When to File an Insurance Claim
What You Need to Know About Insuring an Electric Car – P.J. Miller Interviewed by CarInsurance.com
P.J. Miller
If you’re considering purchasing an electric vehicle (EV) to save at the gas pump or to reduce your carbon footprint, know that getting car insurance for an EV is similar to shopping for insurance like any other vehicle. In an interview with CarInsurance.com, Partner P.J. Miller said he hasn't noticed a major rate disparity between premiums for EVs/hybrids versus gas-powered autos.
“Car insurance rates are predicated on so many factors – credit scores, location of the garage and the vehicle, driving record and price of the car. The engine and powertrain haven't factored in as a major portion of the typical rate-making process.”
Read the full article here.
Questions about auto insurance coverage in Ohio? Contact Wallace & Turner at 937-324-8492 or info@wtins.com.
Finding Affordable Car Insurance in Ohio – P.J. Miller Interviewed by MoneyGeek
P.J. Miller
In an interview with Moneygeek.com, Partner P.J. Miller discussed the key factors Ohio drivers should look for when searching for the best auto insurance coverage.
P.J. cautioned that while drivers may be tempted to go with the cheapest coverage option, they should make sure they’re working with a reputable carrier and the coverage is providing them with enough protection in the instance of an accident or other loss. “You may be saving now, but if you cause an accident that results in costs exceeding your coverage limit, you'll be coming out of pocket to pay -- and your assets such as your home or other investments could be at risk,” he said.
P.J. also advised drivers to consider talking with an independent insurance agent because they can identify discounts and credits that may be available.
Read the full article here.
Questions about car insurance coverage in Ohio? Contact Wallace & Turner at 937-324-8492 or info@wtins.com.
Adding Your Teen to Your Auto Insurance Policy in Ohio
For many parents of teenagers, that sweet 16 party doesn’t feel so sweet. That’s because 16 is the birthday when teens can start driving in Ohio. And that means you have to figure out your teen’s auto insurance situation.
Is it going to cost an arm and a leg? Will teen auto insurance cover enough to keep my kid protected? There are plenty of questions around this time and the experienced team of independent insurance agents at Wallace & Turner have written this guide to provide answers about adding your teen to your auto insurance policy in Ohio.
Read on to learn everything you need to know. And if you’re ready to get your teen insured, reach out to our team.
When Should I Add My Teen to My Auto Insurance Policy?
In Ohio, teens can apply for a driver’s permit when they are 15 years and 6 months old. Is that the age when you need to add them to your auto insurance? Not exactly. That’s because you or another license-holding legal guardian will have to be in the passenger seat at all times until your teen is able to trade that permit in for a full-blown driver’s license, so your car will be insured through your presence in the vehicle.
When it comes to the timing of adding your teen to your auto policy, the exact age of your teen matters less than their legal driving status. Once your teen gets their full driver’s license and is ready to start driving the family SUV or even a car you’re buying for them, it’s time to start thinking about getting your teen insured.
How Much Does It Cost to Add a Teen Driver to Insurance?
Putting your teenager on your car insurance policy can double your rates. According to CarInsurance.com rate data, your rates will increase by 102% on average when you add your teen.
Wallace & Turner Producer Ben Galbreath recently spoke with CarInsurance.com to explain what parents need to know about adding a teen driver to their auto insurance.
“Teenage drivers are inexperienced drivers who are less aware of their surroundings and have a tendency to drive too fast and less responsibly, which makes it more likely that they will have a claim,” Ben said.
In Ohio, the average premium cost for full-coverage auto insurance without teens is $960 per year. But adding teens drives that average up to $1,881 per year, according to data from CarInsurance.com.
Do I Have to Add My Teen to My Auto Insurance in Ohio?
To comply with Ohio’s Financial Responsibility Law, your teen has to be insured if they are going to drive on their own. However, that doesn’t necessarily mean that they have to be insured under your policy.
Teens can purchase their own separate policies, but most Ohio families end up insuring teens under the parents’ auto policy because the premium is typically much more affordable that way. Even if you want your teen to pay for their own insurance, it might be wise to consider having them pay for their portion of the family premium rather than paying for their own policy outright.
Insurance Considerations for Parents of Teen Drivers
Adding your teen to your auto insurance policy doesn’t have to be a source of stress in your life. If you plan ahead, consider the suggestions below and speak with your insurance agent at Wallace & Turner so you can come out of this with a fully insured teen and a lot less stress than most parents have to go through.
Consider High Liability Limits for Teen Drivers
Due to inexperience, immaturity, distractions or some combination of these factors, most teens are more likely than the average adult to get into a car accident. Even if you have full faith in your teen’s maturity and decision-making skills, all it takes is a momentary lapse in judgment, and your family could face massive financial liability.
That’s why it’s a good idea to take a second look at the liability limits of your auto insurance policy before you add your teen. This might be a great time to consider getting higher liability coverage or even an umbrella policy.
Reduce Teen Insurance Premium Hikes by Adjusting Deductibles
There’s no question: Car insurance premiums go up when you add a teen to a policy. It’s a difficult fact for many families to face, but you can adjust parts of your policy to mitigate the impact of the increased monthly costs.
