Insurance and giving back in Springfield - Patrick Field Featured in Dayton Daily News

Wallace & Turner President Patrick Field

Wallace & Turner President Patrick Field was featured in Dayton Daily News highlighting his personal journey, the agency's rich history and his longstanding commitment to serving the Springfield community and beyond.

The profile traces Patrick’s path from growing up in a family deeply rooted in the insurance industry to initially pursuing a different career before returning to Springfield in 1992 to join Wallace & Turner. Under the mentorship of his father and the agency's leadership, Patrick developed a passion for helping clients and building lasting relationships, ultimately becoming president of the agency and leading its next generation of growth.

Beyond insurance, the story discusses Patrick’s deep commitment to philanthropy and community involvement. Following in the footsteps of his father and grandfather, he has championed numerous local organizations focused on education, food security and community development, while fostering a culture of volunteerism throughout Wallace & Turner.

Read the full Dayton Daily News article to learn more about Patrick's journey, Wallace & Turner's legacy and the importance of giving back. (Subscription may be required)

Catholic Central Features Deece Catanzaro in Alumni Stories

Producer Deece Catanzaro was profiled in Catholic Central’s Alumni Stories, discussing how his time as a student has grown into leadership and service within the Springfield community.

Attending Catholic Central from Pre-K through graduation, Deece was deeply involved in football, basketball and baseball while also serving as a Kairos Leader and Student Body President. Many of his favorite memories were made under the lights on Friday nights and Saturday mornings at Hallinean Field.

Deece credits Catholic Central with connecting him to mentors and alumni who modeled integrity, work ethic, and community leadership, values that continue to guide him today in his career at Wallace & Turner and in giving back to Springfield. Learn more below.

Do You Need Insurance With a Learner's Permit? U.S. News & World Report Interviews Deece Catanzaro

Deece Catanzaro - Producer

Even with a learner’s permit, you are required to have car insurance in most states. Typically, a learner's permit driver can be added to a household member's existing policy, but they may need to purchase their own policy. In an interview with U.S. News & World Report, Producer Deece Catanzaro explained the factors that determine how much car insurance a permit driver needs and coverage costs.

A car insurance policy must meet state minimum liability insurance requirements; however, a permit driver may consider purchasing more than the minimum required. 

“Given the rising costs of medical care and emergency services, it’s advisable to carry higher [than the minimum] limits,” Deece commented. “For example, a care flight can cost around $30,000, which can quickly exceed a $25,000 per-person limit, leaving additional expenses to be paid out of pocket – potentially leading to financial strain or bankruptcy for many individuals.”

The exact cost of coverage for a driver with a learner’s permit will depend on the driver’s age, permanent residence, type of car and more.  

“There are a lot of factors that go into setting the rate,” Catanzaro said. “However, if all other things are equal, if a person with the same driving record and insurance score from the same city elects to have the same policy limits, the permit driver will likely pay a higher premium than the licensed driver."

Read the full article here.

Questions about adding a permit driver to your policy or obtaining separate coverage? Contact Wallace & Turner at 937-324-8492 or text us 937-918-7632.

How Does Your Credit Score Affect Your Car Insurance Rate? Fox Money Interviews Otto Larson

Otto Larson, Vice President & Partner

Insurers in certain states use a credit-based insurance score (CBIS) to approve or deny auto insurance policy applications, renew existing policies and set rates for customers. In an interview with Fox Business – Money, Partner Otto Larson explained how credit-based insurance scores are used to set rates and why your score is not the only factor that impacts how much you pay.  

“The idea is that a person with better credit is essentially more financially responsible, and that may be correlated to safer driving and fewer insurance claims,” said Otto.

While credit-based insurance scores may be weighed heavily by some companies, they may be less of a factor elsewhere.

“Each company has its own pricing model,” Otto added. “Credit is not the sole factor. There are more variables that go into car insurance pricing.”

When insurance companies review credit, this is considered a “soft” inquiry. Otto noted that people shouldn’t have to worry about that hurting their score.

Read the full story here.

Questions about car insurance coverage? Contact Wallace & Turner at 937-324-8492 or info@WTins.com

What is Actual Cash Value When Talking About Car Insurance? Otto Larson Interviewed by Fox Money

Otto Larson - Vice President & Partner

A vehicle’s actual cash value (ACV) represents how much it is worth given its current age and condition in today’s market, including depreciation. If you’re in an accident and your car is totaled, your insurer will only reimburse the ACV of your vehicle, not the original price you paid for it.

In an interview with Fox Money, Partner Otto Larson explained the difference between a car’s ACV and its replacement cost; how the ACV is calculated in car insurance and if you can negotiate an ACV settlement with your insurer.

“Most vehicle insurance policies are written on an actual cash value basis and there are several factors that car insurance companies use to calculate ACV,” Otto said. “Some of these may include the make and model, age, mileage, condition, interior and exterior features, and location.”

If your car is totaled, the vehicle’s replacement value is the amount you would need to buy a new car of the same make and model and with similar features. The actual cash value is often significantly less. If you don’t think the ACV assigned by your insurer is correct, you can negotiate that amount as part of the loss adjustment process.

“The customer may have additional details about the vehicle that the insurer is unaware of,” Otto commented. “For instance, you may have added aftermarket parts that increase the value.”

Read the full story here.

Questions about car insurance coverage? Contact Wallace & Turner at 937-324-8492 or info@WTins.com

How to Choose a Car Insurance Company and Get the Best Coverage - MoneyGeek Interviews Myles Trempe

Producer Myles Trempe

In an interview with MoneyGeek, Producer Myles Trempe discussed key things to consider when choosing a car insurance company; how individuals can assess how much coverage they’ll need; and strategies to get the best possible quote.

