Insurance News and Notes

An Independent Approach To Car Insurance

(NAPS)—Many consumers are finding they can drive down the cost of car insurance—and the time it takes to select the right policy— by contacting an independent insurance agent or broker.

Because they represent many different insurance companies, independent agents have the flexibility to review rates and coverage from competing carriers and get you the best deal. Plus, they can offer affordable protection for your home, business and other assets. So rather than spending hours gathering quotes from various companies, you can get it done with one simple call or visit to your independent agent or broker.

If you’re thinking of contacting an independent agent, here are a few things to consider:

What’s your lifestyle?  Many factors determine auto insurance rates, not just vehicle year, make and model. Companies also look at information about you. If you’ve recently moved, gotten married, had a birthday or experienced a similar life milestone, mention this to your independent agent or broker. You may be eligible to save money on your car insurance.

Sweet 16 doesn’t have to be sour. Having a new teenage driver usually means the auto insurance bill will go up, but there are ways to save. An independent agent or broker can find them for you.

How old is your car? You don’t always need the same level of physical damage coverage on older cars as on newer ones. If you drive an older car, your independent agent or broker can advise you what level of coverage makes the most sense. If you want to keep your physical damage coverage, consider raising your deductible—that could save you money each year, too.

Save money on the fun stuff. If you have a motorcycle, boat, RV or other “toy,” you might save money by having it covered by the same company that insures your car. Talk to AIX Insurance about it.

Personal Or Commercial Car Insurance: Which Is Right For You?

(NAPS)—If, like many Americans, your family car is also used for purposes that could be considered commercial use, you may want to steer yourself into a chair and look over your insurance policy.

You’ll need to consider buying a commercial policy or making sure that your existing personal auto policy covers the vehicle for business use. Whether or not you need a commercial policy depends on how you use your vehicle and what company you have it insured with. Every company has different guidelines and may surcharge for business-use coverage on a personal auto policy.

If you’re not sure whether business use is covered on your personal policy, it’s important to call your insurance company or agent. The Progressive Group of Insurance Companies has put together these four questions you may want to ask:

§  How do companies determine commercial use? One definition could include “engaging in transporting goods for compensation or a fee,” which includes pizza or newspaper delivery, catering, door-to-door consulting services, landscaping or snowplowing services, logging business, day care/church van services or farm-to-market delivery. People who do these kinds of work should consider purchasing a commercial vehicle policy.

§  Do you need more liability coverage than a personal auto policy provides? Generally, a commercial auto policy offers higher limits of liability, but less or no coverage in areas that are typically not associated with commercial auto risks.

§  Do you need special coverage for situations encountered while conducting business? Commercial auto policies usually offer these coverages, and they’re normally not available with personal auto policies. These include hired and nonowned auto coverage and coverage for towing a trailer for business use.

§  Do you need to list any employees as drivers? Commercial auto policies allow you to list anyone that you employ. You don’t have that option with a personal auto policy. In general, you’ll need commercial auto coverage if the vehicle you use is owned by a corporate partnership or driven by employees, or if it’s used to haul tools or equipment weighing more than 500 pounds, make deliveries or heavy enough to require state or federal filings.