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Posted
Nov 05 2007, 10:45 AM
by
Donna Freedman
Rating:
Money Blog: Smart Spending Blog - MSN Money
Time to admit to being a dunderhead: I've been way overpaying for auto insurance for the past few years. Worse, I discovered that I didn't have coverage I needed (uninsured driver) and was paying for insurance I probably didn't need (collision). All of this cost me $98 a month, or $1,176 a year. Confession is good for the soul, but it's embarrassing when done in print. I'm doing so in hopes of inspiring readers to check their own policies and make a few calls. As incentive, let me point out that my new plan will save me almost $700 a year. Like I said: way overpaying. How much per month? I've had the nagging feeling that I could do better. But life has been so hectic that "get insurance rate quotes" kept getting pushed to the bottom of the to-do list. When an Allstate ad sheet was delivered with the newspaper, I decided it was time to deal. An Allstate agent here in Seattle told me I could combine renter's and auto insurance for a total of $1,056 a year, or about $88 per month for both
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Posted
Oct 21 2008, 04:35 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog Blueprint for Financial Prosperity. When I first started driving, I was amazed at how much car insurance costs. I, like many other newly minted drivers, was put on my parents' car insurance policy -- which I'm sure made my parents nervous -- and didn't really feel the full brunt of new-driver rates. However, when I left the nest and had to insure myself, I started hoping that 25 would come sooner because everyone said car insurance rates drop significantly after you turn 25. (I spent all my under-21 years waiting to be 21, then my under-25 years waiting to be 25. Now I'm waiting for retirement. The waiting never ends.) I've had the opportunity to test the rates-drop-at-25 myth and other car insurance myths, and here's what I've found:
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Posted
Nov 06 2008, 04:12 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Many employers are now holding open enrollment for health insurance, so it's time to thoroughly explore your options. With rising costs and shrinking coverage, you might save significant money by changing your plan. But please do not follow an unfortunate new trend and decline coverage to avoid paying what are likely to be higher costs. Says Consumer Reports (and we cannot emphasize this enough): That is a bad, bad idea. The cost of even a single serious health condition -- an injury, an accident, a bout of depression, an unexpected illness or surgery -- can hit five figures before you know it and lead rapidly to financial ruin.
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Posted
Nov 11 2008, 02:13 PM
by
Karen Datko
Filed under: insurance, Consumer Affairs, home insurance, auto insurance, car insurance, insurance companies, insurance rates, homeowners insurance, life insurance, insurance claims, save money
Money Blog: Smart Spending Blog - MSN Money
This post comes from Mark Huffman at partner blog ConsumerAffairs.com.
When it comes to selecting the right insurance policy, consumers need as much clear, concise information as possible. A study released by the Consumer Federation of America suggests they aren't getting it from their states.
The study also found that state insurance department Web sites in six states were "excellent," while those in 18 states were deemed to be "inadequate."
CFA is sending the report to all state insurance departments with a personal letter urging the states whose Web sites are not yet excellent to make improvements.
"At a time when consumers are under increasing financial pressure, state insurance departments can do their part by making available current information about the rates, solvency, and complaints of individual insurers as well as tips for consumers to use to secure fairer and faster claims settlements," said J. Robert Hunter, CFA's director of insurance and a former Texas insurance commissioner. "And it's essential that insurance departments widely publicize the availability of their Web sites and related information."
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Posted
Dec 03 2008, 06:45 AM
by
Karen Datko
Rating:
Filed under: banking, The Dough Roller, mortgage rates, credit rating, credit cards, credit reports, credit card rates, credit score, bad credit, car insurance, insurance rates, homeowners insurance
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller. We all know just how important our credit score is when we apply for a loan. High credit scores get approved, while low scores do not, subject to other factors, of course. But your credit score and credit history affect a lot more than whether you get approved for a loan. Here are seven unexpected ways your credit score and credit history can affect your finances.
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Posted
Dec 10 2008, 06:32 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This guest post comes from "vh" at Funny about Money. MetLife sent a notice inviting me to designate someone who can be alerted if a payment on my long-term-care insurance is missed. Good thought: Obviously, if you get into a predicament where you need long-term care, you may not be competent to pay your bills. I have the premium, which comes to about $75 a month, paid electronically, and so it's unlikely the bill will go unpaid unless my son has to take over my affairs and he changes things around.
This policy, which I originally bought from TIAA-CREF but was sold to MetLife, will not cover the exorbitant cost of nursing home or nursing care 100%. However, it does cover enough that my Social Security and (if my mutual funds ever recover) a 4% drawdown from savings will take up the slack.
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Posted
Dec 18 2008, 07:13 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Linsey Knerl at partner blog Wise Bread. I have had the good fortune to experience comprehensive dental insurance in my lifetime. For a small monthly premium (usually $27 or less), my family and I could enjoy twice-a-year cleanings, annual X-rays, and routine repairs with little or no out-of-pocket expense. Now that I've jumped headfirst into the world of self-employment, my days of enjoying low-cost dental coverage are gone. So I tried a dental "discount" plan for the first time ever. Here's what I have found:
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Posted
Dec 23 2008, 05:54 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog Blueprint for Financial Prosperity. One of the main reasons I bought a home was because I was tired of moving. I hated packing up my things, renting a truck, moving my things, then unpacking my things. It felt like such wasted effort. However, in my numerous moves, I did establish a great way to come up with a total cost-of-housing metric that helped me compare various housing options. When I first started comparing apartments, I got the basics right. I compared the total rent, I accounted for utilities, and I accounted for any insurance I would need to buy. I failed to recognize commute time and cost, though, which played a significant factor in my first apartment (25 miles one way). That's just one of the considerations I missed. There are several more.
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Posted
Jan 27 2009, 10:18 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog ConsumerAffairs.com.
As the unemployment rate reaches the highest level in 16 years, a new analysis from The Commonwealth Fund finds that few workers who have lost their jobs -- only 9% -- take up health insurance coverage under COBRA, the Consolidated Omnibus Budget Reconciliation Act.
Unemployed workers who lose health insurance would need substantial financial assistance, covering 75% to 85% of their health insurance premiums, for their premium contributions to remain at the levels they paid while they were working, according to the report.
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Posted
Feb 25 2009, 12:05 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Like many people, we made a conscious decision last year to drive less as a way to save on gas. Through trip consolidation and more use of our feet, we drove only 5,237 miles.
So, we wondered, why do we still pay so much for car insurance? Sure, companies give discounts for lower mileage, but isn't there a better deal?
There is, in some states. Two companies offer pay-as-you-drive auto insurance, says Bankrate, and others are getting ready to roll out similar plans. Some drivers who enroll could see their insurance rates cut in half.
Before you rush to the phone to call your agent, there are some issues to consider, according to the excellent Bankrate story:
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