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GOT
A QUESTION?
Get the Answer
from MetLife Auto & Home
Follow
the links below to find answers to the questions of interest
to you—or ask a question of your own!
[Q]
I'd love to buy a condo, but I live in a
city with a high cost of living and I only plan on staying
three years. Should I buy or rent?
[A]
The right financial decision will be different for everyone.
But a good place to start is with the free online "Rent
versus Buy" calculator from MetLife Bank. Based on factors
that include your current monthly rent, the price of the condo
you'd like and the projected tax savings of owning real estate,
you can calculate whether becoming a homeowner makes sense.
MetLife Bank is a financial institution that's been designed
without an expensive branch network, which means it can offer
rates that are among the most competitive in the nation. For
a free application, visit metlifebank.com.
[Q]
I got three speeding tickets in the last three years, but
I have not had any accidents. So am I considered a "safe"
driver?
[A]
Statistics show that speeding is a leading cause of car accidents
that result in both property damage and injuries to other
people. In 2003 speeding was a contributing factor in 31 percent
of all fatal crashes, according to the National Highway Traffic
Safety Administration. Insurance companies understand that
risk and they may use past driving records to predict whether
a person has a greater-than-average likelihood of an accident
in the future. People without clean driving records may not
be eligible for the best insurance rates. So ease up on the
gas pedal. You'll improve your ability to react in dangerous
situations and keep yourself—and your passengers—safe.
[Q]
My car is 10 years old and I hope to drive it to 200,000 miles.
But I know it's not worth more than $1,500. Can I drop my
insurance?
[A]
Here's what you need to know to make the right decision for
your situation. Auto liability is a mandatory coverage in
most states, so you must keep that insurance in place. However,
comprehensive and collision coverages—which cover the
physical damage to your car—are optional. To gauge whether
it's cost effective to carry those physical damage coverages,
follow this rule of thumb: If your car is worth less than
10 times the amount you're paying for comprehensive and collision
coverage, consider dropping them. Research the current book
value of your car using the N.A.D.A.
Official Used Car Guide. One note: Some lien holders may
require you to carry physical damage coverage.
Got
a Question?
Email it to us at editor@MetLifeYourLife.com.
Or, write to us at: MetLife, Your Life, Dept. LN304, 1716
Locust St., Des Moines, IA 50309.
We regret
that due to volume we are unable to respond individually to
questions.
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