How to Save on Gap Insurance

Owning a new car is something that is taken in stride by some people, while others consider it the dream of a lifetime to have a brand new vehicle that belongs to them. Either way, it is rare to be able to pay cash for that vehicle, so most people must borrow the money. An important thing to consider when you buy a new car is that its value goes down as soon as you drive it off the lot. If you only put down a little bit of money, then the car isn’t worth what you owe on it from the moment you sign the papers. If you get into an accident or the car is stolen before you make up the difference, you won’t get enough from your insurance company to pay for the car. As a result, most lenders insist that you carry gap insurance to ensure they receive repayment of the loan. Following are a few tips on how to save on gap insurance.

Gap Insurance–What Is It?

The GAP in gap insurance stands for Guaranteed Auto Protection. It is a type of insurance that will protect the lender against loss if your new car is damaged or stolen during the time in which you owe more than the vehicle is actually worth. Gap insurance covers this ‘gap.’ It’s important to carry gap insurance because not only does your vehicle lose value as soon as you drive it off the dealer’s lot, it continues to diminish in value for the next few months. In most cases, your vehicle is worth up to 30% less than you paid for it after a few months have passed–which makes gap insurance a good thing to have.

Upside Down

Owing more on your vehicle than it is worth is called being upside down on the loan. Gap insurance will make up the difference if something happens to the car before you catch up. Paying ahead on your loan so you can reach the point where you owe less than the car is worth would allow you to drop your gap insurance coverage, thereby saving a few bucks.

Shop Around

Until you’re able to pay your loan down, you should carry gap insurance–in fact, most lenders require you to have gap coverage so they’ll be protected. As with buying any type of insurance, purchasing a gap insurance policy can be as easy as calling the first insurance company listed in the phone book and paying for a policy. However, it would be best to shop around for the best deal you can get before actually agreeing on gap coverage. The best place to start is to go online and search the Internet for insurance companies that offer gap coverage. Visit their websites and fill out their online forms to get a quote. Once you’ve done this with a few companies, you should then start calling brick and mortar insurance companies, using the online quotes for comparison. Gap insurance is generally not too expensive, but it never hurts to save a little money by getting the best rate possible. After you’ve considered all the quotes you’ve received, both from online and the more traditional insurance carriers, you should visit your present insurer, if you already do business with one. If you’ve been with the same company for a long time, and have multiple policies with them they will probably be willing and able to meet or beat the best quote you received. Most insurance companies reward longtime customer with significant discounts for loyalty.

Gap Insurance through a Dealer

Although gap insurance is usually reasonably priced, you may not be able to find a carrier that will offer you a good rate. In that event you have another option–buying a stand-alone policy through the car dealer. The downside to this is that a stand-alone policy is usually expensive, so even if the quotes from the insurance companies seem high to you, they may still be the most reasonably priced option. Some car dealers will tell you that you need to buy gap insurance immediately, before you drive the car off the lot in order to be fully protected–which isn’t entirely true. While it’s true that you won’t be protected in the interim, you can buy the car, drive it home, and then contact an insurance company and buy a gap policy, which will probably be cheaper than if you bought it through the dealer.

Guest post from Sasha Bell. Sasha writes for CarInsurance.net.

How to Save on Home Health Care

Although most assisted living facilities do their best to make the people who are living there comfortable, and able to enjoy their lives, it should come as no surprise that most people would prefer to be in their own homes. Fortunately, we live in a society where that is increasingly more likely to happen. The home health care industry is thriving, partly because it’s cheaper, in most cases, to hire someone to come into your home rather than endure the cost of living in a facility. That doesn’t mean it isn’t expensive, only that it’s less costly than institutionalized living. Here are a few tips on how to save on home health care.

Do it Yourself

Probably the most cost effective method of paying for home health care is to do it yourself. If someone in your family has a nursing background, you can approach them for tips on caring for someone who can’t do things for themselves anymore. Of course, the patient’s needs are the most important consideration, so you shouldn’t try and do things you’re distinctly unqualified for. The most important thing you can do is realize when you’ve reached your limit. Taking care of someone on a continuous basis can wear you out, so it’s important to take a break now and then in order to keep from getting burned out. The patient will suffer if you’re in over your head, so know when to call in the professionals.

