Factors That Influence the Cost of Auto Insurance - Otto Larson Interviewed by MoneyGeek

Partner Otto Larson

Car insurance rates vary based on many factors such as age, driving record, credit score, your state and vehicle type. Each insurer also weighs these factors differently when calculating rates. In an interview with MoneyGeek, Partner Otto Larson explained why costs can change based on what state you live in and why your insurance rates may be higher than the average.

“Insurance laws vary from state to state, and insurance companies will file their rates based on their loss experience in each state compared to their overall book of business,” Otto commented. “Factors such as population, geography, age and usage will determine the base rates filed for each carrier and can vary greatly from state to state.”

Otto said that the reason your rates may be higher is because the carrier you are insured with could have an overall population of customers who have had less than desirable loss experience. “Individual factors such as speeding tickets, accidents, age of drivers in the household, credit score, vehicle cost and performance can also affect the pricing of insurance coverage,” he added.

Read the full story here.

Carinsurance.com Interviews Myles Trempe on Advantages of Getting Car Insurance Through an Independent Agent

Producer Myles Trempe

If you’re driving a car, you need auto insurance, so it makes sense that you want to get the best price for your coverage. But you may question whether it’s cheaper to purchase a policy online or through an independent agent. In an interview with Carinsurance.com, Producer Myles Trempe explained the pros of working with an agent.

“An independent insurance agent works with multiple carriers, so they can compare pricing and find the best cost and coverage options for your needs,” Myles commented.

When asked if it’s cheaper to purchase insurance directly from an insurance company, Myles said: “It doesn’t necessarily cost more or less to get car insurance through an agent, online, or directly from an insurance company. The cost will vary from person to person based on a range of factors like age, type of car, credit-based insurance score and past claims.”

Read the full story here.

What Happens to the Lien If a Car is Totaled? - Deece Catanzaro Interviewed by Carinsurance.com

Producer Deece Catanzaro

When you finance a car, a lien is established, which serves as a claim to your vehicle and is used as collateral if payments are not made. Generally, when you finance a car, you make monthly payments to the entity holding the lien. This lien safeguards the lender, empowering them to reclaim the vehicle if you default on payments. But what happens to the lien if a car is totaled and insurance has to step in?

In an interview with Carinsurance.com, Producer Deece Catanzaro discussed the process and timing for an insurer to pay off the lien on a totaled car.

“It typically takes about 30 days for the insurance company to pay out the claim and pay off the lien on a totaled car. If the insurance does not cover the balance of the lien, the insurance company will pay off to the amount of insurance coverage listed in your policy,” he said.

Read the full story here.

Myles Trempe Discusses Bundling Home and Auto Insurance with MoneyGeek

Myles Trempe - Producer

In an interview with MoneyGeek, Producer Myles Trempe explained whether it’s always worth bundling home and auto insurance policies with the same company, and if there are any downsides to bundling.

“Most companies will offer a discount for bundling; however, it’s possible you could purchase separate policies and pay less money,” Myles said. “It’s worth pricing both options and seeing which is the least amount (now and over time), which an independent insurance agent can help with.

Read the full article here.

Questions about bundling your home and auto insurance? Contact us at 937-324-8492 or online here.

Steps to Get Affordable Auto Insurance - Myles Trempe Interviewed by MoneyGeek

Myles Trempe - Prdoucer

Drivers often seek out low-cost car insurance, but they could be exposing themselves to greater financial and legal risks. In an interview with MoneyGeek, Producer Myles Trempe explained why drivers should focus on coverage for their particular needs versus the cheapest option as well as ways to lower car insurance costs.

“If drivers don’t get the right type of coverage, they could end up paying more out of pocket in the event of an accident or loss,” Myles said. “And drivers should always work with a reputable, highly-rated company.”

He suggested the following strategies for drivers to save on their auto insurance:

• Bundling auto with their homeowners or renters insurance. Most insurers will offer a discount for bundling.

• Increasing their deductible will bring down their premium.

• Eliminating coverage they don’t need. For example, if your car is old, you might not need collision coverage.

