Life can be unpredictable, and unexpected events can sometimes lead to big financial problems, even for careful and responsible people. While having basic insurance for your home, car, or rental property is essential, these policies might not cover everything. This is where an umbrella policy comes in handy, giving you extra protection when you need it most.
What is an Umbrella Policy?
An umbrella policy is extra insurance that goes beyond the limits of your regular policies. It acts like a safety net, covering costs that your standard insurance can’t handle. Think of it as an umbrella (extra insurance) that shields you from heavy rain (catastrophic claim). The coverage from an umbrella can be triggered by a claim on your home or auto policy.
Why Should You Get an Umbrella Policy?
Extra Coverage for Big Claims: Accidents can happen anytime, and they can be expensive. If you’re responsible for a serious car accident or someone gets hurt on your property, the injury costs might exceed your insurance limits. An umbrella policy covers those extra expenses, so you don’t have to pay out of pocket (up to the limit of the policy).
Protection Against Lawsuits: We live in a society where lawsuits are filed for all kinds of reasons. If someone sues you for defamation or because of an injury on your property, the legal fees and settlement costs can be overwhelming. Umbrella insurance helps cover these costs.
Protecting Your Assets: You’ve worked hard for your savings, investments, and property. Without an umbrella policy, a large claim could force you to sell assets or drain your savings. A judge could also order your wages to be garnished to pay a judgement.
Affordable Peace of Mind: Despite offering extensive coverage, an umbrella policy is very inexpensive and gives you additional discounts on your auto and home policies. Given the potential financial burden of a major claim, the cost of an umbrella policy is a small price to pay for significant peace of mind.
Real-Life Examples of Umbrella Policy Benefits
Imagine you’re in a car accident and found at fault. The total damage and medical bills exceed your auto insurance limits by $500,000. Without an umbrella policy, you would have to pay that amount yourself. If you have half a million dollars sitting around, wouldn’t you rather use it for you and your families benefit, instead of paying for a stranger’s injuries? With an umbrella policy, the extra costs are covered, protecting your finances (up to the policy limits).
In another scenario, if your dog bites a neighbor’s child, leading to high medical bills and a lawsuit, your homeowner’s insurance might not cover everything. If the settlement exceeds your policy limits, an umbrella policy would take care of the remaining amount, keeping your savings intact (up to the policy limits).
If you have a pool on your property and you don’t have an umbrella policy in place, get one immediately! There are so many ways that a guest can get hurt – this is a big exposure for risk.
Who Needs an Umbrella Policy?
While everyone can benefit from an umbrella policy, it’s especially important for people with significant assets, business owners, landlords, or anyone at a higher risk of being sued.
Want to learn more about umbrella policies? Contact us today! Share this post with friends and family to spread the word about the importance of extra insurance coverage. Follow us on social media for more tips on protecting your future!
We posted a blog about an umbrella insurance policy before, but since it’s been a few years, let’s review again.
In today’s world, insurance is a common aspect of financial planning. Most people have auto, home, and life insurance policies to safeguard their assets and loved ones against unexpected events. However, there’s one crucial type of coverage that often goes unnoticed but can prove to be a lifesaver in dire situations: umbrella insurance.
Picture this: You’re involved in a car accident that results in the tragic loss of life, and a jury awards the deceased’s family $900,000, factoring in the potential earnings of the victim. Or perhaps you’re helping a friend with some home improvement tasks when an accident occurs, leading to a severe injury that costs over $1.2 million in damages. These scenarios may seem improbable, but they highlight the harsh reality of personal liability claims.
This is where umbrella insurance comes into play. Essentially, it provides an additional layer of protection beyond the limits of your existing homeowner’s or auto insurance policies. With umbrella coverage, you can secure an extra $1 million or more in liability protection, shielding your assets and financial future from the potentially devastating impact of high jury awards.
Why might you need umbrella insurance? Consider this: if you have a job with significant earning potential or own assets that could be seized to satisfy a judgment, you’re at risk of facing substantial financial losses in the event of a lawsuit. An umbrella policy acts as a safety net, offering peace of mind knowing that you’re prepared for the unexpected.
Despite its extensive benefits, umbrella insurance is surprisingly affordable. The peace of mind it provides far outweighs the relatively low cost of premiums. If you need to use an umbrella policy, you are dealing with a catastrophic event! The possible financial losses can be mitigated with a simple umbrella policy.
So, do you need an umbrella policy? The answer is a resounding yes, especially if you want to ensure that your hard-earned assets and future earnings are shielded from the potentially devastating consequences of a personal liability claim.
Don’t wait until it’s too late—reach out to your insurance agent to learn more about how umbrella insurance can safeguard your financial well-being.
You’re driving on New Circle Road or downtown Lexington and you hit a pothole, a manhole cover, or something similar on the roadway.
BAM! Your car sustains subsequent damage; do you have any recourse with the Department of Transportation? Should you file a claim on your auto insurance for the damage to your tire/wheel/rim?
There are mechanisms in place to protect drivers from the potential negligence of government entities. In Kentucky, the Board of Claims helps to ensure that individuals who have suffered damages due to such negligence receive a thorough and impartial review of their claims.
It’s essential to understand the process when considering filing a claim with the Board of Claims. Anyone who believes they have suffered damages can initiate the process, seeking restitution. Whether it’s property damage, personal injury, or financial loss, the Board is here to provide a platform for resolution. This also applies to damage caused by the roads.
