STUDY: ONE THIRD OF AMERICANS LIE ON AUTO INSURANCE APPLICATIONS

Posted on by Scott Lynch Agency

 MARIA SASSIAN

Most people agree that honesty is the best policy, but when it comes to filling out insurance applications, many consumers are willing to fudge the truth to get a better rate. According to a study from finder.com, an estimated 35 million Americans have lied on an insurance application.

Almost one in three (29 percent) of the people who have lied on an insurance application have done so for car insurance. That amounts to 10.2 million Americans who were willing to lie to get the best coverage for the road.

Following car insurance, false information is most likely to appear on applications for health insurance (22 percent), life insurance (21 percent), income protection insurance (8 percent), travel insurance (7 percent), home and contents insurance (7 percent) and pet insurance (5 percent).

More men lie than women, but women are more likely than men to lie on an application in five of seven categories: health insurance, income protection insurance, travel insurance, home and contents insurance and pet insurance. Men lead women when it comes to lying on car insurance and life insurance applications.

“Taking creative liberties on your insurance application may seem like an innocent white lie, but it’s actually considered fraud, and the repercussions can be serious. If found out you may be charged a higher premium, denied a policy or even charged with fraud, requiring you to pay a fine or even do jail time,” said Finder’s consumer advocate Rachel Dix- Kessler.

There are numerous ways to save money on car insurance. Let us help you with saving money on your car insurance. Call us at (317) 886-0081

 

Original Article

 

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Purchases that end up costing you

Posted on by Scott Lynch Agency
©Shutterstock
Alan Jones 
Researching prices and finding deals can be a time-consuming process for many adults, which makes responsible spending a burden. While some big-ticket items can be rewarding, some bad purchases just won’t justify the price over time, no matter how much you try to rationalize the decision.
Photo by rawpixel.com from Pexels
Photo by rawpixel.com from Pexels

Skis

It may be tempting to purchase a pair of skis, but skiing is an expensive activity, and one that you can only do for a few months a year. The average price for a weekend lift ticket, according to NBC News, is $85.52. In addition, one must pay for travel, winter gear and equipment.

Boat

Purchasing a boat is a huge investment for something you may only get out and use a few times a year. The Intuit Mint Life finance blog estimates that a $20,000 sailboat would cost $358 per month on top of the purchase price. While it may impress your friends, you’re better off renting a boat when you need one.

Big house

Purchasing a house may not be as lucrative as your parents may have told you. A study from the Harvard Business Review shows that once you add in the costs of maintenance and upkeep, the rate of return on a house is pretty close to zero, and big houses can drain owners who can’t keep up with the repairs.

Timeshares

Timeshares offer the benefits of owning a vacation home without all of the expenses. According to USA Today, however, timeshare properties can cost owners thousands in maintenance, which rarely makes it into the sales pitch. They also tie you to one vacation location, which might not be what you want after a few years.

New car

A new car loses 20 to 30 per cent of its resale value after one year, according to CNBC, and you’ll still be paying for gas, insurance and repairs. The most cost-effective vehicles are a few years old, built by reliable brands, and won’t cost you a small fortune for foreign parts when they break down.

Recreational vehicle

Between the high maintenance costs and the need for year-round parking space, a motor home might be more of a burden than you realize. If you’re still on the fence, make sure you factor in the wildly low gas mileage. Kiplinger estimates that a 32,000-kilometre (20,000-mile) road trip will cost you up to $10,000 in fuel alone.

Motorcycle

Unlike many other entries on this list, motorcycles are actually pretty cost-effective… if you don’t take into account health and safety risks. According to the Insurance Information Institute, motorcyclists are 28 times more likely to end up in a fatal accident than car drivers, and far more likely to end up footing an expensive hospital bill, to boot.

Formal attire

How often do you need to wear formal attire, really? With typical banquet-hall weddings declining steadily, according to The Atlantic, most people will find it much more cost-efficient to rent a tuxedo or a formal dress when they actually need them. You may clean up nice but you’ll feel even better if you don’t have to pay for it.