More specifically, you may be able to get a higher deductible that will lead to reduced monthly premiums. Keep in mind, of course, that this means you will be on the hook to pay more in the event of an accident. But for some families, the benefit of paying less each month outweighs the risk a higher deductible may pose. Your insurance agent can help you decide which approach is best for your family.
Take Advantage of Teen Driver Discounts
Many insurers offer discounts to help families add teen drivers to their policies without breaking the bank. For example, some policies offer discounts for good grades. Others will discount your monthly premiums if your child takes a driver’s education or defensive driving course. Ask your insurance agent to help you find the best Ohio teen driver discounts.
Look Into Usage-Based Insurance for Your Teen
Usage-based insurance (UBI) is a relatively new auto insurance policy model that can save drivers money if they drive safely. The amount drivers can save varies widely, but the listed amounts tend to fall somewhere between 10% and 15%.
How does UBI work? Your insurer measures data points that suggest how safe your driving habits are, such as collisions, speeds, mileage and similar factors, using your car’s own metrics systems or a device that rides along with you. Based on those measurements, the insurer offers a discount on your premiums.
In other words, if your teen is a safe driver, UBI may be a great way to reduce the cost of adding your teen to your auto policy. Your insurance agent at Wallace & Turner can help you find the right UBI policy for your family.
Seek Out Safe Cars
To reduce premium costs, insurance agent Ben Galbreath recommended purchasing an older model vehicle for your teen to drive.
“A sedan is usually best to lower your costs versus a sports car or SUV,” Ben said in an interview with CarInsurance.com. “I recommend covering the teen for liability only until they are about 20 years old, which is the age when coverage rates tend to come down.”
When deciding which household car the teen should be attached to, Ben commented: “Most insurance companies today are moving away from insurance rating based on the car, but for those that still do, the teen should be assigned to the car with the lowest value.”
Promote the Best Teen Auto Insurance: Safe Driving
The best way to prevent injuries, financial setbacks and legal liability is avoiding accidents in the first place. And the best way to do that is to teach your teen to drive safely. Of course, insurance is still absolutely necessary and required under Ohio law, but it goes without saying, the more accidents you can avoid, the better.
Before Your Teen Hits the Road, Call Wallace & Turner
Adding your teen to your auto insurance policy in Ohio doesn’t have to be painful. There are plenty of ways to reduce the impact of increased premiums while still making sure your teen is covered and safe.
We hope this article has provided some helpful tips for adding your teen to your auto insurance, but we saved the best tip for last: If you have questions about purchasing a teen car insurance policy in Springfield or Urbana, Ohio, contact Wallace & Turner online, by phone at 937-324-8492 or via email at info@wtins.com.
Umbrella Insurance in Ohio: What It Is, Who Needs It & Why
Insurance is often figuratively compared to an umbrella. If liability and risk are the rain, your insurance policy is the umbrella because it keeps you dry. But within insurance coverage, there is also a policy specifically called Umbrella Insurance. So what does this coverage do that’s different from a standard policy? Umbrella insurance in Ohio is a way to make your umbrella of protection bigger.
In other words, an umbrella insurance policy extends your coverage for liability. While many insurance policies already have liability coverage, they often don’t have enough. Umbrella insurance is a way to protect against that problem.
Is this type of extended coverage right for you? The team at Wallace & Turner is here to guide you through the decision by identifying which assets an umbrella policy would help cover and to determine how much coverage you should have. Our independent insurance agents are available to answer any questions you have Ohio umbrella insurance. Read on to learn more, or reach out to our team to talk about your policy options.
What is Umbrella Insurance?
Imagine you’re driving around Springfield, Ohio, when you get a distracting text message. You look down to see what it says, and in an instant, you slam into the rear of the car stopped at an intersection in front of you. The driver is hurt and his car is totaled. A few weeks later, you get notice that he’s suing you for $600,000.
Your standard car insurance may carry a liability limit of $300,000. If that’s the case, you would have to pay the remaining $300,000 out of your own pocket — that is, unless you had umbrella insurance.
Umbrella insurance is an additional policy designed to cover the difference between the liability limits on your existing policies and the amount you’re sued for. It’s also designed to cover related costs, such as the cost of a defense lawyer.
Types of Umbrella Insurance
Umbrella insurance isn’t just for car accidents, although this is a common use for the coverage. It’s actually designed to cover you against a wide range of liability. Here are some examples of the types of liability Ohio umbrella insurance can cover:
Boating accident liability
Homeowner liability (involving slip-and-fall accidents and similar issues)
Libel and slander
Umbrella insurance can cover many types of incidents that standard insurance policies won’t.
How it Works
Umbrella insurance policies usually won’t kick in until the limits of your other applicable policies are exhausted. For example, if you have a $250,000 liability limit on your homeowners policy and you are sued for $300,000 due to a slip-and-fall accident at your home, your umbrella policy would pay the $50,000 difference.
Umbrella insurance can cover your personal liability or liability related to your business. Keep in mind, however, that these types of policies are usually separated. A commercial umbrella insurance policy likely won’t cover you for an accident in your home, and a personal umbrella insurance policy likely won’t cover you for an accident at your place of business.
