3 Indispensable Tips for First-Time Life Insurance Buyers

3 Indispensable Tips for First-Time Life Insurance Buyers

If you want to buy life insurance to protect your loved ones, you’re going to have a lot of options to choose from, the first of which being just how much life insurance they should buy. To figure this out, you’re going to have to take a look at your incoming finances and outgoing expenses, and decide how much your family will need, and for how long they’ll need it. If you’ve taken a look at your finances and aren’t sure how much life insurance to buy, we at Insurance SCV would be more than happy to help you figure that out. Once you’ve settled on an amount, you can begin to shop around for a life insurance policy that fits your specific needs. These three indispensable tips for first-time life insurance buyers can help you do just that. Decide Between Whole Life Insurance and Term Life Insurance In a nutshell, whole life insurance will cover you for your entire life, while term life insurance will only cover you for a specific amount of time. Both have their merits, and your unique situation will likely fit one better than the other. Whole life insurance is very popular, and many clients enjoy the peace of mind it gives them and their families. However, term life insurance can be suitable in certain situations. Don’t Name A Minor as A Beneficiary Children can’t directly receive life insurance money, and so the payouts on policies are often held up until the child turns 18. Then, the money is disbursed with no guidance to the child. This is not an ideal situation for two reasons: one,...
Young Drivers and Special Modifications and Auto Insurance

Young Drivers and Special Modifications and Auto Insurance

Photo by An en Alain When you buy auto insurance, it’s extremely important that you provide honest, accurate information. Your insurance premium and coverage is going to be based on a variety of conditions, and if something changes, it can cause problems down the road. For example, suppose when you buy an auto insurance policy, you had a young ten year old daughter. Later on down the road, she obtains her driver license and begins to drive to school each day.  Granted, you may have forgotten to notify your insurance carrier, but if your daughter has an accident, your carrier could deny the claim – or charge you the premium dollars your should have been paying.  (On a side note, encourage your young drivers to earn a 3.0+ GPA – the insurance savings can be significant.) Car insurance premiums are going to be based in part on your particular perceived risk. If you buy car insurance based on one set of factors, and it comes to light that these factors have changed, not only would your insurance company have cause to deny a claim, but in extreme circumstances, you could face a penalty for providing false information. The same situation goes for making certain modifications to your car. Depending on which modification you make, the insurance company may deem that you’re statistically more likely to have an accident and require that you purchase special insurance or an updated policy to reflect that risk. For example, adding a spoiler to the back of your car could alter the type of car you drive in the eyes of your insurance company....
Can you get insurance for your drone? Maybe, but probably not under your homeowners policy

Can you get insurance for your drone? Maybe, but probably not under your homeowners policy

In case you haven’t noticed, there are more and more drones flying around these days. If you go to the beach you’ll often see them buzzing over the water, or else they’ll be flying over city parks. I was in Ventura the other day when someone flew their drone straight into a palm tree on Main Street. The tiny aircraft was stuck in the tree about 30 feet up. You won’t see it in the photo here, but it’s there! Heck, you might even have one of these UAS (unmanned aircraft systems) yourself. Few would deny that they’re fun to operate – but what about insurance? Where can you get coverage for these things – and who will provide it? The short answer is you’re going to have to look around because this is basically uncharted territory for insurance carriers as FAA rules and regulations are still evolving. Insurance companies just don’t have enough data on drones to address it yet, so most companies won’t offer coverage. If your drone is considered a remote-controlled toy you might be able to get coverage under your homeowner’s policy, but if it’s considered an aircraft you’ll probably have to pursue it through Surplus Lines insurance, which is willing to take risks that preferred carriers won’t. That’s for good reason because there are plenty of concerns that can come up. If you don’t watch what you’re doing you might run your drone into the ground and seriously damage it. They aren’t exactly cheap so that could end up costing you lots of money. There also are issues of liability. You could damage someone’s property by running your drone through their front window or...
Is Auto Insurance More Expensive if I Lease?

Is Auto Insurance More Expensive if I Lease?

Leasing a vehicle sure has it’s advantages. You can get a new automobile every few years, leasing often requires little/no money down, and you can drive a higher-priced, better-equipped vehicle than you otherwise may be able to afford. The down side to leasing, though, is that your car insurance can cost more. The reason for this is that leased vehicles typically require more coverage than a vehicle being purchased. Additionally, leased vehicles sometimes require higher limits. For example, if the value of the vehicle you’re leasing is higher than the value of an automobile you could afford to purchase, you’d likely need a higher limit. Also, leased vehicles often require collision and comprehensive coverage on the auto insurance policy, whereas a car you’re purchasing does not necessarily have to. The specifics on what type of auto insurance you need to buy will depend on the leasing company you work with, and they’ll make sure you have it before you take the car off the lot. Because of this, leasing companies offer their customers “convenience”  insurance policies that they can purchase right there at the dealership, and drive off in their newly leased vehicle. Unfortunately, these “convenience” insurance plans are not added into the cost of your lease, and can be pretty expensive. It’s pretty much always going to be better to buy your insurance from a reputable agent, such as Carol at Insurance SCV. If you’re looking to buy car insurance in Santa Clarita, or anywhere else in the State of California, we at Insurance SCV can help you out. It can be difficult to estimate the cost of...
Why Purchase Renters Insurance?

Why Purchase Renters Insurance?

Whether you own your home or not, unexpected issues can pop up and cause all kinds of headaches. Sometimes, these issues can’t be controlled, things like break-ins, injuries to visitors, or other types of damage and renters insurance can provide important protections in the event that you find yourself in one of these situations. If you’re shopping for renters insurance in or around the Santa Clarita Valley, here are a few types of coverage that most people who buy renters insurance find invaluable: Additional Living Expenses When the property you’re renting is damaged and you’re unable to live in it, your renters insurance can come to the rescue. Most of the time, renters insurance includes coverage for costs associated with additional living expenses, such as hotel/motel bills and additional food costs above what you’d normally pay monthly. Personal Property Coverage If one or two of your personal belongings inside your home were to be destroyed or stolen, how much money would you be out? Probably not too much. However, the combined value of everything you own inside your home can add up quickly, and were it all to be destroyed or stolen, it may well take a very long time to replace it all. Personal property coverage can help pay for stolen or destroyed items in your home. It’s important to note that there are usually coverage limits in every renters insurance policy, so if you plan to buy renters insurance, make sure you take a look at just how much coverage the policy provides. Liability Coverage When you’re found legally responsible for injuries to other people or damage to...