Category Archives: Auto insurance

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You Make Changes - Keep Your Insurance Up To Date

For your insurance to protect you properly, it may be important to update your coverage.Businessman trying to catch the train

Here is a list of  common changes that may require updating your insurance policies.  If you answer yes to any of the following questions, but have not made sure your policy has been updated, be sure to call your insurance agent.

  • Have you changed your address recently?
  • Is your home vacant or rented to someone else?
  • Have there been any changes to the name on your deed? (Trusts, Estates)
  • Have you improved, added on to your home or finished the basement?
  • Could there be over $5,000 in damage if water or sewer backed up in your basement?
  • Do you have items of value over $250? Special items may need to be listed “scheduled” on your policy.
  • (jewelry, guns, camera, computer equipment, musical instruments, collectibles)
  • Do you own or rent property not listed on your policy?
  • Do you have a woodstove in your home?
  • Do you run a business or keep business property at your home?
  • Do you farm or sell produce/ livestock?
  • Are the liability limits on your policy adequate to protect all your assets?
  • Do you have vehicles or household residents not listed on your policy?
  • Do you have autos on your policy not titled to you?
  • Does your policy only list liability coverage, but you need coverage for damage to your vehicle?
  • (Comprehensive, Collision)
  • Does your healthcare policy pay before your auto policy in case of injury due to an accident?
  • Do you have a company car?
  • Do you use your vehicle for business?
  • Do you choose NOT to wear a helmet when riding your motorcycle? (additional medical coverage required)
  • Do you own other vehicles not listed on your policy?
  • (snowmobiles, golf carts, RV’s motorcycles, scooters, recreational vehicles, antique vehicles)
  • Is the amount of your life insurance less than double your annual salary?
  • Do you need life, health or disability coverage?

Contact the caring experts at Cobb-Hall Insurance for more details.

Cobb-Hall Insurance: Agency of the Year Award

Cobb-Hall Insurance is honored to be named Agency of the Year by National Underwriter Magazine.  Click link to read full article.    Cobb-Hall Insurance Agency of the Year

Hired and Non-Owned Auto Coverage

If employees use their vehicle for business, it  may leave a huge coverage gap.

If an employee uses their own vehicle at work or runs an errandDriving in summer for their employer,  the company could be held financially responsible in case of an accident. Usually a business auto policy only protects against loss involving company-owned vehicles and an employee’s personal auto policy  excludes business use. This can present a coverage gap. Even if a business rarely uses non-owned autos, it only takes one serious accident to create a significant loss for the business

How Non-Owned Automobile Coverage eliminates coverage gap

If your company has a business auto policy, make sure it includes coverage for hired and non-owned automobiles. Non-owned autos are vehicles owned by others (such as an employee) that are used for business purposes for their employer.

If your business does not own any automobiles, it is possible to purchase coverage for only losses involving use of Hired and Non-owned vehicles. The ‘hired’ portion would cover your business for liability purposes when renting a vehicle for business use. The ‘non-owned’ portion would cover employees using their own auto in the business.

Make sure your limit for Hired and Non-owned coverage is enough to cover large court judgments.  Non-owned coverage will protect both the business and the employee for liability, but this does not cover the damage to the employee’s auto.

Contact Cobb-Hall Insurance for solutions designed specifically for your needs.

Excerpts from:  Insurance Publishing Plus, Inc., 2014

 

 

Auto Insurance-Michigan IS Different

Confused about your Auto Insurance?  Michigan IS Different!

Here is a brief explanation of available coverages for you to consider regarding decisions on your auto insurance in Michigan

Mandatory Coverages

  • Bodily Injury Covers payments you are legally liable to pay for injury you cause to others. 
  • Property Damage Covers payments you are legally liable to pay for damage you cause to other’s property.
  • Property Protection Covers up to $1,000,000 for damage you cause to other’s property in the State of Michigan.      
  • Personal Injury Protection (PIP) The broadest no-fault medical coverage in the U.S.; PIP provides payment for injury to you or your household members including unlimited lifetime disability.
  • Excess/Coordinated or Primary/Full PIP An important consideration with PIP coverage is whether your policy is listed as Excess or Primary. Excess PIP  indicates you are covered by another medical policy that covers auto related accidents first. If this policy is not applicable, a deductible will apply.
  • MCCA Michigan Catastrophic Claims Association Contribution to state fund for medical expenses and disability as a result of an auto accident related catastrophic loss.

 Optional Coverages

  • Limited Property Damage Mini-tort Covers up to $1000 for damage you cause to another vehicle.
  • Uninsured Motorists Covers you when someone without insurance is legally responsible for your injuries.  
  • Underinsured Motorists Covers you when someone with low insurance limits is legally responsible for your injuries.      
  • Comprehensive Covers your vehicle for damage NOT from a collision. Example: fire, theft, wind, vandalism, etc.  
  •  Collision There are 3 types for you to choose from:

Broad If you are less than 50% at fault for an accident, (as shown in the police report) you do not pay deductible.
Standard/Basic You always pay your collision deductible.
Limited NO collision coverage unless someone else is more than 50% at fault (as shown in police report)

  •  Rental Reimbursement Covers specified amount to rent a vehicle while yours is being repaired due to a covered loss.     
  • Towing Covers specified amount in the event you need towing or road service.    
  •  Lease/Loan Gap Provides payment for the difference between the amount you owe the loan/lease company and actual cash value of a covered vehicle in the event of a total loss. This is important as many times the amount of the loan or lease is much higher than the value of the vehicle.  
  • Additional Endorsement for Rental Car This provides for gaps in coverage for a car you rent.

 Contact Cobb-Hall Insurance to help you determine the insurance protection that best fits your needs.