What You Need to Know About Cell Phone Insurance

Without putting much thought into the matter, you might assume that paying for cell phone insurance is a no-brainer.  Who wants to pay hundreds of dollars for a new cell phone only to be out that money if the phone is lost or damaged?  The issue with cell phone insurance is not whether or not you need coverage and protection for your phone, but rather how much protection is offered.  Of the protection that is available through insurance, is that coverage worth the cost of insurance premiums?

Let’s consider a few basic facts to find out if cell phone insurance is the best move to cover the cost of a lost or damaged phone.

How much will you pay?

Many cell phone providers offer insurance for around $ 5 per month.  This fee is pretty affordable for most users.  Paying for cell phone insurance from your provider is easy and convenient.

What is covered?

At first glance $ 5 per month appears to be a fair amount to pay to ensure your phone is insured, but what exactly does this insurance cover?  This is where a large number of cell phones users quickly learn that cell phone insurance may not provide that much coverage.

For example, your cell phone insurance may or may not replace your phone with the exact model that was lost or damaged.  It is not uncommon to receive a refurbished or used phone in place of the original device.  In addition, the replacement might not even be the same type of phone that you paid insurance to cover.  There are plenty of exclusions, loopholes and special requirements which have to be met in order for a person to actually benefit from cell phone insurance.

Don’t forget the deductible.

In addition to not always having coverage or having your phone replaced with a “comparable” device, you can’t forget the deductible.  That is right, you have to pay from $ 50 to $ 150 out of pocket before your insurance kicks in.

Cell phone users should carefully weigh the pros and cons of cell phone insurance before agreeing to a policy.  A few bucks a month will likely not break the budget for most users, however that money might be better invested in an individual savings account set aside for cell phone emergencies.  At the end of the day, it is a personal decision which should be based on your own financial needs and determined by the actual coverage provided by your carrier or third party insurer.

Recommended articles:

• Is Prepaid Cell Phone Right for You?
• How to Save Money for Your Dream
• 8 Things You Might Not Know About Your Cell Phone Service
• 18 Business Tools and Tips for the Recent Grad

Source: Should You Get a Cell Phone Insurance? from Moolanomy Personal Finance, written by Tisha Tolar (Staff Writer).

This is a guest post from Bailey Harris, who writes for the Home Insurance Blog. If you like what you see here, be sure to stop by and check it out.

Everyone knows that having an adequate insurance policy is a must for homeowners, but what if you rent? Many people overlook the value of a renter’s insurance policy, which can be a costly mistake.

Renter’s insurance works a lot like homeowners insurance. It replaces your stuff if it is damaged or stolen and protects your assets in the event of an accident or catastrophe. If you have been wondering whether or not you need renter’s insurance, the answer is probably yes.

Ask questions

Most renters’ belongings aren’t covered by the property owner’s insurance. You don’t want to be stuck with a lot of damaged property only to find out that your landlord’s insurance doesn’t apply to tenants. Don’t be afraid to ask your landlord if their insurance will cover you, and don’t be surprised when they tell you that you need to buy your own renter’s policy.

It may be required

Some landlords require tenants to carry insurance on their personal property. This is for the benefit of both parties and can save a lot of hassles down the line. If your rental unit is burglarized or burned to the ground, a renter’s policy will allow you to replace your stuff.

Pay now or pay later

Since it’s up to you to protect yourself, it’s in your best interest to buy a policy before disaster strikes. Whether you live in a high rise or a duplex, an accident or a thoughtless, careless neighbor could cost you everything you own. Maybe they’ll put burger on the grill and lose track of it, or maybe they’ll fall asleep with cigarette in their hand.

You have a lot to lose

Take a look around yourself and consider how much stuff you own. A big screen television, all of your furniture, a digital camera and/or camcorder, a DVD player, your clothing, your kitcheware, jewelry, the computer you’re reading this on, your printer and scanner…

The list goes on and on, and if you don’t take precautions you could lose it all and have nothing to show for it.

Adequate protection

Just like any other insurance policy, you have multiple options when it comes to choosing coverage, and the cost varies accordingly. If you’re the victim of a fire or a robbery, you’ll obviously want to make sure your belongings will be replaced.

Beyond the above, special circumstances (e.g., flooding or hurricanes) require additional coverage that should be specified in your policy. If you live in an area where those things could happen, you’ll need to make sure that you’re covered.

You should also consider getting replacement cost coverage rather than just insuring the present value of your belongings. If that brand new 50″ HDTV is stolen or damaged beyond repair, you’ll want your insurance policy to replace it without a lot of out-of-pocket expense.

