Congratulations! You Just Bought A Car…

If you have ever purchased a new vehicle, it is likely that you felt enormous relief as you drove it off the lot. Between haggling with the salesman, securing financing with your bank and obtaining the proper insurance, there is nothing quite like taking your brand-new car for an inaugural spin around the block.

But what happens if your new car is involved in an accident and totaled before you even get a chance to enjoy it? You just plunked down $25,000 for a luxury sedan and before you could blink, it’s a heap of twisted metal thanks to the all-to-common traffic accident. If you think that your standard insurance will replace the car for the exact amount of the purchase price, you are wrong. In the event that your car is totaled while you still owe more than it’s worth, you could be strapped with a costly expense that you didn’t see coming. New York Gap Insurance provides new vehicle owners and leasers with the necessary financial protection should an unfortunate accident occur.

Do The Math…

Say you purchased a car for $25,000. You have only been able to make a few payments before it is totaled so your loan balance is still fairly high at $23,500. At the time of the accident, the insurance adjuster tells you it is only worth $22,000. How could this be? It is a fact that vehicles depreciate very quickly and in less than 90 days, they are typically worth 30% less than the day you purchased it. Your comprehensive and collision coverage will cover $21,500 (you are responsible for a $500 deductible) so that leaves you owing a costly $1,500 for a car that you can’t even drive anymore. The good news is that you can avoid this costly situation by purchasing New York Gap Insurance.

Play It Safe With New York Gap Insurance…

New cars are expensive enough so be sure to protect your investment with the right kind of insurance coverage. If your vehicle is completely wrecked during a traffic accident, a natural disaster like a flood or hurricane, or even by theft and vandalism, having New York Gap Insurance could potentially save you thousands of dollars. Counting solely on your comprehensive and collision insurance to provide complete coverage in the event that your vehicle is totaled within the first few days, weeks or month’s of ownership could prove to be an expensive mistake.

Before you sign on the dotted line and hand the car salesman a banker’s check, make sure to contact your auto insurance agent and insist that your new purchase is covered by New York Gap Insurance – a relatively inexpensive way to financially protect your new investment.

1. “I guess I was going around 60 mph…” When filing a claim, it is important to report only what you know for certain and to refrain from speculating or appointing blame. Guessing at circumstances, such as how fast you were driving before an accident, may end up hurting you in the long run by causing your claim to be delayed or even denied.

If you do not know the answer to a question, simply say so. If the insurance company is recording your conversations, it is wise to request a transcript for review to avoid any misstatements.

1. “I’m sure I have whiplash…” Fraud costs auto insurers approximately $6.8 billion a year so it is no wonder why they are skeptical when policyholders make claims without sufficient medical proof. Unless you are specifically diagnosed with a medical issue, such as whiplash, resulting from an accident, do not make such claims. Letting the insurance company know that you suffer from neck pain is fine, but self-diagnosing will be sure to raise red flags to your insurer.

1. “My doctor says I should try this investigational treatment…” When a medical procedure or treatment is experimental, they are typically not covered by health insurance. Before making such assertions to your insurance provider, speak with your doctor to ascertain that the treatment has been proven effective and that it is medically necessary to assure coverage.

1. “Help! My house if flooded!”  The dreaded “f” word should never be spoken to an insurance provider. Because flooding is not covered with the average homeowners policy, telling your provider that your basement is flooded will certainly put your claim in jeopardy. Damages associated with a broken pipe or malfunctioning sump-pump are generally covered but claiming that you were flooded will certainly get you in hot water with your insurance company.

1. “How long until you send me a check?”  If you need to file a claim with your insurance company, immediately requesting cash will raise red flags. Not appearing to care about the damage done to your home or car but instead just wanted to make sure the check is in the mail may make insurers suspicious. Save yourself a lot of hassle by providing the information they require to process the claim and refrain from demanding an immediate payout.

Save Money On Your New York Home Owners Insurance

Purchasing a new home is undeniable exciting but is no doubt a costly experience as well. Between dickering with the seller about the sale price, securing a reasonable mortgage and obtaining homeowners insurance, chances are your wallet may take a beating. But there is good news. An affordable New York Home Owners insurance policy will provide excellent protection for your newly acquired asset and it’s contents while also saving you some money. Here are a few tips that may very well prevent you from purchasing an overpriced homeowner’s insurance policy.

