Author: Brad Smith

Benefits of working with a Kentucky Insurance Specialist

Posted on by Brad Smith
Do you have options when you buy insurance? Does your insurance company have local agents to help? If you don't have access to someone that understands and you can't buy from the insurance company that has the best prices for what you need, I don't you think your dealing with the best insurance agent.

What color is your umbrella? In today’s world, when it comes time to buy insurance, you will find that you have a range of options.  The challenge is learning to optimize them to meet your own unique constraints and objectives.   Individuals and businesses seeking Kentucky Insurance need to develop a thorough understanding of their insurance options.

Kentucky Insurance Markets: 

Direct insurers. cheap insurance, price, no insurance options, Do you want cheap insurance? what kind of insurance do you need? Cheap car insurance, Cheap auto insurance. insurance agent

For decades insurance markets were divided into two categories; Independent and Captive Insurance companies.  The independent marketing channel is made up of agents (more accurately, Brokers) that represent multiple insurance companies.  Captive carriers utilize agents or employees to distribute their products.  This group tends to use more print, television, radio, newspaper and other to generate sales. 

In recent years a third market has entered the mix; Direct Carriers.  This group has many similarities to the Captive Carriers.  The two groups have market plans that look very similar.  The Direct Channel takes a much more aggressive approach regards utilizing online resources.  The Direct sector of the market not only uses extensive online marketing, but many in this sector also have willingly foregone brick and mortar in favor of online facilities.  In many instances, they have shifted the role of the agent to the customer’s computer keyboard.

When it comes to Property and Casualty insurance for individuals, US Captive Carriers remain the largest player.  The market share for Independent Insurance companies has held fairly steady in recent years, during a time where the Direct writers are rapidly gaining market share mostly at the expense of the Captive market.

2017 Personal Lines US Market Share (Auto Insurance, Home Insurance, and other)

Captive                                                                                                 46.6%

Independent                                                                                     35.1%

Direct                                                                                                    18.3%

For businesses, the landscape is totally different.  Independent Carriers have and continue to dominate this market.   It doesn’t seem to difficult, with an 84% market share for US commercial insurance, it seems only logical that all business owners should consider quoting with at least one broker. But why?

Independent agents have access to more markets. More markets should mean better prices and in this case, it certainly does. Business owners are often willing to spend a little more time and put in a little more effort. The point is simple. If their competitor is able to secure insurance at a better value, they will be more competitive. Certainly a position no business owners wants to find himself in!

2017 Commercial Lines US Market Share (Business Insurance)

Captive                                                                                                 16%

Independent                                                                                     84%

Direct                                                                                                    < 1%

Overall the Independent Insurance leads the way, writing nearly 82% more US Property and Casualty insurance than the number two insurance company category, the Captive Carriers.

2017 Combined US Market Share (All Property and Casualty Insurance)

Captive                                                                                                 31.9%

Independent                                                                                     58.1%

Direct                                                                                                      9.9%

What type of insurance carrier is right for me?

There is no right answer for everyone.  But if you are embarking on a search for cheap insurance in Kentucky, you might consider reviewing the questions below:

  • Will you be looking Kentucky business insurance quotes?         
    • As we noted earlier, Independent Insurance Agents write far more insurance than the other two types of insurance companies combined.  There is a reason this is happening, if you’re looking for the cheapest insurance chances are you will find it here.
    • Don’t just get a commercial insurance quote, while you’re working with your Kentucky Independent Insurance Agent, have them quote your home and auto insurance.  Doing so my end with a lower premium on both your commercial insurance and your home and car insurance.  TAKE ADVANATAGE OF DISCOUNTS EVERY CHANCE YOU GET.

Business owners, that don’t get a commercial insurance quote from an Independent Insurance Agent, are a favorite to pay a higher insurance premium than your competition.  

  • Do you think the cheapest insurance is the best insurance? 
    • Price is important!  It’s very important, but it should never be your only consideration when buying insurance.  It doesn’t matter whether you are searching for household insurance, or for your business.  There are several issues you will want to explore:
      • Deductibles-Be Extremely cautious if it is percentage (i.e. 1-2%) instead of a dollar amount (i.e. $1,000)
      • Causes of Loss
      • Replacement cost or Actual Cash Value
      • Standard/Excluded Coverages – Your homeowner’s insurance policy will exclude many items that you should be given the opportunity to consider:  Earthquake insurance, sinkhole insurance and many others
      • Do you understand your business insurance policy?  There are many moving parts, any of which could spell the end of your business if not properly addressed.       

