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Dear Glen,
Thank you very much for your patience and time that you spent with me on the phone this past Friday.
It was very helpful for me to discuss my additional questions with you. Your input helped to confirm that we are going in the right direction.
We appreciate your services in providing information to help us make the best insurance choices.
Sincerely,
Customer
Your car is not personal property on your homeowners policy.
I recently spoke with a woman about the various limits of coverage on a homeowners policy. When we talked about her limit on her personal property (the things she owns, within her house and otherwise) she said, “Yes, that’s enough coverage for me unless my car is parked in the garage.”
It was a good thing that she mentioned this, because I needed for her to be aware that a homeowners policy entirely excludes coverage for an automobile in the event of a covered loss.
Plainly stated, if your home suffers damage from a fire, your homeowners policy will pay to repair the home and it may pay to replace much of your property inside the home that was lost, but it will not pay for the loss of your car or any part of a car.
Coverage for vehicles against such things as fire, theft, flooding, falling objects and vandalism can be purchased through comprehensive (other than collision) coverage on the auto policy.
A person may continue to insure their cars with the same company for many years. Does their driving record matter along the way? It may seem like it doesn’t.
A year may go by since that speeding ticket, and it seems like the insurance company doesn’t notice. The price didn’t go up at all. They may even overlook an at-fault accident. Sometimes we wonder what our price will look like the next time the policy renews.
It’s true that the occasional speeding ticket may not count against you. Many insurance companies also offer first accident forgiveness, and this feature may actually be restored after five or six clean years.
We may run into trouble when one driver has two or more driving incidents in a three year period. This could raise the price of an existing auto policy and it could also result in nonrenewal.
If a personal auto policy is non-renewed, then the individual must find a new company to insure them and the driving incidents which led to the nonrenewal will be considered as part of the risk for the new company.
Do my driving record, accidents and citations matter to my car insurance?
YES THEY DO!
Collision coverage will help to repair or replace a vehicle if loss occurs due to collision with an object or a person. If you are driving and an accident occurs that is your fault, collision is the only coverage that will serve to help with the repairs on your vehicle.
If another driver is at fault, but they are uninsured and they don’t have the funds to pay for the repairs to your vehicle, collision coverage again is the only thing you can rely on for help.
Comprehensive covers loss associated with a vehicle for reasons other than collision. Loss due to theft, vandalism, flood, fire, or falling objects would be covered by comprehensive. Windshield damage and collision with an animal are also examples of claims under this coverage.
No insurance company is going to pay more to repair a vehicle than what it is worth, unless the policy contains special provisions.
Most insurance companies require loss deductibles on physical damage coverage.
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Letters from our clients
Posted by admin on December 29th, 2010
Mr. Hostetler –
Thank you for taking the time today to explain the Medicare Supplements that I needed. I feel comfortable with the choices I made after talking with Barb last year and you this year. I would be pleased to recommend you to my friends.
Thanks.
Customer