Situations Where You Need Umbrella Insurance

Insurance is a pre-requisite to protect you and your assets from unforeseen financial emergencies. However, in certain circumstances, your regular insurance policy can fall short of providing complete coverage. This is where umbrella insurance can be useful. It is important to note that an umbrella policy usually has a high deductible and you may need to shell out a few hundred dollars extra every year to get full coverage.

A personal umbrella policy (PUP) provides liability protection in addition to your automobile, boat or homeowners policy. Every policy has certain coverage limits and in case your liability coverage is not sufficient to recompense the damages occurred to your vehicle or home, the PUP can protect you in such a situation. For instance, if the maximum coverage for your home insurance policy is $500,000, you may still fall short in case of a lawsuit. This is where umbrella insurance or excess liability coverage comes into picture.

Umbrella insurance policy becomes more important if:

• You drive long distances on a daily basis
• Drive in a heavy traffic area during peak hours
• You own a pet
• You have a swimming pool in your premises
• You have frequent guests at your home

Personal umbrella policy provides coverage for the following:

• Personal injury or property damage caused by you or your family member to the other party
• Personal liability coverage for accidents that happen inside or outside your property
• Extra protection than your primary home insurance policy
• General liabilities such as defaming, false arrest or unfair eviction
• Court fees and lawyer fees

There are also some exclusions in the personal umbrella policy coverage and you may not get protection for:

• Lawsuits related to the business that you own
• High-risk driving activities such as drag racing etc.
• Vehicles exceeding a weight limit of 12,000 pounds
• Damage to your own car or property
• DUI crime where you need to pay compensation
• Intentional injury to others that could be physical or related to property
• Excess health insurance coverage

Before you venture out to buy an umbrella insurance policy, you need to have a basic auto or homeowners insurance. Some insurance providers also require that you buy the policy from them in order to get umbrella insurance cover. This is a good option since having multiple policies from a single insurance company can help you save money in the longer run.

Motorcycle Safety Tips To Lower Insurance Costs

With the number of bike riders increasing on the roads, fatalities are also on a hike. So, it is important for you to have an insurance policy to financially protect yourself in the event of an unfortunate incident.

Here are some of the motorcycle safety tips that can help to lower your insurance costs.

Take A Safety Course
Before buying a motorcycle insurance policy, it is advisable to undergo a safety course as it may help you to get some additional discount for the policy. The successful completion of the course will signify that you are likely to ride more safely, thereby reducing the risk of accidents. So, choose a reputed and credible safety course.

Ride Fewer Miles
Insurance companies work on the principle that more you ride, higher will be the chances to make a claim. So, if you will limit your mileage, you are likely to get a good discount on your insurance policy. Motorcycle repairs may be quite expensive in the event of an accident. Fewer miles mean lesser chances of getting involved in an accident.

Limit Number Of Claims
Do not file a claim for any minor damages caused to your motorcycle. You can avail significant discount if you do not claim the insurance throughout the year. As far as possible, handle the expense on your own and save the insurance for major financial encumbrances. Read all the terms and conditions of your motorcycle insurance policy to benefit from this feature.

Minimize Modifications
If you are riding a modified bike, you may have to pay a higher premium. Parts used in the modified bikes are costlier than the conventional ones. Go for the modifications if you really like but try to keep them to a minimal to avoid a steep increase in your monthly premiums.

Keep Your Bike Safe
The place where you park your bike also affects your insurance cost. For instance, when your bike is in a garage, it is much safer than at an off-street parking. Also, if you live in an area with high crime rate, your insurance premiums may rise, considering the constant risk of bike theft.

Pay Annually
Choose to make annual premium payments instead of paying on monthly basis. You may have to pay a little extra when you pay every month. These small savings can make a big difference at the end.

Implement all these options while choosing motorcycle insurance. Read all the document related information carefully before buying the policy.

Tips For Getting Cheap Car Insurance

To buy a new car is a pleasure for each one of us but the mandatory car insurance is not always fun. From insurance policies to cost and premiums, there are a number of things you might want to look out for while getting your car insured.

Here we list a few tips that will help you select the most appropriate car insurance in Austin TX:

• Make sure you compare the quotes of different insurance companies. This can help you save a significant amount on the insurance premium. Also check the financial health of various insurance companies before deciding on any one.
• Take into account the prices and features laid down in each insurance policy of different companies and try to understand them in detail.
• The cover note that you receive at the time of purchasing the policy is valid for a fixed period. So do ensure that your insurance agent provides you with the final policy before that period ends, else your car may not be insured.
• It is highly recommended to cross check each piece of information so as to avoid any discrepancy later. Any kind of misinformation may lead to conflicts at a later stage.
• Always watch out for the IDV amount which includes the maximum money you are entitled to get under a total loss situation. Also check the no-claims bonus you are entitled to, so as to avoid any financial disputes between you and the insurance company.
• Also some policies have an additional offer to insure passengers as well as the driver. Understand the terms and conditions before purchasing a policy.
• Do not forget to check and declare for any alarms, immobilizer a tracking devices installed in your new car, as this can get you significant discounts.