• Ensuring they have a good credit score. A credit score is one factor in how insurers set rates.

• Avoiding speeding and other traffic citations that could increase rates.

• Working with an independent insurance agent who can “shop around” for you to find the best rate while ensuring you have the coverage you need.

Read the MoneyGeek article here.

Questions about car insurance coverage? Contact Wallace & Turner at 937-324-8492 or online here.

Ohio Law Enforcement Begins Issuing Tickets for Distracted Driving Violations on October 5

Beginning October 5, 2023, Ohio law enforcement will begin issuing tickets for distracted driving violations, which includes using or holding a cell phone or electronic device in your hand, lap or other parts of the body while driving on Ohio roads.

Drivers over 18 years old can make or receive calls via hands-free devices, including:

• Speakerphone

• Earpiece

• Wireless headset

• Electronic watch

• Connecting phone to vehicle

Drivers over 18 can legally make or receive phone calls using “hands-free” technology such as Bluetooth or integrated systems within the vehicle.

In most cases, if officers see more than a single touch or swipe, they can pull you over. In general, the following are off-limits while driving:

• Dialing a phone number

• Sending a text message (voice to text is legal using a hands-free method)

• Updating or browsing social media

• Video calls or FaceTime

• Browsing the internet

• Watching videos (GPS or navigational displays are allowed)

• Playing games

• Recording or streaming video

There are some exceptions to the above. Learn more here.

Remember, drivers under the age of 18 are still restricted from using their devices in any way, including hands-free features. 

INSURANCE CONSIDERATIONS

For each offense, you will receive points on your license and a fine. This can impact your car insurance rates. And remember, this new law applies to all drivers, anytime, anywhere – including when you’re driving on company business or using a company phone.

Wallace & Turner cares about your safety and that of your family. Be smart and pull over if you need to use your phone or safely use “hands-free” technology.

How Can I Save Money on Car Insurance? – Ben Galbreath Offers Guidance for Drivers in NerdWallet Interview

Ben Galbreath - Producer

Shopping around for auto insurance can help you save, but how often should you compare insurance quotes to ensure you’re getting the best deal for your coverage?

In an interview with NerdWallet, Producer Ben Galbreath commented: I recommend to my clients that I shop for them every two to four years, depending on how the market looks.” 

While increasing your deductible can bring down your insurance premium, it can cost more in the end if you happen to file a claim.

Ben explained that raising deductibles can be cost-effective for some, but suggested having a deductible you’d be comfortable paying and ensuring the lower premium makes up for the higher potential out-of-pocket costs. “How many years are we going to gamble with saving that?” he added.

Read the full story here.

Questions about car insurance coverage? Contact Wallace & Turner at 937-324-8492 or online here.

How does car insurance differ from other types of coverage and why is it so important for drivers? P.J. Miller Discusses in Interview with MoneyGeek

P.J. Miller - Vice President

Auto insurance is important because it protects you in the instance of an accident or loss (fire, theft, etc.) and most people are not in a position to come out of pocket to pay for the replacement of a totaled car or another driver’s medical bills. Drivers can rely on their insurance to cover some or all of these costs.

In an interview with MoneyGeek, Vice President P.J. Miller discussed how car insurance differs from other types of coverage and why it's so important for drivers.

“While most forms of insurance coverage are optional, car insurance is required in almost all states to register and drive a car. It’s also typically required if you lease or finance a car,” P.J. said. “One major difference between car insurance and many other types of insurance coverage is that it’s legally required in most states to operate a vehicle. For example, many states don’t require you to carry boat insurance to operate a boat. While I don’t recommend this, technically, it’s legal.”

Read the full MoneyGeek article here.

Questions about car insurance coverage? Contact Wallace & Turner at 937-324-8492 or online here.

What Car Insurance Deductible Amount Should I Choose? P.J. Miller Discusses with Insurify

P.J. Miller - Vice President

A car insurance deductible is what an insured pays out of pocket on a claim before the insurance company will cover the rest of the amount. Common deductible amounts are $500 and $1,000, but insurers will typically offer a range of options and you can select one that best fits your needs and budget. But how do you choose?

