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Did you know that your auto insurance rates can be different if you own an electric vehicle? In fact, in most instances, your insurance will be higher for an electric vehicle. Let’s take a look at some of the reasons why this is the case from TruePoint Insurance in Fisherville, KY.
Higher Costs of the Vehicle
On average, electric vehicles cost a great deal more than the more conventional automobiles. They can cost around 70 percent more on average, according to studies conducted by Nerd Wallet. The higher price tag means that the insurance company has to pay more if the vehicle is stolen or damaged.
High Repair Costs
It tends to cost more to conduct repairs on an electric automobile. This is because they have expensive battery systems and you have to bring the vehicle to a specially trained mechanic. Though these vehicles usually don’t need repairs as often, this definitely has an effect on how much its insurance is going to cost.Â
Size of the Car
Electric vehicles typically are smaller than other automobiles. Since smaller cars often don’t offer as much protection in the event of a collision, they are sometimes deemed as higher risk vehicles. This can increase the amount you’ll be asked to pay for your car’s insurance coverage.
Even with the fact that you’ll almost certainly have to pay more for insurance, there are many benefits that come along with owning an electric vehicle. Your car may qualify for a federal tax credit of around $7,500, a big plus as it will offset what you pay for insurance.Â
Be sure to ask plenty of questions to understand insurance for your electric vehicle. The team at TruePoint Insurance, serving the greater Lawrence and Fisherville, KY area, can answer your questions to make signing up for auto insurance less of a stressful experience.
Each year 2 million accidents are due to the failure to use turn signals
Auto risk mitigation organization “SafetyFirst,” noticed some important statistics from its database of calls into its hotline. They discovered that a significant percentage of its calls involved drivers who did not use their turn signals. That issue was significant, especially since nearly half of their complaints involved:
Improper Lane Change;
Failure to Use Signals
Failing to Yield Right of Way
Weaving in Traffic
Failure to Stay in Lane;
and Improper Passing
A common trait in all of
these behaviors is that they significantly increase the likelihood of an
accident.
There are several trends
that are occurring simultaneously on U.S. Roads. One, we’re driving faster, two
there are more vehicles, we’re driving more frequently and a significant
portion of drivers (Baby Boomers) are becoming senior operators with
age-related, diminished driving skills.
In light of these
trends, does it make sense that many drivers either forget to or refuse to use
turn signals?
Drivers do themselves and others a tremendous favor by signaling their intent. Much of our driving activity depends on being able to rely upon and anticipate what is being done by other drivers. Signaling consistently and appropriately allows others to adjust their actions in order to reduce the chance of accidents and to maintain traffic flow.
Help yourself, help
others. Whenever you are about to do something that can be indicated by a turn
signal……signal your intent!
COPYRIGHT: Insurance Publishing Plus, Inc. 2015
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without the written consent of Insurance Publishing Plus, Inc.
This is a term originated by a judge to describe a property that attracts youngsters and, because of its dangerous nature, creates a special obligation to property owners. Examples are:
swimming pools
trampolines
empty buildings
appliances kept outside
excavations
construction materials
zip lines
All of these can lure children onto
property and they all have the potential to cause serious injury.
Why Do Attractive Nuisances Create
A Special Obligation?
A special obligation exists because
of such property’s child endangering nature. Children do not have the reasoning
ability of adults. When an opportunity to have fun pops up, it’s a rare child
who thinks about the chance of being injured. A property owner with an
attractive nuisance on his property cannot escape liability because of a
trespassing child. When an attractive nuisance is involved, adults have to make
a special effort to protect children from their blind sense of adventure or face
the consequences.
How Do You Handle Attractive
Nuisances?
Pool Safety starts with controlling access.
The answer is…doing whatever it
takes to prevent a child’s access to the nuisance. Therefore, in order of their
effectiveness:
1. Eliminate the nuisance
have old appliances hauled to a junkyard
tow old, non-running vehicles away
get rid of construction materials immediately after a building project is complete
2. Secure the nuisance
take off doors or covers from large appliances awaiting garbage
pickup
keep sharp tools, especially power tools and equipment, locked
away
store construction materials in a garage or shed
3. Reduce the chance for injury
from a nuisance
install a pool cover and have a locked fence to prevent access to the pool
do not allow younger children to use equipment such as trampolines
make sure there’s adult supervision of children using play equipment
If you’re not certain about whether
you have an attractive nuisance situation, discuss the situation with an
insurance professional.