The amount of car insurance also depends on the safety record, repair costs, replacement costs, price of the car as well as probability of theft. Also the age, gender, marital status, monthly income and driving record can affect the overall cost of insurance. Thus making a wise choice in purchasing an auto insurance policy can protect your health as well as your assets.

Car Insurance For Teenagers And Young Drivers

Having a teenager out on the roads driving for the first time can lead to you breaking the bank on insurance rates. After all, car insurance rates for teens, or for anyone below the age of 25 for that matter, are notoriously high. The reasons are obvious- the shockingly high number of auto accidents involving this demographic, and the fact that teenagers rack up more traffic tickets than any other set of drivers. However, just because it is the norm for car insurance for young drivers to be over the top, doesn’t mean that you shouldn’t even try to cut costs.

The following tips tell you how you can find the right policy, with a perfect balance of coverage and budget friendliness.

• Increase your comprehensive and collision deductibles: Increasing the amount that you will have to pay upfront in the event of an accident can help you to bring down your annual premium. Even though this might mean adding money to your emergency fund in case an accident does happen, it will cut costs not just by bringing down your premium, but also reducing the probability of you filing small claims, hence helping in maintaining a claims-free account.
• Get a safe car: Look into the safety ratings of a car that you are considering to buy for your teenager, as bringing home a safe car can help to safeguard you from steep insurance rates and keeping your annual premiums under control.
• Drop collision and comprehensive coverage for old cars: If you are driving an old car, it is a good idea to completely drop collision and comprehensive coverage, since even if your car is totaled by the insurance company in the event of an accident, you will end up paying more in premiums than the insurer can pay you back.
• Ask for teen-specific discounts: Some auto insurance companies in Austin TX offer discounts on auto insurance for teens, if the young drivers take a particular course, watch a DVD, or undergo some other specific safety measures. Ask your insurance provider what your teenager can do to bring down the insurance premium.
• Encourage good grades: Most insurance companies like Progressive Austin will offer considerably high discounts to teenage drivers who maintain at least a B average through high school or college. College students are usually required to take at least 12 credits to be eligible for these discounts.

Looking For Auto Insurance in Austin- Check These Tips

Several factors, right from your age to the car you drive, go on to determine how much you pay for your auto insurance. Even though some of these factors are beyond our control, there are several tips that you can follow to get cheaper car insurance in Austin TX. This can help to boost your personal finances by finding a way around your insurer’s renewal quote, which is likely to be considerably high. Whether you are female or male, young or old, there’s always a lot that you can do to get a cheaper auto insurance premium, helping you to save hundreds of dollars every year.

• The first consideration should be that of how much coverage you need. While you shall have to adhere to the basic insurance requirements for your state, you might want to consider a comprehensive auto insurance plan if you are a new driver or are out on the roads a lot.
• It is advisable to have sufficient liability coverage to protect your assets, so as to avoid being exploited by the opposing party’s insurance company if you are at risk in an accident.
• Your financial situation should be your guide while determining the coverage that you need. If you do not have any substantial assets that an attorney can seek, you should avoid purchasing unnecessary coverage.
• Reviewing your current insurance policy carefully is a good way to have all the important figures that you shall need through the negotiation process handy.
• If your driving record has some points that are about to disappear in the near future, it is
• best to wait until that happens, as that could bring down your insurance cost significantly.
• Take out sufficient time when you get to the actual process of comparing quotes of different Austin auto insurance companies. You can easily compare quotes online if you have your driver license number, vehicle registration, and current insurance policy handy.
• Along with comparing costs for coverage offered by different insurance companies, you should also look into other key factors, such as the company’s payment policy, the due date for payment, procedure followed for late payments, etc. You can contact these companies on the 800 numbers to ask for any information that is not available online.
• Finally, keep your eye open for discounts, look into the insurance company’s track record, and be sure to carefully review the insurance policy before signing it.

Types Of Motorcycle Insurance Coverage

As exciting as it is to buy a motorcycle, you need to be equally enthusiastic about purchasing the right insurance for your motorcycle. With the multiple options being offered in motorcycle insurance by companies across Austin TX, it is easy to get overwhelmed and be unsure of what you really need.