Research

When it comes time to seek professional assistance with an elderly or infirm person, you should look for a qualified home health care agency. Although it’s important to get qualified help, you should realize that the most expensive agency isn’t necessarily the best one. Seek the advice of your family and friends. Ask people who have been in a similar situation which agency they would recommend. You should also ask your doctor if they can recommend a good home health care agency. They will know the patient’s needs and will be familiar with all the agencies in the area. Make appointments with each of the agencies that have been recommended so you can get a feel for the professionalism of the staff. Sit down with your family and friends and go over the pros and cons of each agency, and then make a decision on which home health care agency would be best able to take care of your loved one at a reasonable rate.

Internet Research

A good source of information is the Internet. We are fortunate to live in an age where access to information is almost unlimited. If you or a loved one has a computer at home, you’re only a few mouse clicks away from an incredible amount of information regarding at-home care. If you don’t have a computer at home, a visit to your local library will accomplish the same purpose. Once you’re on the Internet, type a phrase such as ‘at-home health care,’ or ‘home health care services’ into your search engine. You will be rewarded with more than a few websites that you can visit in order to find out what options are available to you. One website that may contain valuable information is www.eldercare.gov. By going over the information contained on this website, as well as other websites devoted to home health care, you may be able to find a good home health care agency that will provide services at a reasonable price.

Medicare

Medicare is a program of the federal government designed to help defer medical expenses of people who are in need, but can’t afford to pay for it themselves. It can be helpful to people who are receiving home health care, but only under certain circumstances. In order to qualify for home health care benefits under Medicare you must be under a doctor’s care, and receive written orders from them to receive specified in-home care. Personal care, such as bathing, and other non-medical care isn’t generally considered to be a medical necessity and is usually excluded from qualification for Medicare payments.

Help From the State

Most states have government funded programs available to assist in alleviating the cost of home health care. This is another area in which doing research on the Internet can help you locate help for your home health care needs. Type in something along the lines of ‘agency on aging,’ along with your state’s name, into your search engine, and numerous websites will come up that contain information on home health care within your particular state.

Guest post from Sandy Morgan. Sandy writes for NursingHomes.org.

Easy Tips To Save Energy And Money In Your Kitchen

Are you looking for ways to reduce electricity usage in your home and save on your energy bills? One simple way to accomplish this is to use your home appliances in a smarter way. More particularly, your kitchen is a vital part of your home and has many appliances that tend to consume large amounts of energy and are used every single day. Your major appliances, including your refrigerator, are the number 2 energy hogs in your home and can be responsible for about 20% of your utility bills according to EnergySavers.gov.

So here are some easy tips to make your kitchen appliances more energy-efficient and save money on your electricity bills:

Refrigerator tips

• When adjusting the temperature settings, make sure your keep the fridge at 37°-40° and the freezer temperature should be about 5°F.
• Keep your refrigerator and freezer doors as closed as possible.
• Make sure the seal around the doors is in good condition. One easy way to find out is to stick a sheet of paper in between and close the door. It shouldn’t slide down.
• Give your refrigerator at least 2 inches of breathing room to allow heat generated by condenser coils to escape. Also, position your refrigerator as far away as possible from significant heat generating appliances such as stoves and ovens.
• Make sure you clean the condenser coils on the back of your refrigerator at least once a year. This will significantly lower your electric bill because it will increase the efficiency of your refrigerator by at least 30% according to the California Energy Commission Consumer Energy Center.
• Always wait until your food has cooled down before putting it in the fridge.

