Carrying a minimum amount of auto insurance is required by state laws, so you can’t legally drive without it. Yet while the minimum amount keeps your premiums lower, it can also put you at great risk if you have an accident. And after an accident is not the time to find out you’re underinsured.
When considering the amount and type of coverage you need, remember that numbers can be deceiving. For instance, carrying $100,000 of liability coverage may sound like a lot, and it is. But even that much likely won’t cover medical costs if you’re involved in an accident that causes serious injury, especially if multiple people are involved. When you consider medical bills, pain and suffering, lost wages, emotional distress, and residual pain and scarring, $100,000 doesn’t go very far. And without enough insurance, you would be required to pay the difference between your liability limits and actual costs of an accident.
The following are some important things to consider when shopping for auto insurance.
Cost isn’t everything. Don’t approach auto coverage like a commodity in which cost is the only factor. The amount you carry should be based on your lifestyle, earnings, how much and where you drive, your overall risk exposure, and other factors.
Personalize your search. We strongly suggest talking with an independent Safeco agent about your personal risk exposure. This helps ensure you get the most appropriate coverage for your life and your budget. Plus, it gives you a chance to ask an agent specific questions, and there’s no consultation fee.
Physical damage vs. liability. Physical damage coverage helps pay for repairs to your car following an accident or loss. Comprehensive physical damage coverage goes even further by covering damage to your vehicle that does not result from a car accident, such as if a tree falls on it. Liability coverage pays medical bills and property damage you may be held responsible for if you cause an accident that injures another person or damages their property.
When deciding which option is best for you, consider your budget, financial assets, and risk exposure and select the highest limits you can afford. This helps reduce your risk of having to pay for any costs above your limits in case of accident or liability.
Uninsured and underinisured coverage. Some states require drivers to have uninsured and underinsured motorist coverage to pay damages you are entitled to if damages exceed the at-fault driver’s limits. Even if it is not required where you live, adding it to your policy can maximize your protection for a relatively low cost.
Coverage Options
Understanding different policy options can help you get the best combination of coverage, value, and cost. The following are a few common, and valuable, options to consider.
Loan/lease gap coverage. With this optional coverage, if the unpaid loan or lease amount exceeds the value of your car after an accident, Safeco will cover the unpaid amount on the loan or lease minus what your car is actually worth today. If you were in an accident without this coverage, you would be responsible for the difference between the actual cash value and the unpaid loan balance.
New car replacement. If you have a new car, you may not have enough coverage to get an equivalent vehicle if your new car is totaled. New car replacement coverage will pay either the purchase price to replace the vehicle, the cost of a similar new vehicle, or the market value of the vehicle.
Roadside assistance and emergency expenses. Having roadside assistance and emergency expense coverages ensures you can get a tow truck, battery jump-start, tire changes, or even labor should your car break down. Emergency assistance covers transportation, lodging, and personal property coverage. Much better than being stuck on the side of the road!
Pet coverage. We understand that pets are family, too. Pet coverage will help pay for the veterinary expenses if your dog or cat is injured or killed in a collision.
Ask About Discounts
When talking with an independent agent or comparing insurance companies, be sure to ask about discounts. Some ways to save on your premiums include:
Maintain a safe driving record. Installing a device or app that tracks your miles, driving behavior, and the time of day you drive can all demonstrate that you are a safe driver and could result in a noticeable discount.
Own a home. You’ll save on premiums if you own your house.
Package your policies. You get a discount when you bundle your home, auto, boat, motorcycle, or other policies with Safeco. Having just one bill is more convenient too.
Paid in full billing. By paying your bill at the start or renewal of the policy rather than monthly, you can reduce your premiums.
To learn more about getting the right coverage for your needs, give us a call today!
Reposted with permission from the original author, Safeco Insurance®.
Top image by Flickr user Satish Krishnamurthy used under Creative Commons Attribution-Sharealike 2.0 license. Image cropped and modified from original.
The Benefits of Buying Your Insurance Through a Local Agent Vs. Online
/in BlogSave Yourself Time
As we mentioned above, yes you could shop for insurance yourself through several of the top insurance carriers. But, what is your time worth? By shopping with a local insurance agent, we can do the shopping for you. Get 10 quotes or more at once! We’ll provide you many choices by shopping our top insurance carriers to find you the best coverage at an affordable price. In fact, many of our companies are likely the big ones you’ve heard of. If for any reason you want to change insurance carriers down the road, we can do that for you – you don’t need to change agents.
Get Professional Advice
Instead of guessing what coverage you might need, you can get professional advice by working with a local insurance agency. Since we specialize in this field, we can listen to your needs and find the right coverage that matches. We can also ensure you don’t have any gaps in coverage in the event you have an insurance claim.
Truly Understand The Coverage You Are Buying & Additional Coverage Options Available
Insurance can be complicated. We try to simplify the process. Not only do we want to help you understand your current insurance policy, but help if you are interested in different coverage options. Feel confident knowing you’re informed about exactly the coverages you have and what you might want to consider.
Score a Discount
Our licensed agents are discount detectives. Let them search for all the hidden discounts so you get the best rates and coverage for your money. We understand it is important you have affordable insurance coverage. That’s why we are constantly looking for ways to get you to qualify for a discount. If you are unhappy with your insurance plan at renewal, we can look at coverage options through other carriers to find the best fit for you.
Have a Relationship With Your Agent Vs. Calling an 800 number
We are a phone call or email away. By working with the same agency time and time again, we can help you with anything. From claims, to policy updates or questions, we strive to be a partner you trust and can rely on.
If you are in need of an insurance policy, call Secord Insurance. We can help you find affordable coverage for your auto, home or business. Get a free insurance quote today.
