Tag Archives: Insurance Policies

What Might Insurance Be Like in 100 Years?

Today most consumers undoubtedly think of insurance as a modern phenomenon. In reality, the basic concepts of insurance are thousands of years old. And insurance that closely resembles some of today’s products has been around since the Middle Ages.

As a result, when we speculate about what insurance will be like a century from now, it makes sense to think that in many ways it will still be very similar to the insurance products we have today. Insurance in Everett, Washington, is likely to be just as important to residents in 2115 as it is in 2015.

Early Types of Insurance

The purpose of any insurance is to offset risk. Over time, the types of risk that are most significant can change. For example, some of the earliest forms of property insurance were created in London after a fire in 1666 destroyed more than 13,000 homes. In the 1400s, maritime insurance policies protected ship owners against the loss of vessels and cargo.

It is hard to know what types of risk will most concern people in 100 years. A century ago it would have been virtually impossible for anyone to conceive of computers, air travel, interstate full of cars, etc. In that era, no one had health insurance. Today’s laws now require everyone to have health care protection.

It is possible that 100 years from now improvements in health care and longevity could make health care insurance obsolete. In 2012 in Massachusetts, Partners HealthCare System Inc.–the state’s biggest hospital and physician organization–purchased Neighborhood Health, an insurance provider. Perhaps in the future people will pay health care providers directly and eliminate the need for that type of insurance.

Insurance Needs Can Change

Insurance actuaries are constantly studying different types of risk and making adjustments in insurance coverage and cost to accommodate changing circumstances. For example, life insurance rates are based on the longevity of a population. As the average length of life increases or decreases, policies and their rates are adjusted accordingly.

Insurance is also subject to the whim of government regulators and politicians. Under current law, proceeds of a life insurance policy are exempt from estate and income taxes. That has not always been the case, and there is no assurance that it will be the case in 100 years or even in 5 years.

The only thing that is certain is that 100 years from now, insurance of some form is likely to still be important, just as it has been for many prior centuries.

5 Common Misconceptions about Auto Insurance

At American Insure-All®, we care about our customers and getting them the best deals on their auto insurance. However, it is important to us to make sure that people understand what they are purchasing when they choose insurance policies, so we’d like to clear up 5 common misconceptions about auto insurance and the truth behind them to help you make the best decision.

Free Towing and Rentals Included with Full Coverage

When you are shopping around for auto insurance, there might be some options that you want to consider, such as rental coverage or free towing services. You never want to just assume that these are provided even if you have full coverage. If you want these options, you will probably have to include them separately.

Car Color Will Affect Insurance Rate

A lot of people falsely assume that the color of their vehicle will influence their insurance rate. While some cars and vehicle colors may be more likely to get pulled over, the color of your car will not affect your insurance rate on its own.

Your Rate Automatically Goes Down with Good Driving

When you are shopping for auto insurance, you will want to ask about all of the different discounts that might be available to you. You might qualify for a good driver discount, but your insurance rate will not automatically go down with good driving.

The Benefit to Buying in Person

There are a lot of benefits to buying your insurance in Arlington in person. You might think that buying online is going to be the best way to save money, but buying a policy from someone with whom you can connect with personally in the event of a claim is a value that you can’t put a price on.

Insurance Protects Valuables inside Your Car

Your insurance is not likely going to protect any valuables that you have inside your car, so if you are keeping something in your car that you want to protect in case of theft or vandalism, insure it with a separate policy.

10 Quick Tips on Getting Insurance

In addition to providing homeowners insurance for Smokey Point residents, our highly qualified team at American Insure-All® is here to help you better understand this type of insurance. Here are 10 quick tips about homeowners insurance you should know when you are shopping for policies.
Understand Replacement Value

Many people look at their insurance policies and misunderstand the difference between replacement value and the building value. The land your house sits on does not need to be replaced, so this is not included in these values.
Buy from the Same Company

The clearest way to save on homeowners insurance is to buy your homeowners, auto, and other insurance from the same company.
Shop Around

Doing a lot of shopping around with both online and in-person insurance companies can help ensure you pay the best premium for what you are getting.
Ask about Discounts

You will likely need to ask about discounts rather than just assuming the insurance agent will quote these to you in the price they offer.

Make Your Home Super Safe

Safety features such as security features and weatherproof improvements you make to the home can significantly affect what you pay for your policy.

Keep Your Insurance Company

Many insurance companies will offer lower premiums or discount rates the longer that you have them. If you shop around and are lucky enough to find that your company provides the best rates, you will want to stick with them.

Shop Every Year

A good way to save each year on your policy is to analyze it every year and shop around for better rates to make sure that you are getting what you need for the best price.

Make Good Deductible Choices

If you are going to raise your deductible to save on your premiums, then you should plan to keep the amount of your deductible in a savings account to ensure that you have the amount you need in the event you need to file a claim.

Shop Insurance before You Buy

Before you buy your home, you should take into consideration what homeowners insurance is going to cost. For this reason, you should shop for homeowners insurance before you buy your home.

Keep Your Agent Updated

As your life situations change, for example, if you get married, have children, or get divorced, you will want to make sure that you let your insurance agent know in case these changes will affect your premiums.