Vintage Car Insurance Rate Pennsylvania PA

Reader’s Question:

I own a vintage car here in Pennsylvania. I take good care of my car, and I don’t really use it except when I have to drive it over to a car show. Now, why is my auto insurance rate so high?

Butch

Bethlehem, PA

Hey there, Butch. You did not mention the make and model of your vintage car. I’m thinking of owning and maintaining one here in Pennsylvania, too. Although I do know that owning a vintage car can be hard when it comes to auto insurance premium rates.

We know that auto insurance premiums go up when the driver of the insured car has a very bad driving history. That certainly is one major reason. So, why then is your auto insurance premium rate high when you don’t drive it? Obviously the mileage on that car won’t me much, too. The reason is the expensive repair cost. Vintage cars are expensive to maintain because of the difficulty in getting the parts you need to repair it. Compared to a regular sedan, a contemporary one, repairing it is cheaper because the parts are easier to acquire. Plus some vintage cars need special care when it needs to be repaired. If your car figures in an accident, even a very minor one, the cost of repair is going to be high. Although buying vintage car parts is easier today compared to a few years ago because of the internet, it’s still not as easy as acquiring regular car parts. And if the vintage car you have is very expensive, that is going to bump your auto insurance premium rate higher.

Tags: auto insurance premium, car insurance rate, vintage car insurance

Life Insurance For Retiree Pennsylvania PA

Reader’s Question:

I’m looking forward to my retirement here in Pennsylvania soon and recently I felt I needed to get life insurance. After doing some light research I feel utterly confused about all the policies available, can you help me understand life insurance?

Melvin

Allentown, PA

Getting a life insurance policy can be a very daunting task for some, especially if its their first time doing so. There are about 4 major kinds of life insurance policies  that you can choose from there in Pennsylvania. The most important thing to remember is that you want to choose a policy that best reflects what your goals or needs are in your financial future.

Term Life Insurance
One of the most popular kinds of life insurance policies. The benefit is that you an get a relatively huge amount of coverage for comparatively small amounts of premiums over a set period of time. Best for those who is the head earner of the family and still has long-term financial obligations such as mortgage.

Whole Life Insurance
This is the type of policy that lasts as long as the insured is still alive. Good for those already nearing retirement since rates are kept stable.

Universal Life Insurance
A more advanced form of whole life insurance that can also serve as an alternate savings account. Your money will earn cash value dividends that can be used to grow your money and your policy’s value. This form of insurance usually has very flexible terms.

Variable Life Insurance
For the investment-savvy people. A form of life insurance where part of your premiums also goes into a form of savings account or fund that is used by the provider as investment capital to grow your money.

Tags: elderly life insurance, whole life insurance, life insurance rates, life insurance advise

Filing Life Insurance Claims Pennsylvania PA

Reader Question:

I’m a homemaker here in Pennsylvania. My husband mentioned to me when he was still alive that I never have to worry about thing because he had life insurance. How do I file a claim?

Vivian

Philadelphia, PA

Hi, Vivian, the first thing you have to do is go over his life insurance policy. From the policy, you will know how much death benefits can be claimed. Secure his death certificate or proof of death as the issuing life insurance company will certainly ask for it. You have to file as soon as possible in order for you to be able to use the money right away. Upon filing, the insurance company, assuming everything is in order, is mandated to pay within 60 days after the death of your husband. However, if the company has reason to doubt the authenticity of your claims, it may take a while longer as they have to double check to verify that you are indeed a legitimate claimant and not posing as a fraud.

When filing, here are the things, information and documents that you should have with you: policy number, death certificate and proof of identification. It would be most beneficial for you to call husband’s life insurance agent in Pennsylvania, too.

I know that your husband just passed away, but please be ready for when the life insurance company asks you a lot questions or double checks everything you claim, as they will be releasing to you a large amount of money.

Tags: life insurance, life insurance claims