Celebrating a birthday, adding to your family, making a new purchase or adopting a pet are all wonderful milestones in life. To keep these as positive additions, you’ll want to be sure to openly communicate with your insurance agent so you can alert him or her to any of these milestones. Why? Because even some of the most unexpected scenarios can impact your insurance policies. For all the things in life you hold dear, you don’t want to risk them being hurt or damaged without insurance to help make things right.
Take a look at 9 milestones that can impact your insurance and what you should do to keep your belongings and loved ones safe.
Yes, your birthday matters when it comes to the cost of your insurance! For car insurance, drivers around 25 or younger will pay a higher premium as they are still considered “young drivers.” Usually your rate will go down a little at a time as you age into adulthood. There are some possible discounts that you can age into for car insurance, so be sure to ask! For life insurance, age most often works against you. The older you become, the more your premiums will rise. Make sure you always have your insurance agent factor in your current age into all of your policies.
Marriage or Divorce
Marriage is a great thing, and insurance is just one more way you’ll benefit from tying the knot. Commonly your car insurance will be significantly reduced with marriage. You will merge your previously two policies into just one, even if you’re still driving two cars. In divorce, the opposite is true. You’ll return back to single policies at a higher cost per car.
Birth or Adoption
If you’re expecting a new bundle of joy, be sure to include your insurance agent on that birth announcement – or at least have a discussion with him or her as to how it could change the type and amount of insurance you have. You may wish to have a life insurance policy on your child. You may also wish to increase your own life insurance, now with an extra dependent. Finally, your car insurance and health insurance will likely change due to the new addition to your family. Be sure to bring this to the attention of your insurance agent so there are no surprises later!
Getting or Losing a License
Having a child get their learner’s permit or license is something that you should always tell your insurance agent. Sometimes they are required to be listed on the policy at time of permit & sometimes at time of license. Be sure to check with your agent to find out which it is. On the flip side, loss of a license due to health or incidents, is also something that your agent would need to know so that you are properly covered.
Believe it or not, even the addition of a furry friend could trigger a change in your insurance policies. By increasing the chance of a house guest being injured by a pet, or the pet destroying part of your home, your home owners’ policy may need to account for the additional risk. If you don’t update your policy to accurately reflect the addition of a pet, your existing policy may not cover any of the associated damages or costs.
A significant change in career could result in a change to your insurance policies. First, your life insurance policy could be impacted by the safety of your new job. If there is a greater risk of injury or death, you’ll want to be sure to update your insurance agent. Additionally, if your job requires a change in commute time or work location, your car insurance premium could go up or down.
New or Renovated Home
Purchasing a new home is an obvious reason to update your home owners insurance, but many people forget to update their policy when they complete renovation work. For example, finishing your basement will increase your livable square-footage and impact your policy. Also, enhancing your house with security features could lower your premium. Additionally, when moving to a new home and a new neighborhood, your car insurance could be impacted by the change in location. If you’re moving from an urban area into a suburban or rural area, your premium may be lower.
A new car will certainly impact your car insurance. Without talking to your agent, it is difficult to know whether your rate will go up or down. Getting a car with enhanced safety features compared to your old car can result in a lower premium. On the chance you purchased a sports car or some other type of vehicle deemed to be less safe, your premium may be affected in the other direction. Any car with a loan requires collision & comprehensive coverage. So if you purchase with a loan, make sure you are thinking about paying for these coverages as well. Alerting your insurance agent of your new purchase is unavoidable as your aren’t likely able to drive your new car without a policy for this specific vehicle.
Addition of a Boat, RV, Motorcycle, etc.
Some people may choose to purchase a recreational vehicle, boat or motorcycle. You should (and in many cases, must) insure these items. Upon purchase, you’ll want to have an immediate conversation with your insurance agent about obtaining proper insurance before you take these items out on the road or water.
Have you recently experienced one or more of these milestones in the last 12 months? It would be worth a discussion with your insurance agent to review your best options for coverage!
Insurance is meant to be your safety net should life throw you a curve ball. Not many of us have the disposable income to purchase a new home, a new car or replace all of our belonging if they got damaged. This is why it’s so important to have insurance to cover you in the event of a loss. However, having too little insurance or not the right insurance could cost you big. Take a look at these four insurance mistakes and be sure to avoid making them!
