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Why do I need auto insurance?
Your car has two unique qualities. First, it is probably one of the most expensive things you own. Insurance protects your investment and guarantees you a way of coping with the expense of accidents, vandalism or theft, as well as securing your financial responsibility to the bank or other institution lending the money to buy your vehicle.
Second, when you drive, you are operating a powerful machine, weighing one ton or more and capable of moving at over 100 miles per hour. You are responsible for the safety of your passengers, your fellow drivers, other people´s property, pedestrians and yourself. Insurance helps you live up to that responsibility by ensuring your ability to cover the costs of potential damages or injuries.
You are also required to be financially responsible by state laws, which are best satisfied through your insurance coverage. In fact, in most states insurance is a prerequisite to registering your car. So if you want to drive your own vehicle, you must be insured.
What do I do if my insurer cancels or refuses to renew my policy?
Even "good" drivers can find themselves in the position of being dropped by their current carrier. Reasons range form a "drinking while driving" violation or other serious violations (that make you a high risk) to situations outside your control, such as when insurers in your state are suffering severe business losses. Overall rises in claims or losses can cause insurers to become highly selective in determining whom they can afford to insure.
That is why it is important to note that if you are licensed to drive, by law, you are eligible for insurance. However, your options for new coverage may be limited. Each state has created and regulates a market of last resort for those who cannot otherwise obtain coverage. These groups have various names, depending on the state you live in, such as assigned risk plans or the residual market. Your agent will know more about the particulars in your state.
Regardless of the reason you were dropped, you need to act immediately to get another policy. Under no circumstance should you drive your vehicle without insurance. Call your agent to help you find new coverage. If you do find yourself in the residual market, the price may be higher but it may be your only alternative in maintaining your freedom to drive. NudeNakedTeen Chatting
Do I always need to buy insurance when I rent a car? Am I not covered by my own policy?
If you have fully insured your own vehicle, including collision and comprehensive coverage, and rent a vehicle for pleasure only (while on vacation, for example), you do not need to buy extra insurance from the rental company. In fact, in most states your basic rental fee by law will include liability coverage for damage or injury to others. But different rules apply when you rent a car for business purposes, so check with your agent for details.
If you do not have your own insurance, be aware that many car rental liability policies cover you only at the state´s required minimum. Also, you should buy the collision and comprehensive coverage offered by the rental company for your own protection. Plus, do not buy a collision damage waiver (CDW) from the rental company assuming it is insurance. A CDW simply releases you from financial responsibility if you damage the vehicle you are renting, provided you comply with the terms of the rental contract. But those terms can vary considerably, and CDWs are not state-regulated, which means they are technically not insurance.
It´s always a good idea to review your policy before renting a vehicle and, if necessary, contact your agent for clarification.
What do I do after an accident:
Always have on hand your company´s claim service card with your agent´s name and phone number, and your policy identification number. Notify police immediately. Get the police officer s name and badge number and the address and phone number of the police station. Ask the officer when the report will be filed and how you can obtain a copy.
Review the copy of your insurance company´s filing procedures, which you should keep in your glove compartment as a reminder of the information the company requires.
Notify your insurance company or agent as soon as possible.
Keep in mind your insurance company´s policy in relation to qualified repair shops and pre-inspections.
Get the names of the other drivers, their addresses, work and home telephone numbers, vehicles, license plate states and numbers, drivers license numbers, insurance companies, names and telephone numbers of their agents, and policy numbers.
Obtain the names, addresses, and work and home telephone numbers of all passengers and witnesses.
Make notes describing the accident, the vehicles involved, their approximate speeds, the setting, the weather, the traffic signs and signals, the road conditions. Take photographs if possible; or draw simple diagrams of the roads and the accident.
Don´t make any oral or written statements as to responsibility or blame.
Don´t tell others involved in the accident how much liability insurance you carry.
Don´t discuss the specifics of the accident with others involved.
Don´t accept offers to settle for payment on the spot without thinking about it carefully. You may be held liable later for the same damages
You do - it is your home and your insurance policy. As a means of protecting their investment, the mortgage company collects a set amount from you each month, puts it in escrow, and then pays your insurance and taxes when they fall due. However, the policy is still yours and you may select the insurance you feel offers the best coverage at the best rates. In fact, if you allow the mortgage company to choose, you might well end up paying more for your homeowners insurance.
I work out of my home. Are my inventory and business property covered?
Yes, but within certain limits. Both are covered as personal property used for business purposes. However, like all personal property, there are monetary limits on reimbursement. Whether your home business is your primary occupation or a hobby that nets you a few hundred dollars a year, it is still a business and you should treat it as such. If you´ve invested quite a bit in equipment (woodworking tools, for example) and sell the occasional decoy, you should consider whether the personal property limits are sufficient.
Also, keep in mind that the personal liability protection in your homeowners policy does not extend to business liability. Check with your agent concerning your business insurance needs.
Help! I´ve lost everything! Where do I start?
It´s true - if most of us suddenly found ourselves without anything due to some calamity, we would be hard pressed to know all that we had lost. When was the last time, for example, that you counted the number of shoes you own or CDs, not to even mention furniture, dishes, drapes, or audio and video equipment? And the list goes on and on. How much is it all worth and where would you start if you had to replace it?
Now is the time to make a list of major household items and possessions. The handy inventory form at the back of this guide will make your job easier. Just remember that, where possible, it is wise to list the serial number, date and cost of purchase, and even include the receipt if you can.
Another easy way to inventory your home is to use a video camera or take pictures of your home and its contents. As you take the video, you can also talk about the items and their date and cost of purchase.
Whichever method you choose, have a copy made and ask a friend or family member to hold on to it. Or store your copy in a safe deposit box. You could even check with your agent - he or she may be able to store a copy for you. That way if the worst happens and your home is destroyed, the inventory list will be safe at another location.
I am a renter, not a homeowner. Do I need insurance?
The same rule of thumb applies to renters as to homeowners. If catastrophe struck tomorrow, could you afford to replace everything you own? Or if you were sued, would you have enough money to pay legal fees and possibly settle the suit? If not, chances are you would benefit from the protection that renters insurance brings.
Renters insurance offers the same general personal property coverage and liability protection as a homeowners policy. Thus, your camera is insured while you are on vacation, and you are covered if your grandfather clock crashes into the apartment lobby´s wall and leaves a gaping hole. In fact, most policies are surprisingly extensive and may include additional living expenses (also called loss-of-use coverage) if you are forced by fire or other damage to live elsewhere.
How are prices determined for renters insurance?
Renters insurance is surprisingly inexpensive. That´s because you are not insuring a building. Like all property/casualty policies, the value of your property to be insured and other risk factors are weighed by the insurance company to determine your premium. Your insurance agent can help you find the best combination of coverage and cost.
What do I do when my property is damaged or stolen?
Contact your agent as soon as possible. If there is damage to your home or possessions, make "emergency" repairs to protect yourself and your property from further damage, then call your agent. For example, if some of the windows in your home have been blown out by wind, you may board them up to prevent additional damage. In fact, your policy covers the cost of these emergency measures.
However, before setting about to make permanent repairs, call your agent. The insurance company has the right to inspect the property in its damaged condition. They may want to send a claims adjuster or instruct you to get an estimate from an independent contractor.
If you have property stolen, notify the police immediately and call your agent.
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