Daily Consumer Tips

Daily Consumer Tip: Save $400 per Year on Auto Insurance

Do you have a teen in your family who is about to start driving? If you do, then listen on. Our teenage daughter just got her driver's license this week. We decided to put her on our automobile insurance policy so she can drive one of our cars. We decided to go over to our insurance agent's office to complete the paperwork and we were shocked. To include her on the policy would add $900 to the coverage for six months or $1,800 per year! Luckily for us, our daughter just completed a driver's education course taken at her high school. We had the paperwork handy indicating the completion of the course. After plugging in the coursework, our agent happily informed us that we were eligible for a $200 discount every six months since our daughter took the driver's education course. That course, that our daughter took saved us $400 year in automobile insurance coverage. If your teen is in high school, find out if they offer a driver's education course that can be taken to help you lower your insurance bill. If your high school does not offer the course, check out other driver training schools in your area.

Lost your job? You can still get health Insurance

If you have lost your job due to a layoff or retirement, you usually lose your health coverage that is provided by your employer as well. Things could get worse if you lose coverage and have an existing chronic medical condition. At this point, it becomes hard to get health insurance coverage. However, according to the Wall street Journal, you can still get coverage if you do two things:

1. Form a small business

2. Use an existing business to buy a group policy.

This is because group plans are required to provide coverage under Federal law even if you have a chronic medical condition. These kinds of plans are not cheap but they are helpful when a person has acute medical problems. So what does a consumer with a chronic disease do? Do some freelance work, contract or consulting. Then form an S Corporation or file a tax return showing self employment income. Then start shopping for a group plan through a broker.