Welcome to the October 2008 edition of the InsuranceHotline.com Insider newsletter.
In this issue, we dispel seven of the most common myths about auto insurance, provide you with the top ten back to school used car list for 2008, give you tips on taking a photo inventory for home insurance claims and explain what your insurance risks are when you lend your car to someone.
Top 10 Back To School Used Cars
It's an unfortunate fact of life, but owning and operating a car is very expensive for students, especially when you consider additional expenses such as gas, insurance, oil changes and regular maintenance.
When searching for a used car, parents often look for affordability, reliability and safety, while most students tend to focus on make and model, speed and style.
Well, rest assured parents and students, the best of both worlds can be accommodated! U.S.-based Kelley Blue Book has announced their picks for the 2008 Top 10 Used Back to School Cars:
Used cars don't always come with the guarantees of brand new cars, so consider these tips when shopping for a pre-owned vehicle:
InsuranceHotline.com searched for the lowest and highest insurance rates comparing a driver with a clean record, driving a 2004 Pontiac Vibe and 2004 Honda Civic. From the table below, the difference in the amount you would pay is huge.
Clean Record(Female, 20 years old, Guelph, Ontario)
2004 Pontiac Vibe
2004 Honda Civic
Taking Inventory For Your Home Insurance? A Picture Is Worth A Thousand Words
Having appropriate home insurance coverage is critical for your protection in the unfortunate event that something happens to your valuables, but what is the best and easiest way to document your possessions?
When you have an insurance claim, insurance companies will often ask for copies of receipts or pictures of the items lost as proof that you actually had them in the first place.
Taking a photo inventory is an excellent way to show that you had the items and the condition they were in prior to the loss. It can also be a great way to determine if you have adequate insurance coverage.
Here are some tips to help you take your own photo inventory:
- Use a color camera with a flash, video camera, or a digital camera
- Label the photos and videotapes with the dates they were taken
- Place a card with the purchase price and date of purchase next to the items in the photo
- Save the images to a CD and make a couple of copies, storing one or printed pictures in your safety deposit box or with a relative. You don't want the only copy of your inventory damaged in the event of a fire
- Focus your flash away from mirrors and other reflective surfaces, including opening glass doors to prevent reflections, and angle the flash to avoid glare when photographing jewelry
- Include a family member in the picture to help substantiate ownership
- Open closet doors to show the amount of clothing you own
- Take pictures of the insides of drawers with the contents fanned out
- Use a dark cloth as a background for silver, china or jewelry
- When photographing china, take a picture of the pattern name or manufacturer's signature, along with a picture of the pattern
- Photograph power tools
- If you want to take only a few pictures, either take group pictures of your most valuable un-appraised items, or record whole rooms with your most valuable and theft-prone items prominently displayed
- Don't forget to include the camera that you have been using as part of your photo inventory
You should also remember to update your inventory when you make new purchases. This will help ensure you have enough insurance to cover a loss.
Taking a photo inventory is the fastest, simplest way to make sure you have adequate insurance coverage and to protect yourself against future losses.
Similarly, when it comes to buying home insurance, InsuranceHotline.com is the fastest, simplest way to make sure you are paying the lowest rate available for your home insurance. Getting a quote is fast, safe and best of all it's FREE.
Q)Is my car insured if I let someone else drive it?
When you buy an automobile insurance policy with physical damage coverage, you are insured for loss or damage to your car, no matter who is driving your vehicle.
Here are a couple of things you should always remember when you are thinking about lending someone your car:
- Your driving record could be affected should that driver have an accident that is considered at fault. (e.g., if the driver rear-ends someone, your premium at time of your next renewal may go up)
- You may have no coverage for your vehicle if the driver you lend your car to does not have a valid driver's license or if their license is suspended.
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