It’s also important to note that the Board of Claims considers various factors when evaluating a claim, including any compensation received from other sources, such as private insurance. This practice helps to ensure fairness and prevent double recovery for the same damages.
For those who may need assistance navigating the application process or require a paper copy of the claim form, reach out to the Board’s office at 502-782-8255 for support and guidance throughout the process. You can also check out their website at www.kyc.ky.gov.
However, if you aren’t successful going down this path, contact your insurance agent to discuss the coverage you may have on your policy to help with the damage. You may also be served by paying for the damages out of pocket. Check with your agent to find the right solution for you.
by RaeAnna Barstowon September 20, 2023 (Erie Insurance)
Looking for ways to save money on your insurance? You may be eligible for valuable discounts on your auto policy. We want to make sure you’re getting the best value for your dollar based on the coverage you and your family need.
That’s where a coverage review with your agent comes in. Are you driving less? Or are you adding more drivers? These are just a few things that can make you eligible for savings. Take a look at the list below to see if you might be eligible for any of these discounts1 (and then talk to your ERIE agent).
Find out if ERIE is right for you. A local agent will be in touch.
Your Window to Savings
Less is More. If you’re a claims-free driver and have the record to prove it, check out ERIE’s Diminishing Deductible2option available in the ERIE Auto Plus® endorsement.
Lock in Your Rate. Avoid insurance rate increases, even after a claim, with ERIE Rate Lock®.3 Your rates won’t change until you make certain changes to your auto insurance policy, like adding or removing a driver or changing your primary residence.
Everyone Deserves a Break. With First Accident Forgiveness, you won’t be penalized and get a surcharge the first time you’re at fault in an accident after you’ve been an ERIE Customer for three or more years.4
Customize for Your Needs. The higher your deductible, the lower your premium can be. You can adjust your deductible to fit your specific needs and budget (keep in mind some lenders stipulate how high a deductible can go).
The More the Merrier. If you insure multiple cars or have multiple policies with ERIE, there could be discounts available. Talk to your ERIE agent.
On the Road Again…or Not. If you plan to store your vehicle for 90 consecutive days or more, ERIE offers a reduced usage discount in most states.
Simply Say Safety. You may be able to save if your car has safety equipment like factory-installed air bags, anti-theft devices and anti-lock brakes (anti-lock discount not available in Kentucky).
Just Once. How about if you want to pay your annual premium (premium is just a fancy word for the price of insurance) in one lump sum? There’s a discount for paying in full up front.
Young Drivers. Unmarried drivers under 21 who reside with their parents may be eligible for additional savings on their car insurance.5
Savings Are Just a Conversation Away
Every penny counts – we get that! And that’s why we want to ensure you’re getting the best value for every dollar spent on your insurance. If you have questions regarding specific discounts or would like to see different pricing options, we encourage you to talk to your ERIE agent. After all, who doesn’t like to save a little money?
Savings percentages are over individually purchased policies when combined with life and/or personal catastrophe liability coverage policies. Discounts subject to eligibility criteria and rates and rules in effect at the time of purchase. See individual policies for specific coverage details. Certain terms and limitations may apply. Refer to our disclaimer for more information.
2Coverage must be purchased to be added to an auto policy. The deductible is reduced by $100 for each claims-free year that this policy has been in force, beginning with the first policy renewal period after this endorsement was added, up to a maximum reduction of $500. In New York, comprehensive deductible cannot be reduced to less than $50 and collision deductible cannot be reduced to less than $100.
3Rates subject to change if you add or remove a vehicle, add or remove a driver, or change your address or the location where an insured vehicle is principally parked. ERIE Rate Lock® does not guarantee continued insurance coverage. Not available in all states and referred to as ErieSelect in Maryland. Limited to three years in Virginia. Insured must meet applicable underwriting guidelines. Premium may change if you make a policy change. Refer to our disclaimer for more information.
4Available after policyholder has been insured with ERIE for three years and has been accident free for those first three years. Available immediately in North Carolina. In New York, First Accident Forgiveness is available immediately with ERIE RateProtectSM policy but applies to first paid claim, except for Roadside Service claim. Not available if Rate Protection Endorsement is chosen.
The thrill of the open road, the freedom of the highway – these are the things that make driving so exhilarating. Or maybe you’re just running your regular work/school/errands routes. But let’s be honest, life doesn’t always follow our perfectly planned routes. Sometimes, you find yourself stuck with a flat tire in the middle of nowhere, or your battery decides to call it quits during an unexpected downpour. That’s when your auto insurance policy’s secret weapon comes into play: Road Service.
In this blog post, we’ll discuss why it’s best to have road service as your backup plan, but also why you should aim never to use it. Buy AAA road service and use it instead if you can.
Road service is like that emergency tool you keep in your car’s trunk, just in case. It’s an additional feature of your auto insurance policy (if you have purchased it) designed to offer assistance when you’re in a bind on the road. Whether it’s a flat tire, a dead battery, or running out of fuel, road service is there to save the day.
Now, let’s explore why you should aim to keep your road service unused:
The most important reason NOT to use your insurance policy’s road service is it can affect your insurance rates and eligibility.Any time you a file claim for anything, it is counted against you as a claim. If you have too many claims, including road service claims, you can be ineligible for better rates with the premium insurance companies. A couple hundred dollars worth of road service claims over the course of a couple years can cost you way more in higher insurance rates.
