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? If you experienced a significant home loss due to a weather disaster as many have in the last several months, how well could you document your property and contents to the insurance company in filing a claim?
The last thing you need is the added stress of trying to list out a detailed inventory after the fact. Before disaster strikes, take these 5 easy steps to create a detailed and comprehensive inventory of your home and possessions: You know the importance of insuring the big-ticket items in your home like jewelry, collectibles, firearms, and art, but what about other things that can add up too?
Here's a quick rundown of high-end household items that might slip your mind when it comes to insurance: Damage from hurricanes can include some or all of the following:
The coverage of standard homeowners policies can vary significantly, but in general: Insurers are tightening their standards and restrictions so before you call to file a homeowners insurance claim and have it denied, ask yourself these questions:
- Do you know specifically what your policy covers/excludes? - Was the damage from a sudden, acute circumstance or from a chronic issue over time? - Have you taken photos/videos to document the damage? - Have you spoken with your insurance agent to get his guidance on how you should proceed? It's very important you have this information BEFORE you contact your insurance company about the damage. Let's take an example: Numbers of reports indicate that:
· 66% (2 out of 3) of homes in the US are under-insured · 12/6% (1 in 8) motorists have NO insurance at all Why does this happen? In some cases, people can't afford that amount of insurance premium, opt for a lower amount, and take the risk of nothing happening to need it. BUT in many cases, people don't regularly review their policies. They fail to realize over time their policy coverage doesn't keep up with rising replacement costs and inflation. What are the consequences of being underinsured? Here are 3 examples: This is one of those endorsements to your homeowner's insurance that you may not think about until AFTER you need it.
This coverage covers all utility line damage that occurs on your property, including electrical, water, sewer, phone, and cable lines. These lines can be damaged by various factors like: 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: Fact or fiction: Car tires melt in extreme heat? .... If you said fiction, give yourself a star.
And what about this one: Very high temperatures can cause tire pressure to increase so much it can cause your tire to explode? .... That's a fact. While we're used to being continually hot in the South during the summer months, this year's unprecedented temperatures have brought new meaning to "hot." And that brings up potential situations you should be aware of regarding driving in extreme heat that you haven't really had reason to be concerned about in the past. Here are 7 must-know facts to help you remain safe while driving in this summer's sweltering sun: 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. Many insurance policy holders are getting a big surprise when they receive their upcoming renewal notices.
The news in a nutshell? Losses on the part of insurance companies are finally being seen in premium increases in renewal notices... AND as important, if not more so: insurance companies are also pulling out of certain states or disallowing new and policy renewal approvals. Why the sudden action on the part of carriers? Should you shop online for insurance?
It's definitely fast and convenient, but it can cost you in the long run when it comes to insurance coverage. There is so much more to know today about insurance. As insurance carriers have expanded their options, so has the complication of decision-making. Choosing your own insurance online is risky because you don't know what you don't know. Floods, wild fires, tornadoes, hail, wind storms - all weather events that can wreak quick havoc and destruction to your home, vehicles, and other personal property.
Many times these weather events are unexpected and happen without much time to prepare. Instead of getting caught off guard, prepare for weather events before they happen. What do you need to do to be as prepared as possible? Here are several things to do that you may not have thought of that will be extremely helpful in these situations. It's that time of year when students head off to college. Does your homeowner's insurance cover your child's property while there?
If he is staying in a dorm or school-affiliated housing, generally speaking your coverage will extend to him but there may be restrictions. If he is staying off-campus in non-school housing, your coverage may likely not carry over. Other coverage requirements will vary among insurance carriers, with common examples being: 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? With baseball season in full swing, an interesting insurance question that comes up is who is responsible for damages from a baseball hitting a spectator or a vehicle outside the park?
Or, what about damages from errant golf/hockey shots, auto racing accidents, and other sporting events? Generally speaking, the past 5 or so decades of case law has ruled that: Do you own motorized vehicles other than autos like golf carts, boats, motorcycles, or ATVs?
Insuring these can be very different from regular autos: Why should you use an INDEPENDENT insurance agent rather than a captive agent?
A captive agent represents only one insurance provider, like State Farm. An independent agent has access to numbers of insurance providers and has more options to offer clients. Advantages of using an independent agent include: Are you SURE your homeowners insurance covers all you need in light of current inflation?
You might be surprised at how many people are underinsured to begin with, much less adding in the cost of inflation to that. With the significant rise in construction costs over the past several years, your homeowners policy may not have enough coverage in case your home is damaged or destroyed. Even if you have an extra inflation protection endorsement, it may not be enough to cover the difference between the inflation factor and your coverage. As an independent insurance agent, I have numbers of companies to help you ensure adequate coverage at the best possible rates. Call me today at 706-726-1446 for a comprehensive review and quote. 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: In the age of online everything, you can get an insurance quote without a "middle-man." So why do you need an insurance agent, especially when you can instantly access a chatbot to answer your questions?
Simply put, if you decide to go solo, you'll face a variety of headaches when (not if) you must invoke your policy in claim situations and pray you chose the right coverage to prevent a financial catastrophe. A great insurance agent is priceless in partnering with you to provide personalized guidance for this critical type of financial protection. So what should you consider in deciding which insurance expert to place your trust in? Here are 7 factors to finding a great match: 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. Happy Independence Day!
As you celebrate our country's freedom, I hope you have a memorable day in a good way. Outdoor activities - swimming, picnicing, boating, grilling, fireworks - can all create great holiday memories but unfortunately, accidents do occur. Please make a conscious effort to exercise safety precautions and enjoy a fun, accident-free day. Wondering if your insurance covers unexpected injuries from these activities? Call me at 706-726-1446 for a comprehensive review of your policies. |
AuthorDennis Lam Archives
May 2024
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