Happy Fall!
Oops, I'm a few days early but Fall IS coming, and did you know there are certain types of insurance claims that are more prevalent during the fall and early winter seasons? It's football season and time to enjoy the cooler temps and social events like tailgating.
If you're taking to the road to your favorite football game, drinking and driving can be one of the most expensive mistakes you can make, not to mention the legal, physical and emotional tolls. Do you know when you get a DUI, when it will show up on your insurance, how much to expect it to go up, and how long before it falls off your motor vehicle record (MVR)? With the rise in vehicle technology, insurers have to consider more complex claims issues, and electric vehicles are a prime area.
Electric vehicle (EV) owners haven't necessarily thought about the risk of using public charging stations. The software in these stations can transfer data in and out. This allows the potential of spreading malware TO an EV from the charging station. Cyber criminals have also been able to hack into electric vehicles, with the major results being data or privacy breaches. However the second most common issue is theft or break-ins from accessing the wireless key fob. Hackers have also been able to access third party applications that control music, door unlocking, and flashing headlights. It's a matter of time before someone takes control over the steering, brakes, and acceleration functions. So who's responsible for cyber risks and hacking? Have you been thinking about buying an electric vehicle (EV)? If so, you've also probably wondered if the insurance for an EV will be more than a comparable gas-powered vehicle.
So how does EV car insurance premiums compare to non-EV insurance premiums? According to a recent comparison study of EV vs. non-EV rates across low to high cost vehicles, on average, EV insurance costs about 25% more than its gas alternative. Why is that? Several reasons - generally: The number of high-tech safety features on new vehicles has mushroomed in the past few years. Here's a partial list:
Do insurers offer discounts for these newer auto safety features? Auto insurers typically give discounts for some safety features but they vary by company and state to state.
Also, some states require insurance carriers to give discounts for certain safety features. It's important to make sure your insurance company has the right model of your vehicle. Providing a vehicle identification number (VIN) assures the accurate information is transmitted to your company. What safety features might qualify for discounts? According to the AAA Foundation, 11% of car accidents are hit-and-runs - more common than you might think.
If you're a victim of a hit-and-run does insurance cover the accident? If the person at fault is found, his liability insurance should take care of the damage and any deductible. If the person can't be located or is found but doesn't have insurance, coverage falls on your insurance policy. Your standard/liability-only auto policy doesn't cover these accidents. Several options you've hopefully already added to your policy might help: Have you ever heard of the term "subrogation" when investigating insurance but really don't understand it?
It's a legal term that is more commonly applied to auto insurance claims, and you need to understand what it is in case you ever need to use it. So buckle up and let's dive into: 1) what auto insurance subrogation is; 2) when you should consider using it; and 3) when you should NOT use it. Can summer heat break your car windshield or windows?
Yes, especially with the hottest summer on record. One of my client's car windows had shatter cracks throughout the window, and had to be replaced. How does this happen? How often should you review your insurance policies?
At a minimum, evaluate them once a year prior to renewal to ensure they still meet your current needs and to take advantage of any potential cost savings. Plus, certain life events or changes in circumstances may require an immediate review of your policies. Examples of situations that may require a review of your insurance policies include: What do you do if your car is caught in a flash flood?
This is the season for rain storms, flash flooding, and suddenly finding your car in 6" or more of quickly rising water. It doesn't take much water to create a flash flood, especially in areas with overwhelmed storm drains, the first floor of parking decks, and in densely populated areas because buildings cause significant water runoff. What type of auto insurance do you need for flood damage? Here's what you should know. If you're taking to the road over the upcoming July 4th celebration period, drinking and driving can be one of the most expensive mistakes you can make.
When you get a DUI, do you know when it will show up on your insurance, how much to expect it to go up, and how long before it falls off your motor vehicle record (MVR)? Can you get a discount on your auto insurance for having an anti-theft device on your vehicle?
Because insurance companies recognize anti-theft devices reduce the incidence of stolen vehicle claims, they may give some discounts for them. Some states require insurers provide the discount if the devices are used. The amount of discount depends on the type of device. This can be confusing, but generally:
- all licensed drivers who live in the household must be included. - all non-resident licensed drivers who have access to the vehicles should be included. - if you have any unlicensed drivers with access to your vehicles, they must be disclosed. This can quickly become complicated, though, depending on whose name the vehicle is in vs. who's driving it vs. who has insurance on it. Are severe damage-producing storms headed your way?
Here are a few things you should do to prepare for any weather-related event that you may not think about doing until AFTER they happen: Did you know that insurance carriers have their own requirements for accepting driver's education coursework for awarding a discount on your auto insurance premium?
If you're looking for a driver's ed discount on your auto insurance, it's best to check with your independent insurance agent. He can review the requirements of your insurance carrier with you so you select a good match. Have young drivers and want to see which insurance carrier provides the best coverage and rates for your situation? Call me at 706-726-1446 for timely help! The summer travel season is underway, and it's important that you check your vehicle tires before leaving for a road trip.
Tire issues are a cause of hundreds of preventable automobile accidents and fatalities every year. Things to check and maintain include: When my neighbor's tree falls on my property, who pays for damage and tree removal?
This is a common question, but the answer depends on the circumstances. In general: If you live in Georgia and South Carolina, there is a good possibility that you could experience damage from a hurricane-related event.
What insurance do you need to cover water and wind damage? Depending on exactly where you live, a good plan could include a combination of insurance policies. Here are some essential tips to take BEFORE a hurricane comes your way: The end of May marks the end of the school year for teenagers, and they'll be looking for things to do during summer break.
Teen driving will be a common element whatever activities they choose, so you'll want to be certain they're insured...but how do you do that without breaking the bank since they're considered high-risk drivers? Here are 5 strategies that can potentially lower your auto insurance premiums if you have a teenage driver. Did you recently sell your house and will be moving your possessions? Does your current homeowners policy cover it or do you need additional insurance to cover your contents?
And, does it matter whether you hire movers or do the move yourself? If you've followed my posts, you know by now that insurance coverage might vary with insurers and state/federal laws. You may need to purchase an endorsement to your homeowners insurance policy or special moving insurance. Here are a few general tips to consider BEFORE you schedule your move: With Memorial Day holiday festivities coming up, it can be a challenge to find parking nearby an event...and even if you find a spot, it may be limited time parking.
Maybe the parking police won't notice I parked illegally, you think. But they did, and you were ticketed for the infraction. Will this affect your auto insurance premium? When you're deciding which insurance carrier to use for your coverage needs, typically policyholders prioritize cost-related factors.
There is one factor that is rarely researched that can have a significant financial impact: If your car has been deemed a total loss by your insurance company, there are steps you can take to maximize the actual cash value you receive for it.
Here are 3 tips to help you get the most out of your totaled car: When a vehicle is in an accident, the insurance company assesses the damage. How does the insurer quantify the damage and if a car is a total loss? The calculation may be a surprise to you. Here are the details:
|
AuthorDennis Lam Archives
February 2024
Categories
All
|