Sandwich press

Single-use kitchen appliances like sandwich presses are among the least useful things you will buy in life, according to Food Network host Alton Brown, and the bulky ones are more likely to gather dust in a cupboard than find a permanent spot on your counter. Try making your next panini with a little ingenuity and a regular frying pan.

Landline

Can you live without your cell phone? If your answer is no, then it might be time to turn that question around. Can you live without a landline? A landline can cost $15 to $45 per month according to Nationwide (though the higher range usually includes internet), which you may be able to cut if you stick to a cell phone only.

As-seen-on-TV kitchen tools

Infomercials are the last resort for a product that just doesn’t seem all that useful. Don’t be misled by the cheery hosts and rapturous audiences. You can find out about products that are worth your money through friends and, more likely, online reviews, which can be brutal when it comes to TV-sold kitchen gadgets, according to Cheatsheet.

Extended warranties

While it may seem like your electronics are constantly in need of repair, a study by Stanford University shows that consumers actually overestimate the possibility of a breakdown for their products. Extended warranties are regularly pushed by salespeople, but they’re hardly ever worth the extra cost.

Gym membership

We all know people who have bought gym memberships for their New Year’s resolution, but nearly 50 per cent of new gym members drop the habit within a month, according to the New York Post. If you still want to improve your lifestyle, get in the habit of exercising regularly before you commit to a gym membership.

Designer pets

Designer cats and dogs can look cute, but they’re also exceedingly expensive. Some organizations, such as the Kennel Club, question whether the breeding of designer animals is ethically sound. Designer pets can have myriad health problems, and it will be up to you to pay for the vet bills.

Breadmaker

It can be a hassle to make bread at home and you’re likely to have the same thought every time it comes out: this could have been better. Bread, fortunately, is a pretty cheap product, and you can save time and counter space by purchasing it in a store.

Expensive weddings

A dream wedding can cost tens of thousands of dollars, and unlike many of the things on this list, you can’t even sell it once you’re done. Increasingly, young people are spending less money on expensive, traditional black-tie weddings, according to Business Insider, and opting for more casual settings and food options. It’s possible that they’ve got the right idea.

Designer brands

Designer brands may make good-quality clothing and accessories, but let’s be honest: you’re paying for the name. Brand-new designer brand products lose much of their value as soon as you take them out of the store. You can save a lot of cash by purchasing used designer brand clothing from consignment stores, according to The Guardian.

Home exercise machines

Home exercise machines are big, clunky and expensive. More likely than not, they’re going to take up a bunch of space in your basement rather than revolutionize your lifestyle. As an alternative, do what you can at home with a simple set of dumbbells and an exercise mat, or get outside and pick up a team sport.

Coffee pod machine

Single-serve coffee pod machines have exploded in popularity in recent years. They may be convenient, but single-serve coffees are enormously wasteful and inefficient, not to mention a burden on the environment, according to the BBC. You can save an awful lot of money by using more old-fashioned methods for your coffee.

Robotic vacuum

Robotic vacuums, like Roombas, detect dust and debris and suck it up for you, but they need to be emptied frequently and you’re still going to have to clean your own corners and tight spaces. From a financial perspective, robotic vacuums cost over $1,000 for a high-end model, according to Business Insider.

Hot tub

Hot tubs seem like fun, but they require a lot of upkeep for something that most people are only going to make use of a few times a year. Keeping a hot tub clean and well-chlorinated can cost hundreds of dollars a year. Yahoo Finance suggests it might even be a better deal to visit a real spa once a week.

Expensive watch

Like so many other things, the poor wristwatch has become redundant in the age of cell phones. But the really expensive watches were mostly just for show, anyway. Rather than spending a few months’ salary (or more) on an accessory that most people won’t even notice, stick to checking your phone when you need the time.

Snowmobile

Snowmobiles allow you to traverse the winter countryside with a lot of ease and pleasure. Unfortunately, the average snowmobiler spends $2,000 a year on maintenance, gas, transport and equipment, according to the International Snowmobile Manufacturers Association. If you don’t live in a rural area where snowmobiling is a necessity, stick to rentals for the time being.