Be Sure To Purchase The Right Amount Of Coverage

While it may seem logical, obtaining a new york home insurance  policy for the same amount as what you purchased your home for is a mistake. Because most everything we purchase depreciates, homes included, the cash value of the house will certainly be less than how much it would cost to replace or repair significant damages that may occur. Also, don’t forget to tally up what your home’s contents are worth so you can be sure to include this in your overall coverage amount. Say you purchased a home for $150,000 but your furnishings, clothes, appliances and such are worth thousands of dollars, not reflecting this figure in your coverage amount could be costly mistake.

Consider Potential Hazards

You must also consider any potential for risk associated with your home. Are you located in an area that commonly floods? If so, you will need to purchase flood insurance specifically to be covered if this sort of damage occurs in your home. The same goes for earthquake damage, so it is wise to know your geographical area well before purchasing a policy. Is your home in disrepair? Are the front steps crooked and unsteady? Does your roof leak? Do you live in a high-crime neighborhood? All these issues and more can affect how affordable your premium is.

Get Rewarded For Play It Safe

Making sure your home is as safe as it can be may lower the premium on your New York Home insurance  policy. Installing adequate fencing around your pool, using a security system and owning a fire extinguisher as well as smoke and CO alarms will most likely translate into savings for you.

Keeping these tips in mind when securing a New York Home Owner’s policy will certainly make this necessary expense a more affordable one. Contact New York Insurance Agent today for more information.

Cars break down. It is a fact that most motorists have had to deal with at one point or another. The lucky driver belongs to a motor club like AAA and has a cell phone with them, charged and ready to go. But what happens if you break down in the middle of nowhere with a dead cell phone and no help in sight? New York Auto Insurance suggests that you prepare an emergency roadside car kit to keep in your vehicle in case you are ever caught in this unfortunate situation. Whether you are traveling a short distance or headed out for an extended road trip, having an emergency kit handy may make all the difference should you blow a tire at 2 am on a back country road.
The following items should be included in your basic emergency roadside car kit:

• Flares and fuses
• Flashlight with extra batteries
• Motor oil
• First aid kit
• Basic tools such as pliers, wire cutters, screwdrivers and a pocket knife
• Tire inflator
• An old blanket and/or rags
• Materials to make a help sign, including pen and paper.

A more detailed kit may include all of the above plus:

• Jumper cables
• Paper towels, duct tape, washer fluid and antifreeze
• Food, water and blankets
• Tire pressure gauge

There are also ready-made emergency roadside kits available for purchase ranging in price from $50 to $15. They can be found online or bought at any automotive specialty store. New York Auto Insurance also suggests that once have a kit, you should take the time to make yourself familiar with its contents and how to use each individual item. Fuses will do no good unless you know how to install them!

A prepared driver no doubt makes a safer driver and with nearly half of all Americans currently operating a motor vehicle, New York Auto Insurance thinks that being prepared is a good thing. In addition to owning an emergency roadside kit, driving safely, obeying traffic laws and using common sense will help to ensure that your travels are safe ones.

Red Sports Car

Be Prepared

New York Auto Insurance thinks that a prepared driver is a safer driver. Having an emergency roadside kit available to you as well as a charged cell phone you can use to call for help or to even possibly take pictures of damage is a good idea. Also having your insurance card available along with a pen and paper to record the other driver’s information is imperative.

Be Safe

If you are involved in a minor accident and the vehicles involved can be moved safely away from oncoming traffic, this is advisable. Leaving your car in the middle of the road puts both you and all the other drivers at risk as it may obstruct traffic and cause further accidents. If you are unable to move your vehicle, use your cell phone to call for help immediately and stay seated with you safety belt on and hazard lights activated. If your emergency kit includes flares, use them.

Details Please

Once you and the other drivers are safe, share all pertinent information including names, addresses, phone numbers, insurance companies, policy numbers, make and model of vehicles and drivers license numbers. Also recording the details of the accident is a good idea though claiming responsibility for the crash to the police or the other affected parties is not advisable. If there are people who saw the accident occur, getting their contact information is helpful. If there should be a discrepancy about details, they may be able to offer clarity to the police and the new york auto  insurance companies.