Things Umbrella Insurance Won’t Cover
Umbrella insurance is a particularly handy type of coverage if you have valuable assets or face a lot of potential liability, but it isn’t a catch-all. This type of insurance won’t cover everything, which is why it’s important to work with an insurance professional to make sure you’re covered in every way you need to be.
Here are some examples of things umbrella insurance policies typically won’t cover:
Injuries that happen to you
Damage to your property
Liability from contract violations
Any criminal or intentional acts you commit
Third-party liability involving your business
Who Needs Umbrella Insurance in Ohio?
Most people could benefit from having extra coverage, but umbrella insurance is only needed if you face certain types of liability. The following are some examples of when you may need this type of coverage:
You own property.
You are a landlord.
You are a public figure.
You coach children’s sports.
You own a gun, dog, trampoline, pool, hot tub or other items that can lead to injuries.
You have a lot of guests in your home.
All of the above scenarios can mean you are particularly vulnerable to liability. And an Ohio umbrella insurance policy is an effective way to protect yourself.
Why Get Umbrella Insurance?
The primary benefit of umbrella insurance is relatively straightforward: You are better protected from being sued. But these benefits actually go deeper than that. For example, the coverage amounts for umbrella insurance in Ohio typically start at $1 million, and that will usually cost you between $150 and $300 per year in premiums. And if you need more than $1 million in coverage, you can usually add on another million for around $75 each year.
That’s pretty affordable, especially when you consider that the average car accident settlement is more than $24,000, with settlements on the higher end easily topping hundreds of thousands of dollars.
Additionally, if you’re a world traveler, umbrella insurance may be the only type of liability coverage that travels with you. Typically, your Ohio umbrella policy will cover you for liability that arises anywhere in the world.
Find the Best Ohio Umbrella Insurance Policy for Your Needs
Put simply, umbrella insurance can be a lifesaver. No one wants to be sued, but if you are a member of society, you are always at risk. It’s just like rain — any time you go out, you run the risk of getting wet. That’s why you shouldn’t leave the house without your umbrella.
Umbrella insurance can offer the kind of broad liability protection you need, no matter the circumstances you face or the value of the assets you own. There are plenty of policies to choose from, and figuring out which one is right for you can be a challenge. We’re here to help.
The Wallace & Turner team can connect you with the perfect Ohio umbrella insurance policy to protect you, your family and your wallet. Ready to make sure you’re fully covered? Then reach out to our team. Give us a call at 937-324-8492 or contact us online today.
What is Considered Full-Coverage Insurance in Ohio?
How much does it cost to add a teenager to car insurance? Ben Galbreath Speaks with CarInsurance.com
Ben Galbreath
Adding a teen to your car insurance policy can cause your rates to double, but there are ways to lessen the rate hike. Producer Ben Galbreath spoke with Insurance.com to explain what parents need to know about adding a teen driver to their auto insurance.
Adding a teen to your policy will increase your rates, on average, by 102%, according to CarInsurance.com rate data.
“Teenage drivers are inexperienced drivers who are less aware of their surroundings and have a tendency to drive too fast and less responsibly, which makes it more likely that they will have a claim,” Ben said.
To reduce premium costs, he recommended purchasing an older model vehicle for your teen to drive. “A sedan is usually best to lower your costs versus a sports car or SUV,” Ben advised. “I recommend covering the teen for liability only until they are about 20 years old, which is the age when coverage rates tend to come down.”
When deciding which household car the teen should be attached to, Ben commented: “Most insurance companies today are moving away from insurance rating based on the car, but for those that still do, the teen should be assigned to the car with the lowest value.”
Read the full CarInsurance.com article here.
Questions about purchasing a teen car insurance policy in Springfield or Urbana, Ohio? Contact Wallace & Turner at 937-324-8492 or info@wtins.com
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I’m Moving. How Does This Impact My Car Insurance?
P.J. Miller - Partner
Why must you inform your car insurance company when you move residences?
Your rate or cost of coverage is partly due to your “territory," or residence location – city, state, etc. If you’ve moved out of state, your auto insurance company might not operate in your new state. That could cause your policy to not be eligible on the renewal date and you would need to secure other coverage.
Your new state might require evidence of insurance for that particular state and might require that to be done within a certain number of days.
Also, so your billing gets to you – don’t let your payments lapse and then your coverage is canceled!
If you are a college student going to school out of your home state, what does it mean for your car insurance if you take the car with you?
Typically, if you take your car with you, you might not receive a discount. That usually applies when a college-age student doesn’t have the car with him/her and leaves it at home with the parents.
More cautionary than technical, the student should be reminded that allowing others to operate the vehicle could jeopardize the policy and coverage. Plus, it creates a mess come claim-time with a college-age student giving another student “permission” to drive the non-parental vehicle – usually, permissive use of the vehicle has to come directly from the Named Insured, the policyholder/parents.
How much time do you have to change over your car insurance when you move out of state?
This is subject to the new state, so always check the guidelines, but it could be as soon as 90 days. Otherwise, it should be done as soon as possible or by the next renewal date. States have different guidelines as to the minimum standard of coverage and even though your policy would usually automatically “convert” to the new state required minimum or as close to your existing equivalent, it’s always good to be aligned with your new state coverage. For example, the new state might be a “No-Fault” state and when you change over to the new coverage, there will most likely be differences in coverage for you to select from.