Savings: While road service is undoubtedly a valuable addition to your insurance policy, using it means you’re dealing with a breakdown or emergency. Avoiding these situations altogether can save you both stress and potential out-of-pocket expenses.
Smooth Travels: Every driver wants a hassle-free journey. By taking proactive measures to maintain your vehicle, like regular maintenance and checking your tire pressure, you can significantly reduce the chances of needing road service.
Self-Reliance: There’s a sense of accomplishment that comes with resolving minor car troubles yourself. Learning basic car maintenance skills can empower you to handle common issues and reduce your dependence on road service.
Avoiding Emergencies: Sometimes, using road service means you’re in an emergency situation. By being a cautious and attentive driver, you can reduce the likelihood of these high-stress events.
While we encourage you to strive for a road service-free existence, there are situations when it’s entirely appropriate to call for help:
Safety First: Always prioritize your safety. If you’re in a dangerous location, such as a busy highway or inclement weather conditions, it’s better to use road service than to risk personal harm.
Lack of Knowledge: If you’re unfamiliar with basic vehicle repairs or don’t have the necessary tools, don’t hesitate to contact road service. It’s safer to leave it to the professionals.
Road service is a valuable resource, but it’s best left unused whenever possible. While you should have it in your back pocket as a safety net, strive for a trouble-free journey by taking care of your vehicle, practicing safe driving habits, and being prepared for unexpected situations. The goal is to enjoy the open road without ever having to dial that road service hotline.
In our fast-paced lives, it’s easy to overlook the importance of organizing our final documents, passwords, will, and other essential information. Humans don’t like thinking of their own mortality.
However, taking the time to gather and secure these vital assets is an act of profound responsibility and care for ourselves and our loved ones. In our agency, we have had several clients pass away in 2023 and have been working with their families to assist with making changes to insurance policies, cancelling coverage, and other pertinent details. This made me think about setting things up at my house for my family, to help them with concrete ways to facilitate my end of life. I hope I’m here for a very long time, but in just in case, I want to have everything organized and ready. Peace of mind for them and a smooth transition is very important to me.
Organizing your final documents empowers you to take control of your affairs, even beyond your lifetime. By compiling and maintaining a comprehensive record of your important information, you ensure that your wishes are known and respected. This includes your will, insurance policies, medical directives, and any other legally significant documents. Here are some proactive steps that grant you the power to shape your legacy and ensures that your desires are carried out precisely as you intended.
Losing a loved one is an emotionally challenging time, and navigating through their affairs can add unnecessary stress and complications. By organizing your final documents, you alleviate the burden on your family and friends, sparing them from the arduous task of searching for vital information and guessing your intentions. Your thoughtfulness will provide them with a roadmap to handle your affairs efficiently, allowing them to focus on healing and cherishing your memory. You don’t want your family to be fighting about the details or leave them unclear on how to carry out your wished.
Having all your final documents in order ensures that financial matters are dealt with swiftly and accurately. By centralizing information about your bank accounts, investments, debts, and assets, you enable your loved ones to handle your financial affairs effectively. This organization can save your family from potential legal and financial complexities that may arise due to inadequate documentation. It’s a responsible step that enables your beneficiaries to access the resources they need promptly. Put everything in a box or file folder that is easy for loved ones to find.
In today’s digital age, it’s equally important to consider the security of your digital presence. Compile a list of your online accounts, passwords, and important digital assets. Consider using a password manager or secure digital vault to store this sensitive information. By taking these precautions, you protect your digital legacy, prevent unauthorized access to your accounts, and simplify the process of digital asset management for your loved ones.
Organizing your medical information and directives is vital to ensure that your healthcare wishes are honored. Compile a document that includes your medical history, any existing conditions or allergies, and instructions regarding medical interventions or treatments. Share this information with your healthcare providers and loved ones. By doing so, you ensure that your health-related preferences are respected, particularly if you become unable to communicate or make decisions independently.
Taking the time to organize your final documents, passwords, will, and other essential information is an act of love and consideration for yourself and your loved ones. Don’t delay any longer—start organizing your final documents today to secure a better tomorrow for yourself and those you care about. Find the professionals to help and spend a few dollars if needed!
As an insurance agent, my goal is to protect individuals and their assets from potential risks. With the upcoming festive season, one hazard that deserves special attention is fireworks. While fireworks are beautiful and a traditional part of many celebrations, it is crucial to understand the potential dangers they pose. In this blog post, I aim to shed light on the risks associated with fireworks and provide practical tips for a safe and enjoyable celebration.
Personal Injury Risks
Fireworks are essentially explosives, and mishandling them can lead to severe personal injuries. Burns, lacerations, and eye injuries are some of the most common firework-related accidents. Even seemingly harmless sparklers can reach temperatures exceeding 1,200 degrees Fahrenheit, which is hotter than the melting point of some metals. It is essential to exercise caution when handling any type of fireworks to prevent accidents and the subsequent medical expenses.
Property Damage
Fireworks not only pose a risk to individuals but also to their property. Accidental fires can result from improper use, such as setting off fireworks too close to buildings, trees, or other flammable materials. The financial burden of repairing or rebuilding damaged property can be significant, making it crucial to minimize the risk of fireworks-related incidents.
Legal Consequences
Aside from the physical dangers, the use of fireworks can also have legal implications. Many areas have specific laws and regulations regarding the use of fireworks, and violating these rules can result in hefty fines or legal penalties. It is essential to familiarize yourself with local regulations and restrictions before purchasing or using fireworks to avoid legal consequences that may impact your finances.