None of three insurance marketing venues has a hold on Cheap Insurance.  Your personal financial situation, loss history, age, location along with many other factors will all come into play in determining your insurance premium. 

We advise our clients to think in terms of the best relative value.  Most of us have a job and commute to and from work four or five times a week.  Would you consider buying a bicycle to provide you transportation to and from your work? 

For those that live a very short distance from work, this might be a viable option.  For several years I worked within 2 miles of my home.  During this period, a bicycle would appear to have been a cheap option.  I could have saved $10,000, $20,000, even more had I taken the bicycle route.

That would certainly be a great relative value if I lived in Gainesville Florida.  But what if I live in Fairbanks, Alaska, where the average high temperature from November 1st through March 31st is 10 degrees Fahrenheit?  The bike would not be a wise choose. 

When I ask clients to focus on the best relative value, I am asking them to spend a little more time to review policies.  Sometimes the best insurance policy actual is offered at the lower price or at a premium that is so competitive that the only logical choice is to pay a little more for the insurance policy that best fits the client’s needs.  Most of us would gladly spend an extra $20,000 to avoid commuting by bike in Fairbanks, Alaska

Insights

The Commercial Insurance market is extremely dependent on the Independent Insurance Agency Network.  This group has access to more markets, better options, and overall better pricing.  We highly advise all Kentucky Business Owners to seek the assistance of an Independent Insurance Agent.

Where can I get lowest cost insurance?  Best Relative Value?

No one has a hold on Cheap Insurance.  Independent and Captive markets provide consumer’s access to Knowledgeable Agents and more specifically, knowledge of Kentucky Insurance.

At the end of the day, we believe that it’s that independent insurance broker. There we believe you will more often find the end of your rainbow.

Do I need insurance for a Yard Sale?

Posted on by Brad Smith
Review your insurance policy before having a yard sale or garage sale at your home. It is possible that you may not have liability insurance coverage.

Few things are more common than the sight of handmade signs sticking on telephone poles, street signs or mounted on spring and summer lawns that announce nearby yard and garage sales. Succumbing to curiosity or taking a chance on scoring a great buy leads to another familiar scene: a home, with a variety of cars haphazardly parked around it and persons strolling to and from as well as others browsing among the sales items. Generally, the merchandise consists of clothes, baby articles, and toys. Often larger items are for sale such as exercise equipment, furniture, bedding, and appliances. When the event is an occasional one, there are few issues to worry about. But frequency creates important concerns that affect insurance.

Consider someone breaking into your home and making off with hundreds or thousands of dollars’ worth of property. Or how about a fire or storm destroying a home and most of its contents? Usually, there’s no problem since a homeowners policy will handle such losses. However, if a significant amount of the property was stored for sale, that property may either only qualify for limited coverage or may even be ineligible for protection. Property offered at your yard for sale which belongs to others (sold on consignment) is another class of property that may have only limited protection available or, depending on circumstances, might be considered business property and be disqualified from coverage. Example: Joan’s house is broken into the night before her big yard sale. Among the items stolen was a large, expensive set of drums worth nearly $1,000. It belonged to a friend who asked her to put it on display during her sale. Joan’s insurance company denies protection, claiming it was goods for sale and not personal property.

Liability insurance protects you in the event another person is injured or has property damage that is directly related to your actions. Accidents arising from yards sales will be protected by the liability coverage included with your homeowner's insurance.

Similar considerations exist concerning legal liability. For instance, a visitor comes onto your premises and then fractures a leg and hip when tripping on an exposed tree root. Because she was old and frail, the injuries require surgery and a long rehab. The visitor sues you for hospital, surgery and other expenses. Normally one’s insurance policy would defend you against the lawsuit and, if necessary, pay any awarded damages. But what if, instead of a friendly visitor, she had come onto the property to look at items on sale? That could cause a serious coverage issue.

Determining factors for either property or liability coverage are how often sales occur and what income has been made over a period of time (usually the 12 months before the date of a loss). Depending on those details, the activity involved in the loss could be considered a business. In such instances, coverage may not exist under a basic homeowners policy.

