What is personal auto insurance?
Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance provides property, liability and medical coverage:
- Property coverage pays for damage to or theft of your car.
- Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
- Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you’re financing a car, your lender may also have requirements. Most auto policies are for six months to a year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium.
Should I have my home and auto insurance with the same company?
Absolutely YES! If you can package your home and auto together with the same insurance company you should do it. There could be significant cost savings involved, in addition to other benefits.
Do claims and tickets affect my insurance premiums?
Yes. Claims for homes and claims and violations for autos do make a difference in the rating of your policy. The impact depends on the severity of the claim and if you were at fault. Tickets and accidents will impact your premiums for a three-year period while major tickets such as DUI’s and careless driving can impact your rates for five years.
Is Business Insurance Tax Deductible?
Business insurance is tax deductible, as long as the coverage is for the purpose of operating a business, profession, or a trade. Businesses may not deduct their business insurance premiums if the coverage is for the purpose of a self-insurance reserve fund or a loss of earning insurance policy.
What is the difference between general liability and professional liability?
At a 10,000 foot view general liability is slips, trips and falls meaning bodily injury and/or property damage to a 3rd party. Professional liability is protecting your business against bad advice or guidance. Any time you give professional opinion, advice or guidance you are opening yourself up to a professional liability claim.
Should my small business have business income insurance?
Business income provides reimbursement for lost revenue after a covered insurance loss. For a company that does not have a physical address that is crucial to its business, such as a contractor, business income is probably not necessary. For store front or main street businesses, like a coffee shop, business income is a must.
When is an appraisal required on a classic car?
We typically do not require appraisals. If we need further documentation supporting a vehicle’s value, we will contact you during the underwriting process.
How do I insure my jewelry collection?
While nothing – not even jewelry insurance – can completely replace the sentimental value attached to a special piece of jewelry given to you by a loved one if it is ever lost or stolen, a good jewelry insurance policy can help you do the next best thing: repair or replace your jewelry should something unfortunate happen to it.
What makes a home historic or antique?
The most standard practice of discerning the scope of coverage and premium is having a specialized risk assessor visit the home. Typically homes built before 1945 will have some type of extended insurance, while homes built before 1900 will have a highly comprehensive package. However, individual cases are considered and judged by the assessor in question.
What is an Independent Insurance Agent?
What defines an Independent Insurance Agent is our ability to shop your insurance through multiple insurance companies. Our job is help you create the best coverage package to meet your needs and then go to the market and find the most competitively priced insurance company for those coverages.
Does changing my insurance company affect my credit score?
Changing your insurance carrier has NO effect on your credit score. You can change as often as you like and it makes no matter to your credit score.
I had a claim, now what?
We know that “stuff happens” and there will be the unfortunate instance where you will have a claim to report. The majority of our companies have 24/7 claim centers and we would first advise you to call your insurance company in which you had the claim and report it to an authorized representative. That being said, there are some advantages to calling our office to speak to us about your claim. Our dedicated agents can advise you on what the effects of filing your claim would be, and explain how the claims process works. Hopefully taking the headache out of what already is a painful process. If it is an emergency, you should call your insurance provider directly, to expedite the process.