Homeowners are always looking for ways to lower premiums without sacrificing coverage. For many, the answer is as simple as purchasing a home security system. If you are planning to buy an alarm system to lower insurance costs, there a few things you need to know first.
Types of Alarm Systems
There are two types of home security systems – monitored and unmonitored. Some insurers offer premium discounts for both, although the greatest savings are always provided through monitored systems. Although monitored systems usually cost more than unmonitored systems, much of the cost is offset through discounted insurance premiums.
What to Consider
On average, you can expect your homeowners insurance premiums to drop by as much as 20 percent once you install your alarm system. Considering average homeowner’s insurance premiums in America are approximately $800 to $1,000 annually, this could mean a savings estimated at $160 to $200 per year, or $16 per month. Chances are, the insurance savings will not completely pay for your monthly alarm monitoring costs, but it can lower your alarm costs by 30 to 70 percent.
Keep in mind, however, that your insurance premium discount will vary based on your insurance company. Contact your insurer to find out what alarm system discounts are available to you. This may also be a good time to shop and compare rates from other insurers as well.
Keep in mind that other similar discounts may be available to you as well. For example, some alarm system companies also offer monitored smoke and heat alarms. Like burglar alarms, smoke monitors help ensure the fire department is deployed as soon as possible in the event that your home catches fire while you are away. This can help contain damage, as well as insurance replacement costs, resulting in an insurance premium reduction.
There is no easy answer to the question of whether you can get insurance for a car that does not have your name on the title. It really depends on the insurance company and the rules they go by. We all know people that have insurance on a vehicle that is not in their name – but we may not know exactly how they got it.
One way to be sure you can insure a vehicle that is not in your name is to name the person on the title on your insurance policy also. When you give the information to the insurance agency – you can name yourself as the driver. Most of the time this is sufficient to take care of any problems. Of course, you may also want to talk with an independent agent who can compare quotes from several different top providers and find the one that will give you the best rate.
You will want to make sure you have adequate legal coverage on the car before you begin driving. If it is an older car you will probably only need liability insurance and if you owe money on the car you should probably purchase full coverage. No matter whose name is on the title, if the vehicle is involved in an accident, someone will be responsible for the damages to the other car and any injuries to the driver or the passenger. Make sure you can afford a great insurance policy by comparing quotes online.
The best way to answer the question about whether you can purchase insurance for a vehicle that is not titled to you is to speak with an independent agent. This insurance professional can check with several reputable providers to find out what their requirements are and how much a policy will cost. It is always a good idea to compare quotes to make sure you are not paying too much for car insurance.
The short answer is “yes”, and here are some reasons why.
Medical coverage in your auto insurance policy means that everyone’s medical expenses—yours as well as anyone else involved in the accident with you—will be paid for. If you do not have medical coverage in your auto policy and another person is injured, you may be responsible for medical expenses, and this can get very expensive very fast.
Remember also that if at any time after the accident, unless a legal agreement has been reached stating that after a specific amount of time you will no longer be responsible for medical expenses, if further treatment is necessary you will have to pay for this, also. This can occur years down the road, at a time when your income may have been lowered due to retirement, job loss, or other reasons.
If you are injured, your health insurance may only pay for a portion of the medical treatment.
If you are injured in an automobile accident and your health insurance does not cover everything, or if you have co-pays or other out-of-pocket payments, you can submit the additional costs to your automobile insurance company if you have medical coverage. This can be very cost-effective, especially if you have a lengthy recovery.
In some cases the health insurance company may ask that your automobile insurance medical coverage pay:
- For all or part of your medical treatment or, the health insurance company may pay for the treatment, but then recoup a portion of the expenses from your automobile insurance company.
- In addition, some automobile insurance policies may have coverage in the medical benefits portion that helps with lost income or other issues that arise from injuries in automobile accidents. This may not be available with your health insurance policy, so you would have this to fall back on.