Young Families Have Greater Insurance Needs
I was trolling around the Internet yesterday and found these insurance tips from the National Association of Insurance Commissioners. I happen to be the patriarch of a young family myself, so this info caught my eye, but I know a lot of readers of this blog are also 30 somethings with young children and I thought you may benefit as well.
1. Increase Auto Insurance Liability.
Chances of playing neighborhood school bus in the family car go up with each child. The NAIC recommends increasing your liability insurance in case of an accident while carting around the crumb crunchers from the block.
2. Get an Umbrella .
30 somethings are solidly in the asset accumulation stage of life and should probably look into buying an umbrella policy to cover those assets in situations where the liability on your auto insurance doesn’t cover the full amount of the damages from a car crash, for instance.
3. Plan for Insurance Rates When Upgrading the Family Car.
Auto insurance premiums are linked to the type of vehicle being insured. Sports cars cost more than sub compacts, but sexy SUVs cost more than other cars too. Be sure to consult the your agent’s rates before that big purchase. Up never know when a specific make and model mini-van will cost more to insure than another.
4. Consolidate Your Policies.
If you and your spouse have separate car insurance policies – consolidate them. You’ll likely get a rate reduction for combining them, especially if you also have a homeowner’s policy to throw in the mix. Personally, I think this is a no-brainer whether you’re a “young family” or not.
photo by Bill Meyring
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