Insurance Blog, Home Insurance Blog, Life Insurance, InsWeb Insurance Blog

Who are better drivers - men or women? As with most Battle of the Sexes debates - each gender can make a legitimate case. Women may claim they're safer drivers and less prone to road rage, while men may argue they're more adept at driving at high speeds and avoiding obstacles on the road. The debate can continue ad nauseam. But insurance companies can use statistics to answer the question - who pays more for car insurance - men or women?

Do Men Pay Higher Auto Insurance Rates than Women?
Car insurance companies base your rates on how high of a risk you are to insure. In 2006, nearly 30,000 male drivers died in car accidents, while only 13,000 women suffered the same fate (IIHS).

Because male drivers are more likely to die in a car accident, car insurance companies perceive them to be a higher risk to insure, especially young male drivers who just got their license. Consequently, young male drivers aged 16-25 typically pay more for auto insurance than young female drivers in the same age group.

Good News for Male Drivers
The good news for male drivers is that they are only perceived as a higher risk to insure from the ages of 16 to 25. Once you reach age 25, as long as your driving record is devoid of accidents and tickets, your car insurance rates should start to decrease and will eventually become level with your female counterparts. While this news can be disheartening to young male drivers, they can take solace that their car insurance rates will gradually decrease over time as long as they maintain a clean driving record.

Men and Women Can Both Save on Car Insurance
While both genders can continue to argue which sex is the better driver, one thing we all can agree on is that saving money on your car insurance benefits everyone. If you have a teenage driver, especially a male teenage driver, you can still find discounts on your car insurance. While you are in school, car insurance companies usually offer good student discounts if you maintain a "B" average or better. Men and women alike can raise their deductibles to make their car insurance rates a little lower as well. When looking for car insurance at any age, comparing quotes is the best way to find the best rates.

Posted by InsZo at 8:55 AM | Permalink

Does your policy contain a Loss of Use provision that will help pay for hotel, restaurant and other expenses accrued while you're displaced? Chances are your homeowners insurance isn't going to provide you with enough coverage to resume the lifestyle to which you've grown accustomed should a disaster strike.

Homeowners Don't Know They Are Underinsured
Homeowners are spending billions of dollars a year to add onto their homes, but most of them don't update their homeowners insurance coverage which leaves them grossly underinsured.

According to a Marshall & Swift / Boeckh survey, 66% of U.S homes are undervalued for the purpose of insurance by an average of 18%. If you add a new deck to your home, but fail to notify your homeowners insurance provider, you could end up underinsured.

How Much Homeowners Insurance Coverage Do You Need?
Many homeowners might be unaware of how much homeowners insurance coverage they need. You need enough coverage to protect your home and assets in case of a worst case scenario and your home is lost due to a covered disaster. You need to review your policy at least once a year to make sure all your belongings are covered.

Homeowners insurance policies can be broken down into four categories – structures, possessions, living expenses and liability.

Structures
You generally want to have coverage equal to at least the amount of your mortgage. Your policy should cover rebuilding costs. And if you've recently remodeled your home, you need to update your coverage to cover these additional renovations.

Possessions
Your homeowners policy will also cover your possessions. You may choose between replacement coverage (the cost to replace each item) and actual cash value coverage (the item's original value less depreciation). If you have valuable jewelry, an art collection or a state-of the-art home theater system, you should consider purchasing additional coverage to cover these items.

Living Expenses
This often overlooked coverage will provide you with coverage for hotel, restaurant and other miscellaneous expenses you may accrue if your home is rendered uninhabitable by a covered disaster.

Liability
Most policies offer a base amount of liability coverage – typically $100,000. However, if you have a swimming pool or a dog whose breed is aggressive by nature, you may want to consider increasing your limits.

Review Your Policy
The most effective way to know if you have enough insurance is to maintain a home inventory that you update regularly, and check your homeowners insurance policy at least once a year. Keeping your home inventory up-to-date will help you determine how much homeowners insurance coverage you need. After updating your home inventory, you may find you need to increase your coverage.

Even if you need to add more coverage to your homeowners insurance policy, there are still ways to keep your rates low. The best way is to compare multiple homeowners insurance quotes to find the right policy with the best price. Nothing is more costly than having an underinsured home.

Posted by InsZo at 3:07 PM | Permalink

Many people have decided to purchase smaller, more fuel efficient and environmentally safer cars. However, if you drive one of these cars, you could end up costing you more at the gas pump. Even if you have a car that doesn’t get the greatest gas mileage, there are still simple measures you can take to save money on gas.

Shop for Car Insurance (Could Save $301 a Year)
Shopping for car insurance is a great way to save money. InsWeb consumers save an average of $301* on a 6-month policy. This savings becomes increasingly significant as gas prices continue to rise. Experts predict that if gas reaches the $4 a gallon mark, families will be spending an extra $400 on gas in 2008. The money you can save on your car insurance can help offset additional gas expenses.

Keep Your Car Tuned-Up (Save 11.4 Miles per Gallon)
Some mechanics estimate that a poorly tuned engine can use up to 50% more gas than one that is running well. In fact, according to the National Car Care Council (www.carcare.org), if you combine under-inflated tires, a dirty air filter, worn spark plugs, a worn oxygen sensor, dirty oil, and a loose gas cap, you could be losing up to 11.4 miles per gallon.

Keep Your Tires Properly Inflated (Save 3.3% on Gas)
Underinflated tires will cause you to consume more gas. The U.S. Department of Energy says that drivers can save an average of 3.3% on gas by keeping their tires properly inflated. The proper inflation for your tires should be specified in your owner’s manual.

