Bringing your insurance into the modern world

By Susan Ladika on June 29th, 2012

Retro may be in, but you shouldn't let your insurance needs of past decades influence your coverage choice today.

Make sure your insurance policies, and the resources they provide, are totally modern day.

Insuring electronics

Long gone are the days when a color TV was the cutting edge of technology, so you need to make sure the insurance coverage you carry on all your electronics is completely up to date.

While your homeowners insurance policy should cover electronics, it might have a $1,000 limit, which wouldn't come close to covering your computers, smartphones and HDTVs.

You can purchase extra coverage with an endorsement on your homeowners insurance policy that is based on the electronic items' appraised value. Or you can buy separate insurance through a company that specializes in covering electronics.

Auto insurance apps

Accessing your car insurance is just a few touches away when you use your smartphone. You can use it to get an auto insurance quote, switch insurance from your old vehicle to a new one or file an accident report.

Several states also allow you to register your vehicle or prove to a law enforcement officer that you have car insurance just by pulling up the information on your smartphone.

Greening your ride

With pay-as-you-drive car insurance, you can pay lower auto insurance rates by tracking the number of miles you drive each year. Driving less each year not only saves you money at the gas station, it also can save you some green on your insurance premium.

And some companies encourage motorists to drive greener vehicles by offering discounts if you drive a hybrid or electric vehicle.

Insurance for the long term

Although Americans hate to admit it, we are all getting older. The majority of those age 65 and older will need long-term care at some point in their lives.

That care comes with a hefty price. A home health aide costs more than $40,000 a year, while a private nursing home costs double that amount, according to Genworth's 2012 Cost of Care survey.

Long-term care insurance can help cover those costs, guard your assets and help you maintain your standard of living.

College costs

The cost of a college or university education keeps skyrocketing, placing a financial burden on many parents and students.

One option to help ease the pain is tapping into a cash-value life insurance policy. Taking a loan against the policy or making a withdrawal from it can help ease the pain of paying for a college degree.

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