For the first time in 22 years Texans will now need to evaluate their auto insurance policies to be sure their limits of liability will meet or exceed the state required minimum auto liability insurance requirements.
Texas liability insurance requirements have just been changed. Effective today, April 1, 2008, the minimum amount of automobile liability insurance for Texas drivers will increase from the current $20,000/$40,000/$15,000 (20/40/15) coverage to a new 25/50/25 coverage requirement.
The state of Texas will be checking on policyholders with a new Texas Financial Responsibility Verification Program this spring that allows police officers and highway patrol to immediately verify whether a driver has car insurance.
There is no getting around the new Texas liability insurance requirements, and every city and county will be affected by this rate increase.
The new Texas liability insurance requirements are: $25,000 per person minimum for bodily injury liability damages with a 50,000 minimum per occurrence for bodily injury. The required property damage minimum has now been increased to 25,000.
What does this mean in layman’s terms?
1. 25,000 per person means, your carrier may pay up to 25,000 for each individual you cause bodily injury to by way of and automobile accident.
2. 50,000 per occurrence, refers to more than one person suffering bodily injury due to you being negligent or liable in this single automobile accident.
3. 25,000 for property damage, points to the amount your carrier may pay for property damage you cause due to your negligence in a single automobile accident.
Why did this change come about?
In 2007, the 80th Texas legislature amended the law that stipulates Texas automobile liability insurance requirements. The change was made in response to growing concerns that limits to date were insufficient to reach the rising costs of medical treatment and vehicle repair and replacement. The new minimum limits on Texas liability insurance requirements are intended to safeguard the interests of citizens involved in accidents on both sides of the collision.
While the increase may seem exorbitant at face value, it really isn’t that much of a hit to Texas pocketbooks.
The average person can expect to pay only a marginal additional amount on his or her monthly premiums, and most insurance agencies are already factoring in the necessary rates to make the adjustment a smooth transition for their clients.
However, refusing to honor the new Texas minimum liability requirements can result in financial penalties far more costly than an extra ten dollars or so per month.
According to the state’s new financial responsibility law, a first conviction for refusal to upgrade minimum auto liability insurance will result in a fine no less than $175.00 and no more than $350.00.
For some policyholders, this fine would be more than the 3 times the rate increase for the entire year!
Subsequent violations can carry penalties ranging from $350.00 to $1000.00, suspension of your license, and the towing and impounding of your vehicle. This will in turn create the necessity of the dreaded SR-22 filing and even higher rates on your auto insurance.
It is also important to consider that while this mandatory adjustment may be an inconvenience to some, it can be a critical awakening to others. There are many Texans who unfortunately have not reviewed the liability limits of their automobile insurance since their policy was initially purchased. Because of this, many of their assets are dangerously at risk should they be found liable in an automobile accident.
Higher liability insurance requirements protects these assets which may have increased over the years and are vulnerable to loss if a person is ruled at fault.
Please contact your current agency or Texas Auto Home Insurance immediately for a free evaluation of your current policy to ensure you meet with minimum liability insurance requirements and have the best rates possible for your particular vehicle and lifestyle.
Texas Auto Insurance. For more information on Texas Liability Insurance Requirements and Texas Commercial Auto Insurance.
Filed under Finances by on Oct 30th, 2008. Comment. 
Where is Your Money Going?
Each day you count the money bills in your wallet with a promise you will not spend it on unnecessary items like coffee at the cafeteria. Anyway, you can bring a sachet of your favorite mix and use the hot water from the office water dispenser. If you review your thoughts, you are surprised at how you regard your money. It is not surprising that you have rescued your money clips from early retirement.
You carefully arrange the crisp and creased money bills in different money clips – one for home expenses, another for the day’s commute and emergency cash just in case you walk straight into a hotdog cart for a cheap lunch. The other money clips will have to stay at home so you will not spend the money on a tantalizing shot of whiskey.
So where is your money going? Is the money in your money clips going towards your retirement portfolio, a mortgage? Life or health insurance? If this is the case, then you are spending your money on worthwhile things. But if you are spending your money on credit card bills and never-ending payday loans, then there is something wrong with the way you manage your personal finances.
