E-Newsletter, August 22, 2008
INSURANCE TIPS FOR COLLEGE STUDENTS AND PARENTS
As students across Michigan prepare to head off to college, the Office of Financial and Insurance Regulation (OFIR) urge families to review their insurance policies. Parents need to ensure their children living away from home are covered by their property, auto and health insurance. Parents may also be able to lower insurance premiums if they modify and update their existing policies.
The following are some tips from OFIR for parents and college students:
College Students and Renters’ Insurance
Whether students live in college housing or rent apartments, they will likely have valuables - such as a computer, TV, stereo and/or video game system - that could be stolen or destroyed. Parents should check their homeowners policy to see whether it will cover a college student's possessions.
College Students and Auto Insurance
If a college student is going to be using the family vehicle when visiting home, parents should make sure the child is listed by name on the family's auto insurance policy. If the student will be taking a car with them, parents should check the specific rates for the college's city and state before deciding whether to keep their child on the family's auto policy. In addition, the insurance company should be notified each semester if the student maintains good grades, as that accomplishment might lower premiums.
To control costs, parents should also ask about an "accident forgiveness" clause that promises not to raise premiums if a student gets into one minor accident. They should also consider raising the policy's deductible and only allowing their child to drive the family's oldest, least expensive car.
College Students and Health Insurance
Full-time college students are often covered under their parents' health insurance plans until they graduate or reach 23 years of age. While students are away at college, it is important to check whether the campus health facility, local physicians and hospitals accept the family's insurance coverage. If not, it might be advisable to purchase a student insurance plan through the college.
SENATOR HUNTER’S TIPS ON BUYING HOME AND AUTO INSURANCE
AUTO
Consider the price of insurance before you get that new car - too often we see people who buy a car and then are shocked when they see the insurance premium. When shopping for a car, call your agent and get quotes on the cars you are considering. Differences between models can be extreme so compare the quotes and figure insurance into the cost of the car.
Drive safely and carefully. Tickets and at-fault accidents are things that will increase your rates substantially and may make you ineligible for preferred rates.
Know what your health insurance pays for. If your health insurance pays for medical bills from auto accidents, you may be able to decrease what you pay for Personal Injury Protection. Call your benefits manager to find out and then contact your agent.
Think about higher deductibles. No one likes the idea of paying $500 or $1,000 if their car is in an accident, but look at the savings between $500 and $250. You might save a few hundred dollars a year per car by taking a higher deductible.
Regular collision V.S. Broad collision. Both will fix your car after an accident but Broad is much more expensive. Why? Because you are paying extra money to avoid a deductible if someone else hits you. The difference is significant. You might save $200 - $400 per year by changing from Broad to Regular. Broad collision is nice coverage to have, but you have to decide if it’s worth it. Also, you could drop collision and comprehensive coverage on cars that are seven years or older.
Consider discounts. Did you know that some companies give hefty discounts if they insure your cars and house? That’s called “bundling your insurance policies.” How about discounts for youthful drivers with good grades? Accident-free driving discounts? Find out what your company offers and take advantage of it.
Keep your insurance in effect. Not keeping your insurance in-force makes it less likely that you’ll get preferred rates and you could end up paying a lot more for your insurance. Not to mention that it is illegal to drive a car without insurance coverage.
Don’t skimp on coverage that makes sense. Liability and car rental are two things people tend to want to eliminate or lower, but the coverage is relatively inexpensive and if you ever need it you’ll be glad it’s there.
Be involved with your insurance. Do you know what your coverage is? How about what discounts you may be eligible for? Knowing what it is and how it protects you in the event of an accident prevents problems for you later. Meet with your agent regularly to review it and make changes accordingly to save yourself time and money.
HOME
Take higher deductibles. You may be able to save significant money if you are willing to take some of the risk yourself. Use the insurance for big claims like fires and wind damage and be responsible for occasional smaller things like broken windows or minor water damage.
Keep your house in good condition. By doing preventative maintenance, you may decrease the amount of causes for claims, which could save you money. Is your furnace over 25 years old? Still have a fuse box in your home? Did you know that by updating the utilities in your home you can prevent claims and get discounts? If your house is in bad shape you may be prevented from getting preferred rates. Improving your house also tends to increase your home’s value.
Meet with your agent. Make sure that the coverage you have protects your home. Does your agent know you have an alarm or new furnace? Do you know what your home is covered for? Meeting with your agent regularly can help you improve discounts and protect your biggest asset, your home.
RENTERS
Check with your auto insurance company to see if they offer renters insurance if you are renting an apartment, home, room etc. Very few people have renters insurance because they don’t know what it is. It is insurance that covers your personal belongings and property in case of a fire, flood, or tornado while you are renting. While the building or home may be covered through the landlord, your items are not.
Source: State Farm Insurance (“05”)
** There is no obligation to purchase insurance from any company you receive a quote from**
SENATE DEMOCRATS PUSH FOR ACTION ON ENERGY PACKAGE TO CREATE MICHIGAN JOBS
Following a recent announcement by Colorado’s Governor that a company will create 1,350 new jobs for manufacturing wind turbine blades, Senate Democrats are calling for swift action on Michigan’s energy legislation. More than twenty other states have passed similar legislation with strong renewable portfolio standards and are enjoying the outcome through increased jobs and businesses.
Both the Michigan Senate and House of Representatives have passed versions of the renewable energy package, however, there has not been a resolution and the legislation continues to await a compromise. A strong energy package that included an aggressive renewable portfolio standard could mean thousands of new jobs for Michigan. It’s time the Legislature put partisan differences aside and work together to do the right thing for Michigan.
