Insurance for Life Health Car Auto Travel 

Insurance Blog

Just to recap a few of the types of insurance we have discussed here I'll do a short review on what this insurance blog is all about. This insurance blog is here to provide the public with a variety of insurance types to choose from and learn about in case you ever consider need ing them for some reason. There are so many insurance vendors and policies available that it actually starts to become very confusing. It's nice to have an open forum such as an insurance blog to host open conversations on each type of insurance. Feel free to leave comments or suggest new types of insurance to discuss in this insurance blog.

Insurance Blog

Feel free to leave comments at any time. This blog is for discussing insurance products. Thanks.

Mexican Insurance

Thinking of travelling to Mexico? You may want to consider insurance for any liabilities. For instance, an accident which occurs in Baja California where you are at fault and there is a fatality involved there may be several damages you may be liable for.

You may be liable for damage to the other party's vehicle. This is most likely limited to actual cash value of the vehicle at the time of the accident. You may be liable for damage to any other property, such as other vehicles. You may be liable for Medical Expenses (including hospitalization, medication, ambulance etc.). These are most likely much less expensive than in the United States. You may be liable for Funeral Expenses. You may be liable for Economic Damages for wrongful death. These are basically based on the U.S. notion of loss of wage, and are based on the minimum daily wage($3.50) over 2 years (730 days) times some multiplier (2 - 4). In Baja, this would be: $3.50X730X2= $5110. You may be liable for moral damages which are no greater than 1/3 of the total physical, medical, and economic damages.

Overall in terms of insurance coverage the costs for potential liability are less in Mexico than what we are accustomed to in the United States. Nevertheless, it is still very important to have adequate coverage.

Private Mortgage Insurance

Most people view private mortgage insurance (PMI) as a complete waste of money. However, it does allow some homeowners to move into their homes quicker because they don't need to save for such a large down payment. Lenders require private mortgage insurance on most conventional mortgages because experience reveals a strong correlation between borrower equity and default. The less money a borrower has invested in a home, the greater the probability of default. Thus, private mortgage insurance is a financial guaranty that protects lenders against loss in the event that a borrower defaults. Without that financial guaranty, lenders will typically require a down payment of at least 20 percent.

Some people confuse private mortgage insurance with mortgage life insurance. Private mortgage insurance puts people in homes; mortgage life insurance pays all or a portion of your mortgage in the event of your death.

Home Insurance

A homeowners insurance policy is a contract you make with an insurance company. In exchange for your premium, the insurance company will pay for financial losses related to your home or your property during the period of the contract. The insurance company also agrees to pay for damages resulting from injuries or damage to other people for which you are held legally responsible.

Travel Insurance

Travel insurance is a specific type of insurance that is available to a person who is about to travel or will travel in the future. Travel insurance comes in many different varieties ranging from trip cancellation or interruption insurance to emergency medical or catastrophe insurance. Travel insurance may be purchased from travel agents or certain insurance companies.

Auto and Car Insurance

Auto insurance is insurance consumers can purchase for cars, trucks, and other vehicles. Its primary use is to provide protection against losses incurred as a result of car accidents.

If you buy Auto insurance, depending on the type of coverage purchased, you may be protected against many factors.

The cost of repairing the vehicle following an accident can be substantial.
The cost of purchasing a new vehicle if it is stolen or damaged beyond ecomonic repair can also be considerable.
Legal liability claims against the driver or owner of the vehicle following the vehicle causing damage or injury to a third party will also be factored in.

In many countries it is compulsory to have purchased auto insurance before driving on public roads. This is to protect third parties against the financial consequences of loss, damage or injury caused by a vehicle. Typically, coverage against loss of or damage to the driver's own vehicle is optional.

Health Insurance

Heath insurance coverage usually comes in two types: fee-for-service and managed care. Both of these types cover a wide range of medical expenses, including doctor visits, hospital stays, surgery, and prescription drugs. Fee for service health insurance plans pays for medical fees each time a medical service is used by the patient. Patients see a doctor or other medical professional, and either the doctor or the patient files the claim. Most people in the United States have some form of a managed care health insurance plan. Managed care plans include Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs) and Point-of-Service (POS) plans. Many of these types of plans pay more of the patients' costs when the patient uses a doctor affiliated with the particular health insurance plan.

Life Insurance

Life insurance is a sum of money to be paid to a beneficiary when the insured person dies. Life insurance is insurance that protects the family or dependents in the event of the policy holder's death. There are three main categories of life insurance: term life, universal life, and whole life insurance.

Term life insurance is the simplest and least expensive type of life insurance policy. It is life insurance with no cash value account. A term life policy has only one function which is to pay a specific lump sum to a beneficiary upon the death of the policy holder.

Insurance for Life Health Car Auto Travel

There are many types of insurance you can get ranging from life to health to auto and much more. I'll start by going over some definitions of the major types of insurance and then delve into some of the more unknown insurance types that you may need and not necessarily know anything about. Eventually I will start reviews on specific insurance providers for the various types of insurance and rate them on various aspects of the insurance they provide.