Yard sales may appear to be a safe activity, but there are genuine risks to the seller (property owner) and to the customers who are invited onto the property. It makes sense, regardless of your insurance situation, to take steps to minimize the chances of problems occurring.

Safety – property owners bear responsibility for the safety of their guests. A yard or garage sale represents an invitation for others to come onto your premises for a financial benefit. This means that a higher level of watchfulness is due to these legal invitees. It is important that all reasonable precautions be taken to ensure their safe use of your premises before, during and after a sale.

  • Take care in how merchandise is set up and displayed, especially any items that have the potential for causing injury, such as breakables, tools, motorized items.
  • Clean up any spills immediately, especially any involving broken glass.
  • Make sure your premises is free of any obvious dangers to customers/shoppers, especially trip hazards.
  • If you have pets, make sure they are kept away from customers to eliminate any chance for attacks.
  • Secure access to a covered or shaded area, particularly as a checkout area. On hot days, this can provide a cool down area for sellers and shoppers.
  • Have access to a fully charged phone to call for assistance in case of emergencies or to arrange for help for food or bathroom breaks.
  • Limit access to the shopping area by children, both those who are part of the seller’s household and those belonging to shoppers. Sales areas can be hazardous, particularly parts of the yard used for parking cars.
  • Keep drinking water and spray bottles available to prevent and/or to treat dehydration.

Security – you want to minimize any chances that you are victimized by using practices that keep persons and property safe.

  • Make sure that all doors to your home are locked. If you need easier access to your home during the sale, yourself or another trusted person should be stationed near the door.
  • Prior to a sale, keep garage doors locked when sales items are stored there.
  • Set up guards or barriers to discourage any access to your property before or after the sale.
  • Do not allow shoppers or customers entry to your home, be aware of nearby public places where they can get safe access to restrooms (gas stations, restaurants, etc.).
  • Take great care in how cash is handled, particularly if you decide to use a cash box. If the latter method is used, be certain that a person is dedicated solely to the checkout area.

For both safety and security reasons, do not run a yard sale alone. A friend or relative as an assistant is a must to making sure that customers aren’t endangered and to reduce chances of theft. Also, never leave the sales area unattended.

If you have yard sales, you should check to see if their frequency and their sales volume create a need for additional protection, such as a form that covers home businesses. An insurance professional is in an ideal position to help you!


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 written consent of Insurance Publishing Plus, Inc.

A Safer Prom

Posted on by Brad Smith
Prom season is just around the corner and TruePoint Insurance with inforamtion that we hope will make your prom a little safer.

High school proms are early chances to participate in a formal event. It is also considered a chance to act as a full-fledged adult. The event involves arranging a complete evening of dining, dancing and socialization. However, just as much time should be devoted to making the event as safe as possible.

It is almost inevitable that a prom will involve serious exposure to alcohol or other intoxicants. The evening also involves many young, inexperienced drivers who are excited about making their way to pre and post prom activities. Sadly, these factors have combined to make prom season dangerous. Serious traffic accidents often become the main feature of what should be a night of joy.

Prom-goers and their parents need to create a strategy for making prom night both memorable and safe. Here are some tips:

  • Parents should get all activity details, including dinner and pre and post prom events
  • Confirm the night’s events with school officials and other parents
  • Consider arranging a safe, group post-prom activity where participants can be supervised
  • Clearly lay out your expectations to your son or daughter about acceptable behavior regarding their evening
  • Discuss all details about transportation, whether they are drivers or passengers
  • Be sure that communications are set up. If the child does not have a cell phone available, find out the numbers where he or she can be reached during different phases of the evening
  • If practical, consider arranging for a third party to handle transportation (limo or taxi service)
  • Consider an amnesty arrangement. In other words, let your child know that they can contact a parent for emergency transportation should something go wrong and, for that evening, they’ll be no lectures or punishments

Help your son or daughter make prom night a bright memory rather than a tragedy. Plan on making safety and fun everyone’s priority.


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.

Earthquake Coverage

Posted on by Brad Smith
Areas in America that should consider earthquake insurance

Most homeowners likely know that, regardless where they live, they may be exposed to a catastrophic loss such as flooding. It is definitely not restricted to coastal location. However, the same cannot be said concerning earthquakes. It is much more likely that only persons living in well-known earthquake areas (such as California and Alaska) have a high awareness of its danger.

