While the threat of identity theft insurance is no doubt real, the issue has arguably become sensationalized beyond reality, thanks to overly enthusiastic reports on the fear-based evening news and the subversive advertising propagated by credit card companies themselves. Most victims of identity theft do not have their entire identities appropriated. The criminal party rarely opens new accounts, steals thousands of dollars, or wreaks irreparable havoc on the victim’s credit report. Usually, just a single credit card number is co-opted – an annoying and serious situation, but an entirely manageable one. Still, to cash in on the American public’s paranoid hoo-hah about identity theft, insurance companies are selling identity theft insurance policies.
This coverage may be included in homeowners insurance, renters insurance, or even a credit card’s terms and conditions. It’s possible that you may even have a policy without knowing it. However, thousands of folks who are scared at the prospect of identity theft rob stand-alone policies directly from insurance companies. Are these identity theft insurance policies really worthwhile? My answer is: “almost never.”
Let’s look at them in depth. What do identity theft insurance policies actually cover?
One huge misconception is that identity theft insurance will cover any direct economic losses you incur. That’s simply untrue. All that most identity theft insurance policies do is reimburse victims for the expenses incurred in “righting” the status with banks, merchants, and other parties. In other words, the policy will make the process of reclaiming your identity less expensive. Coverage may include:
- phone calls and faxes
- postage
- photocopies
- notary public fees
- credit report orders
- lost wages for time spent handling the identity theft
- legal fees (for the few and far-between cases where an attorney is needed)
- cost of reapplying for loans that you were denied (as many people don’t find out their identity was stolen until they are denied credit)
While it sounds worthwhile to have these expenses covered, how much time do you realistically expect you’ll need to straighten things out? I had my identity stolen three years ago (through my beget lack of attentiveness) and spent a stout total of about two hours resolving the residence – with no time lost from work. And the financial cost to me? A few postage stamps and some phone calls that were already included in my cell plan.
Even if your identity theft situation is more complicated than mine was, are these benefits worth paying for? First, consider the premiums, which usually range from $50 to $100 per year (for most basic plans offered by major companies like Travelers, Liberty Mutual, Farmers, etc.). Then, remember there’s a deductible interested. Before identity theft insurance policies ever pay out, you may need to front $100, $250, or even $500. Most people’s identity reclamation expenses won’t ever get that high. It’s like carrying collision insurance on your ’85 Toyota that’s worth $487. Furthermore, identity theft insurance policies have limits. Even if you do have an extremely unusual identity theft case that necessitates a lawyer and involves more than a day away from your job, there are caps to legal fees and lost wages compensation.
Remember that insurance companies aren’t selling identity theft coverage because they’re personally concerned about your well-being. They’re out to sock you for a few extra bucks each year, as it lines their already deep pockets. Even if your identity is stolen and you milk the coverage, it is extremely unlikely that the investment will reveal wise. My advice is, unless it’s already inextricably included for “free” along with another policy, don’t buy identity theft insurance.
Filed under Edmunds Insurance by on Feb 25th, 2011. Comment. 
The Toyota Camry is a midsize front-wheel-drive sedan that is long on exterior styling and interior comfort. It comes with a standard 2.4 liter four cylinder engine, but there is an option for a 3.5 liter V-6 with a six-speed automatic transmission.
The four hurry has the option of a five speed manual transmission as well as an automatic. For the past twenty years, Toyota Camry has been one of the best-selling vehicles. Accurate owners have advance back for a third or fourth Camry because of previous experience that inspires a close following.
There are some very attractive attributes that have inspired such loyalty for instance the roomy cabin with a comfortable ride. The Camry is easy-to-drive and continues with a reputation for reliability and low maintenance costs.
There are enough model choices to please everyone. Camry’s hold their resale value as well. The Camry is a sought after mid size family sedan because it looks great and has enough leg room in the rear to even seat adults comfortably a plus as the family grows and matures.
Buyers can get Toyota Camry in an assortment of models. CE is the baseline, SE appeals to the sportier taste, with stiffer suspension, and XLE is for the car buyer seeking a bit of luxury while seating five in comfort. The bottom line Manufacturer’s Retail Price is slightly higher than $19,000 and can range to over $35, 000 fully loaded XLE V-6 package.
All levels advance with standard A/C. power windows, door locks and a CD stereo. Other available features like Bluetooth technology and an excellent audio system, as well as a DVD based navigation system, give a fully equipped Camry the feel of a luxury car.
When considering safety, it is important to impress that the Federal Government has given Camry five stars for both front and side impact safety. The Insurance Institute has awarded its “good” rating for the same thing, and that is the best that can be achieved.
All Camrys have a knee airbag for the driver, along with the other six front, rear and side airbags for a total of seven.
Drivers are reassured by the long history of the Toyota Camry. Many of today’s buyers rode in the Camry as children, and they have memories of its evolution. It is only natural that a trusted family tradition be carried on. Camry inspires loyalty in its owners. It is a trusted friend with a proven track record for safety, comfort and trustworthy looks.
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Filed under Edmunds Insurance by on Feb 22nd, 2011. Comment.
With gas prices skyrocketing, and no slay in sight, a lot of people are trying to earn out of their gas guzzler and get into something a cramped better on gas, or cheaper payments, or anything they can to save some money. Here are a few tips I found during my latest car buying adventure.
