Honeymoon travel to exotic places is becoming somewhat the “norm” as destinations weddings and honeymoons are attractively packaged with cheaper fares and ease of travel…  Are you considering a honeymoon in Thailand, or perhaps spending those first days of married life sight-seeing Europe?  Travel insurance probably needs to be a part of your planning and budget.

Honeymoons are not where you would expect to need healthcare or hospitalization, but in your honeymoon travels you should happen to meet with an accident or require other medical attention, you probably have not budgeted sufficient funds to cover that treatment.  Tests, exams, x-rays and suragery could extend to thousands of dollars; international travel insurance is the perfect coverage – even though you will hope it ultimately covers only your peace of mind!

Additional Coverage..

Many honeymoon travelers don’t realize that in addtion to the reimbursement of miscellaneous medical expenses, these same policies also cover a broad array of other expenses.   For example:

• The purchase of emergency items in case of the delay of checked-in baggage on arrival at your honeymoon destination.
• Expenses included in obtaining a new or duplicate passport should it be lost during your honeymoon.
• Being compensated for luggage lost in transit.
• Cost of legal assistance in case your personal items are stolen.

Words of Caution…

Should you take the prudent course of action and secure a travel policy for your honeymoon, exercise caution in knowing what is actually covered and what exeptions to claims might be outlined in the terms of the policy.

Choose a policy that will allow the greatest coverage for your particular honeymoon plans.   Some policies cover particular activities, such as scuba diving or skiing in high mountain areas; a standard policy might not be sufficient.

Don’t hesitate shopping and comparing.  Visit with a number of insuranc companies, possible payment options, special conditions and exclusions.  If your travels are planned for the United States, make sure to check into the network of hospitals offered by the policy.  While you are checking out various companies, see if you can get any information regarding their customer service history; it would be a travesty to pay a little less for the for the policy, only to have a nightmare occur when trying to place a claim.

Read the policy carefully, and have the agent cover anything that is unclear or questionable.  Keep your policy number and the company’s number together with other vital documents you need for your honeymoon travel.

I trust this has at least planted a seed about the need for honeymoon travel insurance, and a few considerations you need to check out before you make that final question.  If I can help you in any way, let my 30 plus years in the industry be your guide.  Email any questions you have to JanVitaleVA@yahoo.com with Honeymoon Travel Insurance in the Subject line.

Insurance:  You can control the level of your premiums! 

I know you are aware of the obvious ways that will drive up your rates; driving recklessly, getting too many speeding tickets or even being the one at fault in a wreck.  But… there are other areas that insurance companies are now looking at when they consider premium base.  The more aware you are of the underwriting policies, the better premiums you can negotiate!

Essentially, insurance companies look to anything a driver does that could distract him/her while driving, and… if you are involved in a “distraction” at the time of an accident, your next policy renewal will reflect that distraction or recklessness.

Seat Belts: 

Most states have laws designated to ensure drivers and passengers wear safety constraints.  Some of these laws make it possible to ticket the driver for failure to use seat belts, even if no other traffic violation has occurred; others allow the ticketing only if not wearing the safety constraints are noticed in conjunction with another traffic infraction.  In either case, the citation allows the insurance company to increase rates at time of renewal.

Driving and Texting: 

Oprah Winfrey made it a media campaign; many states have made it a law!  In the states where this is the case, if a traffic citation is processed, even in the absence of an accident occurring, car insurance premiums are at risk of being increased. Some laws are taking such a harsh position about this issue, that if it is determined a driver was texting at the time an accident occurred, the driver could face severe charges and possible time in jail.  You get to make the choices…

Credit History: 

If you feel that your credit history has nothing to do with your car insurance premiums… think again! 

Many insurers have determined that “characteristics” revealed on a credit report increase the likelihood of an insured filing claims.  The credit report data is actually combined with other drive data to create a potential client’s “insurance score” which ultimately influences the size of your premium.  

So… the next time you consider skipping a monthly credit card payment… think again!  Your good driving record will help, but it is only a part of the decision making process for your insuring company.