COPYRIGHT:
Insurance Publishing Plus, Inc. 2016
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without the written consent of Insurance Publishing Plus, Inc.
A standard homeowner’s policy offers a limit equal to half of the amount reserved for the residence to protect against loss to a given residence’s personal Property (ex. Your home is covered for $150,000, so your contents and furnishings are covered for $75,000). While this is generous coverage, it doesn’t extend to all types of the property nor for all causes of loss. Certain types of property, because of its high value and liquidity, is far more vulnerable to loss…either easily destroyed, easily stolen or both. So, to compensate for this difference, insurers use coverage restrictions.
Property claims due to theft are subject to lower limits
Theft Coverage Limitations
When property is lost due to theft, coverage under a standard
homeowner policy is severely limited (generally $1,000 – $2,500) for the
following types of property:
jewelry, watches, furs, and gemstones
dinnerware, serving sets, trophies and similar property
made of or plated with silver, gold, platinum or pewter
for firearms, accessories and related property
Other Coverage Limitations
Several categories of
property are subject to very modest limits ($200 – $2,500) of coverage,
regardless of the cause of loss (theft, fire, accidental breakage, etc.).
Specifically:
money, banknotes, coins, medals, gold, silver, and platinum (other than jewelry or dinnerware)
securities, accounts, deeds, tickets, stamps, manuscripts, passports and similar property
watercraft and related property including their trailers
trailers not used with watercraft
business property located in your residence
business property located away from your residence
certain types of electronic property which are lost or damaged while in a car or is located away from your home and used for business.
Handling the Limited Coverage Situation
Insurance companies are happy to provide more coverage if they are paid for their trouble. Specifically, limited coverage can be handled using the following methods:
Increased Coverage C Endorsement – this form is only appropriate for
property saddled with limited coverage for theft losses. This form is attached to
a basic policy and it increases the theft insurance limit (i.e. for jewelry
from $1,500 to $5,000).
Scheduled Personal Property Endorsement – this form is used for increasing
coverage for property that has protection reduced for all sources of loss. The
property is removed from the basic policy’s limits and is covered exclusively
by the endorsement. This form takes more work since each item of property has
to be listed and assigned a particular insurance limit.
Inland Marine Property Floater – this method works like the personal
property endorsement, except that it is a separate policy. This alternative is
more appropriate for persons owning substantial amounts of high-valued
property. The coverage must often be purchased from specialized insurers and comes
at a high cost. In order to qualify for such coverage, you may need to meet
special circumstances such as having a residential alarm system or make use of
vault storage.
Another Advantage of Special Handling
In order to arrange coverage under a schedule or an inland marine policy, the property must be properly valued. This often involves appraising the property. It’s very helpful to have an expert source to establish the current value of jewelry, furs or other valuable possessions. In fact, such property should be appraised every two or three years since their values often increase over time.
Do you still have questions about property that needs special
handling? Talk to an insurance professional about your needs and make sure that
you have proper protection.
COPYRIGHT: Insurance Publishing Plus, Inc. 2017
All rights reserved. Production or distribution,
whether in whole or in part, in any form of media or language; and no matter
what country, state or territory, is expressly forbidden without written
consent of Insurance Publishing Plus, Inc.
Each day more people decide to create their own Websites, blogs or otherwise participate in social media activities. The reasons for having a Website or blog vary or other activities range from frivolity to earnestness. Personal Websites and blogs commonly describe the host, his or her family, and interests such as a particular hobby, sports, profession, humor, etc. Whatever the reason for creating a Website or blog, they, along with social network activity can represent an additional source of loss that may require additional insurance. The loss potential is directly related to the purpose and content found on the Website.
New Opportunity For Old Losses
Website liability is an extension of the age-old accountability for what you say or write. Such responsibility extends to household members; so it’s important to be aware of what a family’s little E-wizard may be doing. The types of losses that may be created by a Website, blog, or social media activity include:
Libel – knowingly publishing false information that harms a person’s reputation.
Invasion of Privacy – disclosing information that interferes with another party’s peace of mind.
Infringement – violating or interfering with another’s property rights or the right to pursue business
Oops, You May Not Be Covered
Are you insured for libel and slander? Most aren’t!
Most homeowner policies protect against liability for tangible injury to another person or for actual damage to another party’s property. Liability created by publishing or broadcasting content typically involves a personal (or non-physical) injury that is not covered by a typical homeowner policy. While individuals may be able to add protection (such as add-ons to a homeowner policy or umbrella coverage), certain losses may still be uncovered because they involve intended acts or business activity.
