Post Tagged with: "insurance"

You Need an SR22 to Earn Back Your Driving Privileges

Man driving a carIt’s easy to ignore the convenience that comes with having a driving license until you lose it. Major or repeated traffic violations can lead to the suspension of your license. Driving on a suspended license can make a bad situation worse and could have you facing some jail time.

If you rack up too many traffic violations, there’s a likelihood that you’ll get your license revoked or suspended. In such a case, having an SR22 insurance in Aurora, Chicago can help you earn back the driving privileges you once had.

What is SR22 Insurance?

Technically, this is not an insurance plan but rather a proof that you have valid insurance coverage. See, after a major traffic violation such as a DUI, at fault accident, or reckless driving, the state considers you a high-risk driver. Since high-risk drivers are at a great risk of causing accidents on the road, your insurance premiums are likely to be higher than normal.

The state needs written confirmation from your insurer that you are adequately insured before they can let you get back on the road. SR22 insurance is simply your insurer writing to the state authorities and notifying them of your coverage.

Does SR22 Carry Extra Costs?

Traffic infractions don’t paint you as the most careful driver, especially when you pose a grave danger to other road users. So, the state makes you jump through hoops before letting you back behind the wheel. You know, with the hopes that you’ve learned your lessons and will be a better driver.

Well, the insurance company will charge you a filing fee but the cost of the fee is quite negligible. What makes SR22 insurance expensive is your high-risk status. You’re likely to make more claims than the average driver and as such, insurance companies adjust your rates upwards as a precaution.

Other than keeping you safe, being careful on the road bears additional benefits that extend beyond your health and well-being.

August 5, 2018 at 1:00 amFinance

Looking to the Past: The Role of Title Insurance

Couple Looking at a House They Just BoughtBuying a house is often one of the biggest expenses you make in a lifetime. It takes years — or even decades — worth of working and saving to own your own property. Then, here comes another huge expenditure: title insurance. Is there really a need to get it? The short answer is yes.

Here are two simple yet important reasons you should set aside a budget for one.

Protection from the Past

Title insurance is very important, especially if you are purchasing a home from a previous owner. Unlike other types of insurance that offer protection from things that are yet to happen, a title company in New Jersey will offer you protection from the past.

A title search is one of the processes that comes with title insurance. It includes screening the title and ownership history for any liabilities and issues that might surface and cause problems to the current owner.

More often than not, a title search may lead to common title problems such as unpaid taxes. Keep in mind that any unpaid taxes will pass on to you once you close a deal. Title insurance helps protect you from such scenarios and related losses.

Other common issues include improper vesting of names, mortgages, and deed problems. These issues, though seemingly minor, may cause legal problems in the future.

Protection from Fraud

Over the years, fraud strategies have become more rampant and even more creative. Fraudsters are able to sell properties they do not even own more easily than before. Title insurance provides you with some kind of fraud protection. Furthermore, it keeps your savings secure.

Though most people skip it because of the amount they have to pay out, title insurance can help keep your investments safe from the past as well as from fraud. It is, in fact, worth getting.

March 30, 2017 at 8:56 amStraight Study