Utah Insurance

If you're a Utah resident looking for insurance, you're in the right place. We've compiled all the info you need to help you find home, auto, life, health or long term care insurance right here on this page.

We recommend you read it over, contact the Utah Insurance Department at (801) 538-3800 with any questions, and let us help you find the coverage you need today.

Auto Insurance

The State of Utah requires all motorists to have 25/50/15 liability coverage, broken down as:

  • $25,000 in bodily injury coverage per person
  • $50,000 in bodily injury coverage per accident
  • $15,000 in coverage for property damage

Keep in mind that these are the minimum requirements, and these amounts may not cover any legal fees or damages for which you may be responsible after an accident. Also, since liability coverage does not pay for any damage to your automobile, you may want to consider adding collision and comprehensive coverage to your car insurance policy.

Collision Coverage—pays for damage to your automobile if it collides with another vehicle or object. Collision coverage will also cover your auto if it overturns. Collision coverage may be required by a lender if you have taken out a loan on your car.

Comprehensive Coverage—pays for damage to your automobile if it is damaged by something other than a collision, such as flood, fire, theft or vandalism. Comprehensive coverage may also be required by a lender.

Your auto premium will be determined by many factors, some of which might include:

  1. Your Driving Record—If you've had violations or suspensions in the last five years, you will likely pay a higher premium for Utah auto insurance than someone with a clean driving record.
  2. Where You Live—Urban areas see higher incidents of accident and theft. Therefore, if you live in the city, you may pay a higher premium than rural residents.
  3. What You Drive—Some cars are charged higher premiums for the simple fact that they may be difficult to repair. So be sure to check with your agent before buying that specialty automobile.
  4. Your Age and Gender—Young males are statistically more likely to be involved in an accident; thus, they’re likely to pay more for coverage.
  5. Previous Insurance Coverage—A new insurer will want to know about your history with other insurance companies. Did you make your premium payments on time? Did you file multiple claims? Insurers will use this information to estimate your relationship with them.

Health Insurance

Health insurance companies in your state consider several factors to determine your insurability. Some of these factors weigh heavily, including:

  • Age
  • Health
  • Habits/Lifestyle
  • Occupation

Your risk of health-related issues increases as you get older, so the older you are when you purchase your medical insurance policy, the higher your premiums will usually be—and the harder it will be to find an insurance company willing to insure you. That’s why it’s important to purchase coverage while you’re young.

If you drink or smoke, you may also have difficulty finding a health provider. These habits are associated with various health problems which cost insurance companies millions of dollars in claims every year.

If your job is dangerous or puts your health at risk, this may also contribute negatively to your insurability.

Consider asking the following questions when shopping for health insurance in Utah:

  • Is the company/agent licensed?
  • How long has the company been in business?
  • What is the company's complaint ratio?
  • How can I get in touch with the agent or company?
  • How do independent rating agencies such as A.M. Best rate the company?

If you are self-employed, between jobs or not covered by an employer, you may find it difficult to find affordable insurance. However, health policies are available, so don't give up if you are rejected by the first agent you talk to.

Home Insurance

Most people couldn’t afford to rebuild their home or replace its contents if it is destroyed. That’s why homeowners insurance is so important: it protects your house and its contents from ruin—as well as your finances.

If you have taken out a loan to buy your home, your lender may require you to purchase some form of insurance to protect their investment until the loan is paid off. Once you have paid back your loan, you may cancel your coverage, but doing so puts your home—and your wallet—at great risk for loss.

For most people, home insurance is a no-brainer. It provides financial protection from life's unplanned calamities and keeps you and your family at home, where you belong.

There are three basic forms of homeowners insurance, commonly referred to as basic, broad and specialty policies. Here’s a basic description of each, so you’ll know what your options are:

Basic:

  • Covers your dwelling from 11 basic perils
  • Some basic perils include damage from fire, windstorm, hail and vandalism

Broad:

  • Covers your dwelling from the basic perils plus six more
  • Additional perils include weight of snow and ice, building disintegration and damage from household appliances

Special:

  • Covers your dwelling from nearly all perils
  • Does not cover damage from flood or earthquake

It is important to note that there may be other forms of home insurance available, so be sure to ask your agent if there are other policies that might better suit your needs.

The Utah Insurance Department offers some of the following tips for saving money on home insurance:

  1. Raise the Deductible—The higher the deductible, the lower your premium payments are likely to be. Just make sure you choose a deductible you can afford.
  2. Ask about Discounts—Ask your insurance agent if there are discounts available for installing additional smoke detectors or theft deterrents like deadbolts and burglar alarms.
  3. Insure for Replacement Cost—The replacement cost will compensate you for the value of your belongings at the time of perish—not what you paid for them ten years ago.  Insuring your abode for the cost of replacement minimizes financial hardship if your home is destroyed.
  4. Shop Around—Compare quotes and select the right insurance plan for you. 

Life Insurance

Life insurance pays your survivors money when you die. Meanwhile, you agree to pay monthly premiums in exchange for this death benefit.

Life insurance serves many purposes, but figuring out what you need and how to get it is half the battle in preparing for your family's future in your absence.

First, decide how much you need, for how long and what you can afford to pay. This can be done by examining your marital status, family size, number of dependents and income.

Many experts say your family needs about 75 percent of your income in order to survive without you. This may or may not be true in your situation. In order to more accurately predict how much life insurance you should purchase, look at the financial resources your dependents would have if you died now, and what they would need to maintain their current standard of living.

Take all assets and income into consideration, including savings, investments, personal property and any real estate owned. Then, consider your family's cost of living, educational costs, and any other potential financial needs.

With these considerations in mind, closely examine your budget and living expenses to determine a comfortable monthly life insurance premium.

Next, find out what kinds of policies are available, and pick the type most suited to your family's needs. What you need depends on your goals.

Finally, talk to several life insurance providers to find the best combination of benefits and price. Let each insurer know you are comparing policies and prices up front to ensure you get their best initial quote.
 

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