Glad to share this award with all our client’s who have helped making this such a successful agency. Thank You!
All across the country (though not as often here in sunny Florida), people put their motorcycles, boats, RVs, and classic cars in storage for the long winter, anxiously awaiting that warm spring day when the garage door rolls up and the engine purrs (or perhaps rattles) back to life.
After a battery charge, a fluids check, and a few other tasks, you’re ready to get back out on the road or the water. But, is your insurance policy ready, too? Maybe your policy is outdated due to some customization work last fall. Maybe you reduced your coverage for off-season storage. Maybe you’d just like to explore a better rate.
Whether you need to update a policy or buy a new one, here are 12 things to think about when it comes to selecting insurance for your toys that go “vroom:”
Boats and Personal Watercraft
- How you use it: The type of policy you need and your rate may change based on things like whether you go boating in fresh or salt water, use it for recreational or commercial purposes, and if there are multiple owners, you live onboard, or you occasionally rent the boat to others.
- Standard coverages: Be sure to cover all the bases, including the hull, engine(s), and trailer. In some cases, the engine replacement cost is more than the hull. And, add your trailer if it needs coverage, too. Do you want Roadside Assistance with that?
- Equipment and extras: Be sure you understand how you’re covered and for how much when it comes to your equipment, such as fishing gear and wakeboards. Plus, consider whether you need added coverage for uninsured/underinsured boaters, passenger injuries, theft, and other scenarios.
Motorcycles and More
- How you use it: A bike used for racing or commercial purposes will require a different type of policy than one used for commuting or recreation.
- Standard coverages: Your state likely requires you to carry liability coverage for property damage and injuries to your passenger or others while on your bike, scooter, ATV, or snowmobile. And, of course, you want coverage for yourself and your ride if an accident were to occur.
- Equipment and extras: Your safety apparel, such as helmets, boots, and gloves, is oftentimes a significant investment. Check whether you have coverage and for how much. Then, think about coverage for Roadside Assistance, trip interruption, and custom parts.
- How you use it: Some people live in their RVs. Others only use them a few months each year. How you use yours, as well as things like its size and model, will affect your rate and other aspects of your policy.
- Standard coverage: Much like insurance for your car, RV insurance can include liability, comprehensive, collision and uninsured/underinsured motorist. Your state likely requires you to carry a certain level of some coverage types.
- Equipment and extras: Your RV is a home on wheels, so you no doubt have it filled with some pretty valuable stuff. Be sure your policy covers it all, and think about whether you want extras such as Roadside Assistance and loan or lease protection.
- How you use it: If you take your car out for a spin only in warmer weather and store it in a secure location for the rest of the year, you may be able to reduce your coverage during the off-season and save on your premium. Or, you may commute daily in your vintage beauty or travel the country for car shows. Your policy and rate will change accordingly.
- Standard coverages: While you’ll find many similarities between your standard auto insurance policy and an antique car policy, there’s oftentimes a key difference: agreed value. When you purchase your policy, your rate will be based on, among other things, the value that both you and your carrier agree your prized ride is worth. Then, if the worst happens and your collector car is totaled or stolen, you receive a payout for that amount.
- Equipment and extras: If you carry a lot of tools or other personal property in your car, you’ll want to be sure your insurance policy will help cover them if they’re lost, stolen or damaged. And, for those times when you can’t get her running again, roadside assistance will come in handy.
Of course, with each type of insurance, discounts are oftentimes available for things such as taking a safety course, being a seasoned operator, or having an anti-theft device. Your will see to it that you save with the appropriate discounts.
It’s a good feeling when spring arrives and you get back behind the wheel of your favorite toy. It’s even better when you know you have the coverage you want for the toy(s) you love.
Keep checking back to SafeCo Blog for more insurance related posts.
This weekend, Daylight Saving Time begins at 2 a.m. Sunday. Although we’re losing an hour (and an hour of sleep), we have the promise of Spring ahead. Just think warmer weather and longer periods of daylight. Here are five fun facts about Daylight Saving Time:
- Daylight Saving Time began in Canada in 1908, however, the first countries to use Daylight Saving Time were Germany and Austria in 1916. The United States began participating in Daylight Saving Time in 1918.
- Daylight Saving Time is not observed in Hawaii and most of Arizona. U.S. territories of Guam, Puerto Rico, Virgin Islands and American Samoa also don’t observe Daylight Saving Time.
- Daylight Saving Time begins and ends at 2 a.m. rather than midnight because there is a higher chance that most people are sleeping.
- The U.S. Department of Transportation is in charge of time in the U.S., including time zones and daylight saving time.
- Barbeque, golf and candy industries cash in. When Daylight Saving Time was extended from six to seven months in 1986, the golf and barbeque industry brought in an extra $200 million and $100 million respectively for the extra month of daylight. The candy industry cashed in, too, figuring an extra hour of daylight would mean more trick-or-treaters on Halloween.