In an interview with Insurify, Vice President P.J. Miller said: “If you have a higher deductible, you’ll have a reduced monthly premium, so for some drivers, the benefit of paying less each month outweighs the risk of paying more in the instance of a claim.”

Read the full article here.

Questions about car insurance coverage? Contact Wallace & Turner at 937-324-8492 or online here.

What Does GAP Insurance and New Car Replacement Insurance Cover?

In addition to a house, a car is likely one of the largest purchases you will make in your lifetime. No one ever plans on getting into a serious accident and totaling their car or having a vehicle stolen, but unfortunately, these incidents do happen. There are two types of insurance coverage that can protect you financially so you’re not coming out of pocket to replace your car if the worst occurs. 

Guaranteed Asset Protection Insurance

Guaranteed Asset Protection (GAP) insurance is a type of insurance that covers the difference between what you owe on your car loan or lease and the actual cash value (ACV) of your vehicle in the event of a total loss or theft.

For example, if you owe $25,000 on your car loan and your car is totaled, but the actual cash value of your car at the time of the accident is $20,000, then GAP insurance would cover the $5,000 difference between what you owe and what the car is worth.

It's important to note that GAP insurance only covers the difference between what you owe and the ACV of your car, and it doesn't cover things such as your deductible, unpaid loan or lease payments, or any other expenses associated with the loss of your car. 

GAP insurance is typically offered as an optional add-on to your car insurance policy, and it may also be available through your car dealership or lender.

We recommend talking with your insurance agent about options for GAP coverage before signing off on the dealer/lender form as your agent may be able to provide coverage at a lower cost.  

It’s also worth noting that GAP coverage isn’t just for cars. You can get coverage for other types of vehicles such as the examples below and have everything listed on one policy.

• Motorcycles

• Campers and Motor Homes

• Snowmobiles

• ATVs

The cost of GAP coverage is typically very low compared to the thousands of dollars it could save you if a total loss or theft occurs.

Contact Wallace & Turner to discuss GAP insurance and have financial peace of mind.

New Car Replacement Insurance

As an alternative to GAP, you may consider purchasing New Car Replacement (NCR) coverage because NCR also typically includes GAP.

New Car Replacement is a type of car insurance that covers the cost of replacing your vehicle with a brand new one of the same make and model if it's totaled in an accident within a certain time frame, usually up to one or two years after purchase.

This coverage is available as an add-on to your car insurance policy, and it may also be included in certain comprehensive auto insurance policies.

New Car Replacement coverage protects you from the financial loss that can come with having a new car totaled in an accident. Without this coverage, you would only receive the actual cash value of your car at the time of the accident, which may be significantly less than what you paid for it or what it would cost to replace it with a new vehicle.

Be aware that New Car Replacement coverage typically has restrictions and limitations, such as a maximum coverage amount, a limit on the number of years or miles the car can have at the time of the accident, and a requirement that the car be insured for its full value.

Comprehensive Coverage for Your Vehicles

Wallace & Turner works with a range of carriers that can provide GAP and NCR coverage in addition to numerous other coverage benefits. As one example, Cincinnati Insurance offers Capstone Auto Coverage which allows you to insure all your personally owned vehicles under one policy, with features such as:

• New car replacement for qualified autos

• Full agreed value of the auto with no surprises in the event of a total loss

• Transportation expense for repairs after a covered loss

• Roadside assistance

• Trip interruption expenses

• And more

Questions about GAP Insurance or New Car Replacement Insurance? Contact Wallace & Turner at 937-324-8492 or online here.

Liability-Only vs. Full-Coverage Insurance – P.J. Miller Interviewed by Insurify

P.J. Miller - Vice President

Whether you purchase minimum liability auto insurance versus full-coverage insurance may depend on your financial situation, the age and value of your car and the level of risk you’re willing to take. Liability-only will cover damage to the other driver’s vehicle and medical expenses from an accident but won’t pay for repairs to your car or for personal medical expenses.  

