Ameriprise Insurance Reviews

  • Car Insurance

Ameriprise Financial is a financial services company that was founded over 120 years ago and offers insurance products, as well as wealth management, estate planning, and other services. It is available in 33 states, including Washington D.C, and offers relatively cheap auto insurance and home insurance in all of them.

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Ameriprise Auto Insurance Coverage Options

Ameriprise doesn’t have the cheapest car insurance options for the majority of drivers. It struggles to match the likes of GEICO, State Farm, and Allstate in that area and will almost certainly not compare to the low rates offered to military members via USAA.

But Ameriprise insurance rates are competitive, nonetheless, and all the main coverage options are available, including:

  • Liability Coverage Insurance: Bodily injury and property damage cover are required in most states, with the exception of just a couple. With the Ameriprise insurance company, you can get the bare minimum cover that you need and extend this where required.
  • Collision Coverage: Collision coverage provides a payout when you damage your vehicle and are not covered by standard liability insurance. Such is the case when you hit a wall, guardrail or tree.
  • Comprehensive Coverage: Comprehensive coverage pays out if your vehicle is damaged by weather, vandalism, animal collisions, and many other issues not covered by collision insurance or liability insurance.
  • Personal Injury Protection (PIP): PIP insurance covers you for medical bills and lost earnings, as well as other expenses resulting from injuries sustained in a car accident.
  • Underinsured/Uninsured Motorist Coverage: When you’re hit by an uninsured driver or a driver that doesn’t have the full liability coverage required, this form of insurance will step in. 

Ameriprise Auto Insurance Policy Features

In addition to all of the aforementioned coverage options, Ameriprise policyholders may also be offered the following, depending on the optional extras they choose and the state in which they reside:

  • Accident Forgiveness: Your first accident will not impact your claims if you have been claim-free for at least three years. However, this feature is not available in California, North Carolina or Kansas.
  • Stolen Key Coverage: This feature is covered under Ameriprise’s comprehensive coverage plan. There is no deductible for a lost or stolen key if the claim is for less than $250.
  • Towing Coverage: A form of roadside assistance that covers you for towing expenses.
  • Rental Car Reimbursement: If your car is being repaired or has been stolen, this coverage option will ensure you get back on the road quickly by paying for a rental car.
  • Travel Accident Cover: If you have an accident more than 100 miles from your home, Ameriprise will pay towards some of your expenses.
  • Glass Repair Waiver: If your windscreen needs to be replaced, a deductible will apply, but if it can be replaced then no deductible is required.

Ameriprise Car Insurance Discount

One of the best discounts offered by Ameriprise comes via wholesale club Costco. You can get a discount on your Ameriprise home insurance and auto insurance if you are a Costco member. That’s not all, either, as policyholders can also get all of the following discounts:

  • Garaging: A small discount offered to drivers who keep their cars locked in a secure garage overnight, as opposed to leaving it on the driveway. This can reduce the risk of thefts, vandalism, and weather damage.
  • Educational Discounts: Good student discounts are offered to young drivers who maintain a B grade average. There are also discounts available to students who live on campus.
  • Claims Free Discount: The longer you go without making a claim, the more you can save on your car insurance rates. Fewer at-fault accidents mean you’re a low-risk driver and a much more appealing prospect to all auto insurance companies.
  • Loyalty Discount: Stay with Ameriprise insurance for three years or more and you will be rewarded for your loyalty.
  • Defensive Driver Discount: Take a defensive driving course to improve your skills behind the wheel and prove yourself as a driver. In the process, you’ll get a slight discount on your Ameriprise insurance policy.
  • Safety Features Discount: Get a discount if your car has essential claim-reducing safety features such as seatbelts, anti-lock brakes, front-and-side airbags, trackers, alarms, and more. Anything that can reduce the threat of accidents, injuries, and theft can trigger big savings.
  • Accident Merit: As noted above, accident forgiveness isn’t offered in all states where Ameriprise is available. However, for the states where it’s not offered, drivers can still reduce premiums related to accident surcharges when they stay accident-free for a pre-determined period.
  • Bundling: Also known as a multi-policy discount, bundling is offered to policyholders who combine homeowners insurance and auto insurance.

Other Insurance Options

Ameriprise also provides homeowners insurance. One of the best features of this insurance option is replacement cost coverage, which means you’ll get the original value of any stolen items before deprecation is considered.

If you lose a $2,000 MacBook that’s over 6 months or a year old, you’ll still get cover for that $2,000, as opposed to the $1,500 or so that it might be worth now.

Ameriprise home insurance also provides identity theft protection (up to $5,000 in personal losses); food spoilage protection (up to $500 in lost food), and $100 in lock replacement cover.

Ameriprise Customer Satisfaction, Ratings, and Reviews

Ameriprise claims can be made 24 hours a day, 7 days a week. Policyholders can submit a claim online or over the phone and Ameriprise offers a very fast and streamlined process, giving drivers the chance to change details and review their cover via an online portal.

Ameriprise has a very high financial strength rating from AM Best and it also has the highest possible rating from JD Power. It has very good reviews from customers, but it has a poor rating from the Better Business Bureau, with numerous complaints and a low score overall.

Summary: Ameriprise Auto Insurance Review

Ameriprise is partnered with American Family Insurance, which means your policy may be underwritten by them if you go through Ameriprise. It’s one of the biggest auto insurance companies in the United States, offering extensive coverage, with relatively good reviews and ratings across the board.