However, the danger of earthquake exists in several large areas of the United States, including a significant part of the Midwest. The New Madrid fault line crosses much of the Midwest, making states such as Indiana, Ohio, Illinois, Ohio, Kentucky Tennessee and Missouri vulnerable to earthquake catastrophe (particularly the latter two states). In the last decade, regular activity has been measured in this Seismic Zone.

New Madrid earthquake insurance

A recent development is affecting this source of loss. Though some questions remain, it appears that the widespread practice of obtaining natural gas via the process of hydraulic fracking may be triggering earthquakes in areas that had previously seen little to no quake activity.

While many persons may be exposed to the danger of earthquake, only a fraction of such property owners carry the proper level of insurance. Basic homeowner coverage does NOT include protection against earthquakes. Without purchasing specific earthquake insurance, the only protection available for a policyholder is against limited, consequential damage.

Example: The Johnsons love their home on the outskirts of Juneau. While they’ve experienced a number of minor earthquakes, in the few years they’ve owned the home: they did not buy earthquake coverage. One day a quake occurs and severely damages their home. The quake breaks a gas pipe and a fire erupts. The fire damage is covered (though the quake damage is not).

Should I have earthquake insurance if I live in Kentucky

Earthquake coverage is typically quite affordable. It is generally available for a couple hundred dollars per year to provide protection for a modest-sized home. While, even in areas that are in earthquake prone, such losses are low probability; the potential loss severity is so high that purchasing separate protection makes sense. So shake up your insurance protection and avoid being totally shaken down by a disastrous quake!

What is the Best Business Insurance?

Posted on by Brad Smith
Finding good business insurance can be a challenge
Better Business Insurance

It depends! Finding the best business insurance for many small businesses can be a challenge. Most small business owners in Kentucky will see that they have multiple options. Generally, competition leads to lower prices for canny consumers. With that said, commercial insurance is not a commodity and finding the best value may take a little effor.

Prices paid for Kentucky business owners’ insurance may range widely. Commercial insurance rates in Georgia and South Carolina are no different. Chances are, the more unique your business is, the tougher it will be to find a great deal on commercial insurance. Ferreting through the long list of products makes it difficult. 

Insurance Options

To find the best commercial insurance for you, start by reviewing your options. Insurance companies do not write insurance in all states. It’s not uncommon to see a company provide great rates to business in one state, but for some small businesses, you will find that they don’t have a lot of options.  Auto dealerships, certain trucking classes, and roofers are good examples. Regardless, it is important to continue your search.  

TruePoint Business insights and solutions. Great insurance starts with improving business awareness.
Knowledge is key to better insurance

Price

Commercial insurance premiums can be a cause of friction.   Would you buy a commercial auto policy if it only provided coverage on Saturday and Sunday?

If you could buy it at 10% of the competitor’s price would you do it?

Of course, you wouldn’t! This ridicules and silly example is used to get a point across. Price is significant! But only after you have determined that the policy is suitable for your business. 

Insurance is not a commodity. TruePoint agents are using transparency and communications to help KY, IN, SC, and GA business owners.
Insurance coverages change from one policy to the next

Coverage

There are many insurance agents, broke, s and carriers that sell on price alone.  Each of them would love for you to believe that insurance is a commodity. Business owners beware. As the business owner or manager, it is your responsibility to make sure any business insurance policy being considered has the coverages that you need.  When comparing multiple policies, make sure that they are on par with each other.  It is the agent’s job to provide a quote that is comparable to your current coverages.  However, it is your business that will bear the brunt.

Great insurance agents don’t sell, they inform and advise. First, they take the steps to understand the prospective business.  And hopefully, an understanding of the risk aversion of the prospect. After generating quotes and putting together a proposal.  The question of price can now be considered.  By interacting with the insured, risk management decisions can be made incorporating both coverage and price information.

Great insurance quotes don’t use deceptive practices to alter the relative value. The following are just a few ways that we’ve seen this attempted in the past:

Commercial insurance for roof blown off, business insurance deductibles in % beware
BEWARE: If your deductible has a % sign and not a $ sign.

• Deductible Changing a deductible from $500 to $1,000 without consulting the client isn’t a smart thing to do. Watching your deductible and other factors, that make up your commercial insurance policy is wise.