Tips for Celebrating Safely
Attend Professional Fireworks Displays: Instead of organizing your own fireworks show, consider attending a professional display organized by trained experts who take all necessary safety precautions, such as the city’s display downtown.
Respect Local Laws: Familiarize yourself with local laws and regulations regarding fireworks. Always purchase fireworks from authorized sellers and follow usage guidelines.
Keep a Safe Distance: Ensure there is ample space between fireworks and any nearby structures, trees, or people. A minimum distance of 30 meters (100 feet) is generally recommended.
Never Relight a Dud: If a firework fails to ignite or fully discharge, do not attempt to relight it. Wait at least 20 minutes and then soak it in water before disposing of it properly.
Protective Gear: When handling fireworks, wear protective eyewear and avoid loose or flammable clothing. Keep a bucket of water, a fire extinguisher, or a hose nearby in case of emergencies.
Children and Pets: Keep children and pets at a safe distance from fireworks, as they may not understand the risks involved. It may be best to keep pets indoors! Supervision is crucial to ensure their safety.
sparklers
While fireworks can add excitement and wonder to celebrations, it is essential to prioritize safety. By following safety guidelines, being aware of local laws, and making informed decisions, you can enjoy a festive occasion without putting yourself, your loved ones, or your property at unnecessary risk.
Remember, a few minutes of precaution can save you from weeks or even months of regret. Celebrate responsibly, and have a safe and memorable time!
Hey there, insurance seekers! Today, we’re diving into the marvelous world of independent insurance agents (like yours truly).
These unsung heroes of the insurance industry possess powers and quirks that make them a cut above the rest, especially when compared to their captive counterparts. So buckle up and prepare for a wild ride through the world of independent insurance agents!
The Power of Choice:
Picture this: You’re stranded on an insurance island, surrounded by a sea of policies. But fear not! Your trusty independent insurance agent swoops in like a superhero, armed with an impressive array of insurance options. Unlike captive agents (like State Farm or Kentucky Farm Bureau for example) who are confined to a single insurance company, these independent daredevils have the power to compare and contrast policies from multiple carriers. They’ll help you navigate the murky waters of insurance jargon, ensuring you find the perfect policy at the right price.
A Sense of Adventure:
If you’ve ever had the pleasure of interacting with an independent insurance agent, you know they’re far from boring. These daring individuals inject excitement and humor into the world of insurance. Who knew discussing policy deductibles could be so entertaining? With their infectious enthusiasm and quick wit, they’ll have you laughing your way to coverage like never before. Or at least feeling like you have some options!
The Sherlock Holmes of Policies:
Ever feel like finding the right insurance policy is akin to solving a mind-bending puzzle? That’s where your friendly neighborhood independent insurance agent comes in! They possess an uncanny ability to investigate your unique needs and tailor a policy just for you. Armed with their magnifying glass and a vast knowledge of the insurance landscape, they’ll uncover every nook and cranny of your coverage requirements. With their trusty deductive reasoning and penchant for detail, you’ll feel like you have an insurance detective on your side.
Personal Connection Experts:
One of the greatest assets of independent insurance agents is their ability to forge genuine connections with their clients. They don’t see you as just another policyholder; they see you as a unique individual with hopes, dreams, and a few quirks of your own. These charming agents take the time to understand your personal circumstances, enabling them to provide personalized advice and recommendations. Plus, they’re always up for a friendly chat, ensuring your insurance interactions are as enjoyable as they can be.
Your Insurance Sidekick:
Superheroes often have sidekicks who help them in their quests, and the same goes for independent insurance agents. Their sidekick? Unbiased advice! These heroes are not beholden to any specific insurance company, so you can rest assured that their recommendations are based solely on your best interests. It’s like having a trusty sidekick who always has your back, ensuring you get the coverage you need without any ulterior motives.
So, the next time you’re on the hunt for insurance, remember that independent insurance agents are here to save the day with their superpowers of choice, adventure, investigation, personal connection, and unbiased advice. They’re the heroes you never knew you needed, armed with knowledge to make your insurance journey a delightfully memorable one. Well, as delightful as insurance can be!
Until next time, insurance enthusiasts, stay covered and keep smiling!
Insurance rates can increase for several reasons, including:
Increased Risk: Insurance companies base their rates on the amount of risk they are taking on. If the risk of insuring you has increased, then your rates may go up. For example, if you’ve been in an accident, filed multiple claims, or have a poor driving record, your risk level may have gone up.
Inflation: Inflation can cause insurance rates to increase over time. As the cost of goods and services goes up, insurance companies may need to charge more to keep up with the increasing costs. This is a big factor in insurance rates right now. Buckle up! This trend is continuing for the foreseeable future.
Changes in Coverage: If you’ve made changes to your policy, such as adding additional coverage or decreasing your deductible, your rates may increase to reflect these changes.
Market Conditions: Insurance rates can be affected by market conditions, such as the supply and demand of insurance products, the cost of reinsurance, and the overall health of the insurance industry. All of these items are big factors in higher insurance rates right now.
Legal and Regulatory Changes: Changes in laws or regulations can also impact insurance rates. For example, if a state mandates that all drivers carry higher levels of liability insurance, rates may go up to reflect the increased coverage.
