Life & Health FAQs
I have my own personal automobile insurance. Do I need to purchase insurance from a rental car company when I rent a vehicle?
That depends. Liability protection that you carry for personal injury and property damage will provide some protection while you are driving the rental car. Damage to the rental car would be covered under Collision and Comprehensive Coverage, if your policy has it. The rental car company may also try to recover damages for lost income while the rental car is out of service. Your auto policy may or may not protect you against this claim; the best way to know is to look at your policy or ask us to review it for you. Credit card companies often provide protection against these kinds of rental car claims so you should check there to see what the provisions and restrictions might be. Finally, you can purchase a Collision Damage Waiver - CDW - from the rental car company. This isn't actually insurance but a release from financial liability you might otherwise be charged with as a result of damaging the rental car. The CDW is expensive at $8 to $12 a day. This would amount to over $4,000 a year for very limited coverage. Still, if you do not have protection via your auto policy or credit card, paying the CDW over a few days may be preferable than being personally accountable for $15,000 or $20,000 or more to replace the rental car.
Does my automobile policy protect me when driving in states with different insurance requirements?
Your policy will normally adjust for differences in other state requirements if you have the required minimum coverage for your state. Personal automobile policy protection is only applicable in the United States, US territories and possessions and the provinces of Canada.
Does my business auto policy protect me if I rent a car or truck?
That depends. A business auto policy by itself won't extend protection to rented autos unless you have amended it. You can get protection for situations where you rent autos if you add Hired Auto Liability and Physical Damage coverage.
What is the process after a claim is filed?
The claim process has a few variations, but these are the essential steps once the claim has been submitted to the insurance company:
- You will be contacted by an insurance company adjuster to gather detailed information about your claim.
- Often, someone from the insurance company will inspect your auto or property for damage or will ask you to provide evidence of value and ownership for loss to property that is not a vehicle or real property.
- An estimate is prepared.
- A check is delivered.
- Sometimes differences in actual and estimated damages arise, especially after repair work has been undertaken. Every attempt is made to resolve these differences and sometimes a supplemental check is prepared.
It is the responsibility of the insurance company to settle and pay your claim and the responsibility of our agency to make sure that is done as quickly and fairly as possible with a minimum of uncertainty and bother for you. We monitor claim progress closely and communicate with you throughout to make sure you are satisfied.
What happens if I'm in an accident where the other driver is at fault?
Normally, the other driver’s insurance policy would respond and pay for damages to your vehicle, property, and/or injuries. In cases where the other driver has no coverage or insufficient coverage, coverage from your policy may respond if available (Uninsured Motorist or Underinsured Motorist Coverage).
Will my premium increase or policy be cancelled if I file a claim?
Generally the answer is no. One claim is not a cause for concern on the part of insurance companies. But a pattern of claims may result in a premium increase or cancellation. So if you have a claim that is the third in three years, for example, that will be viewed differently than having one claim only. Individual claims that are suggestive of gross negligence can also result in significant premium increase or cancellation. An example might be an auto accident accompanied by a reckless driving or driving under the influence conviction.
If I allow drivers to use my vehicle that are listed on my policy, will I have protection?
Your automobile policy protection is extended to anyone you grant permission to drive your car. You do not need to explicitly provide permission, the other person only needs to have a reasonable belief that they are driving with permission.
Is my boat covered on my automobile or homeowners policy?
Automobile policies do not extend coverage to boats. If you have a homeowner policy your boat might be covered but there are limitations. Modifying a homeowner policy can sometimes increase boat coverage; however, a separate boat policy may be required.
What is the process in filing a claim?
You can file a claim several ways. The best way is to contact the insurance company directly. Phone numbers for claims service can be found on our company website. You can also call or stop by our office, and we will assist you.
What types of insurance will protect my business?
It depends on the type of business. All businesses need liability protection to protect the business and employees from acts where the business might be held legally liable. Many businesses will need special liability protection. This includes but is not limited to manufacturing operations, lawyers, doctors, and architects.
Property coverage is needed in order to replace the building, office equipment, inventory, and other business personal property in the event of a loss. Business interruption insurance will cover the loss of income that a business suffers while the facility is being rebuilt.
Businesses that use autos in operations of their business will often need a Business Auto Policy.
Workers compensation may be required to protect your employees in the event of work related injuries or diseases acquired through employment.
What happens if I am at fault in a car accident?
The accident should be immediately reported to the police. Never admit you were at fault in the accident. Get the driver’s license and insurance information of the other driver. Collect as much information as you can. Call you insurance company to notify them of the accident.
After the claim is submitted, you may be required to pay a deductible if it applies to your vehicle.
Why buy a renters policy?
Renter’s policies have many benefits. Personal property is protected from covered losses. Liability protection can also be purchased. This would protect you from incidents that are caused by your negligence. Liability coverage will cover costs arising from legal obligations and pay other parties in situations where you are legally liable for damages.
Does my homeowner policy cover all natural disasters?
It depends on they type of policy you have and what caused the loss. Wind from hurricanes or tornadoes is generally covered on a homeowner policy. If you live near the coast, wind may be excluded. Flood and Earthquake are not covered. They can be purchased for an additional premium. If you have concerns regarded coverage, please contact our agency.
My condominium association has a master policy for the complex. Do I still need to purchase a condominium policy?
The building or structure would be covered under the association’s master policy. In order to protect your possessions and your legal liability, you need your own policy. In many condo associations, owners of units are responsible for master policy deductibles. It’s important that you have your own policy with coverage that matches up with the association’s master policy to ensure there are no gaps in coverage.
Is owned property that is not in my house covered on a homeowner policy?
A standard Homeowner Policy provides 10% of Coverage C (personal property) or $1,000 whichever is greater. This coverage protects your personal property while traveling or other temporary situations where your personal property is away from your home. If higher amounts of coverage are needed, you can purchase additional protection.
Is flood covered by my homeowner policy?
Flood is specifically excluded from Homeowners Policies. Flood coverage can be purchased through our agency for an additional premium. Even though you may not be near a major body of water, you may be at risk if your home is on a flood plain. You can search The National Flood Insurance Program’s website to see if your home is in a flood zone area.
Am I covered by my roommate's renter's policy?
Typical policies provide coverage for you and relatives that live with you. So, if your roommate is not a relative you will not be protected under his or her policy. Renters polices are very affordable, starting at not much more than $150 a year and they provide liability protection as well as coverage for your personal possessions.
How often should I review my life insurance policy?
You should review all of your insurance needs at least once a year. If you have a major life change, you should contact your insurance agent or company representative. The change in your life may have a significant impact on your insurance needs. Life changes may include:
- Marriage or divorce
- A child or grandchild who is born or adopted
- Significant changes in your health or that of your spouse/domestic partner
- Taking on the financial responsibility of an aging parent
- Purchasing a new home
- A loved one who requires long-term care
- Refinancing your home
- Coming into an inheritance
All Information provided by www.iii.org