By committing to review your insurance policy when quoting and at renewal time you will also avoid some more adverse outcomes. While the dollar-based deductible change is concerning, beware of any deductible expressed as a percentage. Anymore it’s not uncommon to see 1% or 2% deductibles, especially for the wind/hail deductibles. If the deductible were 1% of the loss, there would be no issue. But it’s not; a 1% deductible is based on the policy limit. So if you have an office with a $600,000 value or limit, the deductible is $6,000 at 1%/ $12,000 at 2%.

Assume you have a 2% wind/hail deductible. A windstorm hits that result in $8,000 in damages. At first blush, a 2% deductible on an $8,000 claim is $160??

WRONG!

Your deductible $12, 0000. You pay for all the repairs.

• Read your application.  There are a lot of questions, people make mistakes, and even worse sometimes they assume. By signing the application, you are attesting to the accuracy of the information that is being provided.  Down the road, supplying the insurance company with bad information may muddy things up.

• What does your General Liability say about you? Your Commercial General Liability premium is a result of what and how much you do. You should review both for accuracy. Consider the following. 

You have the opportunity to be an insurance company. Today you can write a General Liability insurance to one business only.  Regardless of your choice, you will receive a premium of $500.  

Need Tree Removal insurance in Kentucky. TruePoint can help! We're also helping tree trees find insurance in Georgia, South Carolina and, Indiana.
Insurance starts with understanding risk

The first company you can insure is in the Tree Removal Business.  They also do lawn-care, snowplowing, and building demolition.  Their current policy indicates that they are in the lawn-care business.  The owner argues that this is correct as 50% of their revenues come from mowing lawns.

Do you need insurance for lawn care business in Kentucky. TruePoint is also working to insure lawn cares businesses in Georgia, South Carolina and Indiana.
We have great lawncare insurance options in KY, GA, SC, and IN

The second company is a Lawn Care Business? They mow lawns.  Period!

Pick one.  Remember, the premium will be the same regardless of your choice.

The point is you need to know what type of business your insurance policy says you are.  What if you’re the first business? 

Do you think he will be covered if a tree falls on a house?

How much?  How much business you do is also important.   Premiums for Commercial General Liability are primarily a function of what you do.  What you do has multiple meanings. For example, the type of work you do, how often you do it, how many people help you, how long you’ve done it and how many losses you’ve had.

What will happen If your application states that you have a payroll of $34,000 when the truth is you have a payroll of $95,000?

Houston we have a problem!

Rocket launch pad, experiencing problems similar things can happen to your commercial insurance

After your policy has been in force for a full year, your insurance company will perform an audit. At this point, they will discover that your payroll is almost three times higher.  What happens? They will send you a bill to offset the difference. Hold on. Things are about to get worse. After plugging your true payroll into their system, you will start receiving significantly higher bills.  One last carpet bomb; you know have a policy that is costing $2,000 more per year than advertised. In hindsight, you now have to question your decision. What appeared to be a $400 savings appears to have cost much more than the policy with all the bells and whistles. Wow!

But this is not the end of the process; it is ongoing.

It doesn’t matter whether you’re trying to buy Georgia commercial insurance or South Carolina. Great insurance is a two way street between the agent and the business owner. Constant communication aimed at awareness and identification of ever-changing exposures. Feedback to this should come in the manner of risk transfer options.  This should include their cost and some form of analysis.  The end result gives the business owner the ability to make an educated decision.

We are Kentucky Business Insurance Specialist. TruePoint will soon be on of the best business insurance solutions in Georgia and South Carolina.
Business Insurance that’s on target. TruePoint Insurance!

There is an answer to what is the best business insurance. Unfortunately, it isn’t as simple as the insurance company or that insurance agent. It is a function of where you live, what you do, and what you need in regards to insurance. The formula should be extended to what insurance companies you can access.  The final factor may be the easiest place to get off track.  It is critical that you find an agent or broker that is knowledge and transparency.

In short, you are the key to determining what the best business insurance for your business is.

TruePoint Insurance Group, LLC

Our Kentucky and Indiana team can be reached at (502) 410-5089

Contact our Georgia and South Carolina commercial insurance team at (912) 330-1265

Before the wind blows; protect your home and auto from severe weather.

Posted on by Brad Smith
The first signs of spring

Spring is knocking at the door and with it the rising risk of insurance claims. The number and severity of storms in Kentucky have grown at an alarming rate. The average number of tornadoes in Kentucky over the last five years is 28.7. The annual average going back to 1950 at 14.6 tornadoes per year is roughly one half of the current experience.