In an interview with Insurify, Vice President P.J. Miller said, “If you don’t have comprehensive coverage, there is always a risk of having to pay a significant amount out of pocket and/or being sued for injuries and damages.”

Read more about obtaining liability versus full-coverage insurance here.

Questions about car insurance coverage? Contact Wallace & Turner at 937-324-8492 or online here.

P.J. Miller Discusses Ways to Get Affordable Car Insurance with Insurify

P.J. Miller - Vice President

There are a number of factors such as age and driving history that affect how much you pay for car insurance, but there are ways to lower your rates without losing out on necessary coverage. Vice President P.J. Miller spoke with Insurify to discuss ways to purchase affordable auto insurance.

“Drivers can increase their deductible, which may lower the monthly premium, but they need to be prepared to pay more out of pocket if they do have a claim,” he said.

Read the full Insurify article here.

Questions about car insurance coverage? Contact Wallace & Turner at 937-324-8492 or online here.

Ways to Save Money on Car Insurance – P.J. Miller Interviewed by SuperMoney

P.J. Miller - Vice President

As a new driver, it may be tempting to save money on your car insurance by getting the lowest coverage possible, but this can create significant risks down the road. Vice President P.J. Miller spoke with SuperMoney to discuss why it can be beneficial for drivers to speak with an independent insurance agent to help them find quality coverage at a reasonable price.

“Independent insurance agents can walk you through options for coverage and address any questions you have,” P.J. said. “And because they work with a range of carriers, they can also do the ‘shopping around’ for you to obtain quotes that work with your budget and coverage needs.”

He added that while online quotes are useful, as a new driver, you often don’t know the extent of coverage you need, which could lead to inaccurate quotes. For this reason, working with an independent insurance agent may be helpful.

View the full article here.

Questions about obtaining car insurance coverage as a first-time driver, or coverage that fits within your budget? Contact Wallace & Turner at 937-324-8492 or online here.

Ways To Cut Car Insurance Costs and Save Money

P.J. Miller - Vice President

Insurance rates in the U.S. are forecasted to rise by 8.4% in 2023 and that will leave many looking for ways to cut back on their monthly bill. Vice President P.J. Miller spoke with Yahoo! to discuss how drivers can save money on their car insurance.

P.J. told Yahoo! many insurance companies offer discounts — often between 5% and 25% — for bundling policies. “This can involve insuring multiple cars or adding a policy for home, renters, boat, motorcycle or life insurance with the same company. You may also find bundling your insurance more convenient since you’ll get only one monthly bill instead of multiple.”

He added that another way to save is to increase your deductible — the amount you pay out of pocket per claim. “This may help lower your monthly premium, but bear in mind that if you have a loss, you’ll end up paying more out of pocket.”

Another option is eliminating coverage you don’t need. “For example, you might not need collision coverage if your car is old,” commented P.J. “Vehicles that are 10 or more years old tend to drop significantly in value. Before making a decision, though, make sure you would feel comfortable paying out of pocket if your car were totaled.”

Read the full Yahoo article here.

Questions about car insurance coverage? Contact us at 937-324-8492 or online.

Finding the Best Car Insurance in Ohio for Your Needs – P.J. Miller Interviewed by MoneyGeek

P.J. Miller - Vice President

When shopping for a car insurance policy in Ohio, you should consider the costs, available discounts, customer service reviews and claims-filing process. In an interview with MoneyGeek, Vice President P.J. Miller discussed how drivers can balance risk management and affordability, and how they can better educate themselves on car insurance policies, coverage and pricing.

When asked about managing risks and premium rates, P.J. said, “Many people are tempted to purchase the minimum amount of coverage, but this leaves them exposed to financial and legal risks. Drivers should consider what they can afford each month for their premium but understand if they have a lower premium, their deductible will be higher, and they will be paying more out of pocket in the instance of an accident or loss.” 

“There are ways to lower your auto insurance costs without increasing your risk, such as bundling your auto and home coverage. Insurers will often offer a discount if you have multiple policies with them,” he added.

Read the full interview here.