However, motorcycle insurance has a lot of similarities with auto insurance, and is actually a lot more simple and straightforward in many ways.  However, considering the large number of motorcycle accidents involving critical, life-changing injuries, it is important to thoroughly understand the types of coverage involved in motorcycle insurance, before signing your policy.

• Bodily injury coverage: This insurance provides complete coverage, including medical bills, lost wages, and other damages, for anyone else who suffers injuries in case of an accident involving your motorcycle. It is compulsory for motorcycle owners in Austin to have this coverage.
• Property damage liability: This type of motorcycle insurance covers damage caused to another’s property, such as yards, fences, mailbox, garage, house, etc. by your motorcycle.
• Personal injury protection: This coverage furnishes medical bills and other expenses in case you get injured while riding your motorcycle.
• Uninsured and underinsured motorist coverage: Considering the large number of motorists driving on the roads without sufficient insurance, or even worse, without any insurance at all, you want to ensure that you are covered if you are involved in an accident with such a driver. Uninsured and underinsured motorist coverage takes care of that.
• Motorcycle roadside assistance: This coverage ensures that if you are stuck on the roadside with a problem in your motorcycle, your insurance company comes to your aid.
• Collision insurance: Collision insurance covers all damages caused to your motorcycle in case of an accident involving a collision. This insurance usually involves you having to decide on an amount of deductible, which is the money that you shall be required to pay upfront in case of an accident.
• Accessory coverage: While motorcycle accessories valued up to $3000 are usually included in collision and comprehensive coverage by most insurance companies, you might need to purchase additional accessory coverage in case of accessories of value higher than this.
• Comprehensive insurance: This coverage involves any damage caused to your motorcycle when you are not riding it. This covers a wide gamut of responsibilities, including theft, vandalism, damage caused by extreme weather conditions, etc. Similar to collision coverage, this coverage also involves a deductible.

Renter’s Insurance In Austin TX

The decision of whether or not to purchase renter’s insurance can be a confusing one, with most renters disregarding this insurance as another money-minting strategy by the insurance moguls. However, unlike most other insurances, this type of insurance actually has a wide range of benefits, ranging from protecting your personal assets, to providing medical care to guests who might get injured while on your property. Here’s a look at the major benefits of purchasing renter’s insurance:

• If any items in your property get damaged, lost, or stolen, your renter’s insurance can offer coverage for these items.
• Having renter’s insurance ensures that you get assistance with lawsuits in case of any unforeseen situation. This could be anything, right from a conflict with your landlord, to disputes with neighbors.
• One of the most useful benefits of having renter’s insurance is that if any guests who are visiting you suffer injuries while on your property, your insurance will foot their medical bills. Not having this insurance means having to pay these hospital bills on your own.
• Most importantly, having renter’s insurance gives you the peace of mind of knowing that if something goes wrong while you are living in a rented accommodation, you have someone to get your back.
• The best part about renter’s insurance is that it is usually very affordable, averaging around $30 per month.
• Renter’s insurance is also very useful in the event that you cause damage to the property that you have rented or any adjacent property. For example, if you start a fire that spreads and causes damage to your neighbor’s apartment, having renter’s liability insurance provides coverage for this damage.
• Renter’s liability insurance also comes in handy in the event of you or someone visiting your rented accommodation, inadvertently causing damage to someone else’s property. This could be anything, right from a visitor damaging the neighbor’s fence while parking his car, to children playing in your house causing damage to a neighbor’s car. Just by paying a few dollars towards renter’s insurance every month, you do not have to worry about any such unexpected expense cropping up.

The amount of coverage offered under renter’s insurance can vastly differ from company to company, due to which it is advisable to shop around before finally choosing an insurance company to get your renter’s insurance from. Make sure that you are getting the best value for your money.

Getting Your Home Insured

Home insurance is essential for protecting not just your house, but also the valuable possessions in it. With the variations in coverage for home insurance in Killeen, homeowners often get confused regarding what they need and what is not necessary in the cover plan. The following tips guide you on how to go about getting your home insured, and ensuring that you are not paying more than you should-