Say Yes To A Police Report

Opting to file an accident report will expedite your claim’s process and get you back out on the road more quickly. If for some reason the police do not come to the scene, you are able to download such a report from your state’s Department of Motor Vehicles and file it on your own.

Let Your Insurance Company Help You

Allowing your insurance company to sort through the details and to work with the other driver’s carrier is advisable. Though it may seem easier to try to handle it on your own, this may cause more of a headache and hassle to deal with. Agreeing to pay for damage is one thing, but receiving a costly bill and actually writing a check is something totally different. You pay for car insurance, so use it.

In today’s difficult economy, everyone is looking for ways to save money. It may surprise you to know that you may be able to save some of your hard-earned money by simply taking the time to review your current new york auto insurance policy. Take a look at these seven tips that may very well keep your cash in your wallet instead of flying out the window.

Tip 1 – Review the terms of your coverage carefully.

If you currently have collision coverage on your vehicle but it is worth less than $2,500 and it is several years old, dropping this coverage will save you money. Odds are your deductible is nearly the same as your car’s worth so it may not be worth it in the long run.

Tip 2 – Use separate insurers.

Purchasing your home and auto coverage with the same company may not be as efficient as purchasing them separately. With affordable rates readily offered for both types of coverage, shopping around may very well save you some cash.

Tip 3 – Minimum coverage may cost you more in the long run.

Though it may seem tempting to only purchase a policy for the minimum amount required by your state, you may ultimately end up paying more should you ever be at fault of an accident. Even though you may pay a bit more in premiums, you will save yourself the potential for a costly headache in the long run.

Tip 4 – Being environmentally friendly pays.

New York Auto Insurance companies often offer discounts for those who drive eco-friendly cars as well as for those who select to manage their policy with emailed statements and bills over the paper version. Going green can definitely save you some green!

Tip 5 – Out of pocket may make sense.

If you have a minor claim that is relatively inexpensive, choose to pay for it out of pocket rather than submitting it to your insurance company. You will save yourself a lengthy claim record that can ultimately raise your premiums.

Tip 6 – Select your vehicle wisely.

Before opting for the flashy red convertible, consider a more sensible option in order to save yourself money. The type of car you drive and its overall safety rating is just one thing that new york car insurance companies consider when setting your premium. The safer the car, the less expensive your coverage may be.

Tip 7- Insure only licensed drivers.

Unless your teenager is a licensed driver, there is generally no need to insure them. If your 16 year-old has a learner’s permit but is not yet licensed, save yourself some money and add them later on when they pass their driver’s test.

If you are like most parents, worrying about your teenager is second nature. Whether you are concerned about their grades or whom they hang out with, raising a teenager is difficult at best. But throw driving into the mix and your “worry meter” is liable to go off the charts! New York Car Insurance wants you to know that there are ways to help your teen become a safer driver and perhaps lessen the likelihood of them being involved in an accident that may affect so many lives, theirs included, forever.

Each state currently has graduated driver licensing laws in effect that are intended to help novice drivers progressively gain more experience operating a motor vehicle. The driver’s privileges are gradually extended as they acquire more experience and studies have suggested that these laws may actually reduce accident rates among 16 year-olds by nearly half. Currently, GDL laws vary from state to state but a bill was proposed in 2009 (The Safe Teen and Novice Driver Uniform Protection Act of 2009 – STANDUP Act) that would make uniform requirements for novice drivers mandatory nationwide.

In the meantime, New York Auto Insurance is eager to offer the following tips to parents looking to make their teens safer, more cautious drivers.

• Be sure to set driving guidelines for your teen. Make sure you know where they are going, whom they are with, what route they are taking and when they will return.
• Make it easier for your teen to concentrate when they drive by limiting the number of passengers they are allowed to transport. Talking, laughing, music and chaos are apt to make your teen less able to pay attention to the rules of the road.
• Make seatbelts mandatory. Whether it is a law in your particular state or not, make sure that your teen and any passengers know that using a seatbelt is not optional, it is a must.
• Ban all cell-phone usage. With cell phone-induced accidents on the rise, make sure that your teen knows that it will not be tolerated, period. A driver must drive, not talk, text or view messages on their phone. 
• Limit your teen’s driving privileges to times when there is increased traffic and greater potential for accidents, like on weekend nights.
• Insist that your teen never get behind the wheel should they have been drinking alcohol or using drugs. They should be encouraged instead to request a ride home from a trusted adult or parent.

