Everyone wants affordable auto insurance. Therefore, it is wise to spend some time educating yourself to make intelligent decisions about your next auto insurance purchase. You do not need to be an insurance expert to understand the fundamentals involved in auto insurance, but a basic understanding of common terms will definitely help you make an informed decision. Too often people avoid all responsibility when it comes to buying their auto insurance—only to realize later that they have made a costly mistake.
An excellent way to start the auto insurance purchasing process is to look at the declarations page of your auto insurance policy. There you will find the policy’s expiration date, premiums, coverage, and limits. In addition, by selecting an independent insurance agent to shop the market for you, you will end up with better coverage and competitive pricing.
The Declarations Page
Policy Period – This is the specific time that the policy is valid. Some auto insurance policies have an annual renewal, while others have a six-month renewal. Do not shop for auto insurance with a declarations page that shows that your policy period has expired. That could cause you to be placed in a sub-standard market. Show your agent the current declarations page.
Vehicles – Your vehicles will affect your physical damage premium. Make sure that you give the agent the correct vehicle identification number of all of your cars. This is usually found on your declarations page.
Drivers in the Household – Every resident relative with a driver’s license should be listed on the policy unless they have other insurance.
Liability Limits – These are the limits for bodily injury and property damage insurance. This is essential coverage and not a smart place to cut costs. This portion of your policy pays benefits to the party that you may have injured in an auto accident. It also pays for the damage to their vehicle.
Physical Damage – This is your collision and comprehensive benefit. It is physical damage coverage for your automobiles. Your deductible selection will raise or lower the rate.
Ask your agent about discounts and options. Learn all that you can, and you can help make your auto insurance more affordable.
Most Americans have risks associated with their wealth and need the right insurance to manage that risk
When we think of high net worth people, most of us tend to think of CEO’s, athletes, or celebrities. However, what we fail to realize, is that you do not have to be a CEO to have personal risks. In 2017, over 3 million people increased their net worth to over a million dollars. Even if your net worth is well under a million dollars, you have considerable personal risks. We can help you manage all your personal risks.
Do you own a boat, motorcycle, or another recreational toys? If so, you need to make sure these assets are covered correctly. We would also recommend a personal umbrella policy to cover your increased risk of injury to third parties.
Smart technology. Almost everyone is getting smart cars or homes. This could include a smart watch, video systems in your home, the Nest thermostat and more. All these items should be insured, and you will want to talk to our team about these.
Vacation homes or condominiums. According to the National Association of Realtors, 46% of vacation homes purchased in 2015 were in the South and 25% in the West, both of these areas are hotbeds for wildfire activity.
Jewelry, guns, and other collections. If you have a gun collection or expensive jewelry, you will need to have these insured separately.
You’ve worked hard to earn your lifestyle. Consider adding additional liability protection to your Texas Auto, Home, Renters or Condo policy. Personal Umbrella Liability coverage added to your other policies can protect you, your spouse and any relatives living in your home. Let the staff at Heaton Bennett Insurance show you the value of an umbrella liability policy.
Umbrella Insurance Protection
Umbrella Insurance provides extra protection or limits above the liability insurance you currently have. Just as an umbrella protects you from heavy rain, an umbrella insurance policy protects you from losing the entirety of your wealth and assets in the event of a claim. Umbrella insurance can provide limits above your business insurance, personal auto and home policies.
Umbrella insurance provides broad insurance beyond traditional insurance. It provides additional liability coverage above the limits of your primary insurance policies. It can also provide coverage for claims that may be excluded by the primary policies
It is true that personal umbrella insurance may not be for business or individual, but if you are a business, wanting to protect your company’s resources, building financial resources for your future, are a professional, own your home, boat or recreation vehicle, you should consider an umbrella insurance policy. Having the added protection of an umbrella insurance policy is coverage no one should go without. Call us today, for a free review.
High Net Worth Individuals
Do you own a boat, second home or have other expensive toys? Often high net worth individuals need higher liability limits to protect personal assets. A simple rule is, the more you own the greater risk you may have of losing it. The nice thing about an umbrella policy is that it is competitively priced. Usually, it costs about $300 per year for each $1,000,000 increment of insurance that you buy, and it can bring you great piece of mind.
Uber, Airbnb and VRBO may increase your personal liability risk
We live in a digital world that now allows us to share everything from our car, bike, boat, apartment and even our home with total strangers. Smart phones, and the applications that can be added, offer many useful tools, but some of these things create new and increased liability for you. Before you decide to jump into the sharing economy consider the following:
Do these sharing sites have the ability to protect your confidential information? Many times you are giving your credit card information to companies that may not have the ability to protect it.
If you use Airbnb to sublease your apartment, you might check your lease. Many lease agreements have “no sublease” clauses that do not allow for this kind of activity. Also, some big cities are now actually considering outlawing the Airbnb services as it reduces hotel/motel taxes.
Uber offers a taxi service where individuals can offer rides to those who subscribe. Are you confident that these individuals have had proper background checks? Are they experienced drivers? Do they have the correct insurance? Remember, even in states that have mandatory auto insurance laws, over 25% of drivers don’t have insurance.
Personal auto insurance issues should be considered if using your car for hire. There is a big difference in the auto insurance world between a car pool for work and being paid to deliver people.
If you rent your primary home to others, it may limit your personal insurance coverage. Call out office for a review.
The use of the new sharing economy will most likely continue and may be a good way to make money. However, if you have an uninsured claim, the cost may be much greater. Be aware that using these services may increase your risk of loss.
When was the last time you reviewed your personal insurance coverage? The New Year is a great time to review your personal insurance. Most of us know that major life events can make it necessary to update our insurance coverage. But did you know that even subtle changes can have an impact on your financial needs and plans? Call our office today, and we can help you find the right combination of personal insurance coverage and price.
Items To Consider (you may need insurance for some of these)
Bought a new car or sold a car
Changed your marital status
Bought a boat, RV or ATV
Change of address
Welcomed a new baby into the family
Have a new teen driver in the family
Child headed off to college
Purchased second home
Planned foreign travel
Started a home based business
I now drive my personal car for work
Review my insurance to make sure I have the right coverage
Take the time to read my insurance policies
Does my independent agent have all my correct information, including new phone number, address, and newly purchased property?
Make sure I have identity theft insurance
Do I have enough life insurance?
Do I need life insurance for my spouse?