Questions about car insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
Roadside Assistance Plans: P.J. Miller Interviewed by NextAdvisor on What You Should Know Before You Get One
P.J. Miller
Roadside assistance is one of those things that’s easy not to think about — until you’re stuck on the side of the road somewhere or your car won’t start. It’s different from your car insurance coverage because it provides relief for a temporary situation when your car is undrivable. It is usually much less expensive than your annual auto insurance premiums, or possibly without any additional cost to you.
If you drive a newer car, review the manufacturer’s roadside assistance plan first, since it’s likely included at no additional cost. “Check what benefits your new car includes, then compare to others,” commented partner P.J. Miller.
Additionally, most insurance carriers offer or include roadside assistance plans with your auto insurance coverage. But don’t assume your roadside assistance plan is tied to a large network of service providers simply because you receive it through your insurance carrier. Some carriers use the reimbursement model, which means you’d have to pay out of pocket if the need arises.
Continue reading the full article to learn more about roadside assistance plan options.
Questions about roadside assistance plans and car insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
What to Do Next When Your Car Is Totaled – P.J. Miller Offers Insurance Insight to NextAdvisor
P.J. Miller - Partner
A total car loss is what happens when the insurance carrier determines it costs more to repair the damage than to fix your vehicle. It’s not necessarily because of a serious accident; your car may be totaled because of a natural event, for example. Partner P.J. Miller spoke with NextAdvisor about what to do when your car is totaled and what to expect when dealing with your insurance agent.
When the Insurance Company Determines Your Car Is a Total Loss
“When the estimate reaches about 70% to 80% of the value of the vehicle, most likely it will be considered a total loss,” said P.J.
How Much Is a Totaled Car Insurance Payout?
Once the adjuster determines whether a car is totaled, the work begins to determine the payout. The payout is based on the fair market value, or Actual Cash Value (ACV).
ACV is simply a term for what was once called the “book value” of the car, P.J. explained — or the value of your vehicle when accounting for the depreciation that all cars begin sustaining as soon as they leave the lot.
If you have New Car Replacement Coverage with your auto insurance policy, you may think you’re 100% covered. But “your car can’t be older than one or two years to qualify for that replacement,” P.J. warned, which further complicates how much money you receive for an insurance payout.
What Happens if You Owe More on Your Loan or Lease Than Insurance Pays Out?
“If you haven’t made payments, or are upside down or late, now there is a gap [between] what you owe and what you’re getting paid,” P.J. said. You are responsible for the shortfall, but if you have gap insurance with your auto policy, this is where it kicks in.
Click here to continue reading the full article and learn practical steps to help you stay focused on getting back on the road safely, and perhaps with a new vehicle.
Questions about car insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
What Most Homeowners Don't Know About Homeowners Insurance
P.J. Miller - Partner
Homeowners insurance protects more than just your property, it also covers the people in it and your personal belongings.
Typical homeowners coverage includes incidents related to:
Weather: Storms, fire, wind, hail, lightning, freezing, weight of ice, snow or sleet
Non-weather: Theft, vandalism, riots, aircraft and vehicles
Sudden/accidental: Water from plumbing, tearing/bulging of heating or cooling systems, artificially generated electrical current
There are also situations you may not have thought of when your homeowners insurance will kick in. For example, if you have a child that is a student living in a campus dorm room, if they experience a burglary or similar type of loss, most homeowner policies will extend liability and personal property protection – this is considered “off premise” coverage.
What isn’t covered by a homeowners policy?
Of course there are a range of losses not covered by a standard homeowners policy, but probably the most important to know is flooding is not covered. Flood insurance must be purchased as a separate policy to protect against damage caused by heavy rains, hurricanes, snow and flash floods.
With the increase natural disasters as of late, homeowners insurance is becoming harder to get in high-risk areas for flooding or wildfires. As new business to the insurance carriers or renewals; applications ask the underwriting questions as to those two perils, wildfire and flood. Flood is somewhat of an exception since it’s NFIP/FEMA-based underwriting but they still analyze location as to proximity of water and also wind velocity. Flood Zones A/AE are subject to significant annual rate increases, typically 25% annually.
What are ways to get better coverage that people don't know about?
Combine your homeowners policy with your auto policy to save money.
Showing your loyalty to one insurer could help you land a discount, especially if you have multiple policies.
Renew your plan early and you could get a discount, as well.
It can be advantageous to work with an independent insurance agent versus a national carrier. Independent insurance agencies work with a range of carriers which means they can offer a variety of insurance options tailored to your personal needs. Insurance coverage can be complex and an independent agent can provide personalized attention to make sure you understand all aspects of your policy. There are often discounts and credits available within certain coverages, and they’re able to help you take advantage of these savings. Moreover, you will have one point of contact for all of your insurance needs.
What to avoid that people don't know about?
Avoid online quoting tools. A first-time buyer, unless well-versed in homeowners insurance, should have an agent or broker explain the complexities of an auto insurance policy, rather than using an online quote. These tools are only as good as the information provided and often don't provide a complete quote for coverage that will actually be needed.