Can You Protect Yourself?
The good
news is you can take steps to eliminate or, at least, minimize the possibility
of facing electronic publishing-related loss. The first step is to identify
areas of concern. The key to understanding and addressing any possible Website
liability is to focus upon:
the nature of
the Website or activity
the Website or
account’s contents
who may be
harmed by the site or activity
how a party may
be harmed
It is
important that you think hard about these issues and approach the job
objectively. Your building a site, blogging or using social media
just for “fun” could end with you explaining the punch line in court.
Two people can interpret information in radically different ways. Use a method
of examining your Website that helps you view it through “fresh” eyes
that won’t gloss over important facts. Asking the help of others could be a big
plus.
Considerations
For Your Web Site, Blog or Social Networking
If you or
someone in your household operates or is building a Website, or is active with
social media, you need to be aware that the site (or activity) could open you
to legal situations. Here are some questions you should consider:
Who
created the site or page?
Key
consideration: depending upon the circumstances, a private party that created
the site for you may share (or even own) the responsibility for damages caused
by the site.
What is
the purpose of your site or activity?
Key
consideration: Is there ANY business activity or purpose? If so, you may have
an immediate need to secure appropriate protection.
What
content is found at your site or page?
Key
consideration: Not only do you have to think about YOUR message, but you must
think of other parties that appear at your site such as friends, companion
businesses or even miscellaneous links.
Who do
you intend to attract to the site and how do visitors use your page?
Key
consideration: There’s a big difference in the type of people you’re targeting,
such as inviting:
relatives to see
baby pictures or family newsletters
customers to
request product/service information or to place orders
hobbyists to
distribute or solicit stories or advice
strangers to a
forum for discussing sports, political or other topics
Is there
anyone you would not want to see the site or page? Why?
Key consideration:
Answering this question honestly is critical. It can identify prime sources for
possible legal action against you. It may also suggest what precautions you may
take, including the easiest action such as eliminating the reference to a
person, group or organization.
Does Your
Site or Activity Create An Insurance Need?
After
examining the key concerns about your Website, you should be prepared to take
precautions which may include:
adding security
features to your Website
changing the
content
adding waivers
or disclaimers about links or certain pages that appear on your site
adding user agreements
to your site
creating
guidelines on maintaining current and future content at the site
changing your
homeowner coverage
buying
additional or special personal or business liability insurance
adding or
eliminating a guest book (if you have a guest book, pay close attention to
what visitors say)
eliminating the
Website
Once
you’ve carefully examined your situation, a discussion with an insurance
professional could be an excellent step to identify coverage needs which may
include having to buy commercial coverage. The instant and widespread access
represented by the Internet creates new perils for individuals. Don’t hesitate
to seek the help of an insurance professional or even competent legal advice.
COPYRIGHT: Insurance Publishing Plus, Inc. 2016
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without the written consent of Insurance Publishing Plus, Inc.
Handyman Services Insurance costs for Contractors can vary widely. Insurance companies view roofers as a high risk. In fact, most standard carriers will not even write coverage for roofers. Why? Because they are one of the ten riskiest jobs. On the other end of the scale are jobs like grading of land.
The Jack of all Trades Tinker, Handyman, or Jack of all Trades, regardless of the name you use, the risk is the same. A handyman is an individual that can perform a wide range of jobs. At first blush, it would seem that insurance for a handyman would be considered low risk. That is bad thinking. Insuring a Handyman poses one major problem for insurance companies. What does a handyman do? Work performed is a primary factor in calculating premiums. We know what Roofers do. They install and repair roofs on homes and commercial buildings. A risky endeavor that warrants a higher insurance premium. Occupations that are less risky warrant lower insurance premiums. Such is the case for lawn care providers. Handyman insurance premiums are significantly lower than roofers. They should be, the work they perform is not that risky. Or is it?
Handyman jobs
What does a handyman do? Minor repair, light domestic work, or mechanical jobs are likely responses. Handyman insurance might cost more than one would think because no one knows what they are going to do. In the insurance industry, uncertainly almost always corresponds to higher premiums.