Talk to your agent

To determine how much coverage you need, you’ll need to inventory your belongings. You might consider taking pictures or using a video camera to document what you own – just be sure to store these things somewhere other than your home.

Once you have an idea of how much much coverage you need, contact your insurance agent to get an idea of the cost. Discuss your options, and don’t be afraid to pin them down to specifics. Find out exactly what coverage you’ll need under any foreseeable circumstance.

Don’t forget liability insurance

Another thing to consider is that, if anything should happen to someone on your rented property, the injured party can come after you. A slip and fall in the kitchen could result in a financial nightmare. Make sure that your renter’s insurance policy offers some form of liability coverage.

It’s cheap

On the bright side, renter’s insurance is usually significantly less expensive than a homeowner’s insurance policy. The reason for this is that you don’t need to insure the structure – the property owner’s policy takes care of that. So go ahead and shop around for the coverage you need. If disaster strikes, you’ll be glad you took the time to buy renter’s insurance.

---
Related Articles at fivecentnickel.com:

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» New Home, New Expenses
» Rent vs. Own Poll Results
» Buying Term Life Insurance (Again), Update #4
» Buying Term Life Insurance, Part II
» Buying Term Life Insurance, Part V (Epilogue)
» Buying Term Life Insurance, Part IV
» Buying Life Insurance (Again), Update #1

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As we discussed different options for spending the drop in Social Security taxes this year, an interesting thing happened. I got comments like this:

Well let's see. My health insurance just went up by $ 115 a month for the same plan as last year thanks to ObamaCare. So I guess that will cover that for this year and then I need to go finding a mysterious $ 200 as my health insurance increases the following year.

And this:

Our health care premiums skyrocketed so we will see exactly none of the Social Security cut actually come through in my paycheck.

And this:

For us I doubt it will be of any significance. Our insurance premiums when up by about $ 40/month. Not horrible, but its an increase that will minimize the impact for us. Anything left will roll over to savings.

And this:

My "extra income" was eaten by a raise in health insurance premiums.

Hmmmmm. Appears that there's a trend here.

My own health insurance premiums went up by $ 80 per month thanks to the cheapest option our company could find raising their rates by 25%. And they told us there could be more of the same next year. Ouch.

Wasn't the new health care bill supposed to LOWER the costs of medical care? Or did I somehow mistakenly just make that up?

Anyway, it's $ 960 in expenses that I didn't have last year...not good.

So, did your health insurance rates go up? If so, by how much?

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Photo by Team Dalog via Flickr

1. Do you really need collision insurance?

If any of the below factors apply to you, you may want to consider dropping your collision insurance:

• Your car is five years old or older
• Your annual fee for coverage is 10% or more of your vehicle’s value
• You no longer have an outstanding loan
• You’re a safe driver (and have a clean driving record)
• You have enough money to cover repairs as needed

2. Do you have a copy of your current insurance policy?

When talking with an agent, you’ll want to know the exact coverage you have and how much you’re paying for each portion of it. This will be important when you’re comparing different insurance companies.

3. Is towing covered on your existing policy?

Good maintenance and proper planning can end up saving you a lot of money in the long run. At some point during your time as a vehicle owner, your car will break down. But, if you maintain it well, it won’t happen often. Look at it this way – you may pay $ 10-$ 30 per year over the life of your policy; but a single tow costs $ 100. And, in the event of an accident, towing is almost always covered under collision.

4. Do you have car rental on your policy?

Normally, small economy cars cost about $ 20-$ 25 per day to rent, while car rental insurance can run you an additional $ 20-$ 40 per year. It may be best to take your chances on rentals.

5. Does your company have a forgiveness policy?

Some auto insurance companies will “forgive” you for the first accident that happens while under their coverage. The factors to qualify for this are wide-ranging, so be sure to talk with your agent about just how this could work for you.

6. Are you spending money on extra coverage for automobile-related death?

This is often extra coverage you’re paying for each year that isn’t necessary. Check your policy – if you have it, it’s likely something you can get rid of and save yourself money.

7. Do you need uninsured motorist (UM) coverage?

Uninsured motorist coverage is another factor to consider dropping from your policy, but before you do, consider the benefits and drawbacks. It will save you money on your monthly premium, but could end up costing you quite a bit of money should an accident occur.

8. Can you afford to increase your deductible?

If you have the budget, consider keeping your collision and comprehensive insurance, but increase your deductible to $ 1,000 or more. This means you’ll pay less in monthly premiums, but more in the event that an accident occurs.