Avoid overlooking flood insurance. Flooding is the largest natural catastrophe and largest single event natural catastrophe that ever occurs. There are some places that would say earthquakes, but from the standpoint of frequency and severity, flooding is more predominant over every other natural catastrophe. The largest negative is that you wouldn't have any coverage for the damage of your house or its contents if you don’t have flood insurance.
If you are in an area where you should have had flood coverage because it's a high flood risk zone, and if it is a repetitive loss situation, the government (FEMA and NFIP) may not cover assistance or loans due to the repetitive nature of the floods in your area.
Questions about homeowners insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
6 Proven Ways to Lower Your Car Insurance Premium – P.J. Miller Interviewed by FOX Business
P.J. Miller - Partner
Car insurance is a necessary cost for any car owner but having a good auto insurance policy doesn’t have to mean paying sky-high premiums. Partner P.J. Miller spoke with FOX Business to offer six ways you can lower your car insurance premium.
1. Review your policy frequently. Auto insurance isn’t something you should set and forget. When your situation changes — even slightly — you’ll want to let your insurance agent know to make sure you’re getting the best rate and have the right amount of coverage.
“Rates can differ by a few dollars to a few hundred,” said P.J. If you have several cars and higher-risk drivers, the difference could be in the thousands, he said.
2. Don’t pay for insurance you don’t need. “Eliminate coverage when you don’t need it,” P.J. said. “Older cars might not need collision coverage. If you haven’t already removed the physical damage coverage — comprehensive and collision — to reduce your cost, it can be a consideration.”
3. Bundle your insurance plans. Most insurers offer discounts if you have several policies with them. “Combine your coverage,” Miller explained. “Bundle your auto coverage with your home or renters' insurance policy. Showing your loyalty to one insurer could help you land a discount, especially if you have multiple policies.”
4. Increase your credit score. “Most carriers use credit as a portion of the rate-setting process, where permitted by law,” P.J. commented. “While it is supposed to be a portion of the rate calculation, most believe it plays a significant role in determining the price.”
5. Raise your deductible. An easy way to reduce any insurance premium (car, home, rental, etc.) is to increase your deductible — or the amount you pay per claim before your insurance kicks in their portion. Generally speaking, the higher your deductible — meaning the more you pay out of pocket — the lower your premium will go.
6. Be a good driver. Many insurers offer premium reductions for claim-free periods — sometimes significant ones, too. According to P.J., “being a safe driver can lower your car insurance by approximately 5%.”
Because claims and tickets send premiums rising, smart driving habits also protect the rate you already have. “Slow down,” P.J. cautioned. “Speeding tickets can dramatically impact your rates.”
Read the full article at FOX Business.
Questions about car insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
The 2021 Insurance Industry Outlook – P.J. Miller Offers Insight in InsuranceQuotes.com Interview
P.J. Miller
Key issues this year like a global pandemic, a changing of the guard in Washington, and an economy upended by COVID-19 will likely continue to have a major impact well into 2021. Partner P.J. Miller was asked to break out his crystal ball and forecast what the new year will bring for the insurance industry, as well as what it ultimately means for policyholders.
Travel Insurance
On the topic of travel insurance, P.J. said: “There may be some insurance carriers that could bring forth new coverages that could cover some COVID-related items, for a fee, with conditions. This would potentially exclude coverage for the traveler, but cover some expenses for cancellations of usage, or cover the traveler but not the cancellations.”
Industry travel insurance policies will also most likely require a more in-depth questionnaire to purchase coverage. “For example, you’ll get questions like “have you received the vaccine”, “are you traveling internationally”, “are you traveling to a hot zone;” and what is your age and do you have pre-existing conditions,” among others,” P.J. commented “At a minimum, expect rates to rise.”
Events Insurance
“Coverage is available now and will be available with the same conditions that are currently in-place – but no coverage for anything COVID-related,” P.J. said. “Or, event insurance could be based on number of attendees, such as the higher the number, the higher the premium. Additionally, some carriers may entertain smaller events, with specific conditions and restrictions.”
Restaurant Insurance
“As with EVERY business or entity, the lost income due to COVID-19 will continue to be excluded (not covered), even though restauranters might have seen a few courts mandate that the insurance carrier pay the business income claim,” P.J. said. “This will be fought, appealed and likely end up in a Supreme Court (state and federal). It is clearly excluded in 99.9% of all insurance policies, so it’s not just a carrier declining to pay ‘just because,’ it’s a part of the contract; therefore, the carriers will contend that this will lead to a system of ignoring contract language.”
Film and TV Production Insurance
The film and television industry will see a continuation of strict guidelines. “Those guidelines will be focused on locations, contracts with studios, waivers, disability claims for actors unable to work due to COVID-19 infections, and on down the line to the theatres, nationally and internationally,” P.J. commented.
Read the full article at InsuranceQuotes.com
Questions about personal or business insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
Here’s Why You Should Get Comprehensive Car Insurance
Myles Trempe
Nearly every U.S. state requires its drivers to have liability insurance coverage to drive legally. Additional coverage such as comprehensive auto insurance is optional, although it’s highly recommended considering it covers a range of damages that can occur due to events that are out of your control – theft, vandalism, fire, acts of nature, etc.