If you’re concerned about your insurance rates, you may want to speak with your insurance provider to better understand why your rates have increased and if there are any steps you can take to lower them. Maybe you can save a few dollars and spend the savings on the kids!
But as you give your Erie Insurance agent a call to add the new car to your car insurance policy, you realize their office is closed for the day. Now what? Can you drive your new ride home; or do you need to wait until Monday?
Is My New Car Insured if I Buy it on the Weekend?
If you’re a current ERIE customer, you’ll be happy to know that your new car will be automatically insured – even if you buy it on a Saturday or Sunday. Here’s how your coverage rollover works under a few different scenarios:
Replacing an old car. Your current auto policy doesn’t just vanish when you trade in your old vehicle. As long as your new vehicle is titled in your name, your coverage will carry over, for a period of time as described below, when you buy a new vehicle of the same type.
Buying an additional car. If you’re buying an additional vehicle, or just decided not to sell or trade your old car just yet, your newly purchased car will still be covered. In this case, it will be insured, for a period of time as described below, with the broadest coverage purchased on any vehicle on your ERIE policy for your household.
How Much Car Insurance Coverage Will I Have on My New Vehicle?
When we roll over your auto insurance to a new vehicle, we provide the broadest coverage purchased on any vehicle on your ERIE policy for your household.
Here’s an example: Let’s say you, your spouse and your teenage son are all on the same ERIE policy. Your spouse’s newer SUV is covered with high limits and multiple endorsements. However, you opted not to get all the bells and whistles on your teenage son’s old, high-mileage clunker. When you buy a new car, the broadest coverage – in this example, what’s on your spouse’s SUV – is what will temporarily apply to your new ride.
Are There Any Instances Where Coverage Rollover Does Not Apply?
As explained above, your auto insurance will almost always roll over to your new vehicle. However, there are a few exceptions you should know about.
Not all your cars are insured by ERIE. If you own one or more private passenger vehicles that are not insured with ERIE, then your car insurance from ERIE will not automatically roll over. In this situation, you should always call your ERIE agent in advance to add the new car to your policy before driving home.
You buy a motorcycle or RV. ERIE’s car insurance coverage rollover only applies for vehicles of the same type. That means if you already have a car insured with ERIE and you’re buying a new car, the coverage rollover applies. But if you’re buying a first-time motorcycle or RV, your auto coverage won’t roll over since you’re buying a different type of vehicle. (Read more about insurance for miscellaneous vehicles.)
What if the Dealer Needs to Verify My Insurance Coverage?
When buying a new car, the dealer may require you to verify your insurance coverage before handing over the keys. You can access your ID card directly2 from your online account or ERIE mobile app, or your local ERIE agent will be happy to verify your coverage.
How Long Do You Have to Report Your New Car?
If you’re actively car shopping, it’s smart to talk to your agent ahead of time. If you’re looking at a specific make and model – say, a certain zippy hybrid or a four-wheel-drive pickup – your agent can help you estimate what you’ll pay in premium and suggest ways to save.
When you do buy a new car, remember to report any changes promptly to your ERIE agent – preferably the next business day. But if you forget, don’t stress: You’ve got wiggle room. Your ERIE agent can help you personalize your policy with coverage that might make sense for your new vehicle.
In general, here’s how things work with three common types of coverage:
Liability coverage: Let us know about your new vehicle before the end of your policy period. If you buy your new vehicle within 30 days of the end of your policy, just make sure you report it to us within 60 days after acquisition, purchase or lease.
Comprehensive and collision coverage: When these coverages roll over from your existing policy, the lowest deductible applies. If you didn’t have comprehensive and collision on your old car, the coverages will apply, subject to a $500 deductible. However, the coverages will end seven days after you acquire, purchase or lease the vehicle or when you report the vehicle to us, whichever comes first.
What Information Do I Need to Report a New Vehicle?
Have this information on hand to report your new car to your insurance agent:
Make, model and year
Expected annual mileage
General usage information (such as how far you drive – for work or pleasure)
Vehicle identification number (VIN)
Titling and lienholder information
Will My Insurance Go Up When I Buy a New Car?
You could see some changes to your insurance premiums when you buy a new car. Remember: What you pay on your auto insurance bill depends largely on two factors: what you drive and how you drive.
Safer cars do a better job protecting the people inside them. Purchasing a vehicle with safety features like car alarms and anti-theft tracking devices can lower your premium, too.
It’s true: A new car depreciates the moment you drive it off the lot. That means if your car gets totaled, you could be in a tough spot if the value of your car is less than what you still owe on your car loan.
Good news: There’s a smart way to protect your investment. Talk to your local ERIE agent about adding the Auto Security coverage endorsement1 to your ERIE auto policy for a few extra dollars per month.
Buying a used car? The endorsement also offers “better vehicle replacement” for older vehicles.
We’ve Got You Covered
There’s nothing quite like the feeling of taking home a new car. Whether you’re buying your first set of used wheels or moving up to your first brand new ride, we’re here to offer protection and service for your pride and joy.
If you are sitting at a red light and are rear ended, I’m pretty sure you are going to have an opinion of who is at fault in that accident! It’s pretty cut and dried – not much room for interpretation. But did you know that if you are injured in this accident, the first $10,000 of your injuries will be paid through an insurance claim with YOUR insurance company. Why is that?