This year, Daylight Saving Time will end on November 4, when you’ll get your hour of sleep back. Until then, enjoy the extra hour of daylight and remember to have an extra cup of coffee ready Sunday morning.
No matter the time of year or hour of the day, ERIE will be there for you. Check out the ERIE Difference.
Keep checking back to the ErieSense blog for more seasonal and insurance related posts.
Research from the Life Insurance and Market Research Association (LIMRA) shows that while Millennials (anyone born between 1980 and 1995) are concerned about their financial security, very few have enough (or even any) life insurance.
Why Millennials aren’t buying life insurance
Millennials cited “cost” as the main reason why they did not purchase life insurance. Many perceive life insurance to be more expensive than it really is. Millennials estimate that a $250,000 level-term life insurance policy for a healthy 30 -year-old is $1,000. In reality, it’s more along the lines of $150—practically 10 times less than they imagine.
Take a look at the many benefits to buying coverage when you’re young.
6 benefits of life insurance for Millennials
LIFE Happens, a nonprofit organization dedicated to helping consumers make smart insurance decisions, identified these benefits to taking out a policy as a young adult.
1. A way to provide for any dependents. Dependents often include children—but not always. A dependent is anyone who relies on your income to make ends meet. That could include a spouse, a live-in boyfriend/girlfriend with whom you own a house, a relative with special needs or a loved one whose long-term care you contribute to (or plan to contribute to). Keep in mind that even stay-at-home parents often have a need for life insurance.
2. Lower costs. Life insurance premiums are risk calculations based on mortality. Since average life expectancy is somewhere around age 79, there’s less risk for a company to insure a Millennial in good health. Coverage can usually be obtained for pennies on the dollar.
3. Insurability. Qualifying for coverage as a healthy Millennial is usually a lot easier and less expensive than applying after you’ve been diagnosed with a health condition. Don’t wait: A health issue can crop up overnight and qualifying for a life insurance policy can be a very different experience once you’ve been diagnosed.
4. A vehicle for maximizing your savings. If you always have a reason to dig into your savings, consider a permanent life insurance policy that has a death benefit and a savings component as well. You can borrow against it as well as use it in retirement, depending on the policy and the company behind it.
5. A supplement to your company-backed insurance. Millennials who are fortunate enough to have a good paying job with excellent benefits may receive life insurance through their company. While this provides some peace of mind, consider purchasing other, independent coverage. If you become sick and are no longer able to work, your work policy will no longer cover you. If you’ve been diagnosed with a terminal illness, you may not be able to secure a life insurance policy at that time. Plus, most basic coverage will not cover everything your family needs at a time when they are struggling to provide for themselves.
6. A means to cover funeral expenses and debt. Even if no one depends on your income, you should consider your debts and your burial expenses. The average funeral alone costs between $10,000 and $15,000. Some debts would be waived while others would be collected through whatever assets you left behind.
Also consider if your parents are cosigners on your student loan(s). If so, are they in a position to handle expenses like college loans or will this create a financial hardship for them? Millennials will want to decide what amount of coverage they need to pay for both funeral expenses and their recoverable debts when deciding on the amount of insurance coverage they want. Erie Insurance has affordable policies with coverage up to $90,000 that require no medical exam.*
If you’re interested in learning more about life insurance, it’s best to talk with a professional like your local ERIE Agent. He or she can answer your questions about life insurance and offer affordable options that give you the right protection and peace of mind.
Life Insurance=Love Insurance
February is Insure Your Love month and the campaign is coordinated each year by Life Happens. Make sure to connect with your ERIE Agentto insure your love with life insurance.
ERIE® life insurance products and services are provided by Erie Family Life Insurance Company (home office: Erie, Pennsylvania) and are not available in New York. Additional terms, conditions, exclusions, licensure and territory information are available at erieinsurance.com/life. The insurance products and rates described in this letter are in effect as of July 2013 and may be changed at any time. Eligibility for insurance coverage will be determined at the time of application, based upon applicable underwriting guidelines and rules in effect at that time.
Life Happens is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. Life Happens Pro furthers its mission of educating the public by making its resources customizable and putting them directly into the hands of agents.
*Application may require answering questions about medical conditions.
Keep checking back to the ErieSense blog for more seasonal and insurance related posts.
Start your goals off with prayer and end them with prayer, bringing your work full circle. When I read “The Circle Maker” it changed my outlook on goal setting and prayer. If you haven’t had the chance to read it you should go pick it up.
Think long term, what do you want to accomplish in the future. Think down the road two years, where do you want to be. Don’t sell yourself short either, dream big because you’ll accomplish more then you think you will. Think 5 years down the road, what do you want to do then. I have a goal of taking my whole family on a Disney family vacation. It’s going to take some planning to get there, but I sure am looking forward to the smiles and memories that will be made. Think even longer down the road too, it’s possible to dream and achieve until your well into your seventies, eighties, nineties, and beyond.