Oven tips

• Resist the temptation of frequently opening the door and taking a peek. Every time you open the door, the oven’s temperature goes down by as much as 25°! This will make your oven work harder to get back to the right cooking temperate and thus waste more energy that it should.
• Make sure the door seal is tight and that you clean it frequently so that it can retain the maximum amount of heat inside.
• Clean your oven as often as possible. Heat will propagate more efficiently in a clean oven than in a dirty one.
• Use your toaster oven more often! It is such an overlooked appliance that can have a huge amount on your energy use if used regularly for small cooking jobs or for reheating food. According to EnergyStar reports, you can lower down your cooking energy by 80% when using a convection toaster oven. A conventional oven can use as much as 7500 watts and take longer to heat up because of the large amount of air and space inside the unit, whereas small countertop ovens, like the Breville toaster oven for example, use only 1800 watts and heat up pretty fast which saves time, energy and money!
• When using a microwave, use it sparingly and unplug it when it’s not in use.

Dishwasher tips

• Make sure you don’t use your dishwasher until it is fully loaded. This is will save you lots of water. Don’t overload it either!
• Today’s dishwashers are pretty efficient so avoid pre-rinsing your dishes and reduce water consumption.
• Regularly clean dishwasher filters and drains to maintain operation efficiency.
• When buying a dishwasher, choose one with an “energy-save” cycle which runs for a shorter period of time and consumes less water.
• Also, choose a dishwasher which has an internal water heater inside that increases the water temperature inside and adjust to the manufacturer recommended temperature.
• You don’t necessarily have to buy very large dishwashers if you don’t need that much space. Larger dishwashers consume more water and electricity.

A final tip would be to shop for appliances with an energy-start rating beforehand.
You see how you can easily save a lot on your bill by making simple modifications in the way you use your kitchen appliances. Applying the above tips is a great way to start.

This guest post is from Ellen and Karen who passionately operate ApplianceFreaks.com, a website where they share their opinions and insightful reviews on a variety of home and kitchen appliances and help you find out which ones are worth your money. Their latest in-depth review is about the Breville Juice Fountain Elite 800JEXL juicer.

How to Improve Your Home Security for Less

Your home is the one place where you should feel safe and sound, and if you’re not feeling confident about its ability to keep intruders out–it’s time to beef up your security. Although installing an alarm system that’s closely monitored by a third party is a great way to protect your fortress, systems such as these may not fit comfortably within your budget. If you don’t have an alarm system and you can’t afford to get one, don’t worry just yet–there are many things you can do to improve your home security, and many of them don’t cost much at all.

Put Better Locks on Doors and Windows

One way to make your home more secure is to install stronger locks on all exterior doors and windows. Put deadbolt locks on doors that lead into and out of the home–all deadbolts should be at least 1″ in thickness. Check to see that all of your windows have locks and test them out so that you know they actually work. Locking all doors and windows before both entering and leaving your house is a good habit to get into, and consider the time of day and the neighborhood you live in before leaving them open for extended periods of time to let air in. If you want to open your windows, open the ones located on the second floor to make it more difficult for someone to break-in.

Use Lights Both Indoors and Out

Using lights both inside and outside is a great way to keep unwanted guests at bay. When there are lights on, it can be difficult for an intruder to determine whether or not you are home–and in many cases this can scare them off. Put motion-activated lights outside around main entrances to your home, side doors that are otherwise not very visible, and near entry points to your garage, if you have one. Whether you are home or not, don’t leave it pitch black. Turn on some lights and utilize a timer if you’re not there to turn them on and off. When using a timer for lights, change the pattern frequently so that someone scouting out the area doesn’t become privy to your security secrets.

Install Video Cameras

Installing a couple of security cameras near easy access door or windows may be enough to deter anyone from breaking in. Place them high out of reach, and put a protective cage around them if you’re worried about someone breaking them. If you can’t afford real cameras, install fake ones. A camera is a camera and someone that’s up to no good isn’t going to know that it isn’t the real deal.

Put Up Warning Signs

Even if you don’t have a professionally installed security system in your home, you can make it appear like you do. Fake security system signs and stickers can be found online–or if you really want to be sneaky, you can design your own and have them professionally printed. Also, warning signs that indicate a guard dog on the premises can be intimidating to intruders. If it looks like a dangerous dog resides at your house, the trespasser may not want to press his or her luck and will most likely move on.

