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Diminished Value is the best-kept secret that your auto insurance company hopes you never learn. While the term, diminished value, may be a relatively new one to consumers, insurers are well aware of its existence, having paid claims to both insureds and claimants for more than eighty years.

What is Diminished Value?

Diminished Value is the term given to the loss in market value a vehicle suffers as a result of an accident and repair. It is a loss based on the beliefs of most people, that once goods become damaged, they are never as valuable as they would be had they never suffered injury.

Let s say you are in the market to purchase a used car and run across two beautiful cars sitting side by side, both identical down to the last detail, offered for sale for $20,000 each. They are equipped the same, have equal mileage, and equivalent wear. The only exception, you are told, is that the car on the right has been involved in an accident at some point in its history. Considering that bot (more...)

Most people never even think of purchasing disability income insurance. And when it s brought to their attention, usually by a financial planner, they refuse it (a lot) more often than they purchase it. And yet disability insurance is crucial to any type of financial planning you do.

The odds that you will miss at least some work time due to a disability is a lot higher than you think.

If it happens to you, what will you do?

Do you have enough money in the bank to cover all your living expenses for months?

What would this do to your retirement plan?

Will you lose your home if you can t work for a few months?

The great thing is, there are many different disability insurance plans and companies, thus making it quite likely that you can find a plan that fits within your budget. When researching an appropriate disability insurance plan for your financial needs, you ll want to think about the following:

Put together a budget and determine the bare minimum mon (more...)