Jet Ski

Jet Skis can help you enjoy the summer, but they’re not much of an investment. No matter how fun you think they are, they won’t seem as enjoyable once you start spending money on storage, gas and repairs. A new Jet Ski can cost up to $20,000, and the truth is that you probably won’t use it enough to justify that price.

Smart appliances

We’re sure that your appliances will one day be smart enough to cook dinner and have it ready for you, but until then, you can avoid the smart refrigerator, which can cost up to $6,000, according to How to Geek, and purchase a regular (or dumb) fridge that does a perfectly satisfactory job.

Original Article

If you own one or more of these items:

Then call me to discuss proper insurance at a proper cost. I am able to tailor an insurance portfolio that can fit your budget and needs. Call me at (317) 886-0081 or visit me on line at Scott Lynch Agency

 

Are these the best-looking classic sedans?

Posted on by Scott Lynch Agency

POSTED BY SCOTT LYNCH AGENCY ON 

February 26, 2019 / by John Moroney

When it comes to classic cars, the sporty two-door version of anything is always in higher demand than the four-door family truckster. Nonetheless, collectibles come in all shapes and sizes—even sedans. Here are six beauties for your consideration.

1979–93 Jaguar XJ

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The handsome Series III XJ underwent a subtle redesign by Pininfarina in 1979, with the roof lifted an inch in the rear and fender kick added for some sporty flair. Reliability also began to improve even as the British automotive industry reached a production nadir of 880,000 units in 1982. The 4.2-liter six-cylinder proved robust and is favored by collectors today for its simplicity and relative ease of maintenance. The somewhat finicky V12, though, will always win the heart of the Jaguar enthusiast.

1961–67 Lincoln Continental convertible

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The fourth generation Continental is arguably the most iconic Lincoln ever made. Its simple, clean design was a welcome departure from the excessive chrome and fins that defined the late 1950s. The famous suicide doors were an ergonomic solution implemented by engineers who had problems exiting the rear seat mockup without hitting their feet on the door. In convertible form, the Continental required 300 pounds of extra bracing underneath to keep the chassis from flexing.

1972 Mercedes 280SEL

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The 280 debuted in 1968 with a 2.8-liter inline-six engine and four-wheel disc brakes. In period Mercedes-ese, “S” is for sedan, “E” denotes fuel injection (“einspritzung” in German), and “L” is an long-wheelbase version (“lang” in German). The 280 SEL was second only to the 300 SEL with its 6.3-liter V8.

1955 Chevrolet Bel Air

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The all-new 1955 Chevrolet showcased the brand’s modern styling. What put the model on the map, however, was the optional new Turbo Fire V8. The small block displaced 265 cubic inches and could be had with the Power Pack option, a four-barrel carburetor and dual exhaust. Oil filtration was not standard, but could be ordered.

The Bel Air was top of the model range and featured additional chrome, full wheel covers, and plush interior trim.

1985–86 Mercedes 190E 2.3-16 Cosworth

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The go-fast exterior of the Mercedes-Cosworth 190E is exciting, with road-hugging lower aero, a discreet rear spoiler, and giant “manhole cover” wheels. What’s more exciting is the Cosworth-tuned 2.3-liter four under the hood, with four valves per cylinder.

The model will forever be linked to Ayrton Senna, with his help in development and subsequent Nurburgring GP celebrity race win.

1965 Chevrolet Corvair

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The original 1961-64 Corvair was an innovative and economical small car, with loads of interior room and low maintenance costs. The rear swing axle handling that Ralph Nader took such exception to was eliminated in the 1965 redesign. The new, fully independent suspension and light weight made the car fun to drive, matching the promise of its sporty clean lines, shark-nose prow, and subtle fender arches over the wheels.

Call us at (317) 886-0081 to insure your Classic Car. Scott Lynch Agency

Original Article: MR Motoring Research