If you're shopping for auto insurance or renewing your policy, you may want to consider comprehensive coverage. Producer Myles Trempe discusses what comprehensive insurance helps protect, how it’s different from collision coverage and when drivers should purchase this type of coverage.
What is comprehensive car insurance?
Think of comprehensive insurance as coverage for your vehicle in the event it is damaged for just about anything except a collision with another vehicle or object. Comprehensive auto insurance is supplementary, meaning you have the option to add the coverage to your auto insurance policy. While comprehensive coverage is an option, lenders typically require it if you have financed or leased the car.
What does comprehensive car insurance cover?
Every auto accident that we see at Wallace & Turner is unique; whether comprehensive insurance covers your accident is determined on that specific scenario. Here is what comprehensive insurance normally covers: theft, fire, vandalism, contact with animals (deer hit), falling or flying objects, hail, windshield damage, windstorms, earthquakes, floods.
Comprehensive car insurance (CCI) is a coverage that generally applies to scenarios that are out of the control of the insured. Most frequently, windshield replacements from rocks, vehicle theft and animal related damages are our frequent claims. As we are entering late fall in Ohio, we may have one to two deer hit claims a week. Many clients assume this is a collision loss, but it is in fact a comprehensive loss.
How does comprehensive car insurance work?
The insured must have comprehensive coverage in place on the auto policy at the time of the loss. We recommend vehicle owners to meet with a local, independent agent to review coverages specific to their car. Your policy will specifically list what perils of loss are covered under the comprehensive portion of the contract. Most common coverages are vandalism, theft, fallen objects and fire.
If you have a loss, accident, etc., contact your insurance representative immediately to file a claim. Depending on whether the scenario results in a comprehensive or collision loss will be determined by the insurance company and their adjuster. If you are not sure which coverage best applies to your vehicle, consult with a local agent for peace of mind.
What is the difference between comprehensive auto insurance and collision insurance?
Collision insurance would apply if your vehicle hits an object, such as a utility pole. Comprehensive would apply if the utility pole falls on your car in a parking lot. Collision would apply if your car collides with another vehicle, where comprehensive would apply if an animal collides with your vehicle. Comprehensive applies to a vehicle that is vandalized, stolen, or damaged during a fire or natural disaster.
What's your take on the average driver purchasing comprehensive auto insurance?
First, comprehensive coverage is optional as far as your insurer and state government are concerned. Lenders typically require it if you finance or lease a car. Consider comprehensive coverage if you live in an area with greater likelihood of severe weather, vandalism or theft. Some drivers carry comprehensive coverage because they may not be able to replace the vehicle if it was stolen or totaled from a comprehensive peril of loss. Comprehensive insurance is based on the value of your car. If your car’s value is low, your insurance payout in a claim to replace that car will likely also be low. Depending on the premium in which you pay for comprehensive insurance, it may be in fact higher than the payout of your vehicle in a total loss.
As mentioned earlier, comprehensive insurance is supplementary and should be reviewed with an insurance professional if uncertain on the need.
Questions about comprehensive car insurance or other auto coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
9 Must-Have Types of Insurance Policies
Raise your hand if you like paying for insurance. We’re guessing not many hands are up. Insurance is tricky because it’s an intangible product, but it’s also security in the instance you suffer a financial loss. Now raise your hand if you would be able to come out of pocket to pay for your totaled car and personal injuries, if your house burned down in a fire, or if someone hacked into your computer and stole $10,000 from your bank account. Again, it’s likely not many hands are up. Paying a nominal amount now for insurance, can save you a lot in the long-run and even prevent you from financial ruin.
While there are a range of insurance coverage options that may be needed based on your individual situation, we’ve broken down the nine must-have policies.
Auto Insurance
According to the Insurance Information Institute, the average loss per claim on cars is around $4,900. That’s a substantial amount of money to pay if you don’t have car insurance coverage.
We should also point out that it’s illegal to drive uninsured, so at a minimum, you need to follow Ohio’s (or your state’s) insurance requirements.
In Ohio, the state requires drivers to purchase Bodily Injury Liability Coverage as well as Property Damage Liability Coverage. The required minimum for Bodily Injury Liability Coverage is currently $25,000 per person injured in any one accident and $50,000 for all persons injured in any one accident. The required minimum for Property Damage Liability Coverage is $25,000 for injury to or destruction of property of others in any one accident.
Keep in mind that the above is the minimum required, and you should consider what you may have to lose if you cause an accident. If you don’t have adequate auto insurance coverage, the victim may take any of your assets to cover the cost of damages. It’s best to talk with your independent insurance agent to determine the level of coverage you should have to protect yourself.
Homeowners and Renters Insurance
Ohio is the 24th least expensive state in the country for home insurance. A standard homeowners policy includes coverage for:
Dwelling: This pertains to the cost of repairing or rebuilding your home in the event of a loss caused by a covered peril such as wind, hail, lightning or fire.
Liability: If you're sued by a visitor in your home following an accident, this will cover legal expenses whether you’re found responsible or not. In certain situations, it may help cover damages that stem from an accident that happens when you're away from home. Liability will also cover costs for damage to your neighbor’s property.
Medical payments: If a guest in your home or on your property is injured, this will help pay for their medical expenses.
