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Understanding Car Insurance Terms

April 15, 2018 By Anna Brantley

Courtesy of iii.org

Don’t be intimidated by specialized insurance language. Below you’ll find definitions of some of the most common terms used when dealing with auto insurance.

Adjuster

An insurance company employee or contractor who reviews the damages and injuries caused by an accident and okays claims payments.

Bodily injury liability

Usually mandated by state law, this insurance provision covers costs associated with injuries and death that you or another driver causes while driving your car.

Claim

The formal request to an insurer for payment under the terms of your policy.

Collision coverage

Optional coverage that reimburses you for damage to your car that occurs as a result of a collision with another vehicle or other object—e.g., a tree or guardrail—when you’re at fault. While collision coverage will not reimburse you for mechanical failure or normal wear-and-tear on your car, it will cover damage from potholes or from rolling your car.

Comprehensive coverage

Coverage against theft and damage caused by an incident other than a collision, such as fire, vandalism, hail, flood, falling rocks and other events.

Credit-based insurance score

A confidential ranking developed by insurance companies based on your credit history that may be used to determine the cost of your insurance policy. A good credit score—an indication of responsible money management—has been shown to be a good predictor of whether someone is more likely to file an insurance claim.

Deductible

The amount subtracted from an insurance payout that you are responsible for. For instance, if you have a $500 deductible for your collision coverage, and an accident causes $2,000 of damage to your car, you pay $500 and your insurance covers the remaining $1,500. There is no deductible for your liability coverage.

Defensive driving

Driving in a way that reduces that chance of an accident. Defensive driving techniques include maintaining a safe following distance, scanning the road ahead, keeping both hands on the wheel and much more. If you take a defensive driving course, you may be able to get a discount on your auto insurance.

Diminished value

The value of a car after it has been in an accident and repaired. Even though the car may look fine, it is worth less than its value before the accident. If you’re the victim of an accident, you may be able to collect payment for the diminished value of your car, beyond the repair costs.

Distracted driving

Driving your car while distracted is dangerous and often illegal. Texting and using your phone are the most well-known distractions, but fiddling with your radio, looking at a map or GPS system, eating and drinking, talking to passengers and applying makeup also take your eyes off the road—and raise the risk of getting in an accident. Traffic tickets for texting or using your phone, as well as accidents caused by distracted driving, can drive up your insurance rates.

Gap insurance

As soon as you drive a new car off the dealer’s lot, its value begins to depreciate. And if you lease or finance the car, you’ll be responsible for the full amount you still owe should something happen to it, but your collision and comprehensive insurance will only cover the actual market value of the car. Gap insurance covers the difference between these two amounts—what the vehicle is worth and what you owe on it. The coverage can be purchased from the auto dealer or directly from your insurance company. For leased vehicles, gap insurance is usually rolled into the lease payments.

Liability

Your legal obligation to reimburse others for damage or injury that you cause. Nearly every state requires that you have liability insurance for your car so that if you or someone driving your car causes an accident, the victim will receive appropriate compensation.

Medical payments/Personal injury protection (PIP)

Coverage that provides reimbursement for medical expenses for injuries to you or your passengers stemming from an accident where you or someone using your car is at fault. This coverage may also pay lost wages and other related expenses.

OEM and generic auto crash parts

Crash parts are those that form the outside “skin” of a vehicle—such as fenders, hoods and doors panels—and are the most frequently damaged in auto accidents. Replacement parts provided by the manufacturer of your car are called original equipment manufacturer (OEM) parts. Parts that are made by another manufacturer are known as generic or aftermarket crash parts and are generally a lower cost, equally safe match for an OEM auto part.

Premium

The cost of your insurance policy, payable annually, semiannually or in monthly installments.

Property damage liability

Insurance coverage that reimburses others for damage that you or another driver operating your car causes to another vehicle or other property, such as a fence, building or utility pole.

Totaled

A car is totaled if the cost of repairs exceeds the car’s value. If your car is totaled and you have comprehensive and/or collision coverage, an insurer will pay you the full market value of your car or the limit of the policy, less your deductible if you are at fault.

