While a condominium doesn’t need as much insurance as a house, if you own a condo you will need to have more insurance than a renter.  Some of the insurance coverage you need includes personal property and liability. But how do you know if your current condo insurance policy covers enough?  You can check by asking your insurance agent and condo association the following questions:

* What are your ownership and insurance responsibilities in the condo association’s master deed?

* Which areas of the structure are you responsible for?

* Does the policy you are considering include broad water damage coverage for problems such as sewer and drain back-ups?

* What are your condo’s interior features and which parts of the structure do you own?

* Are there any discounts available if you carry multiple policies, or have a security system and fire resistance?

* Does your condo association provide comprehensive or blanket coverage to protect you against other condo owners who may not have adequate coverage?

* Do you have expensive personal items such as jewelry or furs that you may need additional personal property coverage for?

Typically, your condo association buys insurance for the building itself and for the common areas.  As a condominium owner, you need to insure not only your personal possessions that are kept in the condo, but also any built in units such as cabinets, fixtures, appliances, and shelves, as well as coverage for injures or damage to people or property that you would be liable for.  By checking with both your condominium association and your insurance company, you can determine if your condo insurance covers your needs.

NOTE: The purpose of this article is to provide general information on the law, which is subject to change.  If you have a specific legal problem, you may want to consult your lawyer.  For any auto insurance related questions, you may wish to consult your insurance company or insurance agent.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.  No warranty or appropriateness for a specific purpose is expressed or implied.

If you’ve ever been in an accident you know that it can be a traumatizing experience. Knowing what to do can really come in handy. Don’t panic. Try to relax and stay calm. The first step is to make sure everyone involved is ok. After you’ve done that and called the police, you’ll need to file a claim with your insurance company. Here are some things you should know if you ever need to file a claim:

* You are required by your policy to report any accidents to your company; even if it is not your fault. Chances are they will find out anyway; whether it is from the adverse party’s company or from your motor vehicle record. You may also be required, depending on your state, to report the accident to the Department of Motor Vehicles.

*Before reporting your claim, try to have as much information at the ready. Your insurance company will need to know who was involved, where it happened, how it occurred and any other pertinent information. Also make sure to have your vehicle information at hand and any information from the police department or witnesses.

*Make sure to know how much time you have to submit a claim. Some companies have different statutes of limitations, so be sure to know the timeframe in which you can file a claim.

*Cooperate with your insurance company in their investigation. Give a recorded statement with as much detailed information as possible. Be sure to disclose any injuries that may have resulted from the accident.

Once the claim is file and liability has been determined, the at fault party’s company will take care of your damages. If the other driver was at fault, you’ll have the option of whether to let their company repair the vehicle or have yours do it and get reimbursed. Whichever way you go, remember that you can choose the shop of your choice. You are not required to go to the insurance company’s recommended body shop; although they might lead you to believe that. Whatever shop you choose, make sure you get a written guarantee for the repair work.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.  No warranty or appropriateness for a specific purpose is expressed or implied.

Will your auto insurance cover your rental car?  Should you take or turn down the coverage a car rental agency usually tries to sell you?  It depends on what your own auto insurance covers.  Some companies will provide rental car coverage only if you are renting a car on vacation.  This is why you should call your auto insurance company or your agent to find out.Several states require that your insurance company provide coverage when you are renting a vehicle.  As mentioned, some insurance companies will only cover rental cars if you are specifically on vacation – the coverage is not extended for rentals on a business trip.

The car rental agency offers insurance to you to help to cover any accidents that might happen while you are on your trip.  Generally, it is okay for you to turn down the coverage, but only if you have the same or better protection from your personal auto insurance company.  Also, you may already have rental-car insurance provided by your credit card.  Both options can give you big savings over what the car rental agency offers.  Before you say no to the coverage, though, make sure that your auto insurance or credit-card coverage protects you – otherwise you could be driving your rental uninsured.  Also note that the rental agency’s coverage can include things like “loss of use” and “diminution of value” coverages that are almost never found in personal auto policies.

Keep in mind that since auto insurance is state regulated, the cost and coverage will vary from state to state.  You should check with your auto insurance company to be sure which coverage you either have or need.

NOTE: The purpose of this article is to provide general information on the law, which is subject to change.  If you have a specific legal problem, you may want to consult your lawyer.  For any auto insurance related questions, you may wish to consult your insurance company or insurance agent.

It happens.  You are out to dinner with your family, shopping at a local mall, or perhaps attending a show or event.  Parking in these locations can sometimes be difficult to find on your own, so you chose to use the valet service.  When you are finished with dinner, your shopping, or the show and get your car back, it’s not exactly in the same condition as it was when you dropped it off.  There’s damage.

So, who is responsible?  You can consult the operation manager of valet facilities to resolve the issue.  If you find major damage then you should consult your auto insurance agent for an initial survey and investigate coverage from the valet company.  This is something that you should immediately bring to the attention of your auto insurance company.