Get a House-Sitter

If you’re going to be away on vacation or frequently travel for business, ask someone to watch your home and property while you’re gone. If you have a reliable neighbor, ask them to maintain some of your daily routine so that it looks like you’re actually there. Simple things like getting the mail, collecting the morning paper, watering flowers and plants, taking out the trash, or even mowing the lawn will hide the fact that nobody’s home. If you don’t have a neighbor that can help you out, ask a close friend or family member that lives nearby to keep an eye on things until you get back.

Maintain a Home Insurance Policy

Although an insurance policy can’t prevent someone from breaking and entering into your home, it will compensate you for stolen items and help you clean up the mess an intruder leaves behind. Update your policy on an annual basis, and pay your premiums on time to avoid any lapse in coverage. Home insurance can provide some much-needed relief should the unthinkable occur.

As you can see, there are many ways to improve the security of your home without spending a lot of money. You and your family’s safety should always be a top priority. By making your home more secure, you and your family members will feel more at ease both at home and away.

Guest post from Chris Black. Chris writes for RentersInsurance.com.

Pros and Cons of a Reverse Mortgage

If you are a senior citizen age 62 or older and you own a home, you may be eligible for a type of loan known as a reverse mortgage loan. The decision to take out any type of loan is one that should be made thoughtfully, and a reverse mortgage loan is no exception. If you are interested in a reverse mortgage, take some time to weigh out both the advantages and disadvantages that come along with this type of loan. Listed for you here are some pros and cons of reverse mortgage that you might want to consider before you sign on the dotted line.

Pro: Non-Taxable Income

One of the benefits of a reverse mortgage loan is the fact that you don’t have to pay taxes on it. Because it’s viewed as a loan advance, the money or credit you receive is tax-free.

Con: Reverse Mortgage Cost

Even though a reverse mortgage loan gives you instant access to money in the form of cash or a credit line, the cost to take one out is quite high. When you choose this kind of loan the cost is covered by the loan itself. Because you don’t have to pay anything out of pocket, you may quickly forget or not even fully realize how expensive your reverse mortgage loan is.

Pro: No Payments if You Stay Put

Unlike other loans that require you to make monthly payments, a reverse mortgage does not. Until the day comes that you either sell your home and move or you pass away, you won’t have to make a single payment.

Con: Lower Assistance Eligibility

If you are a senior living on a very limited income, there is a possibility that a reverse mortgage could make you ineligible for certain assistance programs. In some states, programs like Medicaid and Supplemental Social Security may view your loan as income and determine that you no longer qualify for their assistance.

Pro: Money Can Be Used as You Wish

With a reverse mortgage, the money you receive can be used however you wish. Whether you need the money to help you pay for day to day living expenses or you want to use it to help a family member pay for a college education or a special event such as a wedding, the money is yours to do with as you please.

Con: Estate Value Decreases

Because the equity in your home will automatically go down with a reverse mortgage, you may want to think about how that might impact the beneficiaries to your estate in the event of your death. The inheritance your loved ones would receive could be substantially smaller should you decide to take out this type of loan.

Pro: Easy Qualifications

As long as you are at least 62 years of age and you own your home, you will most likely have no problem getting a reverse mortgage loan. The amount of money you are eligible to receive will depend on a combination of things–namely your age, the value of your home, and current market interest rates. Your credit score and income have no bearing on your qualifications–so even if you’ve been down and out financially, you can still take out a reverse mortgage.

There are many pros and cons when it comes to reverse mortgages, and the ones listed here are just the tip of the iceberg. If you are considering a reverse mortgage loan, discuss both the benefits and the possible negative impacts of this decision with a professional such as a loan consultant or personal accounts manager. Make sure you understand all that a reverse mortgage entails and ask any questions you may have ahead of time in order to help you determine if this type of loan is suitable for you. Even though a reverse mortgage might seem like the perfect solution to your financial needs, you should make your decision with great care. Look at all of the pros and cons before you decide what will be best for you and those you will someday leave behind.

Guest post from Finley Crest. Finley writes for SeniorCare.net.