If you’re a renter, it’s important to purchase insurance to cover your belongings if they are lost in a fire, burglary or other disaster, and never assume your property or expenses will be protected by your landlord’s insurance. Renters insurance can also extend to personal belongings stolen or damaged from your car, or even a storage unit you rent.
The amount and type of homeowners or renters coverage you need will depend on the value of your home, personal property, unique or expensive items, and personal liability to determine the right policy.
Flood Insurance
Flooding is the largest natural catastrophe, and largest single event natural catastrophe, that ever occurs. Two-thirds of flood activity occurs in areas that are not high flood zones, i.e. it's flooding in places that may have never flooded before. Moreover, it’s reported that only seven percent of homeowners have flood insurance! It can take only an inch of water to cause thousands of dollars in damage to your home.
Floods are not covered in homeowners or renters insurance, but anyone can get coverage as a supplement to their policy.
Personal Umbrella Insurance
An umbrella policy covers claims in excess of your homeowners or auto insurance coverage. It’s an added layer of protection if you cause injury or damage to another person or their property.
For example, if you run a red light and cause a multi-vehicle accident, the cost of car repairs and medical expenses, not to mention any lawsuits you may face, could quickly add up well beyond your auto coverage. Without an umbrella policy, your assets, including your home and future wages, could be used to pay for the losses. This is a scary thought for most. Ask your insurance agent about increasing your liability coverage with a personal umbrella policy to safeguard you and your family.
Health Insurance
As reported by CNBC in 2019, 66.5 percent of all bankruptcies were tied to medical issues —either because of high costs for care or time out of work. An estimated 530,000 families turn to bankruptcy each year because of medical issues and bills, research found. It’s evident that most families don’t have enough saved for a simple emergency, let alone thousands of dollars in unexpected medical costs.
Even if you are healthy or don’t visit the doctor often, it’s critical to have some level of health insurance in place, otherwise, you’re leaving yourself exposed to potential financial catastrophe. At a minimum, consider a high-deductible plan where you pay more up-front medical costs, but have a lower monthly premium.
Long-Term Disability Insurance
No one anticipates a life-impacting injury or illness happening to them. Unfortunately, the U.S. Social Security Administration says that approximately one in four 20-year-olds will become disabled before they retire. That’s a scary statistic, but by purchasing long-term disability insurance (LTD), you can protect yourself and your family if you’re unable to work for several years or even decades.
If your employer doesn’t offer an LTD policy, you can take out a supplemental policy. Expect to undergo a medical exam and be aware that any pre-existing conditions you have, could affect your coverage. The more complex your health history is, the longer it could take to approve coverage.
Term Life Insurance
If you have a spouse and/or children that depend on you financially or your death would be a financial burden for them, purchase a term life insurance policy. This type of policy guarantees payment if the covered person dies during a specified term – typically 10, 20 or 30 years. If the policy expires before your death, there is no payout. The policyholder can then choose to renew for another term, convert to permanent coverage or simply terminate the policy.
In comparison to permanent life coverage, term life insurance is less expensive but has no cash value or savings component. Term life premiums are based on a person’s age, health, and life expectancy.
Long-Term Care Insurance
The U.S. Department of Health and Human Services reports that 70 percent of those turning age 65 today will need some type of long-term care, e.g. nursing home, assisted living or in-home care. Long-term care will cost you $140,000 on average if you pay out of pocket. These expenses will quickly deplete the savings of most individuals and/or their family.
Don’t think that you can rely on Medicare to cover long-term care costs – it doesn’t. Medicaid, the government’s program for people who don’t have money to cover these costs, isn’t a reliable fallback either. Throughout the U.S., doctors are reducing the number of Medicaid patients they accept.
Long-term care policies can be expensive and complex. Be sure to work with an insurance professional that can explain your options and help you find the best price based on your particular situation, age, health, etc.
Identity Theft Insurance
Victims of identity theft may face lower credit scores, difficulty obtaining credit or loans, and even finding employment. This is an especially stressful and frustrating situation that can take months or years to recover from. Your homeowners or renters policy provides limited coverage for loss of this nature, so it’s smart to protect yourself with a dedicated policy.
An identity theft policy is designed to help victims recoup costs related to reclaiming their financial identities and repairing credit reports. This can include replacing documents such as a driver’s license and passport, notarizing affidavits, obtaining credit reports or paying for fees charged by an attorney for necessary legal action.
Questions about insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
5 Ways to Save on Car Insurance – P.J. Miller Interviewed by CNET
P.J. Miller
One of the consequences of the COVID-19 pandemic has been a dramatic reduction in transportation of all kinds. Many insurers are taking a proactive stance and reducing premiums and offering discounts for car insurance. Now is a good time to take a look at your auto insurance policy to determine if you have the right coverage and if you could be saving money.
“Insurance carriers recognize that this is a difficult time, and in response, many have offered a credit, refund, premium adjustment or premium reduction, for a current and specified time period,” said partner P.J. Miller.
Some discounts and offers were delivered automatically to policyholders, but it's worth double-checking to make sure you received all available help.
Read the full CNET article to learn additional ways you can save on auto insurance.