Adding a Teen Driver: 

I’m sure most parents realize that adding a newly-licensed teen to their policy is likely to increase their premiums, but with some research, you can opt for the most reasonable rates.  I recently noticed a resource through Joel Ohman, a CFP in Tampa, Florida who suggest shopping around, and encouraging your teens to qualify for “good student discounts.”   The important message here is to be aware – in advance – so you don’t get caught at the time of policy instatement, with no choices.

Insurance Installment Payments: 

If you have the money to pay your policy in full – take advantage of that discount.  It may seem easier to budget the expense as a monthly option, but the additional expense is a fee you can eliminate by paying upfront.  Essentially, the insurance company assesses an administrative fee for having to process multiple transactions throughout the year.  Although the fee is typically less than $5 per payment,  and if your goal is to pay less for your insurance, that could be money in your pocket at year end.

I trust that these tips will help you better manage the amount of money you spend on insurance.  And keep in mind, when it comes to insurance, you are best protected when represented by an experienced agent.  I have clients who have gone to the quick stop or purchased online and are ultimately dissatisfied about the rates and the customer service… makes me think that without my services – all you have is insurance!

Visit me at Vital Enterprises, LLC if you would like a complimentary review of your vehicle coverage.

What Coverage do I Have?

Don’t risk every other thing you cherish by being under insured!  Auto insurance is one of those things you hate to pay, but are so glad to have when you are broadsided or rear-ended!  In most states you are required to have auto insurance and you don’t want to be without it.  Having the best coverage is the tricky part!   You can spend hours researching, or you can rely on the services of a seasoned professional whom you know you can trust.

The important thing is that you know ENOUGH about your options to do the research or ask your provider the right questions.  Basically, you buy auto insurance for two purposes:

1. to insure against liability you have to others,  and
2. to insure against damage that others do to you or your car.

What Choices do I Have?

You need to have liability insurance. How much you need depends on how much you have in assets.

Whether you need insurance to protect your car depends on the age and condition of the car and if you are financially able to self insure in the event of a total loss.

If your car is expensive and if buying another one would wipe you out financially, consider buying comprehensive and collision. If you have an older car and wouldn’t get much from the insurance company if it were totaled, don’t bother. Instead, put the money you would have paid for comprehensive and collision toward saving for your next car.

This is just a little “taste” of the kind of information you will find on insurance products on my blog and my website.   Make sure you subscribe to the RSS feed so you can quickly access each one and build on your knowledge.  If you question whether or not you have the right blend of coverage in your current policy, please give me a call (480) 720 3600 and receive a complimentary assessment.

Why do I Even Need Life Insurance?

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For most people, the purpose of life insurance should be to replace the financial contribution made by a family member.  There are, however, a number of considerations to be made before purchasing a product that is the best choice.  In the case of insurance, what you don’t know… can hurt you.

Life insurance can be pure insurance, which pays only on the death of the insured, or cash value insurance, which also has a savings vehicle.

1. Most of the life insurance should be on a family member whose salary is important to the family budget.
2. Consider a relatively small life insurance policy on a stay-at-home parent to cover child care and other expenses.
3. Don’t buy life insurance on children. Instead, buy life insurance on other family members for the benefit of children.
4. Consider reducing the amount of life insurance you have as you build more financial assets.
5. Pass on credit life insurance and mortgage life insurance if you can. These plans are restrictive and expensive. Buy more general life insurance instead if you feel a need.
6. Pass on life insurance altogether if you are single and don’t have anyone depending on you. At most, get a small policy to spare your family burial expenses.

How Much Insurance should I Buy?

You should buy about 12 times the amount of money you would need annually to replace what the family member is contributing. For example, if you would need $40,000 a year to replace the death of an employed member, you would need a $480,000 (rounded to $500,000) policy.

When you want to protect the future of your loved ones, get the counsel of a professional life insurance provider; I will be happy to show you the options and help you make the best choice.