9. Are you driving an older car?

If so, consider dropping your collision and comprehensive coverage. The rule of thumb is that, if your vehicle is worth less than 10 times your premium, having this coverage may not be very cost-effective for you. To find how much your car is worth, you can visit Kelley Blue Book.

10. Can you drop liability limits?

The “recommended” limit is 100/300/50, but to save money in the short-term, consider dropping it to 25/50/10. Depending on where you live, your state may have a minimum liability limit of 25/50/10, but others require higher or lower minimum coverage. Before doing this though, think about how low you can go while still protecting yourself if you have an accident. Weigh the cost of dropping your monthly premiums to a minimum versus how much you’d have to pay if you were involved in a serious accident.

11. Are you considered a “bad risk” customer?

If you’ve had a lot of accidents or infringements in the past, you may want to seek out a specialist. Some companies that aren’t a conventional insurer can offer a better deal to those who are considered “bad risk.”

12. What is your risk rating?

Ask your agent which category of driver you fit into. Some companies will have their own rating system, but the most common categories are preferred, standard, and non-standard. If you’re a driver with the lowest risk factors, you’ll likely get the lowest rates. Here’s how it breaks down:

• Preferred – This category is for the safest drivers; usually those who have a clean driving record for the last 3-5 years.
• Standard – This is for moderate risk drivers; normally those who are driving a family car and have a fairly clean driving record.
• Non-standard – The last category is for those who are considered high risk and will, in turn, get the highest rates. Normally, this includes those who are under 25, those with many accidents or tickets, and those who have a reckless or drunk driving history.

13. Are you insuring vehicles you don’t drive?

If so, and you don’t think you’ll drive it for a long time, consider stopping this coverage to save yourself money. Some states require that you have any registered vehicles insured. To avoid penalties, consider registering the vehicle as inoperable.

And there you have it. Asking yourself each of these questions before talking to your agent will help ensure you’re well informed – and will help you negotiate the best rates on your auto insurance.

Recommended articles:

• Should You Add Accident Forgiveness to Your Auto Policy?
• 15 Insider Insurance Shopping Tips From State Farm
• 10 Things To Know When Buying Insurance Policies
• How To Find The Best Home And Auto Insurance Rates

Source: 13 Questions that Can Get You Cheaper Car Insurance from Moolanomy Personal Finance, written by Pam King.

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MSN Money goes into the details of what can make car insurance more (or less) expensive. Their thoughts:

Negative impacts on a driving history -- Things that put you in an auto insurance company's high-risk category include recent or multiple car accidents, driving while intoxicated or tickets for reckless driving. If you are issued a speeding ticket, the speed recorded on the ticket will make a difference.

What you drive is as important as how you drive - The type of vehicle you are driving can cause you to be categorized as a high-risk driver based on the potential for damage and the expense of repair or replacement. Expensive high-powered sports cars are considered high risk and often come with expensive premiums.

Age and experience factors - Younger drivers who have very little experience behind the wheel are also considered high risk by insurance companies.

More severe high-risk coverage options - Some driving history problems are more expensive to cover than others are. If a driver has been convicted of driving while under the influence of drugs or alcohol, he or she will need to find an insurance agency that specializes in covering severe high-risk individuals. This type of auto insurance will cost more than a standard policy, but it will keep you on the right side of the law as far as your car insurance is concerned.

Cost differences with nonstandard drivers - Everyone who has a short driving history, has been found at fault for an accident or has received a serious traffic ticket is considered a nonstandard driver by auto insurance companies. These drivers will have to pay higher rates than standard drivers do. In general, high-risk drivers pay between 10% and 15% more annually than standard drivers do.

Ha! I'm about two years from having a "nonstandard driver" on my car insurance -- and four years from having two of them (AKA, my kids.) I'm sure you'll hear the screams from here when I see the insurance costs.

Thankfully we haven't had any accidents, don't have expensive cars, and aren't high-risk or non-standard drivers, so we're probably doing ok cost-wise. We also have a good credit score which I'm sure has helped our car insurance rates -- it has with our homeowner's insurance. That said, I do need to price out our car insurance to get some competitive bids, to make sure our costs aren't too high. We haven't done this in a few years and need to get to it.

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How a fantastic offer did your correctly turning into insurance safety safety safety prnemium went up 9.07% a lot a much more than final yr. The pattern a lot a much more than the final ten numerous many numerous many years was a fantastic offer higher, as you can see from this graphic:

I&7;hnedc levere17;m justnkmyec78#8217;s company pays 80% of the premium. I don’t know how lengthy that will carry on but I’m thankful for it even even though we have it.

What about you? What kind of premium raises are you seeing?

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