Kentucky’s “no-fault” law, officially known as the Motor Vehicle Reparations Act (MVRA), is a type of car insurance system that requires drivers to carry personal injury protection (PIP) coverage. This coverage provides benefits regardless of who caused the accident, which means that each driver’s insurance company pays for their own medical expenses and lost wages resulting from the accident, up to the limits of their PIP coverage.
Under the no-fault system, drivers can only sue the other driver for damages that exceed their PIP coverage, such as pain and suffering, permanent injury, or disfigurement. In order to pursue these types of damages, the injured party must meet certain legal thresholds, such as having medical expenses that exceed a certain amount or having suffered a serious injury. As you can see, it has nothing to do with damage to your car.
Overall, the no-fault system is designed to streamline the claims process and reduce the number of lawsuits resulting from car accidents. However, it can also limit the ability of injured parties to recover full compensation for their damages, particularly if their injuries are not severe enough to meet the legal thresholds required for a lawsuit.
When it comes to purchasing insurance, there are two types of agents you can work with – independent insurance agents and captive agents. While both types of agents can help you find the coverage you need, there are some key differences between the two that can affect your insurance experience. We’ll explore the differences between independent insurance agents and captive agents and explain why choosing an independent agent can be a positive choice for you.
Captive agents are agents who work exclusively for one insurance company. They can only offer you policies from that company, which means you may not have access to other options that could better fit your needs or budget. Captive agents often receive training and support from the insurance company they work for, which can help them provide a consistent experience to customers. However, their ability to offer customized solutions is often limited. Think of State Farm or Allstate in this category.
On the other hand, independent insurance agents work with multiple insurance companies. They can provide you with a range of policy options from different carriers, giving you more flexibility and choice. Independent agents are not beholden to any one company, which means they can recommend policies based solely on what’s best for you. This can be particularly useful if you have unique coverage needs or a challenging claims history. Independent agents are also often better equipped to find discounts and cost-saving options because of their access to multiple carriers.
Another benefit of working with an independent agent is that they can provide more personalized service. Since they are not working for a specific company, they are free to focus on building long-term relationships with their clients. This means they can take the time to understand your individual needs, answer your questions, and provide ongoing support.
Kris Castle
All insurance agents are also licensed and regulated by the state, which means they must adhere to strict ethical and professional standards.
While both independent and captive agents can help you find the coverage you need, I think there are distinct advantages to working with an independent agent. That’s not surprising, is it? Independent agents offer more choice, personalized service, and objective advice. They can also help you save money and provide peace of mind. So, if you’re in the market for insurance, consider working with an independent agent to get the coverage you need and the service you deserve.
As a parent, buying your teenager a car is a big decision! It’s a major purchase and it’s important to make sure you make the right choice.
Teens in car
Here’s what you need to know before taking the plunge.
Consider your budget. How much can you afford to spend? New cars are expensive, but you can often get a good deal on a used car. Consider the cost of insurance, gas, and maintenance.
Think about safety. Look into crash ratings and make sure the car you choose has as many safety features as you can afford. You may also want to look into cars that offer additional driver-assist technologies like blind spot monitoring and automatic emergency braking. Unfortunately, the chances are very high that this car will be in an accident, so keep that in mind.
Consider practicality. Does it get good gas mileage? Is it reliable?
Talk to your teenager. Ask them what kind of car they would like and let them help you in the shopping process. It’s important to involve them in the decision-making process and make sure the car you choose meets their needs. If possible, have them contribute financially to the car purchase.
Take your time. Don’t rush into a decision. Research your options and make sure you’re getting the best deal.
It’s also important to consider insurance premiums when buying your teenager a car. Insurance companies typically charge higher premiums for teenage drivers due to their inexperience and higher risk of accidents. Make sure to shop around for the best rates and look into common discounts such as good student discounts and multi-car discounts.
Make sure to do your research, talk to your teenager, and shop around for the best insurance rates. With a little work, you can find the perfect car for your teenager that is safe, reliable, and fits within your budget.
Driving while videoing, or more commonly known as “distracted driving,” is a growing problem on the roads. It refers to any activity that diverts the driver’s attention away from the road, such as using a cellphone, eating, or applying makeup.
In recent years, video recording while driving has become a popular trend among social media users, but it comes with serious risks and legal consequences.
According to the National Highway Traffic Safety Administration (NHTSA), distracted driving caused 2,841 deaths in 2018, which is a 12.4% increase from the previous year.
Additionally, the NHTSA reports that in 2019, 3,142 people were killed in motor vehicle crashes involving distracted drivers. Video recording while driving can contribute to these statistics by creating more distractions for the driver, making it more challenging to react to potential hazards on the road.
Car Accident
Video recording while driving also poses a significant risk to other drivers, passengers, and pedestrians. It diverts the driver’s attention from the road and can cause them to miss important traffic signals or signs, resulting in accidents. Additionally, drivers who are video recording may drive erratically or drift out of their lanes, creating further hazards for those around them.
Legal ramifications of driving while videoing vary by state, but most have strict laws in place to discourage it. In many states, it is illegal to use a phone while driving, including for video recording purposes. In some states, video recording while driving is considered a primary offense, meaning that police can pull over drivers who they see doing it. Offenders may face fines, points on their driving record, or even have their licenses suspended.
In some cases, video recording while driving can also result in criminal charges. If the driver causes an accident that results in injury or death, they may be charged with reckless driving, vehicular manslaughter, or other criminal offenses.
