Auto Insurance Points to Ponder Before Buying a Car

Auto Insurance Points to Ponder Before Buying a Car

When shopping for an automobile, the excitement of getting something new can sometimes overshadow your better judgment. There’s nothing to be ashamed about, of course, as it happens to all of us sometimes. When it comes to auto insurance though, it’s best to put on the brakes and think things through; if you do, you’ll likely end up saving money down the road. Continued Coverage Before you buy your new car, check your auto insurance policy and find out if, and for how long, your current policy will cover your new vehicle. Knowing the grace period will allow you to purchase a new car and drive it off the lot without informing your insurance company on the spot.  Of course, you need to inform your insurance company of your new purchase as soon as possible.  The last thing you want is a misunderstanding that could leave you with an unfortunate (and costly) gap in coverage. Your Insurance Isn’t the Dealership’s Job Dealerships are intended to sell cars – that’s it. The salesperson you work with will draw up the paperwork toward that purpose, and isn’t necessarily going to do anything at all regarding insurance. When they take a look at your auto insurance card, it’s to ensure you actually have it, not to know whether or not your new vehicle has been added to the policy. It’s up to you to make that call, and they’re going to assume you’re up-to-speed with everything. Understand What You Need With Your New Vehicle When you buy a new car, you need to know all the costs associated with it and what...
Understand Your Options Before You Buy Health Insurance

Understand Your Options Before You Buy Health Insurance

Regardless of your current state of health and wellness, health insurance is important to have; you never know when you may get injured or sick and have to see a doctor. Whether you’re single or shopping for your whole family, it’s a good idea to understand your options before you buy health insurance. Some of the plans can be a bit confusing, and knowing what you’re getting can save you time and money down the road. Types of Health Insurance Policies HMO (Health Maintenance Organization) – With an HMO policy, you have to stay in-network (except in emergencies) to be covered by your healthcare provider, and specialists/procedures will require a referral from your primary care physician (PCP). This type of plan is excellent for someone who wants lower out-of-pocket costs and likes to have their PCP coordinate their care. PPO (Preferred Provider Organization) – With a PPO, you’re not restricted to in-network physicians, however those who are out-of-network are more expensive to see, and referrals are not required to see a specialist. These plans are great for people who like to see specialists and want more options regarding their PCP. EPO (Exclusive Provider Organization) – An EPO works like an HMO when it comes to your PCP, but like a PPO when it comes to specialists. These plans work well for people who are looking for lower costs but no referral required for specialist care. POS (Point of Service Plan) – These plans require you to obtain a referral to see an out-of-network provider as your PCP. In-network care is less expensive, and referrals are required for specialists and procedures. The plan works for...
Buying condo insurance can be tricky, so make sure you’re getting the right kind

Buying condo insurance can be tricky, so make sure you’re getting the right kind

Buying condo insurance sounds simple enough, but if you’re not careful, you can end up with the wrong kind. I found this out recently when I nearly provided the wrong kind of insurance policy for some clients. They requested condo insurance and when I looked at photos of their condo on Realtor.com, it appeared to be an attached unit, so condo insurance I was prepared to write. But by the time escrow called and requested a certificate of insurance I had done some additional investigation and discovered that their condo was, in fact, a detached condo. Since the HOA policy did not cover the exterior, a regular homeowner’s insurance policy was needed – not a condo insurance policy which covers only the interior. Homeowners insurance, by contrast, covers the whole structure, inside and out. But here’s where it gets even more confusing. A few neighborhoods, like the Villa Metro condo community in Valencia, are detached condos, yet they don’t require traditional homeowner’s coverage because their HOA  pays for the insurance coverage on the exterior of the homes. So in that case, traditional condo coverage is what’s needed. I’m explaining all of this to show you how easy it is to get it wrong. It’s extremely important to find out to what extent the HOA policy covers the units.  Having the wrong kind of policy can leave a homeowner dangerously under-insured. To help sort this out, call 661-803-3803 or contact...
Risks Mitigated by Your Business Insurance

Risks Mitigated by Your Business Insurance

If you’re new to running a business, business insurance may seem like an unnecessary purchase; an idea that couldn’t be further from the truth. Your business is going to be exposed to risk from very early on, and having the protection that business insurance provides can be a life saver if, and when, something unexpected happens. Your Employees If you have any employees, you’re going to need workers compensation insurance. It’s legally required by the State of California, but even it wasn’t, it’s useful. If one of your employees is injured or sickened by something in the workplace, your workers compensation insurance will kick in and protect you from potential lawsuits as well as take care of your valued employee’s medical needs. Operational Risks Operational risks are things that could occur internally or externally as you run your business. A good example of an internal event would be where an employee could do something that damages or destroys valuable equipment. As for external events, a power failure, or loss of internet conductivity could shut your business down for days. When you have business insurance, your equipment can be paid for, and you can even file a claim for the income you lost due to the power failure or internet outage. Reputation Risks The importance of your business’ reputation cannot be overstated. A good reputation takes a while to cultivate, and once damaged or destroyed, it can be nearly impossible to ever fully-recover. If people don’t trust you, or the product or service you provide is sub-par, you’re probably not going to be in business for very long. However, if...
Gap Coverage Auto Insurance – What You Need to Know

Gap Coverage Auto Insurance – What You Need to Know

People buy auto insurance for different reasons. Some buy liability insurance, the minimum requirement to get behind the wheel legally, while others go with comprehensive policies that will cover a lot more. One type of insurance that’s sometimes overlooked but nonetheless useful is gap coverage. When you’re in an accident and your car gets totaled, or it’s stolen and never found, many types of insurance will give you a settlement based on the actual cash value of your vehicle. The thing is, cars depreciate quickly, and what you initially paid for the vehicle is going to be significantly less than your car insurance is willing to pay out. When this happens, drivers are left on the hook for whatever may still be owed on their vehicle and therefore unable to get a new one. How Gap Insurance Helps Gap insurance is optional, and it can come in handy in the previously mentioned situation. It’s typically added to a person’s collision insurance policy, and its purpose is to cover the “gap” between the balance of a lease or loan left over on a vehicle and the actual cash value that your insurance company is willing to pay you. Who Needs It? Most of the time, people who lease cars are required to purchase gap insurance as well as collision and comprehensive auto insurance policies. The dealer is expecting to get the vehicle back at the end of your lease, and if it ends up getting totaled, they’ll want the money for it. That being the case, gap insurance is sometimes added into the cost of the lease. It’s always a...