Money-Saving Tips for Adding a Teenage Driver to Your Auto Insurance

Money-Saving Tips for Adding a Teenage Driver to Your Auto Insurance

Adding a new teenage driver to the auto insurance policy is enough to give parents nightmares. Teenagers are statistically more likely to get into accidents, and therefore file claims, than adult drivers and insurance companies are all about risk. If the risk is higher, the premiums tend to reflect that. As luck would have it, adding a teenage driver to an auto insurance policy today doesn’t have to cause the premium to skyrocket like it did in the past. It’s entirely possible to get an insurance company to insure a new driver without seeing your premiums skyrocket like those of yesteryear. By following the tips below, you can add your teenager to your auto insurance policy and save some money in the process. Make Sure They Hit the  Books A lot of insurance companies will offer significant discounts for teenage drivers if they get good grades. Sure, there’s no correlation between good driving and good grades, but higher grades can pay dividends down the road. Don’t Buy a Car Specifically for Your Teen When a teenage driver has their own personal vehicle, the insurance company is probably going to charge more for auto insurance. As mentioned above, teenagers tend to get in more accidents, and therefore the risk of the company having to pay out a claim on that vehicle goes up. Instead, make sure that the insurer knows that the vehicle is a family car and that the teen is just going to drive it sometimes.  If you must buy a car for your teen, it’s a good idea to buy a good and safe older car –...
Owner-Occupied vs. Non-Owner-Occupied Property Insurance: A Real Estate Agent’s Guide

Owner-Occupied vs. Non-Owner-Occupied Property Insurance: A Real Estate Agent’s Guide

People buy homes for different reasons, and as a real estate agent, it’s a good idea to figure out your clients’ intentions so you can fill them in regarding their property insurance. There are several different varieties of property insurance, and not every home will qualify for each respective type. Owner-Occupied Insurance When someone is buying a home to use as their primary residence, they’ll probably want owner-occupied, a.k.a. homeowner’s insurance. This common type of insurance costs anywhere from 20% to 30% less than the others, but it requires that the owner live in the home. The rationale behind the reduced cost is that insurance companies believe that if the owner lives in the home, they’re more likely to take care of it, reducing overall risk and therefore the premium. Suppose you have a client that’s buying a second home, or they travel for long periods of time and are not often at the home. They may qualify for owner-occupied insurance, but it may be classified as a “secondary” home.  Because someone isn’t always home to take care of the property, the cost can be a bit more. Non-Owner Occupied – Landlord’s Insurance When someone is buying a home purely as an investment and their intention is to rent or lease the property, they’ll need landlord’s insurance – not homeowners insurance. Landlord’s insurance provides coverage for someone renting out a home, apartment building or condos. The policy typically covers things like fire, windstorm, falling objects, some water damage and many other perils, as well as liability protection against lawsuits. It can even cover them for the potential loss of...
Real Estate Agents Should Mention Personal Injury Insurance to Clients

Real Estate Agents Should Mention Personal Injury Insurance to Clients

When someone wants to buy insurance for a property they’re going to rent out, they tend to think about things like fire or water damage, and other common issues that might cause someone to file a claim. What they tend not to think about is personal injury insurance. A lot of times, personal injury insurance gets confused with personal liability insurance. Personal liability covers a property owner in the event that a person is injured on their property, while personal injury insurance covers them for a host of other possibilities, including: False Arrest Malicious Prosecution Wrongful Eviction Slander Libel Invasion of Privacy When renting a home out to tenants, any one of these issues could occur, and your run-of-the-mill landlord’s insurance policy doesn’t usually cover them. This is where the confusion with personal liability insurance can be particularly dangerous. Personal injury insurance needs to be opted into, and the increase in premium won’t be very much. Personal liability insurance covers damage to the property and/or injuries to a person’s body, while personal injury insurance covers any emotional damage one might be sued for, as well as the court costs in many cases. In tandem, both types of insurance will keep landlords covered from all sides against potential claims filed by tenants, and are must-haves for any landlord. For more information regarding personal injury or homeowners insurance, give Carol a call at 661-803-3803 or stop by InsuranceSCV.com for a FREE...
Never thought your home would be burlgarized during an eclipse? Think again!

Never thought your home would be burlgarized during an eclipse? Think again!

You’d been hearing about it for weeks. You went out and bought the special protective glasses, picked a spot where you were sure to get the best view and invited your friends to join you. It was going to be an eclipse you’d never forget. As it turned out, you probably won’t forget it anytime soon because someone burglarized your home while you were situated way up on that hill some six miles from your house. And to top it off, in all of your excitement you left the front door unlocked. An inventory reveals that a burglar made off with your guitar, amp and other musical instruments you use in your job as a musician. Will your insurance cover it? Not if you didn’t add special coverage for those instruments. Since you play music for a living, protection of those instruments has to be added as separate coverage. But regardless, many insurers won’t won’t pay out on a claim like this if there’s no sign of forced entry. And if you have property that you use for your business – no matter what kind of business – make sure you add on extra coverage. So in this case, you could be denied  for two reasons: One, you were negligent and there’s no sign of anyone breaking in. And two, you didn’t add that extra coverage on your instruments that you need since you use that gear in your line of work. So whether you leave your home unlocked to go watch an eclipse or just to run to the supermarket, it pays to lock up. You don’t want...
Why is Auto Insurance Mandatory?

Why is Auto Insurance Mandatory?

The compulsory nature of car insurance is more or less taken for granted. We all know that if we’re going to drive a car, we’re going to need insurance. But, have you ever wondered why auto insurance is mandatory? Driving without insurance in the State of California has some pretty stiff penalties; a first-offense alone is going to cost you anywhere from $360 to $720 in fines, and if you get into an accident without insurance it’s much, much worse. The roots of compulsory auto insurance goes back about a century – nearly to the dawn of the motor vehicle. Cars didn’t go very fast back then, with the Ford Model A topping out at a whopping 28 mph. Nevertheless, it quickly became apparent that automobile collisions were going to be an issue, and the more cars that wound up on the roads the more collisions there would be. The problem with that was that there wasn’t any way to ensure that a driver who caused an accident would be able to pay for the damages to the other person’s vehicle. It wasn’t until 1925 that Massachusetts and Connecticut became the first two states in the US to write and enact compulsory auto insurance laws. Since then, every other state (with the exception of New Hampshire) has put their own laws on the books requiring drivers to purchase auto insurance. While New Hampshire doesn’t require one to purchase auto insurance to legally drive their vehicle, they do require that the driver prove they’re able to pay for the damages to another person’s vehicle if they’re at fault for an...