• The easiest way to bring down all your insurance costs, including your home insurance, is by clubbing together all your insurance policies. Not only does this help to develop a cordial relationship with your insurance company, but it can also lead to substantial savings.
• Another way to save on your monthly home insurance premium is by choosing to have a higher deductible. The deductible is the amount of money that you shall have to pay upfront in case of an insurance claim. Having a higher deductible means having lower monthly costs that you have to pay for your home insurance.
• It is advisable to take photographs of valuable items that are included in your home insurance policy. Be sure to store these photographs at a safe place outside your home, like a bank locker, so that you can have them handy in case of a mishap like fire breakout.
• Be careful while deciding how much coverage you wish to include in your policy. Some people make the mistake of over insuring by including things like the land’s price, jewelry insurance, etc., which they might not actually need.
• You also need to think twice before making a claim, since making too many frivolous claims against your home insurance could end up increasing your insurance premium. Infact, you could actually end up spending more on the deductible than the payout on the claim.
• Getting safety measures like an alarm system, sprinklers, smoke detectors, or physical improvements for strengthening the roof, improving the circuitry, etc. could help bring down your home insurance premium. Not only do these measures decrease your insurance costs, but they also increase your own safety within your home.
• With all the insurance companies in Killeen, TX, you shall have to carry out some research and request quotes before you can arrive at the best policy suiting your needs. You might even be able to get a discount while shopping for home insurance online.

How To Shop For Boat Insurance

Shopping for boat insurance in Austin can be a little more complicated than general insurance policies like home insurance or auto insurance. The major reason why you have to be a little more cautious while looking for the perfect boat insurance policy is that there are very few quality insurance providers in Austin TX who are familiar with the kind of coverage that is needed for this type of insurance. The following guidelines elucidate the dos and don’ts of shopping for boat insurance.

While it is normally a good idea to get add-on policies from a single insurance provider, as it entitles to you better insurance prices, the same does not stand true for boat insurance. As convenient as it might seem, do not assume that your current insurance provider is good enough for your boat insurance, but instead go out there and look for quality providers.

You shall need to choose between an actual cash value policy and an agreed amount policy. While the former takes into account depreciation when determining the compensation you receive in the event of a loss, the latter involves a fixed amount that shall be paid to you irrespective of the depreciation incurred. While an agreed amount policy is usually the preferred one, you might want to consider an actual cash value one if you want a lower monthly premium.

Some of the basic things that it is advisable to include coverage for in your plan are- physical damage coverage, boat liability coverage, personal property coverage, uninsured boat owners coverage, salvage coverage, spillage coverage, commercial towing coverage, and medical liability coverage.

While you are required to have some of the aforementioned coverage as a part of your boat insurance by law, some of them are not mandatory, but definitely advisable. Not many insurance providers offer personal property coverage. You might also need to look deeper into other coverage like commercial towing coverage, where you shall need additional coverage in case your boat gets grounded ashore.

Finally, when you find a few providers that meet all the requirements you are looking for, it is time to ask for quotes and look for the best possible price you can find. It also helps to search for as much information as possible on the insurers you are considering, and make sure they do not have any negative reviews from previous customers.

Insure Car Accessories Against Losses Due To Theft

Getting the right insurance for your car is just as important as buying the right car. While auto insurance is often associated with road accidents, a key aspect to be considered while shopping for car insurance is theft and vandalism, in which car accessories need to be a major consideration. Most insurance companies in Austin offer comprehensive auto insurance coverage plans in which equipment and accessory coverage is included in the plan. In case of custom accessories, you might need to purchase additional insurance based on the value of the accessories.

You need to be very careful about what exactly the insurance plan that you opt for includes, in terms of accessories. Ideally, your plan should cover permanently attached accessories as well as additional modifications such as deluxe roof treatments, special tires, anti-theft equipment, music systems, alcohol detection systems, engine accessories, custom paint work, etc. If you have any car accessories that are not permanently installed, such as CD players, CD containers, etc., these are likely not to be included in your insurance plan. You can discuss options for the insurance of such accessories with your auto insurance provider.

It is always a good idea to take photographs of any custom accessories that you install in your car and retain all receipts at the time of purchase. This makes the process a lot more streamlined in case of the theft. Be sure to read all the clauses of your auto insurance contract carefully to be sure about what exactly is covered in the plan. This helps to avoid any unpleasant shocks when you actually need to recover the insurance amount. While most comprehensive auto insurance plans include sufficient coverage for basic needs, you might need to buy specific coverage for accessories like rims which are usually excluded from basic plans.

Insurance companies in Temple TX recommend buying factory direct accessories for your car whenever possible, as it is easier to get insurance on these accessories as compared to aftermarket ones.  However, you can easily get specific “riders” for detachable accessories- these are basically a minimal additional charge added to your total insurance premium for every additional accessory that you want to be insured. While insuring car accessories might seem to be an unnecessary expense, it pays off in the long run, eliminating the need to spend money on buying new accessories all over again in case of theft or vandalism.