#1. Buying only the minimum
Most states set a legal limit to the minimum amount of insurance you must have, particularly for cars. Don’t make the mistake of buying only the minimum! Sure, it might save you a few bucks now, but it will certainly cost you big in the event of an accident. Most often, this minimum insurance will cover the other driver and their car, but will not fully recover the damage to your vehicle. You will be forced to pay out of pocket or fulfill a high deductible to fix or replace your vehicle. If you rely on transportation to get to your job, run errands and anything else, think about how this could impact your finances – and your life!
#2. Not seeking out discounts
Always be sure to ask your insurance agent about possible discounts or money saving tips. Some companies will reward safe drivers or offer a diminishing deductible after a certain length of time. If you consider yourself to be safe and responsible, there is likely a discount program that will reward you for that! Ask and do your research to be sure you aren’t leaving money on the table.
#3. Selecting a deductible that is too high or too low
Let’s talk about deductibles. It’s important to pick a deductible level that fits your finances. How much money could you reasonably pay out of pocket at any time to fix damage to your home, car or personal belongings? Setting a high deductible will often reduce your monthly premium, but if you cannot fulfil it in the event of an accident, it really won’t do you any good. On the flip side, don’t set your deductible too low, either. You will likely see your monthly premium increase as a result and you may go years without ever needing to take advantage of it.
#4. Shopping by price alone
Finally and most importantly, be sure to consider more than just the price of your insurance policy. Look for online reviews of an insurance company or ask someone you know who has worked with them before to gauge their professionalism and customer service. The cheapest coverage may save you some money right now, but if their customer service is substandard, this will most certainly cause you headaches and frustration in the long-run.
Have you personally experienced any of this mistakes or maybe another one we didn’t mention? Share your thoughts by leaving a comment!
4 Signs You Need to Break Up with Your Insurance Agent
February is a month to focus on love. However, it’s likely there are some things you may not “love” about your current insurance agent right now. If a lack of customer service, rising prices or poor communication have you feeling frustrated, it just might be time to break up the bad relationship. Here are 4 tell-tale signs that you and your current insurance agent need to “start seeing other people.”
They are unresponsive.
You call and email but never seem to get a timely response to your questions. This is a big problem! In case of an emergency, you may need information quickly. If you can’t count on your insurance agent to respond to your questions in a reasonable amount of time, this isn’t a sustainable relationship. Your insurance agent should be easy to reach and quick to reply. A good agency will have customer service line that you can reach outside of business hours, should disaster strike late at night or on the weekend.
Prices continually increase, but quality service declines.
Have you found that the price of your premiums increase with every passing year for the exact same coverage? Sure, increases may be needed to adjust to inflation & increased claim costs, however this shouldn’t be the case every renewal. Customer service is really important when it comes to your policy as agents can’t always control costs, but they can offer you any available discounts & make sure your policies still match what your family needs. If you find that you’re paying more for worsening customer service and coverage, it’s time to get out there and shop around!
They don’t follow through.
When your insurance agent says they are going to do something, you want to be able to trust that they will follow through. In any business, you are only as good as your word. When it comes to insurance, it can be a major problem if your agent fails to make sure your paperwork is properly submitted and your billing is up to date. Should their forgetfulness cause you to lose coverage, this is more than just a headache, it could be a big financial problem for you, too.
You are not their priority.
If you get a sense that you are anything but top priority for your current insurance agent, it’s time to starting looking for an agent who will put you first. The safety and security of your family and assets should be their foremost concern, not just making money off of your business!
What other reasons have you found to be a sign to “break up” with your insurance agent? Share your experience by commenting below!
Whether we are excited about it or not, winter weather is rolling in which means icy and snowy conditions on the roads. Just as you winterize your home and your wardrobe, you should also take special care to winterize your car so that it functions safely and efficiently. Take a look at these six tips for keeping your car running smoothly this winter season!
Clean all debris from your vehicle
Start by clearing dead leaves and debris from your windshield, engine, tires and tailpipe. This ensures you have complete visibility and creates clear and open channels so that your car can function as it is designed.
Install wipers and tires made specifically to handle winter weather
Winter wipers are equipped with rubber to prevent ice from collecting on the blade. Winter tires provide better traction because of their special compound to resist hardening in cold temperatures. If you live in an area that regularly dips below freezing, it’s a smart idea to swap out your regular wipers and tires for something made to handle extremely cold temperatures.
