This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Thanks For Nothing!





Insurance coverage in the event of a catastrophe is one blessing insurance customers can be thankful for -- unless you've skipped some vital steps in making sure your policies reflect your life.

Your goose could be cooked if you have gaps in coverage, leaving you with far less insurance money than you expected from a claim.

Here are five common errors to avoid.

1. Forgetting to add your teen driver to your auto insurance policy

Typically a car insurance policy covers you and the licensed members of your household as well as anyone else to whom you give occasional permission to drive the car.

To set a premium that accurately reflects risk, the insurance company needs to know about the licensed drivers who live with you, and you're supposed to provide that information.

Conveniently "forgetting" to tell the insurer about a new teen driver, or any other driver in the household for that matter, is a bad idea. What happens if the unlisted driver causes an accident?

Technically, if a company can prove you purposely misrepresented information, it could deny the claim based on fraud. In addition, nonstandard insurance companies that cater to risky drivers are more likely to take a hard line than insurers who market to moderate- and low-risk customers, says Robert U'Ren, senior vice president of Quality Planning, a company that helps insurers identify money-losing policies.

Standard insurance companies typically will cover the claim from the teen crash but charge you back premiums, he says. Don't assume you get off scot-free. Misleading the company could prompt it to not renew your policy, and the record of a claim for an unlisted driver could put a black mark on your record, which will make it harder to find affordable car insurance.

"A lot of information is shared among insurance companies," notes U'Ren.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,912.11 -70.48 -0.42%
S&P 500 1,969.95 -8.96 -0.45%
NASDAQ 4,442.6980 -2.2110 -0.05%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs