The State of Insurance

The State of Insurance

Which state you use for insurance applications can make a huge difference in premium.

My son Matt was thinking of obtaining a bumper to bumper used car warranty. He was quoted $3,200 for a seven year warranty. However, had he used my address in Maryland for the insurance to receive mail and bills, the cost dropped $1000 to $2,200. You might be thinking that this policy can only be used in Maryland, but you would be wrong. It can be used by any dealer, anywhere.

The same can be said for other types of insurance. I have two homes: One is in Maryland and one is in Florida. If I use Florida as my address for purchasing the a Medicare supplement it will cost me $100 more per month. Again, I can use this supplement anywhere.

Here is the bottom line: If you have access to homes in different states, you should check out the pricing for the insurance in each state. Not only can the pricing vary by state,but to my surprise, the pricing can vary greatly by zip code. For example, if my son, Matt, had lived in certain areas of Florida, he would have gotten much cheaper insurance than what he was quoted. While this discussion applies to insurance warranties and medical/dental coverage, it may also apply to other types of insurance. If you have access to residences in different areas, it certainly won’t hurt to get quotes applicable to each area.

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