Car Insurance Misconceptions vs. Reality

 

Buying car insurance that’s right for you can be a challenging task, especially with so many options available. You’ll have to navigate through persisting myths as well, but we can clear some of these up for you.

 

Misconception: A red vehicle costs more to insure

 

Reality: If you’re looking for auto insurance for a red car, don’t worry about having to pay more for coverage because of color. Car insurance providers do not factor in color, nor do they ask for that information. Most will, however, take into account such things like model, make, year, and engine size of your car. How many miles you drive each year, where you drive, your past accident history, and even your credit history may be used to determine coverage pricing.

 

Misconception: Car insurance will pay off my loan if my car is totaled

 

Reality: Some consumers have outstanding loan balances that are greater than the value of their vehicle; these customers may want to consider purchasing “gap” insurance (coverage that, for an additional charge, will pay the difference between your loan value and the cost to replace your car).

 

Misconception: Car insurance is “one size fits all”

 

Reality: Auto insurance can, and should be, customized to each customer’s individual needs.

 

Misconception: More expensive cars cost more to insure

 

Reality: The cost of a vehicle does influence the price of insurance but just as important are things like how costly replacement parts are, how many repair specialists there are for a vehicle, etc.

 

Misconception: Rates automatically go up after a traffic ticket

 

Reality: Getting a traffic ticket doesn’t automatically mean significant premium increases. However, not all tickets are created equal, either. The following are some premium-busting tickets you’ll want to avoid:

• DUI Reckless driving
• Careless driving
• Speeding
• Failure to stop
• Failure to yield to pedestrian
• Driving in a carpool lane

Misconception: If a friend borrows the car, he or she is responsible for damages

 

Reality: If you ever decide to let a friend borrow your car, make sure he or she is an experienced driver with a solid driving record. If they do get in a car accident, it may be your insurance that has to cover the damages.

Enjoy longer days and warmer nights while protecting your investment

Summertime is the best time to be outside enjoying the weather. Make sure your deck or patio is ready for the summer sun by keeping in mind the seasonal maintenance tips below.

• Check deck or patio for possible deterioration and safety hazards such as loose boards and protruding nails.
• Check electrical outlets for potential fire hazards such as frayed wires or loose-fitting plugs. Be sure not to overload electrical outlets, fuse boxes, extension cords or any other power service.
• Check all window and door locks to ensure correct functioning. Make sure all locks are secure and there are no holes in any of the screens.
• Inspect recreational equipment for proper operation and possible dangers (e.g., Are swing sets secure, and do they contain any rusty bolts?).
• Carefully inspect your toilet. Look for the erosion of plastic floater valves, and check all pipe connections.
• Clean or replace your furnace filter.
• Clean the clothes dryer exhaust duct and space under the dryer. Remove all lint, dust and pieces of material.
• Inspect washing machine hoses periodically, and replace hoses that show signs of wear or leakage.
• Have your roof inspected by a professional once every few years to identify areas of potential leakage.

3 Often Overlooked Household Problems

 

 

Your home is your castle, but even castles need a new drawbridge every now and then. Protect your castle this spring to avoid costly home repairs down the road.

 

Here are 3 household problems that are easily overlooked, and even more easily fixed.

 

1.  Tighten loose doorknobs – We take doorknobs and handles for granted, but they’re one of the most touched, turned and yanked parts of the home. Over time, doorknobs can loosen, stop working or even fall off. A loose doorknob can also prevent the door from locking properly, potentially creating a security risk.

How to avoid loose knobs –Tightening the screws on your doorknobs once a year should be enough to keep them in place. If the keyhole of a lock tends to stick, use graphite powder to lubricate the works. Oil may also work, but can become sticky over time.

 

2.  Caulking the bathroom – The grout or caulk around your bathroom fixtures can degrade over time, leading to discoloration from mold or even water leaks. To protect your bathroom from water damage and hidden mildew, check the rim around your bathtub and other fixtures and look for places where the caulk is worn away or missing. Exposed corners could mean that it’s time to re-caulk.