You are Wasting Money If. . .
If you invest too much on appearances even if you earn just enough to keep body and soul together, you are walking into a financial trap. Sure, it boosts the ego if you look like a big shot in your expensive outfit and drive around your nifty little car, which you bought on credit. You’d rather spend on these things than stash money in insurance or investment portfolios. You are still young and who cares?
Perhaps you are not even aware you’re wasting your money. All you know is you don’t have enough money to last you three days before payday. Look at this list of money wasters; maybe this will help you spot the money wasters in disguise:
* Spending too much money on the vet instead of taking good care of your pets.
* Buying brand name medicines instead of going generic
* Repairing your car two times a week
* Buying in classy stores
* Spending more money to look sexually attractive
* Eating out in fancy restaurants
* Flying first class all the time
Simple Ways to Save Money That You Can See
People have different styles when it comes to save money. They cut on expenses and do away with things and luxuries they can live without. If you wonder if you have saved money, here is what you can do:
* Arrange your money in money clips. One for Monday, Tuesday and so forth. Use one money clip at a time and the extra money should go to a personal fund. Make a target that at the end of the week all the money clips have half of the money you have store in each.
* Sort your budgeted money in money clips and at the end of the day make sure you have only spent half of it. The money remaining in the money clip is your tip that you’ve saved this much for the day.
This is a simple approach but watching the remaining money your money clips can encourage you to spend less and save more.
Let your money clips work for you. But don’t the fun you can have with batman cufflinks and a hip flask. Get these at ExecutiveGiftShoppe.com.
Filed under Finances by on Oct 30th, 2008. Comment.
Now that you have finally completed your high school education and are now pursuing your dreams by attending college, there are a few things that you need to ponder over other than just worrying about studies. One such thing is the aspect of health insurance. All this while beginning from your childhood till you reached 20 years of age, you were covered under the health insurance of your parents and will no longer be covered under it. This will be a difficulty as you are not working now as you are in college. So, how do you tackle this problem? You need to consider taking up a college health insurance plan. But, make sure to go over the details of the plan to ensure that the plan is best for you.
The benefits provided through college health insurance plans vary from one institute to the other. Although the popular belief is that many wrongly assume that these services are for free. Although consultations and checkup will not be charged in anyway, the individual has to bear expenses like lab tests or consulting a specialist. If services are availed at the health center of the college, the insurance will usually cover the expenses and nothing is paid by the student. But, if a specialist outside the campus is consulted, the coverage goes down and a high deductible is usually necessary.
If the student suffers from any preexisting problems, these are not covered if treated even at the college campus health center. Although treatment can be availed, the expenses need to be borne by the student themselves. It also poses way for fresh trouble as any illness that arises as a complication of the preexisting illness is also not covered by the college health insurance plan.
Since college health insurance plans can vary from one campus to the other, it is best to thoroughly learn about the benefits provided by your college health insurance plan. Check if the insurance plan provides coverage during your holidays when the college is not functioning and classes are not on. This needs to be checked as any mishap or illness during your holidays might not get coverage as your college health insurance may not be active during this period. While some plans provide coverage during this period, others might not.
Also, check about the details provided with the plan. See if the plan belongs to HMO type or you can just visit any physician under the plan? This is important to keep in mind for you to seek proper care in case of any medical emergency because if you have to visit a physician or hospital within a prescribed network you will be in trouble if you visit someone outside the given network.
Although it is debated on both sides about the essentiality of a college student opting for college health insurance, there is no ultimate answer. But, if you are planning on taking up one, it is best to thoroughly understand every benefit and detail about the plan so that you will not be in for a surprise when any emergency arises. While the insurance does not come free of cost, it will definitely be useful in case of any medical expenses due to an unexpected illness or a mishap.
Discover the impact of health insurance portability and accountability act 1996 to your policy as well as learning the insider guide on what is indemnity health insurance when you visit http://www.wellbeingcoverage.com, the premier portal on small business group health insurance
Filed under Finances by on Oct 30th, 2008. Comment.
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