As always, though, it’s important to get multiple insurance quotes before settling on any single one. Take a look at policies from providers like Progressive, Nationwide, GEICO, State Farm, and more, add as many discounts as you can, and make sure you’re getting the best possible deal before you sign.

Source: pocketyourdollars.com

How Does Credit Card Interest Work?

Credit card interest occurs when a user doesn’t pay their card’s monthly balance in full. The amount you pay on top of each dollar that remains unpaid is considered a card’s “interest rate.” This amount must be stated in the terms and conditions of a card’s application so that you have the information readily available. 

To calculate the dollar amount you’ll pay in interest for any given month, follow these steps (which we expand on below):

  1. Find your average daily rate 
  2. Find your average daily balance 
  3. Multiply your answers from step 1 and step 2
  4. Take this number and multiply it by the number of days in the billing cycle

Follow along below to dive into a detailed look at how credit card interest works.

What Is Credit Card Interest?

Credit card interest is the amount you’ll pay if a balance isn’t paid off by the due date. This is how credit card companies make money. Think of this as the “subscription fee” to borrow their money.

Some cards have high interest rates and some have low rates. Typically, the lower your credit score, the higher the interest rate will be. You should be wary of using cards with high interest rates, as this can quickly compound into high amounts of debt should balances not be paid off in a timely manner. If that’s the case, you may want to consider canceling your credit card

How Is Credit Card Interest Calculated?

There are two key elements to factor in when determining your card’s interest rate: average daily rate and average daily balance. When multiplied together, you’ll get the given period’s interest payment — that is, the extra dollar amount you’ll owe should you not pay it off in full.

Here’s an in-depth look at calculating your credit card’s monthly interest payment. We also walk through an example calculation you can easily apply to your personal finances.  

1. Calculate Your Average Daily Rate

First, you’ll need to calculate the amount of interest you’re paying daily throughout the entire year. Simply divide the annual interest rate (this is usually the percentage a card company will give you in the contract) by 365. 

Example: For an annual interest rate of 15%

  • Take .15 (annual interest rate) and divide it by 365 (total days in a year)
    • .15 / 365 = .00041096 
    • Average Daily Rate = .00041096 

Write this amount down for use in a couple of steps.

2. Calculate Your Average Daily Balance

To calculate your average daily balance, you’ll need your latest credit card statement. Next, follow these steps below:

  1. Write down your ending balance day by day
  2. Add each daily balance together
  3. Divide the total by the number of days in the current billing cycle

Example: 

  • Add each daily balance together
    • Day 1 ending balance: $100 
    • + Day 2 ending balance: $105 …
    • + Day 30 ending balance: $1,000 
    • = $6,100
  • Divide by the total number of days in the billing cycle
    • $6,100 / 30 days = $203.33
    • Average Daily Balance = $203.33

3. Multiply Average Daily Rate by Average Daily Balance

This step is simple. Multiply your answer from step one and step two.

Example:

  • Average Daily Rate (from Step 1): .00041096
  • Average Daily Balance (from Step 2): $203.33
    • .00041096 x $203.33 = .084

4. Calculate This Cycle’s Interest Owed

Finally, to find the interest payment for a given billing cycle, you’ll want to multiply your answer from step three by the number of days in the billing cycle (this is the same number you used in step two to find your average daily balance). 

Example: 

    • Answer from Step 3: .084
    • Number of days in the billing cycle: 30
      • .084 x 30 = 2.52
      • Interest to be paid for this billing cycle = $2.52*

*Note: This amount starts compounding each day if the balance is not paid in full. 

Interest Rate vs. APR

When it comes to credit cards, interest and APR are the same. With other loans, the interest rate determines the cost of borrowing the amount you request. APR, then, is an annualized rate of interest that includes certain fees as “finance charges.” APR is intended to allow consumers to comparison shop based on the true cost of credit and can give a more accurate view of what to expect.

How to Find Your Credit Card Interest Rate

To find your card’s annual interest rate, look at your contract or application. Remember, it may be listed as APR as the two are interchangeable when referring to credit cards.

The amount will be expressed as a percentage, and this is how much you’ll pay on top of any balance should you not pay off the full amount.

3 Ways To Avoid Paying Credit Card Interest

There are a few strategies that can help you avoid paying high interest on your credit card payments, and in some cases, pay no interest at all. 

It’s important to know these tactics to avoid spiraling into uncontrollable credit card debt. Rember, balances carry over month-to-month and can get exponential in a short period of time.

Pay Balance In Full

The best way to avoid credit card interest is to pay your balance off completely at the end of each billing period. Because interest is built on remaining balances, without one, there’s nothing to charge for (think of it as multiplying by zero).

Never Overspend

Only charge what you can realistically pay off at the end of each cycle on your credit card. Even missing one payment can start a domino effect of interest-heavy payments down the line. Stick to a budget and know what you can afford, especially when dealing with credit cards. 

Use Your Card For Necessities

To help budget with your credit card, only use it for needs (e.g. groceries). This money will have to be spent regardless, so make it much easier to avoid interest by paying off the balance at the end of the cycle. This practice also encourages a healthy credit score. 

Thoroughly understanding your contract with a credit card company is the best place to start when determining how credit card interest works. Many times it’s a uniform process, however, each company will tack on their own terms and conditions. By understanding the basics highlighted above, you can make more informed decisions about which credit cards are best for you.

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Source: mint.intuit.com