Is Kentucky part of Tornado Alley?

Kentucky’s weather is so out of hand.  Some have even suggested that we are now part of the infamous Tornado Alley. A 2018 report by LEX18 News said just that.

In 2018 Kentucky was hit by 604 wind and hail storms. Of these, 41 were tornadoes. That is up 43% from the previous five years and an even more alarming 181% from the period 1950 through 2018.

US Government HARP project is commonly considered to be experimenting with weather control
US Government HARP project is commonly considered to be experimenting with weather control

While we cannot change the weather, we can reduce Kentucky home and auto owner’s exposure to it. Insurance is not a commodity. There are some that would like for you to think it is. Good insurance agents recognize the importance of providing clients with the proper protection. That includes responding to ever changing risks.

Storm Alert: Auto insurance awareness

Hail damaged car

Protecting your car from damages related to storms is simple. Make sure you have comprehensive coverage checked. It provides coverage for vehicles damaged by wind, hail or falling objects.

Every auto on the road must have liability insurance. But the wheels of many high-value and antique cars may never touch the road. Do these vehicles need liability insurance? Maybe not, and they may not need collision coverage either. Let’s stop and think about the next move. Removing comprehensive coverage may not be the smartest move. When insurance is dropped on cars that are not driven, owners are still exposed to Mother Nature. Fire, wind, hail and other risk can still damage the vehicle even when it’s garaged. These risks are compounded during the spring.

Comprehensive coverage is relatively inexpensive. Relative to the potential loss, this coverage can be very cost effective.

Storm Alert: Home insurance Awareness

Each client’s unique needs determine the coverages required. However, there are several considerations that may have severe impact on anyone.

While tornadoes take center stage, it’s the hail storms that lead the way when it comes to losses. While this statement may seem insignificant it has major ramifications on insurance. Total loss or partial loss. Tornado versus hail storm. A good insurance policy needs to work well regardless.


 What types of losses will your policy cover? This is critical. If it is available to you, a special peril or all-risk policy is what you want. As opposed to a basic form or broad form, the special option provides superior protection.

You will have the option for Replacement Cost coverage or Actual Cash Value (ACV). All other things being equal, you will receive a higher payment if your policy pays Replacement cost.

Deductibles may seem a bit dull when compared to other areas. You choose $500 or $1,000, big deal.

Not so fast!

Many insurance companies have been forced to alter risk sharing practices. Beware, as some are no longer asking for a set dollar deductible. Instead, you may find that your policy has a deductible that is 1 or 2%. At first blush, it sounds like a pretty good deal for the home team. Again, beware! This 1 or 2% of the total and it’s not the total value of the loss. Your deductible is based on the total value of your home. For example:

A homeowner has wind damaged roof

§ Estimates for the repair work come in at $1,500

§ The home is valued at $600,000

§ There is a 2% wind/hail deductible

The $1,500 loss will be shared by:

§ The homeowner paying $1,200

§ And the insurance company $300

 Spring storms bring more than just wind and hail. Heavy rains can lead to various forms of water damage. Be sure to discuss flood insurance and water backup coverage with your insurance broker. Neither of these will be covered by a standard homeowner’s policy.

Spring! It’s a wonderful season and our springs in Kentucky are certainly hard to beat. I think about how much I loved spring as a child. It was by far my favorite season.

As an adult the grandeur has diminished. How wonderful it would be to experience spring through the eyes of child again.

What is keeping me from doing it? 

Could it be as simple as the aided stresses of being an adult?

If so, then we should all take the time to review our insurance coverages before the wind starts to blow. This should go a long way in reducing stress.

Take care of the insurance and you’re half way home. Of course the other biggie is your income taxes and there you’re on your own. Have fun!

Call (502) 410-5089 or use the link below to learn more about TruePoint: TruePoint Insurance, we are insuringky.com

Insurance

TruePoint Welcomes Tammy Rue

Posted on by Brad Smith

TruePoint Welcomes Tammy Rue

We have some great news to share.  Tammy Rue, a life long resident of Anderson County is now a part of the TruePoint team and we are excited.

Tammy has spent over 21 years helping individuals and businesses in Anderson County with their insurance needs.  Finding individuals with deep local roots that also have extensive insurance experience doesn’t happen often. So it didn’t take long for us to realize the impact that Tammy could have.  Going forward she will play a big part in our efforts in Lawrenceburg. too.