Umbrella liability

Extra coverage beyond the limits of your regular liability policies. This will provide an additional layer of protection for your assets in the event you are sued. Your umbrella policy also covers claims that fall under your homeowners insurance policy.

Uninsured/underinsured motorist coverage

Uninsured motorist coverage will reimburse you when an accident is caused by a driver who lacks insurance—or in the case of a hit-and-run. In the case of a serious accident, underinsured motorist coverage will make up the difference between your losses and the coverage limit of the policy held by the driver who causes the accident.

Filed Under: Car Insurance, Insurance, Insurance News

Motorcycle Insurance Explained

April 9, 2018 By Anna Brantley

Courtesy of http://www.iii.org/article/motorcycle-insurance. Choosing the right insurance policy is much like choosing the right motorcycle. You want it to fit your needs and lifestyle, but at the same time be within your budget. Although most states require you to carry a minimum amount of liability coverage, other types of coverage are usually optional. Always ask your insurance agent or company representative which laws apply in your state.

In order to find out what coverage is best for you, it is important to understand all the options available.

Liability coverage

Liability insurance covers bodily injury and property damage that you may cause to other people involved in an accident. It doesn’t cover you or your motorcycle. Find out if your coverage includes Guest Passenger Liability, which provides protection in the event that a passenger is injured on the motorcycle. Whether or not this is included depends on the laws of your state and the company issuing the policy.

Collision coverage

Collision insurance covers damage to your motorcycle if you are involved in an accident. Your insurance company pays for damages, minus your deductible, caused when you collide with another vehicle or object. Collision insurance usually covers the book value of the motorcycle before the loss occurred.

Comprehensive coverage

Comprehensive coverage pays for damages caused by an event other than a collision, such as fire, theft or vandalism. However, just like collision coverage, your insurance company will pay for damages, minus your deductible, and will cover only the book value of the motorcycle.

Keep in mind most comprehensive and collision coverages will only cover the factory standard parts on your motorcycle. If you decide to add on any optional accessories such as chrome parts, a custom paint job, trailers or sidecars, you should look into obtaining additional or optional equipment coverage.

Uninsured/underinsured motorist coverage

Uninsured/underinsured Motorist Coverage covers damages to you and your property caused by another driver who either doesn’t have insurance (uninsured) or doesn’t have adequate insurance (underinsured) to cover your damages.

This coverage typically pays for medical treatment, lost wages and other damages. If your uninsured/underinsured motorist coverage includes property damage, then your motorcycle would also be covered under the same circumstances. Check with your insurance professional to see if property damage is included or needs to be purchased separately.

Tips for the cost-conscious rider

Many factors can play a role in determining what your insurance costs will be such as your age, your driving record, where you live and the type of motorcycle you own, or being a graduate of a rider-training course.

  • Many companies offer discounts from 10 to 15 percent on motorcycle insurance for graduates of training courses, such as the Motorcycle Safety Foundation (MSF) rider course. Riders under the age of 25, usually considered a higher risk, may see some savings by taking this course. It’s also a good idea for cyclists who have already had accidents.
  • Maintaining a good driving record with no violations will also help reduce your premiums.
  • In many northern states, riders may save money by buying a “lay-up” policy. With a lay-up policy, all coverage except comprehensive is suspended during winter months.
  • Find out what discounts your insurance representative offers. Multibike discounts for those insuring more than one bike, organization discounts, if you’re a member of a motorcycle association, and mature rider discounts for experienced riders, are just a few possibilities. Discounts can range anywhere from 10 percent to 20 percent, depending on the company and your state. Availability and qualifications for discounts vary from company to company and state to state.
  • Keep in mind that the type, style (such as a sports bike vs. a cruiser) and age of the motorcycle, as well as the number of miles you drive a year and where you store your bike may also affect how much you pay for your premium.

Filed Under: Insurance, Insurance News

Find Lost Life Insurance Documents

February 18, 2018 By Anna Brantley

Courtesy of iii.org

Locating life insurance documents for a deceased relative can be a daunting task—for one thing, as of this moment there are no national databases of all life insurance policies. However, with a little sleuthing, you can successfully navigate the paper trail.

Here are some strategies to help simplify your search.

