When it's Time to Talk

It happens. The time comes when we look at our parents or siblings or family friends and realize that maybe they shouldn't be driving anymore.

How do you approach the subject? Giving up driving is giving up independence. That has to be a tremendously difficult decision to come to. Unfortunately, to protect both our loved ones and the public, the day may come when we'll have to have "The Talk".

Hartford offers an excellent guide to opening this painful discussion. If you would like us to email you a pdf version of the guide, please call today, or email us at info@weinsurepayson.com.

We are offering general information and opinions. Talk to your insurance professional for questions and concerns about your insurance policy.

 

Big News for Smart Phone Users

BIG NEWS!! 

Effective August 2nd, Arizona law will allow you to present a picture of your auto insurance identification card on your SMART PHONE as acceptable proof of auto insurance. Of course, it's much easier on everyone if you just avoid getting pulled over. We are offering general information and opinions. Talk to your insurance professional for questions and concerns about your insurance policy.

Auto Insurance for the Under-25 Crowd

Just because you're under 25 doesn't mean you have to get your insurance from a cartoon character.

There are some big names in insurance who will write a preferred policy for a younger driver who has 3 years of driving experience. Some companies will consider your parent's policy as prior insurance, as long as you were listed as a driver.

The benefit to having a preferred policy with a bigger insurance company is the fact that a bigger company can meet your changing needs. When you rent that nice apartment that requires renter's insurance, you may be able to place that with the same company and get a discount on both policies. Getting married? Starting a family? Moving across the country? Look for a company that can address your changing coverage requirements.

An independent agent can help you find the right company for where you are now...and where you plan to go. Can a cartoon help you with that?


We are offering general information and opinions. Talk to your insurance professional for questions and concerns about your insurance policy.

 

Resolution Time

We're already into the second week of the new year. Amazing.

Do you make New Year Resolutions? There are the usual ones: eat healthier, exercise more, stick to my budget, get organized, call Mom more often...everybody thinks of that kind of resolution. How about a New Years Resolution for your financial well-being? Here are some ideas:

1. Meet with your insurance agent for a review of your policies. How long has it been? Things change. Are you getting your discounts? Are you still insuring a car you sold last year? It happens all the time. Sit down for a review. You may be paying for coverage you don't need, and skipping something you do need.
2. Make an appointment with a financial planner. Are you on track for your long-term and short-term financial goals? Could you realign your investments and improve your portfolio?
3. Take a careful look at your spending. What can go? How can you simplify? Are you saving enough?
4. Have you been attending to your home's maintenance? Many losses can be prevented by keeping your home well-maintained. That loose board on the front step could be the one that breaks an ankle.
5. Read. Yes, I know: it isn't a thrilling read. Read your insurance policy. Read your prospectus. Anything you don't understand, ask! Professionals are here to help. We can translate those abstruse paragraphs into English for you.

We are here to help you. It is important that you understand your insurance policy. You need to know what the conditions and exclusions are. A good example is a job delivering pizza. Your auto insurance might not cover you while you have that sign on the roof of your car. What about having a trampoline? Lots of families have trampolines, and many insurance companies exclude them. So if your child's friend gets hurt on the trampoline, YOU could be responsible for their medical bills. Find out for sure. There can be exclusions for pets and/or livestock, business activities and much more, depending on the policy.

We are offering general information and opinions. Talk to your insurance professional for questions and concerns about your insurance policy.

Auto Insurance 101

Should insurance coverage change for an older car?

We hear that question every week. The answer is, "No for some parts, and maybe for others." Sounds like a vague answer, doesn't it? For a complete answer, let's talk about the parts of your coverage.

First is liability insurance. This is the part of your policy that pays for damages and injuries for which you are legally responsible. This is the part that is required by law. How much liability insurance do you need? Ask yourself, how much do you have to protect?

The value of your own vehicle doesn't have anything to do with how much liability insurance you need, really. If you hurt someone or damage their car in an accident, it doesn't matter how old your car is. You want to make sure you have enough liability insurance to pay the damages you caused. If you don't have enough, their insurance company and their lawyers are not likely to just say, "Oh, that's ok. Never mind." They are going to want to collect the money from you somehow.

The same is true for uninsured and underinsured motorist. (read more about that coverage here) That is protection for you and your passengers.You aren't protecting the value of your car, you are protecting yourself and your loved ones.

Physical damage is the place you need to look to decide if you should lower your coverage. If your car is totalled in an accident, for example, could you afford to replace it? You need to seriously consider how much you could afford to spend to get your car repaired or replaced. If it is an extra vehicle in your household that you wouldn't replace at all, then maybe you don't want comprehensive or collsion coverage. But what if your car, whatever its age, is your only transportation? If you couldn't readily come up with the money for another car, it's a good idea to keep that physical damage coverage in place.

Let's talk about deductible. You know, of course, that the higher deductible you choose, the lower your premium. There are two ways you can look at deductibles. Find out how much you save with a higher deductible and then figure out how many years you would have to go without an accident to have saved any money. Many people would rather pay a little more each month, and have to come up with less money out of pocket if they did have an accident. Or you can think of a deductible as a bet: "I bet I won't have a loss of any kind, so I will save the money now and take my chances on paying more out of my pocket for a claim."