Drop by our Eagle Lake location this Friday, February 8th to help us celebrate this great addition to our team.  Download

Insurance
Insurance Lawrenceburg, KY TruePoint Insurance

Who’s in the driver’s seat? (part 2 of 2)

Posted on by Brad Smith
TruePoint Insurance at Christmas

The Critic’s View

Those opposed to the autonomous car can defend their position by using safety statistics alone.   While self-driving autos may be the thing of the future, the future certainly isn’t now.

Proponents may also have a flawed economic model.  While they argue that eliminating the driver will reduce the cost so dramatically that car ownership will soon be a thing of the past.  Taxi stands will soon be on every corner.

But do we currently have enough taxis, Uber, etc. to meet he need?  How many more will be neededto meet the twice-daily rush hour demand across America? 

Absolutely no way!  In 2012 there were 234,000 taxis in America.  That may be enough to address the required cars in Louisville, Kentucky during rush hour. 

Assume we do develop taxi fleets across the US that will satisfy our needs.  128 Million people in the US  commute to work by car.  Does that means we need to add 127 Million vehicles added to our taxi services?  Sure ride sharing will cut that number significantly, but you are still looking for 60 to 80 million new cars. The vast majority of those will be used only three or four hours a day.  Unused vehicles taking up space in garages and will still be subject to numerous fixed costs.  Costs that will quickly eliminate the 70% saving, and may likely lead to a higher price than today’s model.  What the proponents are missing is that the actual driver cost isn’t 70% of the current transportation cost.  That is unless someone is paying you to set in rush hour traffic!

Besides the safety and cost issues, several more problems need to be addressed.  Of greatest concern our Issues that will significantly impact the safety of driverless vehicles as they age, a broader understanding of the risks associated with computer drivers, and who should we point the finger at when things do go wrong.  Below are just a few examples ssues that concern me:

  • •    Proponents argue that humans are more apt to err.  Lots of stuff including catching the virus of the month can lower our capacity to drive.  Oops, computers get viruses too. 
  •      o         What happens whenthe computer is operating correctly?
  •      o         Could a nation ofdriver-less vehicles be immune to a cyber-attack? 
  • •    Time in when the shop.  My current car has an alert that stays on each winter.  It is related to the car’s ability to burn fuel with a higher alcohol level.  I know that it isn’t hurting anything and when I get it fixed, it is likely to re-occur.  So I wait until spring and it always takes care of itself.  My wife’s last car had a low tire level light that went on and off regularly.  It was caused because a magnet flew off.  I could have spent $85 and crossed my fingers that it wouldn’t happen again or I could visually check my tires if need. 

Will computers use the same logic that I do?  Or will I walk out to the garage one morning to find that my driverless car drove itself to the garage?

  • •    If you don’t see this one coming, then shame on you.  My car is in line waiting for well over an hour to get it’s required quarterly safety and maintenance checkup at the DMV. You think it drove itself there? Of course, it did, but not without you there to pay for your licensing and renewal.  Yes, that will eventually become part of the computer’s program, but what happens if your car fails the inspection.  If you don’t want to pay an outrageous towing bill, then you better be there to drive the car home or to the nearest Computer Diagnostics and Reprogramming Garage.
  • •    I ’ve, and I am going to be late for the most critical meeting ever.  Will the driverless car let me speed?  Better yet, we are out in the country for a Sunday afternoon drive when my wife goes into labor.  How fast will the car go?
  • •    Car insurance.  Who will pay for auto insurance on an autonomous vehicle?  The manufacturer?  That’s what everyone around me seems to think.  But I almost certain they will be wrong.  Sure the manufacturer should be on the hook for flawed programming.  But I will be shocked if the will accept exposure for your lack of maintenance or a slew of other things that you may do or not do that results in an accident. Will there be multiple policies in place to provide auto liability protection.  That certainly doesn’t sound efficient to me.  And that leads to another issue…..
  • •    Data. Do you think the government will mandate that manufacturers provide data storage for your vehicle?  You bet they will, and I am guessing it will be extreme overkill and wind up looking something akin to an airplanes black box. 
  •      o    Data on everywhere you go and when. 
  •      o    But the real issue is whose data is it.  Is it yours’, the manufacturer’s, your car insurance company’s, the police, government, Homeland Security……….
  • •    What will happen if you’re driving done the interstate and solar flares begin to impact your computer and those driving all the other cars that are on the highway?
  • •    Cable or Dish…..dish users know that trying to watch TV during a heavy rainstorm is a waste of time.  How does the driverless car respond to weather, or construction zones, police officers waiving you around blocked roads, flash floods, and so many more obstacles and hazards that are associated with driving?  Maybe these factors have been already accounted for, but these are a few the questions that I will need to have answered before my first ride with HAL. 