How to replace caulk – Redoing the caulking in your bathroom is easy and only requires a few tools. If you’re not sure what kind of caulk to use, ask an employee in the bathroom fixture or plumbing department of your local hardware store for a recommendation. A few things you might need are a putty knife, drop cloth, caulk gun, caulk tube and a sponge for clean-up.

 

3.  Clean refrigerator coils – Too often we have an “out of sight, out of mind” approach to cleaning. Hidden places like under the bed and behind appliances are rarely cleaned as often as they should be. Dust can build up — and, in the case of refrigerators, cause the appliance to work less effectively. Too much dust will insulate the coils, preventing the release of heat that helps keep your refrigerator cool.

How to clean refrigerator coils – Cleaning the back of your refrigerator is simple. Once or twice a year, use a handheld vacuum or vacuum attachment to remove the dust from the coils. Doing so prevents your refrigerator from working too hard, and can even lower your electric bill.

 

These 3 maintenance tips are often overlooked by homeowners, but can help prevent damage and potentially save you money – while only taking a few minutes each to complete.

Home Fire Prevention and Safety

 

If the smoke alarm goes off in your home, do you and your family have a fire escape plan?

 

In 2011, fire departments responded to 370,000 home fires – and while not all home fires are preventable, creating a fire-prevention plan can reduce the risk of fire in your home. Check out the home fire prevention tips below to keep your home and family safe.

 

Here’s a summary of the 10 tips – have you checked them off in your home?

1. Sweep the chimney – Do this yearly to prevent the buildup of flammable creosote.
 
2. Smoke detectors – Place a smoke detector on every floor, and in or near every bedroom. Make sure to test the batteries regularly and change every six months.
 
3. Fire escapes – Keep roll-out ladders near each window above the first floor for a safe escape in case of fire.
 
4. Space heaters – Place space heaters at least 3 feet away from other objects.
 
5. Safe – Protect irreplaceable items and important documents in a safe that has an Underwriters Laboratory Rating of 125 or above.
 
6. Electrical outlets – Use one surge protector per wall outlet to protect your electrical system and electronics.
 
7. Candles – Rather than burning real candles, try battery-operated ones instead. If you do burn real candles, never leave them unattended.
 
8. Stove – Don’t leave a hot stove while cooking. Stay in the kitchen, and avoid trying to multitask while cooking a meal.
 
9. Fire extinguisher – Keep a working fire extinguisher in the kitchen, and replace it as often as the manufacturer recommends.
 
10. Fire Drills – Run practice fire drills with your family to ensure that everyone knows which exits to use in case of an emergency.

Keep your family and property safe by having a fire escape plan, and avoiding common fire hazards. And pass this graphic along to friends and family so they can do the same.

A Microscopic Look at What’s Hiding in Your Heating Ducts

 

Do your allergies flare up when you switch on your central air or heat? You’re not alone. Turning on the air conditioning or furnace when the weather changes stirs up all kinds of allergens, and circulates them throughout the house. Take a look at what may be lurking in your vents, and learn what you can do to clean up the air in your home.

 

Pollen
You don’t have to have a flower garden growing in your living room for pollen to collect in air ducts. These microscopic allergy agitators float in during the warmer months and hang around long after the May flowers are gone.

 

Dust
Surprisingly, much of the dust in your home is comprised of dead human skin cells. Those cells may be a nuisance for us to clean, but they’re a nutritious food source for tiny critters such as dust mites.

 

Dust mites
These tiny bugs are common in households, and like to live in warm, semi-humid environments. Dust mites are one of the most common triggers of asthma, so people with that condition should minimize carpeting in their home and regularly wash bedspreads and pillows.

 

Animal dander
Skin cells and hair can come from your pet cat or dog – or from rodent pests in your home. Rodents, of course, are a larger problem that should be addressed with the assistance of a pest-control expert. Pet owners should vacuum and sweep on a regular basis to prevent the buildup of pet dander and hair.

 

Mold spores
If you live in a humid climate, mold spores may be an issue in your home. Consider a dehumidifier in parts of the house that are damp and prone to mold.

 

Keeping these microscopic allergens at bay is possible with a few simple housekeeping habits. Sweep, dust and vacuum regularly to minimize the dust that can be sucked into the furnace. The most effective way to keep your air pollutant-free is to change your furnace air filter as often as recommended by the manufacturer, usually every 90 days. Done regularly, these simple practices can help keep you breathing easier all year long.

