A source of excellent insurance advice that I recommend is readily available in the current issue of MoneySense magazine (see link below). Written by Julie Cazzin, a number of financial and insurance experts were contacted including myself to contribute ideas and suggestions for many types of insurance for variety of real life situations.
I was quoted on a couple of money-saving ideas regarding car insurance, such as:
- Anyone can stay on someone else’s insurance policy for as long as they like – there are no restrictions.
- An inexperienced driver can establish a driving record by getting a membership in a car-sharing service like Zipcar for example, even if you don’t use it very often. Although the membership does cost you something, the annual savings on car insurance can more than pay for it.
- Consider telematics. This is the gadget in your car that measures your acceleration, braking, etc. You can get a 10% discount just for signing up and up to 30% off your premiums if your driving shows you are in a low-risk category.
A few of the points I mentioned about home insurance included:
- The personal liability coverage included with home insurance protects you even when you are away from home. So if you bump someone on a cruise ship and they fall down the stairs and sue you, you’re covered!
- Be aware of exclusions: one company may exclude water damage while another one includes it. Or some policies may restrict coverage during renovations, while others have no such clause.
- Sewer Backup: This is the most common claim these days and might cost up to $1,000/year for $50,000 coverage. If your basement is finished, this could be well worth it. If not, you could save yourself several hundred dollars by opting out.
Other Types of Insurance
The article called “The Only Insurance Guide You’ll Ever Need” also covered:
- Disability Insurance
- Life Insurance, and
- Travel Insurance
It’s an excellent source of reliable information, even if I do say so myself! Click here to read the complete guide. (Use the arrows in the bottom right corner of the guide to scroll through it.)
Our team of insurance brokers at Mitchell & Whale would be pleased to do the shopping around for you for any type of insurance.
Feel free to give us a call at 1-800-731-2228 or email us at email@example.com.