Think about this – you’ve just given attorneys recorded evidence that can be used against you. The severity of the charges will depend on the circumstances of the accident, including whether the driver was intoxicated or violating other traffic laws.
In conclusion, video recording while driving is a dangerous practice that can lead to accidents, injuries, and even death. You may think that you are fine, you are keeping your eyes on the road and that it’s no big deal. However, you are fooling yourself. Pull over and take the 60 seconds to record your message or content while you are safely stopped.
It is important for drivers to remain focused on the road and avoid any activities that can distract them while driving. Furthermore, obeying traffic laws and regulations is essential to keep everyone safe and prevent legal repercussions. Remember, no video or social media post is worth risking lives on the road.
Comprehensive insurance is a type of car insurance that provides coverage for a range of damages that can occur to your vehicle that are not the result of a collision. This type of coverage is often referred to as “other than collision” coverage, and it can protect you against a wide range of risks.
Here are some of the most common types of damages that comprehensive insurance can cover:
Damage from natural disasters: Comprehensive insurance can cover damages to your vehicle caused by natural disasters such as tornadoes, earthquakes, hailstorms, floods, and wildfires.
Theft or vandalism: Comprehensive insurance can cover the cost of repairs or replacement if your car is stolen or vandalized. This includes damage to your car’s exterior, interior, and any personal items left inside the vehicle.
Animal damage: Comprehensive insurance can cover damages to your car caused by animals such as deer, elk, moose, or other wildlife.
Falling objects: Comprehensive insurance can cover damages caused by falling objects such as tree branches, rocks, or debris.
Glass damage: Comprehensive insurance can cover the cost of repairing or replacing broken windows or windshields.
Damage from civil disturbances: Comprehensive insurance can cover damages caused by civil disturbances such as riots or civil unrest.
Miscellaneous damages: Comprehensive insurance can cover other types of damages that are not related to collisions or accidents, such as damage from a fire or explosion.
It’s important to note that comprehensive insurance coverage may have limits, deductibles, and exclusions. It’s essential to review your policy carefully and understand what is and isn’t covered. Additionally, comprehensive insurance coverage is often optional, so it’s up to you to decide whether you want this coverage as part of your car insurance policy.
Comprehensive insurance provides protection for your vehicle against a wide range of damages that can occur that are not related to a collision or accident. By understanding what comprehensive insurance covers, you can make an informed decision about whether this coverage is right for you.
Since this topic is one of our most popular, I thought I would repost and add more information to this blog. Keep reading to find out when you have to add your youthful driver to your auto policy.
When do you have to add your teenager to your auto insurance policy?
This is a question I get asked all the time and I have heard all kinds of wrong answers. Let’s talk about it!
Most insurance companies require that all people that live at your address and have a driver’s license are added to your policy or can show proof that they have a policy of their own. This includes your children.
In Kentucky, a teenager can get a beginner’s permit at 16 years of age. This permit requires that a legal parent or guardian is in the car with them at all times and they must keep a log of hours driven, including night-time hours. You are not required to add them to you policy during this stage.
After these basic licensing requirements have been met, a youthful driver can get their intermediate permit. This doesn’t require a parent to ride along and there are some time restrictions that must be followed.
IT IS AT THIS TIME YOU MUST ADD THEM TO YOUR POLICY.
Your rates will definitely go up, but you don’t want to put yourself in a position where a carrier won’t pay a claim because the driver wasn’t added or to have your auto insurance be canceled because you didn’t have your new driver added.
There are some insurance agents that will tell you not to worry about adding your teen driver. They have “permissive use” and are automatically covered on your policy. I would ask to see this in the policy documents, in writing!
As I always recommend, be sure to discuss any changes in your household with your insurance agent so they can make sure you have the proper coverage in place to keep you protected. You don’t want to find out after an accident or claim that you don’t have the proper insurance for all the drivers in your household.
Like your mom used to tell you, if it seems to good to be true, it probably is. It will be expensive to add your teen driver to your policy, but not as expensive as a claim that isn’t covered or a subsequent lawsuit.
Don’t take chances with something as important as coverage for your kids. Since kids between the ages of 16 and 19 years old are the most likely of all drivers on the road to be in an auto accident, you want to be sure you are planning for that day. You’ll be worried about them being hurt and about replacing or repairing their vehicle. Make sure you have peace of mind about your auto insurance.
Here are some helpful websites you can visit for more information, as well as the link for the original post.
There are many personal elements that factor into your insurance rates – such as your driving and claims history, as well as the type of vehicle you drive, but there are other factors that are outside your control and affect all car owners.
Here is a list of the main reasons auto insurance is high as we begin 2023.
Pricey Technology
All the fancy safety features, such as lane assist, cameras, and sensors on your car help keep us safe, but repairing or replacing these parts due to an accident or insurance claim can be expensive. For example, instead of just replacing the glass for a windshield claim, auto body shops also have to adjust and calibrate sensors and possibly cameras. This increases the labor costs for this repair.
Vehicle Parts
Prices are up by more than 10% this year for car parts. Not only are they more expensive, but it is taking weeks and in some cases months to get the needed parts in stock. When an insurance company has to pay for a rental car for weeks and weeks instead of several days in many cases, that is extra cost for a claim.
Repair Costs
We have all heard of issues with the supply chain. While this is running smoother than in 2020, there are still issues. Labor costs have risen over 20% this year too, which makes repairs so much more expensive.
