Finance and Insurance

Thousands of car buyers are likely to come out every day and make their purchase. But many will pay far more than they have to because they fail to reflect and choose the best ways to financing their car before they buy.

A new car is in the top three most expensive purchase many us will make, after our residences. So, consider all available options carefully before buying committing to the purchase. Shockingly, research shows that nearly one out of three buyers does not even haggle over the price of a new vehicle, and just 3 out 20 spend more than an hour inquiring on financing.

Most people are not in the position of paying cash to buy a new car and it just isn’t in the realm of possibility. And even if it is, one may not want to use their saving to buy a new automobile. That means that you are either going to be getting a lease on the vehicle, or buying it through financing. When you’re buying, you’re probably financing it through the dealership, a banking institution, credit union, another financial institute, or maybe even a relative, a friend or someone close to you.

It is important to know as the cost of cars is on the up, it’s now more important than ever for buyers to make sure they get the best deal. In the bargaining on the purchase and on researching the right finance approach or insurance policy, at the very least several hours at home with a computer and phone at hand will make a dramatic difference to your money outlay.

Here are some tips:

1. Improve your credit;
If you plan on buying a car in the near future, it is absolutely necessary to spend some time cleaning up your credit report. If you can’t do it yourself many companies specialize in this and will do it for as low as $30 per month.

2. Borrow against your 401K;
If you are young, have a secure job and income and have the option to borrow against your 401K, any interest you’d be paying would not be lost. Check with your financial institution for the details and how much you can borrow.

3. Borrow from someone you know;
That is if you know you will pay them back as promised and agreed. In this case you could go one step further to make them comfortable in guaranteeing the loan by putting up some collateral such as the title of car at least.

4. Get at least 10 quotes;
Once you have a copy of your credit report and credit score, get 10 quotes from 10 different credit sources. This will also help when asking for a better rate and or negotiate a better sale price. Sometimes low APR credit cards will do just fine.

5. Get pre-approved;
This should be done on the ideal time to shop for a car loan is before you shop for a car. You can drive the car right off the lot. No waiting for the loan approval and disbursed and taking the check back to the dealer. In most cases the loan can be approved by your lender quickly.

6. Put a bigger down payment:
As part of your negotiations for a better interest rate, suggest a different percentage of down payment for a reduction in rate.

7. Dealer Financing;
With many car companies having their own lending affiliates you can pick a car and a loan in one application. The process is usually quicker than applying for a bank loan, and dealers are more likely than banks to qualify buyers with less-than-perfect credit ratings. They also usually help customers with special needs, like first-time buyers and students. Car companies often offer low-rate promotional financing on certain cars. This option can be more expensive, particularly for poorly informed buyers.

8. Negotiate the Terms;
3, 5 or 7 years? Which is right for you and which can you qualify for? Negotiate the car’s price before you talk about the terms of a loan, so the dealer can’t hike the car’s price to give you a lower-rate loan. Even when you get low dealer financing rates of 1% to 6%, there’s a catch… these loans are generally short term. Since many must be repaid in 24 months, monthly payments can be high.

9. Bank, Credit Union or Lending Institution;

Banks and credit unions usually offer set, where you cannot negotiate rates, but less expensive than dealer financing. They will push the unnecessary expense of credit life insurance, which ensures that the loan will be paid off if you pass on. Credit unions that offer auto loans typically offer lower rates than banks and financing companies. But finance companies are the most expensive as they generally accept greater credit risks borrowers.

10. Payback quickly and insure yourself;
The sooner you pay back the least interest you pay if you have a high interest rate. Otherwise invest the money in higher interest rate guaranteed return (my preferred option). Get life insurance so your family is protected and will not have to pay for bill in case of an accident. Term life is cheap and you only needed it for the length of time of the loan.

Remember that the good old saying “Work Hard and Save” has updated to “Work Smart and Invest.”
Article Source: http://EzineArticles.com/?expert=Al_Quin

Life insurance claims can be paid quickly if there are no complications. In fact one source states 91% of life insurance claims are paid within five working days.

When an insured person dies, it is the responsibility of the beneficiary to file life insurance claims to collect any death benefits. It is important to get the claims process under way as soon as possible because most policies have a time limit to file a claim.

Family members often don’t file a life insurance claim because they don’t even know that the benefits exist. A search for life insurance policies should be included in winding up any estate.

You may be able to track down a policy by checking the person’s banking records of payments made to any insurance company. You can check with the agent for other insurance policies such as car or house insurance to see if there was also life insurance. Or you could check with employers about any group policies that may be in effect or to see if there are any payroll deductions for individual coverage.

To get started, the beneficiary should ask the agent or company for a claim form. They will need the name of the insured, the policy number (and the policy itself if available) and a certified copy of the death certificate. The statement of claim should include the full name and address of the beneficiary or the person making the claim.

