Thinking about getting a new car?

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If you were watching your favorite TV show last night, you probably couldn’t avoid the commercials from car companies and dealerships mentioning that “now” is the time to buy a car, and give you all of these “too good to be true” deals for a buy or a lease. Unfortunately, most of those deals come with the itty-bitty fine print that we all overlook, screwing us over in the end.

Here’s another article from Nationwide Insurance that give us a few (obvious, but ignored)

Tips to help you in the search for the perfect car with the perfect deal.

Buying a car isn’t as easy as shopping for groceries. It’s a lot like buying a house.

There are many decisions to make and it shouldn’t be rushed into. So what do you do now?

First off, answer these questions:

  • What do you want?
  • What can you afford?
  • Does that car fit your lifestyle and your budget?
  • Used or new?

The new car could come with a warranty to cover repairs, lower maintenance costs and a greater choice in features, options and colors. However, the used could have a lower purchase price and insurance cost and less depreciation.

Next, do some research. You’ll be in a much better bargaining position with a private seller or dealer if you’re armed with information like:

  • New and used car prices and features
  • Vehicle safety and reliability data
  • Used-car history
  • Owner satisfaction ratings

Be sure to make your most important decisions – such as what you can afford and what you will and won’t compromise on – before you start shopping. That way the only bumps you should experience are the ones in the road.

Speaking of bumps, make sure that when you get a car you get it insured immediately!!! You don’t want to run into anything without being covered, because that can not only cause a bump in your car, but a bump in your life.

Should I have purchased flood insurance?

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Tens of thousands of homeowners in the northeastern United States are battling with their insurance companies right now as they seek to recover from floods following Hurricane Irene. Areas not prone to flooding suddenly faced catastrophic damage, as waters surged down mountainsides, filled ravines and spilled over into small and often isolated communities. Our area in Langhorne, PA was not spared either.

Flood Coverage

Homeowners insurance covers against wind and rain damage, but many such homes received flood damage, a stipulation not covered by insurance companies. Flood insurance, available only through the federal government, is not something many people had considered as a necessity before Irene blew through. Which leaves us asking one question — should you purchase flood insurance?

In a nutshell, that answer is an unequivocal yes. Flood insurance closes the risk gap, protecting homeowners from the unthinkable. That sort of “unthinkable” happened for homeowners who live outside of federally designated flood zones, catching these people unprotected.

Federal Insurance

You might ask, “how can I get flood insurance?” As mentioned, only the federal government offers flood insurance, although authorized local insurance agents can discuss your needs and offer you a quote which does not vary from agent to agent. Keep in mind that there is a 30-day waiting period on new flood insurance policies.

Risk Tolerance

The served results should offer premium information which is based on whether you have a basement or not and what you would like to have covered — building, contents or both. Your property will also be placed in one of three categories: moderate-to-low risk areas; standard rated policy (zones B, C and X); and standard rated policy (zone A).

The latter two categories are by far the most expensive, reflecting the increased risks associated with insuring your property. Such rates can be approximately 5 to 8 times greater than the standard flood insurance rate. Contact an agent to learn how much you might pay.

NFIP Participation

Is flood insurance a good thing? You bet, especially since you cannot buy this insurance apart from the federal government which has managed the National Flood Insurance Program since Congress passed legislation providing a way for homeowners to protect themselves. Renters and business owners can obtain coverage too, but such insurance is only available if your community participates in the NFIP.