Vehicle Prices
Did you know that prices of used vehicles jumped more than 27% in 2021? New vehicle prices were up more than 14%. While those prices seem to be leveling out a little bit, we are still seeing high costs to acquire a new (or new to you) vehicle.
Inflation
The Consumer Price Index has risen several percentage points. That means we are all paying more for the same goods and services. You are feeling this in all aspects of your family budget.
Labor Shortages
A decline in available auto repair techs and mechanics is a challenge. Shops are having difficulty hiring new talent that has the skills needed for repairs.
Health Costs
With car accidents come injuries and that affects your insurance rates too. The high cost of health care is passed along to the insurance consumer too.
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At Castle Insurance, we are here to help you understand your auto insurance and provide personalized discounts and other ways you can save.
Do I really need to think about insurance during the holiday season? I am already so busy and being pulled in lots of different directions! I don’t like to think about insurance on a normal day, much less in December!
I am right there with you! My to-do list is ever-growing.
However, Merry Christmas can become Miserable Christmas quickly.
Here is a short and easy list of things to remember during this time.
1. Are you purchasing any jewelry this holiday season? If so, be sure you contact your insurance agent, especially if it’s an expensive piece. Engagement ring? Special bracelet? The value of the item may push it out of range for the basic coverage on your homeowner’s policy or your renter’s policy. Quickly email your agent with a description of the piece and the valuation and find out if it needs to be scheduled on your policy separately. Do this as soon as you buy it, just in case.
2. DO NOT LEAVE VALUABLES IN YOUR CAR. Whether your car is parked in the mall parking lot or your driveway, be sure you remove everything from your car that could be attractive to thieves. Remind guests at your home to do the same. A smash and grab can happen so quickly! You would hate to have to replace the items stolen AND file an insurance claim.
Breaking into Vehicle
3. Be aware of extra fire risks. Lots of people use more candles, light fires, etc. at this time of year. Extinguish anything burning before you leave the house. Pay attention to curtains, pillows, extra blankets, the Christmas tree skirt and coats.
House Fire
4. Slip and falls accidents are a real hazard with the icy weather and more guests visiting your home or business. Keep up with ice/snow removal and assist guests or family members as needed.
Home in Winter
5. Your furry family members disguised as dogs might need some special attention this time of year too. Extra people in the house and lots of excitement can put pressure on your dog and cause them to behave in ways that are outside of their norm. Dog bites are one of the top homeowner’s claims so be aware of how your pet is dealing with the fun and put them safely away.
Scared Dog
A couple of extra minutes to ensure your home, vehicle and family members are safe can keep your holiday season merry.
With the current uncertain economy, inflation, and rising costs on everything from cars to dinners out, many families are looking for ways to save money.
If you could save money in your monthly or annual budget for your insurance policies, what could you use that money for?
A fun family summer activity?
An extra date night out?
A little padding in your savings account?
A donation to a charity or organization that you support?
You may think that you have to wait until your current policy expires or renews, but for most personal insurance policies, you can move your insurance to another agency or insurance carrier at any time.
There are some benefits to staying with your current carrier and your current insurance agent. There may also be benefits to shopping around during these difficult financial times. I’d recommend you stay with your current carrier if you’re happy with your service and the savings are minimal to switch.
Also, after getting a couple of quotes, you may find that your current rate is fair and similar to what another carrier would charge. Maybe you don’t want or need to move your policies. Hopefully you have a great agent that provides education and advice on your policies, and you are willing to pay for their expertise.
Of course, you may find that you can obtain a better rate, without cutting your coverages or benefits You can make an informed decision about where to place your insurance coverage. You’ll want to be sure the quotes you receive aren’t increasing your deductibles or cutting liability limits without your knowledge. But all things being equal, sometimes change is good!
Look for an insurance carrier or agency that is out in the community and has a local agent you can call or visit if you need help. No matter what your insurance premiums are, if you have a claim, you want to speak to a live person that knows you and your family and can advocate on your behalf.
After doing your homework, sit back and relax. You’ve got this!
Boat insurance is an insurance policy that covers the boat, its equipment and accessories, personal property on the boat as well as liability for injuries you may cause others while boating. You can also purchase coverage for your own injuries sustained while boating, if someone causes injuries and doesn’t have the proper insurance coverage.
Boats are exposed to many risks such as theft, fire, vandalism, collision with other vessels or objects on land or water. Boat insurance can cover these risks and also provides coverage for other liabilities related to the boat.
The most common types of boat insurance are: hull and machinery coverage (covers the cost of repairs due to a collision or other covered loss), liability coverage (covers damages to other people’s property), and medical payments coverage (covers medical expenses to passengers).
You can purchase tow service, removal from the water service, fishing equipment and other coverages. You can also choose to insure your trailer.
Some factors the go into the pricing of your boat policy include:
Size and power of your motor
Replacement value of the boat
Where you store the boat (at your residence, in a locked storage facility, etc.)
The number of years of boating experience you have, as well as any watercraft safety classes you may have taken in the last few years
Most boat insurance policies are purchased for a specific period of time, such as six months or one year.
Some discounts you may qualify for include:
Homeowner
Boating experience and safety classes
Paying the premium in full
Multi-policy
Be sure you have an onboard safety plan, life jackets, fire extinguishers and other safety equipment before you leave the dock!
Check out more safety tips at https://www.safeboatingcouncil.org.
Confer with your insurance agent to be sure you have the coverage you need and want for your summer toy!