Drive at Steady Speeds
Experts estimate that for every 5 mph you drive over 60 mph, you are effectively adding $0.10 to $0.20 to each gallon of gas you purchase. Stop-and-go traffic adversely affects your gas mileage; since you are using gas but not going anywhere. If possible, try to avoid areas where traffic gets congested. Also, when that red light turns green, you don’t have to take off like a drag racer. Controlling the “horses” under your hood can reduce the amount of gas you use.

Minimize Your Time in Your Car

The best way to save on gas is curtail your driving. Carpooling with friends or coworkers can help reduce your gas consumption and save you money. Scheduling a day where you can get all your errands done, instead of making a bunch of shorter trips during the week, can also reduce the amount of fuel you use.

Posted by InsZo at 10:38 AM | Permalink

1. Shop and Compare Rates Every 6 Months
In 2008, if you check your car insurance rates in January, make sure your check them again in June. According to an independent study, people who compare rates and switch carriers at InsWeb.com save an average of $301* on a six month policy. Consider the savings over 12 months! Tickets or no tickets, you’re a different driver than you were last summer. Get updated quotes and see what your individual savings could be.

2. Select Higher Deductibles
Simply put, the higher your deductible, the lower your premium. Indeed the cost of an accident will be that much more expensive; however, if the damage is minor (grey zone in making accident claim), you’ll be spending the same out-of-pocket amount regardless.

3. Make a Cheaper Policy Even Cheaper: Don’t Pay in Monthly Installments
Additional administrative fees are commonly applied to payments when you split your premium in to installments (i.e. monthly, semi-annual, annual). Be aware that a monthly fee of even $7 can add up to $84 over 12 months.

4. Look for Multi-Line Insurance Discounts
The most under recognized car insurance discount results from the multi-line insurance policy: buying your auto insurance and your homeowners insurance from the same insurance company. According to the Insurance Information Institute, a multi-line policy can save you up to 15% on both premiums.

5. Collect on Your Good Driving
Most insurance companies reward good driving with lower premiums. In fact, in some states a good driving discount is required by law. If you haven't had any accidents or tickets in the last three to five years, shop at InsWeb.com and see whether you are missing out on this money savings discount.

6. Don't Overpay for Tickets
Unfortunately moving violations are an accurate reflection of your liability to an insurance company, and your rates can skyrocket as a result. Perhaps you deserve a higher rate, but don't let the insurance company unduly punish you. Shop around and see if you can find a more reasonable rate with another company.

7. Look for Safe Vehicle Discounts
Many companies offer discounts for various safety features on your vehicle, including air bags, alarms, factory-installed mechanical seatbelts and antilock brakes. In getting updated insurance quotes, be sure to indicate such safety features to benefit from available discounts.

8. Don't Overpay for Your Unnecessary Coverage
You may be paying for coverage that you don't need. For example, you may be a member of an auto club that provides towing services, yet you're also paying for towing on your auto insurance policy. Look for opportunities to eliminate unnecessary costs.

9. Look for a Good Student Discount or Senior Discount
Students currently enrolled in school often receive a discount on auto insurance for good grades, as many companies feel conscientious students make conscientious drivers. Similarly, insurance companies are known to value the wisdom of an experienced driver, offering discounts to drivers over 50 as a result.

10. Pay Less for Driving Less
Many insurance companies will offer discounts on vehicles that incur low annual mileage. In fact, some companies have a predetermined number of what they consider low mileage. Has your commute changed? If so, it might save you money to get an updated quote.

Posted by InsZo at 4:59 PM | Permalink

1. Raise Your Homeowners Deductible: Save up to 25%
The lowest hanging fruit for homeowners insurance savings may be to increase your deductible. According to the Insurance Information Institute (III), if you can afford to raise your deductible to $1,000 from $500, you may save as much as 25% on your annual premium.

Remember, homeowners insurance is not intended for small fix-it claims, therefore, the benefits of a lower deductible can be quickly dissolved by the higher rates that you will experience after making such claims. As homeowners insurance intended for major peril, consider higher deductibles and collect the savings in the cost of your premium.

2. Multi-line Policy Insurance Discounts: Save up to 15%
Purchasing your homeowners insurance and your car insurance from the same insurance carrier could save you up to 15% on both premiums.

3. Additional Security and Safety: Save up to 20%
Have you added new security devices to your home in the last year; perhaps a deadbolt lock, window locks, or even and an alarm system? Insurance companies highly value the protection afforded by fire sprinkler systems, burglar alarms, and fire alarms — especially those connected to monitoring agencies such as your local police and fire department. Accordingly, some carriers reduce premiums by as much as 20% if you install some of these features.

4. Discounts for Home Improvements
A new home's electrical, heating, and plumbing systems, and overall structure for that matter, are likely to be in better condition than those of an older home. Accordingly, their insurance rates are generally lower as the risk for a potential claim is mitigated. If you have made any home improvement in the past year, you should see if a new policy will reward you with policy discounts.

5. Eliminate Coverage You Don’t Need: Analyze Your Homeowners Limits
Ideally, you want your policy to cover any major purchases or additions to your home, but you should not spend money for coverage that you don't need. You may have jewelry, appliances, electronics, and other valuable possessions that depreciate over time; therefore, it is in your financial best interest to compare the limits of your homeowners policy to the actual value of your possessions at least once every year.
Homeowners insurance rates are always fluctuating and vary from company to company.

Taking time to review the amount of homeowners insurance that you need will help you from buying more coverage then you need. Also, taking time to compare multiple homeowners insurance quotes will help you find the right amount of homeowners insurance that fits your budget.

Posted by InsZo at 4:55 PM | Permalink