Life Insurance, Auto Insurance, and More in Alaska
I have divided this article into four different sections, each detailing its heading. I hope this makes it easier for you to get the information you require.
Auto Insurance in Alaska
The state of Alaska requires that every single motor vehicle registered there needs to have at least liability auto insurance. Under this State law; all owners of motor vehicles and/or drivers of the same must have the minimum amounts of liability auto insurance, which are:
– $50,000 for death or injury to any one person per accident
– $100,000 for death per accident or total injuries
– $25,000 for property damage per accident
In the event of an auto accident that resulted in property damage, personal injury or death amounting to more than $500; all drivers involved in the accident must show their auto insurance proof. Aside from auto accidents with damage greater than $500, the driver must also present proof of auto insurance any time they are requested to do so by an officer of the law and when comes the time to renew registration. If the driver fails to show proof of auto insurance for accidents with $500 dollars or more worth of damage, the drivers license will automatically be suspended for a period of 90 days to one year. The length of the suspension depends on the drivers driving record. Also, in case of an auto accident here, the guilty drivers auto insurance shall cover the expenses that were caused because of the accident.
Home Insurance in Alaska
You probably would not know this, but compared with to other states, Alaska pays more for home insurance. The reason for this is that they are always at a risk of floods and sub-zero temperatures. Though they have experienced a high increase in home insurance coverage in the past year, there are several ways to save on home insurance. The first is to compare the different insurance companies and see what each of them have to offer. This will enable you to get the right insurance at the price that fits your budget. Second is asking around about the different types discounts. You can ask your insurance company for the discounts you qualify for. And last is that increasing the deductible can save you a decent sum of money. By increasing the deductible, you are basically telling your Alaska Home Owners Insurance Agent that you are going to do everything you can to avoid any claims.
The most common home owners insurance coverages are:
HO-1 – This is for lighting, fire, vandalism, theft and smoke.
HO-2 – This is the same as the HO-1 only with additional perils, such as building collapse, water damage and falling objects.
HO-3 – This is “all perils”. Depending on your budget, you can choose between basic and all perils. But what is ultimately important is that you have home insurance which will protect you in case of disaster.
Health Insurance in Alaska
Alaska health insurance enables most residents to be able to afford the increasing cost of health care. Those who have health care are able to escape medical debt, which occurs in two out of five locals. Considering the statistics, it is important, and certainly more cost effective, to have health insurance. Although health insurance varies; most policies pay for hospitalization, surgery, medical tests, pediatric care, doctor visits, and maternity care. Generally the exceptions are cosmetic surgery, hearing aids, dental care, eyeglasses, preventive care and experimental treatments.
Those who are denied by private insurance companies because of medical conditions, the Alaska Comprehensive Health Insurance Association will offer them health insurance. Under the program of the association, those with medical conditions can get insurance on different terms.
Life Insurance in Alaska
When it comes to life insurance, the two most common life insurances in the State of Alaska are term and permanent life insurance.
Term life insurance protects the holder for short periods of time. This is usually over a period of one to several years. This means that the insurance pays only if the person dies during the covered period. Also, since the period covered is only of short duration, the premium is significantly cheaper than permanent life insurance.
Permanent life insurance protects the holder for the rest of their life by a guaranteed death benefit. This means that the coverage is for the entire life of the person. The premium for this type of insurance is of course higher than term life insurance.
In the unstable economy today, it is important to have life insurance for the family. This will enable those who are left behind to get on with their lives without financial difficulties. You might want to consider getting life insurance especially if your family depends on your financial contribution. Compare life insurance now and you might be surprised at how affordable it is and how easily you can squeeze it in to your monthly budget.
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