Just as it’s a possibility when you park your car on your own, scratches and damages can occur with a valet.  This is especially true if the parking space is small and cars are parked behind and next to each other in a crammed lot.

Additionally, accidents can occur while a valet drives your car.  Sometimes, the valet has to drive a car on city streets to park in a designated valet parking location.  These types of accidents are part of the risk inherent when you give your car keys to someone else to drive, regardless of whether or not it’s the fault of the valet or someone else.

Should an accident happen to your vehicle, call your auto insurance company to inform them and be sure to complete any claims paperwork from the valet service.  Reputable valet companies should have a claims process in place in the event of any damage to your vehicle.

What can you do to prevent damage or accidents to your car in these situations?  You can either self park if possible or you can make a specific request to the valet to park it in an isolated area and then get your keys back. This way, since the car is an isolated area, the valet service doesn’t need to move it to get other cars out and as such won’t need the keys.

NOTE: The purpose of this article is to provide general information on the law, which is subject to change.  If you have a specific legal problem, you may want to consult your lawyer.  For any auto insurance related questions, you may wish to consult your insurance company or insurance agent.

Actual cash value (ACV) is a term that refers to a method of computing what an insurer (such as an auto insurance company) will pay an insured, after a loss, for a specific insured item (such as a car).  Generally, ACV is determined by subtracting depreciation from replacement cost.  Replacement cost is the typically the preferred method of insuring.  However, ACV is often a less costly method of insuring articles like cars.

There are several different methods by which your auto insurance company may calculate the amount it will pay you for a loss.  ACV, sometimes known as market value, is the standard that insurance companies normally prefer when reimbursing policyholders for their losses.  The ACV represents the dollar amount you could expect to receive for an item like your car if you sold it in the marketplace.  The auto insurance company determines the depreciation based on a combination of objective criteria and subjective assessment.  The objective criteria are calculated using a formula that takes into account the category and age of the property and the subjective assessment comes from the auto insurance adjuster’s visual observations of the car or a photograph of it.  In the case of auto theft, the insurance company would deduct from its replacement cost an amount for wear and tear prior to the time it was stolen.

Certain property may be subject to a special valuation basis other than replacement cost or actual cash value.  To find out about ACV and to learn if your auto insurance company has special valuations, contact your agent to learn more.
NOTE: The purpose of this article is to provide general information on the law, which is subject to change.  If you have a specific legal problem, you may want to consult your lawyer.  For any auto insurance related questions, you may wish to consult your insurance company or insurance agent.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.  No warranty or appropriateness for a specific purpose is expressed or implied.

If you get into a car accident with an uninsured driver and the accident is the other driver’s fault, will your property damage coverage pay for the cost of repairs to your vehicle?  Unfortunately, the answer is no.  Property damage coverage protects you for damage that you may have caused to the vehicles or property of others.

In order for your vehicle repairs to be covered in the event the driver at fault is uninsured, you would need to have collision coverage on your auto insurance policy.  Collision insurance pays for damage to your car resulting from an automobile accident regardless of who was at fault.  If the other driver was at fault, your auto insurance company may try to recover the amount they paid for your damages from the other driver or his insurance company.  A standard collision automobile insurance policy will pay for any repairs up to the actual cash value of your car.

It is important to remember that this value can be significantly lower than the cost of replacing your vehicle or the cost of replacing your car loan balance.  If your car is financed or leased, you will need gap insurance to reimburse you for the difference between what you owe and what the car is worth.

Collision coverage usually also comes with an insurance deductible.  It’s the amount of money you pay toward repairs before your collision insurance kicks in.  The higher the deductible you’re willing to pay, the less the collision policy will cost.  Also, while collision insurance coverage is not required by law in any state, if you’re driving a car purchased from a dealership or financed through a lender, you may be required by the dealership or lender to carry collision insurance.

Uninsured coverage or underinsured coverage, also known as UM or UIM, provides coverage if an at-fault party either does not have insurance, or does not have enough insurance.  Simply put, your insurance company pays your medical bills and then would subrogate (or to act as a substitute) from the at fault party.  The definition of an uninsured/underinsured motorist, and corresponding coverage, is set by state laws.  You can check with your state’s department of insurance or with your auto insurance company to find out more.

NOTE: The purpose of this article is to provide general information on the law, which is subject to change. If you have a specific legal problem, you may want to consult your lawyer.  For any auto insurance related questions, you may wish to consult your insurance company or insurance agent.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.  No warranty or appropriateness for a specific purpose is expressed or implied.

Whether your area is susceptible to flood water from heavy rainfall or hurricanes, there are steps that a car owner in a flood-prone location can take in the event his or her vehicle becomes flooded.

If you car has been underwater, one of the first to do is to contact your auto insurance company.  Next, you should try to determine the height of the flood waters that have engulfed your car.

If the water is as high as the mid-point of the car tires or higher, you shouldn’t try to start your car.  Doing so may cause more damage.

Once the floodwaters subside, you can have your car towed to a National Institute for Automotive Service Excellence (or, ASE) certified technician who can inspect the vehicle for unseen water damage.  However, before having your car towed, be sure to check with your auto insurance agent or company – they may have specific requirements on where to send your car.