Once proof of the death of the insured individual reaches the insurance company’s claims department, they begin a process of verification. They make sure there actually is a policy in effect and that all premiums have been paid. They make sure the right person is identified as the beneficiary. They check the policy for any limiting clauses, including loans against the cash value of the policy. They verify that all the information in the policy is accurate.

In most situations life insurance claims are paid without dispute but the life insurance company will review each claim carefully before paying out their money and some life insurance claims are denied or delayed.

The company could refuse to pay a claim because the insured committed fraud when applying for the policy or the insured committed suicide.

After fraud on the part of the policy holder, the most common reason life insurers use to deny claims is that there was a “material misrepresentation” on the life insurance application.

Just the fact that a claim is made in the first two years the policy is in force will lead to closer scrutiny. If the beneficiary intentionally killed the insured person, the company can refuse to pay the death benefit no matter how long the policy has been in effect.

High life insurance claims are also more likely to be examined very closely.

There can be complications as a result of divorce. If you are an ex-spouse, you will need to know the law in your area to determine whether or not your status as a beneficiary may have changed. Even if you were named beneficiary prior to your divorce, if the insurance is not part of the divorce settlement, you may be out of luck. If there are conflicting claims, the company may turn the money over to a court and the court will hold the money until it decides who is entitled to receive the benefit.

Having done all its investigation, the company will either pay the claim or notify the beneficiary if there is a problem with the claim. If there are complications in your situation, it is important that you seek help from those who are knowledgeable and experienced concerning life insurance claims.
Article Source: http://EzineArticles.com/?expert=Sandra_MacLean

Listed below are certain tips that can assist in handling insurance claims when natural disasters such as hurricanes or earthquakes occur.

1. Understanding the basics: Every home insurance policy provides insurance coverage against only certain types of damages such as damage caused due to windstorm, fire or theft. It is important to understand this clause before filing any insurance claim. It is the responsibility of the insuree to prove that the damage occurred is within the limits of the clause.

2. Assessing damage: It is important to have a personal assessment about the cause of the damage so as to ensure the presence of sufficient evidence that can prove the claim to be true. For example, typical home insurance policies in hurricane-prone areas do not provide any insurance coverage to the damage caused by flood waters. Cover is applicable only to those damages that have occurred due to windstorm, fire or wind-blown rain. The home interiors should have enough signs showing that the damage is caused due to wind and rain.

3. Documentation: It is important to document each and every receipt for which one would like to make an insurance claim. One good alternative is to download an inventory checklist available on the website of any insurance company. Rule of the thumb is that more the information provided by the insuree about damaged possessions, easier would be claim process. Hence, one should include details such as the cost, make and model number of the possession that has been damaged and included in the claim.

4. Appraiser: One should never compromise on the settlement value made by the insurance company. In case of any disagreement, one should take the complete advantage of appraisal clause and get the property valued by an independent appraiser to determine the exact value of the loss.

Article Source: http://EzineArticles.com/?expert=Pauline_Go

Car insurance is one of those things that everyone hates paying, but knows they must have in order to drive. In most states, driving without car insurance is against the law. When you are caught doing so, you can even lose your license, which is tragic to most people. Therefore, if you want to drive, there is no way around having insurance. You do have the option of choosing what type of insurance you get however.

The best thing to do when you need car insurance is to shop around. Call around to ask for the best rates from each company. You can also do this periodically after getting insurance, so you will know you are still getting the best deals.

After finding the right company, you need the right plan. If you lease your car or truck, you might need more than your state’s minimum coverage. However, if you own your vehicle, it is really up to you on what you get. You should get as much coverage as you can, however there are some options that you might not need. Keep in mind that the insurance salesperson will want to sell you everything, so be wise about your decisions to accept or decline.

Factors like the type of car you drive, the age of the car, your area of residence and the type of insurance coverage you want are common determinants of the rates you get from providers; there are other determinants like your age and gender.

Through research it has been proven that men record more accidents than female drivers. Women are more careful drivers and attract lower premiums than their male counterparts. This is no gender discrimination but a proven fact using accident statistics as a yard stick.

Age also is a determinant factor. Drivers between the ages of 16 – 24 yrs old are classed as new drivers with little or no previous driving experience. They are also more prone to collisions; they are more aggressive on the roads with little or no regards for traffic laws. Among them are people with more police tickets due to traffic offenses, this is why car insurance providers view them as high risks and give them higher rates to pay for their cover deals.

On the other hand, age 25yrs and above are viewed as mature drivers and providers can always access their previous driving records to determine how disciplined they are on the roads.

Try as much as possible to drive safely and maintain a good driving record. By doing this, the vehicle insurance company will have no option than to give you lower rates for your preferred car insurance deal.
Article Source: http://EzineArticles.com/?expert=Iyke_Phelim