A Handyman might perform low and straightforward risk functions such as:
Changing a light bulb
Window cleaning, or
Cleaning
But it’s more likely that they are performing higher risk jobs:
Carpentry
Gutter Cleaning or Repair
Window installation
But what happens when the handyperson starts playing jobs that require a license? A handyman can quickly alter their risk profile. By performing the following, then we are no longer dealing with a low-risk contractor:
Heat, AC or plumbing installation or repairs
Handicapped or Senior Living Modifications
Electrical work
Home Security Installation or Repair
Foundation repair and installation
Chimney sweep or Fireplace Repair
Some Jack of all Trades will, regularly, perform high-risk jobs. Can a handyman repair a roof?
What happens if, frequently, they start to replace entire roofs?
Could happen?
NO. IT DOES HAPPEN!
Bob The Builder
Bob the Builder or Tim “The Tool Man” Taylor Over the years, Hollywood has created several iconic Handymen and women. But it is the contrast between Bob the Builder and Tim “The Tool Man” Taylor that gets my attention. The performance of these two a generation ago are perfect examples. Both portraying handymen, they demonstrate the dilemma that confronts insurance companies.
Looking for someone with a toolbox full of tools that can fix anything? The animated character, Bob the Builder is your man. For an insurance company, Bob is a great risk. His attitude and skills allow him to complete any job. Doing things the right way means that the risk associated with Bob’s work as a handyman is limited. As a result, he should warrant a low insurance premium.
But there is more to this discussion. The term, Jack of all Trades, is synonyms with Handyman. The original phrase was, “A jack of all trades is a master of none, but often better than a master of one.” The expression is intended as a compliment. The original quote placed value on generalist, those with a broad set of skills.
Jake of all Trades
Over time we have modified the phrase to “a Jack of all Trades, and a Master of none. In these instances, the Jack of all Trades is portrayed as someone skilled in many areas. However, their skill levels are most likely to be inferior. Some of you will remember “Home Improvement,” a 90’s sitcom, starring Tim Allen. Tim portrayed another iconic Handyman; Tim “The Tool Man” Taylor. Every week, Tim Taylor brought humor to American homes. We watched as he managed to once again foul-up another home improvement project.
Risk Management for a Handyman The agents at TruePoint Insurance work with handymen. Our process provides insight into your business. With this information, we can find the appropriate coverages for your Handyman business. We will work with you to craft insurance coverage that addresses your risks. Insurance is just one component of risk management. We will also work to help you to better understand all the risks. We could just sell you an insurance policy. But our goal is to protect your business in the most effective way we can.
The option is yours, the number is ours. Call now and get started.
Dealers Blanket Insurance provides physical damage coverage for Auto Dealers. This coverage is often referred to as Dealers Open Lot Insurance. The policy can provide protection for collision and comprehensive losses.
The purpose of the dealer blanket is, in many ways, similar to an individual auto policy. While there are many similarities, there are also some significant differences.
The most critical difference is that Personal Auto policies provide liability coverages. The Dealer Blanket does not. Liability protection for auto dealers is covered via a Garage Liability Policy.
Insurance companies require individuals to provide a VIN or vehicle identification number. They may even go as far as to require a photo of your car on the policy effective date.
WARNING: Accurate Inventory Critical
Why are Dealers Different? Why do they need Dealer Blankets? Car Dealerships are continually turning over their inventory. The average US Car Dealer will have an inventory turnover more than 13 times. What a massive problem! Let’s give the insurance companies some credit. It would be negative for everyone if real-time vehicle information was required. How do Insurance companies keep track of Auto Dealer risk? Calculating the premium for the dealer open lot insurance is done in one of two ways:
Non-Reporting – typically lots with inventories of $100,000 or less use this approach. At the beginning of each policy period, the dealer must declare a coverage amount. CAUTION REQUIRED! If a claim is submitted and the dealer’s inventory is higher than the declared amount WE HAVE A PROBLEM. This will trigger the coinsurance clause. As a result, the dealer will be required to pay their fair share of the loss.
Monthly Reporting Form – this requires the dealer to regularly update the carrier. In most cases, this will require a monthly update. This creates added work for the dealer. But it is cost-effective, and it eliminates concerns associated with paying coinsurance.
There are additional coverages that Dealerships should consider. Workers Comp, EPLI, Business Income, Cyber Liability, and other coverages that apply to most businesses. Another coverage that is specific to the Auto Industry is Garage Keepers. This coverage protects vehicles of customers that have been left in your care. Dealers that also offer repair work will most likely need to add this coverage too.
Your hobby may significantly affect your insurance needs. Hobbies often require a large investment intangible property and may even create some legal responsibility to other persons or their property.