More on the Colorado announcement can be found here.
MICHIGAN READS! STATEWIDE EARLY CHILDHOOD LITERACY PROGRAM KICKS OFF
The Library of Michigan will launch this year's Michigan Reads! program devoted to boosting early childhood literacy at the Target Children's Book Festival at Kensington Metropark in Milford from 10:00 a.m. to 5:00 p.m. on Saturday, Aug. 23. The free event will feature readings, storytelling, demonstrations, appearances by national and local authors and story characters, activity workshops and book-related merchandise. Featuring "Raccoon Tune" by Michigan author Nancy Shaw, Michigan Reads! 2008 will take place throughout September, with programming, events and author visits statewide.
To find out when Michigan Reads! is in your neighborhood, visit www.michigan.gov/michiganreads.
MEGA APPROVES $68 MILLION PROJECT IN DEARBORN
I recently proposed legislation, which was signed into law by Governor Granholm, to rewrite the MEGA initiative so it will attract and retain small businesses and create thousands of new jobs within the state’s high-technology and tourism industries. My bill, Senate Bill 1190 will allow a qualified business to write off 200% of not only their payroll costs, but also their health care costs against their business tax liability for three years. By passing this legislation, we are making Michigan a leader in the 21st Century economy and increasing access to affordable health care for families across the state.
Altogether, MEGA approved 20 projects this past week, including ones in Wayne, Oakland and Washtenaw counties. According to the Michigan Economic Development Corporation, the projects are expected to generate 9,495 new jobs and more than $658 million in new investment in the state.
Earlier this week, MEGA approved a brownfield tax credit for developer REDICO Holdings LLC of Southfield to begin construction on the $68-million Dearborn Town Center project. The Dearborn Town Center will consist of a 168,000-square-foot medical facility with retail space; a six-level public parking structure with 650 spaces; 96 units of senior housing with capacity for 116 residents, and 22,000 square feet of retail and office space.
FREE VISION SCREENINGS AT SAMARITAN CENTER
Davis Vision, SVS Vision, the United Auto Workers and the United Way are sponsoring an event for children ages 5-17 who are uninsured or have minimal insurance coverage to have their vision checked for free. The event takes place on Monday, August 25, 2008 from 1:00 a.m. until 3:00 p.m. at the Samaritan Center located at 5555 Conner Street, Detroit. For those who participate and are in need of follow-up services after the initial screening, a voucher will be provided for a complimentary eye examination and a free pair of eyeglasses from the closest SVS Vision. For more information, call (313) 963-5605.
WAYNE COUNTY HEALTHCHOICE OFFERS HEALTH CARE TO WAYNE COUNTY’S UNINSURED RESIDENTS
Wayne County HealthChoice is offering affordable health care solutions for residents. More than a million residents in Wayne County are living without health insurance, with the number one reason for that being affordability. With the numbers rising, the Wayne County HealthChoice program is working to ensure that citizens have access to affordable and quality health care.
Each health care program has its own set of requirements, but the primary requirements are that you are without any other health care coverage, are a resident of Wayne County, and are between the ages of 18 and 64. There are specific plans for low-income adults, small businesses, students, and a senior prescription savings program.
For more information on Wayne County HealthChoice programs, visit their website at www.waynecountyhealthchoice.org or call 1-800-WELL-NOW.
SECRETARY OF STATE MOBILE OFFICE TO VISIT WAYNE STATE UNIVERSITY
Secretary of State Terri Lynn Land today announced that the Mobile Branch Office will be at Wayne State University on Wednesday, September 3, 2008 to register students to vote. The office will be located at Gullen Mall in the center of campus from 9:00 a.m. until 3:00 p.m. offering students, faculty and others a convenient option to register to vote and learn more about what to anticipate when they head to the polls November 4.
The Wayne State visit is the first stop on the mobile office's tour of all Michigan's 15 public universities that ends on Monday, Oct. 6, the last day to register to vote for the November election.
The recently upgraded Secretary of State website offers Michigan voters a vast amount of information about voting. Be ready for the November 4 general election by making sure you are registered to vote and by learning more about the issues. The Voter Information Center website offers candidate information links, poll information and frequently asked questions, descriptions of voting equipment, and the opportunity to learn about statewide ballot proposals.
To visit the Michigan Voter Information Center website, visit: www.michigan.gov/vote.
WAYNE COUNTY PROSECUTOR’S CITIZENS ACADEMY
The Wayne County Prosecutor’s Citizens Academy is holding a free, six-week course that helps explain the criminal justice system. The Academy is open to the public, but space is limited. The fall session classes will begin on September 16, 2008 and run though October 21, 2008. The classes are held on Tuesday nights from 6:00 p.m. until 9:00 p.m. at the Greater Grace Temple, 23500 W. Seven Mile Road, Detroit. If you’re interested in learning more about the criminal justice system and participating in the classes, please call 224-5780.
TALK TIME WITH TUPAC: COFFEE HOUR TIMES & LOCATIONS
Detroit Coffee Hour: Every First Friday of the month, 10:00 - 11:00 a.m.
Mary’s Grill, 20804 Plymouth Road
Dearborn Heights Coffee Hour: Every Third Friday of the month, 10:00 - 11:00 a.m.
McDonald’s, 6412 North Telegraph Road
Inkster Coffee Hour: Every Second Friday of the month, 10:00 - 11:00 a.m.
McDonald’s, 27125 Cherry Hill Road
You are invited to attend whichever coffee hours work best for your schedule. If you are interested in joining me, please call my office toll-free at 1-866-262-7305 in order to confirm your attendance. Please be sure to leave a message if you call after hours.