If you don’t happen to have your auto insurance papers in hand, you should contact your automobile insurance company through their toll-free number.  If your car is under water or is partially submerged, try to think of any items that may be damaged and be sure to relay that information to your auto insurance agent.

If your vehicle is a victim of flood waters, it is important to immediately contact your auto insurance company and give your agent as much information as possible, so they can process your claim and assist you with information on repairing or possibly replacing your flood damaged car.

NOTE: The purpose of this article is to provide general information on the law, which is subject to change.  If you have a specific legal problem, you may want to consult your lawyer.  For any auto insurance related questions, you may wish to consult your insurance company or insurance agent.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.  No warranty or appropriateness for a specific purpose is expressed or implied.

As each year passes, the number of mature drivers on the road naturally increases.  As the number of mature drivers grows, this increase adds another dynamic to the challenges faced by aging automobile owners.

There are several driving tips that can be helpful for mature drivers.  One of the easiest tips to implement is planning.  Even younger drivers can benefit from this practice.  By planning your drive, you can increase your safety and even have some fun along the way.  The following tips are a good start in helping you to stay safer on the road:

Rush hour traffic – avoid it.  It may seem like common sense, but it is advisable for mature drivers to avoid rush hour traffic if you don’t need be on the road during these times.  This includes traveling during peak hours and over major holidays.

Drive during daylight hours.  Poor visibility and fatigue can be a problem for all drivers, even more so for mature drivers.

Don’t drive during bad weather.   If driving conditions are bad due to inclement weather, it’s a good idea to wait it out.  After all, it’s better to arrive late or to even reschedule the trip than for you to get into an accident.

Don’t take unnecessary trips.  Make a list of errands and map them out before leaving home.  Try to group errands into one area if possible in order to cut down having to drive back and forth.

Chose parking wisely.  Try to park in lots or in spaces that have easy access and good visibility to avoid difficulties in backing up or trying to maneuver out of tight spaces.

NOTE: The purpose of this article is to provide general information on the law, which is subject to change.  If you have a specific legal problem, you may want to consult your lawyer.  For any auto insurance related questions, you may wish to consult your insurance company or insurance agent.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.  No warranty or appropriateness for a specific purpose is expressed or implied.

Emergency roadside service is exactly what its name implies. Although roadside service is recommended for everyone; it is especially crucial for those who do a lot of driving; especially in more remote areas. Depending on your provider it may be called something else such as roadside assistance or motor club, but they all serve the same purpose; to get you out of a jam.Depending on your provider, actual coverage may vary; but most plans include the cost to cover a flat tire, retrieving your keys from inside your vehicle, running out of gas, jumpstarting your vehicle, or towing your car to one of the nearest service stations. Some companies offer additional coverages such as an arrest bond for traffic related offenses or trip interruptions. Trip interruption coverage is becoming more common and it covers any unintended interruptions during your trip. These can include reimbursement for meals, lodging, a rental car and other related travel expenses. In order to receive these benefits you usually have to be more than a certain number of miles away form your home.

Under most emergency roadside service plans, your immediate family is covered as well. Usually this would include any spouse, children, siblings or parents. The coverage applies to the vehicle that is listed on the policy and generally is not transferrable.

Roadside Assistance is a very valuable coverage. It gives you piece of mind when taking your next road trip. All you have to do if you’re in a jam is call your service provider and explain the situation and wait for help. In most cases you can add this to your policy for just a few dollars a month. Check with your local agent to see the rates and coverages available to you.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.  No warranty or appropriateness for a specific purpose is expressed or implied.

A Reservation of Rights letter will be sent to you if there is a potential conflict between you and your insurance company while a claim is open. A Reservation of Rights letter does not automatically mean there will or will not be applicable coverage. It simply means that your insurance company is “reserving their rights” to make a formal decision on the claim until the issue is cleared up.

All insurance policies have a list of acts and events which are covered, as well as a list of excluded ones. If you look in your policy jacket, it is quite easy to find and understand. Depending on your carrier, exclusions may vary, but for the most part they are the same across all companies. Here are eight common exclusions likely found in your auto in insurance policy.

1.  Bodily injury or death caused while you are using your vehicle to carry people or property for compensation or a fee. In other words, don’t use your vehicle for any business reason if you do not have a commercial policy.

2.  Liability assumed under a contract.

3.  Bodily injury or death to an employee.

4.  Bodily injury or death caused by an intentional act.

5.  Damage to property owned by or rented by the insured person.

6.  Bodily injury or property damage resulting from your operation or use of a vehicle owned by you, other than a covered vehicle.

7.  Bodily injury or death or property damage resulting from a relative’s use of a vehicle, other than a covered vehicle, owned by a person who resides with you.

If you receive a Reservation of rights letter from your insurance company, it is best to call and speak to your claims adjuster or agent to make sure you fully understand the situation.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.  No warranty or appropriateness for a specific purpose is expressed or implied.