1. Look for insurance related documents

Search through files, bank safe deposit boxes and other storage places to see if there are any insurance related documents. Also, check address books for the names of any insurance professionals or companies—an agent or company who sold the deceased their auto or home insurance may know about the existence of a life insurance policy.

2. Contact financial advisors

Present or prior attorneys, accountants, investment advisors, bankers, business insurance agents/brokers and other financial professionals might have information about the deceased’s life insurance policies.

3. Review life insurance applications

The application for each policy is attached to that policy. So if you can find any of the deceased’s life insurance policies, look at the application—will have a list of any other life insurance policies owned at the time of the application.

4. Contact previous employers

Former employers maintain records of past group policies.

5. Check bank statements

See if any checks or automated payments have been made out to life insurance companies over the years.

6. Check the mail

For the year following the death of the policyholder, look for premium notices or dividend notices. If a policy has been paid up, there will no notice of premium payments due; however, the company may still send an annual notice regarding the status of the policy or notice of a dividend.

7. Review income tax returns

Look over the deceased’s tax returns for the past two years to see if there is interest income from and interest expenses paid to life insurance companies. Life insurance companies pay interest on accumulations on permanent policies and charge interest on policy loans.

8. Contact state insurance departments

Twenty-nine state insurance departments offer free search services to residents looking for lost policies. The National Association of Insurance Commissioners (NAIC) has a “Life Insurance Company Location System” to help you find state insurance department officials who can help to identify companies that might have written life insurance on the deceased. To access that service, go to the NAIC’s Life Insurance Company Location System.

9. Check with the state’s Unclaimed Property Office

If a life insurance company knows that an insured client has died but can’t find the beneficiary, it must turn the death benefit over to the state in which the policy was purchased as “unclaimed property.” If you know (or can guess) where the policy was bought, you can contact the state comptroller’s department to see if it has any unclaimed money from life insurance policies belonging to the deceased. A good place to start is the National Association of Unclaimed Property Administration.

10. Contact a private search service

Several private companies will, for a fee, assist you with the search for a lost life insurance policy. They will contact insurance companies on your behalf to find out if the deceased was insured. This service is often provided through a websites.

11. Might the policy have originated in Canada?

If you think the policy might have been purchase in Canada, try contacting the Canadian Life and Health Insurance Association for information.

12. Search the MIB database

There is no central database of policy documents, but there is a database of all applications for individual life insurance processed since January 1, 1996. (nb: There is a fee for each search and many searches are not successful; a random sample of searches found only one match in every four attempts.) For more information, go to MIB’s Consumer Protection page.

Filed Under: Insurance, Insurance News

Car Insurance Money Saving Tips

February 12, 2018 By Anna Brantley

Courtesy of iii.org

The price you pay for your auto insurance can vary by hundreds of dollars, depending what type of car you have and the insurance company you buy your policy from. Here are some ways to save money.

1. Shop Around

Prices vary from company to company, so it pays to shop around. Get at least three price quotes. You can call companies directly or access information on the Internet. Your state insurance department may also provide comparisons of prices charged by major insurers. (State insurance department phone numbers and Web sites can be found on the back cover.)

You buy insurance to protect you financially and provide peace of mind. It’s important to pick a company that is financially stable. Check the financial health of insurance companies with rating companies such as A.M. Best (www.ambest.com) and Standard & Poor’s (www.standardandpoors.com/ratings) and consult consumer magazines.

Get quotes from different types of insurance companies. Some sell through their own agents. These agencies have the same name as the insurance company. Some sell through independent agents who offer policies from several insurance companies. Others do not use agents. They sell directly to consumers over the phone or via the Internet.

Don’t shop by price alone. Ask friends and relatives for their recommendations. Contact your state insurance department to find out whether they provide information on consumer complaints by company. Pick an agent or company representative that takes the time to answer your questions. You can use the checklist on the back of this brochure to help you compare quotes from insurers.

2. Before You Buy a Car, Compare Insurance Costs

Before you buy a new or used car, check into insurance costs. Car insurance premiums are based in part on the car’s price, the cost to repair it, its overall safety record and the likelihood of theft. Many insurers offer discounts for features that reduce the risk of injuries or theft. To help you decide what car to buy, you can get information from the Insurance Institute for Highway Safety (www.iihs.org).