New York Auto Insurance also suggests that if you plan on purchasing a vehicle for your teenager, make sure that it is highly rated for safety. Not only will you be safeguarding your child, but it is likely that your insurance premium will be less expensive as well.

If you have been denied life insurance coverage for any reason, don’t assume that you are not insurable. Whether you have a history of poor health, a dangerous occupation or have recently been diagnosed with a serious illness, New York Life Insurance offers the following ideas that may get yourself and your family the life insurance coverage you need.

• Take advantage of group life insurance, if offered by your employer.

Group health insurance is available to employees regardless of their risk level or health background, so opting for the maximum coverage available is advisable. Keep in mind that coverage amounts offered are generally one to five years’ worth of your annual salary. Taking advantage of any group insurance offered by your wife’s employer is also a good idea.

• Consider exchanging your group coverage for individual coverage.

A big advantage of group insurance coverage is that it is easily exchanged for an individual policy. You will not need to pass to a medical exam and its premiums are based on age only. You will also be guaranteed coverage even if you discontinue working for that particular employer. Odds are that your group new york  life insurance policy does not have a high payout, but being able to offer your loved ones even a small amount of financial security is better than nothing.

• Insure yourself and your spouse with a survivorship policy.

Even if you have been denied personal new york life insurance coverage, you will most likely be approved for survivorship life insurance if your spouse is considered low-risk. This type of life insurance coverage offers protection for both you and your spouse and only pays-out upon the death of each of you.

• If you are deemed uninsurable but your spouse has coverage, considering using a “spouses paid-up insurance purchase option” (SPPO) rider.

In the event that your insured spouse dies, this rider will allow you to purchase a new individual policy with premiums exclusively based on age and the sex of the applicant.

As a last resort, you may want to consider the use of a guaranteed policy, a simplified issue policy or a credit life insurance policy. Each has their own set of drawbacks, including possible denial of coverage depending on your answers to health-related questions, low payout amounts, high premiums and limited availability. Credit life insurance is considered the least desirable insurance available and generally only covers the outstanding amount owed on a recent expenditure, like a vehicle.

Contact your New York Life Insurance agent for more information regarding each option.

Insurance fraud is an all-too common reality and chances are you have known someone that has been on the receiving end of a scam. New York Life Insurance wants you to avoid these costly scenarios by utilizing the following tips when you are in search of obtaining any type of insurance coverage.

• Study up. An informed consumer is a smart consumer and also exactly the type of client New York Life Insurance prefers to deal with. Know what products are offer, what their basic features are and what kind of coverage they offer. The more you know, the less likely you will be to get scammed.

• Compare coverages. Because premiums will vary from company to company and from product to product, shopping around is a great way to ensure that you are getting your money’s worth.

• Use an agent you trust. Don’t feel compelled to purchase insurance from an agent if you don’t feel comfortable with the services they offer and the integrity they exhibit. Select an agent that is trustworthy and who has your interests in mind and avoid those whom use high-pressure sales tactics. Asking for references is a great way to make sure you are in good hands.

• Pay attention to the fine print. Before signing on the dotted line, understand what you are agreeing to! Reading the policy is not just suggested, it’s necessary. Make sure to request a copy of the policy as well.

• Monitor your premiums. If they go up for no reason, call your agent. Paying attention to your statements and bills will help ensure that you aren’t being taken for a ride and being charged for services you didn’t authorize or request.

Last, New York Life Insurance also suggests that you be on the lookout for auto fraud. Whether you were believe that an accident was set-up by another driver or you are being solicited by “ambulances chasers” who get paid for sending new clients to doctors, lawyers and such, being aware of your surroundings and who you deal with will certainly help protect you from this extremely common type of fraud.

Knowledge is power so make sure that you are as informed as possible when attempting to obtain insurance coverage. Working with a trust company like New York Life Insurance is one way to be certain that you are getting what you pay for.