Questions about car insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
Why Are Insurance Policies Impossible To Read? – Forbes Interviews P.J. Miller
P.J. Miller
Many policyholders believe insurance contracts are a nearly impossible-to-solve puzzle for the average person. So, what makes them so hard to understand?
An insurance policy is a legal document that has to hold up in court. That’s why you see lots of legalese and specialized terms in an insurance contract.
“Simple language opens things up to ambiguity,” said partner P.J. Miller. “And ambiguous contracts are prone to be torn apart by attorneys. In court, ambiguous policy language can work in favor of the consumer.”
Miller added: “Years ago, insurance contracts were easier to understand. But over time, new laws, regulations, court cases and differing opinions started to add complexity to the contracts.”
In other words, insurance contracts are complicated because they have to cover all their bases in case of a lawsuit or a large claim. Increased regulation has pushed insurance companies to make the contracts denser, making them difficult to read for the average policyholder.
Before you pay for any insurance policy, be sure to take the time to read and understand it. Get help if needed, so that you know what coverage you are—and aren’t—paying for.
Questions about purchasing an insurance policy, or understanding your current one? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
9 Things You Didn’t Know About Car Insurance (But Should) – P.J. Miller Interviewed by The Simple Dollar
P.J. Miller
Purchasing an auto insurance policy can be confusing if it’s your first time, or if you don’t have an agent guiding you through the process. Partner P.J. Miller spoke with The Simple Dollar to demystify car insurance and answer common questions about premiums, discounts and more.
How does your job impact your car insurance premium?
Do you use your vehicle to deliver people, products or services? If so, you’ll need to be specific about that usage added to your personal auto policy. Depending on the usage and your insurance company’s stipulations, you might need a business auto policy (also known as Commercial Auto insurance). Think pizza delivery, courier service, Uber-type or other transportation network ride-share arrangements.
Why do insurers care about your zip code?
Insurance carriers are fine-tuning their sweet spots and that includes by location and that could be a good thing for you if claims are relatively low in your specific zip code. They’re also after such things as median income, home values (yes, even home values can impact auto insurance rates if a carrier wants to focus on high net worth prospects. Zip codes can sort out specific sections of a county or city, for example, and they can refine their pricing to target exactly who they want to insure.
What are the auto insurance discounts everyone should know about?
Increase your deductible. For example, from $500 to $1,000. But be aware that you’ll need to cover these initial costs in the instance of a claim, so be sure to set aside money, just in case.
Combine your coverage: Bundle your auto coverage with your home or renters’ insurance policy. Showing your loyalty to one insurer could help you land a discount, especially if you have multiple policies. Renew your plan early, and you could get a discount.
Eliminate coverage when you don’t need it: Older cars might not need collision coverage. If you haven’t already removed the physical damage coverage (comprehensive or collision) to reduce your cost, it can be a consideration.
Slow down: Speeding tickets can dramatically impact your rates. Being a safe driver can lower your car insurance by approximately 5%. Just because there are fewer cars on the road right now, doesn’t mean you should speed or disregard traffic laws.
Maintain a good credit score: Most carriers use credit as a portion of the rate-setting process, where permitted by law. While it is supposed to be a “portion” of the rate calculation, most believe it plays a significant role in determining a price.
How much can someone really save by comparing rates?
It depends on how much “shopping” you want to do, as rates can differ by a few dollars to a few hundred – in some cases, it can be a thousand or more but that probably means you’re paying several thousand already. The bottom line is, you have to find the company that gives the biggest discounts for your situation, such as excellent credit, low mileage, “clean” driving records, possibly college degree(s) and a skilled or professional job.
How could a policy become more expensive over time?
Increased age of the driver(s) – many carriers are increasing the rate on senior citizens, including pricing changes to age bands, such as at 70, 80 and over. Loss of discounts that applied when the policy was written but have faded over time. Poor continued claim experience (losses) for a specific insurance company or companies, in a given territory, zip code, state, or town/city.
What is a deductible? How do you choose one?
When choosing your deductible amount, there are various considerations: the value of your vehicle, your risk for having a claim and others, but a priority is how much you’re willing to pay if you are in an accident. If you have a $1,000 deductible but can’t afford this in the instance of a claim, it’s not going to be helpful to you.
How have car insurance industries adapted to the coronavirus?
Many carriers are providing flexibility for payments, and have suspended cancellations and late fees for auto insurance premiums. For example, Nationwide, Progressive and Allstate have all offered some sort of relief in response to COVID-19. Typically, no action is required on the policyholder’s part to receive these discounts or policy adjustments, but it’s best to confirm with your carrier, so you’re aware of their terms, as they do vary.
What long-term implications do you think the coronavirus will have on the industry?
For the future of Virus coverage, it’s way too soon to tell what might happen, but suffice it to say, the exclusion will remain in the policies until the “pre-existing condition” of the preceding year wears off. Until then, this will cause a lag in any insurance companies testing the waters and daring to jump in — which begs the question, how much would it cost in premium dollars and how many property owners will actually buy the coverage? This isn’t the tornado that leaves the damage in its wake and then is gone; this is potentially a year-round disaster without an accurate projection of when it will go away – an insurance company’s nightmare.
Read the full article at The Simple Dollar.
Questions about auto insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.