Wednesday, February 22, 2017

Lets have a conversation about Standard vs. Non Standard Auto Insurance

 
Finding the most suitable insurance coverage to fit your individual needs can be a complicated task. We will examine the common question about the differences between Standard and Non-standard auto insurance. 
 



 Standard coverage is designed for the low risk policy holder. Standard policies differ little from each other, mainly in terms of the scope of coverages and price.

Common features of Standard policies may include:

  • Standard policies typically have more restrictions in terms of which types of individuals they will cover.
  • Only individuals who fit into the low risk category will qualify for standard insurance, example, specific determining factors for coverage include driving record, that doesn't contain accidents, tickets for traffic violations, and filed insurance claims.
  • Standard policy forms are regulated by the State in which the policy is issued.
  • Under a standard policy, permissive drivers are generally covered
While non-standard insurance policies are also written on State approved policy forms, however, they are highly customized to the policyholders needs and therefore vary widely in coverage and price.

Common features of Non-standard policies may include:
 
  • Non-Standard policies are sometimes referred to as Excess & Surplus Lines (E&S).
  • Non-Standard policies may involve additional fees depending upon the specific coverage you require and your level of risk. If you are a high-risk applicant, you will pay premiums that reflect this.
  • Non-standard policies have a lot more flexibility regarding their acceptance of high-risk applicants who may not qualify for other standard insurance carriers.
  • Non-Standard policies may have more Teen drivers.
Non-Standard policies may include foreign license and lack a U.S. driving record.
  • Non-Standard policies may have no previous coverage.
  • Non-Standard policies may have lapsed auto coverages.
  • Non-Standard policies holders may have been convicted of a serious violation, such as reckless driving or driving under the influence.
  • Non-Standard policies may have more speeding tickets or other moving violations.
  • Non-Standard policies may have substandard credit (if you live in a state that lets insurers consider credit history when setting premiums).
  • Non-Standard policies holders may be required to have an SR-22 or FR-44, a special form the insurer must file on your behalf to prove to the state that you have car insurance. Some states require one of these forms for drivers who have had their licenses revoked or have been convicted of serious violations.
  • Non-Standard policies may drive a rare vehicle or super car, like a Lamborghini or a Bugatti Veyron.

I hope this information was helpful and clearly steers you in the right direction for your own personal auto insurance needs. Reach out to the professionals at Priority-One Insurance on the gulf coast for additional information on auto insurance.
More information visit Click PriorityoneInsurance





Powter, John. “Standard vs Non-Standard Insurance Coverage” Web. 14 Apr. 2014
Marquand, Barbara “The Difference Between Standard and Non-Standard Car Insurance Quotes” Web. 8 May. 2015 

Wednesday, February 8, 2017

 

Image result for insurance agent sitting with clients pictures

Priority-One Insurance Services, Inc.

850-244-1066
Located in Fort Walton Beach, servicing surrounding areas in Florida, Alabama and Tennessee
 
How to Assess Whether Your Current Insurance Fits Your Current Life

This post is part of a series of insurance blogs on Safeco.com showcasing the expertise of independent insurance agents and aimed at helping you understand important insurance coverages and issues.

 
Everyone gets busy with daily life – family, jobs, kids, school, travel, and the list goes on. Before you know it, a year or more has slipped by without you giving your insurance coverage a second thought.
You pay your premiums and phone your carrier when an accident or other need arises. Otherwise, you assume all is well with your policies. But, what if it’s not?
There are a number of life changes and events that should prompt you to pick up your phone and call your insurance agent. You may need more homeowners coverage, for example, or you may need to remove a driver from your auto policy.
Even if you adjust your coverage as some of these changes occur, you’ll likely only catch others if you catch up with your insurance agent once a year – or more often. When you do, here are six questions you should be prepared to address:
  1. What Have I Added or Updated Around My Home?
    Did you add an addition to make room for baby? Did you remodel after the youngest left the nest? How about adding a pool or finishing your basement? All of these examples and more increase the value of your home and how much it would cost to rebuild it. You should update your insurance coverage to reflect not only the new home value but also any new risks.
     
  2. What Has Changed With My Vehicles or Drivers?
    Are you driving a longer distance to work? Is the vehicle you previously used for commuting now sitting in your garage more often than not? It’s a good idea to reexamine your auto insurance coverage at least once a year to ensure you have the exact coverage you want – not too little, and not too much.
     
  3. What Significant Purchases Have I Made?
    Did you invest in a home automation system or a high-end leather couch? What about that piece of fine jewelry you picked up on the cruise ship? If the value of your personal belongings has increased significantly, you’ll want to check whether your homeowners or renters insurance still provides enough coverage. If not, you can likely purchase additional coverage for specific items or possibly groups of items. Otherwise, if a costly item is lost, damaged or stolen, you may find yourself needing to replace it with a lower-cost version.
     
  4. What Is New With My Family?
    Did someone leave for college? Are more people now driving your motorcycle? These are things to discuss with your independent insurance agent, too.
     
  5. Are There Any Discounts for Which I Now Qualify?
    Doing things such as adding a burglar alarm to your home or driving your car less may help you gain discounts you didn’t qualify for when you first purchased your policy. So, if you like to save money on your insurance as much as the rest of us, an in-depth annual discussion of recent changes in your life and around your home is a must.
     
  6. Should I Consider Any Coverage Options?
    More than likely, your carrier offers some coverage options that might just be a good fit for you now, even if they weren’t when you first purchased your policies. Examples can include roadside assistance for cars, motorcycles, scooters, RVs and other vehicles. You may want to add stereo coverage for the new system you put in your car or appliance coverage following a kitchen remodel. Your agent, of course, can help you explore these options and select what fits.
Some other questions you might consider before your annual insurance review include:
  • Do I need any specialized disaster coverage, such as flood insurance or earthquake insurance, that I don’t already have?
  • Is my home inventory current?
  • Can I afford to raise my deductibles, and would it lower my insurance costs?
  • Am I carrying high enough liability limits to protect myself?
  • Is an umbrella policy right for me?
Just like filing your taxes, an insurance check-up is an annual item on your to-do list that can’t be skipped. After all, there’s nothing like the headache and heartache of thinking that you’re fully covered and then finding out you’re not when a claim occurs.
Remember, your insurance policies should reflect the life you have now – not the life you had when you first signed up with your carrier. So, keep your insurance policies up to date and keep your annual appointment with your insurance agent.
 
The following are the views of Independent Insurance Agent David Shaffer, Owner, David Shaffer Insurance Services, Walnut Creek, CA.