Pack a winter emergency kit
You may not want to think about your car breaking down and leaving you stranded in the cold, but in case the worst should happen you will be glad you packed an emergency kit. Include items like a coat, gloves, blanket, matches, flashlight, car tool kit, jumper cables, non-perishable food, water and a first aid kit. All of these items will be immensely useful while you wait for help to arrive.
Keep your gas tank half full
Many people don’t think about the importance of keeping gas in the tank during the winter months. These can help to prevent a gas line freeze ups in extreme cold. Also, if you are ever left stranded, the gas in your tank might be the only thing keeping you warm. Don’t run on empty, especially in the winter!
Check tire pressure
Most cars will let you know when you tire pressure drops, but don’t rely on that little light. The next time you fill up your gas tank, check your tire pressure to be sure they are at their optimal level. As the air gets colder, you can expect your tire pressure to drop, meaning you will need to check it more regularly in the winter.
Service your vehicle regularly
Finally, be sure your car receives the service it needs to run efficiently. Many people wait until the last minute to get an oil change or check out why the service light is blinking. This is especially dangerous to do in winter because this could result in you being stranded in bone-chilling temps. Give your car a check-up as soon as there is a chill in the air to be sure all fluids, belts, hoses, wires and batteries are in full working order.
Keep your family safe this season by following these tips to prepare your car for winter weather!
If you need assistance in preparing your vehicle for winter or if you need other mechanical services, please contact Kreitzer’s Automotive Services at 717-732-3556. They are located at 2385 Wertz Lane in Enola, PA 17025 or visit their website here.
6 Things You Probably Didn’t Know Could Be Covered by Insurance
When you purchase insurance for your home, automobile, life or anything else, you likely have a good understanding of the most obvious things you expect the policy to cover. But did you know that there are a ton of other scenarios that may also be included under your insurance plans?
It’s important to keep in mind that each insurance company and each policy they offer vary, so check with your insurance agent or policy to verify your coverage!
In case life should throw you a curve ball, there’s a lot of value in being informed of your insurance policies so you can fully utilize your coverage. Here’s a look at six things you probably didn’t know could be covered by insurance.
Food spoilage in freezers and refrigerators due to loss of power
If your home should lose power for a prolonged period of time, causing your freezer or refrigerator to turn off and get warm, you will likely have to toss the food you had stored in there. Depending upon your homeowner insurance policy, you could be eligible for a reimbursement to cover this loss. This could be especially important for homeowners who have a freezer chest or spare refrigerator in which they store steaks or bulk food.
Temporary repairs to your home
If your home should get hit by a storm or sustain some other type of damage, such as a tree falling on your roof, you will likely need to make immediate, temporary repairs to avoid further damage to your home. Most property insurance policies provide a reimbursement of a certain
amount to put towards temporary repairs to protect property from further loss, such as tarping the roof or parts of your home. When in doubt, protect your home, but don’t take risks to yourself in the process, hire a contractor to do the work that’s dangerous or specialized.
Identity theft expenses
We live in a day and age where identify theft is a daily threat to our finances, credit and private information. Many people are unaware that some insurance companies offer Identity Theft Expense Coverage, which for about $30/year, covers expenses related to identity theft, such as taking time off work, attorney’s fees and credit repair and monitoring services.
Loss of wages after an auto accident
If injuries from a car accident cause you to miss work, your car insurance may be able to help get back some or all of the lost wages. This benefit is part of personal injury protection, which covers injuries for you and your passengers regardless of who caused the crash. Note, personal injury protection is only required in 12 states, so make sure you check with your insurance agent!
If your dog bites someone and causes injury, your homeowner policy may cover that person’s medical expenses (even if the bite didn’t happen on your property). A lot of policies will also pay for legal expenses, if that injury results in a lawsuit.
Personal vehicle rental
Most national auto insurance companies extend your coverage on your best covered vehicle to any personal vehicle you rent for personal use in the US, at no extra cost. (Note: Smaller local or regional insurance companies don’t offer this outside of the state(s) they work in.) Credit card companies may also offer some coverage if using their card for the rental. Keep in mind that insurance companies are strict about personal vehicles for personal use. So if you are renting a car for commercial use, or if you are renting a U-Haul or dump truck, your personal auto policy most likely won’t extend coverage to it.
Again, we must emphasize that each insurance company and each policy they offer vary, so check with your insurance agent or policy to verify your coverage!
What insurance benefit did you find most surprising? Share your thoughts or ask a question by commenting below!
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Call (717) 732-3556 to schedule your next service appointment. Visit kreitzersautomotive.com for more details and information.