Questions about car insurance in Ohio? Contact us at 937-324-8492 or here.

Progressive No Longer Writing New Coverage for Hyundai and Kia Vehicles Due to Increase in Thefts

Progressive has recently announced that they will no longer insure Hyundai and Kia vehicles (all years and models) due to the increase of thefts. This change applies to new policies only, in zip codes starting with 441 (Cleveland) and 432 (Columbus), for now.

The restriction does not apply to existing customers or endorsements on current policies. If you currently have a Hyundai or Kia insured with Progressive, you will be grandfathered in and your coverage will continue.

According to the Highway Loss Data Institute, among 2015-19 vehicles, theft claims were nearly twice as common for Hyundai and Kia vehicles than all other car manufacturers. "The companies sell vehicles that don't have electronic immobilizers to prevent thieves from taking them. People are able to break in and bypass the ignition."

If you own a Hyundai or Kia, we encourage you to take steps to make the vehicle more secure such as a key ring device to track the car and/or retrofitting your vehicle with an alarm system. Learn more about safety tips to prevent theft. 

If you have questions about your Progressive coverage, please contact us at 937-324-8492.

Does Car Insurance Cover Hitting an Animal?

Myles Trempe - Producer

Ohio has a high deer population, which means collisions with cars are unfortunately a common occurrence. Due to the size of deer and that these accidents often happen unexpectedly and at a high speed, they can cause significant damage to your vehicle.

Below, Producer Myles Trempe addresses common questions about hitting a deer or other animals, and how insurance comes into play.

Do insurance companies generally cover animal collisions? What coverage can drivers purchase to cover this?

Yes, the insurance company will cover animal collisions as long as your policy includes comprehensive coverage. Comprehensive is the one type of coverage that protects your vehicle against physical damage to your car not involving a stationary object or another vehicle. Comprehensive coverage is an entirely different coverage option than collision. Collision insurance is a type of coverage that can pay to repair or replace your vehicle if it's involved in an accident with either a stationary object or another vehicle. 

Are there types of animals collision insurance policies cover versus those they do not cover?

Any and all animal collisions would be covered under the comprehensive form. Different types of animal damage varies according to whether or not the animal has an owner. Pet owners are often held liable for animal accidents with the exception of those without owners or wild animals.

Why would drivers generally choose not to make claims on animal collisions?

The primary reason an insured would not file a claim for a comprehensive loss is due to the cost estimate of repair versus the policy deductible. For example, the policy has a $500 comprehensive deductible and the cost to repair is $800. That claim may lead to eventual higher insurance premiums and may quickly turn your claim into a negative financial transaction over the longer period of time. 

What should drivers do after an animal collision?

Pull off the road wherever it’s safe to do so and turn on your hazard lights. If the animal is lying in the road, direct your headlights towards it so other drivers can see it. Contact the police and do not approach the animal as injured wildlife can be very dangerous. Once you are cleared from the scene, contact your insurance company or insurance agent to file your comprehensive claim.

Questions about insurance coverage for animal collisions? Contact Wallace & Turner at 937-324-8492 or here.

What Happens to My Car Insurance Coverage After a DUI?

P.J. Miller - Retired Partner

Drinking and driving is dangerous to you, other drivers and pedestrians, and there is never a reason to get behind the wheel while intoxicated. In addition to potentially injuring or even killing someone, your auto insurance will be affected and you may be faced with finding new coverage and paying more out of pocket. P.J. Miller explains what happens to your car insurance rates and coverage after you are convicted of a DUI.

Is there such a thing as “DUI car insurance?”

No, the term infers that the person has been convicted of the offense and the current auto insurance carrier will not continue the policy, whether due to the fact that they don’t insure anyone with a serious offense, or they don’t have the ability to write the replacement coverage such as an “SR-22.”  

What can you expect to happen after a DUI conviction?  

Your current carrier will most likely not renew your auto policy and will send you a letter to that effect.  

Is it possible your car insurance company may cancel you?  

“Cancel” infers your policy will be terminated immediately or upon receipt of the letter. Typically, the notice will be “An intent not to renew,” so they won’t be renewing your policy at your next scheduled renewal date.   