Trade: If you are going to trade your car in, here is some vital information for you. You won’t get anything for your car. I talked to several dealers, and they are giving either “fair” or poor” trade in value for cars. And they use whichever is cheaper, KBB or edmunds. So, that $25k new car you bought last summer, is now valued at around $12k. If you have a gas guzzler, ample luck with that as well. Of course this leave a majority of the people what is called upside down in the payment.
- Option 1: Sell it yourself to a private buyer. This will get you more for your car, and give you cash to take to the dealer. With credit the arrangement it is, cash is a huge bargaining point.
- Option 2: Trade it in and take what they give you. This is mostly for people who don’t have the patience to sell one on their own. And if you are selling a gas guzzler, you will be competing with the others trying to sell theirs as well.
So, we have your older car taken care of, its either been sold and you have cash in hand, or you are going down to the dealer with it as a trade. Before you go, browse the internet sites of the dealers you will be going to. A lot of time they have “special internet pricing” available if you contact them online. This helps many ways, it saves gas, lets you get an notion of whats in your price range, and most importantly, gives you the opportunity to research what they are selling.
Once you have found a couple of cars you are interested in, do the following things.
- Go to Edmunds.com, or KBB.com and get the retail sale price of that car. Compare it with what they are offering for it, try and glean some buying leverage. Know exactly what the dealer should be selling that car for.
- Go to your bank/credit union. Talk to the loan officer, find out interest rates, what you qualify for, and a guestimate on the payment and terms of that car. Its best to do your own financing with your own bank, instead of the car lot doing it for you. You will probably come by a better rate, and if you go in to the lot, saying you have financing, you can haggle a bit more.
- Call your insurance provider. The last thing you want is to find out your insurance is going up $60 or so a month because that car is a “high theft” risk, or something else silly.
Now that you have cash/trade, financing, and you know your payment, and insurance, bewitch a few minutes and do a quick analysis of your monthly finances. Make sure you can afford it. Once you have, and you can, its time to head to the dealer. Hopefully, you contacted them through internet sales and have an appointment.
Once you arrive, don’t reveal all your cards, don’t talk down payment, don’t talk trade, anything. If they are pushy, leave, or ask for another sales person. Don’t play their game. Its their rules, their game. Ask to behold the car, ask to test drive it. Drive it with the windows up, radio down, and listen. Roll the windows down and listen. Check the A/C, heat, fans, turn signals, etc. Depending on the dealer, take it to a mechanic of your choice to check it out.
When you get befriend to the dealer, and you decide you want it, point to them the value of their car if it is priced higher then what it should be, ask them to approach down. Chances are they will have to ask their boss, don’t let them go alone! Go with them and show the boss the paper work. Sometimes they will, because they know they can get it back in fee’s etc. Get that price on a deal sheet. Once they have it on a deal sheet, make your down payment offer. After they subtract it, get it signed, call your credit union before they can add the other fees. Pay for the title and tags yourself at the courthouse, no need to pay their fees.
There are many ways to play the game with them, but the main one is don’t give away too much upfront, fall it on them once they give you the lowest note on the vehicle you want.
Filed under Edmunds Insurance by on Jan 21st, 2011. Comment.
Smart cars are edging into a market in the United States that normally loves it larger when it comes to vehicles In the quest for an economical, fuel efficient and eco-friendly form of transportation, a large number of new automobile buyers are looking to the smaller models Locate out why the Smart Fortwo Pure Coupe is a smart selection if you are in the market for a new automobile.
Safety - Smaller cars often bring up safety concerns The misconception that bigger is much better in a crash is slowly being eroded by safety features and developments that are making lots of smaller cars just as safe as their larger cousins All Smart Fortwos have standard safety features like those discovered in larger vehicles The Smart has four airbags, anti-lock braking system and the protective tridion safety cell It is created to make certain that crashes in these smaller cars are comparable to larger passenger vehicles The Insurance Institute for Highway Safety gave it the highest scores for front and side crash worthiness and roof strength.Comfort - It’s only large sufficient for two, but what room there is appears to be comparable to that of other cars The headroom of the Smart Pure Coupe is 39.7 inches; that puts it within an inch of head room either way compared to a Lincoln Town Automobile, Nissan Maxima, Lexus LS 430, Buick Park Avenue and the Ford Crown Victoria Leg room is also within 1-2 inches.Style - The Smart Pure Coupe is a standout for the reason that of it’s modest, boxy design It is undoubtedly noticeable on the street and has changeable body panels offered in six colors and a range of interior upholstery colors To further customize your Smart, you can pick custom paint or get a vehicle wrap in a selection of designs.Performance - The Pure Coupe has a maximum speed of 90 mph, so it isn’t for those who want to get on the track and cut loose; but it does give 33 mpg city and 41 mpg highway; so, what it lacks in speed, it makes up for in fuel economy.Green - The trend toward eco-friendly vehicle alternatives has everybody wondering what their vehicle is performing for the environment Smart cars are eco-friendly from production on to their life on the road In production, only water soluble pains are utilized The body panels have molded-in color and are recyclable And the Fortwo is classified as an Ultra-Low Emission Vehicle for the reason that of its low exhaust emissions And the incredible fuel economy means less fuel consumption to get you where you require to go.With a beginning price just under $12,000; the Pure Coupe is priced proper for it’s size Overall, the Smart Pure Coupe is the ideal automobile for a couple, singles, students or as a commuting vehicle Resources
Smart USA Internet siteEdmunds.com, Top 10 Cars For Driver/Front-Passenger SpaceDaimler Site, Media Resources .
Filed under Edmunds Insurance by on Dec 20th, 2010. Comment.
