Member Blogs
Use Money Wisely When It Comes To Charities
Category: Member Blogs
Tags: Money Charities Non-profits

Are you giving to charities? One way to find out if you are giving to a worthy cause is to look up the financial records of an organization. Stick to the ones that are not using more than a 20% margin for overhead. Charity Navigator is one source that evaluates nonprofits. http://www.charitynavigator.org

PROFESSIONAL EXPERTISE NEEDED
Category: Member Blogs

Currently, the Board of Directors for our new organization, which includes
Cathy Padgett, is seeking the following assistance:

  1. An individual, familiar with the preparationand filing of IRS 501(c)(3) paperwork, to assist in acquiring exempt status.
  2. An individual with expertise in grant writing.

If you know a professional that may be interested in assisting us, please
advise. It would be greatly appreciated. Thank you in advance!

For more information, or to direct individuals to us, you may contact:

Anne Tillie
Founder / Executive Director
Hancock County Community Resource Center, Inc.

(317)468-5066
hccrcinc@centurylink.net

Full Coverage or Liability Only Insurance Which Should I Get?
Category: Member Blogs
Tags: accident car cash collision insurance liability premiums

Let's talk about full coverage car insurance vs. liability only insurance. First of all, full coverage insurance is where the insurance company agrees, for a premium, to repair or replace your car in the event of a loss. Liability insurance is just that, the insurance company accepts no liability to fix or replace your car. This begs the question, should I have full coverage or liability only insurance. Now there are formulas out there that try to help you make that decision. My advice on this is pretty simple. We buy insurance for things that in the event of a loss, it could ruin our lives financially. So keeping that in mind, if someone has a car valued at $2,000, they don't have money saved (they are broke), and it costs them $200 to insure that car for a year, I am going to recommend that person get full coverage insurance. If that car is a total loss, it will ruin their week, it will ruin their month, and it will ruin their life financially. If a person with a car valued at $2,000 is financially set, meaning they can write a check if their car is a total loss, this is a different scenario. This accident is not going to ruin their week, their month, and not going to ruin their lives financially. This would be a situation they could carry liability only on the car.

There is a second step here. It is going to depend upon the cost to insure that car for full coverage compared to what the value of the car is. A $20,000 car as an example costs $120/month to insure it. It makes sense to pay for full coverage. Another way you can look at it is if you are considering dropping full coverage for liability only, this sometimes doesn't make as much sense in the purpose of saving money. Sometimes full coverage is a "good buy". Some full coverage rates are too good to pass up. If you have a car valued at $6,000 and the cost to insure it is $600/year, you can see that even allowing car depreciation every year, I would have to go somewhere around 5 years without an accident before the total amount of premiums I have paid in is more than the value of the car. It sometimes can end up being a good value to keep full coverage.

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