Under what circumstances can you lose your license after a DUI? 

The court system (local or state) will dictate what transpires after a serious offense, meaning the charge (DUI or similar charge). The level of “points” also plays a part. For example, the court might assign a charge that is a 6-point offense, or even 12 points, depending on the judge, attorney and jurisdiction. 

Are your car insurance premiums guaranteed to increase following a DUI?   

While the outcome from a DUI is almost always going to be a loss of driving privileges and insurance coverage, and a significant rate increase, it does not mean the increase is “guaranteed,” as there are too many rating factors that affect auto insurance pricing. One well-known carrier that got its start in the auto insurance business, doesn’t adjust their rates much, if at all, if the DUI is a “clean” one, meaning, no accident accompanied the DUI. 

How much do insurance premiums typically increase after a DUI?  

Depends on each carrier but typically in the range of 25% to 100% or more. 

How do you recommend shopping for car insurance after you get a DUI?

An online search is a good place to start. Rates are readily available online but keep in mind, the information is only as good as what you’re entering to get a quote. So, if you don’t provide full, correct information, the quote could be skewed.  

An independent insurance agent works with many carriers and can help guide you in this process. They will understand the information that needs to be provided and offer you the best options. 

How long does a DUI stay on your record?  

Typically, three to five years, dependent upon the state, carriers and pricing model. 

What’s the difference between a DUI, OUI, DWI and OVI?   

They generally mean the same thing with some technicalities (alcohol vs. drugs) but in relation to insurance, they all mean the same thing. 

How long after a DUI do your insurance premiums take to decrease?   

This could be annually or over a three-year cycle or up to the five years.  Again, very specific to the carriers. 

Any other thoughts on this topic?   

• Rely on rideshare and don’t get yourself in this position in the first place.  

• Buy a breathalyzer (seriously).   

• Know your jurisdiction's legal limit but keep in mind, most will charge you even if you’re nowhere close to the true legal limit because even .02% means you have alcohol in your system even though your state says .08% is the “allowable limit.”  And a personal breathalyzer isn’t a way to get around the limits but if you find out you’re .02% or greater, maybe you won’t get behind the wheel. 

Questions about auto insurance coverage following a DUI? Contact our independent insurance agents in Urbana and Springfield, Ohio here.

P.J. Miller Discusses the Impact of Texting and Driving on Insurance Rates with Forbes Advisor

P.J. Miller - Vice President

Texting and driving is one of the most dangers behaviors drivers can engage in behind the wheel. And not only can it result in the worst case scenario of bodily injury or death, it can impact your insurance rates. Vice President P.J. Miller discussed the risks of texting and driving with Forbes Advisor.

“When texting, you easily lose track of speed and your surroundings, so aside from potentially getting a ticket, you are endangering pedestrians and/or road workers, which could lead to them being injured or killed by distracted driving. This can result in criminal charges, not just increased rates,” said P.J. “Additionally, you could lose your license or even your job.”

Read the full story here.

Questions about car insurance in Ohio? Contact us.

Finding the Best Car Insurance Company for Your Needs – P.J. Miller Interviewed by MoneyGeek

P.J. Miller - Vice President

Car insurance is important because it protects you in the instance of an accident or loss, and most people are not in a position to come out of pocket to pay for the replacement of a totaled car or another driver’s medical bills. In an interview with MoneyGeek, Vice President P.J. Miller discusses how drivers can balance balance risk management and affordability, how to educate yourself on the types of coverage available and how auto insurance premiums are set.  

When asked about how consumers can better understand the types of car insurance policies, coverage and pricing, P.J. said: “Independent insurance agents can help drivers better understand their options. Because independent agents work with a variety of insurance companies, they can compare carriers and present the best cost and coverage options for the driver’s needs. They may also be able to obtain discounts that only certain carriers offer.” 

Read the full MoneyGeek interview here.

Questions about finding the right auto insurance coverage for your needs? Contact us for a complimentary quote or to review your current policy.