When will driver-less cars be available to the masses?

I don’t know the answer to that question.  If it were up to me I would not subject citizens to any unwarranted risk.  Why should we be forced to share the road with autonomous automobiles until they are safer than the average human driver?  

People are dying every day that could be given access to drugs not yet approved by the FDA.  In many cases, these nonapproved drugs represent the only real hope some have.

Why is our government blocking access to the only hope that these desperate people might have?  I don’t know!  But I am sure of this!  If our government continues refusing dying Americans access to hope, then they damn well better be keeping experimental cars that have a record for higher fatalities, off the roads that my kids are driving.

https://www.insuringky.com/blog/whos-in-the-drivers-seat-part-1-of-2/

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Who’s in the driver’s seat? (Part 1 of 2)

Posted on by Brad Smith
TruePoint Insurance at Christmas
horse and buggy

It started out as “you’re in the saddle.”  Later, as cars replaced horses and buggies, the figure of speech would change to” you’re in the driver’s seat.”  In both cases, the terms were used to acknowledge a person’s authority, that they were in charge or that everything was under control.

There will come a day when neither of these will have meaning to the majority of people.  Whether we are ready or not, we are rapidly moving towards a day where cars will no longer be operated by humans, but instead by computers. 

December of 2018 may soon be remembered as the beginning of the transition to autonomous or driverless cars.  This is the month when Waymo, a Google spinoff, started the first self-driving taxi service.  Operating in the suburbs of Phoenix Waymo One is being met with mixed greetings.

Some envision a transition similar to when we went from the horse and buggy to the horseless carriage.      Others anticipate more sweeping changes.  Not only will we use self-driving vehicles, but the need to own autos will be eliminated.  Their model for the future of auto transportation is driven by estimates that expenses for taxi services will drop by as much as 70% when vehicles no longer require drivers.  With a new abundance of taxis, American consumers will always be within minutes of an autonomous car.  Additional taxi owners will pass on much of their saving to consumers make it impractical to own a car. 

The Proponent’s View

Imagine being able to eliminate standing in line at the DMV to license or register your vehicle.  How about never having to pump gas again, or even better you will never need car insurance again.  There will be no need for maintenance, you no longer make payments for your car loan and parking garages will be a thing of the past.   Aspreviously discussed, fares will plummet, making the option of owning a caruneconomical. 

This group will also argue the benefits associated when potential human err is no longer part of the equation.  They will conclude that driverless cars will be a safer way to commute.

A War is Brewing

Given the initial results in Phoenix, it’s my guess that those In favor of autonomous vehicles are in the minority.  Reports are common of drivers intentionally trying to cause malfunctions and attempting to force driverless cars off the road.  There have even been reports of guns being pulled on occupants of Waymo vans. Why are these drivers so upset? 

It’s not about protecting the status quo, it’s about protecting our families!

Why aren’t more people upset about the string of deathsrelated to autonomous vehicles.  It hasme concerned and apparently, a lot of folk in Arizona are too.   It would appear that many of us are worried that we are moving too fast.  Better said, that our government is failing to protect us. 

Those in favor of driverless cars will argue that the autonomous auto will cut motor vehicle accidents by 80%, maybe as high as 90%.  The key word being will.  The autonomous car is not ready for primetime.  Given recent results, it’s not even close to being street ready. 

Self-driving cars are over 30 times more deadly than current cars and drivers.  Where is our government that predicts us from everything else?  Obviously not in Arizona!  This is where you will find frustrated citizens that have every right to be upset.  Sure pointing a gun at someone is not a solution, it is just adding to the problem.  But allowing a computer to access the streets of Phoenix is equivalent of playing Russian roulette with two bullets.  Why is this being allowed?   Why aren’t the people being heard?

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Continue reading part 2 of 2

Who’s in the driver’s seat? (part 2 of 2)