRA’s, annuities, 401k plans and other investment vehicles.
With securities license they cannot give tax advice, but they can give retirement savings advice and financial advice.
But the question you need to ask yourself is if you want to use your insurance agent for financial advice or just insurance?
Are you better off buying all your insurance from your insurance agent and using a financial adviser for retirement savings advice and financial advice?

Your Financial Adviser

Financial advisers are experts in financial advice.
Financial advisers are licensed and trained in financial services.
They work with clients on financial action plans; determining individual’s financial needs, goals, dreams.
They are financial planning and retirement planning experts.
They can give you retirement savings advice.
They can give you investment advice.
They have the financial products available to them.
They can determine your financial need and help you to fulfill it.
Are you better off having your financial adviser only draft a financial plan for you and then go outside to buy the product? Or using the financial advisers product to complete the financial plan?
Sometimes your banker may have the financial products you need?

Your Banker.

Your banker is in the money business.
They take deposits, make personal and business loans.
Some banks employ financial advisers to sell annuities or life insurance.
Some financial advisers can also sell security products, IRA’s, 401k’s, variable financial products.
If your bank doesn’t sell a financial product that you are looking for they may be able to recommend someone who they trust to have your best interests in mind.

Your Accountant.

Accountants are in the business to give tax advice.
They prepare taxes, they know the tax laws, they keep you in line with the tax laws.
Some accountants may be able to give financial advice in addition to tax advice, but do you want them to?
Some accountants are licensed to offer financial products, IRA’s, annuities, life insurance.

Everyone at some point in their lives needs some type of either financial advice or tax advice. Before you need it would be a good time to find it. For example, before you are about to retire and use your retirement savings is a good time to seek financial advice.

Using one professional as the only source of financial advice can be beneficial or a nightmare, you need to make that decision. Each financial professional offers different expertise, learn the differences before making a commitment to one professional.