Everyone has insurance issues, even when you’re young and just starting out. Your parents and others mean well in giving you advice, but unless they’re in your same life stage, it’s hard for them to understand.
Understanding insurance doesn’t have to be rocket science. With a little help, it can be easy to make smart choices. In fact, we have lots of ways to increase your insurance IQ. Start by taking our 10-question online quiz. Then consider the following fast facts. Some may blow your mind.
- Before you buy that sweet new ride, check out the insurance costs for the make and model.
- Brainiacs rejoice – good grades may lower your auto insurance premiums.
- Drive a beater? The cost of collision or comprehensive coverage may be more than your car is worth. If it's paid for, you may only need liability.
- Though your furniture may come from your parents’ basement, renter’s insurance often costs less than replacing a big-screen TV, computer or high-end gaming console.
- Frequent party host? If your friends royally screw up, even after leaving your place, the cost of property damage and injuries could be on you.
- Spending a little money on a smoke detector or door and window alarms could save you a lot of money on renter’s insurance.
- Salary isn’t the only thing to consider right now. The health insurance benefits package may be just as important, especially if you have a pre-existing condition.
- Before you decline your employer’s health insurance benefits to save a little money, remember, one trip to the emergency room could wipe you out.
TYING THE KNOT
- Certain things, like jewelry, may not be covered under your standard home or renter’s insurance. Consider adding what’s called a floater or rider in case something happens to that expensive ring.
- Actually, there are lots of insurance implications when you combine households.
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