The thrill of owning a car and visiting a used car lot to purchase one for yourself can be overwhelming. At that moment, it is understandable if you are not thinking about long-term life goals and how this purchase will affect them. However, there is one important factor that must not be ignored during a car’s purchase – the car’s history.
You should determine the car history to make the right purchase. You do not want to purchase a stolen car or one with a title that has not been revoked. You will only find out about such information by getting a detailed car history.
Also, the kind and quality of insurance you can get on the car depends on how safe it is for use. Insurance companies will usually only provide coverage for vehicles that meet certain standards. While they may insure vehicles with past accident records, they are not likely to provide coverage for those that have not been cleared for road use.
The VINCheck website allows you to check a car’s history quickly and for free. The only requirement is the Vehicle Identification Number (VIN) which can be found on the official documents or on the car’s windshield. The VIN system was introduced in 1954 and standardized in 1981 as a method for tracking vehicle history. You can use the VINCheck easily while you are in the car lot. However, it is not very thorough given that it is a free evaluation that does not provide information about accidents.
You can do a more thorough background check using AutoCheck and Carfax, which require you to pay a fee. For example, the single report plan from AutoCheck comes for $24.99, and it is the cheapest. These reports provide extra information such as ownership and usage history, service history, questionable title brands (salvage, flood, fire, or hail). Though this is a more thorough report, it will not account for accidents that were not reported.
It is helpful to go along with a trusted mechanic on your purchase trip. If you do not have a personal mechanic, have your friends or colleagues refer you to one. The mechanic will perform a thorough inspection of the vehicle’s parts, identifying which parts have been replaced and whether it is a good buy. However, note that their verdict is not to be relied on solely as a go-ahead for the purchase.
The importance of purchasing a homeowners insurance policy becomes obvious when you consider the magnitude of the financial burden you would have to bear if a tragedy occurs. There are different plans available on the market which can offer partial to full coverage for specific situations. A basic understanding of the major types will help you find a perfect
fit for you.
They are usually designated with the code HO-X, where X is their allocated number as in the list. They include:
Here are a few features that characterize the various kinds of homeowners insurance available.
This shows what part(s) of the home is covered in the policy, and the extent of coverage varies with the type. Common kinds of coverages to expect include:
This refers to the list of casualties that are covered by the policy. They are specifically named in the agreement, and while some policies cover more than others, there are those that cover all. HO-1 covers ten events, including damage caused by:
Any damage caused by a factor that is not on the list will not be covered for this kind of policy. The special form (HO-3) usually lists perils that are not covered, which may include:
The terms of the policy agreement state the quality of the reimbursement, whether your home or belongings are covered at actual money value or replacement cost. Replacement cost is higher than actual cash value. It covers claims of damages at current prices. For example, while your personal belongings are covered at the actual value under an HO-3 policy, HO-5 policies cover them at replacement value.
The basic policies listed above will only cover specific structures and items as listed in the agreement. However, you may need to extend coverage to an ancillary structure, for example. You will need to add more coverage in the form of riders to cover specific events.