Liability claims are an unknown possibility. How bad might an accident be? What if you hurt more than one person? Worse, what if someone dies in an accident you caused? What if you cause an accident that damages a very expensive car, a fancy motorhome or even causes a pile-up? You have to insure for a worst-case scenario there. Physical damage of your own car is a known risk. "My car is worth $5000 so that is the most I would be out if it were damaged or stolen." That kind of risk you can anticipate.

Insurance is all about risk. It's about choosing the risks you want to take and the recognizing the ones you can't afford to take. You are the only one who can assess what risks you want to take. We are here to advise you and show you the options you have. But ultimately, YOU are in the driver's seat. (Pun intended!)

Drive safely out there. And always...if you have questions or concerns, come talk to a licensed professional.



We are offering general information and opinions. Talk to your insurance professional for questions and concerns about your insurance policy.

Classics

One of my favorite kinds of insurance policies to write is for a classic car. Not only do I get to see pictures of really fun, cool cars, I get to spend a little time talking to clients about something they're passionate about. I love the animation and excitement in their eyes when they tell me about their 'baby'.

I don't know much about cars, but I know joy when I see it. It doesn't matter if I'm a motorhead; I enjoy my client's enthusiasm for their car hobby. Most classic car owners love their car and are happy to get a policy for it that understands what makes a classic car so cool...and still charges a great premium. Most auto policies offer actual cash value coverage. A policy designed for a classic car covers the car for a specified or agreed amount. That is a world of difference if your classic is restored, modified or just a pristine example.

Here's one classic you might see around town, with thanks to the owner for letting me post "her" picture here.

We are offering general information and opinions. Talk to your insurance professional for questions and concerns about your insurance policy.

Time. Where does it go?

If you are anything like me, you stay busy.  Not intentionally, but with stuff. Life stuff. Kid stuff. Spouse and Parents stuff. But, stuff molds us, and often creates happiness in our life.

So here is some Insurance Stuff that will make you think about your own stuff.

I want you to think about your Auto insurance today.  TV commercials are bombarding you for their attention about how to get cheaper insurance.  But if you're like me, I ask, "What's the catch?"  Go with what you know.  And here is a list of Top 10 items you need to know when you go shopping for auto insurance.

1. Know your privacy rights

2. Find your current policy for pertinent information (drivers, vehicles, limits, etc.)

3. Vehicle Identification No's (VIN)

4. Birth dates and Driver License numbers of all household drivers

5. Ask your agent about Bodily Injury/Property Damage (BI/PD) limits. State limits are convenient and may provide lower premiums; but in the event of an accident, if you don't have enough coverage, then you are financially responsible.

6. Driving history and claims can directly affect rates

7. Comprehensive with Full Glass Coverage is a great incentive to many buyers. My advice, don't abuse it, it's still a claim.  Yes, a Glass Claim.  This feature to a policy is not a maintenance program, and glass can cost several hundred dollars to replace. As mentioned in #6 - Claims can and do affect rates. 

8. Ask for Electronic Funds Transfer (EFT) and Paperless Billing Delivery (ebills) for additional discounts.  We all are looking for ways to save a few dollars.

9. Students: Grades will reward you! Even in the insurance world.  Good Grades = $ Saved

10. "Know what to do when involved in an accident."  Many companies offer Accident Scene Information Tips to keep in your vehicle glove compartment.  You will probably forget to obtain some information that will be pertinent to an accident.  These checklists are helpful when you are distracted.

I hope you learned something new, and maybe you'll even share this with a friend. If so, then I hope this Insurance Stuff has made it less stressful.

Uninsured Motorist Coverage and Underinsured Motorist Coverage

This is a question I hear very often: "Arizona requires that drivers have insurance; why do I need to insure an uninsured driver?" The answer is simple: you aren't! You are protecting yourself, not them.

In Arizona, Un/Underinsured Motorist coverage pays for YOUR injuries, or YOUR PASSENGER'S injuries, if you are hit by someone without insurance or without enough insurance. It has to be their fault. It does not pay for damage to your car. Just covers your injuries.

Why do you need this coverage when the state requires that drivers have insurance?

What if the other driver didn't pay their insurance bill and the policy cancelled? Or if they stole the car they just hit you with? What if they are a hit-and-run driver? That is considered an uninsured motorist, too. I am sorry to tell you that there are a lot of people driving without insurance in force.

Underinsured Motorist pays for injuries after the other person's insurance is exhausted. Once again, it has to be the other driver's fault. State minimum is $15,000 per person and $30,000 for the entire accident for bodily injuries. Suppose the at-fault driver causes a pile-up of several cars, maybe 6 people injured. That could potentially mean each injured person would get $5,000 of their medical bills paid. Five thousand. How much does a trip in the ambulance cost these days? Maybe it is only your one vehicle, but you have three passengers. Now you might get $7500. 

Many people feel comfortable rejecting Un/Underinsured Motorist Coverage because they have health insurance. That can be a perfectly logical and reasonable decision. Don't discount what Un/Underinsured Motorist Coverage would mean for your passengers who may not have the health insurance you do. And consider what your co-pays, deductibles and other expenses not covered by health insurance might be.

In a perfect world, every driver would have adequate liability limits, an active policy and excellent driving skills. Until that perfect world arrives, talk to your insurance agent about uninsured/underinsured motorist coverage.

Trish


We are offering general information and opinions. Talk to your insurance professional for questions and concerns about your insurance policy.