3. Consider Higher Deductibles

Deductibles are what you pay before your insurance policy kicks in. By requesting higher deductibles, you can lower your costs substantially. For example, increasing your deductible from $200 to $500 could reduce your collision and comprehensive coverage cost by 15 to 30 percent. Going to a $1,000 deductible can save you 40 percent or more. Before choosing a higher deductible, be sure you have enough money set aside to pay it if you have a claim.

4. Reduce Coverage on Older Cars

Consider dropping collision and/or comprehensive coverages on older cars. If your car is worth less than 10 times the premium, purchasing the coverage may not be cost effective. Auto dealers and banks can tell you the worth of cars. Or you can look it up online at Kelley’s Blue Book (www.kbb.com). Review your coverage at renewal time to make sure your insurance needs haven’t changed.

5. Buy Your Homeowners and Auto Insurance From the Same Company

Many insurers will give you a break if you buy two or more types of insurance. You may also get a reduction if you have more than one vehicle insured with the same company. Some insurers reduce the rates for long-time customers. But it still makes sense to shop around! You may save money buying from different insurance companies, compared with a multipolicy discount.

6. Maintain a Good Credit History

Establishing a solid credit history can cut your insurance costs. Most insurers use credit information to price auto insurance policies. Research shows that people who effectively manage their credit have fewer claims. To protect your credit standing, pay your bills on time, don’t obtain more credit than you need and keep your credit balances as low as possible. Check your credit record on a regular basis and have any errors corrected promptly so that your record remains accurate.

7. Take Advantage of Low Mileage Discounts

Some companies offer discounts to motorists who drive a lower than average number of miles per year. Low mileage discounts can also apply to drivers who car pool to work.

8. Ask About Group Insurance

Some companies offer reductions to drivers who get insurance through a group plan from their employers, through professional, business and alumni groups or from other associations. Ask your employer and inquire with groups or clubs you are a member of to see if this is possible.

9. Seek Out other Discounts

Companies offer discounts to policyholders who have not had any accidents or moving violations for a number of years. You may also get a discount if you take a defensive driving course. If there is a young driver on the policy who is a good student, has taken a drivers education course or is away at college without a car, you may also qualify for a lower rate.

When you comparison shop, inquire about discounts for the following:*

Antitheft Devices
Auto and Homeowners Coverage with the Same Company
College Students away from Home
Defensive Driving Courses
Drivers Ed Courses
Good Credit Record
Higher deductibles
Low Annual Mileage
Long-Time Customer
More than 1 car
No Accidents in 3 Years
No Moving Violations in 3 Years
Student Drivers with Good Grades

*The discounts listed may not be available in all states or from all insurance companies.

The key to savings is not the discounts, but the final price. A company that offers few discounts may still have a lower overall price.

Filed Under: Car Insurance, Insurance News

Business Insurance Tips & Family Employees

January 22, 2018 By Anna Brantley

Courtesy of iii.org

One might think that family-owned and operated businesses would be relatively immune from employee lawsuits, but that’s not the case according to a recent Gen Re article.

The reasons family-owned businesses get sued include: most family owned businesses employ at least one non-relative; the non-relative is likely to be first to be fired when the business is struggling; and family members are reluctant to discipline each other for bad workplace behavior, especially if the family patriarch is the one misbehaving.

The article gives several examples of lawsuits against family businesses and the awards paid out, concluding that a family-owned business would benefit from including employment practices liability insurance (EPLI) as a part of its insurance package.

According to GenRe:

These workplace scenarios and settlement amounts mirror those we see for all businesses. Discrimination and sexual harassment – as well as wrongful termination, violations of privacy and other employment wrongdoing – are not limited to any type, place or structure of business.

When it’s time to evaluate insurance for the family business, be sure that Employment Practices Liability insurance is not overlooked. The chances of needing EPLI protection are no less than for a slip and fall or fire loss. It’s all relative.

Filed Under: Insurance News

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The Griffin Insurance Agency
2139 NE 2nd Street
Ocala, FL 34470

Phone: (352) 732-7105
Fax: (352) 732-9705
Hours: Monday-Friday: 9-5

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