“When selecting a car insurance company, of course price and coverage are essential, but you also want to work with someone reputable who can actually help you with a claim,” Myles commented. “Factors such as financial strength of the company, customer experience and service, and expertise should be a consideration.”

He added that ideally, you should talk with an insurance agent who can explain policy language, coverage options and costs, noting agents can also identify discounts you may not be aware of. “Because independent insurance agents work with a variety of companies, they can find a policy that fits your needs and budget,” he said.

Read the full interview here.

Questions about purchasing car insurance coverage? Contact us at 937-324-8492 or info@WTins.com.

Otto Larson and Mary Jo Leventhal Celebrate 20-Year Certified Insurance Counselor Designation

The Risk & Insurance Education Alliance has recognized Partner Otto Larson and Director of Operations & Business Development Mary Jo Leventhal for 20 years as a Certified Insurance Counselor (CIC)! The Certified Insurance Counselor program is a highly respected, national insurance professional designation for agency owners, producers, agents, CSR’s, brokers, and insurance company personnel. The CIC designation demonstrates the insurance professional’s expertise and commitment to continuing education and their career industry.

Independent Agent Magazine Features Colleen Corrigan in Life Insurance Q&A

Colleen Corrigan - Life & Health Agent

Life & Health Agent Colleen Corrigan was interviewed by Independent Agent Magazine for its From the Front Lines: Life feature. Colleen discussed how she got started in life insurance, trends and challenges in the market, and her advice for fellow agents.

When asked about where the life insurance industry is headed, Colleen noted that technology is a huge component, and its impact is only growing particularly with the introduction of artificial intelligence (AI).

“While there are benefits to technology, it can also take out the human component which is a detriment to the individual seeking out life insurance,” Colleen commented. “The individual can lose out on the connection, assistance and knowledge an agent can provide such as a direct line of communication with underwriters.”

Read the full interview here. (Subscription required)

Carinsurance.com Interviews Deece Catanzaro on Choosing a Deductible Amount for Car Insurance

Producer Deece Catanzaro

A deductible is the amount you’re responsible for before insurance covers the rest in the instance of a claim. In an interview with Carinsurance.com, Producer Deece Catanzaro explained how a car insurance deductible works, factors to consider when choosing your deductible amount and how much you can save on auto insurance by increasing your deductible.

“Deductibles help distribute risk between the insured individual and the insurance provider and contribute to keeping insurance premiums more affordable,” Deece said. “For instance, let’s say your car sustains damage in an accident and you seek repairs. The repair cost is quoted at $1,500. If you have a $500 deductible in place, you would pay the first $500 yourself, and then the insurance company would cover the remaining $1,000.”

When deciding on a deductible amount, Deece recommended considering the value of your vehicle: “It’s imprudent to have a high deductible – such as $1,000 – on a car valued at only $3,000, as you would end up paying out a significant portion of the car’s worth in the event of a loss.”

He added that typically, raising your deductible from $500 to $1,000 can result in an average savings of approximately $188 per year on comprehensive and collision coverage collectively.

View the full story here.

Questions about car insurance and deductibles? Contact us at 937-324-8492.

Dayton Business Journal Ranks Wallace & Turner Among Top Property & Casualty Insurance Agencies

Wallace & Turner has once again been named to Dayton Business Journal’s Top Property & Casualty Insurance Agencies for 2024. 

Operating locally in Springfield, Ohio since 1870, Wallace & Turner is one of the oldest independent insurance agencies in the state. We provide personal insurance, commercial insurance and life & health coverage.  

View the list here. (Subscription required)

Fortune Magazine Interviews Otto Larson on Bond Insurance: What It Is and Who Needs It

Partner Otto Larson

Businesses may consider bond insurance for protection, and in many cases, may be required to purchase this coverage. While surety bonds may be referred to as bond insurance, they aren’t an insurance policy in the true sense, though insurance companies often sell them.

In an interview with Fortune Magazine, Partner Otto Larson explained the industries and types of businesses that commonly need bond insurance.

“Contractors and construction companies are commonly asked to post a bond when working on medium and large sized jobs,” Otto said. “Owners and general contractors will ask for Bid and Performance Bonds to guarantee that projects are completed, and completed on time. There are many other industries that require bonds as well.”

Other professionals, such as tax preparers, house cleaners, car dealers, mortgage lenders, and others, might also need them.   

Read the full story here.

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.

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.

How Much Does Insurance Cost for Breweries? Myles Trempe Discusses with SmartFinancial

Myles Trempe - Producer

Brewery insurance may include a mix of coverage types that are standard across most businesses and coverage types that are specific to the needs of the brewing industry. Producer Myles Trempe spoke with SmartFinancial to discuss the types of coverage a brewery should consider and what factors will impact rates. 

“Brewery insurance costs will depend on various factors such as location, sales revenue, the size of the operation and any other risk exposures that might be present,” Myles said. “Microbreweries can typically expect to pay between $500 and $1,500 per month for a program that includes general liability insurance, liquor liability insurance, commercial property insurance and workers’ compensation coverage.”

Read the full article here.

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

Dayton Business Journal Names Wallace & Turner a Top Property & Casualty Insurance Agency

Wallace & Turner is proud to once again be recognized among the top property & casualty insurance agencies by Dayton Business Journal for 2023. The list ranked 10 total agencies in the Dayton area. View the full list here.