What to Consider When Choosing Auto Insurance
/in BlogCarrying a minimum amount of auto insurance is required by state laws, so you can’t legally drive without it. Yet while the minimum amount keeps your premiums lower, it can also put you at great risk if you have an accident. And after an accident is not the time to find out you’re underinsured.
When considering the amount and type of coverage you need, remember that numbers can be deceiving. For instance, carrying $100,000 of liability coverage may sound like a lot, and it is. But even that much likely won’t cover medical costs if you’re involved in an accident that causes serious injury, especially if multiple people are involved. When you consider medical bills, pain and suffering, lost wages, emotional distress, and residual pain and scarring, $100,000 doesn’t go very far. And without enough insurance, you would be required to pay the difference between your liability limits and actual costs of an accident.
The following are some important things to consider when shopping for auto insurance.
Cost isn’t everything. Don’t approach auto coverage like a commodity in which cost is the only factor. The amount you carry should be based on your lifestyle, earnings, how much and where you drive, your overall risk exposure, and other factors.
Personalize your search. We strongly suggest talking with an independent Safeco agent about your personal risk exposure. This helps ensure you get the most appropriate coverage for your life and your budget. Plus, it gives you a chance to ask an agent specific questions, and there’s no consultation fee.
Physical damage vs. liability. Physical damage coverage helps pay for repairs to your car following an accident or loss. Comprehensive physical damage coverage goes even further by covering damage to your vehicle that does not result from a car accident, such as if a tree falls on it. Liability coverage pays medical bills and property damage you may be held responsible for if you cause an accident that injures another person or damages their property.
When deciding which option is best for you, consider your budget, financial assets, and risk exposure and select the highest limits you can afford. This helps reduce your risk of having to pay for any costs above your limits in case of accident or liability.
Uninsured and underinisured coverage. Some states require drivers to have uninsured and underinsured motorist coverage to pay damages you are entitled to if damages exceed the at-fault driver’s limits. Even if it is not required where you live, adding it to your policy can maximize your protection for a relatively low cost.
Coverage Options
Understanding different policy options can help you get the best combination of coverage, value, and cost. The following are a few common, and valuable, options to consider.
Loan/lease gap coverage. With this optional coverage, if the unpaid loan or lease amount exceeds the value of your car after an accident, Safeco will cover the unpaid amount on the loan or lease minus what your car is actually worth today. If you were in an accident without this coverage, you would be responsible for the difference between the actual cash value and the unpaid loan balance.
New car replacement. If you have a new car, you may not have enough coverage to get an equivalent vehicle if your new car is totaled. New car replacement coverage will pay either the purchase price to replace the vehicle, the cost of a similar new vehicle, or the market value of the vehicle.
Roadside assistance and emergency expenses. Having roadside assistance and emergency expense coverages ensures you can get a tow truck, battery jump-start, tire changes, or even labor should your car break down. Emergency assistance covers transportation, lodging, and personal property coverage. Much better than being stuck on the side of the road!
Pet coverage. We understand that pets are family, too. Pet coverage will help pay for the veterinary expenses if your dog or cat is injured or killed in a collision.
Ask About Discounts
When talking with an independent agent or comparing insurance companies, be sure to ask about discounts. Some ways to save on your premiums include:
Maintain a safe driving record. Installing a device or app that tracks your miles, driving behavior, and the time of day you drive can all demonstrate that you are a safe driver and could result in a noticeable discount.
Own a home. You’ll save on premiums if you own your house.
Package your policies. You get a discount when you bundle your home, auto, boat, motorcycle, or other policies with Safeco. Having just one bill is more convenient too.
Paid in full billing. By paying your bill at the start or renewal of the policy rather than monthly, you can reduce your premiums.
To learn more about getting the right coverage for your needs, give us a call today!
Reposted with permission from the original author, Safeco Insurance®.
Top image by Flickr user Satish Krishnamurthy used under Creative Commons Attribution-Sharealike 2.0 license. Image cropped and modified from original.
What Holiday Gifts Should I Insure?
/in BlogIf you’re lucky enough to be the recipient of an expensive gift this holiday season, you may wonder if you need to insure that product. While your existing home or renters insurance policy already includes a certain amount of coverage for personal property, some items like jewelry and collectibles should have their own line of coverage called an endorsement or floater. Home insurance isn’t designed to cover special items, but is instead designed to provide coverage for day to day items that are easily replaced like clothes, appliances and furniture. If you have special jewelry or collectibles, consider a special policy or endorsement for these items.
Jewelry that you may want to have a floater or endorsement for can include:
Collectibles that you should consider insuring can include:
Other things to consider when insuring your jewelry or collectibles:
Keep an up-to-date appraisal.
Collectibles and fine jewelry can increase or decrease in value dramatically. The last time the economy turned down, collectibles took a big hit because people didn’t have the money to buy them and the market was flushed with people trying to sell them to make some extra money. Like the collectible market, fine metals like Gold, Silver and Platinum fluctuate daily so if you’ve gone years without getting a jewelry appraisal, you may want to revisit that.
What does insurance pay on the items you have when it comes to a claim settlement?
If you purchase a collectibles or jewelry endorsement it would be good to understand the differences in policy coverages. For instance, by selecting something called agreed value, you can ensure you get that amount of coverage. If you insure your rare Spider Man comic book for $4,500, if something happens to it and it is stolen or destroyed, you’ll get that $4,500 not the current value should it depreciate.
Most of the companies we represent allow these items to be scheduled right on your home or renters insurance policy. Call an agent today to see if you should add an endorsement for your special item. Enjoy the holidays and if we can answer anything for you about your home or auto insurance during this holiday season, please give us a call.