Common sense says if the repairs cost less than your deductible you're better off paying for them on your own and keeping the story to yourself. The wisdom that says take a higher deductible on your insurance to lower your rates extends to this scenario. Take the money you save on the lower rates and deposit it into a savings account. When an accident happens, you'll have the money for repairs even if the cost is slightly more than your deductible.
In addition, because injuries are not always immediately apparent, you should report an accident in case you sustain injuries that show up a day after the accident and need medical treatment.
Thursday, May 17, 2007
An annuity is a retirement
-planning tool that has two phases: the accumulation phase and the annuitization phase. In the accumulation phase, you give money to an insurance or investment company over a period of time or in a lump sum, and it earns a rate of return. In the annuitization phase, you begin to withdraw regular payments (such as monthly or annually) from your contract until you die.
An annuity has a death benefit, although it is not like one found in a life insurance policy. If you die before you annuitize, your beneficiary will receive either the current value of your annuity or the amount you have paid into it, whichever is greater. For example, if you die when your investments are performing poorly and your account value is less than what you have paid in, your beneficiary would receive the amount you paid in.
An annuity has a death benefit, although it is not like one found in a life insurance policy. If you die before you annuitize, your beneficiary will receive either the current value of your annuity or the amount you have paid into it, whichever is greater. For example, if you die when your investments are performing poorly and your account value is less than what you have paid in, your beneficiary would receive the amount you paid in.
Wednesday, May 16, 2007
Travel insurance
While was formerly looked upon as a luxury, consumers concerned about whether their vacations can be canceled by incidents outside their control, or worried about the quality of medical care in the area they are visiting, now view travel insurance as a good value. Generally, a comprehensive travel insurance policy costs 5 to 7 percent of the price of your trip.
Before buying travel insurance, be sure you don't already have sufficient coverage through your home insurance, health insurance, or as a perk on your credit card if you charged your trip.
Before buying travel insurance, be sure you don't already have sufficient coverage through your home insurance, health insurance, or as a perk on your credit card if you charged your trip.
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