Hobbyists: Collectors or Enthusiasts
Hobbies typically
involve either collectors or enthusiasts. A collector acquires property that
especially attracts him or her. Examples include people who collect stamps,
art, coins, autos, antiques, comic books, baskets, dishes, glassware, sports
memorabilia, etc. An enthusiast also collects a certain type of property.
However, the enthusiast acquires property in order to pursue a given, physical
(particularly sporting or artistic) activity. Examples are hunters, musicians,
painters, sculptors, cyclists, and enthusiasts of many types, such as fans of
model or radio control planes, helicopters, etc.
With collectors, the focus should be placed on the nature of the property being acquired. With enthusiasts, besides attention to property exposure, there should be equal emphasis on the liability exposure that is inherent in their activity.
Property Coverage Needs To be Created By Your Hobby
Consider Specialty Insurance for your Hobby or Collectables
Your special property should be properly insured. Most homeowner policies provide minimal protection for the collectible property. Why? Items such as coins, stamps, antiques, guns, etc., are often fragile. Also, such property is very valuable in relation to its size. The value of collectibles kept in one room may be more valuable than all of the rest of your home’s contents. Regular homeowner coverage is not designed to handle high-valued property that is easily destroyed, lost or is vulnerable to theft.
Even when a collectible property is eligible for a policy’s full coverage, this may not be enough. You may want your special property to be covered from more causes of loss than your family room couch. It may be worthwhile to buy an endorsement to add additional coverage for your collectibles to your homeowner policy. Depending upon the type and value of your collectibles, you may even have to consider specialty coverage which typically makes consideration for replacement cost and for the property that appreciates in value.
Liability Coverage Needs To be Created By Your Hobby
If your hobby is more
hands-on, then be sure you’re protected against any legal liability related to
your activity. Ask yourself the following:
Are there any dangers associated with the hobby?
Does the hobby involve frequent travel to sites or meets?
Does the activity attract frequent visitors to your home?
Do you publish hobbyist newsletters or give advice to others?
Do you actively sell or trade property on or away from your home?
Does your activity involve equipment that’s inherently dangerous to others?
Get Serious About Protecting Your Hobby
Fortunately, many
aspects of a hobby, especially legal liability, are covered by a homeowners
policy. However, your activity may need special or even business coverage (see
part 2 of this series). The way you spend your leisure time should be a happy
diversion. Don’t let your enjoyment be interrupted by inadequate protection.
Discuss your special interest with an insurance professional who has a special
interest in meeting your coverage needs.
It’s likely that you
depend on your homeowner or residential insurance policy to handle losses
connected to your hobby or activities. A homeowner (HO) policy usually includes
a definition of “business.” A given policy may use a definition so broad that
nearly any activity qualifies as a business. In such instances, a hobbyist or
enthusiast should consider whether business insurance is necessary.
Let’s say you love
photography and you take pictures at weddings and other events to finance this
passion. While you consider this to be a hobby, your insurer may define your
activities as a business. If your camera equipment is stolen or damaged, there
may be as little as $250 protection under your HO policy. HO coverage for
business property differs depending on whether it is located at or away from
your residence.
Imagine the photography situation again. This time, you’re at a wedding job and have just set-up a perfect shot of the bridal party. As you are snapping a few shots, a large boom stands with hot lighting equipment tips over, injuring the maid of honor and the flower girl. A homeowner policy may exclude coverage if the injured women sue you since the injury is part of business activity.
There are numerous types of sales and service jobs. These include cosmetics, clothing, kitchen supplies, home decorator items, computer repair, web site design, photography, music lessons, auto repair, and many contractors. Each job involves some type of business property that is excluded or severely limited under the homeowner policy. Therefore, each situation may need to be covered by business insurance.
Although independent consultants are in business, too often they think their HO policy will provide coverage because they don’t have special equipment or leave their home office to run their business. Office furnishings such as laptops, iPads, desks, chairs, and file cabinets are subject to HO policy limitations. Without adjustments to the homeowner policy, there may be little or no coverage for property used in a business.
The legal form of the
business may create a need for business insurance. If a limited liability
company, corporation or partnership is formed, the related activity is a
business and needs business coverage. Also, most HO policies will not provide
coverage for employees or for any professional liability.
What can you do? First, determine if your activities qualify as a business. Then talk to an insurance professional to determine what coverage is provided by the policies you currently have and what options are available to fill in any gaps in protection.
COPYRIGHT: Insurance Publishing Plus, Inc. 2015
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without the written consent of Insurance Publishing Plus, Inc.
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