Why Bank Branches are Closing as Online Banking Gains Popularity

Advances in mobile phone technology in recent years have caused a massive spike in online banking. In fact, the explosion in online banking forced many bank branches to close in 2013 due to underuse. Some 74,000 new users turned to mobile banking every day last year, according to Javelin Strategy & Research.

 

Banking online can save 2 of your most valuable resources: time and money. While more than half of U.S. adults do their banking online, many still haven’t made the switch.

 

Have you shifted to online and mobile banking? Consider the benefits:

 

There are no lines online

 

It’s more convenient to do your banking from the comfort of your home than drive to the brick-and-mortar location and wait in line. Always rushing to the bank before it closes? Online banking is 24/7.

 

You can save time and money

 

With online banking, you can set up automatic bill pay – freeing up space in your busy schedule and saving on stamps and envelopes. You can also transfer money between multiple online bank accounts, saving even more time.

 

Is online banking safe?

 

Concerned about security? Online banking with Nationwide Bank is safe and dependable. We use various technical safeguards to ensure a secure and reliable online banking experience.

 

Your private transactions and information are safe and protected. Plus, most online banks, including Nationwide Bank, are members of the Federal Deposit Insurance Corporation (FDIC), which means your deposits are insured up to $250,000.

 

During your lunch break, wouldn’t you rather be having lunch than standing in a bank line? Take advantage of our online banking service. Rates on our money market accounts and CDs consistently beat the national average. And with our e-checking account, you pay no monthly fees when you sign up for direct deposit and use your debit card 8 times a month.

 

Nationwide Bank, Member FDIC, is a federally chartered savings bank. Nationwide and Nationwide Bank are service marks of Nationwide Mutual Insurance Company. ©2014 Nationwide Mutual Insurance Company. All rights reserved

Gap Insurance: What Is It and Who Needs It?

When you buy a new car, you may be asked if you want gap insurance. Find out all the benefits of gap insurance—and understand how insurance options help protect you—so you can decide what’s right for you.

 

 

What Is Gap Insurance?

 

Gap insurance literally covers the gap between what you owe on a car and what it's worth if your car is totaled in a covered loss, such as an accident or theft. The types of losses covered and the extent of coverage vary depending on the company providing the gap insurance, so make sure you clarify what's covered before you make your decision.

 

Who Needs Gap Insurance?

 

If you purchased or leased a new vehicle and weren't able to afford a large down payment, you may need gap insurance. Vehicles notoriously depreciate in value — and quickly — and depreciation starts the moment you leave the dealership. If you're not able to pay the difference between what you owe and what your vehicle is worth out of pocket, gap insurance may be worth your while.

One thing to remember if you're leasing a vehicle: Often, leasing companies include gap insurance or loan/lease payoff coverage in their contracts, so make sure you review your contract before you purchase it from your auto insurance company.

 

When Do You Need Gap Insurance?

 

Here's an example of when you'd use gap insurance: You swerve to avoid a deer and end up driving into a ditch, where your brand new vehicle rolls over. Though no one's hurt, your car sustains heavy damage — so much so that the cost to repair your vehicle is higher than its actual cash value (ACV). Your insurance company decides to total your car, and after running an N.A.D.A. valuation, they determine the ACV is $25,000.

You purchased your car a few weeks earlier for $28,000, and you haven't even made the first payment yet, so you still owe $28,000 to your lender. If your insurance company pays $24,500 to settle your claim — remember: you still have to pay your $500 collision deductible, so you must subtract that amount from the ACV amount — you're still responsible for paying the remaining $3,500 to your lender.

In this case, if you have gap insurance, that $3,500 is covered by your insurance company, and they'll pay your lender the difference between what you owe and what your vehicle is worth. You won't be responsible for paying the difference because you chose gap insurance when you got the vehicle.

Keep in mind that if you purchase gap insurance from your insurance company, often you can only use this coverage if your claim is covered under your comprehensive or collision coverage. Not every insurance company offers the same types of coverage, so refer to your policy for more details.