Auto Insurance Breaks

Personal Auto Insurance underwriters look at a number of factors when deciding who fits into the low-risk category.

They weigh factors such as a policyholder's driving record and claims history. It helps if an insured's record is spotless. That means no accidents, claims, or citations for moving violations. Insurance companies also look at the driver's age (or in some states, the driver's years of experience) and location of their residence.

How a car is used also impacts pricing. A policyholder who takes public transportation to the office and gets behind the wheel only on the weekends typically gets a lower premium than an insured who drives 40 miles to and from work every day.

There are also other underwriting considerations. We would be delighted to discuss them with you, upon your request.

Renters Protection

The couple stood way back watching with horror as the fire consumed their apartment. The horror was compounded by the fact that they had no insurance coverage -- a common oversight among renters. For some reason, many renters don't purchase the Homeowners insurance designed for renters, maybe because "Homeowners" is misleading.

Except for the actual building, renters have the same exposures as home, townhouse, and condominium owners. Their risks include personal property, injured guests, liability for acts on the premises, and additional living expenses when their unit is rendered unlivable. Those are the basic coverages of a Homeowners policy, and the renter's premiums are much less expensive because the building needs no coverage.

Insurance wont make it easier for the couple as they watch the fire, but it sure will help them face the morning after.

Contact our office with questions about renter's insurance, or any other topic.

College Student Coverage

Another summer has rapidly come and is almost gone, and with fall comes the start of another school year. We'd like to address a few school-related issues that frequently come up in conversations.

A common concern for parents with kids away at college is the coverage of the student’s personal property. Any personal property belonging to the student is covered under your homeowner policy, provided the child is under the age of 24 and is a full-time student.

College students going to a school more than 100 miles from home who do not have a car at school also are provided considerable discounts on an auto policy. Please let us know if this situation applies to you.

For students who do have a car at school, it is important to remind them not to allow their friends to drive their car. In the case of an accident while your son or daughters friend is behind the wheel, coverage may not be granted because the named insured did not give permission to the person driving the vehicle.

We'd be glad to respond further to this or any other area in which you have questions.  Please feel free to contact our office at your convenience.

Teen Drivers and Liability Claims

In 2010, a number of insurance industry trade journals reported that former professional wrestler Hulk Hogan sued his insurance agent for failure to advise him of the availability and cost of personal umbrella liability insurance. This resulted from a serious car accident that his son was involved in for which his auto liability limit of $250,000 was not sufficient for injuries to a passenger.

This potentially important coverage supplements your auto and personal liability insurance with limits available for $1 million to $10 million. The cost of this generally begins at $150 per year.

Policyholders with teenage drivers might be especially vulnerable to the effects of a serious accident. They have higher accident frequencies which might result in a costly liability claim.

Contact our office with questions about this topic or any insurance questions you may have.

Call 614-459-6500 and ask for Dan or Ken.

Which Insurance Claims Should You File?

Most insurance companies use a national database called a CLUE report. CLUE, which stands for Comprehensive Loss Underwriting Exchange, is used by insurers to compute your risk profile.

Frequent claims recorded on your CLUE report can affect your rates with your current insurer or make it more difficult to obtain affordable rates from a new insurer. Some states have passed laws prohibiting insurers from reporting mere inquiries that don't result in a claim payment.

Because of the CLUE database we recommend that all claims be reported to our office first. We may advise you not to file a property or auto claim which barely exceeds your deductible. Liability claims should always be settled by your insurance carrier.

Contact our office with any questions about your risk profile, or any insurance needs.

Call 614-459-6500 and ask for Dan or Ken.

Do You Own Precious Items?

Most of us own jewelry, watches, furs, silver, or other collectibles such as Hummels or art work. Unless we specifically insure them under a schedule, our Homeowners insurance might not be adequate to cover them when they are lost or damaged.

Scheduling these precious items is not expensive. We add them to your policy with a current appraisal or other acceptable valuation.

Also, if you have such items already scheduled but your appraisals are more than three to five years old, they probably need updating badly.

Please contact us to discuss this important facet of your insurance program.

Call our office at 614-459-6500 and ask for Dan or Ken.

Traveling this Summer? Be Prepared!

The summer travel season is upon us. We always receive some common questions regarding personal risk management related to travel.

Typically your homeowner policy provides adequate coverage for your personal property in transit as long as you are comfortable with your deductible amount. Mysterious disappearance isn't always covered, and your unscheduled valuables such as jewelry and watches may not be covered in full.

Your auto insurance policy covers you while operating a car in the U.S., Canada, and territories belonging to the U.S. Usage in Mexico and elsewhere isn't covered. Check with us if necessary regarding coverage application for rental cars regardless of where used.

Finally, trip cancellation insurance is available at a 4% rate to reimburse you for prepaid, nonrefundable expenses lost due to certain events.

Contact our office with any questions you might have. Call 614-459-6500 and ask for Dan or Ken.